The Wingham Advance-Times, 1984-09-12, Page 58Page 10•—Gros, roads;Sept. W. 1984
i'OR A SUSTAINED
RECOVERY
Popular remedies, seem-
ingly a dime a dozen, are all
wide of the mark as they fail
to address our basic -
economic. problems.
No significant steps have
been taken, for instance, to
reduce the large debt burden
- the crucial problem in any
economic recovery.
The whole structure of
foreign debt is unstable and
could come crashing down.
As in the 1920s and 1930s,
Mexico is having difficulty
meeting its foreign debts. In
the 1920s, Mexico's debt was
approximately $1 billion or
$66 per person. To put that in
perspective, Mexico's
foreign debt now is about $90
billion or $1,000 per person.
In the 193Qs reliance was
placed on its potential
wealth, but, nevertheless,
Mexico failed to pay its,
debts. Peru, Chile, Brazil,
Uruguay and several Central
American republics also de-
faulted soon thereafter.
Today, even adjusti��i►g for in-
flation, the situation is al-
most infinitely -worse
throughout Latin America.
Now there is a de facto de-
fault on 'most foreign debt,
with interest payments in
many cases being made only
from additional credit.
Banks in North America
have loaned money as bank
officials were rewarded . by
the. volume of loans they
placed on the books, regard-
less of the credit worthiness
of the bojowers.
Private debt in the United
States has risen from ap-
proximately 90 per cent of
GNP in 1960 to 120 per cent of
GNP last year, and is now at
levels comparable to those
that prevailed just before the
'Depression of 'the 1930s.
Similarly, household debt,
which was 1.4 times personal
disposable . income in '1952,
• has. climbed to 3.4 times per -
Cnad's
usiness
by Bruce Whitestone
sonal disposable income last
year.
Not only has private sector
borrowing demand been
quite strong in the United
States,, but Federal govern-
ment ' borrowing has been
enormous. As a con-
sequence, the cost of serv-
icing the national debt has
risen exponentially. For in-
stance, Federal net interest
payments on the U.S. debt
have climbed from just over
1 per cent of GNP in1960 to 3
per cent this year. If interest
rates and deficits continue to
mot1 e growth in the in-
terest
bill will become ex-
plosive. The experience of
some other countries when
interest cost became so bur-
densome was that central
banks "monetized" the debt,
printed money at a rapid
rate to meet their obli-
gations. .
There is another require-
ment for a sustained re-
covery ! in .the North
American economy: a
change in attitudes and
skills. Many of the responses
to our current troubles are
ev.en counter-prpductive.
Unemployment insurance
payments encourage unem-
ployment and our welfare
system too oftendiscourages
work. There has .been a poor
fit of job training -and oppor-
tunities so that there are
s lortages in certain fields.
and unemployment in
others. Hence, we have had
to import workers to fill
some job vacancies, and yet
there are 1.5 million unem-
ployed in Canada and 8
million jobless in the United
States.
Moreover, •the bail-out
mentality prolongs the mis-
allocation of resources, even
though occasionally bridge
financing does tide com-
panies over temporary diffi-
culties, as was the case with
Chrysler Corporation. As
well, trade harriers do not
At wit's end
by Erma Bombeck
The Olympics have been
over for weeks now.
'Los Angeles freeways are
back to gridlock: Bilingual
cab drivers are once again
back to their first language
— Yugoslavian. And the
promises I made to myself
as I sat therein front of my
TV set for 180 hours, wat-
ching those young, taut,
. muscular bodies being
pushed to the maximum,
have gone to that big spetic
tank in the sky.
I made a resolution during
those two weeks that my
entire life was going to
change. I was going to
challenge my +®ody to do
things it never thought were
possible. Discipline was
going ,to become a way of
life. Pain would ,retake me
stronger and strengthen my
character.
I made a schedule.
First, I was going to take
all my hanwashables that I
had stashed away for the last
eight years,(and which equal
my body weight) and
eventually build up to lifting
them over my head and hold-
ing them there for 30
seconds.
Them I was going to run the
26 miles to the shopping
center each day, stripped
,down to a pair of satin
shorts, a sleeveless T-shirt
and two major charge cards.
I set goals for myself. I
knew through conscientious
exerecise and perserverance
I could park in a five-minute
unloading zone, sprint 400
yards to a White Sale, get
four matching single per-
cales and be back in the car
before I was ticketed.
I geared the entire house
toward fitness In each door
frame I put two hanging
rings so that every time I
went through them, I could
hang in an iron cross. The
clothes hamper had a hoop
over it. I kept a stack of the
kids' favorite albums and
each day I planned to step in-
side of a circle, spin around
until I nearly screwed my
body into the ground and
throw the album for as many
promote efficiency and could
(and should, in some cases)
invite retaliation.
Also, the elimination of ex-
cess capacity is necessary
for real economic growth.
Many state that the growth
of new industries wi11 lift us'
out of economic stagnation.
However, with so much ex-
cess capacity and unused fa-
cilities, new 'industries will
use existing structures
rather than new buildings.
The constraints of excess ca-
pacity will tend to depress
activity much more than
"high-technology" develop-
ments can stimulate busi-
ness. Excess capacity will
remain in place fora long
time and will put a damper
on long 'term economic ex-
pansion. This problem can
only be diminished by de-
veloping new markets.
Overall, government
measures frequently create
yards as I could toss it.
The fact than none of this
has worked out for me is not
important. What is crucial
here is that up until now I
could never figure out why
there were four years be-
tween each Olympaid. Naive
little fool that I .am, I thought
it took the host country that
long to build all the facilities
needed for the events.
No, no. It takes four years
to find a swim team that has
the courage to get into a
bathing suit with legs that ko
all the way up to the armpits.
How easy do you think it is
to unearth six girls:who can
balance themselves on a 4 -
inch bar and hold in their
stomachs at the same time?
Or who can guide a horse
across an 8 -foot bar without
ripping her pants. .
I'm taking raw courage
here. Oh sure, a lot of us
have the right stuff. It's just
in the wrong places.
{t
Naturally
Yours
CurrantS9
99
uncertainty and, therefore,
delay investment in new en-
terprise. A longer term focus
is required if changes are to
be productive.
Unless we attack our ft{n-
damental difficulties, a"con-
tinuing economic recovery
simply will not take place
over the next few years.
RETURN WITH US TO...
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4
A Future for
Angela
A Future for
the War Amps
And when there are no more War Amputees?
A question we are asked, and we have a very good answer. Angela Craig is
a member of o Child Amputee Program and wears a special myo-
electric arm and hand the War Amps,helped to provide. This kind of help,
and the many programs we operate, will continue far into the future
bei{.use when there are no longer War Amputees, we will become THE
CANADIAN AMPUTEES FOUNDATION and will continue to offer
children like Angela every hope for the brightest future.
Amputees helping amputees. Our legacy will live on
Wish to call us? Dial toll free: Metro Toronto residents: (416) 488-0600 Area Codes 519, 6.13, 705:
1-800-268-8821 All other codes: 1-800-268-8917
The War Amputations of Canada Is a registered charitable organization operated
on a non-profit basis, under the control and direction entirely of our own
members. Should you wish further Information please do not hesitate to contact
us.
Charitable Institution Registration number: 0286831-09-13
Donation Address:
War Amputations of Canada, Key Tag Service, 140 Merton Street, Ontario
M4S 1A5
DON'T LET QUACKGRASS BECOME
A MORE COSTLYPROBLEM.
•
•
tp:
•�I
•
By R. FRANCIS KLEIN
Currants — now here's a
delightful variety from the
seedless raisin family, but
used almost exclusively for
jams, jellies and baking. We
got this fruit from Australia,
where it grows on large
bushes and is the favorite
part of the diet of the Koala
bear.
One of the currant's most
useful ingredients is the
large amount of pectin that
it contains. Currants in their
native form are quite tough -
skinned, so eating them un-
cooked has never been
, favored. Most currants are
grown wild and are not culti-
• vated as a large commercial
crop.
i
"R.
:a:1141
lay
40,
*
OIIIELITRE QUMKGR4SS.
ROUNDUP
FALL
AFFORDABLE
THAN
Quackgrass is a costly thief. It robs your land
and your yield. -
Plowing only compounds the problerl by
chopping up the quackgrags roots and ,spreading the
nodes around. This causes the'quackgrass problem
to get prd'gressively worse. A small patch soon
becomes an entire infested field. That can end up
costing you in less productive land and lower
crop yields.
Roundup® is the affordable, effective solution.
Roundup at one litre per acre* (2.5L/ha) this. fall
will effectively control quackgrass through to
AFFORDABLE
next year's harvest. It works on those nodes and
rhizomes so it really gets to the root of your problem.
And, unlike atrazine, Roundup leaves your
cropping options open. You're free to rotate to
the most profitable or most necessary crops.
So, with gains of more productive land, choice
of best crop, and increased yields, how can you
afford not to use Roundup?
•2.5L of Roundup per hectare in 50 to 1001, clear water per hectare.
ALWAYS READ AND FOLLOW LABEL DIRECTIONS.
Roundup* is a registered trademark of Monsanto Company.
Monsanto Canada Inv., registered user. a Monsanto Company, 1984. R -FE 1'2-84
Monsanto
EFFECtIVE