Free trade and monetarism

There is a way to manage this massive free fall, to allow the prospect of recovery, but our leadership, in both the Conservative and Liberal parties will not even acknowledge we are in anything but a transitory 'correction'.

Those remedial policies involve reversing the disastrous policies of Classic British Liberalism, that of Adam Smith, David Ricardo, Thomas Malthus, that have ruled Western economies since the dismantling of the Bretton Woods Agreement in 1971.

Free Trade must be seen for what it is, a failure and a fraud. All Free Trade Agreements need to be abrogated. The WTO must be reduced to an agent of national governments in regulating bilateral trade agreements, rather than as a shill for the predatory international investment organism.

Monetarism, the global casino of currency and credit, must be completely re-organized by re-instituting fixed and stable rates of currency exchange. The gigantic monetary derivatives bubble must be deflated in as orderly fashion as possible. The IMF must be reined in to protecting national sovereignty rather than promoting the interests of international finance.

A massive effort by government to re-establish credit and confidence on a national basis, the re-nationalization of banking and currency sovereignty is implicit with this.

Without these efforts Nortel is just the start of what lies in store for the rest of Canadian Economy.