Media Release
Friday 10 October 2008

“You’ve got to remember - Banks Create Credit”

“You’ve got to remember – banks create credit, they lend it to companies and that creates growth.” - John Key, Leader of the National Party, on Television New Zealand Breakfast programme, 9 October 2008.

“John Key, on national television, has admitted to the people of New Zealand the truth about money which social crediters have known for decades,” says John Pemberton, Finance spokesman for Democrats for social credit (DSC).

“Where are the howls of derision from the Labour pack? Where are the cries of ‘funny money’? Only a thundering silence, because to deny that banks create credit is to deny the very existence of the global financial meltdown.

“No longer can politicians, money market managers and economists hide behind the claim that banks only lend other people’s savings. John Key has naively let the cat out of the bag, and we thank him for that.

“The Leader of the Opposition is perfectly right,” says Pemberton. “Banks create credit out of thin air, lend it to companies and charge interest for the privilege. The entire world economy is based on this one confidence trick.

“It’s time to take the ‘trick’ out of confidence. It’s time to take the power to create the nation’s money supply back into the hands of a publicly owned credit authority, for the good of all New Zealand citizens.”

ENDS

© Scoop Media