Economic and Fiscal "Snapshot"
Exaltation of Corruption and Fraud
The federal government's economic and fiscal
"snapshot" delivered on July 8 provides a good example of
disinformation. In this case the aim is to remain silent about the
substantive issues of where the money which has been borrowed to
weather the pandemic comes from so that Canadians cannot form an
opinion about it which serves them. Far from informing Canadians, the
federal government's economic and fiscal "snapshot" exalts corruption
and fraud; it raises them to an art in the name of high ideals.
Trudeau set the
stage for this disinformation in a press conference just prior to the
Finance Minister's presentation in Parliament. Referring to what has
now become a $343.2 billion federal deficit to be covered through
government borrowing from the private financial institutions of the
global oligarchy, Trudeau said, "We took on debt so Canadians wouldn't
have to." Clearly the Prime Minister thinks Canadians have no
intelligence; that they cannot see through his unfortunate obsession
with the word "we."
The debt the government "we" has taken on is to
the richest and most powerful institutions within the U.S.-led
imperialist system of states. The people "we" will owe this money to
private moneylenders and be forced to pay it back with interest. The
interest rate the people "we" will be paying is also going up as one of
the three major U.S. credit rating agencies, Fitch, recently downgraded
Canada's credit rating from AAA to AA+, making borrowing more expensive.
The "we" who will be responsible for this new debt
of $343.2 billion, driving the federal debt from $765 billion to $1.2
trillion in one year, is essentially Canadian working people. Workers
who produce the value through their work and pay the vast majority of
taxes will be saddled with this debt to the global vultures. The
beneficiaries of this pay-the-rich scheme are the private industrial
and financial global cartels of the imperialists.
The people have had no say in the matter and no
control over what has been done. Convenient and disingenuous indeed to
have we Canadians, we the government and, as Trudeau likes to say, "We
are all in this together."
The fact is: No, we are not in this together. We,
the working people, work and produce value and you the ruling
imperialist oligarchy and your courtiers expropriate the value we
produce; you own and control the economy, and you have usurped the
authority of the state to pay the rich and to defend and sustain your
privilege and private wealth and the great divide between you and us.
You rule and we are excluded from economic and political affairs.
The skyrocketing government deficits and debts to
the rich will unleash even greater attacks on Canadians and a further
deterioration of social programs and public services and an increase in
personal, sales and other individual taxes. The federal, Quebec and
provincial governments, the neo-liberal think tanks and mass media are
preparing an even more intensive round of the anti-social offensive
using the current crisis and "massive debts and deficits" of all levels
of government as the excuse. This has already begun in Alberta with the
anti-worker anti-social attacks of the Jason Kenney United Conservative
Party government against the people, as well as in Quebec, Ontario and
declare they have no choice but to borrow from the rich to deal with
the economic crisis. This is disinformation of the highest order. It is
corruption and fraud. As a part of the U.S.-led imperialist system of
states and serving the privilege and private interests of the global
financial oligarchy, the ruling elite in government do not want the
people to see what they do not want them to see -- that government
debts to the global moneylenders are not cast in stone but a deliberate
policy to pay the rich.
Despite the efforts of the Trudeau government and
the opposition cartel parties and media to hide the corruption and
fraud, their exaltation has become obvious to the people who are
working hard and demand a new direction for the economy. The
alternative begins by demanding that governments stop paying the rich
and increase investments in social programs.
The people will have to demand that a moratorium
be declared on servicing existing debt and make illegal public
borrowing from private interests. Instead, governments should borrow
from themselves as a public debt to themselves to be settled without
interest as the economy grows and workers produce greater social
product. Such a new direction would prohibit the global oligarchs from
taking value out of the economy and prohibit all levels of government
from going into debt to private interests.
This article was published in
Volume 50 Number 25 - July 11, 2020
Economic and Fiscal "Snapshot": Exaltation of Corruption and Fraud