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

Qualicum man sentenced for tying up, robbing another man

Gabriel Stephen Nelson robbed and assaulted travelling businessman in 2017

Parksville man ‘parks’ horse during liquor store pit stop

As long as animal wasn’t jaywalking, no problem, says city official

Parksville roundtable highlights need for affordable housing, recreation

Mayor Ed Mayne held facilitated event in January to hear visions for city, council

RDN to form new group to replace Northern committees

Recreation commissioners disappointed with the decision

Second delivery of building units for 222 Corfield in Parksville arrives March 21

Vehicles should expect intermittent single-lane alternating traffic

VIDEO: Can you believe it? This B.C. hill pulls cars backwards up a slope

Sir Isaac Newton had clearly never been to this Vernon anomaly when he discovered gravity

European, Canadian regulators to do own review of Boeing jet

Air Canada plans to remove the Boeing 737 Max from its schedule at least through July 1

Prime minister defends Liberal budget measures as sales effort gets underway

Conservatives under Andrew Scheer say it’s a spree funded by borrowing against the future

Mayor meets with B.C. health minister on homeless taxi transfers

Two homeless people were discharged from Surrey Memorial and sent to a Chilliwack shelter

B.C. lottery winner being sued by co-workers

They claim he owes them $200,000 each, in a lawsuit filed in B.C. Supreme Court in Vancouver

Teacher reprimanded for conduct towards special needs student

Alan Stephen Berry told vice principal he did not have time to use positive strategies

‘Full worm super moon’ to illuminate B.C. skies on first day of spring

Spring has sprung, a moon named in honour of thawing soil marks final super moon until 2020

Having phone within sight while driving does not violate law: B.C. judge

The mere presence of a cell phone within sight of a driver is not enough for a conviction, judge says

Woman punched on the sidelines of B.C. soccer game

Both involved were watching the U21 game in West Vancouver from the sidelines when things got heated

Most Read