Jail the bankers

There is a fix for $616 billion debt: cancel the whole mess outright and jail the perpetrators, as Iceland did four years ago.

In the Sept. 17 Thursday Spotlight, the headline asked: “Is there a fix for $616 billion debt?” There are two. The first no-nonsense way, is to cancel the whole mess outright and jail the perpetrators, as Iceland did four years ago.

The second way is to use our own wholly-government owned bank for its designed and chartered purpose — capitalising our national assets at cost of administration only, returning remaining interest revenues to treasury for re-use.

This process was in continuous use in Canada for 40 years with widespread national benefit until it was quietly replaced with totally private funding in 1975. I have been unable to trace any parliamentary debate on this epochal change.

Interest rates immediately shot up, reaching an unprecedented 22 per cent in seven years and not returning until 1994. This firmly established all our government’s debts, whose total interest payments now regularly exceed $60 billion a year (say “thousand million dollars” for the real impact). But silence surrounds this whole episode, bringing conspiracy and collusion to mind since no elected party has a word to say on this dramatic change.

Its purported benefits are not proclaimed, and the process has been effectively banished from public awareness, only being awakened now by news from neighbouring North Dakota, uniquely funding itself for ninety-odd years with neither deficit nor debt.

Meanwhile, unproductive interest represents roughly ten percent of all our budgets, while that from P3s isn’t even shown. B.C.’s debt has doubled in the last 10 years, federal debt is now 300 times greater than in 1975 and the inflation inherent in the system is plainly seen in old newspapers. Forty years of different administrations blindly following the same scheme, dumbly demonstrate its usurious character. Time for change, wouldn’t you say?

Russ VindenErrington

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

Just Posted

Regional District of Nanaimo’s waste diversion plan endorsed by province

Target is achieving 90 per cent waste diversion from landfill

Iconic white raven returns to Parksville Qualicum Beach area

Photographer John Domovich: ‘It blew me away when I first observed it’

Parksville’s Summer by the Sea event starts June 30

‘We are looking forward to providing a vibrant market’

Vancouver Island’s current COVID-19 case count officially hits zero

Of the 130 recorded Island Health cases, five people have died, 125 recovered

VIDEO: B.C. dentist gets grand welcome home after two months in hospital fighting COVID-19

Michael Chow was given a surprise send off by hospital staff and ‘welcome home’ from neighbours

‘Like finding a needle in a haystack’: Ancient arrowhead discovered near Williams Lake

The artifact is believed to be from the Nesikip period between 7,500 BP to 6,000 BP

Indigenous families say their loved ones’ deaths in custody are part of pattern

Nora Martin joins other Indigenous families in calling for a significant shift in policing

Facing changes together: Your community, your journalists

The COVID-19 pandemic has changed the world in ways that would have… Continue reading

Friends, family mourn Salt Spring Island woman killed in suspected murder-suicide

A GoFundMe campaign has been launched for Jennifer Quesnel’s three sons

PHOTOS: Anti-racism protesters gather in communities across B.C.

More protests are expected through the weekend

Indigenous chief alleges RCMP beat him during arrest that began over expired licence plate

Athabasca Chipewyan Chief Allan Adam calling for independent investigation

‘I’m pissed, I’m outraged’: Federal minister calls out police violence against Indigenous people

Indigenous Minister Marc Miller spoke on recent incidents, including fatal shooting of a B.C. woman

UPDATED: Pair accused of ‘horrific’ assault at Vancouver’s Oppenheimer Park arrested

Police say Jason Tapp, 30, and Nicole Edwards, 33, did not show up to meet their bail supervisor this week

Most Read