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

 

Budget surplus should have been $4 billion

Budget surplus should have been $4 billion

Democrats for Social Credit finance spokesman Chris Leitch has attacked this week’s budget and its tiny surplus labelling its authors “criminally negligent”.

“Without a single extra dollar in tax revenue, user charges, or money from asset sales, the surplus should have been $4 billion”, Mr Leitch says.

“The Finance Minister and the Prime Minister are proposing to squander $3.6 billion of hard earned taxpayers money in the coming year on interest payments on borrowing - loans created out of thin air.”

The Bank of England confirmed last month in its quarterly bulletin that commercial banks create money out of thin air when they make loans.

The lengthy article on money creation says -

“One common misconception is that banks act simply as intermediaries, lending out the deposits that savers place with them.”

“…..rather than banks lending out deposits that are placed with them, the act of lending creates deposits. Commercial banks create money.”

“Of the two types of broad money, bank deposits make up the vast majority - 97% of the amount currently in circulation. And in the modern economy, those bank deposits are mostly created by commercial banks themselves.”

(Bank of England Quarterly Bulletin Q1 2014)

Our own Reserve Bank has said the same –

“Therefore around three percent of M3 is created by the Reserve Bank (currency and primary liquidity), with the remainder being created by commercial banks.”

(Reserve Bank letter 1 September 1994).

The budget cut around $700 million from departments such as Police, Ministry of Justice, Corrections, Customs, and Environment and Conservation while instead providing a direct line of corporate welfare to the banks through interest payments.

Instead of John Key’s government getting its funding from the Reserve Bank at no interest, it is paying interest on loans created out of thin air, a ludicrous situation which shows the Finance Minister is either incompetent or ignorant of the facts.

Either means he is not fit to be Minister of Finance.

ENDS


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Todd Muller Resignation

Given the factions within National’s own caucus, anyone picked as the new leader of the National Party will struggle to unify their own troops, let alone to convince the electorate that National is a coherent government-in-waiting. Even all of that aside, no new leader – Judith Collins? Amy Adams? – seems likely to have the time or the inclination to change the party’s political messaging about Covid-19. That’s really unfortunate. In an alternative political universe, National might have been far better advised to have played the patriotism card during the pandemic, and thrown its bi-partisan support behind the government at this time of national crisis... More>>

 

Green Party: Unveils Clean Energy Plan

The Green Party is today unveiling part one of its plan for a fossil-fuel free Aotearoa, including an immediate ban on new industrial coal boilers. To ensure a just transition away from fossil-fuels, the Green Party’s Clean Energy Plan will: Establish a Clean ... More>>

ALSO:

National Departures: Press Statement From Michelle Boag

Today I am announcing that I have resigned my membership of the NZ National Party. The last few days have underscored for me the unhealthy relationship I have developed with politics. For 47 years, I have devoted much of my professional and personal ... More>>

ALSO:

Govt: Statement From Rt Hon Winston Peters

Deputy Prime Minister and New Zealand First Leader Rt Hon Winston Peters has announced he is taking a short stint of medical leave this week. More>>


Isolation: Government And Air NZ Agree To Manage Incoming Bookings

Bookings for seats on Air New Zealand flights into New Zealand will be managed in the short term to ensure the Government is able to safely place New Zealanders arriving home into a managed isolation or quarantine facility, says Housing Minister Megan ... More>>

ALSO:

Government: New Investment Creates Over 2000 Jobs To Clean Up Waterways

A package of 23 projects across the country will clean up waterways and deliver over 2000 jobs Prime Minister Jacinda Ardern and Environment Minister David Parker announced today. The $162 million dollar package will see 22 water clean-up projects ... More>>

ALSO:

Eenrgy & Environment: Snail Like Progress On Government Vehicle Emissions Targets

First published in Energy and Environment on June 2, 2020. The latest data on the Government’s attempts to reduce the emissions of its transport fleet show no discernible progress. The Ministry of Business, Innovation and Employment’s data on reducing ... More>>

Election 2020: Green Party Unveils Income Policy

The Green Party is today unveiling its Poverty Action Plan, which includes a Guaranteed Minimum Income to ensure people have enough to live with dignity. The scheme resets income support payments to ensure everyone not in full-time paid work gets at least ... More>>

ALSO:


Conservation: New Protection For Dolphins

Extensive new protections are being put in place as part of an updated plan to look after New Zealand’s native Hector’s and Māui dolphins, announced Minister of Fisheries Stuart Nash and Minister of Conservation Eugenie Sage today. More>>

ALSO:

David Seymour: ACT Leader's Address To Election Campaign Launch - ASB Waterfront Theatre, 12 July 2020

Introduction Thank you very much. Elections in New Zealand – like everywhere - are a very special tradition, because they are driven by you. They’re an opportunity to change your future. If you think about it, the Government doesn’t do much. It ... More>>

Foreign Affairs: New Zealand To Review Relationship Settings With Hong Kong

Foreign Affairs Minister Winston Peters has announced that the New Zealand Government is reviewing the settings of its relationship with Hong Kong. “China’s decision to pass a new national security law for Hong Kong has fundamentally changed the environment ... More>>

ALSO:


Covid-19 Patient Info Leak: Hamish Walker - A Personal Statement And An Apology

I have spoken to National Party Leader Todd Muller and informed him that I passed to members of the media, by email, information containing Covid-19 patient details that was given to me by a source. I did this to expose the Government’s shortcomings ... More>>

ALSO:

Economy: Infrastructure Investment To Create Jobs, Kick-Start COVID Rebuild

A new package of infrastructure investments will help kick-start the post-COVID rebuild by creating more than 20,000 jobs and unlocking more than $5 billion of projects up and down New Zealand. Finance Minister Grant Robertson and Infrastructure Minister ... More>>

ALSO:

Covid-19: Isolation System To Be Beefed Up After Stress

A range of improvements are already underway to address issues identified in the rapid review of the Managed Isolation and Quarantine system released today, Housing Minister Megan Woods said. The review was commissioned just over a week ago to identify ... More>>

ALSO:

Election 2020: Parties Get Into Gear

ACT has today announced its list for the 2020 General Election. “The calibre and experience of our candidates will impress voters of every persuasion. We have candidates from all walks of life. People who have built their homes, families and businesses ... More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 


 

InfoPages News Channels