Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 


Reserve Bank Heads Banking Cartel

PRESS RELEASE

FOR IMMEDIATE RELEASE
Finance

Reserve Bank Heads Banking Cartel

"State interference in the financial affairs of New Zealanders has reached a disturbing new low point," said a disgusted Greg Balle, Libertarianz Finance Spokesman today. "Reserve Bank Governor Bollard has allegedly orchestrated a 0.5% home loan rate increase in closed door negotiations with the major banks."

"This brazen cartel-like behaviour seems to be welcomed by the governing Labour party while all other political parties have kept silent on the questionable legality of this price fixing. Where's the outrage?" Mr Balle asks. "While seemingly simultaneous petrol price rises bring about yelpings from all quarters, a state orchestrated rise of around 0.5% on home loans seems to go by without comment."

"There is no law that allows the Reserve Bank to coordinate commercial banks to target home mortgage holders for special financial pain," Mr Balle noted. "For the Reserve Bank to talk directly to, and act in concert with, the commercial banks has clearly taken it well beyond it's lawful mandate to keep prices stable via the OCR."

"The role of the Reserve Bank in this possibly fraudulent activity calls into question the existence of a Reserve Bank at all, now that the willingness to abuse its state-given powers has been demonstrated."

"Libertarianz policy is to abolish the Reserve Bank and its monopoly to produce fiat money. The discipline of a free market monetary system would deliver stable prices and a vastly more flexible banking environment," concluded Mr Balle. "Without a centrally-planned monetary system and a one-size-fits-all interest rate., New Zealand could stop repeating the tragic boom-bust cycle."

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Urgent Bill Planned:
MP Pay Rises To Match Public Service

Prime Minister John Key today announced an overhaul of the Remuneration Authority Act, tying MP salaries to those of the wider public sector, which will be passed under urgency.

Mr Key says the decision was made after the Remuneration Authority’s latest determination which saw the total remuneration received by MPs increased by about 3.5 per cent...

The new legislation will be backdated to 1 July 2014, meaning the pay increase outlined in the latest determination will not be awarded. More>>

 

PARLIAMENT TODAY:

PM's Press Conference: MP Pay Rises, Solid Energy, Iraq

Prime Minister John Key answered questions in his Post-Cabinet press conference about the Iraq deployment, Solid Energy and National’s decision to overhaul the Remuneration Authority Act. More>>

ALSO:

Worksafe: MSD Charged Over Work And Income Ashburton Shooting

WorkSafe NZ has laid one charge against the Ministry of Social Development (MSD) in relation to the shooting at the MSD Ashburton office on 1 September 2014 in which two Work and Income staff were killed and another was injured. More>>

ALSO:

Iraq: Ex-Hostage Says Government Not Putting NZers, Iraqis First

Harmeet Singh Sooden is travelling to Iraq in the coming weeks to work with Christian Peacemaker Teams (CPT) on a short-term assignment. More>>

ALSO:

Joint Statement: Australia-New Zealand Leaders’ Meeting

Prime Minister Key warmly welcomed Prime Minister Abbott and Mrs Abbott to New Zealand. The visit has enabled wide-ranging and substantive discussion that has underlined the strength, value, diversity and warmth of our trans-Tasman relationship. More>>

ALSO:

Press Conference: Peters To Stand In Northland By-Election

New Zealand First Leader Winston Peters has announced his intention to stand in the Northland by-election, citing his own links to the electorate and ongoing neglect of the region by central government. More>>

ALSO:

Gordon Campbell: On The Wage Hike For MPs (and Paul Robeson)

Hard to tell what is more infuriating. Is it the 5.3% increase on the already bloated salaries of MPs, or their pantomime of outrage at being gifted with such a wonderful back-dated bonanza? More>>

ALSO:

No Designers Or Visual Artists: Flag Panel Members Announced

The Government has appointed 12 New Zealanders as members of the Flag Consideration Panel which will engage with the public about a possible new New Zealand flag, Deputy Prime Minister Bill English says. More>>

ALSO:

Labour MP Stands Down From Portfolio: Comment From Carmel Sepuloni

The first I knew of my mother’s charges was when I was called by a reporter yesterday. I spoke to Andrew and we agreed there is a conflict of interest at the present time which means I will temporarily stand aside from the Social Development portfolio. It’s the right thing to do… . More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news