"What I want to know is: why do we keep borrowing from overseas-owned commercial banks at interest (for which we have to borrow more to pay) when we can legally create our own money supply, at nil interest, through the Reserve Bank of New Zealand? All it would take is a directive from the Minister of Finance, and we could create enough funds to do anything in this country that we want. Public assets could be paid for only once. Commercial banks could access credit at cost only, to on-lend to businesses. Health and education could be fully funded, and goodbye to surgery waiting lists and the student loan debt mountain. What are we waiting for, Armageddon?"
This has appeared on the opinion page of Stuff, as a comment on the self- and bank-serving opinion piece by Tony Alexander, chief honcho at the BNZ, who is quite comfortable with a 10% annual increase in consumer debt. Well of course he is - his bank and it's buddies make more money that way. Never mind the increasing poverty, the near fatal damage to the productive sector and the real economy, and the ongoing poisoning of Mother Earth. The banks won't stop milking us until we are dead and can't pay anymore. Then what will they do for slaves?
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