With all the handouts and bonus packages they're already publicly supported. It's time to regulate them out of existence.
The Bankers Manifesto 1892
- Thread starter darkbeaver
- Start date
I've taken some of the headlines of this post, which contains some truths and some errors. The most important truth, and the biggest heresy of the paradigm of Economic Liberalism that controls the Global economy now, is that sovereign national governments can create their own money.
That is exactly what the banks do. If we are ever to get control of our national economy, which is in a death spiral, in the hands of an international financial and trading interests.. it is the realization that banking must act ONLY as a retail provider of a national policy aimed at harnessing the full productive capacity of the Canadian people, and stabilizing the value of the Canadian currency. Both can be done.
The errors come in here on the assumption that the Government can print money, in place of taxation, the credo of Social Credit, without debasing the currency with hyper inflation. Banking and credit form an indispensible channel of validating the issue of currency by enabling the development of industrial and agricultural capacity.
The situation we find ourselves in now is that the only principle banks follow is their own profit motive, and are no longer subject to regulation in the national interest. Money is a form of social credit, but one that has to be strictly regulated, to ensure an equilibrium of demand and supply. Credit itself needs to be affordable and available for economic development. What we have now is credit going increasingly into non productive and speculative endeavours, which is a recipe for disaster. It's why the 2008 collapse, with a bubble of credit supporting untenable mortgage instruments, is only the first stage of mammoth economic fiasco that hasn't played out yet.
The statement that Income Tax is unconstitutional is complete nonsense. Any national government has the right and responsibility to tax it citizens in a way least aggregious to the greatest good. Progressive Income Taxes is an essential method of imposing equitable distribution of the nation' s wealth. What we have seen since the Liberal paradigm started to bite with avengance, in the last 30 years, is increasing regressive, and demand suppressing, sales taxes replacing income and excise taxes from tariffs.
What we have seen from this is a vast polarization of wealth, and in concert with Free Trade and monetarism is a grim underutilization of the creative and productive powers of the Canadian people.. and its getting worse.
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Hell hath nothing to do with it Cliffy. The principles are well vetted in what used to be called Christian economics, and forms a sub text to every Papal Social Encyclical of the last 100 years. It condemns usery, human exploitation, greed and the principle that profit rather than the social good forms the basis of any viable economic model. It rejects unfettered capitalism AND socialism as idolotrous.
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If you read any of that background information, you'd see that it's not nonsense. There are some arguments made that the BNA Acts give the provinces, not the federal government, the right to direct taxation, which would make the Federal income tax unconstitutional.
That would also make Provincial taxes unconstitutional (in it's present form )because provincial taxes are based on a percentage of the Federal Income tax.
Private banks issue debt and nothing else. We live in a debt based system not an asset based one.http://www.comer.org/webdebt.htm
Okay I stand corrected. Not only did they mess that up but a change in constitutional matters also requires a vote by the 'voters', that can never be changed from when it was first introduced. The Queen gave independence to the individual Provinces, they were then to vote on a bill (in the Provinces) to give up their Sovereign status and join together as one single country. They never took the final step, there was never a vote by the people. I think some 'new party' out west is looking into that angle, BC this time I believe. Income tax would just be collected in some other fashion if it was abolished but at the same time it should put the interests of the people over the ones the Banks like best, business that are busy, that makes them money, and they never have enough. It doesn't even matter if war is the business, in fact that is always a high return investment because the bank collects from both sides in every war these days.
There is actually no need to collect income tax. All of that money would be better left to circulate within communities.
I could live in perpetual debt.
It is the ever increasing perpetual debt that I balk at accepting. If I can't spend more than $10M in one year the I don't need a salary that pays me more than that. That 'reward' just takes it out of the hands of somebody who makes almost $0 in the same year. Even worse that 'extra income' is used to take in even more $ per yr. Freeing up all the hidden money might give everybody a base salary of $100,000/yr. Living an upper middle class life-style with interest free loans. Above that level you can still make money as long as you are personally involved in the project and your overall profit is held to a certain % above total cost (including bank loan interests and fees)
It was brought in as a temporary measure to pay for WW1, so I think we could do away with it any time.
Quoting coldstream The statement that Income Tax in Unconstitutional is complete nonsense.If you read any of that background information, you'd see that it's not nonsense. There are some arguments made that the BNA Acts give the provinces, not the federal government, the right to direct taxation, which would make the Federal income tax unconstitutional. __________________________
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Quoting TenPenny If you read any of that background information, you'd see that it's not nonsense. There are some arguments made that the BNA Acts give the provinces, not the federal government, the right to direct taxation, which would make the Federal income tax unconstitutional.That would also make Provincial taxes unconstitutional (in it's present form )because provincial taxes are based on a percentage of the Federal Income tax.
...."whole of Canada is unconstitutional ; and that's just the way it is."
Not a chance. We could probably have done away with it right after WW1. But to get rid fo it now will result in major disruption in the society. Any politician who campaigns on the platform of abolishing income tax would be committing political suicide (when he outlines the spending cuts he will make to offset the drop in revenue).
We could, but the tax is used to service the debt which of course is held by the private banks for the most part. I know damn well what their reaction would be.
Forget the banks, what about the people? Do you think they will tolerate drastic cuts in everything, including privatization of health care?
You are a crafty one aren't you SJP. It is already a bloody major social disruption. All we need do is exercise the law regarding the Bank of Canada. In that instance we would be able to enhance social services including post secondary education and many other social programs and capital projects that the spiraling debt prevent us from undertaking while we are hamstrung by the use of private banking and financials.
You are wrong by a thousand miles, it is the use of private capital that keeps us program poor right now and nothing else. The only drastic cut would be slicing the pie in the publics favour, and cutting the private banks out of the nation funding business all together. The bankers get prison, after an economically responsible trial.
Don't make me cut and paste SJP, stay back I'm warning you, I will copy and glue if you push me.:lol:
That is not entirely true (at least for America), all the personal income tax collected dies not pay the entire interest that the bank collect on the national debt. Some figures for Canada should be available to show if it is the same here.
Is anybody paying attention to that small plane attack on the IRS in Texas?