If you look at Canada’s debt you will find that after many decades of relatively minor ups and downs, the debt took off geometrically in 1976 and has seldom reversed its growth since then. This too results from the Friedman economic ideology. Few have looked at what changed in the mid seventies to cause this explosive growth in the debt.
For those interested in more about Friedman (and how debt arose from his policies) check out some recent articles in ER (Economic Reform) at . The University of Chicago is proposing a throne from which Friedmanites can preach their gospel and an economist has published his objections to that plan in ER.]]>
There is another way but it requires a better understanding of money. Sadly people won’t study this and understand it. Every hour millions of dollars are created by the same rich folks that Ish refers to so that they have the means to coerce the rest of us to sacrifice the environment and do their bidding. That same money could be created by governments and distributed differently to the people so that the people would make the choices. But nobody will look at this or talk about it meaningfully. The following quote by a Canadian economist is instructive to all of our concerns. The last line is a classic!
“As every environmentalist knows, over the last few centuries we humans have created an ecologically unsustainable industrial economy. Unless we radically reform our way of doing things and create a sustainable economic system we are doomed to suffer drastic changes.
“What most environmentalists – and indeed most economists – do not know is that over the last few centuries we humans have also created an economically unsustainable financial system. Unless we radically reform this financial system it will recurringly break down and thwart our efforts to heal this planet.
“Our current financial system diverts us from our real problems to ask: ‘where is the money going to come from?’ This should be the least of our worries. As long as we have vast unmet human needs and idle human and nonhuman resources … finance should never be allowed to stand in the way of doing what must be done.
“Could anything be more insane than for the human race to die out because we ‘couldn’t afford’ to save ourselves.”
Dr. John Hargrove Hotson, Emeritus Professor of Economics, University of Waterloo and co-founder of COMER. 1993 [25-1-1930 to 21-1qq1996]]]>