"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.
Banks Crying Crocodile Tears Over Higher Capital Requirements
Media Release 20.05.2019
Local Govt Funding Submission
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.
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.
Local councils are facing increased demands on their funding, organisational, and service delivery capabilities.
Councils ablility to increase rates and charges is being constrained, with more ratepayers on fixed incomes, and the majority of wage earners already living with household budgets under stress.
There is funding option that has not been investigated by local government
or by individual councils. New Zealand
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.
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 ’s teachers, doctors, mental
health patients. Environmental projects, building roads, rail, and other
infrastructure are all desperately in need of funding. New Zealand
Banks should pass on the full amount of OCR rate cut
Media Release 14.04.2019
The Social Credit party is calling on the country’s banks to pass on to borrowers the full amount of yesterday's cut in the
OCR rate by the Reserve Bank.
At a time when banks are making more profit then they ever have, despite tightening economic conditions, they should not be holding back some of the
OCR cut to further increase their already massive profits.
New Zealanders should be the beneficiaries of the Reserve Banks’ move, not foreign shareholders of the country's major banks.
Robertson would rather pay bankers than teachers
Media Release 15.05.19
Finance Minister Grant Robertson’s claim that ‘there is simply no more money to go into the [education] sector” is a lie, according to Social Credit Party Leader,
I challenge him to explain why he would rather pay $6,000,000,000 dollars every year to bank shareholders and
PPP scheme financiers, yet refuse teachers, support staff, and principals the funding needed to provide our children with the best education possible.
The Reserve Bank could fund our government without charging interest, the mechanism Michael Joseph Savage’s government used.