Media Release

Monday 8 October 2012

Greens promotion of social credit welcome

DSC leader Stephnie de Ruyter today congratulated Greens co-leader Dr Russell Norman for finally embracing aspects of social credit monetary reform. “It’s great that the Greens have woken up at last” Ms de Ruyter said. “Their advocacy of DSC policy to solve problems such as the high value of the New Zealand dollar and the funding of the Christchurch rebuild is a welcome ‘about face’.”

“Unlike the central banks of most of our trading partners, New Zealand’s Reserve Bank is publicly owned and under the provisions of the Public Finance Act 1989 the government is able to act as the DSC and the Greens recommend, if it chooses to do so.

“The proposed programme of QE would be a useful step, and one which the government must eventually take, but it’s a short term solution intended to be applied to specific projects. A better course would be to take a long term view and introduce a range of measures starting with the issuing of all of New Zealand’s money supply through the RBNZ, instead of borrowing it from overseas financiers, then utilising Reserve Bank credit facilities for a wider range of projects such as for local body finance, for housing, for the health sector, for education, for energy, to strengthen the domestic economy and to insulate us from the effects of the global debt crisis.

“This plan for new economics is not new. Social crediters have researched, studied, and campaigned for it over many decades. The first Labour government used social credit to build state houses, roads, bridges, hospitals, and schools. For years the NZ Dairy Board benefited from a RBNZ credit line. It’s not “whacky”, it’s not a “sign of panic”, and it’s not that “radical”.

“Over the years, bits and pieces of social credit monetary reform have been successfully applied in New Zealand as the need has arisen. Social credit works. Use it.”

ENDS

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