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

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

COVID-19: SD69 working on how to organize schools for planned fall re-opening

Qualicum School District required to have plan to ministry by Aug. 26

Throwback: Parksville Makerspace shows off old Commodore 64 computer

Open house takes place Aug. 8, from 10 a.m. to 3 p.m.

COVID-19: Modified beach volleyball a hit in Parksville

Organizer happy to get popular summer game going

Ballenas students help keep essential community services going

Club donates $1,000 to SOS Grateful Hearts campaign

‘We all have anxieties’: B.C.’s top doctor addresses return-to-school fears amid COVID-19

Dr. Bonnie Henry promises school restart plan safe for B.C. kids

Maple Bay man rushed to hospital after being trapped under car

BC Ambulance and Maple Bay Fire Department attend scene on Wednesday morning

Facebook launches its new TikTok clone, Instagram Reels

Facebook has a long tradition of cloning competitive services

Dwindling B.C. bamboo supply leaves Calgary Zoo biologists worried about pandas

Zoo has been trying to send pandas back to China since May

B.C. doctors, dentists call on province for mandatory mask rule

Open letter says masks should be worn in indoor public spaces, public transportation or in crowds

B.C. Appeal Court prevents Victoria woman from using the term ‘death midwife’ in her job

Pashta MaryMoon claimed she had been providing “death-care services” for more than 40 years

B.C. fish harvesters receive long-awaited details on pandemic benefits

Applications to the $470-million federal assistance programs will open Aug. 24

Most Read