Ce SANT

PATNI

Burt Campbell
Publisher and Edler

Re ET ee ry a eg ay Ay Meee me Tw

“Here let the press the people's
rights maintain, unawed by
Influence and unbribed by gain”

Page Four — Thursday, June 6, 1974

Sfrong Measures Needed to Check Inflation

“Permit me to issue and control a
nation's money and I care not who makes
its laws.”—Meyer Anselm Rothschild,
founder ofan international banking
dynasty

oe

“Banks lend by creating credit (money);
they create the means of payments out of
nothing.”"—-Encyclopaedia Brittanica

. s *

“The Bank hath benefit of the interest
of whatever credit it issues out of
nothing."—William Patterson, first gover-
nor of the Bank of England

“The most important kind of money is -
credit. The most important kind of credit
is credit created out of thin air by the
banking system. Eighty per cent of the
volume of business in Canada uses
money that isn't there. Banks lend it out of
nowhere to people and when it is paid

back, it returns to nowhere.'It can't be
, Seen, yet it can make the difference
between full employment and mass
unemployment: Most of the revenue of
banks is interest on money that does not
exist."—W. S. Timble, noted Canadian
economist
* .

Another federal election is now underway

‘in Canada, and a number of very serious

3 -sproblems confront us: runaway double-figure

sizInflation; high double-figure interest rates; high

suspect shi and scarci-

‘ties; skyrocketing food prices; home mortages

that are beyond the reach of most people; and
‘the list goes on...and on.

A week ago Monday—May 27—was ‘Tax
“Freedom Day, the day on which it is calculated

pen taxes of any kind if, from the first of the
igs year, the family had used every-dollar of income
‘tas fast as it was earned to pay its taxes. This
Mineluses direct taxes such as income, sales and
property taxes, and indirect taxes such as the 12

Respect ted authorities now reckon that 40
“teents out. eof every dollar earned by a Canadian
eustaxpayer go to meet the increasing demands of
Wigovernments. Former federal Social Credit

18
inity College at Langley"has warned that

“historically, no free society has survived when |
the amount of its citizens’ income paid as taxes

sashad passed 50 per cent.” He now cries the alarm:
Ess ¢We, are moving continually and continuously
# sanesrer that mark.”

Be A Saskatchewan resident, Joe A. Thaw...

Biberger, in’a well-researched: and .documented
Be ook published in 1972 and entitled “Will
sBilnflation Ruin Us?", attributes the greatest

Bisingle cause of present-day inflation to,
Be “usurious” compound interest rates.

fist

Acknowledging that compound interest
ates have been with us for a long time, he says
wo things have happened in the last few
lecades that have brought this: problem to the

RN
ey ete:

He illustrates as follows: “$1,000 at 5%
terest, compounded annually, will approxi-
tely doubled itself every 14 years and three

In 14 yrs, & 3 mos. $1,000 becomes $ 2,000
In 28 yrs, & 6 mos. $2,000 becomes $ 4,000
In42 yrs, & 9 mos, $4,000 becdmes $ 8,000
In&7 yrs, $8,000 becomes $16,000
“In vther words, $1,000 will multiply 16
mes in 67 years at 6% compound interest,
However, if the interest rate is increased from
5% to 8%, here is what happens. The debt will
now suble every nine years with the following
results:

In 9years$ 1,000 becomes$ 2,000
In18 years$ 2,000 becomes $ 4,000
In27 years$ 4,000 becomes $ 8,000
In 36 years $. 8,000 becomes $16,000
In 45 years $16,000 becomes $32,000
In 64 000 t 000

In 67 years $64,000 becomes $80,000

“If the interest rate is 10%, the debt will
double every seven years and three months:

In Tyrs, & 8mos.$ 1,000 becomes i
In 14 yrs, & 6 mos.$ 2,000 becomes
In21 yrs. & 9 mos. $ - 4,000 becomes $
In 29 yrs. $- 8,000 becomes $
In 86 yrs. & 3 mos. $ 16,000 becomes
1n 43 yrs. & 6 mos. $ 32,000 becomes
1n 50 yrs, & 9 mos. $ 64,000 becomes

~ InS7 yrs. $128,000 becomes $:

“You will note that the debt multiplies 16
times at 5% in 7 years, 80 times at 8%, and 233
times at 10%, in the same 57 years. Thus a rise
in interest rates is one reason’ why compound
interest has recently become so devastating.”

The other reason that compound interest
has become such an evil in the last few years,
continues Mr. Thauberger's thesis, “is that
debts have increased so drastically that it is
unbelievable. Here is what has happened in’
Canada since 1939. The federal debt along has
increased as follows: In 1939 it was $3.7 billion,
tion, it was $17 billion, and in 1968 it was $38"

ion.

“This is an increase in debt of over r 1,000%
in less than 80 years. The interest likewise has
grown from $194 million in 1989 to $1.8 billion in

1968. This again is an increase of over 1,000%."

Mr. Thauberger, and those who share his
concern, believe that the whole question of high
interest rates revolves around the size of the
debt. As he says, “one can be paying a fairly
high rate of interest on a small debt without it
causing a great burden. Conversely, one can be
paying a low rate of interest on a'large debt and
the burden again may be bearable. But when the
debt is enormous.as it is
rates are. seurnis, ‘beyond

aaies
we're re heading towards the edge. Who' 's going t to
have’ the courage to undertake, the. govern-
mental initiatives necessary to pull us back?

This is the Last Editorial

Comment for the Summer

~ Summer has arrived early at the Castlegar
News this year with the personnel of.an
expanded staff already starting their sana)
vacations,

As a consequence, the editor will be filling
in for many of our employees in their various
duties during the next three months’ forcing a
curtailment of some of his own responsibilities

dated with a each

week,

This is the last editorial comment that will
appear in this corner of the paper until
September. We wish all our readers a good
summer.

TAY TAPIA A PTAGT MAY AE AQ TATE EN Hy ME Wy oy

CONAIR

“That's right, chief, Says he was smoking his pipe in the back yard... .”

i : FRIDAY, JUNE. 7

we M11 a.m. to 7:30 p.m. at the Castlegar Hotel 4

We Visit Castlegar. Twice a Month
'. WEST. COAST SEAFOODS

i Call

- STARVISTA

The Island and:the Tree
A Tale with a Familiar Sounding Ring

The following tale is repro-
duced from the April 13 issue of
the British Edition of “On
Target”.

eee ee

Once upon atime there
was an island, on which. an
industrious and happy commu-
nity lived, There were different
‘industries, and you could find
farmers and inn-keepers, butch-
ers, bakers and-even candle-
stick-makers.-There was plenty
to go round, and it was a
peaceful and happy island,:

* “But there was one oddity.
There was no money, and the
idea had simply never occurred
to them. The only transactions
that took place were by barter.”
Thus every Friday was market
day for the island, andithe
people ‘spent the day arguing
and bargaining, trying to’ ex.
change a pig for a pair of shoes,

, or a coat for a candle. It’ wasn't
oh always Mati eas} as. you’ can

cee

iyed on:
“the island a’ fan'ih a eande from

a strange land over. thé ‘seas.
Strangers were so rare that all
the people of the. island. gath-

‘ ered to meet him. There. was a

great assembly under the: big
tree in the middle of the island.

Seeing how they. lived} the
stranger asked, “Have you no*
money?”

“What is. money?” the:
people asked. He told them all
‘about money, and ‘it’ sounded
good. to the people of the island,

“How are we to start?"
they asked him.

“I will make some money in
the shape of little leather discs’
with a special design on them,”

. said the stranger. “If you will

return at the end of the week,
we will start.”

All the people gathered at -
the end of a week, to find the

$200,000
IN PRIZES:

sitting beneath the:

tree, with a pile of neat leather= -
discs. Normally, the discs.

would have been divided equal-

ly among the people, rather like _,

a game of Monopoly. But: the

people fell to arguing as to how;

many discs each one should get.
“I deserve the most,” said ©

-the candlestick-maker,

everyone uses my candles.”
“No,” said the farmer.
“Without food there is'no life.
Surely. I,should receive the
most?” And so the bickering
continued. 5 :
The ‘stranger listened
quietly. Finally he said: “Since

* you are unable to agree, I

suggest that, instead of issuing
the leather discs, you borrow
the number you require from
me. There will be no limit. But

the more you borrow, the more
you will have to repay in one
year's time.”

“And what will you receive.
for your service?” asked the
people. i

“For every hundred discs
you borrow from The, you must.
repay me one hundred and
three,” he replied. “The: three
extra discs: will be my charge,
and I will call this charge
interest.”

The people could: see “no
other way to-solve the argu-

ment, and they borrowed the _

dises from the stranger. The
cautious took only a few, others
borrowed large sums. The next
day the new system began.
The people discovered that
money was a marvellous sys--
tim. No longer did they have to
barter. Soon values were estab-
lished, prices were understood,
and ‘it was not long before the
islanders wondered’ how‘ they.

end ‘of the: yea
ger left the Big Tree,
and visited his debtors. The

islanders discovered they had a ,

debt. Some had a few more
leather discs than when they
had started, but that meant
that others had less, But they
now discovered that the island
as a whole could never get out
of ‘debt until all the leather
discs were back under the Big
Tree. And even then, there

oe Capital
Now. Sporting
A British Look
Canada’s capital, Ottawa,
is. sporting'a British: look.

s Starting May 16-a brand-new .

sightseeing service‘called Lon-
don Cab Livery moved into.
action. 7

These are genuine black
‘Austin F-4 taxicabs specially
imported from London, Eng-
land complete with: male’ and
female chauffeurs. Each cab
will accommodate five passen-
gers comfortably.

Costing $30 for three
hours, the drivers. will take +
visitors on shopping, ‘sightsee-
ing, cultural,.and historic safar-
is of the picturesque city on the
Ottawa River. t

Businessmen who visit Ot-
tawa-frequently can buy a
charter, membership- which
guarantees them a car and

driver any time they-are in *

Ottawa,

London ‘Cab Livery. will
continue until the end of
October.

JUNCTION

SERVICE

‘Complete
Auto Service

EXPERT TUNE-UPS

were those three leather dises
—the interest on each hundred
borrowed—which had never in
actual fact been turned into
leather, at all.

So they had to. borrow
more leather discs to keep
going; and, of course, the debt
and the interest became. bigger
and bigger-as time went by.
‘And it wasn't too long before all
the people of the island were
fighting each other, each one
vainly trying to get more and
more leather discs:

The candlestick-maker
grumbled about the butcher,

CHOW MEIN | SWEET & SOUR
DEEP. FRIED PRAWNS. :

‘PHONE « 368-8911:

Under. the: direction of

‘Father Bud Godderis of the

West Kootenay Cablevision So-
clety, experiment’ into the
community. wide use of video-

. tape, has begun, Operating

under a:'Student Community
Service Program Grant, the

. first task Bud's staff will have is

to Introduce the already exist-
ing community cable channel
(channel 8) to the public.in the
Castlegar, Trail and Nelson
areas,

At the present ‘time,
through the efforts of the West
Kootenay. Cablevision Boslety
programs produced in thi

* of local intereat, are ae ones

every two weeks between 7 and
9 p.m. 'in|Castlegar on Thurs-
days; Trail on Wednesdays and
Nelson ‘on (T.B.A.

‘A: second ‘major, objective

“during: this summer will‘ be; to

establish regular, Programs of on
topics such as council: proceed.
ings, school board meetings,

“MLA reports, cultural:and

individual: profiles, and; many
‘other topics,. These! will range

in‘ length! from 15> minutes: to

7 one hour’and willibe: prepared

the lained that
he wasn’t being paid enough by
the baker, and the inn-keeper
protested that everybody else's
prices were too high.’ Finally,
the difficulties were such’ that
the housewives demanded that

all prices should be controlled, ~:

because they. could: not’ afford
bread. The ‘employers: refused

to leave their farms, becatse
they could not meet their dues,

-And the eyes of the people
of the island were blinded to all
the wealth and abundance
which they had previously
shared so peacefully,:and they
could think only of the leather
discs which always seemed so
scarce,

BUT...they never ques-
tioned the stranger who sat

+ quietly under the'tree, and in

time he became the master of
the island.
(End of the tale)

MINIMUM WAGE. |

‘A reminder to Employers and_|
effective. June. 3, 1974’ the ’ Gener:
Wage in British Columbia increased as follows:

$2.50 PER HOUR FOR EMELOYEES) V8" YEARS”
OF AGE AND OVER,

$2.10: PER: HOUR FOR EMPLOYEES oAZ,YEARS,
+ OF AGE AND UNDER.

Further. inquiries| may. be 7 ‘directed.tto your: *

nearest office of ‘the ‘British’ Columbia‘ Department ¢

~ of ‘Labour’ or, directed’ to. the Department of :

Labour,’ Parliament, aulainas Mictorle 1B ish Co- ;
lumbia.

if
beautiful ue fabulously rich
: The climate is surpris-"' ed with h sitar or anything alte.

hat’

DEMAND

ONE-YEAR ©
TERM DEPOSIT

9% Per Annum

SPECI a
90 DAY TERM DEPOSIT.

10:% ; Per 2

Invest i in.
Your:

Community :
CASTLEGAR.
SAVINGS
~ CREDIT UNION

is no ordinary villain. He eatin
worms under the skin ‘that can
=: cause a: great: deal’ of discom-
© fort: Proof enough that: Adam's
fall corrupted even ‘the virgin
jungle of: Gabon. God‘ never
?intended that man ‘be to:

by'the Communi-tel summer
‘staff consisting ‘of Bruce’ Bur-
bank, Cathy Murphy,'Stuart °
:Laurie, Maryellen Hunchak and

‘Darlene: Heywood. /"Howeyer,
“the key. to the ‘success ‘of: the

project,” aays Rev: Godderis
will: be’ determined bythe
side

you yourself, or anyone.you
‘know in this area: would like

jlearn ‘to: operate 'video-ta|

equipment, . and : ultimatel

produce a program tobe shown
‘on channel 8, Commi inital’ is'at
your: service.” i

“Our staff will be: g!

‘organize video-tape ‘wotkahona:
atino charge, to acquaint your.
‘group’ with! the equipment.

. Algo; portable video-tape equip-

Chuck Stea

FRYING
ROUND

CHICKEN

Grade "A". Ib.

BREASTS, THIGHS OR
DRUMSTICKS. TRAY PACKED, i

BONE ROASTS ==: =

ROASTING CHICKEN . oon

OODLES :

“CHOW MEIN. CHINA LILY

SOYA SAUCE

~ CHINA LILY, "17. OZ, «:

ment: and‘ help}in ‘p:
‘production is available to
everyone wishing to participate
in the: channel.8 community.
rogram, evenings.”
‘Anyone interested

ing ‘out! more*‘about. the

Communi-tel' project,

tape workshops or the. local
‘community channel is inyited
‘sontact Rev.‘ Godderis at 865...
6068: or ,965-8837, or. drop. into
the Communi-tel video-tape ;
studio‘in the’ basement of:the
St: David's Parish. House on’
j2d0r Columbia Ave. Between 9,;.
Vm. and, 4:p.m. aus

“insecticide , could be an interim.
‘:blessing from heave:

arises re
7No. injarles were repete

: "yor rave. be
pprehended by local ROMP,
hile attempting to break into...

3 local Super-Valu'store. and
ill be appearing in court ‘soon.

The incident:is reported to.
ave ‘occurred at 1

“sional consulting engineer’ an

lor the past! two ‘yearshas

jhullcing inspectors,: provincial
trade associations, general co}
tractors, manufacturers an

anges t
crease the erenee ‘of. t
cl construction indust

Ts ‘alcoholism a treatable:
Pi disease in your: opinion?

This, question: was raised:

> recently: when guest. speaker.

a*luncheon’

group ‘on alcoholism in industry;

which: was organized:by the

Alcoholism | Society:

# and’ sponsored by’ Kootenay:

Powerplant Contractors and

i able ta: thei geheral \ public,
‘ ‘through’ the services ‘of, West
., Koatenay- Cablevision | Society.

which. if ‘be televising Tom

tonight on Channel 8 from tape ‘

made: at, the, luncheon, °

The ‘program ‘will also
\ present the aims and objectiv
of the Kootenay Alesholist

"Society. +

You've got to be in it to win it, so buy all the tickets you'can! Tickets pvaulatle. from 4 ‘i ® EXHAUST at 3
community service organizations or phone 681-9461 for ticket sales information. ae : DEPOSIT

: PODIATRIST

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First Prize: $100,000 Pl snd me Sec the Onn ve booltslof Otiekenat
Second Files beats NO TICKETS WILL BE ISSUED UNTIL YOUR gREMITTANC EIS RECEIVED,
Third Prize: $15, il Bill Stoochnoff — John Voykin

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1 the Orpheum Lottery, under liceoce numbe
RO, Bos 11,100, Vancouver VOB 4T2 In the Castleaird Plaza — Phone 365-6511

Erte

PHONE 365-7282

9 nse 09 ott w