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Overseas debt continues to climb - we have only ourselves to blame.
24 June 2006
“The current account deficit for the March year of $14.5 billion now sees our overseas net debt total $132.9 billion - and rising. Whose fault is it?” asks John Pemberton, Deputy Leader and Finance Spokesman for the Democrats for social credit Party.
“You can see the usurious smiles of the bankers widen, as New Zealanders collectively handed over some $11.0 billion worth of interest payments this year,” Pemberton continues. “We are oblivious to the fact that it is we who pay the cost of this huge debt as we merrily go spending our hard earned dollars on goods and services that others have loaded with expensive overseas debt.”
“The Governor of the Reserve Bank and the Finance Minister are quick to blame the Kiwi consumer for our poor savings record. Yet if we were all good children and saved our money as Uncle Michael suggests, businesses would begin to fail, unemployment would rise and the economy would grind to a halt. Business survives and thrives by Kiwis spending their money,” Pemberton asserts.
“But it is still our fault,” he adds, “because we do not recognise the financial system for what it is: inefficient, unjust, and corrupt. It is our fault because we continue to elect parties and governments that perpetuate this usurious system.”
“Money is for spending and facilitating trade,” explains Pemberton. “It is our responsibility to look beyond the election bribes of tax cuts and handouts. It is up to the people of New Zealand to demand an economic system that works for us, instead of turning us into debt slaves.”
“If we don’t,” he warns, “we have only ourselves to blame.”
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