POLITICIANS with the courage to
break away from the disastrous
monetary policies of the
past 35 years, and
who will support them!
can have my vote, but only if you
using the Bank of Canada to finance public debt
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
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
mmittee on Monetary and Economic Reform
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