Crippling inflation from private debt

I am pleased to see others writing about the disastrous private funding of government debts.

I am pleased to see others writing about the disastrous private funding of government debts. Two such letters in the last few weeks have supported my ongoing criticisms, while yet another from Colin Bartlett thinks it all works fine and should not be touched.

Meanwhile, all such debts grow relentlessly, their huge interest charges not only contributing inflation — the deficits require creation of extra money against no new asset — but they result in a steady stifling of all programs in a vain attempt to balance budgets repeatedly broken by those massive interest payments. The matter will not go away, it must be directly addressed, not smothered by irresponsible quotes like recent letter writer Bartlett’s “1.5 per cent inflation over the last five years” which would hardly be noticeable; I suggest most people have a more realistic view of things.

There is nothing wrong in a government lending money to itself, as Bartlett intimates. Indeed we did exactly that for 40 years with excellent results until the Lib/Con continuum killed it. And never mind North Dakota’s 90-year successful practice, think of modern China’s for the last 60 — from being a basket-case they are now number two in the world without the crushing usury at present destroying Greece, and crippling Spain, Ireland and many other massively indebted nations, not excluding Canada.

The private banking system has its hands very tightly in our government’s purses; only a determined new, basically different ideology can get them out. So talk to your Lib/Con representatives, and your NDP and Green candidates and probe their reactions, for the mutually self-supporting debt/interest combination can only grow. It is what it is designed to do.

Russ VindenErrington

Just Posted

Replacement value of RDN assets listed at $382M

Regional district completes first asset management review

Parksville powerlifter qualifies for world championships

Buhler sets personal bests in both raw and equipped lifting events

Wires left dangling after van crashes into hydro pole in Dashwood

Road closed while BC Hydro crews dealt with situation

Police go on hunt for distracted drivers in Parksville Qualicum Beach

One motorist ticketed for not wearing a seatbelt and using a cellphone while driving

Sparks fly as SUV speeds down wrong side of Highway 1 trying to flee RCMP

Captured on video, the vehicle headed westbound against oncoming traffic before crashing

Trudeau to campaign in Nanaimo on Monday

Prime minister to support Nanaimo-Ladysmith candidate Michelle Corfield

Bobrovsky perfect as Blue Jackets blank Canucks 5-0

Vancouver shut out for 10th time this season

Trudeau in Vancouver to support Tamara Taggart at Liberal nomination event

The former broadcaster is seeking the nomination for the Vancouver Kingsway riding

Fundraising campaign launched for man caught in SilverStar avalanche

In only two days, the GoFundMe surpassed its $15,000 goal

Terror at sea: Helicopter rescues frightened cruise passengers in Norway

The Viking Sky cruise ship was carrying 1,300 passengers and crew when it experienced engine trouble

Search and rescue team helicopters injured climber from B.C. provincial park

A 30-year-old woman suffered a suspected lower-limb fracture in Skaha Bluffs Provincial Park

DOJ: Trump campaign did not co-ordinate with Russia in 2016

Attorney General William Barr said special counsel “does not exonerate” Trump of obstructing justice

Trudeau calls May 6 byelection for B.C. riding of Nanaimo-Ladysmith

The riding opened up when Sheila Malcolmson resigned in January

Most Read