Casions and debt woes

In reference to casinos, surely after 38 years of privatized government debt it should be clear government debt will continue to escalate.

In reference to Mayor Chris Burger’s contemplation of casinos to boost his budgets, surely after 38 years of totally privatized government debt funding it should be crystal clear that as long as this continues, so will all government debts escalate.

No government in Canada is now free of crippling debt and municipalities, having the least clout, are on the end of the line.   The nation’s central bank, which returns all profits to the nation, is by far the most sensible place to supply such funding, and was a prime reason for the establishment of that bank. Its abandonment as a source triggered the tsunami of debt which has escalated for years and is fast consuming every nation which uses privatized debt funding.

A prime reason for the establishment of the Bank of Canada was exactly that — to fund the national government’s debt at cost, with profits reverting to the nation. The benefits were distributed as large transfer payments and grants to all provincial governments — which eventually reached the municipalities, but this process was abandoned without explanation in 1975, hence Mayor Burger’s problems.  Vast sums of tax revenue have since been passed to the great banks for interest, which used to return to the nation;  and would have been had our business-oriented governments looked after the nation rather than the private finance sector.

Debt control effectively ended with the abandonment of central bank loan funding,  and all government debts  — here, in the U.S.A. and across Europe, all using the same system — continue to escalate regardless of six years of record low rates of interest. Six European nations are now in default;  the U.S. has incomprehensible, quite un-payable debt; yet the one proven and fundamentally sound funding method is not even contemplated by our national  government. It remains the best kept secret in Canadian politics.

But many other countries do it — China of course, and Malaysia and India, all developing like crazy; and little Norway has a $600 billion sovereign wealth fund, where we have a $600 billion federal debt — and $56 billion provincially; we can’t pay that either.

And alone in the fiscally chaotic U.S.A., little (poor) North Dakota just over our border has no debt at all. I bet they aren’t thinking about casinos to balance their budgets — they haven’t run a deficit in 50 years. Guess why, Mayor Burger. Perhaps you should give them a call.

Russ Vinden


Just Posted

Parksville ready to party like it’s 1945

City will celebrate 75th birthday on June 19, 2020

Assessments needed before Parksville beach cleanup could get green light

Permits, reviews would cost city an estimated $164,000

Joint effort helps extinguish shop fire in Coombs

Firefighters quickly contain blaze that spread to nearby trees

Parksville’s Kurz runs 160 kilometres in less than 24 hours

Former Ballenas athlete raises more than $8,000 for Terry Fox Foundation

VIDEO: Rare white killer whale captured by drone near Campbell River

The transient orca has been named Tl’uk, a Coast Salish word that means ‘moon.’

VIDEO: After 73 years, siblings separated by adoption reunite in B.C

Donna Smith of Abbotsford and Clayton Myers of Williams Lake are glad they met each other

B.C.-born Carey Price brings young fan to tears at NHL Awards banquet

Anderson Whitehead first met his hockey idol after his mother died of cancer

Licence issue delays boozing while cruising on BC Ferries

Planned June launch for alcohol sales delayed

Nanaimo a prime market for new plane, Air Canada says

Vice-president previews Airbus A220, praises Nanaimo’s growth in passenger numbers

B.C. school mourns after 13-year-old killed by fallen tree on field trip

Teenager died after being struck and pinned by tree while on a field trip near Sooke

RCMP deploys special unit in Comox Valley to combat organized crime

Combined Forces Special Enforcement Unit spends four days targeting organized crime in Courtenay

B.C. temporarily halts resource development to protect caribou

The caribou population in northeastern B.C. has dwindled over the last two decades

Most Read