“FICTITIOUS MONEY”

Otago Daily Times, Issue 21640, 10 May 1932, Page 10

“FICTITIOUS MONEY”

TO THE EDITOR Sir, —from his letter in Saturday’s paper it would appear that Dr Moore has a touching belief in the efficacy of introspection hs a means of rebirth in politicians. He would argue that the depression is a judgment upon us for being greedy, and that when our politcians realise their and our greedness they will have in their possession an effective remedy for the depression: Vain hope!. He might as well say that when politicians realise that all men are

liar's they will have another 1 effective remedy for the depression. Politicians and most other people know that we are not only now greedy and‘"untruthful, but always have been - so, through times of prosperity as well as of. depression. It cannot, therefore/ be oh- that account simply that the depression has come upon; us. It may be that that is a part of the trouble, but there must be some other factor which is the more essential part of 'the cause. Me may ask the question. If greed operates, through what instrument does it ■ operate?' And the answer is, money, or rather fictitious money. Ordinary money consisting of the precious- metals was easily understood, and transactions in it were l under control. Thus, it was limited in amount and even the greedist could,not get' more than a certain quantity. ’ But fictitious money, that is money consisting merely of a ledger entry, is a very different thing, and is not so easily understood. It is not limited in amount save by the scruples of its creators, the bankers and moneylenders, and here, if Dr Moore wishes to 'develop his thesis, he will find abundant confirmative material, but he must-not blame the humble citizen whose only share in business is to pay interest on the fictitious money.—l am, etc, , Humble Citizen.