September 2018 Release of our petition to have the Reserve Bank issue our money along with an opinion piece.

June Press release on the swiss referendum. Despite the campaign of confusion and fear run by opponents, 25% voted for the Sovereign Money Initiative.

April The AustralianRoyal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry is coming up with some serious wrongdoing by the banks and financial institutions

May 2017 Positive Money New Zealand issued a press release seeking clarity from the Reserve Bank on how our money is created. They still refer to intermediation by the banks, which is not how our banking system works.

5th November 2016 An article in The Guardian newspaper in England argued that abolishing debt-based currency holds the secret to getting our system off its addiction to growth.

5th September 2016 KPMG released a report, commissioned by the Prime Minister of Iceland, titled "Money Issuance" The report looked at money created by the Government.

28 March 2016 Bryan Gould agreed to be our Patron. Bryan is a respected commentator on economic matters, an author, academic and Companion of the New Zealand Order of Merit.

14 October 2015 The Finance Commission of the Dutch parliament discussed monetary reform.

22 November. The British parliament debated money creation last week, for the first time in 170 years. There was cross-party support for a proposal to set up a monetary commission

23 September. A new generation of young people, dubbed ''property orphans'' may be destined to be renters for life.

17 September. The Bank of International Settlements (BIS), the bank used by central banks, confirmed New Zealand houses are among the most "unaffordable" in the world compared to people's incomes.

25th April 2014 "Strip private banks of their power to create money": says the Financial Times' chief economics commentator Martin Wolf, who endorses Positive Money's proposals for reform

15th March 2014 - In a historic move The Bank of England quarterly bulletin explains how money is created. Whenever a bank makes a loan, it creates a deposit in the borrower's bank account, thereby creating new money. The bank says that this differs from the story found in some economics textbooks.

16th August 2013. The retiring head of the Financial Markets Authority apologised for the mistakes made saying "You were let down".


John Kenneth Galbraith“The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it. The process by which banks create money is so simple the mind is repelled. With something so important, a deeper mystery seems only decent.”

John Kenneth Galbraith (1908-2006 ), former professor of economics at Harvard, writing in ‘Money: Whence it came, where it went’ (1975).

Unearned Money

Marc Joseph

In his book Money: Whence It Came, Where It Went, the famous economist John Kenneth Galbraith wrote  "The process by which money is created is so simple, the mind is repelled." Indeed, it is very difficult to grasp at first. However, once money creation is seen and understood clearly the private banks' position becomes indefensible. Let's look at the process from another angle.

People understand that when they borrow money from a friend or a relative, they are borrowing that person's hard-earned money so of course they feel a genuine obligation to repay the loan. Unfortunately, people think the situation is identical when they borrow from a bank. But it's not.

The bank credits the borrower's account with brand new money by tapping a keyboard and changing the number in their account. This new money is not someone else's hard-earned money, it's unearned money produced with virtually no effort. However, the borrower's only source of money to repay this loan is to go out and earn it. And interest charges add insult to injury with the banks demanding even more than they printed. This is an extraordinarily unequal relationship. We are all aware of the time and effort society expends in paying off loans from banks. Imagine if the borrower was aware of the process, would they agree to enter into this debt servitude? Probably not.

In other words, the banks continue to operate because people just don't know. The banks have fostered their image as intermediaries between savers and borrowers but it simply doesn't stand up to scrutiny. In this age of information and the internet it is easy for money reformers to point out the truth about banking and the Positive Money website is one of the best resources to recommend. Ask your friends to visit the site and watch the videos. Let's work together to bring an end to debt servitude.

Change money, change the world!





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