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"Funny Money" is a term that would best describe the stupidity of our government and councils borrowing the money they need from overseas owned private financial institutions when they could access it from the country's central bank (the Reserve Bank), which the Government owns.
Currently $6,000,000,000 of taxpayer money every year goes to pay interest when it could go towards things that benefit Kiwis - like better health care, housing the homeless, fixing child poverty, better education, building houses, roads, and sewage plants, fully funding St Johns Ambulance, etc.
Social Credit is committed to changing that, and putting in place a financial system that really works for New Zealanders and the planet.
Here's what could be done with that $6 Billion every year


LATEST
Taxpayers will be banks’ deposit insurance scheme backstop
Media Release 24.06.2019
Overseas Investment Act Review Submission
May 2019
We are of the view that overseas investment in existing assets, unless it can be shown that there are very substantial benefits to the country from that investment that would not eventuate if that investment came from within New Zealand, should become almost impossible. There are other sources of investment not currently employed (which we explore later in our submission) that could easily replace overseas investment, with much greater benefit to the country. Simply selling off our country to the highest bidder is not a viable strategy for a secure long term future.
The bank deposit insurance scheme just announced by government is no more then a licence for banks to create even more money out of thin air than they already do and be less responsible about who they lend it to, knowing the taxpayer will bail them out if they get it wrong.
Taxpayers and bank customers will end up footing the bill for the new scheme as banks will pass on additional costs in their lending rates and taxpayers will be the final backstop for any bad bank decisions.
Banks already have the right to take money out of depositors’ accounts to bail themselves out should they get into financial trouble.
Banks Create
Money
says Brian Gaynor
- NZ Herald
We've said, since the 1920's, that banks create money - they don't lend  money people deposit with them.
Now, yet another one of NZ's leading economic commentators, Brian Gaynor, agrees.
'Banks create money by lending to individuals who immediately place these borrowings on deposit.'
We were right all along.
We'll restore that right to the Reserve Bank.
Time for Social Credit to be in government.



Banks Crying Crocodile Tears Over Higher Capital Requirements
Media Release 20.05.2019
Social Credit is accusing the New Zealand Bankers Association of crying crocodile tears over the Reserve Bank's proposals for banks to hold higher capital ratios.
Party leader Chris Leitch says any extra costs involved in the higher capital ratios should not be passed on to consumers nor should they hurt the economy.
Those pronouncements are simply scare mongering by the Bankers Association in support of the big banks they represent.
It should be remembered that every single loan a bank grants to a borrower is created by the bank out of thin air. Banks don't lend money people have deposited with them. They create new money in the process of lending.

Robertson’s Budget $6 Billion Short
Media Release 20.05.2019
Finance Minister Grant Robertson’s budget later this month could have contained an additional $6 billion in spending without costing taxpayers a single cent more.
But it won’t, because the Finance Minister doesn’t understand that he could save that amount every year on interest payments on the government’s borrowing.
! challenge him to explain why he would rather pay $6,000,000,000 dollars every year to overseas bank shareholders and PPP scheme financiers, rather than New Zealand’s  teachers, doctors, mental health patients. Environmental projects, building roads, rail, and other infrastructure are all desperately in need of funding.
Bagrie Calls For Greater Bank Profits
Media Release 11.06.19
Cameron Bagrie’s call for the government to bring back interest on student loans and cancel the fees free scheme is simply attempt to boost the already obscene profits of his former buddies in the banking industry.
Instead of rearranging the deck chairs on the Titanic and taking money away from university students to use for children, Mr Bagrie should be targeting the six billion dollars each year that government pays to financial institutions on its borrowing.



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© Copyright 2019   Social Credit NZ
Authorised by Anne Leitch, Secretary
42 Reyburn House Lane, Whangarei
If you want
 - Better Housing           - More Say
 - Better Roads         - Lower Rates
 - Better Health Care     - Less Tax
 - Better Education  - Clean Rivers
                    
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