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Federal Budget and Government Borrowing New Law to Permit Unlimited BorrowingBill C-14, An Act to implement certain provisions of the economic statement tabled in Parliament on November 30, 2020 and other measures seeks to give the federal Cabinet unlimited power to borrow money from the global private lenders. This brazen Act before Parliament concentrates more power in the hands of the federal Cabinet to act with impunity.
Bill C-14 immediately increases the government's borrowing authority to $1.8 trillion. This amount is significant as it will push the federal debt past Canada's 2020 GDP of $1.71 trillion. In fact, no real limit to borrowing from private lenders will exist as the Act specifically states: "The Minister may borrow an amount under an order made under paragraph 46.1(a) or (b) of the Financial Administration Act even if that borrowing causes the maximum amount referred to in section 4 of this Act to be exceeded." Paragraph 46.1 of the Financial Administration Act reads, "In any fiscal year, the Governor in Council may by order authorize the Minister to borrow money for (a) the payment of any amount that is required to be paid in that fiscal year in respect of any money borrowed under the authority of this Act or any other Act of Parliament; (b) the extinguishment or reduction of any liability of Canada, if the Minister is of the opinion that the liability should be extinguished or reduced." The Minister could identify any existing debt or other government liability and order money be borrowed to extinguish or reduce it. The liability could be something similar to the government purchase of the Trans Mountain Pipeline Expansion project for $4.5 billion from its distressed U.S. owners who wanted out without losing their shirts. The liability could be the $19 billion the government proposes to spend for new fighter jets from the U.S. war economy.
The Parliament as a talk-shop to discuss and debate issues has even lost that function, becoming a non-essential disinforming service engaged in nonsense to spawn scandals and divert attention away from what the Cabinet and Ministers are doing by stealth. The role of the other cartel parties is to permit this as they strive to position themselves to become the Cabinet and take over the prerogative police powers of the cartel party in power. The people are subjected to a never-ending media barrage according to which the Liberals are popular or that change will come with a different cartel party in power. All of them support a system which is ruled by prerogative police powers to keep the people disempowered. Workers' Forum denounces the corruption of Bill C-14 which, amongst other things, expands public borrowing from private lenders. It calls on all working people to take up the call to Stop Paying the Rich; Increase Funding for Social Programs. The cabal in power has turned Canada into a massive slush fund for the global oligarchy. The entire gang in power should be removed from office. Democratic Renewal Is the Order of the Day!
This article was published in Article Link:   Website: www.cpcml.ca Email: editor@cpcml.ca |
The borrowed money is a double-edged sword to pay the
global rich. The money is used for ill-gotten payouts to
the most favoured cartels and monopolies, and the
ongoing servicing of the debt becomes a guaranteed slush
fund for moneylenders that keeps giving for decades and
can explode in size at any time when inflation hits
causing destruction and misery.
Through stealth the Cabinet and Ministers from whatever
cartel party is in power are seizing more and more
prerogative powers over policy and government actions
and financing them through borrowing money from private
lenders and taxes on individuals. The increasing
prerogative powers are the police powers of a small
cabal of dictators who serve the global oligarchy.