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Crisis Financial Management-From Where Should It Come?

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6 minute read

The news has been filled with Covid 19 stories, and none have been particularly brighter than the aid packages and measures announced by both the provincial and federal governments.

The combination of enhanced EI benefits, GST payments, Child Tax increases and deferment of tax payments and deadlines is superb. Alberta’s contribution of short term $ for workers affected by Covid 19, their announcement of renter assistance legislation (late fees, no evictions) is a good companion piece. Banks and utility companies (read communication, power, gas, water), have also   graciously deferred payments for the foreseeable future in addition to releasing additional credit for both business and personal clients. Student loan payments are frozen for 6 months.

These are all great ideas and measures and the key word here is DEFERRAL, not forgiveness nor cancellation.

During the 2008 banking crisis, governments around the world bailed out big businesses from banking institutions to car companies. In Canada, Chrysler paid their aid package back, but banks, who allegedly received close to $114 Billion dollars according to a Canadian Centre for Policy Alternatives report, used public funds to shore up an already financially secure industry.

Now, amidst an international crisis, business entities are merely deferring payments for services and products assuming that the extra hardship that our Canadian work forces will not negatively impact their ability to ‘catch up’ on debt incurred despite bail out packages.

My father, a teacher was on strike for a month in the 1970s, and he told us that he never recovered from even a month without pay!

Imagine an average family with months of bills that may build up and the dollars that will have to be committed to repay balances on credit cards, mortgages, utilities and tax levies! Some may never recover.

Six months from now, will the companies who have promised to work with tenants and customers be so willing to cooperate with hardship?

I think not.

Utility companies charge exorbitant interest rates as do credit cards. Those with ‘weak’ credit, often pay more while those with good ratings are offered lower rates on loans.

Putting a moratorium on penalties is fine, but it will not have the impact that can truly make a difference in the lives of every day, working class individuals. The remedy is short term and does not involve every level of our society.

There is really only ONE solution to the present crisis to ensure that we, as a country can go back to work and pick up where we were before we hit the pause and panic button.

Biblically speaking, a year of jubilee occurred every 50 years and debt was forgiven. It provided a fresh start for everyone and reminded everyone that forgiveness was real and meant not just for a few.

This level of crisis involves participation and sacrifice by every level of our society from banks to government. Sadly, that would never happen today due to our incredibly interlinked international banking systems and ruling families (Rothschilds, Soros) who have built incredible wealth by NOT being compassionate.

However, in addition to the aid solutions already given, the following should occur:

  1. Immediate cancellation of interest on loans, mortgages, credit cards and utility bills until the crisis is over.
  2. Cancelation of foreclosures, evictions and already approved appropriations.
  3. Forgiveness of loan/rent payments by tenants, mortgage holders and credit card holders. Any debt accrued in this time frame is due with NO interest ever. This way, those with rental property or companies will not be penalized and therefore do not need to revert to payees already in hardship.
  4. For any student loan over 10 years old AND hardship by the student, total forgiveness. 100%

This is a partial list, but my point is that the very banks who were bailed out in 2008-10 should give back to the country, and not in the forms of extra debt but rather a real blessing Profits may actually dip, but their history of profits, even during the 2008 bailout (liquidity assistance), their profits were still $27 billion!

Given their proclivity for creating new ways to charge customers, there will be no long-term hardship to these architects of financial power.

We all have to give something for everyone to benefit otherwise, this is one more step on our way to economic dependency on government aid and a step towards socialism!

#RedDeerStrong – Adjusting to isolation? Now’s the time for new habits. Studio Pilates will help make fitness part of your new routine.

Tim Lasiuta is a Red Deer writer, entrepreneur and communicator. He has interests in history and the future for our country.

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New hand-made “Parlour” guitar features rare pre-1950’s Brazilian Rosewood

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For Red Deer luthier David Gilmore, it’s really all about the wood. So he was pretty damned jazzed when fate brought him a rare piece of Brazilian Rosewood.

Gilmore has many friends in the small and exclusive world of guitar-builders.  And they tend to help each other out, swap pieces of wood, and give each other advice and encouragement.  This special piece of Brazilian Rosewood came into Gilmore’s life as a result of one of these friendships.

“I obtained this wood from Jake Peters who is an amazing luthier. Jake obtained the board back in the 80’s from an old guy who was retiring who had it in his stash for decades. According to Jake, this wood was harvested pre 1950.”

Pre-1950!  Well before the Cites treaty, which in 1992 added Brazilian Rosewood to the list and banned its export, greatly restricting the supply of this rare and coveted wood. In the case of this beautiful handmade Parlour guitar, the back, sides, fretboard, bridge, headstock, veneer and binding are all made from this one rare piece of wood.

“I was able to cut 3 complete back and side sets out of this board, and this is my last of the stash.”

This stunning guitar features a Sitka spruce top from a board that David has had squirreled for several years.

“When going through the boards, when I tapped the board, the hairs on the back of my neck stood. That was it!”

To complement the look of the iron acetate finish, Gilmore commissioned MJS Pickups out of Mississauga Ontario to make a one of a kind sound hole pick up that has a very vintage look and feel.

If you want to learn more Gilmore Guitars and this rare and beautiful instrument, click here.

 

WATCH: A must see for guitar lovers and filmmakers

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Watch candlelight vigil to honour Dr. Walter Reynolds

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Our community  honoured Dr. Walter Reynolds with a Candlelight vigil on Friday August 14th.

You can watch it here. 

If you want to donate go to the Dr. Walter Reynolds Memorial Fund, organized by Dr. Johan Myburgh – go to the RDPCN website www.reddeerpcn.com  or click on this link (we have ensured this is the official link)

Go Fund Me – Fundraiser for Anelia Reynolds.

Read more on Todayville.com.

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