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”.

 

“The banks do create money. They have been doing it for a long time, but they didn’t realise it, and they did not admit it. Very few did. You will find it in all sorts of documents, financial textbooks, etc. But in the intervening years, and we must be perfectly frank about these things, there has been a development of thought, until today I doubt very much whether you would get many prominent bankers to attempt to deny that banks create it.”

H W White, Chairman of the Associated Banks of New Zealand, to the New Zealand Monetary Commission, 1955.

The National Debt

Marc Joseph

There is a daunting array of challenges facing humanity. From homelessness to health care to pollution and much more, we all look towards our elected governments to show leadership in resolving these issues. Unfortunately, the government seems increasingly unwilling to address our most pressing concerns. And the government's most frequent excuse for inaction is, you guessed it, we don’t have the money. So let's have a look.

We've all heard the government's litany: we don't have the resources,  we'll have to raise taxes, we have to pay down the debt, we don't want to go into deficit, we must be fiscally responsible, on and on. Money reformers know that these excuses are nonsense.

With the introduction of electronic banking, money cannot be shown to be anything other than numbers on a screen and it's impossible to have a shortage of numbers. However, these money numbers are recorded and produced in a private bank's database. They are produced by tapping a computer keyboard so it's not surprising how endless this source of money is. Just look at the money being injected into the housing market. Too bad it's also recorded as a debt owed to those private banks. They didn't earn it, but still.

Of course, the authority to create money comes from government. Since that's true, why is the goverment in debt? How absurd is it that a government gives away it's power to create money to private banks, then goes into debt to those banks, and then uses the debt excuse to abrogate its responsiblity to do what the people demand? And if more people understood the system they would demand action. Is there anyone who enjoys witnessing someone living on the street because of a housing shortage that is worsening by the day?

The government has no excuse. We are told we live in a democracy yet the government fails its most important obligation to the people: to regulate credit and currency in the best interests of the economic life of the nation. We must end private money creation. Tell your friends.

Change money, change the world!

 

 

 

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