Wednesday, April 04, 2007

Licence to Print Money?

Have a look at this.

Section 30 of the Reserve Bank of New Zealand Act 1989 reads:

Reproduction or imitation of currency

(1)No person shall, without the prior consent of the Bank,—

(a)Make, design, engrave, print, or reproduce; or

(b)Use, issue, or publish—

any article or thing resembling a bank note or coin or so nearly resembling or having such a likeness to a bank note or coin as to be likely to be confused with or mistaken for it.

Now look at this.

Did the Labour Party get permission from the Reserve Bank before printing $10 bills?

Apart from the astonishment that the Labour Party appears to have enough money to embark on this kind of expensive self-promotion while it still owes the taxpayer over $800,000, shouldn't somebody investigate whether it is also breaching the Reserve Bank Act?

6 comments:

ScrubOne said...

Much the same I idea occurred to me. I guess I didn't think much of it, what with all the laws and conventions they've been breaking lately.

Cactus Kate said...

You forgot the Labour party exception to all laws.

Chris said...

This can't be the best you can come up with. Surely you can come up with more valid issues to criticise Labour for, this is a bit thin! Marketing companies print money all the time, they just have 'specimen' or something like that printed on them. This one clearly had extra words printed over the front and you'd have to be incredibly thick to confuse or mistake it for a real bank note...

Seamonkey Madness said...

Looks like there were an awful lot of of 'incredibly thick' people around last election time...

Owen McCaffrey said...

Hello,

That section 30 of the rexerve bank act also applies to all NZ banks who have been creating money hand over fist in NZ every year for the past 100 years.

In 2006 the government printed almost no money ($1 million or so I think) but the amount of deposits in NZ banks increased from $165billion to $189 BIllion - how did this happen?

Have a look for yourself on the Reserve bank website statistics section.

The reserve bank act specifically prohibits anyone from creating money and yet the government breated none and bank deposits increased by $24 billion.

How the amount of bank deposits increase without someone having created money?

Have a look at www.peosperityuk.com to see more details if you like.

Owen
www.peoplesparty.org.nz

ZenTiger said...

It's not the "best" Chris, its just yet another example....and the key point for me is that they are spending money on more advertising before paying back their previous advertising.

The IRD charge "use of money" interest (and hepas of other penalties) for us mere mortals that pay an old tax debt late. The Labour Party should be paying the same sorts of fees.