HomeMy WebLinkAboutTimes Advocate, 1995-03-22, Page 3Your Views
MilaiViimagateF0 to the editor
Our unstable financial footings
At the very least Ottawa should
create half our money....
Dear Editor:
For most of my life I mistakenly assumed that the
Federal Government printed and controlled our
money system. In fact, only 2% of all new money is
created as legal tender (our coins and bank notes or
"bills") by our government mints for circulation.
All other money is 'rented' to us from the banks
who are permitted to loan out much more than the
legal tender they possess in their vaults. Why have
Canadians allowed chartered banks to create the
other 98% of our total money supply under fran-
chise from the Federal Government by simply loan-
ing it into existence by depositing cheques into bor-
rowers accounts? Although there is an obvious
shortage of money in circulation, no one knows
how much is circulating, thus, how can the govern-
ment balance supply and demand which affects in-
flation?
At the very least, Ottawa should create half of our
money. By re -introducing progressively higher
"fractional reserves", private banks would be com-
pelled to loan less until they set aside much greater
reserves as security with our Bank of Canada. This
would give citizens re-newed faith rather than the
"funny money" (Paul Hellyer) unstable currency of
today.
The present system means almost all new money
can only be borrowed into existence as an interest-
bearing debt, but no institution is creating the extra
money needed with which to pay the interest on at
debt. Thus, we have set up an imbalance where
business winners live off business losers. How can
banks lose when debtors have signed away other
collateral to them anyway. This planned cash short-
age guarantees even more loans so we pay to the
banks an ever growing tribute on an ever growing
debt. The lender grows to own the borrower.
Years ago Pope Pius XI claimed governments had
surrendered their noble function of money creation
and had become servants of private business inter-
ests, obligated to the lending banks. How sad but
true and even more so today. Don't our MPs even
realize this is a totally unecessary situation that they
can indeed re -balance?
After a generation of mad spending, our societies
continuous "growth" has brought us headlong to
some natural truths. We have collectively lived in a
fool's paradise well beyond our means both in our
economy and in our overstressed natural ecosys-
tems. Canadians have squandered precious resourc-
es and energy while creating more waste per person
than anyone on earth.
Our paper/plastic money system based on debt
and gluttonous consumerism is equally unsustaina-
ble. Should our Bank of Canada again assume the
national debt, we could again be paying ourselves
off at less than 1 % rates, stop the ridiculous com-
pounding of debt, and quit battering the private
banks. It becomes the electors choice. We can again
afford to own our own debt, allowing us to be our
own masters, less at the mercy of word market con-
ditions.
I suggest Canada's present financial"situation very
well serves those few influential established finan-
ciers, but it most certainly destroys hope and opti-
mism for the vast majority of Canadians. We who
have allowed the mortgaging of our childrens future
will undoubtedly be held accountable for our ignor-
ance, greed and overspending. A new born child al-
ready owes $27,000 at birth and I believe this to be
a shameful sin in a sick system.
Only our government can insist again, (like we al-
ready did to finance World War II) that we use the
Bank of Canada to reduce interest rates immediately
and thus also reduce our heavy tax burden that is de-
stroying and polarizing society. We must insist that
the finance system again serves the common good
and be brought under democratic Federal controls.
Perhaps war on wealth is more relevant than a war
on poverty.
To educate ourselves about these new realities,
let's read well beyond the mainstream media and
begin to ask those fundamental questions. If we fail
the upcoming generation, it is not for lack of re-
sources but rather a complacency and lack of clear
vision, coupled with a lessened will to act. Our vigi-
lance must guide our national destiny.
Perhaps John Fund of the Wall Street Journal was
just offering us a wake-up call where he recently
claimed our debt load was quickly making us a third
world nation like Mexico. How long can we just
grumble rather than act together?
•es
Patriotically
David Hern, RR 1 Woodham
Political engine gearing up
Anticipating a spring or fall election parties have started campaigning
EXETER - With provincial elec-
tions expected, possibly late this
spring or in the fall, the political
machine is gearing up and dem-
ocratic reformers are no exception.
President of Reform Association
Ontario, Kimble Ainslie, recently
toured through Southwestern On-
tario in order to try and generate
some presence for reform, seeking
to "advance the cause of reform."
Democratic reformers differ than
federal reformers in their approach.
Primarily, the party supports direct
citizen vote on legislation. Direct
democracy is based on a four -point
warranty program, favouring ref-
erendums, NDP recall, citizen in-
itiatives and direct citizen voting.
"Voting through electronic means
on legislation, in a sense precludes
the need for legislators," said Ain-
slie.
Len Lobb, second vice-president,
Reform Association for Ontario,
stated they also support democracy
at the third level, in municipal gov-
ernment.
On a policy platform, democratic
reformers would want to offer rec-
ommendations but the final de-
cision would be left up to the pub-
lic.
Reform has a plan as most parties
do, to reduce the deficit. Their plan
call for a move towards a balanced
budget in approximately three years
time.
"We are distinguished from Mike
Harris and the Tories that way, we
don't say that there should be a 30
per cent tax cut initially, we think
that is dead wrong. It will lead to
increased deficit problems," said
Ainslie.
Rewards for maintaining a bal-
anced budget in the foam of tax
cuts after it has been achieved, is
also part of the Reform proposal.
To look into a parking ban
GRAND BEND - No parking on
the main street of Grand Bend?
A recommendation from the vil-
lage's Parking and Law Enforce-
ment committee recently asked
that council look into having no
parking at certain times on main
street from Elmwood street to the
lake.
On Monday afternoon however,
council asked that this rec-
ommendation be reconsidered and
that the businesses along that
stretch of the main street be con-
tacted for their input.
"After talking with a lot of mer-
chants, I suggest we put this on
hold," said councillor Shirley An-
draza.
The recommendation called for
no parking seven days per week
from 12 noon until 6 p.m. from the
third Saturday in June to the sec-
ond Saturday in August.
"After August 1st the crowds
aren't as significant," said mayor
Cam Ivey about the restricted time
of the year.
"There is no point in taking away
parking unless it's going to eq-
hance the main street. It goes hand-
in-hand," noted Ivey.
Grand Bend council is currently
looking at enhancing its main
street and has gone as far as setting
up a Main Street Task Force. There
has even been discussion in the
past of closing off the entire main
street to traffic.
"If you're trying to open up the
erect. what you are asking for is a
complete ban (on parking) not a
partial ban," said councillor Bob
Mann.
There was also some question, if
the restriction from noon to 6
p.m.did take place, how it would
be monitored. Ivey said at noon
cars would be tagged and than
towed.
Tho Bunn County Board of Education
FRENCH IMMERSION
Based on interest levels shown, French Immersion will be available in
Grade 5 at Robertson Memorial Public School and Grades 5 and 6 at
Exeter Public School. The program will begin in September 1995
provided there is sufficient enrolment and available classroom space.
Parents of eligible students can pick up registration forms at any public
elementary school in the county.
Information meetings will be held at Robertson Memorial Public School
in Goderich on Monday, April 3rd, 1995, at 7:00 p.m. and Exeter Public
School on Tuesday, April 4th, 1995, at 7:00 p.m.
A decision on whether or not to begin the program will be based on the
number of registrations submitted by Friday, April 7th, 1995.
For additional information contact:
Roxanne Brown
Chair
Gino Giannandrea
Superintendent of Schools
482-3496
1-800-265-5598
Paul Carroll
Director
4
Times -Advocate, March 22,1995 ' Page 3
Lioness donate
The Exeter Uoness Club donated funds to the McCurdy Public School Rainbow Pro-
gram. The Rainbow Program is a peer support group, run by trained volunteers for chil-
dren going through a painful transition. Shown above, left, Carol Windsor and Maryann
Topp, volunteer facilitators, Sandi Skinner, co-ordinator and Mary Lou Becker from the
Exeter Lioness club.
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