It’s simple, it’s legal, it’s respectable…..
All you need is a bank!
Almost everybody worries about money, but very few people know where it really comes from. Most people are so confused by economic jargon, they don’t even know they’re being ripped off.
In the twelve months to October 2006 the amount of M3 money in circulation New Zealand increased by 21,510 million dollars. That was an average increase of nearly 60 million dollars a day.
And where did that all new money come from? As the Reserve Bank explains,around 97 per cent of it was “credit, created by the banking system.”
The Reserve Bank only issues notes and coins, while about 97% of all the money in circulation is credit money “created by the banking system” according to the Reserve Bank.
And this is how they do it:
· Step 1 Somebody goes to a bank and asks for a $10,000 overdraft.
· Step 2 If the bank approves, it doesn't give him cash from somebody else's savings, it opens an account noted "credit limit, $10.000 “. It then gives the customer a cheque book.
· Step 3 The bank's customer pays his bills by cheque - which are then deposited in other peoples' accounts, thus directly “…adding…to the money supply”, according to the Reserve Bank.
That means that almost every dollar in circulation is owed by somebody to some bank. Under the present financial system that’s where your loans come from.
It isn’t money borrowed from some hard-working person’s savings account. As the Reserve Bank admits, it is “… created by the banking system” at an average rate of 60 million dollars a day. And when the compounding interest on that loan is added, you could easily end up paying twice as much as you borrowed.
THERE IS A BETTER WAY
Democrats for social credit are campaigning to reform the money system.
We don’t need to pay millions in interest every year to the foreign owned banks that create most of our money.
When new money is needed it can & should be issued debt free by the New Zealand government for social services, capital works and public assets.
Critics claim that if the government created money it would cause runaway inflation.
But when you think about it, if foreign-owned banks can create $18,000,000,000 a year, what difference would it make to inflation if the Government did create the money needed for public works, health, and education?
AND IT’S ALL BEEN DONE BEFORE
John Key, the National Party’s millionaire leader, was brought up in a State house. That house was built by the Ministry of Works using money issued by the Reserve Bank (in the same way as private banks do now).
The book ‘State Housing in New Zealand’ was published by the NZ Ministry of Works in 1949. On page 7 it explains how 33,766 houses were built using money issued by the Government’s Reserve Bank at 1% interest.
If the First Labour Government could issue money at 1% to build a State house for John Key & his family, why can’t the present Labour Government do the same thing to build hospitals, schools, and roads - & provide free education without borrowing billions then paying millions in interest to foreign bankers?
And remember that Labour’s Michael Cullen was born in 1945, Helen Clark in 1950, & National’s John Key was born in 1961 - so all of them had their university education before the present student loans scheme started.