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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. frocioNT. /'r 71•42".5trs. Beat The Summer And Fall Rush For All -Season Home Comfort. 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