Petition to Require Reserve Bank of New Zealand to Issue All NZ Money
Our proposal would end the role of private banks in creating our money. Presently 98% of our money is issued by private banks as loans.
Positive Money NZ is proud to announce the launch of their petition calling on Parliament to inquire into giving the Reserve Bank of New Zealand the sole ability to issue all NZ money (notes, coin, electronic). On acceptance, the Clerk of the House will send our petition to a relevant Select Committee to consider our request in detail
If adopted, our proposal would end the role of private banks in creating and controlling our money supply. Contrary to popular belief, the vast majority (98%) of money circulating in our economy isn't issued by government, but by private banks when they create loans. This includes billions of dollars the NZ government borrows from banks to cover budget deficits.
In 1936 Michael Joseph Savage's government set a clear precedent for what we are proposing by using Reserve Bank credit to finance the construction of thousands of state houses and other vital infrastructure. This injected millions of pounds into the economy, enabling NZ to emerge from the Great Depression much sooner than most countries.
People can sign petition electronically at this link: https://www.parliament.nz/en/pb/petitions/document/PET_78901/petition-of-stuart-bramhall-require-reserve-bank-of-new
Use of funds
Funds raised will cover printing paper petitions and informational leaflets and Facebook and newspaper ads.
Thank you so much for your generous donation to our petition campaign. We are extremely grateful for your support.
Rowan, thank you so much for your generous donation. We will definitely put it to good use. Stuart
Thanks so much for your generous donation of $50 to the Positive Money NZ petition. We're extremely grateful for your support.
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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.
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