Submission to Parliament supporting our Sovereign Money petition
This letter was sent to members of the Finance and Expenditure Committee on 29 November 2022. Following up on our submissions to the Finance and Expenditure Select Committee on who creates our money In 2020 we presented a petition to the Finance and Expenditure...
Our response to the report on the petition to require the Reserve Bank to issue all New Zealand money
Read our response to the final report on our petition to reform the monetary system.
We show the clip of our presentation in March of this year to the select committee, take questions, and ask meeting participants to help us identify practical strategies to communicate the Positive Money solution to the public and key...
Positive Money NZ’s submission to Parliament’s Finance and Expenditure Select Committee proposes thinking differently about how new money is created, and that we use any new money for the wider public good.
How NZ’s debt-based money system creates problems of unfairness, high house price inflation, fragility in our banking system, and contributes to starving public services of vital funding.
Our proposed reforms would see all new money created debt-free by the Reserve Bank, with the benefits flowing to citizens in the form of a safer banking system, less debt, and more funding for public services.
At the core of our proposed system is ‘Sovereign Money’, a form of Central Bank Digital Currency (CBDC). This puts the Reserve Bank in control of all money to produce a safer, fairer banking system, and finally modernises a banking system that was built around paper-based processes.
There are two broad choices for the transition process – either a phased-in approach, or an immediate switch. Either approach could be implemented without disruption to the wider economy. And we’ve been here before. New Zealand used a similar approach in the 1930s to build the first state houses, fund infrastructure and new businesses.
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...