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

 

Government’s infrastructure plans rob poorest kiwis

New Zealanders waiting for hip and knee surgery and other medical procedures, families struggling to put food on the table, and the rural sector, will be funding increased profits for banks and corporate investors following the government’s $12 billion infrastructure announcement today.

Those banks and investors will be rubbing their hands with glee over the gold plated gift they've been delivered which will be funded by fancy borrowing structures like PPP’s and SPV’s.

They'll get massively increased profits from the taxpayer funded interest payments paid for by struggling kiwis.

That’s a direct transfer of wealth from those who have little to those who have lots.

Banks especially will be popping the champagne corks given that the money they lend is created out of fairy dust in the first place, a fact confirmed by the Bank of England, the German Bundesbank, and our own Reserve Bank.

Those sources confirm that banks don't lend their depositors money, they create new digital money when they lend - a sum amounting last year to about $32 billion.

The additional interest burden on taxpayers will add to the $6 billion of taxpayer funded interest already wasted by the government sector on its current borrowing.

The 1956 Royal Commission on money and banking declared that "the Government has itself adequate powers to create money through the Reserve Bank".

That means that the government sector could access all it's funding from the Reserve Bank at zero interest.

Instead of a $12 billion one-off spend, the government sector could have more than $6 billion each and every year to invest in health, education, infrastructure etc, without increasing borrowing at all, if it simply drew on the funding capacity the Royal Commission confirmed it could use.

Just like National before it, this government has confirmed that it is more focused on boosting investor profits than it is in delivering a better quality of life for the majority of New Zealanders.


ends

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Government: Traffic Light Levels Announced


The levels at which different parts of New Zealand will move forward into the COVID-19 Protection Framework this Friday have been announced. Northland, Auckland, Taupō and Rotorua Lakes Districts, Kawerau, Whakatane, Ōpōtiki Districts, Gisborne District, Wairoa District, Rangitikei, Whanganui and Ruapehu Districts will move in at Red... More>>

ALSO:


Gordon Campbell: On Omicron, And The Bridges/Luxon Dilemma


At this early stage, the Omicron variant seems to be more infectious, and more able to bypass the protection offered by vaccines and by the antibodies generated by previous infection. The fact that it is being spread around the globe by travellers who were all presumably fully immunised and had pre-flight negative Covid tests is a bit alarming. Even so, it is still unclear at this point whether Omicron is likely to result in higher rates of hospitalisation and death than the Delta variant. Omicron will make you sick. But how sick..? More>>




 
 


Government: New Law Will Clear The Air For Tamariki In Vehicles
From today, it’s illegal to smoke or vape in most vehicles carrying children aged under 18 years old - whether the vehicle is moving or not. “Second-hand smoke poses an unacceptable risk to our tamariki and rangatahi,” Associate Minister of Health Dr Ayesha Verrall said... More>>



Government: Workplace Vaccination Requirements Extended To Cover Police And NZ Defence Force

Workplace Relations and Safety Minister Michael Wood announced today that workplace vaccination requirements will be extended to include the New Zealand Police and Defence Force in preparation for the transition to the new COVID-19 Protection Framework on 3 December 2021... More>>


RNZ: Judith Collins removed as National Party leader
Dr Shane Reti is interim leader of the National Party after Judith Collins lost a no-confidence vote. Simon Bridges was demoted and stripped of all portfolios over allegations of an inappropriate comment made five years ago at a party function. Judith Collins was voted out as National's leader today after the party was locked in a caucus for more than three hours... More>>



AUT: Aucklanders Are Less Concerned With Covid
In reaction to commentary that Aucklanders are at breaking point after more than 100 days in lockdown and that compliance with the rules is under threat, AUT Emeritus Professor of Sociology Charles Crothers says... More>>

National: Launches First Step To World-class Tech Sector

Leader of the Opposition Judith Collins says technology will create exciting careers and higher paying jobs and has the potential to transform the New Zealand economy... More>>

Council For Civil Liberties: Disgraceful Government Secrecy On Vaccination Certificates As Legislation Rushed Through
On the eve of legislation to enable vaccination passes being rushed through Parliament under urgency, the Minister has said it will not publish the relevant policy papers until ‘late January 2022... More>>

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels