Top Scoops

Book Reviews | Gordon Campbell | Scoop News | Wellington Scoop | Community Scoop | Search


He Who Impugns The Usurers Imperils The State

He Who Impugns The Usurers Imperils The State

By Alun Fosta - an avowed anti establishmentarian

“He who impugns the usurers imperils the state,” is taken from a poem written by the late New Zealand author, A.R.D. Fairburn. The poem, “UTOPIA,” is somewhat heavy reading, but well worth a look and can be found at

The choice of words is important to writers and so I decided to check the definitions of “impugns” and “usurers.” 1) IMPUGN a) To assail by words or arguments. b) To oppose or attack as false or lacking integrity

2) USURERS One that lends money, especially at an exorbitant rate.

The simple sentence, “He that impugns the usurers imperils the state,” not only sums up the situation here in New Zealand, but GLOBALLY. “The state,” which is generally accepted these days as “the government,” whatever its political stripe (frequently yellow), is actually defined in a dictionary as “a politically organized body of people usually occupying a definite territory, especially one that is sovereign,” is dependent upon, and controlled by, the usurers.

A.R.D. Fairburn also writes in “UTOPIA,” “This is our paper (does he mean “money” I wonder) city, built on the rock of debt, held fast against all winds (of would be change perhaps) by the paperweight of debt.” “UTOPIA” ends with “And over all, the hand of the usurer, bland angel of darkness, mild and triumphant and much looked up to.” The Bible also hits the nail right on the head in Proverbs 22:7 which says, ”The rich rules over the poor and the borrower is the slave of the lender (usurer).”

It was interesting to read this week, Finance Minister Michael Cullen’s crowing about Moody’s Investor Services reaffirming New Zealand’s foreign currency status at Aaa. Cullen said, “Moody’s notes that its judgement, in confirming the Aaa rating, is based on the expectation that government debt-barring temporary downturns in revenue due to external shocks- will not rise above current levels.” He went on to say that the report amounted to an endorsement of the government’s economic and fiscal management.

Whenever I read anything said by a politician, I always ask myself at least 2 questions. The first is that famous old question, attributed to Cassius and quoted by Cicero, “cui bono?” Who benefits? The second is what didn’t they say or what did they leave out? Mr. Cullen said, in effect, that Moody’s rating is based on the expectation that government debt will not rise above current levels.

Question 1 Which part of “government debt” does Mr. Cullen mean? Does he mean “New Zealand’s internal public debt?” Does he mean “New Zealand’s Overseas Debt-Official Government, or does he mean both?

Question 2 When did Moody’s begin and when did they finish their analysis/assessment and what is the date on which the Aaa rating attached?

The Reserve Bank of New Zealand’s website, is a mine of information. It is very interesting to note that between the end of March and the end of June 2004, New Zealand’s Internal Public Debt went DOWN by almost $3.4 Billion and then by the end of September, it went UP again by almost $1.35 Billion!!! Now let us take a look at “New Zealand’s Overseas Debt-Official Government” and “New Zealand’s Foreign Currency Reserves.” It is very interesting to note that between the end of March and the end of June 2004, the Government’s Overseas DEBT went DOWN from $18.246 Billion to $16.008 Billion and the Foreign Currency Reserves went DOWN from $10.092 Billion to $7.283 Billion. At the end of September the Reserves had climbed back up to $8.074 Billion and up to $8.785 Billion by the end of October. It is unfortunate that, as yet, the Overseas Debt figure for September is not on the Reserve Bank website. It will be interesting to see if the Overseas Debt figure for September has risen as has the Internal Public Debt figure. The figures set out below may give readers food for thought and an incentive to check the Reserve bank’s website periodically, as I will be doing.

Date Overseas Debt Internal Debt Foreign Currency Assets March 2004 $18.246 Billion $35.515 Billon $10.092 Billion June 2004 $16.008 Billion $32.148 Billion $ 7.283 Billion Sept. 2004 ??????? Billion $33.496 Billion $ 8.074 Billion

“Moody’s notes that its judgement in confirming the Aaa rating is based on the expectation that government debt, barring temporary downturns in revenue due to external shocks, will not rise above current levels,” Cullen said. I think that the answer to “Question 2” above could be quite interesting.

There was also a very interesting Reuters report on the Internet , 18 December 2004. The title was “Central Bank Sees More Eurokiwi Issues.” One part of the article read “New Zealand borrows about NZ$550 MILLION a month from foreign investors to fund its current account deficit.” Another part referred to the fact that the (New Zealand dollar) bonds were accessible to retail investors and were issued by internationally recognized (“disreputable” was omitted either by design or error) institutions, such as the World Bank. (Check out who would like to view the article should do a search for “Central Bank Sees More Eurokiwi Issues.” It really makes you wonder how long this country can go on in its present state of borrowing over half a billion dollars a month before the creditors come a calling. The article casually states that the $6.5 Billion of (new?) debt represents only 4.6% of GDP in the year throughout the second quarter. What about the New Zealand corporate overseas debt of $122.038 Billion (87% of GDP) and the Government’s overseas debt of $16 Billion (11.4%) of GDP as of June 2004? The figures for March 2004 were even worse. Corporate overseas debt was then $123.847 Billion (90.3% of GDP) and the Government’s overseas debt was $18.246 Billion (13.3% of GDP) meaning that New Zealand (corporately and governmentally) owed $142.092 Billion (103.6% of GDP, ie, more than the country produces in a year!) I wonder how long a business could carry on in this way before being put into bankruptcy.

The Catholic bishops in New Zealand spoke clearly, and forcefully , and good for them, on “The Civil Union Bill,” telling their parishioners to observe, for future reference, how their MPs’ voted, yet nobody in any church seems to ever speak out against the iniquitous debt money system. Many people, including politicians, moan about debt, but nobody does anything about it. The government even shows “student (debt) loans” as a $6 billion ASSET on its balance sheet, I bet the students don’t consider their loans an asset and it would be very interesting to see how the government would “dispose” of that asset if the international debt pedlars came to collect on their loans.

It is obvious to see where priorities are these days. Thousands turn out to protest against the speedway being closed due to noise, how many would turn out to protest against something REALLY important? The ancient Romans wanted “bread and circuses,” today, in New Zealand at least, it seems to be “booze and rugby/speedway.”


Alun Fosta is a New Zealand writer, committed “Government OF the Bankers, BY the Bankers, FOR the Bankers conspiracy theorist” and avowed anti establishmentarian. Comments can be sent to “”

© Scoop Media

Top Scoops Headlines


27-29 Sept: Social Enterprise World Forum Live Blog

1600+ delegates from more than 45 countries have came together to share wisdom, build networks and discuss how to create a more sustainable future using social enterprise as a vehicle. Attending the Forum were social enterprise practitioners, social entrepreneurs, policy makers, community leaders, investors, activists, academics and more from across the globe... More>>

HiveMind Report: A Universal Basic Income For Aotearoa NZ

Results from this HiveMind suggests that an overwhelming majority of Kiwis believe that due to changing circumstances and inefficiencies in the current system, we need a better system to take care of welfare of struggling members in our society. More>>


Scoop Hivemind: Medical Cannabis - Co-Creating A Policy For Aotearoa

Welcome to the fourth and final HiveMind for Scoop’s Opening the Election campaign for 2017. This HiveMind explores the question: what would a fair, humane and safe Medical Cannabis policy look like for Aotearoa, NZ in 2018? More>>


Lyndon Hood: Notes On National’s Election Campaign, In Poem Form

Nationyl’s bitumen-ing / As they du du / Seed groweth / River floweth / Then ‘dozer drives thru / Highway ensu. More>>