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Show The Paper That Dares To Take Page 2 The Utah Independent November 18, 1976 READERS ffltffiCO Independent OUTLOOK The The Constitution, Liberty, Morality, and Truth d) Corinthians 3:17 3limTmrmmiviiBssesiiBssissssss8SHiiiisii KERSHNERS COMMENTARY By Dr. Howard E. Kershner The Credit Noose Part III Many people have the impression that consumer credit increases business activity and enables the people to enjoy more things than would be possible on a cash basis. Just the opposite is true. An excessive use of capital for consumption goods reduces the amount available to finance production. Capital and credit that ought to be used for the latter are converted into consumption. This causes higher prices, and because it creates scarcity of capital for production, higher interest rates as well. Let us suppose that we all determined to go on a cash basis. What would happen? Temporarily, sales would decline. To get rid of existing stocks, merchants .would cut prices. As sales dropped, manufacturers and distributors would have to reduce wages accordingly. This would not be a hardship, for prices would be falling as rapidly or more rapidly than wages. We know this from the record of what happened in the depression of 1920-2Wages fell very rapidly but prices, even more rapidly, so that even with a reduced income one could purchase the same or a larger quantity of merchandise. Through the termination of installment interest charges, from having converted to a cash basis, consumers would soon be able to purchase more goods and services. Demand would increase and after a short interval wages would begin to rise. As an installment debt was paid off, and no new debt incurred, people would buy about 20 percent more than they had been buying under the installment plan. Demand would increase, idle workers would go back to work, and more would be needed as sales mounted and greater prosperity was 1. attained. Almost everyone, except the money lenders, would be much better off if this change were made. Under these conditions, more capital would be available for increased production, and the people would have more to spend, with which to buy the stepped-u- p output. Real prosperity that is, an increase in the standard of living on a permanent basis would be achieved. Retired people would find that their savings and their slender incomes would buy more and their standard of living would improve. Economics Department NORTHWOOD INSTITUTE God offers to every mind its choice between truth and respose. Take which you please you can never have bojji. -- Ralph Waldo Emerson Every house where love abides and friendship is a guest, is surely a home, and home, sweet home; for there the heart can rest. -- Henry Van Dyke IBM lnd.p.ndnt Ih Salt Lake City, Utah Tht Utah Independent is published by the Utah Independent each Tuesday at 57 East Oakland Avenue, Salt Lake City, Utah 84115. Yearly subscription rate is $10.00 by surface mail in the United States, $15.00 foreign. Second Class Postage S-- nd We like to receive Letters To The Editor. Frequently, however, these letters are much too long for us to use. For this reason, we are adopting the following policy: 1. Letters To The Editor or should be typed (double-spacewritten legibly on one side of an 8x11 sheet of paper. 2. We will publish these letters regularly as space permits. We appreciate the fact that some subjects require more length. In such instances they should be submitted as News Articles and will be subject to our regular editorial policies and current Where the Spirit of the Lord is, there is Liberty Paid at Salt Lake City change of address forms and correspondence to needs. News items Must Be Fully Docunxnted. We want to print ONLY THE TRUTH! Many thanks. THE EDITOR we cannot print your Sorry requests for funds. Dear Editor wish to express my appreciation for your recent articles on the Federal Monster. It is a pleasure to read Phoebe Courtney, as her writings are always based on good documentation. In your issue of November 4, 1976 she speaks of the CFR What manner of conspiracy. people comprise the CFR? The answer was given by Rabbi Marvin S. Antelman, chief justice, Supreme Rabbinic Court of America, which last June excom- municated Henry Kissinger from Judaism. Rabbi Antelman stated: It can be said, however, that the Bill of Particulars is not the Courts last word on Kissinger. There are other particulars. They concern an organization called the Council on Foreign Relations (CFR) of which Henry Kissinger is a member..., and, one Aaron Aaronson, who on his way to Versailles on May IS, 1919, to bring the cause of the Jewish Legion to international attention, was thrown out of an airplane into the English Channel by founding fathers of the CFR. Howard Finney Bountiful, Utah 84010 THE WAGES OF SIN.... Dear Editor: The wages of sin can be most profitable... for the political elite, that is...voted by a Democratic-Republica- n Congress.. .but funded by the taxpayer, you and me. Let it never be said these politicians dont take care of" their own. As a living former president, Richard Nixon receives: 566,000 a year presidential pension, which is higher than the salary of any federal official (except the President sitting in the Oval Office) Office space paid for by the government Communications facilities allowances for whatever he does of a business nature but not pleasure travel. Travel Former presidents counselors Utahs Largest and Fastest- - Growing Subscription Weekly not the party, vote for the man. I have myself said that many times, and I now think that I was wrong. What counts is not the man; what counts is the principle. Neither men nor parties are to be fully trusted. Millions of Americans now know that the two major political parties in this country stand for nothing except getting power and 'keeping it. Millions of Americans know in their hearts that many of the men in whom they formerly put their faith could not stand the us out. So what is the answer? In what or whom can the people believe? I assure you . the people can believe the American Party because it is the only political party in - this country which stands on immutable, irrevocable, unchangeable principles, win or lose. Those principles and positions are written into the American Party constitution and permanent platform. Conditions, of course, constantly change. But eternal verities remain like forever the same - Jesus Christ, the same yesterday, today, and forever. There are a few among us who merely want to be a part of a political wheeling and movement, dealing. Some men die by shrapnel; Some men die in flames; Most men die inch by inch, playing little games. Have you Conservatives ever asked yourselves: Why am I doing this? Why am I involved? Is it an ego trip? Lust for power and recognition? Because I enjoy being a big fish in a little pond? Because Im a born iconoclast who loves contention? Oi is it because Im making a living out of If any of the above are your primary motivation, forget it and go back to playing solitaire. it? Weve all heard Conservative crusaders say: Im in this fight for my Some people children... dont have any children. The best reason to crusade for God, country, and freedom is because its right! Knowing that, its right, one needs to choose his weapons, his strategy, and embark on his long-rancampaign. We didnt get into this mess overnight -and were not going to be saved overnight, unless its by The Second Coming. My first involvement in ge a national political campaign was for that phony Republican Conservative, Wendell Willkie, who a few weeks after the election confessed: It was all campaign oratory, I didnt mean a word of it. And then he came out with his book, One World. I even campaigned for Landon. And, alas, Dewey. In those days, one of heroes my few present-da- y was Senator Robert Taft. I was standing at the side door of the Stevens Hotel (now the Conrad Hilton) in Chicago when the man who was said to be too good to get the Republican nomination came in to (Nixon?) government and are called upon to carry out many duties in a quasi-officinature. $96,000 a year for life for his personal staff (The cost of these benefits for Nixon in the current - to. congratulate the winner, Dwight Eisenhower. I stood with tears in my eyes then, as I' did some months later on a sidewalk reading the newspaper extra telling about Senator Tafts death. I can only remember crying twice in my life upon hearing of the death of a public figure I didnt even know. (The other was Will Rogers.) I said in 1952, and I still it, that wed have been better off with Adlai believe Stevenson; ' Dwight Eisenhower was as phony as a bill. Always. A phony general, a phony husband, a phony President. But, they claimed, Taft couldn't win! And in politics, as in football, winning is the only thing, isnt it? Why else do alumni funnel cash under the table to our amateur players? Why else do the coaches show their charges how to cheat and to maim without being caught? Why else do the fans demand victory or a new coach? Obviously the main goal should not be merely to win, but to do the right thing. If were right, our side will win, eventually, because in the end right will one-doll- ar prevail. -- American Way Features remain as al 57 East Oakland Avenue, Salt Lake City, Utah 84115 For many years many of us have said, over and over, What counts is the man, pressures of office and the heady fumes of power. Many a former Conservative has, upon election, joined the other team. They sold FEDERAL MONSTER I Stand TOM ANDERSON POLICY NOTICE Dedicated To A I can prove "Statistics anything by statistics . the truth. except -- George Canning. |