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

EPA: Board Of Inquiry Rejects Basin Flyover By Majority Of 3 To 1

The independent Board of Inquiry delegated to decide on the Basin Bridge Proposal has, by a majority decision (3 to 1), cancelled the Transport Agency’s Notice of Requirement and declined its resource consent applications for the construction, operation and maintenance of a flyover on State Highway 1 in Wellington City between Paterson Street and Buckle Street/Taranaki Street...

Parties specified under Section 149Q(3) of the RMA now have 20 working days to make comments on minor or technical aspects of the report. More>>

 

Parliament Today:

Red Tape: Local Regulations Go Under Microscope

The Government says it is accepting nearly all of the recommendations the Productivity Commission has made on ways to improve local regulations. More>>

ALSO:

Gordon Campbell: On The Non-Apology To Tania Billingsley

The refusal by Prime Minister John Key to issue a personal apology to Tania Billingsley has been accompanied by an array of excuses... Yesterday though, Key’s choice of words indicated that an apology was the last thing on his mind. More>>

ALSO:

Conventions: Winston Peters On The Nation

Winston Peters opens door to standing in East Coast Bays electorate, says it's an "exciting point" and he's thinking about it. "I’ve had a whole lot of people writing to me and calling up and saying ‘why don’t you have a go in East Coast Bays’." More>>

ALSO:

Waitangi Tribunal: Report On The MV Rena

In its interim report, the Waitangi Tribunal has found that the Crown’s conduct in response to the grounding of the MV Rena on Otaiti (Astrolabe) reef breached the principles of the Treaty of Waitangi. More>>

ALSO:

Gaza: Wellington Protest For Palestine Calls For End To Bombing

Around 300 people gathered outside the Israeli Embassy in Wellington on Friday to protest Israel’s occupation of Palestine. More>>

ALSO:

Gordon Campbell: On The Failure To Prosecute The GCSB

So one hand of the state – the Independent Police Conduct Authority – has now washed the hands of its brother agencies, and declared that all hands are clean. Case closed. More>>

ALSO:

Illegal Search: Police Behaviour 'Reminiscent Of Tūhoe Raids'

"Māori will lose further trust and confidence in the New Zealand Police and the Independent Police Conduct Authority (IPCA) if the recent incident in Stratford is not adequately addressed. This behaviour would not occur in Epsom or Khandallah so why should police think that such behaviour was acceptable in Stratford," says Chris McKenzie. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news