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Time to abandon dinosaur finance

Time to abandon dinosaur finance

With the proposed new Greymouth Hospital set to at least double in cost because of massive loan interest, DSC health spokesman David Tranter is challenging current Greens health spokesman and West Coast M.P. Kevin Hague to take up the 2013 suggestion by the then Greens co-leader Russell Norman that funding "for public benefit" should be provided by the Reserve Bank instead of commercial banks.

Mr. Norman's statement was made in his response to the 2013 budget when he stated, "We also have to address monetary reform if we want to deal with the housing bubble........the private banks are allowed to create money for private profit. I don't see why the central bank shouldn't create money for public benefit."

Seen in the context of growing world-wide awareness of the failure of the current banking system and the potential for following Iceland's lead of using central banks to provide funding at minimal cost to the taxpayer, Mr. Hague has a golden opportunity to make a stand in Parliament for his West Coast constituents and show all New Zealand how successive governments have deceived the New Zealand people by insisting that loans for public works cannot be provided at minimal cost by the Reserve Bank when existing legislation actually allows government Ministers to provide funds for public works in this way.

In the case of Greymouth Hospital such a move would save the New Zealand taxpayer upwards of $70 million dollars, Mr. Tranter said. Further, given that the West Coast DHB is always struggling financially the question must be asked as to whether this loan can ever be paid off, in which case what steps would then be taken against a DHB which would in effect be bankrupt.

Given the recent moves against DHBs which have displeased government perhaps the politicians are thinking of completely wiping the DHBs as they now stand and completing the health privatisation agenda which seems the only logical explanation for keeping DHBs mired in debt.

If Kevin Hague were to act on Russell Norman's suggestion he would have to admit that the long-standing Social Credit finance strategy is the only logical way to go, but surely the well-being of New Zealanders is more important than a slight loss of political face.

For that matter, the other West Coast M.P. Damien O'Çonnor - with the example of the first Labour government's use of Reserve Bank loans for public works - could beat Mr. Hague to it. When West Coasters - and all New Zealanders - are shown the absurdity of the current finance system they would applaud and I would be one of the first to do so, Mr. Tranter concluded.


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