RBNZ u-turn is ironic
“Policy u-turns by politicians like Bill English and John Key are almost insignificant besides that of our Reserve Bank” says Heather Marion Smith, Local Government Spokesman for Democrats for Social Credit (DSC).
Miss Smith refers to the generous credit-lines being offered to Australian-owned banks, ANZ/National and Westpac. She compares this recent announcement with the assertion by the RBNZ’s Head of Corporate Affairs back in 2003, Paul Jackman, who denied our sovereign bank had any such facility, at that time for local authorities.
“What is so ironic is that the RBNZ decision should coincide with the release of Parliament’s Monetary Framework Inquiry on which Bill English commented that “nothing of value resulted from it”,” she says.
Miss Smith says that she regards Mr English’s dismissal of the Inquiry as a n insult, not only to her Party’s well-researched submission but to those of other nation-wide organisations and eminent individuals.
“Of particular concern to Social Crediters is Labour’s support for tax-payers underwriting the financial props for overseas banks” Miss Smith says.
“It’s an odd kind of bank hold-up” she adds.
Published: November 2008