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The New Zealand Railways Magazine, Volume 8, Issue 3 (July 1, 1933)

Too Elastic

Too Elastic.

This month the outstanding question has been how to restore the measuring value of money. Money used to be a yardstick; it is now a bit of elastic. This change has cut at the root of all valuing. In fact, no one knows what values are. In New Zealand, at the annual meeting of the North Island Valuers' Association, the chairman said it would be “most difficult for anyone to say what land is worth today.” All over the world the same thing is being said about land, commodities, and services. Money has been so unstable that it is most difficult to state values in terms of money. A yardstick that stretches is not much good, and the London conference has been discussing how to take the stretch out of it—how to stabilise money.