Flaws in the Canadian Banking and Taxation System!

2 Comments:

At 7:40 AM,  Dennis Tate said...

I was very pleased to get twenty votes in this campaign. I think that this was pretty good considering that I ran in an area almost sixty miles away from my home and my campaign consisted of distributing roughly seven hundred copies of this writing all over New Glasgow, Stellarton and Trenton.

This campaign was especially productive because I met several other people who have been talking about these same issues for years. I know that my next campaign will be more effective because I expect to have some help.

 

At 2:31 AM,  rahul said...

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About Me

Name: Dennis Tate

Location: Nova Scotia, Canada

Back in university as I was taking classes in economics I began to wonder, "if the forces that drive the economy are so easy to understand, why is there such a high level of unemployment here in Nova Scotia?" I could not figure out a satisfactory answer to this question until 1994 when Mr. Terriault from Digby Neck introduced me to a publication that filled in the missing pieces to the puzzle. They say that knowledge is power, and Peter Paker's uncle said that with power comes great responsibility. I am hoping to run for public office in the next provincial election. I already campaigned for the office of Municipal Councillor and I so enjoyed campaigning that I plan to get back out there on the trail soon!

View my complete profile

FOLLOWING ARE SOME ENCOURAGING COMMENTS ON THIS WRITING SENT TO ME BY JEFF FROM HALIFAX

"Your letter made me feel good because of the reassurance that there are people trying to fix this, and I promise you that I (if living in Sherbrooke) would have voted for you. I think everything you talk about in this letter is bang on and its a great specific topic to tackle and try to communicate to the "ignorant masses".

Jeff "

My reply

Jeff,

You have encouraged me more than you can imagine by your comments.

Yes, Jeff you are correct that the existing system is seriously flawed, but I firmly believe that capitolism can be reformed much like Dr. Moses Coady and Dr. Jimmy Thompkins introduced the concept of cooperative business and credit unions to fishermen and farmers back in the '20's and '30's. I believe that tools like the internet can be used to educate a large number of people very quickly to how positive changes can be made.

Having seen the movie The Corporation recently, yes, I agree that big business naturally tends to behave like a sociopath. One possible way to reform the system is to encourage greater levels of responsibility within the business structure.

For example, it has been concluded that an optimum number of people to have on the board of directors of a corporation, is six or seven. If there are too many people they tend to form into cliques, fight against each other and blame somebody else when the actions of the corporation go against their ethics. If there are too few people on the board then power tends to go to their heads.

If INDIVIDUALS were given freedom from income tax, at the same time that it was continued for corporations, I believe that it would not be long before many large global businesses would break up into smaller organizations that could be ran by a number of people who would have a greater level of freedom to behave in an ethical manner.

Personally I disagree with Mr. Stephen Harper on the question of reducing the HST. I believe that the HST and GST should be left alone or perhaps even slightly increased at the same time that Income Tax on individuals is gradually eliminated.

So how do I propose that this loss in government revenue is to be made up?

EACH YEAR AS GOVERNMENT, BUSINESSES AND INDIVIDUALS BORROW MONEY FROM PRIVATELY OWNED BANKS, DEBT ON THESE LOANS IS CREATED. OFCOURSE SOME INTEREST IS PAID OUT TO SAVING ACCOUNTS, BONDS AND OTHER INVESTMENTS BUT THERE IS A HUGE DIFFERENCE EACH YEAR BETWEEN THE SMALL SUM THAT IS PAID OUT, AND THE VAST SUM THAT IS OWED AS INTEREST ON LOANS. THIS FIGURE IS NEVER CREATED, NEVER PRINTED. NEITHER GOVERNMENT NOR BANKS NOR ANYBODY ELSE EVER CREATE THIS SUM OF MONEY THAT IS OWED AS INTEREST! CAN YOU IMAGINE WHAT HAPPENS TO THIS FIGURE OVER A PERIOD OF DECADES?

It has been estimated that the total supply of DEBT in the United States is more THAN THREE TIMES AS HIGH AS THE AMOUNT OF CURRENCY IN EXISTENCE, and our situation here in Canada is similar or even worse. Another estimate put the load of debt in North America as fifteen times greater than the entire money supply, (actually this would partly depend on how you define the money supply. If assets on the books of a business were considered "money" then the difference between the supply of money and the total of all debts would be a smaller percentage.)

"The huge public debt of the U.S.A., which is over 7,000 billion dollars (in 2004), makes every American aware of the urgency to correct the situation. But if politicians do not attack the root cause of the problem, on what causes the debt to increase, all their reforms will be useless, and the situation will even get worse.

"The regular readers of “Michael” know what causes the debt to increase: it is because all the money is created as a debt at interest. Banks create the principal they lend, but they do not create the interest they demand. For example, for every person in the U.S.A., there is $20,000 of money in existence... but there is $64,000 of debt!" Chapter 50 — Social Credit in the United States in 1932

I believe that if this question is looked at seriously and if appropriate steps are taken, then we will notice that our nations are not actually in as bad a shape financially as we have been told that we are!

A small segment of our population regards increases in wages as the ultimate evil. These same people like to have Canadians and Americans too busy scrambling for jobs to worry about deterioriating working conditions and decreasing benefits. It seems that our media and universities are greatly influenced by this powerful little group!!! I was taught virtually nothing about this subject in the economics courses that I took at University. I found out most of this information because a friend from Digby introduced me to the Michael Journal back in 1994.

There is a quotation that goes something like this: "The poor worry about unemployment, the rich worry about inflation."

Incidentally, I am not entirely in agreement with the Michael Journal on how to solve this problem. It seems to me that if government created/printed the difference between the amount of money owed on loans as interest, and the amount of money paid out as interest on deposits, there would be no real need to strip the banks of their power to create money. I also believe that the sum generated from the rapid increases in the economy due to the multiplier effect of individuals no longer paying income tax, and thus spending more on consumer goods, would completely offset the loss in tax revenue for our federal government.

As a race car driver goes into a turn at nearly two hundred miles per hour they need to make very gradual, almost minute movements in the steering wheel!

If I were to ask you now what is the number one cause of inflation in North America what would you answer?

The ideas expressed in this webpage are not inflationary, they are the greatest remedy to inflation that I have personally ever heard of!

Links

• Historic Sherbrooke Village



• Here is a link into a very powerful little film on The Factory Farming Machine: The Meatrix




• Here is a link into the Amnesty International Saudi Arabia Campaign This is certainly a powerful example of how a seemingly impossible problem can be not only addressed, but significant progress made in a matter of months. Good work by the people over at Amnesty International and Free Range Graphics!

Ithaca New York has the oldest local currency unit in North America! http://www.ithacahours.com/

The people of Tamworth Ontario have printed their own currency unit to stimulate their local economy and promote their community!

If you can see any flaws or problems with this writing please click on the button that allows you to comment on what is written here. If you enjoyed this writing please let us know what you think. Sending this off to your friends may be the best way to ensure that this subject is widely known and understood.