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

 

Labour: Healthy Homes Bill Passes First Reading

Some of New Zealand’s most vulnerable children and families are on their way towards safer living conditions with the passing of the first reading of the Healthy Homes Guarantee Bill in Parliament last night, Leader of the Opposition Andrew Little says. More>>

ALSO:

Werewolf Satire: Home, And A Way

The one thing even more popular than an Auckland house is offering advice on how to afford an Auckland house. So, on the grounds it can’t be worse than some of the stuff that’s out there, here’s my three cents* worth. [*Up 50% since 2013!] More>>

ALSO:

Werewolf: The Defence Pretence

Last year, the world began spending more money on weapons again, for the first time since 2011... New Zealand belongs to a region – Asia and Oceania – where military spending rose sharply in 2015, by 5.4 per cent. More>>

ALSO:

Gordon Campbell: On Not Crying Foul, Argentina

So a couple of guys found to be criminally liable of environmental pollution in Argentina lodge an application with the Overseas Investment Office… in order to buy some prime New Zealand rural land. Seems that their factory back home had carelessly and/or intentionally discharged toxic waste into the Lujan river. Bummer... More>>

ALSO:

Urban & Rural: $303m To Merge And Modernise New Zealand’s Fire Services

Internal Affairs Minister Peter Dunne today announced funding of $303 million over five years to combine urban and rural fire services into one organisation from mid-2017. More>>

ALSO:

High Trust Regime: What Did The PM Tell His Lawyer About Foreign Trusts?

The Government stopped the IRD from reviewing New Zealand foreign trusts shortly after the Prime Minister’s lawyer wrote to the Revenue Minister claiming John Key had promised him the regime would not be changed. More>>

ALSO:

Road Crime: Wicked Campers Vans Classified As Objectionable

The definition of publication includes any "thing that has printed or impressed upon it, or otherwise shown upon it, 1 or more (or a combination of 1 or more) images, representations, signs, statements, or words", The Classification Office has previously classified such 'things' as billboards, t-shirts, and even a drink can. This is the first time the Classification Office has classified a vehicle. More>>

ALSO:

'When New' Repairs: Landmark EQC Settlement

The Earthquake Commission has cut a deal with 98 Canterbury homeowners that affirms the government entity's responsibility to repair earthquake-damaged property to a 'when new' state, as well as covering repairs for undamaged parts of a property and clarifying its position on cash settlement calculations. More>>

ALSO:

Gordon Campbell: On Kiwirail’s Latest Stint In The Dogbox

The denigration of Kiwirail continues. The latest review (based on a 2014 assessment) of the options facing the company have enabled Kiwirail to be hung out to dry once again as a liability and burden on the taxpayer. More>>

ALSO:

Royal Society Report: Good Opportunities To Act Now On Climate Change

There are many actions New Zealand can and should take now to reduce the threat of climate change and transition to a low-carbon economy, a report released today by the Royal Society of New Zealand finds... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news