"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
There Is More Money for Teachers
Media Release 28.05.2019
Overseas Investment Act Review Submission
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
, 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. New Zealand
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 to teachers and parents 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
children with the best education possible.
That’s the amount paid out of taxes every year in interest payments on the government’s borrowing – sourced from the private sector, when it could be sourced from the country’s central bank.
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.
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 ’s teachers, doctors, mental
health patients. Environmental projects, building roads, rail, and other
infrastructure are all desperately in need of funding. New Zealand
Media Release 27.05.19
Napier's port would be retained in public ownership if Social Credit had been a force in parliament, party leaderIn his speech to the conference, Mr Leitch said the Regional Council's action in selling off a major chunk of the shares was short sighted and not in the best interests of Hawke’s Bay residents.
Chris Leitch told the party's regional conference in Napier on Saturday.
"With the ongoing development of the local economy those private owners will be rubbing their hands with glee at the enormous profits they stand to make".
"I'll stake my reputation on the next move being to sell off the remaining shares so that the port becomes fully privately owned".