Skip to main content

Show Me the “Monetary Reform” David Cunliffe!


Show Me the “Monetary Reform” David Cunliffe!

Following Phil Goff’s release of Labour’s Finance Manifesto today, David Cunliffe has said in a New Zealand Labour Party press release: “Labour is backing the drive for more high value exports with monetary reform ...”

I challenge David Cunliffe, Labour’s Finance Spokesperson, to front up and explain what he means by the term ‘monetary reform’.

If he means replacing toxic debt-based commercial bank credit with social credit, as the sole means of money coming into existence and continuing to exist – issued in the public interest, to serve the common good - then I would endorse his definition.

And if he accepts that it’s crazy for our government to borrow from foreign lenders, with interest, when we could use the publicly-owned Reserve Bank of New Zealand as an independent statutory monetary authority with the sole power to create, issue, and cancel New Zealand’s money, then I applaud his endeavours.

But if Mr. Cunliffe thinks ‘monetary reform’ means implementing a Capital Gains Tax; tweaking the objectives of the Reserve Bank Act; having exporters represented on the Reserve Bank Board; taking pressure off the official cash rate and relying on greater supervision tools; and encouraging more aggressive Reserve Bank interventions in the currency markets ... then he doesn’t mean monetary reform at all.

In fact, Labour’s Finance Manifesto is nothing more than ‘monetary orthodoxy – with lip gloss'.

Labels

Labels:

Comments

Katherine Ransom said…
Not even lip gloss! Same old same old from Tweedledum, as opposed to old same from Tweedledee.
November 20, 2011 at 9:04 AM
Simon said…
The need for Monetary Reform in this debt-enslaved world (that is going down in utter insolvency) has never been more need .. and more ignored by the 'powers that be'

Monetary Reform is the elephant in the global financial room.
November 23, 2011 at 10:00 AM
Post a Comment

Popular posts from this blog

The Reserve Bank of New Zealand

New Zealand's Central Reserve Bank is STATE owned. Despite that, instead of being used for the benefit of its owners, the people of New Zealand, successive Governments have: Allowed the foreign-owned trading banks to create and issue nearly all of the nation's money supply and claim it as their own. Notes and coins make up less than three percent of the money in circulation. Ninety seven percent of our money supply is on loan to us at interest from those banks. Actively encouraged banks to charge "rental" for this money at some of the highest interest rates in the developed world. Used high interest rates as a blunt lever to control inflation, while agreeing to exclude the resultant costs from the Price Index, so that their cost-inflationary effects do not allow pensions and awards to compensate for these. Deliberately used interest rate fluctuations to maintain an unemployed "pool" of about four percent of the workforce in order to hold down wage rates. Fa...
9 comments
Read more

Oil speculators are making a killing now - Money speculators have been doing it for centuries.

Oil can be bought and sold many times over, even before it comes out of the ground, but eventually oil will run out. Its scarcity factor can be managed simply by turning on and off the taps. Other commodities have had their day in the sun but one by one are replaced by the next opportunity for speculation. Money, on the other hand, is different in one key way - it can be created out of thin air at very little expense and will never run out. Those who are in control of the money creation process have quietly gone about their business - Creating money; Turning the money taps on and off; Speculative buying and selling of money - for centuries.
3 comments
Read more