Friday, April 29, 2011

My Bank of Canada Includes Democracy

Layton steps back from Bank of Canada comments - Canada Votes 2011 - CBC News
What a tempest in a right wing teapot. Jack Layton suggests that Bank of Canada policy ought to be controlled by the democratically elected government in order to meet the economic needs of ordinary Canadians, and the business parties go bonkers.
No surprise, I suppose; the whole thrust of Liberal and Conservative policy has been to remove as much of economic and cultural life from democratic control as possible. They've cut our social programs, putting them in the hands of unaccountable corporations and insurance companies. They put the user-funded unemployment insurance fund out of reach of most unemployed workers and (illegally) sent the surpluses off to the banks. When the auto companies were going belly-up they gave them boatloads of cash and no popular control over their priorities. In fact, they did nothing to discourage those corporations from demanding wage and benefit concessions from their workforce. The list goes on.
So, Layton's mild suggestion that now is not the time to raise interest rates (the economy shrank in February) and that our publicly funded, national bank ought to be subject to democratic control ought not to stir a whit of controversy. That it does merely demonstrates how far the right wing shits who have governed us for so long have been able to roll back the very principals of democratic control and the idea that public institutions ought to serve the public good and not just the good of the nation's most powerful and greedy.
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