Premier John Horgan was in Vernon June 25 for a meeting with the Vernon Fire Rescue Services team along with his NDP counterparts. (VFRS photo)

Premier John Horgan was in Vernon June 25 for a meeting with the Vernon Fire Rescue Services team along with his NDP counterparts. (VFRS photo)

Vernon residents demand better from politicians

LETTER: Governments are spending us into bankruptcy

I would like to commend/recommend Mike Smith’s letter in the May 5 edition of the Vernon Morning Star.

I agree whole-heartedly with his concern about how the politicians are running our country, spending us into bankruptcy.

They seem ignorant of the fact that currency is just a medium of exchange between one person creating a good or service and wanting to trade for someone else’s good or service.

Flooding the marketplace with currency that hasn’t resulted in the creation of goods or services is no less than counterfeiting.

How have we been led down this inflationary path? Thank you former president Richard Nixon who, in 1971, removed the gold backing of the US $ when gold was about US$35 per ounce, and when the U$ was (and still is, but diminishing) the world reserve currency for settling international trading accounts. A gold reserve currency prevents governments from ‘printing’ money without the creation of an equal value of goods and/or services.

Due to the inflation of the number of currency units in circulation (the US Federal Reserve Bank calls it Quantitative Easing (QE)) our dollars have depreciated about 95 per cent in purchasing power since 1971. The huge amount of dollars created since 1971, together with the massive budget deficits have created a level of debt that we will never be able to repay, and that the economic reset via runaway inflation, etc. etc. will be very unsettling.

Yes, most certainly as Mike Smith suggests, we must demand better from our politicians, and the sooner the better.

Charles Wills

READ MORE: Flood waters ease up in Spallumcheen

READ MORE: Vernon killed 5th highest number of bears in B.C.


@VernonNews
letters@vernonmorningstar.com

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