My name is Dennis Tate. I lived most of my forty seven years in West Lochiel Lake, Guysborough County. I am running for MLA as an independent in the area of Pictou Centre so that I can help as many people as possible become more aware of what I am sure is the real reason why our roads are in disrepair, why hospital beds are unused, why so many of the rural schools have been shut down, why our soldiers in Afghanistan are poorly equipped and why many if not most of our young people may have to leave Nova Scotia to find jobs.
When well trained workers have high quality technology to work with then the total of all wages and benefits paid out to employees is only a fraction of the retail value of the products they produce. As a result of this fact the only way to move products out of warehouses is to extend higher and higher levels of credit.
One problem with an abundance of red ink is that compound interest on all this government, business and personal debt over a period of decades will grow to astronomical levels. At this time there is approximately TEN TIMES as much debt in Canada as there is money. A simple explanation for how this happened can be seen here:
In my opinion this rather simple mathematical problem is perhaps the number one cause of inflation in the Canadian economy over the past three decades. This is also perhaps the number one reason why our costs of production are so high and Canadian products cannot compete on the world markets as well as they could under better conditions.
From 1940 to 1970 the Government of Canada put roughly half of the total money supply into the economy through loans issued through the federally owned Bank of Canada. Provincial and municipal governments could borrow the money to build roads, schools, hospitals and sewage treatment facilities at zero or one percent interest.
In 1970 we changed our system and since that time a higher and higher percentage of all government debt is financed through loans issued through privately owned banks. At this time it is ninety eight percent. This policy may be great for our banking sector but it was estimated that in the one year of 1995 alone our federal government could have saved roughly SIXTY FIVE BILLION DOLLARS in interest payments if we had gone back to creating half the total money supply through these low interest rate loans issued through the bank that is OWNED BY ALL CANADIANS.
Considering that our deficit was approximately thirty billion dollars for that year, simply by changing back to an already proven monetary and banking system, we could theoretically have had a FEDERAL BUDGET SURPLUS OF THIRTY FIVE BILLION DOLLARS in 1995.
The massive cutbacks in the Canadian military, in health care, highway construction, social programs and education were profoundly affected by these accounting practices?
So what can you and I do about this problem?
1. If we will do our homework and study this question we can put pressure on our provincial level politicians to create a provincially owned bank. A true Bank of Nova Scotia owned by all Nova Scotians could be used to finance town and municipal government projects at zero or one percent interest just as The Bank of Canada used to do.
2. Town and municipal government officials in New Glasgow, Stellarton and Trenton should seriously consider creating a local currency unit such as has been done in Ithaca, New York. http://www.ithacahours.org/directory.php
This is a great way to promote local businesses and help sustain rural economies.
3. It is also possible for groups of concerned individuals to get together and organize a local barter exchange as a cooperative. Mr. Rob Assels has been instrumental in just such an initiative in the Tatamagouche and River John area so surely we can get similar organizations up and running here in New Glasgow, Pictou, Stellarton, Trenton and Westville. Here is a link into the Halifax LETS system:
Let’s discuss the various options available on the Pictou County Portal Message board. If you have trouble using this technology maybe you could hire a young person to help you get started?
I just completed the first year of the Information Technology Program at Stellarton Campus of NSCC. I am running in Pictou Centre because I know that the towns of New Glasgow, Stellarton and Trenton have the people, the industrial base and the technological capability to become powerhouses of job creation not only for this area but also for all the surrounding regions.
“The wealth that is in the city comes from the countryside.”
Creating new jobs in New Glasgow, Stellarton, and Trenton will ultimately depend on job creation in the surrounding rural areas.
Thank you immensely for taking the time to consider these points.
By deciding to vote for me on June 13 you will be sending a clear message to the various political parties that you want them to take a serious look at these flaws in our monetary system and at these possible remedies.
From now on if a politician tells you that they have to close down a school because of budgetary restraints, you may know far more about what is really happening than they do.