Stepped Up Foreign, Especially U.S., Penetration of Canada to Detriment of Canadians

Deputy Prime Minister and Minister of Finance, Chrystia Freeland, presented the Trudeau government’s 2024 budget on April 16, 2024. The federal budget further opens up the country to penetration by global oligarchs and integration into the U.S. war economy. Significant aspects of this subservience to the global rich are found in the military spending, the ballooning interest payments on the federal debt, the stranglehold of big developers over the housing crisis, and in pay-the-rich greenwashing with continued handouts to the supranational electric vehicle and battery manufacturers.

Not surprisingly, the budget does not initiate any discussion on an alternative to borrowing from private moneylenders and saddling the country with paralyzing interest payments that sap the social wealth. Coupled with billions of dollars of treasury board spending for war, the payouts in interest charges are crippling the national accounts and sapping large amounts of the new social wealth the working class produces.

This economic direction is not sustainable and must be changed with radical policies such as a moratorium on debt interest payments and an end to borrowing from private moneylenders. Alternatives to this disastrous direction must be discussed such as making Canada a zone for peace with an anti-war government that extricates the country from the U.S. war machine and economy, and internal interest-free borrowing from government itself to cover deficits that are guaranteed and then repaid to the national accounts as the economy develops and the working class produces new social wealth. Such a direction, if coupled with a public banking system and an end to the practice of allowing private banks to increase the money supply through lending more than they possess in their accounts, would go a long way to solving the price inflation that plagues the economy and people.

This article was published in

Volume 54 Number 4 - April 2024

Article Link:
https://cpcml.ca/Tmlm2024/Articles/MS54041.HTM

Website: www.cpcml.ca Email: editor@cpcml.ca