Money Supply
Contrary to his intention, 11thony Gibbs's personal testl‘r)1(311), (November 25) justifies Lord ansittart's opinion of Dr Hjahnar ochacht as "the most oleaginous
" he had ever met. This tart, if the Doctor's analysis of
financial system was as tDeccable as is contended, as 1..u.tor he either withheld some of 'Its superior knowledge, or Mr Gibbs was not an apt pupil. Otherwise how does Mr Gibbs's !,ItPlanation of the current ;Qpationary situation fail to square with everyday experience? ,..:rhere is not too much money ow,Ith which to liquidate the prices „I consumer goods. Quite the verse, Relative to concurrent ,,Pkriees, we have too little, for the '"Jvious reason that under the vwr,evailing rules, and especially „ lth a progressive increase in 'saital-intensive methods of production, the "cunning device that 4411 costs enter price, ensures that
e price can't be paid! " A constructive purpose might be seved if, after deepening his understanding from an indigenous source, Mr Gibbs were allowed another stab at uncovering the inherent flaws in present financial and related cost accountancy procedures. Jack Hornsby PO Box 4, Duns, Berwickshire
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