MANA SUPPORTS THE PETITION TO STOP BANKS TAKING YOUR MONEY
Posted on March 26, 2013 by admin in Press ReleasesThe government is setting in place a system that will let your bank take money from your account if the bank gets into trouble and needs to be bailed out. Signatures are being collected for a petition that asks the government to hold an inquiry into finding other ways to make banks stable.
Banks make huge profits for their owners by charging interest on loans and mortgages and by charging bank fees. Four of the biggest banks in New Zealand – ANZ/National, BNZ, and Westpac – are not even owned by New Zealanders. They are owned by Australian banks, who are in turn owned by UK and US banks, and the profits go there not here. Why should New Zealand customers or taxpayers bail out the banks when they get into trouble?
The reason why banks sometimes get into trouble is because they loan out far more money than they actually have in their vault, they invent ‘virtual’ money. They do this because the more they loan out, the more profit from interest they make. If too many people come to withdraw their money at the same time, the money is simply not there and banks want to be able to take their customers money to solve the problem. It sounds crazy but it’s true. Another solution is to make sure banks can only lend out what they have. It’s called 100% reserve banking. Most banks in New Zealand operate on 8% reserve banking.
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Want to get Involved?
- If you want to sign the petition or help collect signatures, please contact Deirdre Kent at deirdre.kent@gmail.com.
- If you want more background information, see the Facebook page http://www.facebook.com/pages/Petition-for-a-Parliamentary-Enquiry-into-making-banks-stable/420764948002065.
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carll perkins says:
Post Author March 26, 2013 at 2:19 pmwould like to sign the Petition to stop Banks Taking your Money
allen broomfield says:
Post Author March 29, 2013 at 9:48 amI want to sign the petition as well. Stop banks taking your money.
Paul Berkahn says:
Post Author April 14, 2013 at 12:42 pmOur whole family of 5 people want to be included in the petition against OBR -Open Bank Resolution – (banks stealing our money)
See reserve bank web site for their news release
http://www.rbnz.govt.nz/news/2013/5212777.html
This is HUGE RIPOFF and an OUTRAGE!!!
David Graham says:
Post Author April 15, 2013 at 10:22 amI agree and would like to sign the petition.Well done MANA.
The Reserve Bank was supposed to deal with these problems?Make the Banks keep their customers money safe;stop risky investing of clients money.