Editor, The Times:
It has been a long time since I last wrote here.
I noticed the editorial (“Our federal debt: There's no hiding from the elephant in the room”, Nov. 27 issue) and enjoyed it.
I am sure others know these things but they may interest those who don't. There are only five or six countries in the world that are debt free. They can be found by Google.
North Dakota is what they call a sunshine state – its assets far outweigh its debts. One of reason for this is North Dakota has its own bank. It has had this bank for 90 years.
Libya was debt free also with its own bank until Canadian bombs destroyed the country.
Canada was pretty much debt free until Trudeau in late 1970s opened it to private banks and stopped using the Bank of Canada. Mulroney, made it even better for the banks when he was in power.
Iceland has forgiven many debts and put several bankers in jail. The people's life is much, much better now.
Could any of the readers please explain to me why not one person in our parliaments have ever, ever, tackled this banking banditry.
Not one of our prime ministers! Can they not see what has happened since we stopped using our interest free Bank Of Canada and went to the private banks? Our own bank – 35 years debt free Canada. Private banks and in 30 years something like $600 billion in debt. We can not ever pay off even the compound interest?
Again, please someone explain this to me.
This article is on the Bank of North Dakota: www.motherjones.com/mojo/2009/03/how-nation%E2%80%99s-only-state-owned-bank-became-envy-wall-street
Wayne Russell
Blackpool, B.C.