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A Swindle of 26½ Million Pounds

on Tuesday, 01 December 1959. Posted in Social Credit

This refers to a London loan to New Zealand, amounting to 20,000,000 pounds. The loan was issued at 99 pounds for each 100, at an interest rate of 6 per cent, repayable before 1980.

This means that New Zealanders obtained, not the full sum, but 19,800,000 pounds, less again some other charges accompanying the transaction, but will have to repay the whole of 20 million pounds, plus the interest — a grand total of 46,400,000 pounds, nearly two and a half times the amount received. This can be done only by exporting wealth for a value of 26,400,000 pounds above the value of wealth imported. In other words, in order to pay for the permit to create for themselves wealth to the value of 19,800,000 pounds, New Zealanders will have to produce above that further wealth to the amount of 26,600,000 for the benefit only of those who neither toil nor spin but just write figures in ledgers.

Two parties in the transaction: the swindlers and the swindled. Bankers are the swindlers. The people are the swindled. The government is the agent. For each lot of 7 loaves produced by their work, the people will keep 2 for their own benefit and give away 5 to the smart swindlers!

This is the system, and it preys not only upon New Zealanders, it operates world-wide. Every Canadian municipality, every schoolboard, every public body is thus swindled, and private industry as well.

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