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Bankers smile as overseas debt climbs

Bankers smile as overseas debt climbs

“The current account deficit for the March year of $14.5 billion now sees our overseas net debt total $132.9 billion – and rising. Whose fault is it?” asks John Pemberton, Deputy Leader and Finance Spokesman for Democrats for social credit.

“The usurious smiles of the bankers widen, as New Zealanders collectively handed over some $11 billion worth of interest payments this year,” Mr Pemberton continues.

“We seem to be oblivious to the fact that it is we who pay the cost of this huge debt as we merrily spend our hard earned dollars on goods and services loaded with expensive overseas debt.”

“The Governor of the Reserve Bank and the Finance Minister are quick to blame the Kiwi consumer for our poor savings record. Yet if we saved as Dr Cullen suggests, businesses would begin to fail, unemployment would rise and the economy would eventually grind to a halt. Businesses survive and thrive when Kiwis spend their money,” Mr Pemberton asserts.

“But it is still our fault,” he adds, “because we do not recognise the financial system for what it is: inefficient, unjust and corrupt. It is our fault because we continue to elect parties and governments that perpetrate this usurious system.”

“Money is for spending. Money is for facilitating trade,” explains Mr Pemberton. “It is our responsibility as New Zealanders to look beyond the election bribes of tax cuts and hand outs. It is up to the people of New Zealand to demand an economic system that works for us, instead of turning us into debt slaves.”

“If we don’t,” he warns, “we only have ourselves to blame.”


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