News

May 2017 Positive Money New Zealand issued a press release seeking clarity from the Reserve Bank on how our money is created.  They still refer to intermediation by the banks, which is not how our banking system works.

5th November 2016 An article in The Guardian newspaper in England argued that abolishing debt-based currency holds the secret to getting our system off its addiction to growth.

5th September 2016 KPMG released a report, commissioned by the Prime Minister of Iceland, titled "Money Issuance" The report looked at money created by the Government.

28 March 2016 Bryan Gould has agreed to be the Patron for Positive Money New Zealand.

Bryan is a respected commentator on economic matters, an author, academic and Companion of the New Zealand Order of Merit.

31 October 2015 A monetary reform group in Switzerland has enough signatures for a referendum on who creates their money supply.

14 October 2015 The Finance Commission of the Dutch parliament discussed monetary reform.

31 March 2015. The Telegraph in London reports on the Icelandic governments plan to have their central bank issue their money supply and calls it a radical plan.

22 November. The British parliament debated money creation last week, for the first time in 170 years. There was cross-party support for a proposal to set up a monetary commission

23 September. A new generation of young people, dubbed ''property orphans'' may be destined to be renters for life.

17 September. The Bank of International Settlements (BIS), the bank used by central banks, confirmed New Zealand houses are among the most "unaffordable" in the world compared to people's incomes.

6 September. Bruce Bisset of Hawkes Bay today reveals the true story behind the so called Rock Star economy.

25th April 2014 "Strip private banks of their power to create money”: says the Financial Times’ chief economics commentator Martin Wolf, who endorses Positive Money’s proposals for reform

15th March 2014 - In a historic move The Bank of England quarterly bulletin explains how money is created. Whenever a bank makes a loan, it creates a deposit in the borrower’s bank account, thereby creating new money. The bank says that this differs from the story found in some economics textbooks.

16th August 2013. The retiring head of the Financial Markets Authority apologised for the mistakes made saying “You were let down”.

 

Reginald McKenna“I am afraid the ordinary citizen will not like to be told that the banks can and do create money. And they who control the credit of the nation direct the policy of Governments and hold in the hollow of their hand the destiny of the people.”

Reginald McKenna, as Chairman of the Midland Bank, addressing stockholders in 1924.

 


Financial Dignity

Marc Joseph

In the present financial system, you have to have money to participate in the economy. However, when the system of money production is scrutinised and seen clearly an odd paradox is revealed. While the system demands that we have money, it seems to be designed to remove money from our pockets and frustrate our efforts to fulfill that requirement and live our lives with financial dignity. Let's have a close look.

We know that the vast majority of our nation's money is produced by the private banks as interest-bearing debt-money when they make loans to their unsuspecting clients. On the day of the loan the debt owed to the banks is equal to the amount borrowed. However, the banks have added an extra debt, interest, that increases the amount owed on a daily basis.

Here it is important to understand that the principal of the loan is also the money of the nation. This is the money that the system demands we must have to participate in the economy. Yet, it all must be repaid, so more borrowing must continually occur to ensure the nation has money to operate.

Incredibly, interest accounts for more debt piling up than there is money available to pay it. The nation's money consists of loan principal, but the private banking system demands principal plus interest. Therefore our money is continually being soaked up by the private banks, taking it out of circulation and keeping society in a constant state of financial frustration. There's no doubt that the financial system is imcompatible with financial dignity for all.

It need not be this way, things could be completely different. Tell everyone you know about Positive Money. Change money, change the world.


 

 

 

 

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