The nightly TV News is full of dire warnings about a recurring global recession. Six European nations, and the once-mighty USA, all teeter on the edge of default, unable to pay the colossal compounding interest on their privately-funded debts.
No one mentions that China, India, Germany, Malaysia and a whole slew of smaller nations all issue their national needs from their own national banks under fairly tight control, with the interest returning to their treasuries. Debt and interest problems for them do not arise.
Canada however, having pioneered such public funding of public debts 75 years ago, abandoned this scheme with minimal publicity in the mid-1970s just as interest rates went into a 20-year explosion. Without explanation it has supported privatized debt funding ever since. The result is glaringly obvious. All our governments now have un-payable debts and crippling interest payments which, rather than fund national programs and infrastructure, feed private bank requirements.
Russ Vinden
Errington