ROTATORY FINANCE.
Mr. J. J. Cusack, Federal member for Eden-Monaro, in the Commonwealth Parliament, declared during a financial debate that Sir Otto Niemeyer "knows nothing about high finance." Mr. Cusack held that "all that we' need is credits," and he proceeded in all seriousness to explain that "this depression is quite artificial. It can be easily solved by making the money go round. Increase the circulation of money and our troubles will bo at an end—that's what I say, and I can prove it. Look here! I can show you how one cheque for £6 can provide an income of £300 for a man for a year. I pay the cheque to my employee on as a week's wages. He pays it to the store for goods on Saturday, and on Monday the storekeeper, who is a tenant of mine, pays it back to me as lent. On Friday I pay it lo my employee again. On Saturday he pays it to the Btorekeeper again. And on Monday the storekeeper once more pays it to me. And co it goes on. There you are! In twelve months that £6 cheque of mine has provided my employee with an income of |£300, on which the Federal Government £ga taka J>2o from him in taxesj,"
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https://paperspast.natlib.govt.nz/newspapers/EP19301203.2.128.10
Bibliographic details
Evening Post, Volume CX, Issue 133, 3 December 1930, Page 14
Word Count
213ROTATORY FINANCE. Evening Post, Volume CX, Issue 133, 3 December 1930, Page 14
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