The Finance and Expenditure Select Committee has asked for a written submission to provide detail on the matters raised by our petition. This came as a pleasant surprise as we had been told that the Committee was very busy and may not be able to consider the petition until the new year. We are however ready and have until 21 October to provide the submission.
For those not familiar with the petition, we are asking the House of Representatives to inquire into giving the Reserve Bank of New Zealand the sole ability to issue all New Zealand money, whether notes, coins, or electronic. Currently the Reserve Bank only issues our notes and coins that make up around 2% of our money supply with the balance, being electronic money, is created by private banks.
Private banks profit hugely from this system of money creation and we want the Reserve Bank to create all of our money and have the profits stay in New Zealand.
Our petition promises to be a game changer and is an important first step to having an economy that works for the benefit of all Kiwis, not just a few.