September 21, 2016
Letters to the Editor
Aidan Crabtree (Western leader 13-9-16) says that wages are insufficient for most people. I agree. But there is no proper solution in forcing employers to pay more. All the costs of running a business must be recovered in the prices charged by the business. Higher costs, as in higher wages, higher overheads, etc., must be recoved in higher charges by that business, otherwise the business will go bankrupt.
The money system ought to be seen as society’s accounting system and able to be modified as factors such as labour-saving technology arise. Presently the production system staggers haphazardly along because the consuming public, which is all of us to one extent or another, have been permitted to mortgage ourselves to appalling levels. All new money presently introduced to the system only adds to debt levels. A portion of new money creations needs to be introduced directly to consumers.
Iceland and Japan have been examining this and it’s pleasant to see there is some discussion even in banking and political circles in the UK.