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

'Tea Break Bill' Passes: Gordon Campbell On Bad Labour Laws And Poor Safety

By co-incidence, one of the prime dangers of the government’s new employment relations law has been underlined by the release of the death and injury statistics among workers at New Zealand ports. These are highly profitable enterprises for the port owners.

The Port of Tauranga for instance, is expecting its current full-year profit to be between $78 million and $83 million and other ports are enjoying similar boom times – but they are also highly dangerous places for the people who work on or around the port premises. At the Port of Tauranga, there have been 26 serious accidents since 2011, and two deaths. More>>

 

Parliament Today:

No Charges: Outcome Of Operation Clover Investigation

Police have completed a multi-agency investigation, Operation Clover, into the activities of a group calling themselves “The Roast Busters”. The 12 month enquiry focused on incidents involving allegations of sexual offending against a number of girls in the Waitemata Police district and wider Auckland area... More>>

ALSO:

UNICEF Report: NZ Cautioned On "Stagnating" Child Poverty

An international report by UNICEF has found that child poverty rates in New Zealand have barely changed since 2008, despite similar sized countries significantly reducing child poverty during the recent recession. More>>

ALSO:

Funding Report: Two Pathways For Transport In Auckland

Commissioned by Auckland Council, the group was asked to investigate two possible pathways for raising $300 million per year ($12 billion over 30 years) to pay for the improvements needed to help fix Auckland’s transport system. More>>

ALSO:

Pay Equity: Equal Pay Win In Court Of Appeal

CTU: The Court of Appeal has made a historic decision paving the way for a substantial equal pay claim for aged care workers. More>>

ALSO:

Gordon Campbell: On The TPP Finishing Line, And Amazon’s Woes

If the Trans Pacific Partnership trade deal wasn’t such a serious matter, this would be pretty funny… More>>

ALSO:

TV3 Video: Three Die On Roads Over Labour Weekend

The official holiday period ended at 6am Tuesday, with three deaths on the roads during the Labour Day weekend. More>>

Employment Relations Bill: Govt Strains To Get Tea Break Law Through

The Government has been left with egg on its face - failing to get its much-vaunted, but hugely unpopular, meal break law passed in the first week of its new term, Labour spokesperson on Labour Issues Andrew Little says. More>>

ALSO:

Guns: Police Association Call To Arm Police Full Time

"The new minister gave his view, that Police do not need to be armed, while standing on the forecourt of parliament. The dark irony was that the interview followed immediately after breaking news of a gunman running amok in the Canadian parliament in Ottawa..." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news