Here is a letter Laurence sent to the Dominion Post on 18 Nov, 2011<\/p>\n
Dear Sir,<\/p>\n
Congratulations on your initiative to research the gap between rich and poor in New Zealand. The fact that the richest 5% own more than double the bottom 50% comes as no surprise because we have a money system which systematically transfers wealth from the poor (who are net borrowers) to the rich (who are net lenders).<\/p>\n
When credit is created by banks as interest-bearing debt one of the many horrible consequences is that the gap widens. The principle is created but the interest isn\u2019t. So there is never enough money in the system at one time for everyone to pay off their debts, and the losers must borrow again. It\u2019s like a game of musical chairs \u00ad\u2013 with each new round there is a loser. And overall debt continually increases.<\/p>\n
Equality will never arrive in the Age of Usury. Our party advocates benign multiple currencies, a means of exchange created interest-free as a public utility.<\/p>\n
Laurence Boomert
\nCandidate for Wellington Central
\nNew Economics Party
\nhttps:\/\/neweconomics.net.nz<\/p>\n","protected":false},"excerpt":{"rendered":"
Here is a letter Laurence sent to the Dominion Post on 18 Nov, 2011 Dear Sir, Congratulations on your initiative to research the gap between rich and poor in New Zealand. The fact that the richest 5% own more than … Continue reading