Press Release

Launch Of A Positive Money New Zealand - A Campaign To Reform The New Zealand Banking System

MONDAY 17th OCTOBER 2011

If we are serious about reducing the level of government and private debt in New Zealand then the banking system needs to be reformed. It is one where Einstein’s words ring true.

"We can't solve problems by using the same kind of thinking we used when we created them."

The current banking system is debt-based where privately owned overseas banks create virtually all of our money out of thin air and introduce it into the economy as debt. For a significant portion of our economy to grow – our level of indebtedness must grow. We are on a debt treadmill but we don’t need to be.

Don’t take our word for it though: “Of all the many ways of organising banking, the worst is the one we have today.” Mervyn King, Governor of the Bank of England.

Speech on 25 October 2010 titled "Banking: From Bagehot to Basel, and Back Again" - page 18.

Positive Money New Zealand proposes to do away with the debt-based system and replace it with a full reserve system that provides stability for banking and eliminates the boom and bust cycles. Over time, public and private debt will be repaid and our economy will thrive.

Our website home page Positive Money NZ has a four minute video clip that explains what’s really going on. There is a worldwide movement for reform and the campaign is based on one that is running in the UK called Positive Money UK and one in America called The American Monetary Institute.

The launch will provide an overview of how the system will work with video links to the UK and to the USA as they explain their approach.

You are invited to attend the launch:

Monday the 17th October 2011 from 6pm till 6:45 – at Toi Whakaari: The NZ Drama School - 11 Hutchison Rd, Newtown - Drama 2 room

ENDS

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