1934: Reserve Bank of New Zealand Established
April 2, 2019
By AHNZ
The Reserve Bank of New Zealand Act (1933) established the RBNZ in 1934.One Bank to rule them all, One Bank to find them, One Bank to bring them all, and in the darkness control the money supply and print phoney dollars for The State to spend on bullshit schemes.
James Grose, General Manager of the National Bank, and Chairman of the (six) Associated Banks, was the staunchest critic. He called the proposed Reserve Bank a “rash financial experiment” and was the last of the six to become publicly convinced.
RBNZ started operations on August 1st 1934 and issued its first notes. As for Jim Grose, The State bestowed upon him a Knighthood in the New Years Honours within weeks of the above comment. He retired 3 years after.
Hmmmm.
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Image ref. Auckland Weekly News; George Gray Special Collections
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Anarchist History of New Zealand: When injustice becomes law, resistance becomes duty.
