You don't have to be a rocket scientist, mathematician, or economist to understand how the money-creation function works. For those new to the problem, please refer to this tutorial- [click here].
Our health care system is sick, but it is not physically sick. We have the building materials, equipment, a willing labour force, doctors and nurses- all "standing by" while health care 'dies' because of mental myopia: "we don't have the money".
We do have the money! Here is what could be done. Invoking Article 18(c) of the Bank of Canada Act, [see the tutorial referred to above] the Federal FinanceMinister has the power to direct (i.e., not 'ask') the Governor of the Bank of Canada to make available to Canadian governments at all levels funds @, say, 2% interest (near interest-free at the federal level). Government-guaranteed Health Care Bonds could be issued, by governments, to then be purchased by the Bank of Canada. The repayment terms of the bonds would match the estimated life span of the National Canadian Medicare asset being created.
This would Not- repeat- NOT cause inflation! The moneys would be absorbed by building, labour, and employee costs. Rather than closing or (worse) demolishing hospitals, we could build them! Inflation would only occur if the health care system was already running at capacity. Such a situation hasn't existed in Canada for years..
Moreover, this example could serve as a prototype for funding in any area of our economy: Kyoto, education, military, Municipal Infrastructure Bonds, etc. It would truly be a whole new world
Yes, the private banking system would have to endure some shrinking pains! In order for this procedure to function properly, statutory reserves would have to be reinstated, and the government would have to have the balls, on behalf of the Canadian people, to reinstate them! The private banks would NOT suffer: they would still make substantial profits- as distinct from the obscene profits they now make. It's a win-win situation!
If you are an MP, economist, academic, activist, citizen (an investigative journalist would be nice!) and have any questions, go to www.comer.org. We will answer your questions and provide you with documentation. That's what it's all about. (Hello? R U out there? W5? 5th Estate? Passionate Eye?)
The real issue is of course political will. The only federal (this must take place at the federal level) political party which openly promotes the intelligent use of the Bank of Canada is the Canadian Action Party at www.canadianactionparty.ca This small but dynamic little party, rich with policy initiatives, needs all the support it can get right now. Take a look at their website. Let's keep this dialogue going...
Stumble It!
Why not go to George Stromboloupolous's new news show "The Hour" and get him to do an expose on this Bank of Canada complaint you and CAP have? He certainly would understand it's use for medicare afterall. Let us know what he says so we can watch if he says okay. I'm asking you or anyone else to explain what you want investigated because I don't understand the use of the BofC well enough to be the one asking. Anyone?
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"Yeah, well, [Mr. President] we used all five fingers because that's the way our mittens are made." Antonia Zerbisias