“WE MUST NOT FAIL.”

Southland Times, Issue 22075, 24 July 1933, Page 9

“WE MUST NOT FAIL.”

To the Editor.

Sir,—The above words “we must not fail,” were used by various statesmen and orthodox economists to point out to the people of their respective countries that the fate of the world rested with the outcome of the World Economic Conference. The result of this conference was a foregone conclusion as I have stated in previous letters—a failure! There were too many defenders of the present monetary system in the form of bankers and orthodox economists for one thing, and the core of the problem was never even approached. Now that we can hope for nothing definite (except an expenses bill) from the conference, what is the next step? There has been much talk about confidence—a sort of blind faith in the gods that look after our money affairs. I declare that the people of the world and of this Dominion in particular have had faith in those who control their monetary system too. long now, and the sooner they realize it, the sooner will this absurd state of affairs —poverty amidst plenty—disappear. Can any reader of this letter show why the monetary svstem of a country should be under the control of private institutions, which are responsible only to their shareholders, and not under the control of representatives of the people of that country. There has been talk of cheap money, plenty of it. For industry, yes; but what of the millions of unemployed consumers? What has the present system done for these unfortunate people and what is it doing now for the boys and girls leaving school? The truth of Major Douglas’ analysis of the monetary system fourteen years ago, we are only too well aware of. He has put forward a scheme whereby everyone will benefit, not one section at the expense of another section as is the case to-day. The motive of the scheme is one of service to all, and its purpose, methods and aims are sincerely designed to harmonize the best interests of all the present conflicting parties within the country. It represents no vested interests, and is free from any taint of party objective. When there is talk of restrictions in wheat, etc., quotas and the like, it is evident that we are not living in an age of scarcity as orthodox economists seem to want us to believe. Tell me, sir, would a maggot starve because the apple was too big?—l am, etc., “DIZZY.” Riverton, July 20, 1933. [The maggot might die of over-eat-ing, and the argument it offers with the apple would be no better than it is at present.—Ed. S.T.]