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”.

 

“Banks lend by creating credit. They create the means of payment out of nothing. ”

Ralph M Hawtry, former Secretary to the British Treasury.

 

We will be launching a petition to parliament later this month (August 2018), calling on the Government to enable the Reserve Bank to create our electronic money. Our Labour led Government is struggling under multiple calls for funding including:

· The MBovis outbreak.

· The bill for shoddy repair work in Canterbury following the earthquakes.

· Wage claims from nurses and teachers with the potential for more public service claims.

· Catching up on deferred maintenance to hospitals and other public infrastructure.

· Building affordable housing.

· Public transport.

Add to this the ever-present issues of child poverty, homelessness, a broken mental health system, a welfare system that is struggling to cope and an aging population and our current funding model is not working.

Surprisingly, the first Labour Government, in 1936 faced fiscal challengers worse than what we have now. Back then, by enabling the Reserve Bank to create credit (money) for infrastructure projects they were able to fund the construction of thousands of houses, invigorate our economy and within two years set the foundation for our welfare state that became the envy of the world.

We believe that the current Labour Led Government should do the same but they are receiving poor advice and are struggling to come up with solutions. We will therefore be using the Governments own petition platform which will ensure that the petition goes before a select committee. This will us with a good platform to get our message across.

Using the government platform, we were limited in the number of words we could have in the petition request and our petition reason. That said we believe our request and reason comes across well.

Our petition request:

That the House of Representatives inquire into giving the Reserve Bank of New Zealand the sole ability to issue all New Zealand money, whether notes, coins or electronic.

Our Petition reason:

Private banks create 98% of our money. They pump too much money into housing, creating huge profits for themselves but skyrocketing house prices, inequality and poverty for ordinary kiwis. NZ successfully used Reserve Bank credit in 1936 to build thousands of state houses and we can do it again.


Our petition will be both electronic and paper based and the Office of the Clerk has provided us with text that is acceptable to us. They will let us know when the petition will be published on the Parliament Website. It will then be open for signatures.

We will let our supporters know and issue a press release followed with a communication plan to maximise the impact of the petition. We will be asking you to sign the petition and to point as many people as possible towards the link.

We believe that the petition will be a great way of getting our message across to the public as well as putting it in front of Government.

 

 

 

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