May 19, 2021

Maori News & Indigenous Views

Mauri Hauora Walk Talk 7, by Olly Te Hata Ohlson

6 min read

In Walk Talk 6 I gave a personal account of how value i.e. self value; affects an individuals mauri/energy relating to money and the quality of life. In this Walk Talk, I outline the physical structures that need to be put in place in order to provide positive mauri/energy for everyone.

Olly_Ohlson_Key_Profile.jpg.161x142In particular, I refer to all IWI who have had their Treaty Settlements paid into their accounts.

If we do not seriously examine the banking sector as it presently operates then we will find ourselves locked into a cycle that is highly unstable and so risk losing everything. Much of what I have written has been sourced from the Positive Money and Living Economy websites.


The problems with our current banking system are huge. So how do we start to look for solutions?

Firstly, lets consider what the system of banking and money should actually be and do. Also, what should it not do?

A positive system of money and banking must be:

  1. Stable
  2. Sustainable
  3. Productive
  4. Fair


The current banking system collapses every 7-10 years and so is inherently unstable creating the recessions that throw thousands out of work and destroys otherwise-sound businesses.

Rather than being pro-cyclical, a positive system should be either neutral or counter-cyclical. Our system of banking and money can be designed to be self-regulating and self-stabilising. In a positive money system, rising debt would cause people to slow down – rather than accelerate – their borrowing. This is the exact opposite of the current system. There are numerous other ‘pro-cyclical feedback loops’ within finance that also need to be addressed; but the greatest of all these feedback loops is the creation of money as debt by commercial banks, and therefore this is what should be addressed first of all.


The current system relies on ever-increasing debt in order to function. But this eventually leads to the predictable 7 10 year economic meltdown cycle as mentioned above. A positive money system must be able to function for decades or centuries without building up unpayable debts or huge financial imbalances. This requires different reforms at both a domestic (within each country) and international level. Another huge aspect of sustainability is environmental sustainability. The money system must not be a driver for ever-growing depletion of natural resources. A debt-based monetary system demands continual growth in a world of finite natural resources.


A positive money system should unlock creative and productive capacity in the economy, rather than hold it back. If there are people willing to work, raw materials, and people who want things to be done, but nothing can happen thanks to a lack of digital numbers in a computer system, then something is wrong with the money system – rather than the real world.

A positive money system also needs to channel investment to the uses that add the greatest value to society, rather than pumping up the prices of the necessities of life (such as housing). Finally, the cost of providing a medium of exchange (i.e. money, and the payment systems that it flows through) should be as low as possible, and falling as a percentage of GDP. With our advanced technology, a truly efficient payments system would just work, and wouldn’t require an army of people to make it function. If the banking sector is growing year after year as a percentage of GDP and employment, then something is wrong – it is likely that the sector is extracting wealth rather than contributing value. In a positive money system, the banking sector would first decline as a percentage of GDP before stabilising at a much lower level.


Banks should operate on the same grounds as normal businesses and workers. Any small business owner knows that if he or she messes up their financial management of the business, they’ll go out of business. They have to compete in a free market. Banks on the other hand are sheltered from the consequences of their poor decisions by potential taxpayer-funded bailouts and deposit insurance.

The NZ governments deposit guarantee scheme in 2008 effectively underwrote the risky borrowing of overseas banks and exposed the New Zealand taxpayer to a potential liability of $150,000,000,000.

There is no good economic reason why ordinary people should protect the banking sector, and asking them to do so is unfair. The banking sector should be rewarded in line with the real value that they contribute to society, and not benefit from free lunches conferred upon them through the structure of the money system. The process of creating money should not simultaneously create debt. This is one of the most unfair aspects of the current system – since almost all money is created by banks when they make loans, this means that for every $1 of money, there is$1 of debt.

A positive money system would not necessitate that people take on $150bn of debt in order for the economy to have $150bn of money to trade with.

Amendment to Constitution:

NZ can introduce the following clauses, as part of a private members bill, to amend the Constitution under the heading of: Finance.

  • Parliament will have the sole and exclusive power to create any form of money physical or electronic free of debt and interest.
  • The power to create the nations money supply will vest in a Monetary Trusteeship, consisting of seven to eleven independent persons, who are appointed by and solely responsible to Parliament.
  • The Monetary Trusteeship will meet at least once a month and will have at its disposal the full cooperation of the Minister of Finance, the Treasury and the Peoples or State Bank of N.Z.
  • The Minister of Finance together with other related agencies will be responsible for executing the directives of the Monetary Trusteeship.
  • The volume of emission will be determined by a price index as computed by Statistics New Zealand, which will include changes in production, costs and demographic factors.
  • New money will be paid into the economy by the Treasury and withdrawn, when necessary, in order to maintain a stable price level by means of temporary taxation.

Monetary Reform Act

The Monetary Reform Act will provide for the nationalisation of the money supply, but not the banking system. It will include the following provisions.

  • The statutory requirement that all commercial banks and other lending institutions hold at all time 100% reserves.
  • The retirement of the National Debt.
  • Permanent stabilisation of the money supply.
  • The establishment of a monetary trusteeship, which is responsible for the future growth of a permanent and stable money supply.
  • Withdrawal from all international banks and related agencies.
  • Establishment of a Foreign Exchange Stabilisation Fund.


Implementation of the above legislation will result in the following benefits being granted upon all the people of New Zealand in perpetuity.

  • Abolition of income taxes and reduction in GST. (Government, provinces, municipalities and government agencies will no longer have to pay interest on their loans).
  • Zero inflation (It will no longer be necessary to expand the money supply for payment of interest which is inflationary).
  • Termination of business cycles.
  • Full employment the introduction of a massive public-works initiative that will reform our entire society in which every New Zealander will participate. This will include the upgrading of our roads, rail, ports, agriculture, education, science & technology, and every other sector of our society.
  • Governments budgetary needs will be financed free of debt and interest.
  • Housing loans at zero interest + a small handling fee.
  • Housing of the entire population within a relatively short period.
  • A reduction in the prices of goods and services, which will include electricity, once all interest payments have been phased out of the distribution channel.
  • Permanent prosperity and abundance for all in which people can live in communities of their choice, not dictated to by socio-economic constraints.

This presents a model for genuine and sustainable reform to our economic problems, and a brighter future for all our people, free from financial enslavement.

No reira tatou ma he aha te mea nui o te ao? And so I ask you all, What is the greatest thing in life?) He tangata, he tangata, he tangata. It is people, people, people.; ehara ko te putea nui, te putea nui, te putea nui. It is not large profits, large profits, large profits.

Cheers, Olly Te Hata Ohlson – Contact: [email protected]

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