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For Your Information Public Debts to Global Private InterestsFederal government debt to reach $1.2 trillion
Think about it. How is it that these rich oligarchs have such vast fortunes to buy government securities? Where does it come from to end up in the hands of a few? The working people engaged on socialized means of production produce the wealth seized by the few. This must change if the world is to be set right. A new direction for the economy must come into being where those who do the work and produce the value control the economy and the social product they produce. The government spends much of the money it borrows and gains from taxes to prop up and support private enterprise, in particular the biggest and most powerful enterprises, sometimes deemed too big to fail and sometimes systemically important. Working people demand to know why public funds should go to sustain private enterprise and the control of the economy and lavish lifestyles of the rich. Money Comes Back to the Rich in Spades
The imperialist economic system is a circular single whole that guarantees the rich will become richer and the poor poorer as wealth and power are increasingly concentrated in fewer hands. Only the working class can breach the vicious cycle and forge a new direction that favours the people and averts the recurring economic crises.
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Working people
should ponder a situation where such great amounts of
privately-controlled money are so readily available for governments to
borrow. How can the rich oligarchs be in possession of such enormous
wealth at a time of crisis when governments declare themselves broke?
The stupendous amount the rich have available to lend to governments
indicates how productive the working class is and how much the rich
expropriate and accumulate from what workers produce. The billions the
government will borrow from private sources to cover the $343 billion
deficit originate from the work-time of the Canadian working class but
end up under the control of a minority of immensely wealthy global
oligarchs.
The captains of
industry, finance and commerce are not simply waiting for their
purchase of government bonds to be repaid with interest. They are
eagerly anticipating that the money they have loaned to governments
will soon come back to them in lucrative pay-the-rich schemes. The
government has already announced billions of dollars of guaranteed
infrastructure projects: contracts for military supplies to prepare for
war are a constant feature, and supplying the education and health care
sectors with computers, and pharmaceuticals such as a vaccine for
COVID-19 means guaranteed profits for the biggest companies.