Positive Money & the Wizard of Oz
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- Date published:
1:58 pm, July 7th, 2012 - 13 comments
Categories: monetary policy -
Tags: banks, money supply, positive money, wizard of oz
In our current system, we give men like Bob Diamond the immense power to create money.
Need it be so?
The Positive Money movement wishes to change that, and give that power back to Government.
Henry Ford said: “It is well enough that people of the nation do not understand our banking and money system, for if they did, I believe there would be a revolution before tomorrow morning.” And it certainly seems true that most people don’t understand that money is created by private banks when they give you loans, having the quaint idea that the bank must have had somebody save that money first.
But that is not how our Fractional Reserve Banking system works, and banks just get to create money when they give you a loan.
Banks have not been the best corporate citizens of late, hardly responsible with their lending, but then we only need look back at the founder of the Rothschild’s dynasty at the start of the 19th century: “Let me issue and control a nation’s money and I care not who writes the laws,” and we can see it’s not a new trend.
So the Positive Money movement (oddly with some editorial backing from NZ Investor magazine), wants Government to issue money instead of banks, which would go back to the old days and only lend what they have in savings. They point out that the first Labour Government did that – using the money created to build houses and infrastructure, without causing any dangerous inflation.
Inflation becomes an additional source of revenue other than taxes – one that would have to be strictly controlled by a Monetary Policy Committee or similar, rather than left in the hands of politicians looking at a 3-year electoral cycle. It’s worth looking through a more detailed analysis of how such a system would work, but the short answer appears to be: better than the current one.
The current system relies on people and countries going into the banks’ debt for anything to happen. As Thomas Jefferson put it:
If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks…will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered…. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.
And it is through banks inflating the money supply that we had our debt-fuelled boom in the noughties, followed by the GFC when Fear finally trumped Greed in the bi-emotional world of banking.
It is through Greed and inflationary bank-lending that our house prices keep rising, out of all proportion to incomes. The price of a house is no longer the capitalistic “what someone’s willing to pay”, but “who has the greediest bank, and what are they willing to lend”.
Over the last 30 years in the UK banks have caused 7.8% inflation pa through their lending, causing a 6-fold increase in house prices. Banks are slowly channelling all wealth into them, through interest: in 2008 NZ banks made $3.2 billion in profit, while all other companies on our stock exchange made a total of $2.89 billion. 95% of that profit went to Australia.
It is odd that the argument over banking and monetary systems has been going on for hundreds of years, yet almost everyone is unaware of it. Thomas Jefferson’s quote above is from 1808; The Wizard of Oz was written in 1900 as an allegory of monetary reform (the yellow brick road is the gold standard; Dorothy the everywoman/man, taking the Scarecrow – agricultural workers – and the Tin Man – industrial workers – with her, and her silver slippers are the ability to create money ourselves; The Wicked Witches of the East & West are Wall St Bankers and JD Rockefeller respectively; and the Wizard is the charlatan running our system, using illusion to fool the citizens in Oz to convince them he has real power – among other symbols). The Federal Reserve Act was only passed in 1913, with President Woodrow Wilson opining only a few years later:
I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men.
Nixon abolished the Gold Standard only in 1971, with the world quickly following suit. Clinton only repealed part of the Glass-Steagall Act in 1999, allowing banks to blur the line between investment and retail banking. So things have most definitely not always been this way.
All too often we accept the current way as inevitable, or the only possible way. But almost always There Are Real Alternatives.
On the other hand we mustn’t fall into the trap that we need change, this is change, we need this. So, now that I’ve put forward Positive Money’s case, I’d like to hear the counter-arguments. Have a good read about how Full Reserve Banking works, and tell me: How would we transition from the banks current state to the one envisaged by Positive Money? Would we still have the necessary fluidity to provide capital to our productive businesses (already struggling for capital)? What else could go wrong?
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- Release: National must take mental health seriouslyMental Health Minister Matt Doocey and his Government colleagues have made a meal of their mental health commitments, showing how flimsy their efforts to champion the issue truly are, says Labour Mental Health spokesperson Ingrid Leary. ...2 weeks ago
- Referendums for Māori wards a racist step backwardsThe Government's imposed referendum on Māori wards is a racist step backwards for Māori representation, and disregards Te Tiriti o Waitangi. ...2 weeks ago
- Release: Job losses at Health not worth it for tax cutsNew Zealand will feel the harm of the National Government’s reckless cuts to jobs at the health ministry for generations, says Ayesha Verrall. ...2 weeks ago
- Press release: No Māori initiatives in Government’s nothing planMāori are yet to see anything from this Government except cuts, reversals and taking our people backwards, Māori Development spokesperson Willie Jackson said. ...2 weeks ago
- Thirty six point PR spinThe Government’s ‘36 point’ plan for the next three months is as pointless as it is hollow. ...2 weeks ago
- Thirty six point PR spinThe Government’s ‘36 point’ plan for the next three months is as pointless as it is hollow. ...2 weeks ago
- Thirty six point PR spinThe Government’s ‘36 point’ plan for the next three months is as pointless as it is hollow. ...2 weeks ago
- Release: Social housing off Government’s to-do listThe Coalition Government’s refusal to commit to ongoing funding for social housing is seeing the sector pull back on developments and families watch their dreams of securing a home fade away, says Labour Housing spokesperson Kieran McAnulty. ...2 weeks ago
- Release: Less money in most people’s pockets this AprilChanges to minimum wage and benefit indexation means many New Zealanders will get less this year, as the Government gives a big tax break to landlords instead. ...3 weeks ago
- Cost of living support for low-income homeowners
Local Government Minister Simeon Brown has announced an increase to the Rates Rebate Scheme, putting money back into the pockets of low-income homeowners. “The coalition Government is committed to bringing down the cost of living for New Zealanders. That includes targeted support for those Kiwis who are doing things tough, such ...2 hours ago - Government backing mussel spat projectThe Coalition Government is investing in a project to boost survival rates of New Zealand mussels and grow the industry, Oceans and Fisheries Minister Shane Jones has announced. “This project seeks to increase the resilience of our mussels and significantly boost the sector’s productivity,” Mr Jones says. “The project - ...3 hours ago
- Government focused on getting people into workBenefit figures released today underscore the importance of the Government’s plan to rebuild the economy and have 50,000 fewer people on Jobseeker Support, Social Development and Employment Minister Louise Upston says. “Benefit numbers are still significantly higher than when National was last in government, when there was about 70,000 fewer ...5 hours ago
- Clean energy key driver to reducing emissionsThe Government’s commitment to doubling New Zealand’s renewable energy capacity is backed by new data showing that clean energy has helped the country reach its lowest annual gross emissions since 1999, Climate Change Minister Simon Watts says. New Zealand’s latest Greenhouse Gas Inventory (1990-2022) published today, shows gross emissions fell ...6 hours ago
- Earthquake-prone buildings review brought forwardThe Government is bringing the earthquake-prone building review forward, with work to start immediately, and extending the deadline for remediations by four years, Building and Construction Minister Chris Penk says. “Our Government is focused on rebuilding the economy. A key part of our plan is to cut red tape that ...11 hours ago
- Thailand and NZ to agree to Strategic PartnershipPrime Minister Christopher Luxon and his Thai counterpart, Prime Minister Srettha Thavisin, have today agreed that New Zealand and the Kingdom of Thailand will upgrade the bilateral relationship to a Strategic Partnership by 2026. “New Zealand and Thailand have a lot to offer each other. We have a strong mutual desire to build ...23 hours ago
- Government consults on extending coastal permits for portsRMA Reform Minister Chris Bishop and Transport Minister Simeon Brown have today announced the Coalition Government’s intention to extend port coastal permits for a further 20 years, providing port operators with certainty to continue their operations. “The introduction of the Resource Management Act in 1991 required ports to obtain coastal ...1 day ago
- Inflation coming down, but more work to doToday’s announcement that inflation is down to 4 per cent is encouraging news for Kiwis, but there is more work to be done - underlining the importance of the Government’s plan to get the economy back on track, acting Finance Minister Chris Bishop says. “Inflation is now at 4 per ...1 day ago
- School attendance restored as a priority in health adviceRefreshed health guidance released today will help parents and schools make informed decisions about whether their child needs to be in school, addressing one of the key issues affecting school attendance, says Associate Education Minister David Seymour. In recent years, consistently across all school terms, short-term illness or medical reasons ...1 day ago
- Unnecessary bureaucracy cut in oceans sectorOceans and Fisheries Minister Shane Jones is streamlining high-level oceans management while maintaining a focus on supporting the sector’s role in the export-led recovery of the economy. “I am working to realise the untapped potential of our fishing and aquaculture sector. To achieve that we need to be smarter with ...1 day ago
- Patterson promoting NZ’s wool sector at International CongressAssociate Agriculture Minister Mark Patterson is speaking at the International Wool Textile Organisation Congress in Adelaide, promoting New Zealand wool, and outlining the coalition Government’s support for the revitalisation the sector. "New Zealand’s wool exports reached $400 million in the year to 30 June 2023, and the coalition Government ...2 days ago
- Removing red tape to help early learners thriveThe Government is making legislative changes to make it easier for new early learning services to be established, and for existing services to operate, Associate Education Minister David Seymour says. The changes involve repealing the network approval provisions that apply when someone wants to establish a new early learning service, ...2 days ago
- RMA changes to cut coal mining consent red tapeChanges to the Resource Management Act will align consenting for coal mining to other forms of mining to reduce barriers that are holding back economic development, Resources Minister Shane Jones says. “The inconsistent treatment of coal mining compared with other extractive activities is burdensome red tape that fails to acknowledge ...2 days ago
- McClay reaffirms strong NZ-China trade relationshipTrade, Agriculture and Forestry Minister Todd McClay has concluded productive discussions with ministerial counterparts in Beijing today, in support of the New Zealand-China trade and economic relationship. “My meeting with Commerce Minister Wang Wentao reaffirmed the complementary nature of the bilateral trade relationship, with our Free Trade Agreement at its ...3 days ago
- Prime Minister Luxon acknowledges legacy of Singapore Prime Minister LeePrime Minister Christopher Luxon today paid tribute to Singapore’s outgoing Prime Minister Lee Hsien Loong. Meeting in Singapore today immediately before Prime Minister Lee announced he was stepping down, Prime Minister Luxon warmly acknowledged his counterpart’s almost twenty years as leader, and the enduring legacy he has left for Singapore and South East ...3 days ago
- PMs Luxon and Lee deepen Singapore-NZ tiesPrime Minister Christopher Luxon held a bilateral meeting today with Singapore Prime Minister Lee Hsien Loong. While in Singapore as part of his visit to South East Asia this week, Prime Minister Luxon also met with Singapore President Tharman Shanmugaratnam and will meet with Deputy Prime Minister Lawrence Wong. During today’s meeting, Prime Minister Luxon ...3 days ago
- Antarctica New Zealand Board appointmentsForeign Minister Winston Peters has made further appointments to the Board of Antarctica New Zealand as part of a continued effort to ensure the Scott Base Redevelopment project is delivered in a cost-effective and efficient manner. The Minister has appointed Neville Harris as a new member of the Board. Mr ...3 days ago
- Finance Minister travels to Washington DCFinance Minister Nicola Willis will travel to the United States on Tuesday to attend a meeting of the Five Finance Ministers group, with counterparts from Australia, the United States, Canada, and the United Kingdom. “I am looking forward to meeting with our Five Finance partners on how we can work ...3 days ago
- Pet bonds a win/win for renters and landlordsThe coalition Government has today announced purrfect and pawsitive changes to the Residential Tenancies Act to give tenants with pets greater choice when looking for a rental property, says Housing Minister Chris Bishop. “Pets are important members of many Kiwi families. It’s estimated that around 64 per cent of New ...3 days ago
- Long Tunnel for SH1 Wellington being consideredState Highway 1 (SH1) through Wellington City is heavily congested at peak times and while planning continues on the duplicate Mt Victoria Tunnel and Basin Reserve project, the Government has also asked NZ Transport Agency (NZTA) to consider and provide advice on a Long Tunnel option, Transport Minister Simeon Brown ...3 days ago
- New Zealand condemns Iranian strikesPrime Minister Christopher Luxon and Foreign Minister Winston Peters have condemned Iran’s shocking and illegal strikes against Israel. “These attacks are a major challenge to peace and stability in a region already under enormous pressure," Mr Luxon says. "We are deeply concerned that miscalculation on any side could ...4 days ago
- Huge interest in Government’s infrastructure plansHundreds of people in little over a week have turned out in Northland to hear Regional Development Minister Shane Jones speak about plans for boosting the regional economy through infrastructure. About 200 people from the infrastructure and associated sectors attended an event headlined by Mr Jones in Whangarei today. Last ...6 days ago
- Health Minister thanks outgoing Health New Zealand ChairHealth Minister Dr Shane Reti has today thanked outgoing Health New Zealand – Te Whatu Ora Chair Dame Karen Poutasi for her service on the Board. “Dame Karen tendered her resignation as Chair and as a member of the Board today,” says Dr Reti. “I have asked her to ...6 days ago
- Roads of National Significance planning underwayThe NZ Transport Agency (NZTA) has signalled their proposed delivery approach for the Government’s 15 Roads of National Significance (RoNS), with the release of the State Highway Investment Proposal (SHIP) today, Transport Minister Simeon Brown says. “Boosting economic growth and productivity is a key part of the Government’s plan to ...6 days ago
- Navigating an unstable global environmentNew Zealand is renewing its connections with a world facing urgent challenges by pursuing an active, energetic foreign policy, Foreign Minister Winston Peters says. “Our country faces the most unstable global environment in decades,” Mr Peters says at the conclusion of two weeks of engagements in Egypt, Europe and the United States. “We cannot afford to sit back in splendid ...6 days ago
- NZ welcomes Australian Governor-GeneralPrime Minister Christopher Luxon has announced the Australian Governor-General, His Excellency General The Honourable David Hurley and his wife Her Excellency Mrs Linda Hurley, will make a State visit to New Zealand from Tuesday 16 April to Thursday 18 April. The visit reciprocates the State visit of former Governor-General Dame Patsy Reddy ...6 days ago
- Pseudoephedrine back on shelves for WinterAssociate Health Minister David Seymour has announced that Medsafe has approved 11 cold and flu medicines containing pseudoephedrine. Pharmaceutical suppliers have indicated they may be able to supply the first products in June. “This is much earlier than the original expectation of medicines being available by 2025. The Government recognised ...6 days ago
- NZ and the US: an ever closer partnershipNew Zealand and the United States have recommitted to their strategic partnership in Washington DC today, pledging to work ever more closely together in support of shared values and interests, Foreign Minister Winston Peters says. “The strategic environment that New Zealand and the United States face is considerably more ...6 days ago
- Joint US and NZ declarationApril 11, 2024 Joint Declaration by United States Secretary of State the Honorable Antony J. Blinken and New Zealand Minister of Foreign Affairs the Right Honourable Winston Peters We met today in Washington, D.C. to recommit to the historic partnership between our two countries and the principles that underpin it—rule ...6 days ago
- NZ and US to undertake further practical Pacific cooperationForeign Minister Winston Peters has announced further New Zealand cooperation with the United States in the Pacific Islands region through $16.4 million in funding for initiatives in digital connectivity and oceans and fisheries research. “New Zealand can achieve more in the Pacific if we work together more urgently and ...6 days ago
- Government redress for Te Korowai o WainuiāruaThe Government is continuing the bipartisan effort to restore its relationship with iwi as the Te Korowai o Wainuiārua Claims Settlement Bill passed its first reading in Parliament today, says Treaty Negotiations Minister Paul Goldsmith. “Historical grievances of Te Korowai o Wainuiārua relate to 19th century warfare, land purchased or taken ...7 days ago
- Focus on outstanding minerals permit applicationsNew Zealand Petroleum and Minerals is working to resolve almost 150 outstanding minerals permit applications by the end of the financial year, enabling valuable mining activity and signalling to the sector that New Zealand is open for business, Resources Minister Shane Jones says. “While there are no set timeframes for ...1 week ago
- Applications open for NZ-Ireland Research CallThe New Zealand and Irish governments have today announced that applications for the 2024 New Zealand-Ireland Joint Research Call on Agriculture and Climate Change are now open. This is the third research call in the three-year Joint Research Initiative pilot launched in 2022 by the Ministry for Primary Industries and Ireland’s ...1 week ago
- Tenancy rules changes to improve rental marketThe coalition Government has today announced changes to the Residential Tenancies Act to encourage landlords back to the rental property market, says Housing Minister Chris Bishop. “The previous Government waged a war on landlords. Many landlords told us this caused them to exit the rental market altogether. It caused worse ...1 week ago
- Boosting NZ’s trade and agricultural relationship with ChinaTrade and Agriculture Minister Todd McClay will visit China next week, to strengthen relationships, support Kiwi exporters and promote New Zealand businesses on the world stage. “China is one of New Zealand’s most significant trade and economic relationships and remains an important destination for New Zealand’s products, accounting for nearly 22 per cent of our good and ...1 week ago
- Freshwater farm plan systems to be improvedThe coalition Government intends to improve freshwater farm plans so that they are more cost-effective and practical for farmers, Associate Environment Minister Andrew Hoggard and Agriculture Minister Todd McClay have announced. “A fit-for-purpose freshwater farm plan system will enable farmers and growers to find the right solutions for their farm ...1 week ago
- New Fast Track Projects advisory group namedThe coalition Government has today announced the expert advisory group who will provide independent recommendations to Ministers on projects to be included in the Fast Track Approvals Bill, say RMA Reform Minister Chris Bishop and Regional Development Minister Shane Jones. “Our Fast Track Approval process will make it easier and ...1 week ago
- Pacific and Gaza focus of UN talksForeign Minister Winston Peters says his official talks with the United Nations Secretary-General Antonio Guterres in New York today focused on a shared commitment to partnering with the Pacific Islands region and a common concern about the humanitarian catastrophe in Gaza. “Small states in the Pacific rely on collective ...1 week ago
- Government honours Taranaki Maunga dealThe Government is honouring commitments made to Taranaki iwi with the Te Pire Whakatupua mō Te Kāhui Tupua/Taranaki Maunga Collective Redress Bill passing its first reading Parliament today, Treaty Negotiations Minister Paul Goldsmith says. “This Bill addresses the commitment the Crown made to the eight iwi of Taranaki to negotiate ...1 week ago
- Enhanced partnership to reduce agricultural emissionsThe Government and four further companies are together committing an additional $18 million towards AgriZeroNZ to boost New Zealand’s efforts to reduce agricultural emissions. Agriculture Minister Todd McClay says the strength of the New Zealand economy relies on us getting effective and affordable emission reduction solutions for New Zealand. “The ...1 week ago
- Abortions Increase 25% Since Law Change
Family First says that the latest abortion statistics make grim and upsetting reading, with a 25% increase in abortions since the decriminalisation of abortion in March 2020. According to an Official Information Act request received by Right to Life ...56 mins ago - Over Half Of New Zealanders Feel That The Country Is In Decline And That Our Society Is BrokenIpsos New Zealand's inaugural participation in a global study on populism reveals a pervasive sense of societal and economic decline among New Zealanders. MORE DETAILS AND FULL REPORT HERE Ipsos New Zealand's inaugural participation in a global study ...59 mins ago
- Australia’s new defence strategy is big on ideas, but lacks one key ingredient: well-trained soldi...
Source: The Conversation (Au and NZ) – By Peter Layton, Visiting Fellow, Strategic Studies, Griffith University There have been a lot of defence announcements recently about buying new equipment, building up Australia’s manufacturing capabilities, creating local jobs, new legislation to support AUKUS and even a new defence chief. In ...2 hours ago - What does Steve Smith’s Stateside signing mean for cricket in the US – and Australia?Source: The Conversation (Au and NZ) – By Tim Harcourt, Industry Professor and Chief Economist, University of Technology Sydney Steve Smith, one of this generation’s finest batters, has conquered much of the cricketing world during his career, and he now has set his sights on a new frontier: the United ...2 hours ago
- A love letter to Wellington: when i open the shop by romesh dissanayake, reviewed
Madeleine Ballard reviews the debut novel from romesh dissanayake. when I open the shop, the debut novel by Naarm-based Aotearoa writer romesh dissanayake (Sri Lankan, Koryo Saram), is a narrative of grief. Devendra loses his mother, opens a noodle shop on The Terrace, grieves, and emerges changed. But just as ...2 hours ago - Minister Concedes Contractors Will Be Hired To Do Work Of Axed Ministry Of Education StaffThe PSA can’t believe that the Minister of Education is happy for her ministry to hire contractors at the same time it is dismissing 565 workers. ...2 hours ago
- Attempt to bar diplomat from Myanmar military junta fails
Myanmar community members applied to the courts to bar the diplomat from attending the Association of Southeast Asian Nations. ...2 hours ago - LGNZ Welcomes Govt Earthquake-prone Buildings DecisionLGNZ has advocated for this decision as part of a remit led by Manawatū District Council. ...2 hours ago
- AUKUS Pillar 2 a 'fragrant, methane-wrapped bull***' – Bob CarrThe former Australian Foreign Minister has continued to warn New Zealand against joining the defence pact. ...3 hours ago
- Enforceable undertaking issued to abc accounting services limited after continued non-compliance.The Department of Internal Affairs (DIA) has accepted an enforceable undertaking agreement from ABC Accounting Services Limited (ABC) under section 81 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act). ...3 hours ago
- REVEALED: RNZ’s Hypocrisy Over Fair Digital News Bargaining BillThe Taxpayers’ Union can reveal that Radio New Zealand (RNZ) spent $71,842.53 on Facebook advertising over the past 12 months, despite earlier this year coming out in support of the Fair Digital News Bargaining Bill , which would force the likes ...3 hours ago
- Police rejected 'very good offer' – Mark MitchellPolice Minister Mark Mitchell says the pay offer rejected by police was the best the government could put forward under difficult financial circumstances. ...4 hours ago
- How can we have truth-telling without the Voice? Our research shows a way forwardSource: The Conversation (Au and NZ) – By Heidi Norman, Professor, Faculty of Arts, Design and Architecture, Convenor: Indigenous Land & Justice Research Group, UNSW Sydney Shutterstock The Uluru Statement from the Heart set out the aspirations of Aboriginal and Torres Strait Islander peoples for “Voice, Treaty, Truth”, in ...4 hours ago
- NZ education scores must improve – but another polarising ideological pivot isn’t the answerSource: The Conversation (Au and NZ) – By Bronwyn E Wood, Associate Professor in Education, Te Herenga Waka — Victoria University of Wellington Getty Images You don’t need to look hard right now to see concerns about Aotearoa New Zealand’s education system. Declining performance in international testing has been ...4 hours ago
- An updated tally of the public sector job cutsThe coalition government has made it well known it expects departments to cut roles. We break down the numbers as they currently stand. Updated: 12pm, April 18 Before last year’s election, both National and Act made it clear that the public service was squarely in their crosshairs. Both parties, now ...4 hours ago
- Confessions of an unlikely petrolheadCheckered Flag director Natalie Wilson on her lifelong love of motorsport, and the allure of Pukekohe Park Raceway. One childhood summer when my world revolved around winning stuff off the radio, I bagged tickets to Western Springs Speedway and then to Waikaraka Park in what was a dream season for ...4 hours ago
- 'Ambitious' trade pledge headlines Luxon's Thailand stopThe Prime has announced a commitment to triple two-way trade with Thailand by 2045, but it only requires maintaining current growth. ...4 hours ago
- ‘The right person’: What did Solomon Islanders vote for?By Koroi Hawkins, RNZ Pacific editor in Honiara After a relatively well organised and peaceful day of voting in Solomon Islands yesterday, the electoral commission is working with donor partners to safely transport ballot boxes from polling stations all over the country to centrally located counting venues. It is a ...4 hours ago
- What it’s like to be made redundant by the Ministry of EducationI was one of hundreds of people who lost my government job this week. Here’s exactly how it played out. It is a Friday. I’m in the middle of an online Teams hui working out the finer details of a series of workshops we’ll be presenting next week. It’s a ...5 hours ago
- What are ‘Ozempic babies’? Can the drug really increase your chance of pregnancy?Source: The Conversation (Au and NZ) – By Karin Hammarberg, Senior Research Fellow, Global and Women’s Health, School of Public Health & Preventive Medicine, Monash University Joshua Rodriguez/Unsplash Hundreds of thousands of people worldwide are taking drugs like Ozempic to lose weight. But what do we actually know about ...6 hours ago
- Why the kookaburra’s iconic laugh is at risk of being silencedSource: The Conversation (Au and NZ) – By Diana Kuchinke, Lecturer in Ecology, Federation University Australia Linda Robertus/Shutterstock Once, while teaching a class of environmental science students in China’s Hebei University of Science and Technology, I asked who knew what a laughing kookaburra was. There were many blank faces. ...6 hours ago
- Source: The Conversation (Au and NZ) – By Claire Breen, Professor of Law, University of Waikato smolaw11/Getty Images School truancy has been a concern across the political spectrum for years. But proposed solutions have largely failed to address the core reasons for unexplained school absences. Despite the apparent ...6 hours ago
- ‘Listening is the most important part’: 10 things students with disability and their families wa...Source: The Conversation (Au and NZ) – By Melissa Cain, Senior Lecturer in Inclusive Education and Arts Education, Australian Catholic University Agence Olloweb/Unsplash, CC BY About 90% of Australian students with disability attend mainstream schools. Equitable access and participation in education is a fundamental human right. But as last ...6 hours ago
- Will global oil supply be at risk if Iran and Israel pull the Middle East into war?Source: The Conversation (Au and NZ) – By Flavio Macau, Associate Dean – School of Business and Law, Edith Cowan University Tensions in the Middle East have escalated following Iran’s weekend missile and drone attacks on Israel, heightening concerns of a wider conflict. As with the Russian invasion of Ukraine, ...6 hours ago
- No, getting your boyfriend to peel an orange won’t prove his loyalty. Why TikTok relationship ‘t...Source: The Conversation (Au and NZ) – By Edith Jennifer Hill, Associate Lecturer, Learning & Teaching Innovation, Flinders University Shutterstock Have you ever wondered if your partner really loves you? Well apparently so have thousands of TikTok users, who are testing their theories for the world to see. In ...6 hours ago
- New Zealand’s Annual Emissions Fell In 2022, For Third Successive YearThis is the third successive decrease year-on-year. New Zealand’s gross emissions for 2022 were 78.4 Mt CO2-e. ...6 hours ago
- Oranga Tamariki job cuts: 'We can't establish what their endgame is'Oranga Tamariki has failed to explain how hundreds of job cuts will achieve a better outcome for children, a children's advocate says. ...6 hours ago
- Help Me Hera: My parents won’t help out with my kidsThey pressured me to have children, and I had two. Now they won’t lift a finger. Want Hera’s help? Email your problem to helpme@thespinoff.co.nz Hi Hera, I suspect it’s a familiar pattern. Back in the day, as a single gal, I was plagued with questions from my parents about when I would find ...7 hours ago
- Care Workers Call For Fairness On Pay Equity Anniversary“The Government has an opportunity here to really correct the course for the care and support workforce, and the people they look after. This cannot be just another area left in the cold, we need real leadership to ensure the proper quality of care ...7 hours ago
- First evidence of ancient human occupation found in giant lava tube cave in Saudi ArabiaSource: The Conversation (Au and NZ) – By Mathew Stewart, Research Fellow, Australian Research Centre for Human Evolution, Griffith University The western passage of the Umm Jirsan lava tube. Green Arabia Project If you look from above, you can see thousands of stone structures dotting the landscape of the Arabian ...7 hours ago
- Teachers worry about curriculum, NCEA changes amid staff cutsMore than 500 jobs are likely to be cut at the Education Ministry with concerns about how the curriculum and NCEA changes will now be managed. ...8 hours ago
- Government IT systems need a $800m overhaulThe government is facing a bill of more than $800 million to overhaul back-office IT systems, and attempts to lessen its impact have hit delays. ...8 hours ago
- Over 3,000 public service jobs now proposed to goThe Ministry of Education confirmed a proposal to reduce headcount by 565, while Oranga Tamariki’s proposal would result in a loss of 447 jobs, writes Anna Rawhiti-Connell in this excerpt from The Bulletin, The Spinoff’s morning news round-up. To receive The Bulletin in full each weekday, sign up here. Ministry of ...8 hours ago
- Kāinga Ora delays building projects ahead of reviewKāinga Ora is unable to say how many new KiwiBuild developments have been delayed as it waits for the outcome of the government's independent review of the state housing agency. ...8 hours ago
- Owners of earthquake prone buildings given four extra years to complete strengtheningA review into the regulations was also being brought forward. ...9 hours ago
- Corrections Accepts Recommendations Following Auckland Prison InspectionThe Inspectorate made three overarching recommendations following the inspection, all of which have been accepted in full by Corrections. ...9 hours ago
- Auckland’s dumped Commonwealth Games bid has lessons for Christchurch
The crippling cost and complexity of Christchurch’s Commonwealth Games ambitions have become clearer The post Auckland’s dumped Commonwealth Games bid has lessons for Christchurch appeared first on Newsroom. ...10 hours ago - Oranga Tamariki services for at-risk children will get better after job cuts, minister says"We need to make sure that every dollar we're spending is actually for the benefit of our young people," says Children's Minister Karen Chhour. ...10 hours ago
- How the coalition plans to replace the quickly scrapped Māori Health AuthorityThe coalition government got rid of the Māori Health Authority in a hurry. What is it doing now instead? ...10 hours ago
- How to tell if your child is well enough to go to school or is in fact sickDavid Seymour announced new guidelines this week for sending your kids to school with symptoms. Emily Writes sums them up. Parents knee deep in snotty tissues and buckets of vomit were granted a much-welcome reprieve by associate education minister David Seymour on Wednesday with the announcement that he will advise ...11 hours ago
- We’re asking the wrong questions about treaty settlementsWhen the Crown is the self-appointed ultimate authority over a process to deal with Crown misconduct, we run into big issues, writes Tina Ngata. “What’s it going to take for Ngā Puhi to settle” was the headliner statement on Q&A last weekend, as Ngā Puhi chair Mana Tahere was interviewed ...11 hours ago
- Book of the Week: Mothering in late-stage capitalismI think a capitalist patriarchy that relies on monogamous heterosexuality and gender essentialism is the worst system to ensure the survival of our species. Just watch an episode of MAFS Australia. I don’t think there’s anything natural or normal about this system, instead I think it’s a construct kept in ...11 hours ago
- Luxon spreads his wings in ThailandLuxon touched down in Thailand late on Tuesday night, before launching into a packed day of business breakfasts and bilateral meetings in the kingdom’s capital. The visit to Thailand comes after Luxon’s Singapore swing – somewhat of a love-in for the Kiwi Prime Minister, where he shmoozed high-net worth individuals, ...11 hours ago
- New Zealand’s crisis of confidenceThree in five New Zealanders say our country is in decline and our society is broken, exclusive new polling reveals The post New Zealand’s crisis of confidence appeared first on Newsroom. ...11 hours ago
- Daily crossword, Thursday 18 AprilThe post Daily crossword, Thursday 18 April appeared first on Newsroom. ...11 hours ago
- New Zealand broken and in decline, Kiwis sayA global wave of disillusionment and disenfranchisement has not spared New Zealand, with a majority of respondents to a survey here agreeing that New Zealand society is broken and the country is in decline. Ipsos New Zealand asked 1001 Kiwis about their hopes for the future and their views of ...11 hours ago
- Labour all at sea against Govt’s legislative blitzkriegOpinion: The embittered negativity of Labour’s prominent spokespeople is preventing political exploitation of rapid Government change The post Labour all at sea against Govt’s legislative blitzkrieg appeared first on Newsroom. ...11 hours ago
- Staff shortages key to Auckland Prison’s failure to uphold inmates’ rightsOpinion: At a time when government departments are shedding workers to fund budgetary cuts, the news that staff shortages have caused prisoners to be in solitary confinement for periods longer than eight months is frightening. This revelation is one of several in the Prison Inspectorate’s most recent report, published ...11 hours ago
- Newsroom daily quiz, Thursday 18 AprilLoading…(function(i,s,o,g,r,a,m){var ql=document.querySelectorAll('A[quiz],DIV[quiz],A[data-quiz],DIV[data-quiz]'); if(ql){if(ql.length){for(var k=0;k<ql.length;k++){ql[k].id='quiz-embed-'+k;ql[k].href="javascript:var i=document.getElementById('quiz-embed-"+k+"');try{qz.startQuiz(i)}catch(e){i.start=1;i.style.cursor='wait';i.style.opacity='0.5'};void(0);"}}};i['QP']=r;i[r]=i[r]||function(){(i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o),m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m)})(window,document,'script','https://take.quiz-maker.com/3012/CDN/quiz-embed-v1.js','qp'); Got a good quiz question? Send Newsroom your questions. The post Newsroom daily quiz, Thursday 18 April appeared first on Newsroom. ...11 hours ago
- Police briefings show finances at ‘tipping point’There is a forecast deficit of $120m only brought down to $56m through cost-cutting measures The post Police briefings show finances at ‘tipping point’ appeared first on Newsroom. ...11 hours ago
- Pharmac and the keys to the drug cupboardClose to 3,500,000 prescriptions for paracetamol are written in New Zealand every year. It’s just one of the treatments funded by Pharmac, the drug agency that barters with pharmaceutical companies to get medicines for us at the lowest cost possible. Currently its yearly budget is about $1.5 billion, but apparently ...11 hours ago
- A montage of West Papuan everyday life from hip-hop to protest songsI came to this evening of short films not sure what to expect. I have a history with West Papua (here referring to the Indonesian part of the island of New Guinea, which comprises five provinces, one named “West Papua”) from my days fronting the legendary West Papuan band Black ...15 hours ago
- Ministry of Education plans to cut 565 rolesIt makes the proposal the biggest single slash to a public service agency so far. ...19 hours ago
- Oranga Tamariki proposes to cut more than 400 jobsAbout 1900 roles would be affected overall - either changed or disestablished - in the "scope of restructuring work". ...19 hours ago
- Politics with Michelle Grattan: Independent MP Dai Le on the church attack in her electorateSource: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra After the stabbing of Bishop Mar Mari Emmanuel in an Assyrian Orthodox Church in Wakeley on Monday, and the killings in Bondi Junction shopping centre just two days earlier, many people in Sydney and in ...20 hours ago
- Government issues guidelines for when sick children should be kept home from schoolCovid-19? Symptoms including fever, vomiting, diarrhoea or head lice? Your children should be at home, new government guidelines say. ...21 hours ago
- Australia’s long-sought stronger environmental laws just got indefinitely deferred. It’s back to...Source: The Conversation (Au and NZ) – By Euan Ritchie, Professor in Wildlife Ecology and Conservation, School of Life & Environmental Sciences, Deakin University We’ve long known Australia’s main environmental protection laws aren’t doing their job, and we know Australians want better laws. Labor was elected promising to fix them. ...21 hours ago
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Of course we would. The question you really need to be asking is: Would we still have access to the resources for our businesses? Which I’ve already answered many times – yes. We have the resources and, as we already own them, they’re the cheapest available to us and using them is the most efficient.
It would take awhile to change over from the present delusional system and so we’d have to be on watch for the present system trying to come back.
Nice one Bunji.
And one other point: a higher level of inflation is VERY helpful to reducing debt burdens, as fixed amounts of debt become less onerous.
This Steve Keen blog post on the pivotal role of banks in money creation and the ‘Endogenous Money’ theory is very helpful as well.
http://www.debtdeflation.com/blogs/2012/07/03/7787/
Note the empirical research which shows that changes in overall debt levels have been very closely related to changes in employment.
When the gold standard was removed it seems all the world did was end up transferring it to a property standard. The defacto value of money now is property. I’ve got some cash on call and it’s real value is less than when I deposited it.
I wonder if a simpler way to rein in the banks is to ban interbank borrowing. Endogenous lending is only possible because banks can borrow the deposits of other banks. If trading banks had to work off only their own deposits we’d see a big drop in money creation. The central bank could then fill the gaps in demand.
What you are asking is for banks to become strictly ‘savings and loans’ institutions. Good idea I say, with only Government holding the ability to issue new money.
I think the real way to “fix” this is to acknowledge that any system we design will have inherent flaws that the unscrupulous will exploit, and that if the system has to be abandoned in favour of different settings in the future – so be it.
You make a good point. The big debate over endogenous lending revolves around the banks manipulating the way the central bank gives an unlimited overdraft to trading banks. It’s purpose is to provide stability to the banking system but the banks instead exploit it to lend money they don’t have.
And it doesn’t do any such thing, as we have very clearly observed.
The point is that unintended consequences are inevitable, whatever we do. Something needs to change, but we shouldn’t fool ourselves that that would be the end of the matter.
Very well written Bunji…
The problem with all of this is that our political system is owned by the same owners of the monetary supply, and until the awareness of how the current system works reaches a critical mass, nothing is going to change!
We have to take back our politics first, which is why we are having our sovereignty signed away so quickly/secretly in the TPPA, and the energy assets disposed of. The same owners, will get the assets, and own the companies, which our sovereignty will be lost to.
“Money”, sits at the very top of the heap, so controlling it, effectively allows you to control most any industry you care to name!
Think this is a joke, think much harder!
Oh and in case it went unsaid, we have a banker in charge of our country, and another future National leader working for the Westpac!
Sounds positive!
20 years ago only few people realised all this.
10 years ago the internet allowed more people to find this out.
5 years ago people like travellerev started telling everyone.
today it is a subject on a widely read blog.
tomorrow it will be a mainstream news article
then it will be all over for the bankers