----- Original Message -----
Sent: Thursday, September 01, 2005 3:45
AM
Subject: Re: [socialcredit] Joe on
Wal-Mart, Discount and CIR
Hello
Keith,
(You wrote:-)
I met around a boardroom lunchtable recently with some local
politicians and their small business colleagues and noted with interest their
willingness to listen to accounts of how Bank of Canada used to control credit
(monetary) issue and keep production going without inflation--during
wartime. Then after war, it is payback time. An interesting
connection, war and debt finance.
It is indeed. I
am not an expert in any way in these matters, but in regards to keeping
"production going without inflation during wartime" wasn't there more
involved than just using the BoC to finance government? I don't think we
can overlook the fact there was an extensive system of government
regulated 'wage and price controls' in place then, too. (unlike,
apparently, in the First World War.) As well as strict 'rationing' of
many formerly plentiful consumer commodities and essentials. Other
desired consumer commodities simply weren't available, (new automobiles, for
instance), so there would've been no way their 'price' could've been
'inflated' in any case. Even the willingness to pay 'more'
for an existing, used car would likely have been tempered by the rationed
amount of gasoline available to any would be car owner to drive
it. As well as similar restrictions on
the availability of tyres and spare parts. Many workers were exempt
military service, and encouraged to stay working in those fields where their
skills were essential to maintaining needed production by the prospect of
'consciption' if they quit. People 'saved' their wages like never before,
since there was often nothing available they wanted that they could
spend them on.
(Keith continues:-) Why does the
Government now do its bank borrowing from private banks rather than the
BoC? (Obviously to help CIBC pay back the hit on its latest mega-folly,
Enron.) It collects taxes to pay interest to banks instead of paying it
to the BoC--of which it is sole shareholder.
(Joe replies:-) Good question. But why
should the 'government' BE the sole shareholder in the BofC? If it truly
belongs 'to the people', why not 'give' each individual Canadian his or her
share of it? And instead of worrying ourselves about how it can lend to
the government 'interest-free', let any net profit it receives from the
'government' on its borrowings or otherwise, be paid out to each of
us. By so doing would we not be 'financially' crediting the public with
'capital appreciation' the use of its credit
created?
Joe
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