Who is Bankrupt?

Star (Christchurch), Volume XLIV, Issue 298, 16 December 1931, Page 6

Who is Bankrupt?

To th® EMitor. Dear Sir, —No more foolish statement has been uttered than that by Sir George Paish to the effect that the world is bankrupt. The world, looked at in its producing capacity, has never been so prosperous—there is more food, more clothing and more machinery than there has ever been before, and so the prophecy of an earlier pessimist, Malthus, is disproved. What is bankrupt, Or at least stagnant, is man’s brain-power; he has failed to keep up with the job of distribution and exchange, and in consequence millions are unemployed in a world of plenty. There are probably scores of reasons for this absurd state of affairs. One reason is the traditional conservatism of our banking and financial authorities. They have failed utterly to keep up with the times; resoxtree, imagination and energy are lacking, and behind them is stereotyped statesmanship, old men with their hearts full of fear and their heads full of worry. The times call for young men, bat the young men are busy picking winners and barracking football teams. Until they shake themselves up out of a pipe dream, the depression will continue.—l am, etc, JXJC.