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Debt mechanism drives financial crisis

Media Release
Friday 19th September 2008

Debt mechanism drives financial crisis

“Voters are urged to embrace the DSC’s modern social credit programme of new economics to insulate New Zealand from the effects of the unfolding global financial crisis” said Democrats for Social Credit Leader Stephnie de Ruyter.

“The DSC has consistently argued for the past 50 years that orthodox economics is no substitute for addressing the cause of the problem” she said.

Ms de Ruyter noted that underpinning the crises in the 1800s, 1929, 1987 and now 2008 is the mechanism that injects 'money' into the economy as interest bearing debt.

“Despite the complexity built into the financial system to try to overcome the deficiencies of the market economy and the adverse effects of the toxic debt instruments created to justify the creation of further debts (leveraging) the solution to the primary driver of the problem is, as US economist JK Galbraith once said, so simple the mind is repelled.

“All that is initially required is for governments to adopt a mechanism which creates credit free of interest and spend it into circulation” said Ms de Ruyter. “That will provide a counterbalance to the levels of debt that have saturated the money supply and provide a real alternative to the gross greed and stupidity that has led us all to the brink of financial oblivion.

“This can only be done through the political process and neither National nor Labour nor any other political party in parliament have displayed any leadership or willingness to make it happen.

”The DSC has the courage and the determination to implement the changes needed to protect New Zealand from the deepening global financial crisis” concluded Ms de Ruyter.

ENDS

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