Wednesday, December 19, 2018

Santa Claus and the Petro dollar


While we are all trying hard to be politically correct in extending good wishes to friends and neighbours  for the solstice season, it is actually those  flashing credit cards  that will portend our future.  It’s the economy.  It’s debt. It’s compound interest on the loans.  It’s the fact that compound interest on federal, provincial and personal debt is growing faster than the principal can be paid down.  It’s the fact that the Western world is tied to the Petro dollar and the Petro dollar is being downgraded faster than the Central banks can print the money.  It’s the fact that much of the other half of the world is working feverishly toward building their own banking systems based on gold. It’s the fact that we are in a fierce war with China and Russia for cyber dominance and occasionally try to pretend that it is actually Iran causing most of the trouble for the world while Israel cheers this idea on.  Israel is trying desperately to get the US to attack Iran.  Or Syria.  Or anybody who would suggest that they were mistreating the Palestinians.  Saudi Arabia knows for a fact that the US will not let them go to the dogs no matter how many journalists they chop up as the Petro dollar would wobble even faster and anyway, most of US Congress loves their Saudi money.  And Canada?  


Oh, Canada.  We are sinking under the tide of neoliberalism.  Justin Trudeau means well.  He is compassionate and tries hard.  But he is under the thumb of the Banksters of Wall Street and Brussels just as Greece is, just as Italy will be, just as Cypress was.  And working people in other countries who are all in the same clutches of the one percent and are seeing the truth of the matter and taking to the streets.  The yellow vests.   They are acting out the rage of the French people at their slow economic strangulation. But Canada could go a different way.  We could demand that our politicians cut us loose from the financial noose of the international banking system and give us back our own public bank.  It can be done.  A lot of knowledgeable people who have studied the matter think so.  We could do this.  Let’s learn more about how we could recapture our banking system and our sovereignty.  If we regained our own banking system our taxes would go down and prices would stabilize.  So would our currency.  I will be investigating and writing more about this in the New Year.  Next time and I wish you all a Merry Christmas.

1 comment:

  1. When the International Bank of Settlements came knocking (1974), everything changed for Canada.
    I think the COMER lawsuit came up short, but Rocco Galati has it right and he doesn't give up.