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

 

Petition a game changer for the New Zealand economy

A petition, that promises a significant and dramatic improvement for the New Zealand economy, was handed to Dr Deborah Russell, the MP for New Lynn today. The petition, signed by over 5,000 New Zealanders addresses our crippling level of debt as well as funding infrastructure projects that will energise our economy” says Don Richards, National Spokesperson for Positive Money New Zealand

“New Zealand’s financial system is approaching crisis point with household debt at 96% of our GDP. Our total debt passed the half trillion-dollar mark last year,” according to Don Richards, National Spokesperson for Positive Money New Zealand.

“Our financial system is debt -based with our electronic money, which makes up 97% of our money supply being introduced into the economy by private banks, to finance loans and mortgages. Our Reserve Bank has been relegated to issuing 3% of our money in the form of notes and coins”.

“There is no way to reduce our debt without harming our economy because the only way to increase our money supply is to take on more debt, which is unsustainable. To make matters worse the government is committed to reducing public debt, but this only transfers the debt burden onto the shoulders of households and business.”

The petition provides a way out of our debt spiral. It asks the House of Representatives to give the Reserve Bank of New Zealand the sole ability to issue all New Zealand money, whether notes, coins, or electronic. With the Reserve Bank issuing all of our electronic currency as well, new money would be introduced into the economy debt-free and used to fund infrastructure projects.

“This is not a new idea,” continues Richards. “In 1936, during the first Great Depression, our Reserve Bank injected millions of pounds into our economy enabling the building of thousands of state houses and other worthwhile projects. In three short years we were able to get out of a bigger hole than the one we are currently in and finance systems that became the envy of the world.”

“While things have certainly changed since the 1930s, a 2014 IMF discussion paper titled The Chicago Plan Revisited endorsed a similar approach. According to their analysis, empowering the Central Bank (our Reserve Bank) to issue all money would smooth out the boom and bust cycles, eliminate the risk of bank runs and dramatically reduce both public and private debt. In addition, it would provide productivity gains of 10% and lower steady state inflation to zero.”

“Our petition promises to be a game changer,” concludes Richards. “It’s an important first step to having an economy that works for the benefit of all Kiwis, not just a few.”

A background paper provides detail on the proposed solution.


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Compensating Afghan Civilian Casualties

Reportedly, there have been nine incidents resulting in 17 civilian deaths and injuries (seven of the dead were children) caused by ordnance left behind on what used to be the firing range of our Provincial Reconstruction Team (PRT) in Bamiyan province.

Given that the NZ Defence Force has needed to be hauled kicking and screaming into belatedly arranging an adequate clean-up of its old firing range… what would it take before New Zealand offers to pay compensation to the families of those who suffered death and injury from what was left behind on our watch? More>>

 

Children's Day: Commissioner Calls For Govt Commitment

“Three decades on, we are able to celebrate some significant changes for children like the recent launch of a Child and Youth Wellbeing Strategy. But we still have a long way to go to prioritise children’s rights.” More>>

ALSO:

Elections: Proposed Electorate Boundaries Released

The Representation Commission is proposing changes to half of New Zealand’s electorates and establishing a new electorate in south Auckland… More>>

ALSO:

"Effectively A Permanent Amnesty": Final Month For Gun Ban Compensation

The firearms buy-back comes to an end a month from today, but the police say the amnesty for returning banned guns will continue into next year and beyond. More>>

ALSO:


SPECIAL GUNS FOR FOREIGN SECURITY:


MORE ARMED POLICE:

Overseas Investment Rules: New National Interest Test

The Government is delivering on its promise to protect New Zealanders’ interests by applying a new national interest test to the sales of our most sensitive and high risk assets to overseas buyers... More>>

ALSO:

Matter Of Trust: Peters Says NZ First Loans Legal

"Allegations raised this morning by Stuff Limited / Fairfax concern a party matter but I am confident that New Zealand First has operated within electoral laws, now and for the last 27 years." More>>

ALSO:

PGF CONFLICT OF INTEREST:

Gordon Campbell: On Labour’s Age Problem, And The Port Hills

Labour has been steadily improving its gender balance to the point where there are now 21 women in its caucus out of 46 MPs in all... Yet Labour has been just as steadily losing the generational battle to the Greens. More>>

ALSO:

Charles & Camilla: Visit Takes Royals From Waitangi To Christchurch

Domestic violence services, conservation and education are all on the list for the royal tour. The Prince of Wales and the Duchess of Cornwall will spend a week travelling the country from Waitangi to Christchurch. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels