FINANCIAL REVOLUTION.

Waikato Times, Volume 117, Issue 19597, 8 June 1935, Page 9

FINANCIAL REVOLUTION.

(To the Editor.)

Sir, —There are many points on which all monetary reformers of any repute are agreed, and they are all points of flrst-rate Importance. Four basic principles may be named. Firstly, and most vital, they are agreed on the absurdity and Injustice of the system of issuing all new money in the form of a debt by the community to a handful of private monopolists, and on the urgent necessity of restoring to the Crown the right to issue and control all forms of money Secondly, they are agreed that a monetary system based on gold is totally inadequate *to the requirements of modern civilisation, and that the proper basis for the community’s money is the real wealth at its disposal. Thirdly, they arc agreed that the issue of fresh money must be accompanied by'some check to prevent inflationary tendencies —in other words, that prices must bo controlled. Fourthly, they arc agreed that socalled “unemployment” is not an evil to he cured, but a benefit to be exploited. Recognising that tire increasing use of machinery must entail an increasing displacement of human labour, they agree that purchasing power must be distributed by some method supplementary to wages and salaries.

Now these four points —all of them in direct contravention of orthodox financial principles—constitute ’ in themselves a far-reaching economic programme for which popular support should he forthcoming. That the nation’s money should he managed by the nation is such a principle as a hoy might have enunciated. It is plain and simple. There is an obvious rightness about it.

Tho above four principals are as clear as spring water if you study the fads, and the only way to get it un-clear again is to stir mud into it. And who stirs mud into il? Tito people who have got a stranglehold on our financial system and mean lo keep it so that they can remain the reai power in the world's material affairs. —I am, etc.,

TRUTH SEARCHER Hamilton, June 0, 1935.