Media Statement

Banking Reform group started

A new banking reform group, aiming to restore the government's sovereign right to create and issue the nation's currency, has been formed.

Spokesperson for NZ Banking Reform, Deirdre Kent, said the first meeting was held in Petone last week with 27 attending, and a decision to meet monthly, and grow the membership.

Early activities will be to visit the Reserve Bank asking them to explain the way banks currently create 98% of the country's money supply. "We want the Reserve Bank to shine the burning light of clarity into the banking system so that everyone can understand. We are told taxpayers own the Reserve Bank, so we want them to explain how money is multiplied through the banking system," she said.

Ms Kent said the group, NZ Banking Reform, also has an egroup discussion (NZ_Banking_Reform@egroups.com) going on the web, with forty members participating.

"As well as visiting the Reserve Bank, we plan to assemble data about the growing debt, the rapid growth in money supply and the current laws applying to money creation."

She said those present at the first meeting came from a variety of backgrounds including businesspeople, church people, academics, Greens and Democrats.

"We believe that money is a clever human invention which must be our servant, not our master." She said many were angry that some of our taxes are being used to pay the overseas owned banks for lending money to our government when the money could be issued interest free by Governments, as with notes and coins.

For further comment phone Deirdre Kent 04 802 4640 or 025 203 0821 or Finlay Thompson 380 0994 or 021 117 9149

To contact New Zealand Banking Reform:

Email: NZ_Banking_Reform-owner@egroups.com

To join the discussion group send a blank email to.

EMAIL: NZ_Banking_Reform-subscribe@egroups.com

…or use the following link.

http://www.egroups.com/invite/NZ_Banking_Reform

ENDS

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