News

September 2018 Release of our petition to have the Reserve Bank issue our money along with an opinion piece.

June Press release on the swiss referendum. Despite the campaign of confusion and fear run by opponents, 25% voted for the Sovereign Money Initiative.

April The AustralianRoyal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry is coming up with some serious wrongdoing by the banks and financial institutions

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

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

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.

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".

 

Henry Ford“It is well enough that people of the nation do not understand our banking and money system, for if they did, I believe there would be a revolution before tomorrow morning.”

Henry Ford, founder of the Ford Motor Company.

Welcome to the resumption of our blogs, which now includes our media releases and opinion pieces.

Our first item goes back to 1936 and New Zealand was facing similar but far worse problems than we have today and they were solved by the passing of the legislation by the first Labour Government.

The Reserve Bank Amendment Act enabled our Reserve Bank to create credit (money) debt free to build tens of thousands of affordable state houses. The unemployed were given work in meaningful jobs and the wealth generated for New Zealand allowed for the establishment of a welfare system that became the envy of the world.

New Zealand emerged from the first Great Depression sooner and in better shape than most countries and we can prosper once again with similar legislation and the assistance of visionary and courageous politicians.

There is a “Plan B” for the New Zealand economy that has been proven to work.

Following are the significant speeches in the debate on the 1936 legislation along with reference to some of the content. Our transcript has kept the page numbering from the original Hansard records, with some slight variations to page length to take into account different formatting styles.

Nash - Minister of Finance introducing the bill for a second reading

140

The “inevitability” of slumps and depressions

140

Avoiding slumps, depressions and booms

141

Government control or “Political interference” in the banking system

141

The profit motive for private banks vs the best interests of the country

142

Banks determine where credit will be issued and to whom

142

Transfer of funds for speculative purposes

143

Borrowing funds overseas

146

Creating credit to build houses and other necessary things

148

Coates - Leader of the opposition – where is the money to come from?

151

Savage - Prime Minister in support of the legislation

156

Checks on government control of credit

156

Who has the last word in our economic wellbeing?

157

Wealth in abundance

157

Increase in wages and pensions

157

Lord Beaverbrook, writing in the London Sunday Express

157

The money system we currently have - debt in perpetuity

158

New Zealand government debt outstanding from 1879

158

Money for public works – use the public credit

158

Thousands of people in need of homes

158

We want to work with the bankers

159

Captain Rushworth: A new enemy in human development

160

New Zealand leading the world in sociological legislation

160

The Prime Minister will become a great figure in history

160

Every country in the civilized world is vitally interested in this legislation

160

Denham: Control of money has been in the hands of private enterprise

167

Protests similar to when the eight-hour day was proposed

168

Protests similar to when the abolition of slavery was proposed

168

Austerity measures reduced purchasing power and created poverty

169

Governments controlled by the masters of money

169

Balancing the budget - a national disgrace

169

New pupils underweight and malnourished

169

Director General of Health Report on 50,000 children

169

No more starving children, broken spirited people or suicides

170

Hargest: Trotting out the same old terms time and again

181

The banking system has failed to put money in the hands of people

182

The banking system collapsed at the start of World War One

182

Treasury notes were issued that worked well until the bankers …..

182

The disastrous return to the Gold Standard

182

Wright: Funding for the Napier – Gisborne railway line

186

Smith: Auckland demands more public money than the rest of the country combined

189

Atmore: those who create credit hold the destiny of the people in the hollow of their hands

191

Every bank loan creates a deposit and every loan repayment destroys deposits

191

Banks create money simply by writing figures in a book

191

The Bank of England required five bailouts in its history

193

The bailout of the Bank of New Zealand in 1894

193

Prime Minister Seddon looked forward to issuing our own money back in 1890

195

A citizen’s dividend for every man, woman and child in New Zealand

195

Mechanisation will reduce employment options

195

Nash: Government ownership where private enterprise has failed

215

Overcrowding in our mental hospitals

216

Malicious New Zealand Herald headlines

222

Undue profits by the banks

246

Tribute to the Governor of the Reserve Bank

250

 

 

 

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