Friday, August 19, 2011

Mr. Flaherty and the National Debt

Mr. Flaherty and the National Debt

Government finance critics, economists and big business want to convince us, and you, that infrastructure projects will help sustain our economy during times of recession – let me be polite, an economic slowdown.

We have to stop giving billions of dollars of taxpayer money to large firms who employ relatively few people!!!!!!! Infrastructure projects employ professional firms and machinery, not people.

An apartment building which was built 40 years ago may have employed hundreds of people at the construction site. Today you would be lucky to see 20-30 employees at one time. Roads and bridges are no different. Give any intended billion dollar bonanza directly to the taxpayer, or even better, increase the corporate tax rate for banks and multi-nationals to 50% for the next two years.

As I have said earlier, a fair tax system requires an equitable interest rate based model. Our central banking system was formed under this premise. The financial wolves have lured investors from what use to be a relatively safe interest based system, into a risk-based scheme where many of financial products are foreign to the average investor. Consumers are drawn into these markets with the aspiration of augmenting their overall investment and retirement income, yet the exact opposite occurs.

Banks have managed to make billions of dollars by borrowing at near zero percent interest rates – their risk is low and the spread in most cases has increased. They have also managed to create a “fee based system” that has enriched bankers and robbed the average deposit/investor. Politicians have given bankers a key to our wallet – where is consumer protection? In my opinion, all fees should be illegal and banks should be made to lend money on their overall cost of funds. We should also put an end to proprietary trading and have banks get back to the business of lending money and not controlling how it will be invested. Banks have hijacked the entrepreneurial spirit and have come to control corporations through the various forms of funds. Recently these funds have invested in emerging and off-shore economies rather than investing in our own economy. This was not done for benevolent reasons but rather for GREED.

I restate what I have said many times before. Government employees should not be in a position of having 5-10% guaranteed pension returns when the average taxpayer earns between 1-2% from their RRSP GIC accounts.

FINALLY, LET US RID OUR PRIVATE AND PUBLIC SECTORS OF FREEMASONRY. IT HAS INFESTED OUR LOGIC AND GOODWILL. IT HAS ALSO BECOME AN UNNECESSARY AND VIRULENT PANDEMIC.

Thank you,
Joseph Pede

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