A Sunday Star-Times item by financial advisor, Peter Hensley, reveals that banks were being taken to court for creating money by what may prove to be an illegal process. This has been welcomed by reformers in NZ who have fought long and hard for changes to the burgeoning debt foundation on which our modern economy has been built.
"It is long past time the ownership issue over the debt mechanism, on which the supply of money into the economy is now almost entirely dependent, (as stated by Mr Hensley) should be debated and resolved" said 1981/84 Social Credit candidate Trevor Crosbie.
"Those who cast scorn on our claims about the process and the adverse outcomes of using debt as the starting point of providing the purchasing power people need to build prosperity and progress for themselves, should consider tendering an apology to the current generation of Kiwis who are facing high taxes, charges and infrastructural shortcomings associated with the present debt based system. That includes politicians like Jim Anderton and Dr. Michael Cullen who still deny the debt mechanism even exists.
The reasons which will be raised by the apologists and supporters of the debt mechanism will be of considerable interest, as will the defence of what is effectively a private monopoly earning its owners billions of dollars at the taxpayers expense, not only in Canada where the court action has been initiated, but also in every so called developed economy around the world including NZ.