Letter: Canada in good financial shape

Canada's cupboard is well stocked with both good ideas and unused real resources that can be mobilized.

To the editor:

Re:  Harper Government Accused of Leaving ‘Bare Cupboard’ for Liberals, Andy Blatchford, Nov. 12, The Province (http://www.theprovince.com/business/fp/harper+government+accused+leaving+bare+cupboard+liberals/11512301/story.html).

The repeated claim that Ottawa’s fiscal cupboard is bare is fatuous.

Whenever a financial crisis erupts, it is clear that a sovereign country’s central bank can create money as needed. For example, to address the freeze in the credit markets that occurred in 2008, our federal government immediately set up a $200 billion Extraordinary Financing Framework to bail out struggling banks and corporations.

The myth that the federal government can run out of money in normal times is propagated by financial elites who fear that too much government spending on social welfare will cause inflation and erode their financial wealth, and by business and corporate leaders satisfied with slack in the economy to prevent unions from demanding higher wages.

In truth, Canada’s cupboard is well stocked with both good ideas and unused real resources that can be mobilized. The government should make Canada a leader in public renewable energy schemes, better public transport systems, and various green initiatives that would combat climate change and create a highly skilled workforce with many permanent jobs.

Treasury Board president Scott Brison should not cite Mother Hubbard nursery rhymes as an excuse for inaction.

Larry Kazdan, Vancouver


Just Posted

Okanagan makes Top 5 of least affordable home markets list

The Okanagan is the fourth least affordable place in Canada to buy property on a single income

Kelowna summit will connect employers and immigrants

A session will be held tomorrow from 12 to 3 p.m. at the downtown library

Suspected overdose, poisoning calls jump in Okanagan

BCEHS statistics show calls rose last year in Kelowna, Penticton and Vernon

Stargate armour debuts at Kelowna expo

The Kelowna Fan Experience will feature Jaffa armour from Stargate SG-1

West Kelowna resident missing

Police are concerned for the health and well-being of a 21-year-old West Kelowna man

Vancouver Aquarium’s resident octopus released into ocean

Staff let the Giant Pacific octopus go into the waters near Bowen Island so she can reproduce

Ontario father grief stricken over murder of ex-wife and children

‘No words to explain,’ grieving father of slain teens says in statement

Russian Embassy calls Trudeau’s criticism of Putin unproductive

The Russian Embassy is firing back at Trudeau for criticizing President Vladimir Putin

Murder charge upgraded for man accused in Toronto gay village death

Man accused the death of a woman in the Toronto gay village had charge upgraded after new evidence

Traffic stop in Malakwa leads to arrests

Three in custody suspected of jewellery theft

Former NHL player Theo Fleury visits B.C. First Nations community

Abuse survivor Theo Fleury has been working with communities focusing on healing since 2009 and visited Esketemc First Nation in the Cariboo this week.

A B.C. council takes action in wake of former municipal politician’s sentencing

Dave Murray was sentenced to nine months for a sexual assault that occurred 26 years ago.

How to keep local news visible in your Facebook feed

Facebook has changed the news feed to emphasize personal connections. You might see less news.

Peachland seniors club adds line dancing

Looking for something to do in your senior years? Check out the Peachland club

Most Read