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


Peters’ Bill just scratching the surface

Peters’ Bill just scratching the surface
Democrats for Social Credit Leader Stephnie De Ruyter today congratulated Winston Peters on his private member’s bill ballot success, but she says the bill, which seeks to expand the powers of the Reserve Bank, is merely scratching the surface.
“Given the Government’s massive ongoing borrowing to fund such things as the Christchurch earthquake recovery, and its hurry to sell off power company assets to raise cash, the Bill should also seek to restore the right of the Reserve Bank to take back some of the credit creation currently undertaken solely by the overseas owned commercial banks. (See Reserve Bank letter attached).
“Credit creation by the Reserve Bank was what got New Zealand out of the last great depression and built many of the state owned assets the government is now putting on the block. (See State Housing Report attached).
“Borrowing money from the Reserve Bank would cost the Government less than 1 percent interest, under one third of what it now pays the commercial banks on its borrowing.
“In addition, profits of the Reserve Bank would be returned to the Government by way of dividends.
“That would save massive amounts in interest payments currently being taken out of taxpayer’s funds and channeled directly into commercial bank profits.
“MPs, the Prime Minister, the Minister of Finance and economic commentators may well decry the suggestion, simply proving they do not have the slightest clue as to how new money is created by the commercial banks.  (See Excerpts attached).
“But let them explain why, if it is good enough for central banks to create credit to prop up privately owned commercial banks in Europe and the USA, they do not consider is it good enough for New Zealand’s central bank to support the re-building of Christchurch” concluded Ms de Ruyter.

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Panic In The Pacific Over China

For years, it has been no secret that China wants closer security and trade ties with the small nations of the Pacific region. All part of Beijing’s self-image as a global superpower. To that end this week, Chinese Foreign Minister Wang Yi embarked on an unprecedented 10-day tour of the Pacific, aimed at convincing his Pacific hosts to join a cross-Pacific agreement that would let Beijing provide them with high-level police training and security, shared data co-operation and other joint services ranging from agriculture to tourism...


Covid-19: Second Vaccine Booster For The Most Vulnerable
People who are at high-risk of getting very sick from a COVID-19 infection will soon be eligible to receive a second booster, COVID-19 Response Minister Chris Hipkins said today... More>>

Crime: Govt Helps Protect Shops From Ram Raids

The Government is providing further support to help Police protect small businesses affected by a spike in ram raids, Minister of Police Poto Williams says... More>>

Government: Investment Boosts Coastal Shipping In Aotearoa
New Zealand is a step closer to a more resilient, competitive, and sustainable coastal shipping sector following the selection of preferred suppliers for new and enhanced coastal shipping services, Transport Minister Michael Wood has announced today... More>>

PM Speech: Harvard University Commencement Speech - Democracy, Disinformation And Kindness

In Te Reo Māori, the language of the indigenous people of New Zealand, I paid tribute to all of the esteemed guests who stand here in this great forest of knowledge. It is a privilege to be here, and I thank you for the honour... More>>

Government: Independent Panel Appointed To Review Electoral Law
Justice Minister Kris Faafoi today announced appointments to the independent panel that will lead a review of New Zealand’s electoral law. “This panel, appointed by an independent panel of experts... More>>

Trade: Prime Minister To Visit United States
Prime Minister Jacinda Ardern is leading a trade mission to the United States this week as part of the Government’s reconnection strategy to support export growth and the return of tourists post COVID-19... More>>




InfoPages News Channels