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

Human Rights Commission: Urgent Need For Action On Seclusion And Restraint

A new independent report has outlined a number of serious concerns about New Zealand’s seclusion and restraint practices, says the Human Rights Commission...

Chief Human Rights Commissioner David Rutherford says that while the report makes for sobering reading, the focus should now be on how the recommendations can be used to reduce the occurrence of seclusion and restraint in New Zealand and, in circumstances where it is necessary, to improve practices. More>>

 

$11bn Capital Spend, New Debt Target: Steven Joyce On Budget Priorities

First, delivering better public services for a growing country – providing all New Zealanders with the opportunity to lead successful independent lives... And finally, we remain committed to reducing the tax burden and in particular the impact of marginal tax rates on lower and middle income earners, when we have the room to do so. More>>

ALSO:

JustSpeak Report: Bail Changes To Blame For New Billion Dollar Prison

In 2013 criminal justice spending was falling and the Government was mulling over what to spend the money on. 3 years later there are 10,000 people in prison and a new billion dollar prison is announced. More>>

ALSO:

Asylum: Dunne Accepts Hundreds Of Postcards On Refugee Categories

Minister Peter Dunne today accepted over 800 postcards calling for convention refugees to have the same entitlements as quota refugees... The campaign has been run with ActionStation together with LUSH Cosmetics, with postcards being signed in stores around New Zealand. More>>

ALSO:

Reshuffle: PM Announces Changes To Ministerial Portfolios

Prime Minister Bill English today announced the appointment of Gerry Brownlee as Minister of Foreign Affairs, Nathan Guy as Minister of Civil Defence, Nikki Kaye as Minister of Education and Mark Mitchell as Minister of Defence. More>>

ALSO:

Q+A Transcript: CTU Call For 'National Standards' On Wages

‘If you look at countries who do better than us, who pay wages better, who have more competitive industries, more successful economies, they have systems where there are national standards.’ More>>

ALSO:

Energy: Greens Launch Plan For Cheaper And Cleaner Electricity

$112 million for winter warm-up payments to help low-income households cover their power bills • setting a goal for 100 percent renewable electricity by 2030 (in average hydrological conditions) • an investigation into the electricity wholesale market. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news