What B.C. really needs is a good bank

The new NDP/Green government faces three problems which control all other decision-making. The first, electoral reform, is already acknowledged and sensible action will probably follow.

The second, party funding by donation, only surfaced prior to the recent election, but I believe it is the bought influence which so undermines the whole basis of electoral choice. It could be removed with a $5 annual fee on each of the multiple millions of income tax returns, and would produce a fully adequate sum, to be allocated according to each party’s electoral support; a tiny cost for getting uncompromised politics.

The third problem, the privatization of all government debts, has been very carefully swept under the rug. The idea that capitalizing a nation’s inherent wealth in order to fund its needs without the imposition of interest (just like the state of North Dakota, and China, and others) was simply discarded without Parliamentary debate 40 years ago, and today the interest bill on all our government debts amounts to some $60 billion – nearly $1,800 a year for every man, woman and child. This, on debts which can only be extinguished now by outright cancellation.

This is the overriding but never-debated problem which our government must face without delay, as government debts are doubling from this source every decade or so, and every program is being underfunded to the point of crisis in futile attempts to balance books inundated with interest-on-the-interest. If readers doubt this, they should Google “Bank of North Dakota” for an eye-opener; and then ask why China has exploded from nothing to the No. 2 world economy in less than 70 years.

Russ Vinden


Just Posted

VIDEO: Orcas put on a show near Hornby Island

Louis Jobodin shares photos and video of his experience

Passengers bound for Victoria say Sunwing left them stranded in Abbotsford

Company says late arrival led to difficulties securing accommodation, transportation

Island-filmed TV series gets third season

Crews returning to Parksville Qualicum Beach to film in the spring

Ladysmith marijuana producer bought by Aphria in $230M deal

Ontario licensed marijuana producer Aphria has reached an agreement to acquire Ladysmith-based… Continue reading

Sutherland steps down as SOS executive director

From receptionist to executive director

Views in The NEWS, Jan. 16

We asked: What is a necessity for you on a camping trip?

Did you get Hitched in Courtenay on Sunday?

The first annual wedding show saw big crowds and included two fashion shows

Vernon to host largest Special Olympics B.C. Winter Games in 2019

Games to be held Feb. 21-23, with more than 800 athletes expected to take part

Sentencing hearing begins for ex-BC Liberals employee in ‘quick wins’ scandal

Former communications director Brian Bonney pleaded guilty last October

Ice dancers Virtue and Moir to carry flag for Canada at 2018 Olympics

The pair earned a gold medal at the 2010 Vancouver Olympic Games

UPDATE: Police continue to seek missing Qualicum Beach woman

Oceanside RCMP requesting public assistance in locating Carmel Georgina Gilmour

Corfield Street work continues in Parksville

Delays, alternating traffic can be expected

Highway maintenance to cause delays in Whiskey Creek

Alberni Highway motorists face lane closures morning of Jan. 18

Most Read