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6 The data on New Zealand mortgage debt comes from the Reserve Bank, and is shown on its own graph below. 19 Housing loans from large institutions such as banks and building societies rose rapidly from NZ$3.7 billion in 1978 to NZ$66 billion in 1999. That is a rise of nearly 1700 per cent in 21 years. (The Reserve Bank notes that data for housing lending cannot easily be separated from small business loans secured through residential mortgages as many business owners mortgage their houses to get a business loan. It also notes that before 1978 a substantial proportion of mortgage money came from solicitors.) Even when corrected for inflation, the mortgage figure rises from NZ$21 billion to NZ$66 billion over those two decades. During the nine years from March 1991 to March 2000, mortgage debt rose by 73 per cent. Every time the banks issue a mortgage, up goes the debt. By August 2003, the total mortgage debt stood at NZ$81.6 billion. And not only did the mortgage money grow, but the percentage of the broader money supply created as mortgages also rose substantially during those decades. In 1986, mortgages comprised 37 per cent of the nation’s money supply, but by March 2000 this had risen to over 62 per cent. This means that we are becoming more and more dependent on mortgages for our country’s money supply. In addition, total housing values are dependent to a large extent on the loan money available. In 1979 this figure stood at NZ$23 billion, but by 1999 it has risen to a staggering NZ$181 billion.
7 Total Household borrowing, mainly for Housing (1978- 2000) 70 60 Total Household borrowing Year 2000 Dollars 50 40 30 NZ $ Billions 20 10 0 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 Source: Bun Ung, Reserve Bank of New Zealand, via email to the author 18 March 2002. Student Debt Student loans were introduced in New Zealand in 1991. A decade later, in April 2001, the total student debt had risen to more than NZ$4 billion and by March 2003 had passed the NZ$6 billion mark. The Ministry of Education reported in November 1999 that about 50 per cent of all students have a loan, and that the average student debt was NZ$11,700 – almost double the 1994 figure. By June 2001 the biggest single loan was NZ$167,000. 20 In May 1999, the New Zealand University Students’ Association issued a casebook report on its interviews with recent teacher and lawyer graduates. Comments from interviewees included that having a loan was ‘a terrible worry’, that ‘it was like having a mortgage and no house to show for it’ and ‘if two educated people marry – with a combined debt of NZ$40,000–80,000 – how can they afford to buy a house/car?’ 21
Page 1 and 2: Healthy Money Healthy Planet by Dei
Page 3 and 4: 2 During the 1960s I listened on th
Page 5 and 6: 4 money. Richard’s enthusiasm for
Page 7 and 8: 6 must first be complemented by mon
Page 9 and 10: 6 For over a decade, Japan struggle
Page 11 and 12: 8 interestbearing money creation.
Page 13 and 14: 10 provides a benefit for seller an
Page 15 and 16: 2 After that, it didn’t take long
Page 17 and 18: 4 Bank B. This is called a ‘depos
Page 19 and 20: 6 Second comes the bit where banker
Page 21 and 22: 8 debt, hence the collective debt c
Page 23 and 24: 10 simply unsustainable in a finite
Page 25 and 26: 12 pieces of paper grant the bearer
Page 27 and 28: 14 master of all industry and comme
Page 29 and 30: 16 Money Supply 1935 - 2000 120000
Page 31: 18 commercial banks and is lent int
Page 34 and 35: 2 And nor are things getting any be
Page 36 and 37: 4 international trade in currencies
Page 40 and 41: 8 The scheme has had unintended soc
Page 42 and 43: 10 Household loans (1978-2000) 90 8
Page 44 and 45: 12 City Council in mid2000 review
Page 46 and 47: 14 Similarly, mortgages are classif
Page 48 and 49: 16 And it is not just bank assets t
Page 50 and 51: 18 Keeping the Secret But surely if
Page 52 and 53: 20 Deputy Prime Minister. I asked h
Page 54 and 55: 22 Individuals have to compete with
Page 56 and 57: 24 instability. This speculation is
Page 58 and 59: 51 cared for. The cancerous parts o
Page 60 and 61: 53 constraints. What we need are so
Page 62 and 63: 55 accelerating. Eighty per cent of
Page 64 and 65: 57 waters to draw down. They also s
Page 66 and 67: 59 As far back as 1987, a UN World
Page 68 and 69: 61 The State of New Zealand Since 1
Page 70 and 71: 63 Health and Disability Like other
Page 72 and 73: 65 Low skilled jobs have largely di
Page 74: 67 • One in two people in Ireland
Page 77 and 78: 1 4 Unhealthy Globalisation The Sir
Page 79 and 80: 3 Although the process of corporate
Page 81 and 82: 5 globalisation is transnational ca
Page 83 and 84: 7 Many others have spoken of invisi
Page 85 and 86: 9 currencies to the US dollar. The
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13 000). Round Tables The original
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15 annual meeting in the small ski
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17 When an enemy is powerful and ce
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19 In January 2001, protesters demo
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Martin Khor, Direitn 21
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78 Every day we hear politicians, c
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80 not return to the depression of
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82 billion, equivalent to 39 per ce
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84 which in turn rests on nature it
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86 increase. And when jobs are crea
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88 rather than adding them to the w
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90 achieved very different levels o
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92 placed at the top of the lists.
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88 6 Facing the Critics Through the
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90 the interestbased system, the
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92 good or fair or sustainable. An
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94 Certainly there are other ways o
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96 landlord who charges you rent al
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98 believe that credit to be valuab
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100 If interest rates were zero the
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102 It is quite fair that banks sho
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2 free money before, as we shall se
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4 In precolonial times, Maori tri
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6 In Maori tribes, the gift society
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9 What Gives Money its Value? To he
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11 accept money as payment, we unco
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13 goes still further and calls mon
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15 Spanish and Dutch coins from ove
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17 claimed that the UK’s financia
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19 Today, the Reserve Bank retains
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2 living systems. Finally, it discu
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4 If our species is to survive, a n
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6 with its own currencies, the patt
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8 While it is possible for each tea
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10 addiction, chronic illness and i
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12 4. Human economies can and shoul
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14 furniture transported at great c
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16 down and money has been moved ar
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18 areas? Is there a continuing dyn
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Some estimate the costs of traffic
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22 be a tension between the two. Th
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24 democracy at the local governmen
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26 as the individual organs of the
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2 The democratisation of national c
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4 her children who were fed by its
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6 happened - the imposition of a co
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8 existed and thrived for thousands
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10 In addition, by focusing on loca
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12 there is no hierarchy. As we saw
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2 Michael Linton, David Weston and
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4 could. He described them as ‘a
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6 resorts may find themselves amass
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8 problems. Since then, the system
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10 forms. In version 1, operating u
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12 All the following examples of co
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14 sent a researcher to check the w
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16 Salt Spring Island Dollars Salt
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18 British Columbia Financial Insti
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20 partnership. This trend has spre
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22 traditional rice planting and ha
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24 The city solicitor put the bigge
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26 In the next chapter on commercia
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28 43 Email from Eric Booth to Cal
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2 Enz, who were supporters of the f
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4 As with WIR, businesses are regis
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6 A significant innovation in New Z
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8 granting temporary credit where t
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10 requiring transactions to be 100
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12 participants of the scheme were
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14 Ideology of the Wirtshaftsring
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255 are already in possession of it
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257 that all hoards of money would
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259 sophisticated that Egypt became
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261 Austria, for a period of 14 mon
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263 US$260 million worth of work in
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265 Saving will become impossible.
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267 law professor in Italy. Profess
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269 The Chiemgauer 21 In early 2002
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271 Currency to Support Waldorf Sch
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20 It started in 1989 when Frank To
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22 Privately Issued Fiat Currencies
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24 The Note Corporation itself then
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26 andahalf years, A$3.5 millio
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2 of agricultural and mining produc
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4 such resource as fossil fuel, sin
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6 • The demurrage charge would re
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1 15 Lessons Learnt From Currencies
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3 Regardless of whether the transac
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5 payment of taxes. When the mayor
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7 within that global economy we mus
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9 Money can also be spent into exis
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11 Huber and James Robertson, 6 it
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13 apparently no one spread rumours
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15 One of the weaknesses of local c
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17 example (see page 000), the demu
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19 trading. We therefore need decen
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21 If citizens decide to build a se
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23 In Even if the Reserve Bank deci
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25 possibilities for reforming our
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27 1905. 2 Michael Reddell of the R
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2 Taxation Policies Before I discus
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4 But, like other assets, realest
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6 Most taxes fall on work. It makes
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8 slows down the increasing gap bet
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10 Bob Keall has also proposed taxe
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12 ways of avoiding paying tax. Tax
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14 Ltd, 1879. 3 Henry George, Socia
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2 of reserves, a single exchange ra
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4 revealed to show that they wanted
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6 Countries using the Australian do
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8 3 Helen Clark in an interview on
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2 community projects can be funded.
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4 feeling that the banks were not t
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6 terminals per 100,000 people, com
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8 to lend to groups rather than ind
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10 Islamic Banks Banks run along st
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12 decided to create an entirely ne
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14 Attempts to Start New Banks In 1
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16 During the local body election c
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18 Zealand Post was that there was
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20 Problem numbertwo — fees going
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22 Other microcredit schemes. A goo
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24 now operates are the Cooperati
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26 They donManchester Unity does no
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28 The Wellington Women’s Loan Fu
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30 The Future of Community Banking
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32 8 Quoted in ‘Banks Profit Exce
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34 45 Details of Consumers’ Insti
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2 created when commercial banks iss
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4 Fund (IMF) protect global corpora
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6 economic thinking and taxation sy
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8 It is not easy to start again and
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10 rest of the world, a US deficit
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12 competitive when the money syste
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14 environmentally friendly longt
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16 practitioners know a great deal
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18 moneycreation regime will natu
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20 international currencies. Some o
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22 and James Garfield have struggle
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24 away and the scientific programm
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26 Sources of Hope There are ground
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28 beneficial effects. Indigenous i
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30 taught me that some staff are re
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32 New Zealand’s isolation, humil
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34 • Visit Bali or Japan or any o
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36 Although such a system will not
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1 Ralph Chaplin Bars and Shadows. 2
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and narrated by Bill Still, and ava
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11 Lietaer, The Future of Money, p3
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37 Allison Stinson, ‘Developments
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4 Roy Madron and John Jopling, Gaia
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25 Viviane Forrester, The Economic
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2 Michael Rowbotham, The Grip of De
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25 Text of the Genoa G8 Summit, acc
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18 The Independent, 21 July 1999. 1
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14 Wolfgang Rosenberg, Money in New
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6 Fritjof Capra, The Web of Life: A
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11 Bernard Lietaer, ‘The Future o
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39 1.1 Warehouse receipts. (The fin
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41 2.3 By a commercial company, sma
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43 Summary of Complementary Currenc
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45 000) volunteers. Credits are put
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47 the currency generating enthusia
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140 Appendix 2: Useful Websites Gen
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142 writings of evolutionary biolog
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144 Green Dollars/LETS www.appropri
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146 www.earthsharing.org.au An Aust
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148 Email: bryank@earthsharing.org.
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Bibliography 1 Books and Chapters i
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3 Douthwaite, Richard, The Ecology
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5 Henderson, Hazel, Beyond Globaliz
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7 Mitchell, Ralph A., and Shafer, N
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9 Cobb, Clifford, ‘Displacing Bad
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Turnbull, Shann, ‘Why Reducing Ta
Page 439 and 440:
The Guardian (UKbased daily) The
Page 441 and 442:
1 Glossary Barter The direct exchan
Page 443 and 444:
3 shared land ownership. Koha The M
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