Winston Peters advocates for Peoples Public Credit

New Zealand First Leader Winston Peters in this speech stated that the use of the Peoples Public Credit is a good thing if done correctly for the right reasons.

It makes clear that Winston Peters has at least a reasonable understanding of the most important issue of all, the money system funding structure issue.

At the New Zealand First 2015 Party Conference Winston Peters lambasted National in his speech for its neo liberal economic policies, its “corporate” friends and above all, for its Reserve Bank policies which he argues partly lie behind what he sees as a forthcoming rural debt crisis.

At the same time NZ First MPs are critical of Labour for its divisiveness and its political correctness.

What does seem likely though, is that NZ First would require action on the Reserve Bank in any deal to support a Government.

In his main conference speech Mr Peters said Exporters had faced an uphill struggle to compete on world markets because our currency had been held at impossibly high levels for years.

“We have been left at the mercy of international money manipulators,” he said.

“Now all of a sudden Key, English and Joyce tout how a lower dollar would help.

“What political charlatans we have leading this country.

“If anyone thinks that statement is too harsh then ask these three, new age, political wide boys whether they would change the Reserve Bank Act to ensure our dollar is export competitive.”

Mr Peters claimed that the low dairy prices meant there was a deep concern that many farmers were going to the wall.

“The profiteering overseas-owned banks are already closing down credit lines for many farmers.

“This means farmers being forced off the land and their farms snapped up by foreign interests.

“The psychological health of farmers and their families will likewise deteriorate.”

All this sounds like the old Social Credit Party which ran on a now discredited policy of having the Reserve Bank create low interest credit to help farmers and small business.

And a remit advocating a similar policy appeared at the conference. It called on the Reserve Bank to take over the entire money supply, saying banks would function solely as intermediaries in the lending process.

Mr Peters said there were parts of the proposal which made sense and parts which did not.

“It’s not Social Credit,” he said.

“It is saying that the people’s sweat and equity count for something and that we should have a control on the issuance of money or that people should control that not private interests.”