Re: [LETTER: Getting too costly to be Canadian, Langley Advance Times, June 2]
Here are three economic realities that could be at least partially responsible for this:
1. Debt-based currency (conflicting term?)
According to the economics and political author Michael Rowbotham: “It is in fact not the least bit surprising that nations are chronically indebted, that governments have insufficient public resources, that public services are underfunded and that people are beset by mortgages and overdrafts. The reason for all this monetary shortage and insolvency is that the financial system used by all the national economies of the world is in fact debt-based. To be blunt and precise, modern money is created alongside debt.
2. What were the consequences of the change in role of the Central Bank of Canada in 1974?
A brief article by John Ryan in 2018 describes the massive impact this event had on Canadians and the Canadian economy. The headline reads: “The Bank of Canada should be restored to its original purposes – Few understand the Canadian government’s relationship with the Bank of Canada or its original purpose.”
3. Capitalist monopolies
One thing they are not is your neighborhood butcher, baker and brewer that Adam Smith refers to in his 1776 The Wealth of Nations. It has been said that monopolies and big money crush competition by creating a dangerous false capitalism that harms the consumer and the worker. Their influence and influence on the government should not trump the will of the voters, the ordinary people.
While these factors are rather uninspiring and a little dry, they are extremely relevant to the health of our country’s economy. It’s unfortunate (and confusing) that these overarching dynamics don’t get the coverage they deserve or play a bigger role in the public conversation.
Michelle Matich, South Langley
• LEARN MORE: Stagflation: combination of high inflation and a weak labor market
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