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Banks Are The Problem Not The Solution

bigbanksIn Canada the power rests not with the people, but with the banks. Ever since the 2008 recession, Canada and its first-world counterparts have given power over to the bankers, hoping that the people who created the crisis can somehow get us out of it.

One of the ways bankers think they can stop the recession is by continually printing money to keep interest rates low. The idea is that if it’s cheaper to borrow, then people will be encouraged to spend more and stimulate the economy. The problem with this is we’re trying to stimulate the economy by borrowing crazy amounts from banks, which has led to record household debt and massive housing bubbles. Again, good for the banks, not good for us.

The banks have also discouraged saving, because interest rates are so low that the cost of inflation offsets the benefits of keeping money in the bank. Basically the bankers are punishing people who planned ahead, especially senior citizens, by causing their pensions and life-savings to lose money. These backwards tactics have cost people in the UK over $100 billion since 2008.

nocutsWorse yet, these bankers are hell bent on lowering government deficits at the cost of social spending. Who in their right mind would favour putting families into the streets and demolishing environmental protections just so a handful of bankers can get their weekly million-dollar bonuses? Bankers, of course. Pretty much every country where the bankers have cut social spending has been a disaster for the population. Just look at Greece and Spain -- both countries have record high unemployment rates of over 27%. That’s one in four people. Not only is this ruining the lives of millions of workers, it’s also murdering the life prospects of their children.

Private companies are sitting on billions of dollars and refusing to invest it back into the country, so the government has to step in just like they did during the depression and stimulate the economy with massive amounts of public spending. We’re talking about creating new jobs, building and repairing infrastructure, and investing in a renewable future. If we don’t do this now, we’re just putting Band-Aids on growing tumours that are going to burst. We have to take the power away from the banks before it’s too late. 

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