1st September 2016
Here we go into Alice’s looking glass again with Justin and Bill to my complete amazement, disgust and lack of approval. Seeking their god(s) approval I suppose and talking us further into the rabbit hole of debt.
The Infrastructure Bank of Asia?
We are going to invest in this?
Apart from the currency of choice how is this different from the IMF and their rapacious interest rates?
Canadian Infrastructure Bank?
We are going to create one of our own?
I saw no money set aside in the 2016 Budget for these two banks so by what sleight of hand will the money be created?
I have no problem with investing in Canada.
I have no problem with using the Bank of Canada to create money for that investment; but I do have an enormous problem with borrowing money from international banks and investors to create an unnecessary bank for our infrastructure, and borrowing money to invest in a foreign infrastructure bank, on which we will be paying compounding interest rates.
We knew that Harper’s Government, acting as if it was the Government of Canada, did not have a single economist among their ranks, and they only managed to come vaguely close to balancing the budget by selling Canada’s assets at bargain basement prices, and really had no clue how to finance anything. The fact that the Liberals promised to invest in Canada instead of selling it off originally indicated to me that they had some plan and at least one economist in their midst.
Oh boy was I wrong!
At the Canadian Action Party we believe this:
“What is physically possible, desirable and morally right, we can make it financially possible through the Bank of Canada.”
With the exception of the Libertarians every other registered but unrepresented Canadian Political party also believes this, but those parties which have representation in the House of Commons believe that we should be increasing debt instead to international banks and investors, paying them compounding interest rates to boot. The payment of the interest on our national debt is the single largest payment Canada has to make year after year and still this government of ours wants to increase that debt and the increasing interest payments. There is no way to realistically leave our children any sort of future in this country if we continue with this height of absurdity.
Our grand fathers created and left us with the Bank of Canada, something some 70 cities and counties and 8 or so States in the USA want to replicate by having proposals for creating public banking on their November Ballots this year; and yet there is no political party represented in our House of Commons which can see the value of what we have and is actually still mandated to do what it did so well from 1935 – 1974 when out national debt was $22 billion owed to ourselves through the Bank of Canada. Today our national debt stands at over $1, trillion with compounding interest owed on that to international banks and investors.
Tell me this makes sense.
Tell me that the MPs of Canada have not been subdued, threatened or bribed in some way to accept this on behalf of their children.
Tell me that you agree with this increasing and absolutely unnecessary debt.
Tell me that you agree with these infrastructure banks when we already have our own Bank of Canada which can do all these things here at home much more efficiently and cheaply .
Tell me that you want these problems of national indebtedness to be passed on to your children.
But better than that tell me that you want the stooges in Ottawa to start using their heads instead of their fears and act on behalf of their employers…you…and engage the Bank of Canada again to exercise it’s mandate to finance Canada’s needs.
Whatever hopes I entertained that we would see change with Justin Trudeau and his Liberals and their sunny days and ways has evaporated like the dew on a summer morning.