When you first hear that banks create money by typing numbers into a computer you can’t quite believe it. When you hear that this free ‘money’ is lent out with interest added, you dismiss it as lies because the banks would be no better than counterfeiters.
Labour Finance Minister Grant Robertson says that over the coming decades billions of dollars of tax revenue will be spent paying off loans taken out by the government to fund its Covid-19 economic rescue packages.
Sky News host Rowan Dean says the effectiveness of the Covid-19 herd immunity strategy implemented in Sweden and Switzerland “should put the fear of God into every politician” who thought they could beat the virus with an economy-crashing lockdown.
Yesterday’s announcement by the Reserve Bank that it will increase its money creation by an extra $40 billion dollars up to $100 billion over the next two years to buy government IOU’s off banks and rich investors sets an all-time record for […]
At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring […]
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“Billions of dollars… were just created by the Reserve Bank…We owe it to nobody, we’ve created it… and we write most of it off…”. Jim Bolger, former Prime Minister of New Zealand, speaking on 15 July 2020. It’s a common misconception that […]