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

svesSave the O Loutery ticketts) at $2.00 per ticket. 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

SSN

So

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