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Oilsands growth in doubt and the feds are concerned
Federal budget expected to defer some Liberal campaign promises
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�I impute no bad motives�: arbitrator slashes amount owing for 14 senators
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Power Play: Strategy Session
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Mulcair�s the best fighter they�ve got
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The Liberals� �unsexy� bait and switch - Anthony Furey, Toronto Sun
Blame politicians for Metro Vancouver�s housing price crisis - Douglas Todd, Vancouver Sun
Potential Tory leadership candidates should consider their fundraising track record before deciding to run - Kady O'Malley, National Post
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Vessel to carry plutonium to US arrives at Japanese port: media
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From: Larry Kazdan http://www.sott.net/
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Subject:Re: Editorial: Trudeau�s budget won't balance itself, March 18, 2016
- http://www.ottawasun.com/2016/03/18/trudeaus-budget-wont-balance-itself
- Your editorial assumes that balancing the federal budget is an obvious good as if this were the gold standard of fiscal management. Under the actual gold standard, fiscal restraints were forced on countries because their governments could run out of bullion. But gold convertibility of money has long been abandoned. Nowadays nations like Canada with sovereign fiat currencies have the fiscal flexibility to spend whenever their economies cool, and must do so to prevent recession and to achieve full employment.
- Our federal budget never has to balance. History shows that it seldom does, nor should that be of any concern since what matters is the actual state of the economy. As John Maynard Keynes declared during the Great Depression, "Look after the unemployment, and the Budget will look after itself."
- Footnotes:
- 1. John Maynard Keynes
- http://rortybomb.wordpress.com/2012/03/06/vsp-historical-trip-also-keynes-look-after-unemployment-and-the-budget-will-look-after-itself/
- From a 1933 radio debate
- You will never balance the Budget through measures which reduce the national income. The Chancellor would simply be chasing his own tail � or cloven hoof! The only chance of balancing the Budget in the long run is to bring things back to normal, and so avoid the enormous Budget charges arising out of unemployment�Even if you take the Budget as your test, the criterion of whether the economy would be useful or not is the state of employment�I do not believe that measures which truly enrich the country will injure the public credit�It is the burden of unemployment and the decline in the national income which are upsetting the Budget. Look after the unemployment, and the Budget will look after itself.
- 2. William Mitchell is Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), University of Newcastle, NSW, Australia
- http://bilbo.economicoutlook.net/blog/?p=33124
- "In a fiat monetary system where the national government issues its own currency and floats it on international markets:
- A sovereign government is not revenue-constrained which means that fiscal space cannot be defined in financial terms.
- The capacity of the sovereign government to mobilise resources depends only on the real resources available to the nation.
- A currency-issuing government can always meet the liabilities it issues in its own currency.
- A sovereign government is not revenue-constrained which means that fiscal space cannot be defined in financial terms.
- Nations that have ceded their sovereignty by entering currency zones (such as the Eurozone); by dollarising their currencies; by running currency boards; and similar arrangements clearly are not sovereign and face the same constraints that a country suffered during the gold standard era.
- "In a fiat monetary system where the national government issues its own currency and floats it on international markets:
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