Re: Tories fiscally responsible? Inconcieveable! by Todd Whitcombe.
Todd Whitcombe conveniently leaves out the fact that Liberal Prime Minister Pierre Elliot Trudeau is the man that got Canada's debt snowballing when he took the country's debt from very little to over $100 billion in 1970's dollars and, according to Conrad Black, to appease Quebec largely.
Since then the now over $600 billion debt has gotten there largely from compounding interest which is responsible for 70 per cent of Canada's debt and western countries in general, this is the largest transfer of wealth in the history of the world - a very dangerous experiment.
The whole Marxist/socialist experiment of the West using borrowed money to fuel government intervention of the economy is doomed to collapse by 2032 according to economist Martin Armstrong who predicted this world-wide debt crisis over three decades ago.
Now Trudeau senior's mess is going to be inherited by Trudeau junior who has already talked about increasing the debt to GDP ratio.
As Armstrong says establishment politicians will not reform the system in a preventative way, the system will have to collapse before it will be changed, unfortunately the people at the bottom will be hurt the most, not the politicians with their bloated (four-times-larger-salaries) than the average taxpayer.
The solution according to Armstrong is to prohibit politicians from borrowing money and instead printing money to reflect how much the economy is growing, term limits for all politicians - to prevent corruption and them exempting themselves from the financial pressures their employers (the taxpayers) must endure, and direct democracy through internet voting, so the productive members of society - taxpayers - get to vote on how their money is spent.
Income tax must also be eliminated so the people that produce the wealth get to spend the money before the government takes it, believing that government knows how to direct the money better than those that produce the wealth. Income tax can be replaced by consumption taxes which according to Armstrong will actually give government more money anyway because allowing the productive to direct the money will lead to more production and wealth.
A new political party, perhaps the Taxpayer's Party, is what is needed to reform the system.
Russ Browne
Duncan, B.C.
