Elective Surgery Funding A Pittance

Democrats for Social Credit finance spokesperson Chris Leitch has attacked this week’s government announcement of $98 million for elective surgery as “a pittance”.

“The fact that the funding is spread over 4 years and it means only 4000 extra operations per year makes it even worse.”, Mr Leitch says.

“If our government adopted the recommendations of a report commissioned by the Prime Minister of Iceland for adoption by his government, that many operations could be carried out every week, not every year”.

“Our Finance Minister and Prime Minister are proposing to squander over $3.6 billion of hard earned taxpayers money in the coming year on interest payments on borrowing from overseas banks.”

“The Prime Minister of Iceland has seen the stupidity of that kind of waste and is proposing to use his own central bank to fund government expenditure instead of borrowed money created out of thin air by privately owned overseas banks”.

“That means no waste of taxpayers hard earned dollars on interest payments”.

“Instead, Bill English and John Key prefer to continue providing a direct line of corporate welfare to the banks through unnecessary interest payments”.

The Bank of England confirmed in March last year in its quarterly bulletin that commercial banks create money out of thin air when they make loans.

The lengthy article on money creation says -

“One common misconception is that banks act simply as intermediaries, lending out the deposits that savers place with them.”

“…..rather than banks lending out deposits that are placed with them, the act of lending creates deposits. Commercial banks create money.”

“Of the two types of broad money, bank deposits make up the vast majority - 97% of the amount currently in circulation. And in the modern economy, those bank deposits are mostly created by commercial banks themselves.”

(Bank of England Quarterly Bulletin Q1 2014)

Our own Reserve Bank has said the same –

“Therefore around three percent of M3 is created by the Reserve Bank (currency and primary liquidity), with the remainder being created by commercial banks.”

Instead of John Key’s government getting its’ funding from the Reserve Bank at no interest, it is paying interest on loans created out of thin air, a ludicrous situation which shows both he, and the Finance Minister, are either incompetent or ignorant of the facts.

ENDS

© Scoop Media