WANTED

POLITICIANS with the courage to
break away from the disastrous
monetary policies of the past 35 years, and
VOTERS who will support them!

 

 (You can have my vote, but only if you

 

support using the Bank of Canada to finance public debt

 

 to invest in public services and infrastructure!)

 

The "Occupy” groups across the country have said to the community, "Wake up!  Our government is run by banks and large corporations!  The '1%' have more wealth than the rest of us; we have an unjust society, and the gap between the wealth of the '1%' and the rest is growing."  One of the things that is contributing to that gap is the interest we pay on public debt of $165 million a day, $5 a day for every man, woman and child in the country or $20 a day for a family of four.  Our governments dig deep into our pockets every day through taxes of all kinds, take our money and send it to banks and other bond holders to pay the interest.  This makes the gap wider.

 

The 1.5 million unemployed pay through the loss of their jobs.

 

The federal government could reduce the interest paid on public debt by borrowing more from the Bank of Canada at near zero cost and less from private financiers.  So, why doesn’t it do that?  The government is up to its neck in debt - $550 billion and growing – and when you owe that much you are inclined to listen to the wants of your creditors over the needs of ordinary Canadians.  Government indebtedness to private financiers gives that sector undue influence over government policy decisions.  It is not in the interest of banks and wealthy bond holders for the government to borrow from the Bank of Canada, but is in the interest of ordinary Canadians.  Not only would it save billions in debt charges, it would also reduce the influence of the private financiers whose opinions the government gives precedence to because it has become dependent on private sources of capital for most of its financing.

 

Can we change the situation?  Yes, but only if we reduce the influence of private financiers  -  and that won’t happen until there are enough politicians in Parliament who support government borrowing from the Bank of Canada for financing public debt.  To create a just society we must say to our politicians, "If you want my vote you have to agree to support using the Bank of Canada to finance public debt for investment in public services and public infrastructure".  This is necessary in order to sever the grip of debt and the influence of private financiers.  Giving the government this alternate source of capital will break its dependence on private capital and will mean it can make policy decisions based on principles of good government rather than on what their financiers want.

Do you have the courage to break away from the disastrous policies followed by our government for the past thirty-five years, as well as the governments of many other countries, and say to those in the occupy movement, “we heard your message loud and clear and we are going to break the hold and influence of banks and other wealthy bond holders by using the Bank of Canada to finance public debt for investment in public services and infrastructure”?

It took over 100 years to accumulate a federal debt of $18Billion, but only 35 years to add $532Billion more.

We also pay through fees for public services, we pay in kind through cut-backs in services such as education, health care, and support services, and we pay through the deterioration of infrastructure such as roads, sewers, water lines, bridges and affordable housing.

 

 Richard Priestman,
Co

mmittee on Monetary and Economic Reform 

Kingston Chapter

View the Official COMER Page here