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".

 

The Earl of Caithness“… our whole monetary system is dishonest, as it is debt-based… We did not vote for it. It grew upon us gradually but markedly since 1971 when the commodity-based system was abandoned.”

The Earl of Caithness, in a speech to the House of Lords, 1997.

Press release 15 June 2018

MONEY WEEK - WEAK ON WHAT IS REALLY GOING ON

Positive Money New Zealand, a not for profit enterprise advocating a change to our banking and monetary system is dismayed at the lack of information being circulated about money during money week.

In a week that saw the Swiss go to the polls to vote on a referendum to decide who issues their money, our money week had a business as usual tone about it.

There was no mention that 98% of our money is created “ex-nihilo” (from nothing) by private banks and then lent out at compounding interest to you and me.

There was no mention that for our money supply to grow, more people need to get in debt than pay off their debt, and this is unsustainable.

There was no mention of the $4 billion dollars in profit that disappeared over the Tasman last year in repatriated bank profits. This creates a huge hole in our economy. Students are detained at our airports if they try to leave the country with a student loan debt, but $4 billion disappears each year and no one bats an eye.

There was no mention of New Zealand’s combined debt passing half a trillion dollars at the end of 2017 and our level of private debt approaching that of Spain.

On the flip side, there was no mention of the Governments ability to create money to get us out of the huge financial hole we are in. It was done in 1936 by the first Labour Government and it can again.

The Reserve Bank can fund roading projects, rather than raise fuel taxes. There is no need to take even more money from the long-suffering public as the Government, via the Reserve Bank and the Treasury can issue the required funding for our highways.

We can build schools, hospitals and housing and the freed-up tax money can be used to bring down our high levels of child poverty, inequality, homelessness and address the chronic underfunding of our mental health system.

According to an IMF discussion paper titled The Chicago Plan Revisited, issued in 2014, a system where the central Bank (our Reserve Bank) issued the currency would smooth out the boom and bust cycles, eliminate runs on the bank and dramatically reduce both public and private debt. In addition, it would provide productivity gains of 10% and steady state inflation dropping to zero.

Don Richards, the National Spokesperson for Positive Money says “we do not need to confine thousands of our citizens to a miserable existence while the Finance Minister tries to achieve a budget surplus”. A surplus means that the Government takes more out of the economy in taxes than it returns in spending and will only make a bad situation worse.

It is time that we had a serious conversation about our money and this years “money week” conversation falls well short of that.

For information, contact Don Richards National Spokesperson for Positive Money New Zealand

Email address hm info@positivemoney.org.nz

Cell: 0274 778 147

 

 

 

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