THE CLAIRE FOSS JOURNAL
Feb. 22 - 2004
Letters to the Editor.......by Marc Bombois
These letters were published recently in two Vancouver, BC area newspapers.
The media focus on the sponsorship scandal is justified and welcome. After all, a quarter of a billion dollars has been thieved from taxpayers' pockets. But it's interesting to note that while this current scandal was precipitated by the Auditor General's report, there is a far greater scandal that is also contained in another AG report but with nary a peep from the corporate media.
The AG's 1993 Report tells us that of the total federal debt only $37 billion was spent on goods and services for Canadians and that all those hundreds of billions of debt are due to interest. I checked with StatsCan and during just the nineties the feds averaged $42 billion per year in debt service payments. Well, it's almost beyond belief.
But it's true. Instead of using our own Bank of Canada to finance itself the feds shopped their bonds out mostly to private banks who merely printed up the money to buy those bonds. This is how the federal debt has expanded to its current size. And then our political elite have the gall to tell us there's not enough money to properly fund health care or eradicate homelessness. Meanwhile, the private banks now print and loan out over 95% of Canada's money.
The current $250 million scandal is a drop in the bucket compared to the vast transfer of money from taxpayers to the elite via the banking system. Where are the corporate media on this? Could it be they are controlled by the banking elite? Of course they are.
Canadians must acknowledge the bitter truth: our political elite are not
there to serve us and want only to enrich themselves. The scandals and the
ongoing disgrace of poverty and homelessness prove it. There is no shortage
of money, there is only criminal behaviour at the highest levels of power.
I appreciated Gordon Laird's article about the disgrace of homelessness in our wealthy society. For all those good people, no doubt the vast majority of us, who want to see the end of homelessness and hunger, please let me point out the only solution: stop letting the private banks print our money. The folks on the front lines against homelessness know the litany well: no money, no resources, fiscal restraints, hard economic times, ad nauseam. It's all poppycock. The bottom line is that the federal government allows the private banks to print and control our money supply and then uses "debt" as its pathetic excuse for not providing the goods and services that Canadians want and deserve. This is not democracy, this is capitalist pigism.
In Canada, the total debt is three times the money supply. This is the legacy of our shabby banking system and only the federal government can do anything about it. There is simply no reason to live our lives subject to the tyranny of bankers and their electronic digits. As long as society remains in denial about the elite and their revolting system, homelessness and other injustices will never go away.