by Claire Foss

Many economists and the more enlightened politicians today are aware that the Bank of Canada must again take up its role as overseer and guiding hand, ensuring that ample low interest rate money is made available allowing the economic system to function for the benefit of all Canadians. It must assume the same role it played just prior to World War II and for the twenty five prosperous years that followed.

This dynamic change, absolutely, has to be top priority and implemented by our government if most Canadians are to have at least a chance at earning a decent living. The argument I hear, at times, is that all this low interest money may lead to the further degradation of the environment. I challenge this unsubstantiated hypothesis and have many case studies which disprove this statement.

A good example is the Scandinavian countries ( just prior to bank deregulation) where wage equity and wealth distribution at least in the immediate past appeared to be halfway fair. There was ample money in the system and funds were set aside and targeted to maintain essential services including the important field of higher education, this long range planning has paid great dividends in this society. This well educated and enlightened population has concluded that a healthy environment is the very first line of defence in their very survival and have proceeded to invest heavily in environmental protection and cleanup.

The next thing one notices is that the birth rate starts falling dramatically, and in Scandinavia this is most definitely the case. Scientific research has proven beyond a shadow of a doubt that the main cause of the planet's environmental destruction is linked mainly to modern day resource demands by a rapidly increasing world population.

It must logically follow then, that the global goal surely has to be birth rate stabilization. In many studies it has been noted that when women have access to a university or a family planning education, birth rates start plummeting. Compare many third world countries to these Nordic States and you see the startling differences in birth rates.

Most third world countries offer poor educational opportunities, very limited essential services and in many cases almost total neglect of the environment. Add to this a seemingly uncontrollable population growth and you end up with a very lethal mix.

It is shocking now to watch conditions in Sweden start to deteriorate knowing that the major portion of their problems can be directly linked to the deregulation of the Swedish banking system.
( This disastrous act was perpetrated near the time of the assassination of Swedish Prime Minister Olaf Palme )

The first step on the road to recovery here in Canada is for the government to once again take control of the nation's central bank (the Bank of Canada), and follow the example set prior to the War when Prime Minister MacKenzie King and then Bank of Canada Governor Graham Towers charted a sane monetary course for the nation.

The second step is to establish a true citizen's democracy that not only holds the banks but the government itself accountable, and to insist that sufficient money be available for maintaining essential services and to assist in environmental cleanup.