THE DOUGLAS CREDIT SYSTEM

Timaru Herald, Volume CXLII, Issue 20493, 11 August 1936, Page 9

THE DOUGLAS CREDIT SYSTEM

ro tiie Editor oi “ The Umaru Herald Sir—Your correspondent “A. J. Pottinger” concludes his lengthy criticism of social credit with a recommendation to interested readers to study J. M. Keyne’s book “Employment, Interest Money.” It may interest your correspondent and readers that Mr Keynes is coming round rapidly to the Douglas viewpoint. He has been reported to have said recently that what was needed was an additional million rivulets of purchasing power to be given to the people. Indeed our recent visitor, Mr Sherwood, was reported by your journal to have said this. But your correspondent denies that there is need for more purchasing power and then ends up his criticism with the recommendation of a prominent economist who advocates more purchasing power! Professor G. D. H. Cole, the economist of Oxford University fame also advocates more purchasingpporerv r er by means of national dividends. Sc does Professor Irving Fisher of Harvard and Professor R. F. Irvine of Sydney University. Not only do these authorities agree with Major Douglas’ scheme for more purchasing power but influential organisations like the London, Southampton, Chambers of Commerce, Rotary Research Committee, Tasmanian Monetary Committee, all unanimously agree that increased purchasing power is urgently necessary if the economic paradox is to be removed. These authorities have also examined thoroughly the Douglas scheme and unlike your correspondent, failed to find any “flaw” in it. Mr Pottinger deserves a pat on the back for his momentous discovery. However* the wish to find fault with the scheme ,/as father to the thought. It is always the same with Douglas critics who have a grudge. I advise your correspondent to make a more comprehensive study of the works of the aforementioned authorities before he rushes into print more of his baseless criticism. If there had been any flaw in the Douglas scheme it would have been found long ago by the above authorities during their examination of it before your correspondent ever knew that there was such a scheme as social credit.— I am, etc., UNDECEIVED.