The DAILY DIGEST: INFORMATION and OPINION
>>>>>>>>>>>>>>>HEADLINES ACROSS CANADA <<<<<<<<<<<<<<<
North CTV Atlantic CTV Montreal CTV Ottawa CTV Toronto CTV Northern Ontario CTV Kitchener CTV Winnipeg CTV Regina CTVSaskatoon CTV Calgary CTV Edmonton CTV British Columbia
More News
Judge Robin Camp�s rape remarks led to appeal before Peter MacKay promoted him - Allison Crawford, CBC News
CBC calls outrage police on Liberal MP�s Halloween costume - Kelly McParland, National Post
Filipino journalists warned to avoid �giddy shrieks� in Trudeau�s presence - Chris Hall, CBC News
Climate change �worst threat we are facing this century�: Stephane Dion - Lee Berthiaume, Ottawa Citizen
Canada�s plan to recall jets from anti-IS campaign is bad move on global stage - Lysiane Gagnon, The Globe & Mail
Canada needs �coalition of the willing� to improve health care - Andre Picard, The Globe & Mail
Justice Minister to review residential-school settlement - Sean Fine, The Globe & Mail
B.C. legislature�s fall session overshadowed by growing scandals - Rob Shaw, Vancouver Sun
As Alberta ponders carbon tax, lessons from British Columbia - James Wood & Chris Varcoe, Calgary Herald
How Justin Trudeau can streamline his summit selfies - Martin Regg Cohn, Toronto Star
Trudeau, Wynne need to act like grown-ups - Christina Blizzard, Toronto Sun
Trudeau�s next test: Pacific trade agreement - Lee Berthiaume, Ottawa Citizen
Liberal MP Linda Lapointe dressed up as Chinese person for Halloween - Robin Levinson King, Toronto Star
Canada will increase ground troops in Iraq: Trudeau - Mike Blanchfield, The Canadian Press, CTV News
How to help Syrians: Boost military support, reject arbitrary resettlement dates - Chris Alexander, The Globe & Mail
It has become the norm to let MPs vote on military missions. Here�s why that�s a bad idea- Kady O'Malley, Ottawa Citizen
Canadian Pacific pitches merger with Norfolk Southern rail line- Pete Evans, CBC News
De Beers seeks First Nation exploration support- Tanya Talaga, Toronto Star
Bombardier Inc in talks with Canadian government on CSeries investment: CEO- Allison Lampert, Reuters, Financial Post
Hillary Clinton�s Best Asset Is Also Her Greatest Liability - Joan Walsh, The Nation
Trump or Carson? Insiders Consider the Inconceivable - Albert Hunt, Bloomberg
Bobby Jindal ends 2016 presidential campaign - Fox News
Rubio & Cruz: Not Hispanic Enough for White Liberals - Ruben Navarrette, The Daily Beast
Paris Attacks Complicate Hillary Clinton�s Alignment With Obama - Amy Chozick, New York Times
Japan relapses into recession in July-September, a blow to �Abenomics�- Reuters, Yahoo News
Germany-Holland football match called off after terror attack tip-off- Kate Connolly and Philip Oltermann, The Guardian
Tunisia says it prevented major Islamist attack this month- Reuters, The Times of India
Paris attacks: Video �shows ninth attacker�- BBC News
Dozens killed in Nigeria market bombing- Al Jazeera
France, Russia, US seek to tighten noose around IS group- France 24
Previous Next
From: Larry Kazdan
Subject: Letter to Editor re: How the Liberals can pay for their platform: Goar , Nov. 18
To: lettertoed@thestar.ca
Cc: cgoar@thestar.ca
- Re: How the Liberals can pay for their platform: Goar , Nov. 18
- http://www.thestar.com/opinion/commentary/2015/11/18/how-the-liberals-can-pay-for-their-platform-goar.html
- In the United Kingdom, the previous head of the British Financial Services Authority Lord Turner has begun advocating "monetary financing", that is, funding government deficits by simply creating money through the central bank and then spending it. In a time of stagnation, this may be superior to balancing the budget through taxing, since the effect of taxation is contractionary, which counters the intent of stimulating the economy.
- For those who shudder at the fear of looming hyperinflation, please remember that most money is created by banks through the process of loans, and any subsequent spending carries the exact same inflation risks as government disbursements. Provided the economy has unused capacity and unused resources that can be mobilized (as for example unemployment), the risk of inflation is very low whatever the source of funds.
- As long as the economy is under-performing, the government can inject money into infrastructure and services. There is no need to balance the federal budget, since unlike a business or a province, the federal government can always create money without the need to tax or borrow. The balanced budget rules are residuals from the days of the gold standard, when national governments could run out of gold. But the world has been off the gold standard for some 40 years. It's time for economists to update their texts, and politicians their talking points.
- Larry Kazdan,
- Footnotes:
- 1. Overt Monetary Financing (OMF)
- Bill Mitchell is a Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at the University of Newcastle, NSW, Australia.
- http://bilbo.economicoutlook.net/blog/?p=31487
- OMF simply means that in some form or another, the treasury arm of government tells the central bank it wants to spend a particular amount and the latter then ensures those funds are available for use in the government�s bank account.
- 2. Overt Monetary Financing � again
- http://bilbo.economicoutlook.net/blog/?p=32361
- From Adair Turner: The Case for Monetary Finance � An Essentially Political Issue
- Monetary finance of increased fiscal deficit will always stimulate aggregate
- nominal demand: in some circumstances it will be a more certain and/or less
- risky way to achieve that stimulation than any alternative policy lever: and the scale of stimulus can be
- appropriately calibrated and controlled � there is no knife edge nonlinearity which makes dangerously high inflation inevitable.
- 3. Our Sovereign Fiat Currency System and Our Inability to Involuntarily Run out of Money
- http://www.correntewire.com/myths_scares_lies_and_deadly_innocent_frauds_updated_part_one
- In 1971 the Nixon administration abandoned the gold standard and adopted a fiat monetary system, substantially altering what looked like the same currency. Under a fiat monetary system, money is an accepted medium of exchange only because the government requires it for tax payments. Government fiat money necessarily means that federal spending need not be based on revenue. The federal government has no more money at its disposal when the federal budget is in surplus, than when the budget is in deficit. Total federal expense is whatever the federal government chooses it to be. There is no inherent financial limit. The amount of federal spending, taxing and borrowing influence inflation, interest rates, capital formation, and other real economic phenomena, but the amount of money available to the federal government is independent of tax revenues and independent of federal debt.
===================================
From: Bill Woollam <templelife@hotmail.com>
Subject: Editor: Paris Attacks and US arming of ISIS
I don't expect you to put your career on the line by printing this material. However, you may wish to peruse the collected material on your own time.
I compiled plenty of evidence to raise doubts about the 'official story' being given us regarding the recent terrorism in Paris.
Paris Attacks and US arming of ISIS http://www.blissful-wisdom.com/paris-attacks-and-us-arming-of-isis.html
===================================
![[]](https://fbexternal-a.akamaihd.net/safe_image.php?d=AQDxhcW-ob-5U5_H&w=130&h=130&url=httpa57.foxnews.commedia2.foxnews.comBrightCove69494009400120151124640360694940094001_4630130601001_33b83671-8495-4e07-930b-a816ab9a600b.jpg){kind=small}