Letters to the Editor

Banking suggestion

Across Europe, nation after nation remains in default, unable to pay even the interest on their   privately-funded debts.

The U.S., locked into privatization, hides its deficiencies by the mass printing of new money — inflation on demand.

It also keeps dead silence on North Dakota, the one state in the union which has funded itself from its own bank for 90 years, and as a direct result has not run a deficit in 50 years and has no debt at all.

All Canadian governments now have debts they do not even pretend to be able to repay — they don’t even mention the possibility. Vast interest charges stifle all programs and cripple all budgets.

This is a dire situation, yet it will remain while parties are funded by private donations. Like it or not, the private funding of parties itself invites the purchase of influence; the bigger the donation, the more influence.

The private funding of parties, the relentless growth of government debts, and the $63 billion a year of tax revenues paid as interest to private bond-holders is a rotating, self-perpetuating morass.

Only through massive adverse publicity will Ottawa rescind this pernicious system, enabling us to escape the usury which has multiplied all these debts some thirty-fold in 38 years, and which will only increase as interest rates gradually return to normal.

This is not empty theorizing. China, Malaysia and Germany, Norway, North Dakota and others which fund themselves through their own central banks, are generally progressing.

They issue money against their assets instead of debt, escaping not only usury but inflation caused by creation of money borrowed to cover unproductive interest-induced deficits, whose value only appeals to bankers.

Will the new cabinet in Victoria act?

Russ Vinden

 

Errington

 

 

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