Friday, 19 May 2017
Trudeaus New National Infrastructure Bank - Robbing the Poor To Give Profits To The Rich
We have previously commented on the absolute insanity of the proposed new infrastructure bank to be based out of Toronto in this article among others.
As the Liberals attempt to have the new bank approved by putting it in an omnibus bill that is being rushed through parliament opposition from all sides is mounting.
See the following exert from the Toronto Sun on the foolishness of this endeavour.
A barrage of criticism from think-tanks, economists and opposition MPs is tearing into a Liberal plan for a private Infrastructure Bank – but the Trudeau government is fast-tracking what NDP MP Guy Caron calls “a reverse Robin Hood scheme.”
After election, the Liberals abandoned a platform pledge to “use the government’s strong credit rating” to fund infrastructure, opting instead for an investor-recommended Infrastructure Bank.
The Infrastructure Bank would collect fare, fee and toll revenue when Canadians use infrastructure financed by the Bank – transit, roads, bridges, waterworks, etc. – and remit it back to the Bank’s private investors.
Guy Caron – at the time the NDP’s Finance Critic, now a candidate for his party’s leadership – was ahead of the curve last Fall when he alerted MPs to a concerning speech by Michael Sabia, CEO of a $500 billion pension fund.
Sabia told a Bay Street crowd his fund expects a 7 to 9% return on infrastructure financing. That range was confirmed in April when the Quebec government announced it would pay Sabia’s fund an 8% return to finance a Montreal transit project.
The Bank of Canada can borrow the same money at 2% interest.
Paying higher fares, fees and tolls because of a political decision to use more expensive private capital would be a “massive transfer of wealth to the wealthy,” says Caron.
Now the chorus of think-tanks voicing concern includes the Canadian Centre for Policy Alternatives, Broadbent Institute, C.D. Howe Institute and the Institute of Fiscal Studies and Democracy, which is headed by former Parliamentary Budget Officer Kevin Page...
See the rest of the article at the source below.
Opposition Sharpens Attack On Reverse Robin Hood Infrastructure Bank
Is this malfeasance in public office? Or simply fraud and theft?
As always more to come..