Mischele says: The Democrats for Social Credit's policy was utilised by PM Michael Joseph Savage in the 1930's to borrow directly from the Reserve Bank of NZ at minimal interest rates.
The current State houses, 33,700 odd were built using this banking facility and brought the economy back onto its feet and people went on to build hospitals, schools, roads etc.
We need to do the same again but the Nats, Labour & Greens who hold the power in govt. don't seem to understand that this very policy NEEDS implementing now!!
It's very simple and LOGICAL!!
We need to abolish GST in favour of FTT (Financial Transactions Tax) at 10c in every $100 netting us a saving of 12 % - no GST returns.
This involves less bureaucracy and the BANKS and financial speculators get to pay their fair share of tax.
They are borrowing $30million daily to keep us afloat.
Off the books which not too many people know is that John Key has placed a bet on the derivatives market of $112billion in 2011 according to Prof. Sue Newberry.
Should this "bet" not go in our favour then we add the $112b to the $81billion. NOT a pretty picture when we know that State assets are $49billion.
WE NEED to take fiscal responsibility by implementing Democrats for Social Credit policy by ensuring govt. and local govt. borrow directly from our own Reserve Bank of NZ at no interest rather than with the overseas banks at their crippling interest rates.
Abolish the punitive GST and replace with FTT (Financial Transactions Tax) at 10c in every $100.
People win by keeping 12% more in their pockets and the Banks and finance speculators get to pay tax they get away with now.
This party is 60 years old and our policy worked for NZ to get us out of the Depression and has been repeated in Canada.
The govt. needs to have the courage to do it. Simple.
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