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>>>>>>>>>>>>>>>LOONIE POLITICS<<<<<<<<<<<<<< http://looniepolitics.com/In the middle of an election, London is oddly quiet
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>>>>>>>>>>>>>>>GLEANED POSTS<<<<<<<<<<<<<<<
From: Larry Kazdan
To: Toronto Star <lettertoed@thestar.ca> Cc: lmcquaig@sympatico.ca
Subject: Re: Infrastructure bank won�t best serve the public: McQuaig, May 11, 20173. Is Monetary Financing Inflationary? A Case Study of the Canadian Economy, 1935�75
http://www.levyinstitute.org/pubs/wp_848.pdf
http://www.sott.net/
>>>>>>>>>>>>>>>GLEANED POSTS<<<<<<<<<<<<<<<
A murderous history of Korea
BELOW(30)(30)(30)(30)(30)(30)(30)(30)(30)(30)(30)30)(30)(30)(30)(30)(30)From: Larry Kazdan
To: Toronto Star <lettertoed@thestar.ca> Cc: lmcquaig@sympatico.ca
Subject: Re: Infrastructure bank won�t best serve the public: McQuaig, May 11, 2017
- https://www.thestar.com/opinion/commentary/2017/05/11/infrastructure-bank-wont-best-serve-the-public-mcquaig.html
- Why does Finance Minister Bill Morneau plan to fund low-risk public infrastructure by giving investors 7-9% rates of return when government bonds can be issued at 2%? In fact, if the bonds were held by our own central bank, then the cost to the public would be even lower.
- Economist John Hotson has stated, "When the Bank of Canada encourages the Canadian government, provinces, and municipalities to borrow in New York and Tokyo it is a betrayal of Canada. Where should they borrow when new money is needed for government spending? They should borrow at the government owned Bank of Canada, paying near zero interest rates-just sufficient to cover the Bank's running expenses."
- Nor is BoC funding a new idea: In the period 1945�70, the Bank held between 20�25% of Canadian public debt, a time when federal government capital expenditure funded highways, airports, bridges, schools, hospitals, seaways, and many new social programs. The decision to hand our infrastructure over to private and foreign investors is an improper policy choice contrary to the public interest.
- Footnotes:
- 1. Economist John Hotson
- http://livingeconomiesforum.org/1996/15hotson
- "When the Bank of Canada encourages the Canadian government, provinces, and municipalities to borrow in New York and Tokyo it is a betrayal of Canada. Where should they borrow when new money is needed for government spending? They should borrow at the government owned Bank of Canada, paying near zero interest rates-just sufficient to cover the Bank's running expenses."
- "When the Bank of Canada encourages the Canadian government, provinces, and municipalities to borrow in New York and Tokyo it is a betrayal of Canada. Where should they borrow when new money is needed for government spending? They should borrow at the government owned Bank of Canada, paying near zero interest rates-just sufficient to cover the Bank's running expenses."
- 2. Call for Renaissance of the Bank of Canada
- http://www.comer.org/projects/index.htm
- Through our publicly owned Bank of Canada, which was established in 1935, the federal government has the power to borrow money in huge quantities essentially interest-free, and to make such funds available not only for its own use, but also for provincial and municipal expenditures. Such borrowing helped Canada to get out of the Great Depression, and to finance its participation in World War II. Continuance of this practice until about 1975 played a key role in creating Canada's post-war prosperity and in making possible its social programs.
- As federal governments, which control the Bank of Canada, increasingly catered to the private commercial banks, this practice greatly declined. Governments at all levels throughout Canada increasingly had to resort to borrowing from the private banks and other private moneylenders, including foreign sources.
- "As shown in figure 1, between 20�25% of Canadian public debt was financed and held by the central bank and government from the end of World War II up to the early 1980s����..
- ***
- �.in the period 1945�70�.Federal government capital expenditure funded highways, airports, bridges,schools, hospitals, and other physical infrastructure.
- ***
- During the period 1960-75, the federal government also introduced virtually all of the major policy innovations that make up Canada�s system of social programs: Canada-wide Medicare, universal pensions, the modern unemployment insurance system, and cost-sharing with the provinces for higher education and welfare."
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