Media Release

Tuesday 14 October 2008

DSC plan for financial reform

The DSC leadership today released a 7 point plan designed to establish the framework for a social credit economy in New Zealand. Leader Stephnie de Ruyter and Deputy Leader John Pembertonsaid the DSC Plan for Financial Reform offers a workable solution to the financial turmoil resulting from the global credit crisis.

“The following 7 point plan will reform the inherently unstable financial system. This is achieved by replacing toxic debt-based commercial bank credit with social credit. The issue of social credit will be the sole means of money coming into existence and continuing to exist – and will be issued in the public interest, to serve the common good” said Mr Pemberton.

1.       ‘Monetary Authority New Zealand(MANZ)’ will be established as the only institution with the power to create, issue, and cancel New Zealand’s money.

2.       Trading Banks will become licenced agents of MANZ.Trading Banks will only be able to advance to their customers that money which has been made available by MANZ. The trading bank’s primary role will be to serve the commercial interests of the economy – business and corporate customers.

3.       Specialist savings institutions, charged with serving the investment needs of New Zealanders and not the profit of overseas shareholders, will be encouraged.This refers to Credit Unions, PSIS, TSB and any other Community type banks.

4.       The Reserve Bank of New Zealand, renamed as “Infrastructure New Zealand” (INZ), will take on the specialist role of managing investment monies required for low economic yield social investment such as: housing; roading; environmental and local authority infrastructure.

5.       The division within the Reserve Bank which carries out the supervisory role over banks and financial institutions will be transformed into a stand-alone, independent, publically owned organisation.

6.       MANZ will be charged with identifying the income shortfall between total prices and total incomes (The Gap).Debt free money will be made available by MANZ to the New Zealand Government to fund “Kiwi Income” (KI), in the form of a national dividend to every resident New Zealander. MANZ will also be able to fund Health, Education and Environmental projects - in ways that decrease the call on family incomes.

7.       MANZ will be responsible for the availability and flow of working funds necessary to facilitate trade with other nations.MANZ will ensure that the money made available by each nation for trade is backed by the real value of goods and services. MANZ will facilitate an exchange of equivalent value with no undue influence from currency, and other, speculators.

Ms de Ruyter said that the DSCis the only political party of reform with a comprehensive plan that will take New Zealand forward into a more just and sustainable future as an independent and sovereign democracy.

”The time is right for social credit to replace social debt in New Zealand” she concluded.

ENDS

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