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Growing wealth gap due to money system

Media Statement

23 November 2011

Growing wealth gap due to money system

To narrow the gap between rich and poor we need to change the money system, according to the New Economics Party candidate for Wellington Central.

"If children are going hungry and poverty is increasing then it is time to consider that there might be something structurally wrong. There it is – it’s the way we create money. It is created every time a bank makes a loan and they create the principle but not the interest. There isn't enough money in the system for everyone to pay off their debts at the same time."

"Each round someone loses. The ones that miss out have to go to the bank for another loan. There are always winners and losers so we won't close the gap until we change the money system."

"The system is dog eat dog and the poor end up net borrowers while the rich are net lenders," he said.


ENDS

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