$160,000. That is how much each American ‘virtually’ owes bondholders to cover the government’s nearly $19 trillion in national debt. And while our taxes are the primary collateral which allows Uncle Sam to borrow from a privately owned central bank, is there a chance sometime in the future where the government may use force, coercion, or even confiscation to pay these obligations that neither you nor I volunteered for?
The answer to that may be coming sooner than we think, as our neighbor to the North, and in particular the City of Ontario, Canada, is so deep in debt that they are now asking their own people to voluntarily donate monies outside of proscribed taxation to pay on the city’s debt before insolvency bring it crashing down.
Ontario Premier Kathleen Wynne is asking that you consider giving your money to the Ontario government as well.
For a mere $21,000 for every man, woman and child in the province, Ontario could be debt free.
No, this is not some kind of holiday joke about the Grinch who stole Christmas.
And, no, voluntarily donating to the government isn’t in lieu of paying taxes.
It is in addition to them.
Canada’s largest province has asked its taxpayers to donate their hard-earned money to the cause of bailing out the much indebted provincial government.
On top of paying among the highest taxes in North America, and coping with skyrocketing hydro prices — hikes directly caused by the decisions made by this Liberal administration and the previous one — the Wynne government wants more.
Treasury Board Chair Deb Matthews made the bold request last week, and specifically asked folks to donate their tax return rebate to help pay off the provincial debt. – Toronto Sun
Voluntary assistance to a government is almost always followed by forced assistance, as in the 1933 Executive Order 6102 which saw the confiscation of gold out of the hands of private citizens, and into the coffers of the Federal Reserve. And with Dodd-Frank assuring that the next banking crisis will be resolved with your deposits and not by bankruptcy courts, legal confiscation is already on the books and is but one step away from forced confiscation.
Canada is beyond the point of no return, with hundreds of thousands of jobs expected to be cut due to oil prices and a deflationary recession. And it is exactly for this reason that the government in Ontario is now asking for people to bail them out from their own pockets, because declining GDP will spark the end of the government’s ability to pay interest to bondholders, and to be able to roll over the insurmountable debts they have accumulated in this decade alone.
Kenneth Schortgen Jr is a writer for Secretsofthefed.com, Examiner.com, Roguemoney.net, and To the Death Media, and hosts the popular web blog, The Daily Economist. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.