Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 


Christchurch needs a John A Lee

Christchurch needs a John A Lee

The funding crisis being faced by the Christchurch City Council would be solved in a heartbeat if John A Lee was still in parliament, Chris Leitch, Democrats for Social Credit finance spokesman said today.

Responsible for housing in the first Labour government of 1935, he used the Reserve Bank to fund the building of thousands of state houses, a move based on his understanding of what was possible using social credit economic theory.

The 1949 report of the Ministry of Works says: “The sums advanced by the Reserve Bank were not subscribed or underwritten by other financial institutions. This action showed the Government’s intention to demonstrate that it was possible for the State to use the country’s credit in creating new assets for the country”.

The 2012 report of the International Monetary Fund states : “allowing the Government to issue money directly at zero interest, rather than borrowing that same money from banks at interest, would lead to a reduction in the interest burden on government finances and to a dramatic reduction of (net) government debt, given that irredeemable government-issued money represents equity in the common wealth rather than debt.”

The report recommends the use of such measures.

The use of social credit ideas contributed to New Zealand coming out of the crisis that was the great depression long before most other countries.

Christchurch is facing a similar crisis, and Reserve Bank funding is the only sensible way to solve it.

Ends


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Parliament Today:

'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:

Paris Climate Deal Signed: Bennett 'Taking Advice' On Cancelling 'Dodgy' Credits

Climate Change Minister Paula Bennett is "taking advice" on whether to cancel some or all of the so-called 'dodgy' carbon credits bought mainly by power and petrol companies to cover New Zealand's future obligations to reduce emissions of greenhouse gases that cause climate change. More>>

ALSO:

Gordon Campbell: On Having An Extradition Treaty With China

Reportedly, an extradition treaty with China is now on the table, although – thankfully – Prime Minister John Key has also indicated that a lot of detailed work would be required before any such arrangement took final shape, much less came into force... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news