Debt privatization

Re: Colin Bartlett’s response to my recent letter entitled ‘Debt and Wealth.'

Re: Colin Bartlett’s response to my recent letter entitled ‘Debt and Wealth.’

Bartlett asserts: “In the late 60s and early ’70s, our federal government embarked on a path of huge deficits and debt. In endeavouring to handle the debt, the (Bank of Canada) allowed inflation to climb to nearly 13 per cent and it became obvious in 1974 that it could not continue…”

Not so. According to canadianinflation.com, from 1974 to 1982, inflation soared higher than the rest of the post war era after the Bank of Canada ceased to finance major governmental projects and programs. The consequence of this change in financing was exposed in the 1993 Auditor General’s Report.

An astounding 92 per cent of federal debt was due to accumulated interest. Mr. Bartlett omits any reference to the prolonged and steady decline of such debts under Bank of Canada funding in the first 20 post-Second World War years.

Bartlett’s comparison of North Dakota’s demographics with those of B.C.’s is no doubt accurate, but irrelevant. The method of financing governmental projects and programs is the issue and North Dakota is less in debt today because it used its own state bank. Bartlett’s claim that privatization of public debt avoided runaway inflation cannot be validated by the records I have found. Those records show that when governments relinquish control of the issuance of their money and financing, they relinquish their sovereignty and enslave their citizenry to the greed of international bankers. Iceland has much to teach us.

W.L.M. (Bill) WilsonQualicum Beach

Just Posted

Would-be thieves strike Serious Coffee in Parksville

Shop’s front door smashed Saturday night, alarm scared off intruders

Tips and tricks for making a gingerbread house

Take your time and test your design, says Vancouver Island University instructor

Rotarians from Qualicum Beach Sunrise Club help homeless

Hot breakfast served to those in need

REPLAY: B.C’s best video this week

In case you missed it, here’s a look at the replay-worth highlights from this week across the province

GoFundMe helps Vancouver Island teen battle a rare cancer

Nanaimo’s Michelle Reilly, 16, battling spinal cord cancer, seeking possible treatment in U.S.

Trudeau lashes out at Conservatives over migration “misinformation”

Warning against the “dangers of populism,” Trudeau says using immigration as a wedge political issue puts Canada’s future at risk.

B.C. hockey coach creates ‘gear library’ to remove cost barrier of sport

Todd Hickling gathered donations and used gear to remove the cost barrier for kids to play hockey.

‘They’re coming:’ Flying cars may appear in urban skies by 2023

Air taxis will number 15,000 and become a global market worth $32 billion by 2035

5 tips for self-care, mental wellness this holiday season

Ministry of Mental Health and Addictions urging British Columbians to prioritize self care through festive season

B.C. VIEWS: Andrew Wilkinson on taxes, ICBC and union changes

Opposition leader sees unpredictable year ahead in 2019

Rescued B.C. cat with misshapen legs in need of forever home – with carpet

Mirielle was born with misshapen back legs and after a tough life on the streets, is looking for a forever home.

VIDEO: Craft growers will add to recreational market, cannabis producer says

Two B.C. men say their expertise in running small legal medical grow-ops a benefit to recreational market

Most Read