Column has contradictions

Re: Outwitting the political bank robbers, Think About It, Aug. 24, 2011.

Re: Outwitting the political bank robbers, Think About It, Aug. 24, 2011.

G.E. Mortimore is actually comparing Canada’s borrowing of money to cover its overspending with North Dakota’s saving of funds which it lends through a bank it runs.

Mortimore accuses Canadian lenders of stealing because the government of Canada borrows money from them, for which they charge the time value of the medium of exchange called “money.”

Most of those lenders are Canadian individuals through their interest-paying deposits in the banks and credit unions he rants against.

(Banks and credit unions are only middlemen, administering and spreading risk, with just a modest amount of their own money involved.)

Mortimore’s rant sounds like Marxist fixed-pie exploitation theory, complete with contradictions (which Marxism says are good, in contrast to Aristotle and Ayn Rand who said “A is A”.)

Keith Sketchley

Saanich

 

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