Our campaign to reform the debt-based money system just reached a new milestone
On 4 March 2020, we gave a verbal submission to the Finance and Expenditure committee. The submission was in support of our petition calling on Parliament to require the Reserve Bank to create all new money in the economy. This will be a game changer.
On 12 September 2019, Positive Money’s petition to reform New Zealand’s debt-based money system was presented to Parliament. The petition was signed by more than 5,000 concerned New Zealanders who want to see an end to the mountain of mortgage debt and excessive bank profits that characterise our current system.
On 4 March 2020, Positive Money national spokesperson Don Richards and Auckland spokesperson Cliff Hall appeared before the Finance and Expenditure Select Committee to support our submission (video of hearing).
Positive Money national spokesperson Don Richards and Auckland spokesperson Cliff Hall appear before the Finance & Expenditure Select Committee to speak in support of our petition., 4 March 2020.
About Positive Money NZ
Help us to change this flawed system. Positive Money NZ is an independent, non-profit group advocating for monetary reform in New Zealand. Our patron is Bryan Gould and we are part of a global movement of organisations campaigning to change the way money is created so that money serves society.
This isn’t new. We’ve been here before.
Foreign bankers used to control New Zealand’s money … until 1934 when we took back control.
Believe it or not, before 1934 New Zealand’s monetary policy was directed from the United Kingdom and our money was issued by various private banks.
In 1934, in the midst of the Great Depression, the Reserve Bank of New Zealand was created through an act of Parliament. This brought control of money and monetary policy to New Zealand and gave the Reserve Bank the monopoly to issue all New Zealand currency.
Initially partly privately owned, the Bank was nationalised in 1935 by a newly elected Labour government which also gave it authority to underwrite loans to the government.
The government used this power to support its massive State house-building programme and provide loans for industry development. This began the ‘cradle to grave’ welfare state, providing health care, education, a universal pension, and ushered in our most prosperous period.
The private banks are back in control of the money-printing machine. It’s time again to take back control.
Help us to achieve real change in our money system and make sure that it works for the public good not just for private profits.
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