Private debt is crushing us

The growing rows over school closures, pipelines etc, occur because of the enormous cost of money under our privatized debt system.

The growing rows over school closures, pipelines, the export of toxic dilbit etc, basically occur because of the enormous cost of money under our privatized debt system.

The extraordinary thing is that this system is never questioned, even given the glaring examples of states like Norway, with its superb social systems, and no debt. Or China, expanding like crazy, and owing no-one but themselves. Or North Dakota, right on our doorstep, funding itself without a deficit in fifty years and no debt at all; or Iceland, the little state of Guernsey, Malaysia and others, all now funding themselves without crushing debt.

Yet no Canadian party, no MP or MLA ever defends the privatizing of public debt, or attempts to justify the immense, growing, and apparently permanent burden it has placed on our economy.

So the designed process goes on, now draining some $63 billion a year out of federal and provincial budgets (but nary a word about municipalities) to the private banking sector for no national benefit whatsoever, while the debts grow remorselessly at around 10 per cent a year.

There are certain vital national functions which must never be allowed into private, for-profit hands; the Armed Forces, the judiciary, police, tax assessment and collection come instantly to mind.

So what on Earth has persuaded every government for the last forty years ago to abandon its inherent, sovereign right to issue its own credit for national needs — and turn the lot over to the private banking system for its profit? Silence reigns. The subject is simply never discussed.

These debts can clearly never be repaid. The perpetual interest is, under international law, immoral, while our carefully maintained inoperative electoral system, privatized party financing allowing wealth to buy policy, and governments solidly in hock to the private banks, all indicate a dismayingly fascist tendency. What happened to government for the people?

Russ Vinden

Errington

Just Posted

Home care complaints up 45% on Vancouver Island

Number of home care hours delivered down 6%, complaints up 45 %

Coldest Night of the Year walk scheduled for Feb. 23

Parksville Qualicum Beach residents are encouraged to bundle up and support those in need

Book exchange box destroyed by fire in Parksville Community Park

Second time in less than a year box has been vandalized

Community votes requested for Parksville’s 2019 sand sculpting theme

Three choices for annual 2019 Quality Foods Sand Sculpting Competition

New Canada Food Guide nixes portion sizes, promotes plant-based proteins

Guide no longer lists milk and dairy products as a distinct food group

Telegraph Cove whale watching pioneer cast adrift after 38 years

Stubbs Island Whale Watching announced it is ceasing operation

Giant ice disk equipped with webcam after surviving storm

Westbrook official Tina Radel says the livestream was requested by Brown University

Ousted B.C. legislature officials say report released to further blacken their reputations

James and Lenz say release was ‘Contrary to all principles of fairness and decent treatment’

B.C. animators land Oscar nominations

‘Animal Behaviour’ by Vancouver’s David Fine and Alison Snowden among several Canadians on the short list

B.C. legislature managers accused of excessive travel, personal expense claims

Clerk Craig James, security chief Gary Lenz call allegations ‘completely false’

One-third of pregnant women think cannabis won’t harm their baby: UBC

Review of six U.S. studies found doctors didn’t communicate health risks of pot use

Auto shop apologizes after Vancouver Island employees disrespect memorial convoy

Mr. Lube staff members suspended after incident Sunday in Nanaimo

Collapsed floor traps worker at decommissioned North Island pulp mill

Man frees self, escapes injury, investigation underway at Elk Falls facility in Campbell River

Most Read