Thanks Russ Vinden for your letter (PQB News, Feb. 19) on the demise of the Bank of Canada and its role in the development of infrastructure in Canada until 1975.
From railroads to highways to bridges, all infrastructure was built and maintained by interest-free loans to governments, cities, municipalities to support economic growth and prosperity, by our own Bank of Canada.
Then the feds decided, and I might say with the support of all parties, to give that business to the banking institutions at the going rate of interest at the time of borrowing. Bay Street had the fix in and since then have continued to improve their position at the taxpayers expense. That accumulated interest on old loans just gets deferred in the void, called the future, continuing to collect interest on interest.
The final cruel blow was when Justin Trudeau carried that legacy even further by creating the “Infrastructure Bank”. Where was the opposition to that in government? Where were the cries from our news media on why and how that was going to improve our future? Nothing! We are heading down a very dark road, with our headlights turned off. Both major parties are owned and operated by Bay Street and we, the taxpayers, just pay the bills.
There is an old saying that goes “the only difference between a rut and a grave is the depth”.
As we trudge back and forth along this rut it just gets deeper and harder to get out of, until one cannot even see over the edge anymore and we quit looking.
I am not sure who we can trust to right the ship. I hope the millennials take a stand while they still have something to look forward to.