Photo source: Zerohedge.com
Recovery package will cost taxpayers billions – it could have cost zero
17 March 2020
From Chris Leitch, Leader
[New Zealand] taxpayers will directly fund bigger profits for the shareholders of banks and other overseas financial institutions as a result of the economic rescue package [aka quantitative easing] just announced.
Taxpayers already pay approximately $4 billion dollars every year in interest payments on existing government borrowing.
The borrowing will be done by the issue of new government bonds for purchase by banks and overseas insurance funds when the Reserve Bank could have purchased those bonds directly [aka people’s quantitative easing, aka helicopter money]
That would have provided a source of debt-free, zero-interest money with no cost to taxpayers, to fund the economic rescue package.
[…]
Taxpayers will pick up the tab for billions in interest payments and the repayment of the debt.
Central banks buying government bonds directly is a common occurrence in Canada, Japan and China, so using it here would not be out of step with conventional practice.
[…]
Via https://www.socialcredit.nz/recovery-package-will-cost-billions
The Most Revolutionary Act 
Well so much for “how do we pay for it” crowd.
Making up money as we go along ………….
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Well, Tube, we’ve been allowing the banks to create money out of thin air since 1694 (that’s where 97% of it comes from) – the money they give out in loans doesn’t already exist – they create it when they make the loan. In my view, that’s one of the main reasons our economy is in such a big mess: banks only create money for stuff that’s profitable, and that’s housing. They do very little lending to the productive economy. If we’re going to create money out of thin air, I would much prefer that the process be open, transparent and publicly controlled for the benefit of everyone – and not just for a few banking billionaires.
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