Welcome to our 108th newsletter. Here is a link to previous newsletters.
During May we held three, hour long, zoom calls.
- What is wrong with our banking system; and the Positive Money solution”. This was an entry level introduction and provided participants with a good overview of the mechanics of money creation by private banks and the problems this debt-based method money system poses in modern society. It also covered the debt-free, accountable, and sustainable Positive Money solution that would vest full responsibility for money creation with the Reserve Bank.
- Our presentation to the Finance and Expenditure Select Committee”. We showed the clip of our presentation in March of this year to the select committee and then took questions. We then asked participants to brainstorm ideas on how we can get the message to the politicians.
- Why Quantitative Easing won’t work”. Our Government is providing in excess of 30 billion dollars in quantitative easing to the financial markets and we used the experience of the UK to show how it is a highly inefficient way of providing liquidity (money) to the economy and how it will make our underlying economic problems worse.
We are also starting a letter writing campaign to get our message across to key influencers. If you wish to join the campaign then contact Stuart Bramhall on stuartbramhall@yahoo.co.nz.
During May we also:
- Sent out a press release titled "The budget snatches defeat from the jaws of victory" that was picked up by Scoop.
- Posted a 26-minute interview with international economist and author Steve Keen and former Reserve Bank economist Michael Reddell.They discussed the economic prospects for New Zealand, the trans-Tasman bubble concept, the overhang of private debt in both countries, and their predictions how bad things might end up getting.
Cheers
Don Richards
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