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12 City Council in mid2000 reviewed the debts of 23 of the larger local authorities and found that they totalled NZ$1.4 billion. Applying these results to the whole country on a population basis, Thomas suggested that the total debt for territorial authorities was approximately NZ$1.8 billion at that time. 27 As with the SOEs, all local authorities pay interest on their loans. While the governor of the Reserve Bank has the power to issue interestfree loans to local authorities, this never happens in reality and is unlikely to do so. 28 Corporate Debt Since 1984, the corporate sector overseas debt has been rising, and in June 2001 it stood at NZ$106 billion. A great deal of this debt is the banks’ debt to their overseas parent banks. The graph below shows that corporate debt is about six times as big as government debt. You might think it is a good idea for corporate debt to rise and government debt to fall. However, there are three reasons why this isn’t so. First, we all pay interest on goods and services no matter who owes the debt. If a company such as Fisher & Paykel owes money, we help pay the interest when we buy a washing machine. Second, the figures are misleading because of the way SOEs have been reclassified by Statistics New Zealand/Te Tari Tatau – government owns SOEs but their debt is listed as corporate debt. Third, taxpayers don’t get off scotfree when corporate debt burdens cause near collapse. Governments often bail out corporations that are essential to the smooth running of the country. For example, even though Air New Zealand had been corporatised and privatised, the government still had to rescue it in 2001 to the tune of nearly NZ$1 billion, because air transport is such a vital industry. Similarly, in the late 1980s when BNZ had doubtful loans, the government came up with two bailout loans totalling over NZ$1 billion.
13 Government and Corporate Debt (19832000) 120 100 Corporate debt Government debt 80 60 40 NZ$ Billions 20 0 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 Total Debt Before we work out New Zealand’s total debt, I will talk about overseas debt. The country’s total overseas debt (public and corporate) rose from NZ$16 billion in 1984 to NZ$123 billion in 2001, most of which was corporate (private sector) debt. 29 Any attempt to add up the total debt owed by New Zealanders has to avoid double counting. So corporate debt, for example, which is made up of the debt of New Zealand residents and the debt of overseas residents, has to be split into its constituent parts. Such overseasowned corporations as Mobil, Shell, McDonald’s and Toyota have considerable overseas debts, and while these should not be included in the total debt calculations, we as New Zealanders still pay interest on their debts because it is built into the cost of our petrol, fast foods and vehicles. Therefore, while the corporate debt of nonresidents is not included in our calculations of total debt, it affects New Zealanders detrimentally.
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 38 and 39: 6 The data on New Zealand mortgage
Page 40 and 41: 8 The scheme has had unintended soc
Page 42 and 43: 10 Household loans (1978-2000) 90 8
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
Page 87 and 88: 11 policies of these nations in ret
Page 89 and 90: 13 000). Round Tables The original
Page 91 and 92: 15 annual meeting in the small ski
Page 93 and 94: 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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