The following E-Mail (which is not really a comment on my speech Britons Are Now Slaves), was received from Kerry Bolton of New Zealand the following day. Headed credit creation, it is published here verbatim, errors and all:
Dear Mr Baron
I have just read some comments you made about credit creation to a meeting in London.
The First New Zealand Labour Govt. in 1935 funded its iconic state housing programme through 1% Reserve Bank credit, which eliminated 75 % of unemployment. The Labour Party was electedc specifically on the issue of state credit, and this was largely discusssed by all section of NZ, and in particular due to the efforts of C H Douglas who toured NZ.
However, not surprisingly for Fabians, the Govt. reneged on its promises and the state housing credit was only utilised because of the immense pressure and agitiation of the celebrated John A Lee MP, who was soon out of the Labour Party. Now of course nobody understands anythign about this, and unlike the general public of the 1930s few know about the financial system.
I have written an essay for the next issue of the journal ab Aeterno which deals with specifics in re. to the Labour Govts state credit programme should you be interested.
K R Bolton
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