New Zealand's legalised private banking fraud.

New Zealand's political system condones private banking fraud without question as evidenced by these statements of its parliaments economic executive. Who lends who money? John Key current(2013)New Zealand Prime Minister and former international investment bank executive knows exactly the internal dynamics of New Zealand's money supply being entirely interest bearing private institution loan based as proven in a 17-11-2012 interview with Rachel Smalley on - The Nation ; John Key - "Our (Govt) debt to GDP levels by then will top at just under 30 percent, in other words, um, we'll be relatively lowly indebted compared to countries like America and Europe, but I put it to you we are a small open economy, we have high levels of private sector debt, we, Mum and Dad, have borrowed that debt effectively from foreigners because their local bank has sourced that from foreigners." Stephen Joyce the Minister of Economic Development in the New Zealand National Party Government – said this in parliament question time on 18-9-2013; Stephen Joyce - “The idea that you can borrow money to invest in the sharemarket and raise money is on of those falacies that most families decide not to do because they realise that actually if you could borrow your way to success we would have done that in this country a long-long time ago.” Bill English – Who lends who money? 2013 New Zealand National Party Conference Sun July 22 Bill English - “Any questions?” A man asks a question from the crowd but you cant hear the question on the audio due to there being no microphone. But Bill English continued on; “sorry” “Who lends who money?” “oh ok” “well, agh, the question was all these contries that have a lot of debt, who lends them the money?” “Well its not us, were borrowing, agh the money comes from, agh, it comes out of the financial markets, so it comes from central banks, they lend money, you know they, central banks in Asia are buying our government debt. So were getting lent money by, you know, maybe the central bank of Hong Kong.” “Agh it comes from these very large pension funds, and I think thats one of the big political issues for Europe and the US, is that the governments are highly indebted, agh, but the money essentiall comes from their own workforce, and if they write off the debt they are cutting the future pensions of that work force.” “Which is why they work very hard not to write off the debt, but actually the record around the world is that unless we write some off, um, you, you, its pretty hard to deal with. Either you write it off or you repay it.” “So I think the way to think about it is, what ever all the mixing and matching through the money markets is, the debt comes from the savings of the wider population. Those wider populaations are aging, they are relying on those savings, and the fact that there is very high debt, puts those, their, savings at risk.” end quote