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PAGE 6 Community Advisor DECEMBER 2012 Christmas FARMER’S MARKETS Last Market December 11 Legion Hall Downtown Whitecourt Binary Economics - the Economic Paradigm of the 21st Century by Rev. Dr. Walter Fauntroy Former Delegate to the US House of Representatives, Fauntroy was a member of the House Banking, Finance and Urban Affairs Committee, chaired for six years the Subcommittee on Domestic Monetary Policy and for four years chaired the Subcommittee on International Development, Finance, Trade and Monetary Policy. Editor's Note: the following is a continuation of the Advisor focus on Binary Economics, an idea ahead of its time when it was fi rst presented. Today it is the only system that has the potential to solve our current economic problems, without giving excessive powers to government or private corporations. In short, the only long-term, sustainable solution. Although the following is based on the U.S. economy, the ideas are equally applicable to Canada and were championed here in the past by Canadian Winnet Boyd, who also was the chief engineer in designing the world's best jet engine in the Avro Arrow. (Speech presented at a conference on "Renewing the United Nations and Building a Culture of Peace," Session Four: "The UN and Freedom from Poverty," Report from the Interreligious and International Federation for World Peace, Assembly 2000, New York, August 2000.) Thank you, Mr. Betancourt, my distinguished copanelists, ladies and gentlemen. After listening to Dr. Norman Bailey, I am tempted to title my presentation, (Continued on page 19) It’s the Interest, Stupid! Why Bankers Rule the World by Ellen Brown In the 2012 edition of Occupy Money released last week, Professor Margrit Kennedy writes that a stunning 35% to 40% of everything we buy goes to interest. This interest goes to bankers, financiers, and bondholders, who take a 35% to 40% cut of our GDP. That helps explain how wealth is systematically transferred from Main Street to Wall Street. The rich get progressively richer at the expense of the poor, not just because of “Wall Street greed” but because of the inexorable mathematics of our private banking system. This hidden tribute to the banks will come as a surprise to most people, who think that if they pay their credit card bills on time and don’t take out loans, they aren’t paying interest. This, says Dr. Kennedy, is not true. Tradesmen, suppliers, wholesalers and retailers all along the chain of production rely on credit to pay their bills. They must pay for labor and materials before they have a product to sell and before the end buyer pays for the product 90 days later. Each supplier in the chain adds interest to its production costs, which are passed on to the ultimate consumer. Dr. Kennedy cites interest charges ranging from 12% for garbage collection, to 38% for drinking water to, 77% for rent in public housing in her native Germany. Her figures are drawn from the research of economist Helmut Creutz, writing in German and interpreting Bundesbank publications. They apply to the expenditures of German households for everyday goods and services in 2006; but similar figures are seen in financial sector profits in the United States, where they composed a whopping 40% of U.S. business profits in 2006. That was five times the 7% made by the banking sector in 1980. Bank assets, financial profits, interest, and debt have all been growing exponentially. Exponential growth in financial sector profits has (Continued on page 10)
DECEMBER 2012 Community Advisor PAGE 7 Exodus 22:25 “If you lend money to any of my people with you who is poor, you shall not be like a moneylender to him, and you shall not exact interest from him." Deuteronomy 23:19 “You shall not charge interest on loans to your brother, interest on money, interest on food, interest on anything that is lent for interest. Proverbs22:7 You shall not lend him your money at interest, nor give him your food for profi t. Psalm 15:5 Who does not put out his money at interest and does not take a bribe against the innocent. He who does these things shall never be moved. Another meaning of Christmas by Dan Parker At the risk of being politically incorrect, it is the view here that an important meaning of Christmas can be found in the words and actions of the namesake of this holiday. In this case, I am not talking about the concept of peace on earth, as important as that issue is. Instead, an often overlooked concept of the Christmas holiday is what might be referred to as the message of social advancement. Before politics took precedence over spirituality for much of Christendom, social change was the central tenet of the teachings of Christ. Evidence of this exists not only from Christian writings such as the four gospels of the New Testament, but also from the 1st century Jewish historian Josephus and the early 2nd century Roman historian Tacitus. As one internet site relates “The earliest strata of the Gospels...point back to a revolutionary movement led first by John the Baptist and then by Jesus...aimed at the overthrow of Roman and Herodian rule in Palestine and the establishment of an earthly kingdom of God”. However, it wasn’t just the Romans Jesus was working to re- (Continued on page 16) Community Advisor Publisher: Dan Parker Production: Terry Draeger Kate Boyer “The liberty of the press is the palladium of all the civil, political, and religious rights.” - Junius 4907 52 Ave. Box 294 Whitecourt, AB T7S 1N4 Ph: 780-778-3949 Fax: 780-778-4485 Advisor@WhitecourtWeb.com CommunityAdvisor.NET Circulation: 5,500 Published Monthly FURNITURE MATTRESSES APPLIANCES ELECTRONICS HOME THEATRE Save Time, Shop Us First 5102 - 50 St. Downtown Whitecourt 780-706-2677 780-778-2171 3855 38th Ave (1 Block North Of Kal Tire) Canada's leading vehicle glass repair and replacement company.
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