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".


Reginald McKenna“I am afraid the ordinary citizen will not like to be told that the banks can and do create money. And they who control the credit of the nation direct the policy of Governments and hold in the hollow of their hand the destiny of the people.”

Reginald McKenna, as Chairman of the Midland Bank, addressing stockholders in 1924.


About us

Our manifesto


Positive Money New Zealand (PMNZ) believes that private banks should not be able to create new money when they make loans. This is an extraordinary privilege which gives the financial sector an unfair and damaging advantage over other businesses. Banks should be restricted to providing current accounts, payment services, lending, and investing money on behalf of their savers. This will lead to a reduction in personal and Government debt, and will help to prevent another financial crisis occurring.

PMNZ maintains a very clear and specific aim, namely to change the way the money system works.

PMNZ does not:

  • subscribe to any conspiracy theories about the money system.
  • act on the behalf of any particular lobby or interest group.
  • believe that regulation alone can solve the problems with banking or the money system. Regulation has been shown to be ineffective, and easily reversed, but furthermore it does not alter the root causes of the problem. What is needed is legislative change.
  • support the use of illegal or violent means to bring about change. We campaign for the money system to be changed with minimal social and economic upheaval.

PMNZ is not

  • a political organisation. We don't campaign for either a bigger or a smaller role for government. We campaign for changes to the money system which would be to the benefit of all political parties.
  • against privately owned banks. Privately-owned banks have an important function in providing payment services, a secure place for our money, investment opportunities, and to lend us money.
  • against bankers. Most people who work in banks do not understand the money system and its effects, and are simply trying to provide a service for customers and earn a living. Undoubtedly some bankers have abused their power, but this is not the root cause of our financial crisis; the root cause is our current money system.
  • against lending, or charging interest on loans where an investor is lending their money to somebody else.
  • a campaign for general financial reform, alternative economics or complementary currencies. While there are many other reforms that also need to take place, PMNZ has a specific and narrow purpose - to change the national money system in order to create fairer and more stable economy.

Statement of purpose:

Changing the way money is created to serve society

We belong to a coalition of organisations and people from across the world, campaigning to change the way money is created.

The Problem

PMNZ believes that our money system has mutated over the years in response to technology, regulation, de-regulation, and globalisation. The result is an unfair system which does not work in the public interest.

PMNZ has identified the following problems with the current money system:

  • Unsustainable indebtedness: Because more than 97% of our money is issued as credit, debt increases at the same rate as the money supply.
  • Financial instability: Money creation is pro-cyclical - too much is created in a boom, and too little in a recession, causing the pronounced boom and bust cycle.
  • Anti-democratic: Because the government relies on commercial banks to create money, the government has to borrow more, and we have to pay higher taxes.
  • Perpetual expansion: In order to service large amounts of debt the economy has to grow, even when markets are saturated and resources depleted.
  • Unbalanced and unproductive economy: Banks choose where new money is spent on the basis of their own profits rather than the needs of the economy.
  • Inequality and the concentration of wealth: Interest payments on the entire money supply suck wealth out of the economy in to the banks.
  • Bank runs, subsidies and bailouts: The banking system is unstable and unprofitable without government subsidies and guarantees.
  • Unfair, monopolistic and anti-competitive: The right to create money gives banks an unfair and damaging advantage over all other parts of the economy.

PMNZ believes that the money system is not fit-for-purpose and needs updating. A well-functioning money system will provide more stable economies, which will benefit everybody.

Our Goal

PMNZ is supportive of ideas and policies which move towards our end goal. We are not dogmatic about our proposals or the way they are implemented.

We do believe that our end goal can only be reached when these three things have been achieved:

  • New money to be spent in to the economy by the Government.
  • A transparent and independent process for the creation of new money, which regulates the money supply according to the needs of the economy.
  • An end to banks creating new money when they make loans via the adoption of the Sovereign Money solution.

Here is the World Headquarters for Positive Money New Zealand at 11 Muriwai Drive Whakatane.

The Team

Sue Hamill

After returning from three years based in the United Kingdom Sue studied law and then spent 10 years working in publishing. She retrained in 2006 in therapeutic massage.

Don Richards

Don lives in Whakatane and is married to Sue. He has two daughters from a previous marriage and became a grandfather for the first time in May 2011.

Don has worked in a number of key industries during times of significant change in New Zealands recent economic history. He was employed by BP Oil New Zealand, working in their Retail Strategy unit during the deregulation of the New Zealand oil industry in the late 1980's.

He also worked for Standards New Zealand in the late 1990's as it grappled with the transition from state funding to the user-pays model. In addition Don worked for the New Zealand Dairy Board, leading up to the formation of Fonterra and beyond. Don worked for BRANZ (Building Research Association of New Zealand) for 11 years as their Quality and Environmental Manager prior to moving to the Bay of Plenty.

He now works as a Director forSimple, Effective Solutions that offers consultancy for Health and Safety, Environmental and Quality Management systems.

Don has also taken on a number of community based projects including organising cleanups of Wellington harbour which started in 1997 and continues to this day. In addition he organised street parties for his neighbours and ran a campaign to stop whaling in the southern ocean - called Friends of Tangaroa.




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