Monetary Justice

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 ‘mo...

Budget 2011  Tried and Tired Yet another New Zealand Finance Minister, Bill English, has produced a Budget based on the misguided belief that problems can be solved by the same thinking used to create them. What is needed is a new form of economy  monetary reform. Democrats for social credit (DSC) monetary reform will address the deep problems caused by inequality of income, neglect of the environment and the debt slavery that characterises the present unsustainable economic paradigm. Bill English’s budget will have little effect on any of these issues other than making them worse. Core to monetary reform is the New Zealand Monetary Authority (NZMA) that can provide and manage money as a public utility, for the economic, social and environmental benefit of New Zealand and its people. The current inefficient and expensive source of money borrowed from huge banking cartels will be replaced by an extremely efficient source  the NZMA. The burden of compounding debt will be relieved...

The key objectives of a monetary reform prescription are to enable a healthy producing economy that provides us all with sufficient income. It is not to provide massive profits for banks or to rob people of their life savings through collapsing Finance Companies and Share Markets. The producing economy is not the problem. It has, at times, clearly demonstrated that it can create the range, and quantity of goods and services people need and want. What is at fault is the mechanism we use to enable the wheels of production to turn - money and debt. The Monetary Reform Prescription: · The Government to take back from financiers, on behalf of the public, our right to control the credit of the nation and to manage it as a public utility. The public utility will have the responsibility to introduce all new credit into existence. · Money is to be regarded as a ticket to transfer the goods and services produced by the talents of our people, utilising the tools o...

The figures speak for themselves. Debt, more debt and even more debt right through until June 2017. The Budget forecasts: June 2009 $69.16 billion; June 2010 $76.12 billion and for June 2013 $106.62 billion – servicing that debt alone raises government expenditure on debt from $3.4 billion to $5.5 billion– does that look like debt under control? Bill English was certainly right to make debt one of his three objectives, but none of his orthodox budgetary measures will see the growing debt burdens currently experienced by New Zealanders lessen in fact. Our boom-bust economy is a symptom of a sick financial system - just as the fever and chills are symptoms of a sick human being. It is time to issue the economy with a Monetary Reform Prescription that will stop the fever and chills – it is Bill English’s responsibility to write the script. Today’s Budget announcements reveal his inability to do so.