The Reality of Everything

There is a new conversation in town, which we consider to be a game changer. It is called The reality of everything, and it challenges thinking on a number of levels. Of importance to us is the 17 minute presentation by Ganesh R. Ahirao (known to us as Ganesh Nana) and political economist Morgan Edwards, titled “Unleashing Public Finance”. Here is a link to the text of the presentation.

Following are the main talking points.

• Governments are not financially equivalent to households.

• The real constraint on government spending is productive capacity, not money itself.

• The greatest burden on future generations is underinvestment, not public debt.

• Public finance should be directed towards long-term resilience and wellbeing.

• Government spending creates money within New Zealand’s monetary system.

• Taxes remain essential, but not primarily to fund spending.

Predictable approach for the election

The above message has not got through to the established political parties, despite our best efforts and they have gone for more of the same for the economy. The right is choosing austerity and further cuts to balance the books while the left is looking at more taxes.

Whatever they choose, it will not be enough to solve our infrastructure crisis and grow the economy. It will be interesting to see how the Opportunity Party fares as we are hopeful they may consider DMF after the election. Here is a link to a three-minute Facebook clip on their long-term funding for infrastructure strategy which aligns with many of our proposals.

The next focus

While we will continue to get our message in front of politicians, we are aware that politicians often follow rather than lead and political change often happens when politicians consider that doing nothing might cost them votes.

Having the Reserve Bank finance infrastructure projects not only provides secure long-term funding and frees up tax dollars that could be spent elsewhere, it lowers the interest burden. Our Finance Minister said in April of this year that servicing debt is the government’s fourth largest cost, larger than the combined cost of Police, Defence, Corrections and Customs.

Direct Monetary Financing will reduce the capital costs for infrastructure and any servicing costs, freeing up billions of tax dollars. This freed up money can be spent on our failing health system, increasing Pharmac’s budget and alleviating child poverty, to name just a few. This will be a new focus for our campaign.

Please contact us if you have connections within NGOs that would benefit from additional funding from central Government. Also, do not forget to share the Unleashing Public Finance clip.

Don Richards

We recommend that you read the post and although it is a long read, there is a lot of good detail in it.

We are working through our own formal reply to the Reserve Bank’s response which should be available later this month.

Don Richards

Updated video presentation

The videos of our recent presentation at Parliament and the following Q&A have been integrated into a standalone 18-minute clip. The sound quality has also been boosted. Please share this video to help spread the message about how direct monetary financing can help to fix our infrastructure deficit.

Valuable assistance from economist and blogger Maurizio Piglia

Maurizio Piglia has agreed to assist us. He is a macro-financial analyst and institutional adviser with more than 30 years of experience across Europe and New Zealand. A Bocconi University graduate in finance and marketing, he is the founder and editor of The Keen-Lens Macro Letter and works in collaboration with economist Professor Steve Keen on a heterodox macroeconomic modelling and policy-signalling system.

Maurizio wrote two recent articles and is helping us with a response to the RBNZ

• Your daughter didn’t leave because you weren’t frugal. She left because the Banks own the Country.

• New Zealand’s retirement crisis is not a savings gap. It is a private debt trap

Another member of our team

Luke Reid has joined our team with a commitment to boost our Facebook presence. Watch this space.

Don Richards

Interview with Steve Keen

Here is a link to the 75-minute interview we had with Steve Keen. The aim of the interview was to address the issues the Reserve Bank had with Direct Monetary Financing (DMF) and our proposal that the Bank create financing for infrastructure at zero or near to zero interest.

Steve supported the use of DMF, and disagreed with the arguments put forward by the RBNZ against it. Steve believed that DMF strengthened monetary policy by adding another tool, contrary to one of the Reserve Banks concerns. Steve also pointed to the successful use of DMF by China.

Decision by The Finance and Expenditure Committee

Unfortunately, the Finance and Expenditure Select Committee did not endorse our petition for an inquiry into the Reserve Bank providing financing for infrastructure at zero, or near to zero interest rates. This is disappointing as we were only asking for an inquiry and we consider that we put forward a compelling case given the state of our infrastructure and the economy.

We still intend to address the issues raised by the Reserve Bank and are looking at other options to interact with MPs.

The passing of Bruce Anderson

Bruce Anderson, who appeared in our Q&A video at parliament, passed away last week after a brief illness. Bruce spoke in support of our campaign and was a former Assistant Auditor General who worked for both the Reserve Bank and Treasury. Our condolences go to out to his family.

The Opportunity Party

We approached the Opportunity Party in April and they expressed an interest in our campaign. In a follow up they said policies have been set for this election but they will consider our initiatives after the election.

Our AGM and a change to our constitution

Our AGM was held during June and the Chair Don Richards, Deputy Chair Cliff Hall and Treasurer Warren Stutt were elected unopposed.

Here are links to the Minutes , the Chair’s Report and the Financial Report.

During the meeting, a motion was put forward to change the Constitution. The motion was to change the numbers required for a quorum for our meetings from 30% of financial members to 20%. It was carried by a show of hands and the Constitution was updated.

During June we also:

• Shared an article : New Zealand’s retirement crisis is not a savings gap. It is a private debt trap

• Shared a blogpost on our campaign from Deirdre Kent: Why are we paying interest on money we could create ourselves?

Don Richards

The interview will take place via Zoom on Saturday the 13^th June and will be filmed as part of the documentary being compiled on our campaign.

AGM on Wednesday the 17^th June

Our AGM will be held on Wednesday the 17^th June, at 7:30, via Zoom.

Here is a link to the agenda, which includes the Chair’s Report and the Financial Report.

https://positivemoney.org.nz/wp-content/uploads/260617_AGM_Agenda.pdf

Let us know if you are unable to attend and we can record you as an apology: info@positivemoney.org.nz

Here is the link to the Zoom Meeting: https://us05web.zoom.us/j/81075580332?pwd=1awCvEaCQFfwbSnXxS4am62OJILNTk.1

Should the meeting go for longer than 40 minutes, which we do not expect it to, here is a secondary link:

https://us04web.zoom.us/j/77607783052?pwd=3MXIfsVvzaFuO2ejV8OX1500txeBpn.1

General business

The following motion has been put forward to change the Constitution.

Change section 21.6 of our Constitution from:

21.6 No Society Meeting (either a Special or AGM) may be held unless at least 30 % of eligible Members attend. (This will constitute a quorum.)

To:

21.6 No Society Meeting (either a Special or AGM) may be held unless at least 20% of eligible Members attend. (This will constitute a quorum.)

Consistent with the constitution, 20% of eligible members have supported the motion.

It now requires a two-thirds majority of those eligible members present at the voting in favour of the motion.

Don Richards

Updated video clip of our presentation to MPs at Parliament followed by a Q&A

Here is the 13-minute video clip of the Q&A after our presentation at Parliament. It follows on from an earlier clip of the presentation. We currently have a supporter improving the sound quality, and when that is done, we will provide a combined version of the presentation and the Q&A.

On reviewing our video clips, we recognise that we may have given the impression that the Reserve Bank supports DMF (Direct Monetary Finance). In a couple of clips, we said, “there is no good reason (not to implement DMF), even the Reserve bank has said so”.

We reviewed the source clip that said “there is no good reason why we can’t [implement] direct monetary financing - even the Reserve bank has said so”.

What we were alluding to was that there was no legislative barrier to implementing DMF, which the Reserve Bank confirmed. The quote however could be viewed, in a wider context, as saying the Reserve Bank had no issues with DMF at all. We have therefore removed the phrase “even the Reserve bank has said so”.

The previous version, sent out in last month’s newsletter has been deactivated and in future, please use this version for our initial presentation at Parliament.

Interview with Steve Keen soon

Well-known economist Steve Keen has agreed to be interviewed by us during June. The focus of the interview will be to respond to, and help debunk, the issues the Reserve Bank has with DMF. The interview will be filmed and will provide a good conclusion to our other clips, the presentation and the Q&A.

At this point, we wish to acknowledge the great work that Marcus Palmer has done, filming and editing the clips.

Buying back the BNZ

We are pleased to see this ambitious proposal and agree with the idea of buying back the Bank of New Zealand from its Australian parent.

We do welcome this type of major structural change to our financial system, rather than mere tinkering at the edges. As we are unaware of how it will be done, the business model and other such details, we cannot provide further endorsement at this stage.

Notice of our AGM

Our AGM will be held on Wednesday the 17^th June, from 7:30 via Zoom and here is the Zoom link https://us05web.zoom.us/j/81075580332?pwd=1awCvEaCQFfwbSnXxS4am62OJILNTk.1

Should the meeting go overtime, we have a secondary link:

https://us04web.zoom.us/j/77607783052?pwd=3MXIfsVvzaFuO2ejV8OX1500txeBpn.1

Here are links to the Agenda, the Chair’s Report and the Financial Report.

Financial members can put themselves forward for positions of Chair, Deputy Chair or Treasurer. Each of the current holders of these positions – Chair Don Richards, Deputy Chair Cliff Hall and Treasurer Warren Stutt – has indicated their interest in standing once again.

During the meeting we will be putting forward a motion to change the constitution for the numbers required for a quorum for our meetings from 30% of financial members to 20%.

Don Richards

Our Reserve Bank has (as we expected) raised concerns about the impact DMF may have on the economy. Our submission and follow-up notes have already addressed most of the issues raised and we plan to interview a prominent economist, to further address those issues.

On reviewing our video clips, we recognise that we may have given the impression that the Reserve Bank supports DMF. In a couple of clips, we said “there is no good reason (not to implement DMF) even the Reserve bank has said so”.

What we were alluding to was that there was no legislative barrier to implementing DMF, which the Reserve Bank confirmed. The quote however could be viewed, in a wider context, as saying the Reserve Bank had no issues with DMF at all. We have therefore removed the phrase “even the Reserve bank has said so” from our clip and apologise for any confusion caused.

In future, please use this version for our initial presentation at parliament.

Note that we will have an amalgamated clip available next week that brings both the initial presentation and the Q&A together.

One of the benefits of DMF, that was not mentioned in the Q&A, is that DMF will free up tax monies to spend on the government’s other priorities. As the opening quote from finance minister Nicola Willis in our presentation video states, servicing debt is now the government’s fourth largest expense.

Please share the clips with friends, family and anyone who may be interested in a financial system that works for us all.

Initial 5-minute presentation

13-minute Q&A

Don Richards

It was a high-stakes presentation. We had five minutes to explain some complex issues and convince a group of MPs to support a proposal that could change the way we finance and build billions of dollars of public infrastructure for years to come.

Take a look and tell us if you think we succeeded.

There will be a follow- up clip, covering the Q&A afterwards, and that will be available in a week or so. We’ll send that, too, when it’s ready.

Video clip of our presentation to MPs at Parliament

Here is a five-minute clip of our presentation at Parliament in March. There will be a follow-up clip, covering the Q&A that followed and that will be available in a week or so.

There was one question we could not answer and that was the impact direct monetary financing (DMF) may have on our trade treaties. We are awaiting a response from MFAT and also asked them about the Investor-State Dispute Settlement (ISDS) mechanism.

Royal Commission on Monetary, Banking and Credit Systems (1956)

We reviewed the report from the Royal Commission on Monetary, Banking and Credit Systems (1956) and it provides very interesting reading. There was also a sharp contrast in financial wellbeing prior to deregulation of the financial markets in the 1980s and after deregulation.

The report said “the government today (1956) has a wide range of weapons to enable it to control the issue of money in the interest of the community. The community, through its elected representatives, therefore, already has power to ensure that sufficient money and no more than sufficient money is issued to enable the best use to be made of the country’s labour material resources”.

It is these controls existing from 1956 that were removed, as part of the deregulation process.

Availability of credit the main contributor to house price rise

Word about the impact money creation by the banks is spreading. Michael Rehm, a Senior Lecturer property at the University of Auckland Business School, said in an article in the Herald on 30 April that, “In New Zealand and around the world, arguably the single biggest driver of housing markets is bank credit, or debt. Real estate values depend not only on supply and demand, but also on the purchasing power of buyers.”

Liam Dann admits that private banks create our money

Liam Dann admits (for the first time we are aware of) that banks create money: “Banks don’t just lend out existing deposits, they actually create new money every time they issue a loan.” His explanation of how interest rate targeting is claimed to work is good, too. Much of this relies on “signals” and redistribution of money from those more likely to spend it to those more likely to save it. Unfortunately, the article, published on 29 April, is behind a paywall.

Here is a quote from it:

[T]he act of lifting the Official Cash Rate doesn’t directly reduce the amount of cash circulating in the economy.

But the monetary policy mechanism works via price signals, which alter the spending propensity of the public and the timing of that spending.

On aggregate, the money is transferred from those with mortgages who are spending more of their income (probably not on Champagne to be fair) to those who are saving more, ie older people with bank deposits.

The spending propensity of those savers is lower.

At an individual level, those older mortgage-free folk can probably afford the Champagne.

During April, we also

• Made a good contact with Bruce Anderson from Wellbeing Economy Alliance (WEAll). Bruce spent time with the Audit Office and worked at the Reserve Bank during Don Brash’s term, modernising their systems.

• Learnt about the Scottish National Investment Bank. It is a publicly owned development bank designed to provide capital for projects that support a fairer and more sustainable economy.

Don Richards

Our presentations to MPs in Parliament

We held a successful briefing to MPs in Parliament on the 25^th March with seven MPs, a minister, and a District Councillor attending. We managed to get our message across and good questions were asked. We opened with a three and a half minute clip, and then fielded questions.

The minor parties were well represented at the meeting and we are aiming to get one of them to have direct monetary financing (DMF) as a condition of support in the next Government.

The event was filmed, as part of a documentary on our campaign, and we will provide a clip of the event, once it has been compiled.

Response to issues the RBNZ has with DMF

The Reserve Bank Senior Engagement Advisor raised concerns that the Bank has with Direct Monetary Finance and we responded, addressing those concerns.

Strategy meeting in Auckland

We held our annual strategy planning session in February and some good initiatives were agreed. Watch this space.

During February and March, we also

• Did a 10-minute presentation to the Whakatane U3A.

• Attended an online meeting with the Wellbeing Economy Alliance (WEAll).

• Posted a Daily Blog article that mentioned Positive Money New Zealand.

• Had a productive meeting with New Zealand First MP Dr David Wilson.

Don Richards

PMNZ is an established grassroots organisation with over a decade of campaigning behind us. In addition to advocating for a fairer monetary system, we also promote understanding of our monetary system’s workings. We have also provided feedback on numerous RBNZ discussion documents.

We have made several presentations to parliamentary select committees and currently have a petition before the Finance and Expenditure Committee. The petition asks parliament to look into using Direct Monetary Finance where the Reserve Bank provides finance towards significant infrastructure projects at zero, or near to zero interest rates.

With our background in advocacy and campaigning and 600-strong supporter base representing a cross-section of engaged Kiwis, we consider a meeting with Dr Breman and PMNZ would benefit both parties.

We were told by the Reserve Bank’s Senior Engagement Advisor that Dr Breman was too busy to see us. We were surprised when he then provided an extensive rebuttal of Direct Monetary Financing, when this was not what we had asked for. Had we asked for a formal response, we would have expected a balanced reply, rather than the one-sided lecture we received.

We sent a follow-up letter to the Governor where we noted the Bank should ‘provide more nuanced and balanced advice. In technical matters like this, it is especially important to highlight where there can be discretion and alternatives.’

To reinforce our point, the letter included response to the concerns raised by the Bank. Providing the response proved to be a valuable exercise as we can now be on the front foot when engaging with the Reserve Bank.

Our event at Parliament

Planning for our catered event at parliament on the 24^th March on affordable funding for infrastructure is going well and invitations have been sent out to all MPs, Positive Money supporters and others.

Please put this important event into your diary and join us to show support for our petition. The event runs from 6–7 pm on Tuesday 24 March at Parliament Buildings, Meeting room 2.24/2.25. You must however have an invitation so please email me at info@positivemoney.org.nz for your invitation.

We have received permission from the Speaker to film the event, as part of the documentary being filmed on our campaign. The Speaker’s office said usually they don’t approve this type of filming, but in this very unusual case they will.

Our catered event at Parliament is gaining momentum with New Zealand First list MP Jamie Arbuckle agreeing to sponsor the event. We appreciate his, and New Zealand First’s, support as this is not the first time that Jamie and his team has helped us out.

The event is to update MP’s and invited guests on our petition to ask that the Reserve Bank provide financing toward significant infrastructure projects at zero, or near to zero interest rates.

Please let us know, by contacting info@positivemoney.org.nz , if you are able to attend, as we would appreciate your support. Note that the number of supporters invited will be dependent on the number of acceptances we receive.

This event is a key stage in our campaign and we look forward to your support.

Nga mihi

Don Richards

Our submission in support of our petition

We put through our submission in support of our petition and are happy to advise that our petition will be considered by the influential Finance and Expenditure committee at a date and time to be advised.

To provide visibility to our petition we will be inviting MP’s to attend a catered event at Parliament, during a break in the sitting of the house, on either the 11^th or 18^th March. We would also like supporters to attend, to give an indication of the backing that DMF has. If you would like to attend, once we have confirmed the date and time, please email us at info@positivemoney.org.nz. Be in quick though, as numbers are limited.

Hosting the event will not be cheap, in the vicinity of $2,500 and while we have the funds to cover it, it will put a dent in our bank account. Any contributions towards the event would be gratefully accepted and can be made to our Special Projects account with Kiwibank - Positive Money NZ Inc 38-9023-0211047-01. Please put as a reference - DMF event.

Request to meet with the RBNZ Governor

We wrote to the Reserve Bank, asking to meet up with the new Governor. We said, “with our background in advocacy and campaigning and 600-strong supporter base representing a cross-section of engaged Kiwis, we consider a meeting with Dr Breman and PMNZ would benefit both parties”.

Unfortunately, the Reserve Bank did not see it that way and declined our request. They also provided their opinion on Direct Monetary Finance which was so full of holes you could drive a truck through it.

We will post their response and our reply shortly.

Independence of the Reserve Bank

We posted an opinion piece on our Substack blog on the independence of the Reserve Bank, an issue that has received a lot of media coverage lately. We say that it’s time once again to examine the relationship between the Reserve Bank, government and the wider issue of democratic accountability.

In the late 1980s, the Reserve Bank was granted an unprecedented level of independence compared to central banks worldwide, along with a severe narrowing of what it could do to support its statutory purpose to “promote the prosperity and well-being of New Zealanders and contribute to a sustainable and productive economy.”

With world-leading house prices, household debt and bank profits, the results have been mixed, to say the least. While it’s essential that the Reserve Bank retain operational independence—something it has had since its formation in 1934—it is time we moved back to a system where Parliament and the Government set the strategic direction through the democratic process, and the Reserve Bank is left to decide operational matters to implement it.

Read our Substack piece to better understand the background to this important issue and ways it can be improved to the betterment of all New Zealanders. Get in touch or leave us a comment with your thoughts on this important issue.

Strategy meeting in Auckland

We will be holding our annual strategy planning session in Auckland at the New Lynn Community Centre 45 Totara Avenue on the 21^st February. Supporters are welcome to meet up with our team at 12:30 pm at the Wardroom café, 7 Totara Ave, New Lynn.

Check out our “What you can do” section on our website

Finally, we suggest that you check out the “What you can do” page on our website.

If you have a spare hour or two, I recommend you read the Hansard Report for the 1936 Reserve Bank of New Zealand Amendment Bill which enabled the Reserve Bank to issue money for the construction of housing and public infrastructure without the need to borrow, at interest, from overseas.

Even though the debate was held 90 years ago, the issues faced (and objections to change) are similar to those we face today. It is uncanny.

Nga mihi

Don Richards

There has been a consensus since the monetary reforms of the 1980s that monetary policy should be off-limits to politicians and monetary policy (transmitted through the financial system) and fiscal policy (government spending) should ‘travel in their own lanes’.

To understand the issues, it’s worth starting with some history to show how the government and its central bank used to engage and what changed.

In New Zealand, the Reserve Bank has had a high degree of operational independence ever since its formation in 1934. It operated with little fanfare as a department of government, with a strong independent streak in the free and frank advice and pushback it gave to its minister.

While the government could set the strategic direction through the political process, the bank was largely left to decide operational matters, using monetary policy tools to support the government’s goals while maintaining sound money.

That changed after 1989 when a new Reserve Bank Act gave the bank a level of statutory independence from the government that was unusual in the world at the time. Among other things, the Act narrowed the bank’s strategic goals to just two: financial stability (a sound banking system) and price stability (low and stable inflation). A narrow remit was the trade-off for handing so much power to unelected bureaucrats. To support the price stability goal, we got another Kiwi innovation, inflation targeting, with its prescriptive target for inflation and a focus on interest rates to achieve it.

The bank pursued its two goals as it saw fit and any requests to support other goals could be ignored.

The changes put the Reserve Bank on a pedestal and made its governor a public celebrity; criticism or discussion of how monetary policy could help the government’s aims were off-limits to our elected representatives; and inflation targeting turned interest rate watching into a national sport.

The changes suited the banking lobby who only had to deal with bureaucrats, largely out of the public eye with little chance of political challenge. And for a while, politicians were winners, too, as they dodged responsibility for inflation and leaned on the bank’s looser credit policies to shrink government spending.

So what were some of the policy areas that the bank was no longer obliged to support?

One of them was industrial policy (‘picking winners’ as it pejoratively came to be known). Previously, the government had identified certain industries as of strategic importance and the Reserve Bank accommodated these goals. It did this through both direct and indirect means. Direct support included Reserve Bank credit lines for producer boards like the Dairy Board, and support for industrial development banks such as the Development Finance Corporation (DFC). Indirect support included guidance to the banks to encourage lending to favoured sectors.

Under its new remit, the bank ceased direct accommodation and set its own direction for banking rules and credit allocation and leaving banks to decide where and how much credit to extend. (Spoiler alert: it was ‘housing’ and ‘a lot’.)

Another former goal that now fell outside the bank’s remit was the massive infrastructure programme that followed the Depression and war years. Reserve Bank support included underwriting and in some cases directly financing government bond issues.

Time for a change of consensus

While strong operational independence needs to stay in place, the strategic terrain where it can operate needs to expand and be more open to democratic scrutiny.

Around the world, many of the old policy approaches that had successfully leaned on their central banks for support are coming back into vogue. Our problems today increasingly resemble those of our nation-building grandparents and great-grandparents—a massive need for public infrastructure investment, seeding new industries and nurturing development in regions where markets alone have failed, and taking a more active role in providing good jobs to new and displaced workers.

At the same time, the inflation targeting approach at the core of the current arrangement is coming under pressure. Its negative side-effects such as wealth inequality, household debt stress, and housing unaffordability can no longer be ignored.

In a speech given by Dr Breman in her former role with the Swedish central bank, she acknowledged major shifts taking place in the world of money, and the need for central banks to broaden their toolkits beyond interest rates for dealing with them. She said:

“Fiscal policy will probably play a greater role for stability in the economy going forward, something that I would welcome….Being open to adapting monetary policy to new challenges obviously involves being open to and prepared for other scenarios.”

Among the new tools Dr Breman highlighted was direct monetary financing, the subject of our petition calling for a return to its use to help finance public infrastructure. It is currently before parliament’s Finance and Expenditure Select Committee.

As Dr Breman describes monetary financing in her speech:

“This is also an old tool used throughout history which is now being revived. The idea is that the government implements fiscal policy stimulus as it normally does in a recession, but instead of financing this by increasing the sovereign debt, it enlists the help of the central bank, which creates new money.”

You can read our own paper proposing direct monetary financing for infrastructure here, or our proposal showing how it can help councils to finance water infrastructure.

With plenty of big and urgent challenges ahead, it’s time for some fresh thinking and leadership to bring change to New Zealand’s creaky, aging consensus on monetary policy.

This is good news as we have already approached some members of the committee and have received a good hearing.

Our petition has also attracted interest from England, Canada and Australia.

Once again, the team at Positive Money New Zealand thank you for your ongoing support and wish you all a merry Christmas and a happy new year.

We have altered our tone from previous submissions, making this submission more conversational, rather than positional, in an effort to open up a dialogue.

Our submission in support of our petition

We are currently putting the finishing touches on our submission in support of our petition to have the Reserve Bank contribute to financing infrastructure projects. We will send you a copy, once it has been submitted.

Modern day Vikings plundering our economy

New Zealand First MP, Dr David Wilson, gave a very good five-minute speech, where he described foreign owned banks as modern-day Vikings plundering our economy.

You may remember that Dr Wilson accepted our petition to have the Reserve Bank contribute to funding our infrastructure.

Article published in the Wellington Post

An article was published in the Wellington Post titled PhD student looks at the lie behind the political line: ‘NZ can’t afford it’. The PhD student, Morgan Edwards, has been providing valuable advice and assistance with our campaign.

During November we also:

• Posted an article from Sweden on digital currency: “Banks want digital money for themselves - but they won’t let you have it”.

• Posted a speech by the New York city mayor saying the city will be getting its own bank that will invest in housing, transit and in climate resilience. Zohran Mamdani, Victory Speech, Nov. 4, 2025

• Attended, via Zoom, the International Movement for Monetary Reform annual conference on Sunday, the 16^th November. There were 20 other attendees from around the world and it was empowering to be part of a global movement campaigning for monetary reform.

This year has been a busy one for us and we have achieved a lot and made a number of positive connections. We also have documentary film maker Marcus Palmer filming us as we campaign for a financial solution that energises our economy and provides a better future for us all.

We look forward to 2026 and wish you and yours a happy Christmas and a prosperous New Year.

Nga mihi

Don Richards and the rest of the Positive Money New Zealand team.

You may remember that David also received our petition to have the Reserve Bank contribute to financing significant infrastructure projects last month.

Handover of our petition

We handed over our petition last week at parliament, signed by over 1,600 people. Check out this link to a 3-minute clip, as one clip is worth 1,000 words. The clip was filmed by documentary film maker Marcus Palmer and you will see a link to a mini documentary Marcus created called “Wealth of Illusion” within the clip.

Both are well worth a watch.

Dr David Wilson from New Zealand First received the petition and we are currently compiling a written submission for consideration by a select committee.

Seminar series on the economy

The final of the New Economic Management Seminar Series (NEMSS) on the economy will begin on Monday, November the 3rd at 7pm and will go for an hour.

Here is the link to join from PC, Mac, iOS or Android: https://otago.zoom.us/j/99760526353?pwd=TXph3mMw8SRTHWeba4RBCBhqTOzUyh.1

You can follow Morgan Edwards and get advance notice of future seminars on his Substack blog New Economic Management.

During October we also:

• Spoke to Steve Abel from The Greens at the Whakatane Sunday Market.

• Updated our Direct Monetary Finance explainer and posted it on our website.

• Sent out a press release of our petition handover which was picked up by Scoop.

Nga mihi

Don Richards