What’s wrong

Don Brash recently stated ‘‘banks don’t create money, the banking system creates money’’ as though the system is legitimate.

Michael Cullen recently stated ‘‘banks don’t create money, they lend out people’s savings’’ contradicting Don Brash.

The first question I would ask the man who has now been appointed head of the ‘‘taxation working group’’ (Michael Cullen) is ‘‘why have people’s deposits at Kiwi Bank been made unsecured when they were attracted by Kiwi Bank as guaranteed?’’

It’s not because Kiwi Bank has been lending out offshore deposits derived from the banking system is it? Hmmm...

I don’t think there is a person alive who was not born into the banking system, especially any politician.

Are our politicians so trusting of the ‘‘banking system’’ that they don’t question it?

Since 1929 when ‘‘a central bank bought up government debt’’ allowing the banking system to extract interest from taxation of the productive economy, government has not stopped borrowing.

Personal income tax (direct taxation) on a global basis was introduced in 1922 after WWI and the RBNZ was established in 1934.

From this point on there have been two predators preying on the taxes of NZ’s productive economy: government and the banking system.

For a person who is protesting ‘‘poverty and inequality’’, Jacinda Ardern is appointing people to work out how to tax the economy more and call it ‘‘fair’’ when it is the system that needs an overhaul.

Martin Armstrong said: ‘‘Everybody knows something is wrong; government can’t keep borrowing forever and never pay a damn thing back’’.

Steve Laurence

Egmont Village