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Message 6651
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| Subject: | [socialcredit] Fw: Re: question regarding Australia and New Zealand during the Depression | | Date: | Friday, May 1, 2009 08:45:13 (-0700) | | From: | william_b_ryan <william_b_ryan @.....com>
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--- On Fri, 5/1/09, Ellen Brown <ellenhbrown@gmail.com> wrote:
> From: Ellen Brown <ellenhbrown@gmail.com>
> Subject: Re: question regarding Australia and New Zealand during the Depression
> To: william_b_ryan@yahoo.com
> Date: Friday, May 1, 2009, 10:24 AM
> A lecturer from New Zealand at the American Monetary
> Institute conference in
> Chicago last fall discussed it, and there is a NZ political
> party with a
> newsletter that discusses it. I'm traveling and
> don't have my references
> with me at the moment, but here are two articles I wrote in
> 2007 on this
> subject mentioning NZ and Australia, with references:
>
> http://www.webofdebt.com/articles/infrastructure-crisis.php
>
> http://www.webofdebt.com/articles/energy-costs.php
>
> On Fri, May 1, 2009 at 4:00 AM,
> <william_b_ryan@yahoo.com> wrote:
>
> >
> > Ellen Brown is not defending her arguments at the
> present time, but is
> > focusing "on the more important work of exposing
> what is really going on in
> > the economy today and suggesting better
> solutions," so I'll put this
> > question to the list, and especially our Australian
> and New Zealander
> > subscribers. Perhaps someone will get back to us on
> this:
> >
> > It has to do with her assertion that during the 1930s
> and 40s, the central
> > banks of Australia and New Zealand accommodated their
> governments to spend
> > Greenback-type money into circulation for
> infrastructure projects, thus
> > helping those countries to avoid the effects of the
> Great Depression. For
> > example, in her essay dated March 6
> > http://webofdebt.wordpress.com/monetary-proposal/ she
> wrote:
> >
> > "A truly federal central bank would issue funds
> directly to the Treasury as
> > debt-free U.S. Notes, or as 'national credit.'
> This was done successfully in
> > Australia and New Zealand during the 1930s and 1940s.
> A state-owned central
> > bank funded public projects that put people back to
> work, at a time when
> > most of the rest of the world was struggling with a
> depression brought on by
> > a global shortage of bank-created money."
> >
> > This is news to me. Where did this come from? I am
> not aware that either
> > government did anything especially innovative or
> unorthodox during that
> > period.
> >
> > I am presently converting into plain text a document
> sent to me by Wally
> > Klinck, "Major C. H. Douglas Before The New
> Zealand Government's Monetary
> > Committee Notes of Evidence and Examinations With
> Correspondence preliminary
> > thereto" from 1934. This statement is from one
> of the initial questions to
> > Major Douglas, on February 24, 1934:
> >
> > "In this country we are suffering from an
> economic depression and it is
> > commonly known that we are suffering severely in
> consequence. How can that
> > be remedied in a land of plenty, and we have a land of
> plenty and there is
> > poverty and stress everywhere?"
> >
> > So from this question we know that any
> Greenbacker-type policy that might
> > have been introduced must have been introduced after
> this question was
> > asked, if New Zealand was relieved from the Depression
> before other nations.
> >
> > This piece from the Internet suggests that New
> Zealand's monetary policy
> > helped that country recover from the Depression, but
> it says nothing about
> > Greenback-type money being spent into circulation. It
> says specifically
> > "fiscal policy was not the driver of recovery
> from the Great Depression."
> >
> >
> http://antidismal.blogspot.com/2008/11/new-zealands-recovery-from-great.html
> >
> > I have also been studying the book, *Recovery from the
> Depression* By R. G.
> > Gregory, N. G. Butlin, published in 2002, which is a
> compilation of several
> > essays by various authors discussing the Depression
> experience in Australia
> > and New Zealand. Chapter 5 entitled "Depression
> and Recovery in New
> > Zealand" by G. W. Hawke is available online from
> the archive at Googlebooks.
> > I've seen nothing in that chapter that talks
> about Greenback-type money.
> >
> >
> >
> >
> >
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