Book Reviews | Gordon Campbell | News Flashes | Scoop Features | Scoop Video | Strange & Bizarre | Search

 


Eco-Economy: An Appeal to our Bankers.

ECO-ECONOMY IS A FREE SCOOP EMAILER CANVASSING ALTERNATIVE ECONOMIC VIEWPOINTS... CONTRIBUTIONS ARE INVITED...
---> FOR FREE DAILY SCOOPS & LOOPS BY EMAIL - CLICK HERE
http://www.scoop.co.nz/cgi-bin/newsagent/new_user.cgi?form=home
--> TO CHANGE NEWSAGENT OPTIONS - CLICK HERE
http://www.scoop.co.nz/cgi-bin/newsagent/mail_control.cgi

Eco-Economy: An Appeal to our Bankers


By Dr Finlay Thompson

This is an appeal to New Zealand Bankers, not those "big market" bankers, those international elitist bankers. I appeal to the corner banker, who probably lost his job when an ATM was installed.

Help us! New Zealand is being stolen and you can help us. The "crime" has been institutionalized, and is happening every day right under our noses. Consider one common example, a standard bank procedure - establishing a house mortgage.

A house is sold for $150,000.

The Seller, after retiring an existing $50,000 mortgage, walks away with a cool $100,000 cash. After spending $50,000 on a holiday, he comes home and buys another house with the other $50,000 as a deposit.

The Buyer, who has recently returned home, invests $50,000 and now has a house and a $100,000 mortgage. (he keeps reminding himself that the house is worth $150 grand!)

At this point everyone is winning, even the bank.

Before the sale the bank kept ownership papers for the house as security for a $50,000 mortgage and charged $4000 a year in interest (8 percent). Afterwards they still have the papers but now they get $8000 a year on a $100,000 mortgage.

Ah, but they do have to pay interest to the people who deposited the extra $100,000, probably about $5000 (5 percent) per annum. And who was looking to deposit $100,000 extra cash that particular day?

Oh yeah, the Seller deposited $100,000 and took off to Europe. After visiting relatives and skiing in Austria, he came home and invested $50,000 in a house. $50,000 went back into the bank.

What about New Zealand? Before the sale we were paying $4000 each year for the use of a house and $50,000 bank credit that circulated through our bank accounts as money. Now we pay $8000 each year for the same house but now $100,000 cash is "out and about".

But where did the extra $50 thousand come from? And where is it now?

$50,000 dollars, after the Seller exchanged it for pounds and shillings, found its way into the hands of Michael Fay who lives in Zurich and earns at least 25 million NZ dollars each year as interest on the more than $500 million he has "in the bank". If it wasn't Michael Fay, it could have been any of our "creditors". New Zealand sends more than $6 billion overseas each year as the "Balance of Payments" deficit, or maybe we should say "the imbalance of payments deceit!"

Reserve Bank figures show that the amount of NZ dollars "in the bank" has doubled in the last ten years, increasing by $50 billion. More than $1.4 million is created each day.

Where did that money come from? Who created it? Murray Sherwin, Deputy Governor of the Reserve Bank put it like this:

"Money creation is a function of the broader financial system. The loans made by one bank may become a deposit at another bank, and thus underpin a further loan."

Banks create our money by lending it to us! As we speculate with the houses we live in the real winners are our foreign creditors. They are being allowed to create money out of nothing which is a very profitable business. We are being tricked into paying more and more rent for our own land!

This is an appeal to New Zealand Bankers, whoever you are. Our country is being robbed, however we can stop this crime if we act together. In solidarity, I appeal to our bankers,

1) to stop ignoring the problem,

2) to stop all private, commercial and foreign banks from creating our money,

3) and to explain to the NZ people what is happening.

We are being used in a confidence trick of historical proportions. Aotearoa is a rich and beautiful land, unique in the world. We are people who should have hope and faith in a prosperous future that is ours.

Finlay Thompson, New Zealand Banking Reform,

contact: NZ_Banking_Reform@egroups.com or Ph: 021 117 9149


© Scoop Media

 
 
 
 
 
Top Scoops Headlines

 

Werewolf: Living With Rio’s Olympic Ruins

Mariana Cavalcanti Critics of the Olympic project can point a discernible pattern in the delivery of Olympics-related urban interventions: the belated but rushed inaugurations of faulty and/or unfinished infrastructures... More>>

Live Blog On Now: Open Source//Open Society Conference

The second annual Open Source Open Society Conference is a 2 day event taking place on 22-23 August 2016 at Michael Fowler Centre in Wellington… Scoop is hosting a live blog summarising the key points of this exciting conference. More>>

ALSO:

Buildup:

Gordon Campbell: On The Politicising Of The War On Drugs In Sport

It hasn’t been much fun at all to see how “war on drugs in sport” has become a proxy version of the Cold War, fixated on Russia. This weekend’s banning of the Russian long jumper Darya Klishina took that fixation to fresh extremes. More>>

ALSO:

Binoy Kampmark: Kevin Rudd’s Failed UN Secretary General Bid

Few sights are sadder in international diplomacy than seeing an aging figure desperate for honours. In a desperate effort to net them, he scurries around, cultivating, prodding, wishing to be noted. Finally, such an honour is netted, in all likelihood just to shut that overly keen individual up. More>>

Open Source / Open Society: The Scoop Foundation - An Open Model For NZ Media

Access to accurate, relevant and timely information is a crucial aspect of an open and transparent society. However, in our digital society information is in a state of flux with every aspect of its creation, delivery and consumption undergoing profound redefinition... More>>

Keeping Out The Vote: Gordon Campbell On The US Elections

I’ll focus here on just two ways that dis-enfranchisement is currently occurring in the US: (a) by the rigging of the boundary lines for voter districts and (b) by demanding elaborate photo IDs before people are allowed to cast their vote. More>>

Ramzy Baroud: Being Black Palestinian - Solidarity As A Welcome Pathology

It should come as no surprise that the loudest international solidarity that accompanied the continued spate of the killing of Black Americans comes from Palestine; that books have already been written and published by Palestinians about the plight of their Black brethren. In fact, that solidarity is mutual. More>>

ALSO:


Get More From Scoop

 
 
 
 
 
 
 
Top Scoops
Search Scoop  
 
 
Powered by Vodafone
NZ independent news