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


“You’ve got to remember - Banks Create Credit”

Media Release
Friday 10 October 2008

“You’ve got to remember - Banks Create Credit”

“You’ve got to remember – banks create credit, they lend it to companies and that creates growth.” - John Key, Leader of the National Party, on Television New Zealand Breakfast programme, 9 October 2008.

“John Key, on national television, has admitted to the people of New Zealand the truth about money which social crediters have known for decades,” says John Pemberton, Finance spokesman for Democrats for social credit (DSC).

“Where are the howls of derision from the Labour pack? Where are the cries of ‘funny money’? Only a thundering silence, because to deny that banks create credit is to deny the very existence of the global financial meltdown.

“No longer can politicians, money market managers and economists hide behind the claim that banks only lend other people’s savings. John Key has naively let the cat out of the bag, and we thank him for that.

“The Leader of the Opposition is perfectly right,” says Pemberton. “Banks create credit out of thin air, lend it to companies and charge interest for the privilege. The entire world economy is based on this one confidence trick.

“It’s time to take the ‘trick’ out of confidence. It’s time to take the power to create the nation’s money supply back into the hands of a publicly owned credit authority, for the good of all New Zealand citizens.”


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Populism’s Changing Of The Guard, Plus A Soul Music Playlist

The weekend’s Newshub/Reid Research poll results - Act up to 11.1%, National up 1% but still sitting at only 28.7%, Labour down to 43%, the Greens up to 8.5% - shows that the combined centre right vote is still languishing nearly 12 points behind the combined centre-left vote, 45 months after the last centre-right government was voted out... More>>


Government: Offers Formal Apology For Dawn Raids
Prime Minister Jacinda Ardern has today formally apologised to Pacific communities impacted by the Dawn Raids in the 1970s.

Between 1974 and 1976, a series of rigorous immigration policies were carried out that resulted in targeted raids on the homes of Pacific families... More>>

Government: Bill Introduced To Protect Against Conversion Practices

Legislation has been introduced to Parliament to protect against practices intended to change or suppress someone’s sexual orientation, gender identity, or gender expression... More>>


Government: Welcomes Draft Report On The Retail Grocery Sector

The Commerce Commission’s draft report into the retail grocery sector is being welcomed by Government as a major milestone. “I asked the Commerce Commission to look at whether this sector is as competitive as it could be and today it has released its draft report for consultation,” Commerce and Consumer Affairs Minister, David Clark said... More>>


Human Rights Commission: Successive Governments Responsible For Massive Breaches Of The Right To A Decent Home

Te Kahu Tika Tangata / Human Rights Commission has today launched Framework Guidelines on the Right to a Decent Home in Aotearoa and announced that it will hold a national inquiry into housing... More>>

NZUS Council: Welcomes Nomination Of Senator Tom Udall As US Ambassador To NZ

The NZUS Council welcomes the nomination of Senator Tom Udall to the role of US Ambassador to New Zealand and Samoa, NZUS Council executive director Jordan Small said... More>>

BusinessNZ: Visa Extensions Welcomed
BusinessNZ has welcomed the extension of some critical skill visa durations and changes to immigration systems to speed processing. Chief Executive Kirk Hope says move acknowledges advocacy by the hospitality sector, the BusinessNZ Network and others, and comes not a moment too soon.... More>>




InfoPages News Channels