Letters to the Editor

Private debt is crushing us

The growing rows over school closures, pipelines, the export of toxic dilbit etc, basically occur because of the enormous cost of money under our privatized debt system.

The extraordinary thing is that this system is never questioned, even given the glaring examples of states like Norway, with its superb social systems, and no debt. Or China, expanding like crazy, and owing no-one but themselves. Or North Dakota, right on our doorstep, funding itself without a deficit in fifty years and no debt at all; or Iceland, the little state of Guernsey, Malaysia and others, all now funding themselves without crushing debt.

Yet no Canadian party, no MP or MLA ever defends the privatizing of public debt, or attempts to justify the immense, growing, and apparently permanent burden it has placed on our economy.

So the designed process goes on, now draining some $63 billion a year out of federal and provincial budgets (but nary a word about municipalities) to the private banking sector for no national benefit whatsoever, while the debts grow remorselessly at around 10 per cent a year.

There are certain vital national functions which must never be allowed into private, for-profit hands; the Armed Forces, the judiciary, police, tax assessment and collection come instantly to mind.

So what on Earth has persuaded every government for the last forty years ago to abandon its inherent, sovereign right to issue its own credit for national needs — and turn the lot over to the private banking system for its profit? Silence reigns. The subject is simply never discussed.

These debts can clearly never be repaid. The perpetual interest is, under international law, immoral, while our carefully maintained inoperative electoral system, privatized party financing allowing wealth to buy policy, and governments solidly in hock to the private banks, all indicate a dismayingly fascist tendency. What happened to government for the people?

Russ Vinden

Errington

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