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From: Larry Kazdan http://www.sott.net/
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Subject:Re: Rising program expenses propel fed 2016-17 deficit to $21.8B: preliminary estimate, Andy Blatchford, 05/26/2017
- http://www.winnipegfreepress.com/canada/feds-run-218b-deficit-in-16-17-putting-them-close-to-target-early-analysis-424607373.html
- Canada has a floating non-convertible fiat currency - the Canadian dollar - and such dollars can be created at will by the central bank. A Library of Parliament research document plainly states: "By recording new and equal amounts on the asset and liability sides of its balance sheet, the Bank of Canada creates money through a few keystrokes. The federal government can spend the newly created bank deposits in the Canadian economy if it wishes."
- To prevent inflation, there is indeed a limit (determined by available resources) to what our government can spend. But we currently have much unused productive capacity, including the talents of 1.3 million Canadians actively seeking work who desire to earn income and contribute to society.
- During WWII we used the Bank of Canada to help pay the salaries of every third adult male who were serving in the military. Why does the federal government not mobilize the unemployed today to do useful work by using money which costs nothing to create? Unfortunately, pundits and ideologues constantly urge the government to protect an arbitrary and irrelevant debt-to-GDP ratio and to tolerate real world losses including the suffering of the long-term unemployed and their families.
- Footnotes:
- 1. How the Bank of Canada Creates Money for the Federal Government: Operational and Legal Aspects
- Penny Becklumb,Mathieu Frigon , Economics, Resources and International Affairs Division, Library of Parliament
- 10 August 2015
- http://www.lop.parl.gc.ca/Content/LOP/ResearchPublications/2015-51-e.html?cat=economics
- "By recording new and equal amounts on the asset and liability sides of its balance sheet, the Bank of Canada creates money through a few keystrokes. The federal government can spend the newly created bank deposits in the Canadian economy if it wishes."
- ***
- "The Bank of Canada's money creation for the Government of Canada is an internal government process. This means that external factors, such as financial markets dysfunction, cannot cause the federal government to run out of money."
- "By recording new and equal amounts on the asset and liability sides of its balance sheet, the Bank of Canada creates money through a few keystrokes. The federal government can spend the newly created bank deposits in the Canadian economy if it wishes."
- 2. L. Randall Wray is a Professor of Economics at the University of Missouri-Kansas City and Senior Scholar at the Levy Economics Institute of Bard College, NY
- http://neweconomicperspectives.org/2015/11/mmt-and-bernie-sanders.html#comment-1232342
- How can a country�s financial condition remain sound and stable when the state can issue money whenever needed?
- The danger of spending too much money is inflation; there might also be an impact on exchange rates. The solution to the first problem is to avoid spending more once full employment is reached; and to carefully target spending even before full employment to avoid bottlenecks. The solution to the second is to float the currency.
- How can a country�s financial condition remain sound and stable when the state can issue money whenever needed?
- 3. 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=31487
- "Forget the deficit. Forget the fiscal balance. Focus on what matters � employment, equity, environmental sustainability. And as we would soon see � the fiscal balance will just be whatever it is � a relatively uninteresting and irrelevant statistical artifact."
- "Forget the deficit. Forget the fiscal balance. Focus on what matters � employment, equity, environmental sustainability. And as we would soon see � the fiscal balance will just be whatever it is � a relatively uninteresting and irrelevant statistical artifact."
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