The 1956 report of the 1955 New Zealand Royal Commission Into Monetary, Banking, And Credit Systems gives a great insight into the history of international banking and its impact upon the peoples and economy of New Zealand. It clearly discloses that the gold standard has been nothing but a thing of ceremonial token gesture since the 1600s, and has been replaced by a “credit creation mechanism” at the core of banking. This mechanism is currently in the hands of the private interests who have used and abused it as a means with which to put societies into servitude via predatory lending practices. This report discloses their argument as to why they can remain entrusted with the credit creation mechanism, even after the many repeated cycles of boom, bust, bankruptcy that have occurred on the private watch, as opposed to it being returned to elected public representatives. It discloses that none of the benefits they claimed would eventuate, have eventuated, everything bad they warned of happening under a public credit systems has occurred under the private system, and most of the protections they claimed we had to prevent tyranny of the system have since been dismantled by the infiltration of the legislation process by vested private money interests; Pg 5 Royal Commission to Inquire Into and Report Upon Matters Concerning the Monetary, Banking, and Credit System of New Zealand Pg 21 38. It is about twenty-one years since the last general inquiry into monetary and banking systems in New Zealand. The report of the Parliamentary Committee reveiews events prior to 1934 and the operation of the banking system before that time. In 1934 the Reserve Bank of New Zealand, established by the Reserve Bank of New Zealand Act 1933, began business and the New Zealand banking system took its present general form. It seems appropriate, therefore, to confine this review to the period since 1934. continued here; publiccreditorbust.blogspot.co.nz/2013/03/the-1956-report-of-1955-new-zealand.html
Posted on: Thu, 11 Sep 2014 08:36:07 +0000
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