Top Scoops

Book Reviews | Gordon Campbell | Scoop News | Wellington Scoop | Community Scoop | Search

 

Eco-Economy: Banking Reform Letter to Dominion

ECO-ECONOMY IS A SCOOP FREE EMAILER
--> FREE DAILY SCOOPS & LOOPS BY EMAIL - CLICK HERE
http://www.scoop.co.nz/cgi-bin/newsagent/new_user.cgi?form=home
--> TO CHANGE SCOOP NEWSAGENT OPTIONS - CLICK HERE
http://www.scoop.co.nz/cgi-bin/newsagent/mail_control.cgi

The Editor

Dominion

Dear Sir,

If more trade is the answer, what was the question? Worldwide trade has increased sixteen times since the Second World War but we have still not solved the problem of the prosperity of all trading nations. All nations on earth are in debt with the most prosperous, the US, being $5 trillion in debt. And at the same time, in one generation, according to the Worldwide Fund for Nature, we have lost 30% of nature's productive capacity.

Of course corporations want to rule the earth and override the democratic nation states and their citizens. They want the profits and they want to convince governments to employ their solution for prosperity. But the people of the world will not stand by and watch. Demonstrations like those at the World Economic Forum in Melbourne and at the World Trade Organisation in Seattle are destined to grow and continue. Together with the World Bank and IMF these organisations are destroying health and life on this planet but fortunately as time passes they are also becoming politically unsustainable.

Big international finance and banking interests want to protect the loans they created out of nothing. The curious thing is that we allow the money supply of modern countries to be largely created by private banks as interest bearing loans. (Contrary to popular belief, banks don't lend other people's money, they create it out of nothing, then lend it.) Money is thus created at the same time as debt and so there is never enough money in the system to pay off all debts at once. Hence debt must grow. The best way to reduce a country's indebtedness is to trade. We are trading with each other in a competition to reduce our indebtedness.

No, more of the same won't solve the problem. More trade is not the answer while we allow our country's money supply to be created by profit seeking commercial banks.

New Zealand Banking Reform believes that reform of the banking system is the first step to reducing debt and thus reducing the need for secret and undemocratic organisations like the World Economic Forum.

Deirdre Kent
Chair NZ Banking Reform

ECO-ECONOMY IS A SCOOP FREE EMAILER
--> FREE DAILY SCOOPS & LOOPS BY EMAIL - CLICK HERE
http://www.scoop.co.nz/cgi-bin/newsagent/new_user.cgi?form=home
--> TO CHANGE SCOOP NEWSAGENT OPTIONS - CLICK HERE
http://www.scoop.co.nz/cgi-bin/newsagent/mail_control.cgi

© Scoop Media

 
 
 
Top Scoops Headlines

 

The Conversation: Old wine in new bottles – why the NZ-UK free trade agreement fails to confront the challenges of a post-COVID world
When the sales pitch for a free trade agreement is that “British consumers will enjoy more affordable Marlborough sauvignon blanc, mānuka honey and kiwifruit, while Kiwis enjoy the benefit from cheaper gin, chocolate, clothing and buses”, you know this is hardly the deal of the century... More>>


Philip Temple: Hang On A Minute, Mate
Peter Dunne quietly omits some salient facts when arguing for retention of MMP’s coat-tailing provision that allows a party to add list seats if it wins one electorate and achieves more than 1% or so of the party vote... More>>


Cheap Grace And Climate Change: Australia And COP26

It was not for everybody, but the shock advertising tactics of the Australian comedian Dan Ilic made an appropriate point. Australia’s Prime Minister Scott Morrison, a famed coal hugger, has vacillated about whether to even go to the climate conference in Glasgow. Having himself turned the country’s prime ministerial office into an extended advertising agency, Ilic was speaking his language... More>>



Dunne Speaks: Labour's High Water Mark
If I were still a member of the Labour Party I would be feeling a little concerned after this week’s Colmar Brunton public opinion poll. Not because the poll suggested Labour is going to lose office any time soon – it did not – nor because it showed other parties doing better – they are not... More>>



Our Man In Washington: Morrison’s Tour Of Deception

It was startling and even shocking. Away from the thrust and cut of domestic politics, not to mention noisy discord within his government’s ranks, Australian Prime Minister Scott Morrison could breathe a sign of relief. Perhaps no one would notice in Washington that Australia remains prehistoric in approaching climate change relative to its counterparts... More>>



Binoy Kampmark: Melbourne Quake: Shaken, Not Stirred

It began just after a news interview. Time: a quarter past nine. Morning of September 22, and yet to take a sip from the brewed Turkish coffee, its light thin surface foam inviting. The Australian city of Melbourne in its sixth lockdown, its residents fatigued and ravaged by regulations. Rising COVID-19 numbers, seemingly inexorable... More>>