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”.

 

Leo Tolstoy“Money is a new form of slavery, and distinguishable from the old simply by the fact that it is impersonal – that there is no human relation between master and slave.”

Leo Tolstoy, Russian writer

Press release 28/05/2018

A CALLOUS AND UNDERWHELMING BUDGET

Positive Money New Zealand, a not for profit enterprise advocating a change to our banking and monetary system, considers the recent budget from the Labour led government to be a missed opportunity.

Labour and New Zealand First promised “Capitalism with a Human face” but what we got, says Don Richards founder of Positive Money New Zealand “was a business as usual budget, delivered by a guy wearing a red tie, rather than a guy wearing a blue tie”.

While the budget did address some of the issues around health and education, it clawed back on some of its promises, saying that they will be phased in, rather than delivered when people expected them to. The Government also committed to returning the country to a surplus when there are systemic problems with our economy that need urgent attention.

A surplus means that the government takes more from the economy in taxes than it returns in spending and now is not the time to contemplate such a thing. Labour has to deal with substandard hospitals, shoddy repair work from the Canterbury rebuild and the mycoplasma bovis outbreak. These three issues could be traced back to the last government cutting corners to achieve their surpluses. Who or what is going to have to go without, so that Labour can achieve its surplus?

The Labour Government also has other significant issues to deal with such as pay rise pressure from nurses, midwives and the police to name a few, our mental health system, child poverty, inequality, youth unemployment, homelessness and a dignified welfare (and retirement) income. Given its priority of providing surplus’s Labour will consign a significant portion of our population to a miserable existence while it tinkers with achieving a surplus.

One funding option that will allow the government to address all of the above without raising taxes or going further into debt is to utilise Reserve Bank credit to fund infrastructure projects for roading, hospitals and new housing. This will free up billions of dollars for much needed social spending.

This is not a new idea as the first Labour Government used Reserve Bank credit to build thousands of state houses and to fund significant infrastructure projects. This got New Zealand out of a worse situation than we are currently in and set the foundation for our welfare state that became the envy of the world.

When asked at a recent Post Budget presentation if he had considered Reserve Bank credit our Finance Minister replied with an emphatic “No”. He went on to say that they would not entertain a “Social Credit” policy.

Richards says "Check your history books, Minister. This was a very successful First Labour Government initiative in 1936 that lifted New Zealand out of the Great Depression and provided a decent standard of living for tens of thousands of New Zealanders."

For information, contact Don Richards

Email address hm info@positivemoney.org.com

Cell: 0274 778 147

Phone wk: 07 307 1158

Phone hm: 07 307 9366

ENDS

 

 

 

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