When you go the bank for a loan, most people think they are borrowing other people’s money, money that those other people have deposited with the bank after working hard and saving it. So paying interest for the privilege of using someone else’s money seems fair. But as this Bank of England article says, “the majority of money in the modern economy is created by commercial banks making loans”. The remarkable truth is that the commercial banks actually just create the ‘money’ they lend you. Still seem fair and reasonable to pay high interest rates for the privilege? Russell Norman 31-12-2014
I’m sure the two have nothing to do with each other but when Russell started to talk about the fraudulent money creation/interest system in December I thought that we had perhaps finally found a high profile champion for our cause. Today Russell announces his resignation. Interesting times.
Russel Norman will stand down as co-leader of the Green Party in May, citing family reasons, but will remain an MP.
Norman made the announcement this morning, saying it was time for a change. He will officially leave at the party’s annual meeting where a replacement will be voted in.
Metiria Turei will stay on as co-leader.
Norman said it was “time to find a new challenge for myself and to spend more time with my family, and now is also a good time for new leadership for the party.”
Norman’s partner Katya Paquin recently gave birth to their third child, a girl.
Norman will stay on as a list MP.