Dear Mr Ignatieff, about this financial meltdown ...

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Dear Mr Ignatieff, about this financial meltdown ...

Dear Mr Ignatieff,
I am sure you are very very busy and don't get to
personally see 99% of the stuff people send you, but as I think this is very
important, I will try. I do this because I heard you on the Current yesterday
(Thursday Dec 11) and was quite impressed with your approach to your new job,
the honesty and thoughtfulness with which you spoke - a highly welcome change
from the clowns currently running the Canadian government (and many from your
own side of the floor don't impress much better - you could make a lot of
friends, and gain a lot of respect, in Canada very quickly if you could bring
some civility and relevance to question period.Take the high road. But that is
not why I write).
I would like to put in your way an idea you may be
unfamiliar with that could go a long ways towards solving the financial problems
of the country. Currently the money supply in Canada is some three trillion
dollars, give or take - I base this figure on outstanding government, consumer
and business debt ('cash' money, bills and coins, is a paltry 50 billion or so).
This is how money is created in all modern democracies, through bank loans. And
it is, to be quite blunt, financially insane for a 'sovereign' people to allow
private entities to create their money supply, and charge interest on this money
each year - the financial messes we have been experiencing since the mid-70s are
a direct result of this practice, along with the considerable deregulation that
began during the same time - the beginning of the takeover of the Washington
Consensus /  Milton Freidman school of economics. You may recall that the last
such period of runaway financial exesses ended with the great crash of 29, after
which, during the 30s, some serious constraints were placed on financial
institutions concerning their money creating and manipulating activities, and
until the 1970s economics were relatively stable, at which time 'we the people'
seemed to forget the lessons of the great crash and allowed the governments to
begin the deregulation etc once again, with the current, quite inevitable,
This is of course a much longer and deeper story, but this is the
essence of it - we allow private banks to create our money supply (with little
effective oversight) and charge interest on it every year, and this is the basis
of all of our financial problems. As one very graphic for instance, since the
government of Canada, in the 70s, stopped using the Bank of Canada to create
even a little of its own money and turned to allowing private banks to create it
all and borrowing from them instead to meet their own relatively modest needs
when they arose, we have run up the entirely unnecessary 'national debt' that is
still a half trillion dollars, even after we have payed over a trillion dollars
of interest on that debt, whilst telling Canadians there was no money for health
care or infrastructure, etc, as we have paid since the 80s, and continue to pay,
30-40-50 billion per year in 'service charges' on the debt (and you can double
those figures when you consider provincial/municipal debt, which the Bank of
Canada should and could also be underwriting). That debt and that interest were
completely unnecessary had we been using the Bank of Canada responsibly for one
of the purposes for which it was created. Your advisors will no doubt tell you
that governments printing money is inflationary, but this is simply not true
when handled democratically and responsibly (what happens when we allow private
banks to create the money is very demonstrably the door to great problems, as we
see all around us today - could a government truly responsible to the people
rather than the banks possibly do worse??), and perhaps it is time you stepped
outside of the current financial box controlled by the bankers and
Washington-Consensus-Friedman economists, and started running our economy for
the benefit of We the People rather than They the Bankers/Investors. I am not
sure if you want to tackle the banks or not, but this would be the key to
getting control of our economy, dealing effectively with the current financial
mess, and creating a stable economy for the people of Canada.
I have more
here - Banketeering 
and here The Corporate Reactionary Revolution
if you want a bit of light background reading someday. Light, but perhaps more
useful than most of what your 'expert' advisors are giving you - as Albert
noted, you cannot solve a problem with the same level of thinking that got you
into it, which is what they are doing, trying to put a lid on the meltdown
without changing the roots of it all. Maybe it's time for a look and think
outside the box.

Good luck in your new journey,



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