CANADA Regulatory overhaul demanded in wake of banks’ collapse The Communist Party has called for an “overhaul of the regula- tory system for banks” in the wake of the collapse of the Canadian Commercial Bank, warning that the bank’s demise, and the possi- bility of a similar fate for the Northland Bank, “signal the instability of the financial system.” _ _Thestatement, issued by the party's central executive committee, continued: “The collapse of the Canadian Commercial Bank and the possi- bility of a similar fate for the Northland Bank not only points to some serious flaws in the Canadian financial system; they point as : well to the collapse of the economic boom in Western Canada _ arising from the severe economic crisis in Canada and throughout 3 the capitalist world. Other banks have also collapsed in the capital- ist world, particularly in the U.S. The collapse of these banks, and _ others are likely to come, signals the instability of the financial system and the inability of the capitalist system to continue func- tioning as it has. “They are warnings of other storms. “An obvious conclusion from this situation is the necessity of overhauling the regulatory system. Why, for example, was it possi- ble for the CCB to lend money to U.S. oil corporations instead of investing funds in the economic development of the country? “Parliament should establish a commission to look into these ~ and other practices that are detrimental to the well-being of the “In the meantime, there ought to be emergency legislation adopted to ensure that deposits by ordinary working Canadians in the banking system are fully guaranteed, that is there should be a 100 per cent guarantee not a limited one, as presently exists. “Itis worth noting that the same voices that are opposed to universality in social programs oppose such guarantees. In fact they want to even reduce the 60 per cent guarantee. The only guarantee they want is a guarantee of maximum profits for the corporations © and the banks. The Canadian people need to reject this bias and insist that Parliament likewise reject it. “The collapse of the CCB and perhaps Northland emphasizes the necessity not only of adequate regulation of the banking system __ | but also its nationalization so that it can truly serve the interests of Canada and her people. “As far back as.1962 the Communist Party of Canada in its Brief to the Royal Commission on Banking and Finance stated that in the interests of economic growth and full employment, government policy should be directed to nationalization of the banking and _ eredit system. This, it stated, would make it possible to ensure balanced economic development, overcome uneven development particularly in the Maritimes and the Prairie provinces, encourage capital investment in manufacturing and thereby employment. Nationalization would at the same time ensure a much more s efficient credit system while eliminating the present absolute control _ by an ever smaller group of financial interests over the production and distribution of goods. _ “Instead of such an approach policies were adopted which as ‘everyone can now see opened the door to a U.S. stranglehold over the Canadian economy. This further compounded the economic ~ - crisis and with it the collapse of some banks. “Greater centralization and concentration of power in the hands _ of a smaller group of financial interests has not prevented this process. Indeed, it has accelerated it. _ “Looking for scapegoats will not solve the fondacarnial prob- oo ey Soe aa gg ea aremmnamnaaes | “Regional development will not come through privately oper- ated regional banks but through an all-Canadian public develop- ment and investment policy directed to strengthen the of the country, raise living standards, help provide - _ jobs for all. For this nationalization of U.S.-owned and controlled industries in Canada and the nationalization of the credit system is ‘ necessary. : “Such a policy would lead to jobs, jobs, jobs for the Canadian Peace, apartheid, youth q top parliamentary meet “The positions of the anti- imperialist forces grew stronger while United States’ policy be- came more and more isolated,”’ Herbert Fechner, head of the GDR delegation to the Inter- Parliamentary conference held last week in Ottawa. Fechner, a member of the GDR parliament and former mayor of Berlin, said that support was also found for his country’s proposal for a “‘coalition of common sense and reason’’ to deal with the world’s pressing problems. The Ottawa conference, he said, while representing many ideological, political and religious views, addressed the three questions on its agenda in a serious fashion. Over 1,000 participants were there and 300 spoke, he con- tinued. The socialist parlia- mentarians put forward their peace policy for disarmament, for the peaceful development of space, which were well received. ‘‘A majority favored the prop- osition of peaceful space development and even asked that the United States’ represen- tatives respond to such pro- posals,’’ Fechner said. ‘‘There was no U.S. reply’’. Dealing with South Africa, con- ference participants all de- nounced apartheid. Those who spoke demanded sanctions and urged the release of Mandela and all political prisoners. On the third agenda point, questions of youth, Fechner said the U.S. and some Western dele- gates limited the question of youth simply to drug abuse. “The socialist delegates pre- sented our policy on youth — one of full employment, free educa- tion and of a future,” Fencher said. ‘“‘We told the conference that drug abuse is not a ‘social problem for us, it’s a problem for capitalism. Certainly, our nations” support all proposals to fight international drug trafficking, but alienation, organized crime are at | the root of drug abuse and the capitalist system breeds it.” ‘‘All who spoke, Fechner con- cluded, emphasized the impor- tance of the U.S.-USSR summit | meeting”’ in November. Many, he’ said, demanded the United States come to Geneva with a construc- tive approach and deal with the urgent issues ina positive fashion. ‘Tre workers accept pact TORONTO — Metropolitan The work-to-rule campaign, ghee transit slowdown is which began Sept. 6, was aimed over, and drivers have returned as well at the most contentious issue, split shifts which keep drivers in uniform as muchas 12 hours a day — or night. The Toronto Transit Commission’s only offer was to replace full- time drivers on some shifts with part-time help. This the union Tejected, and the issue went unresolved this time around. sit Union members by a 68.3 per - cent margin (4,204 to 1,822) _ voted Sept. 11 to accept an 11 per cent wage increase over two years, bringing hourly pay to $14.65 an hour. _ 6 PACIFIC TRIBUNE, SEPTEMBER 18, 1985 ‘Gracias hermanos’, Nicaragua’s message for Canadian solidarity By MARK CONWAY TORONTO — Amid roaring applause and sh- outs of ‘Viva Nicaragua libre!’ from the 1,000- strong audience, Carlos Nufiez Tellez, President of Nicaragua’s National Assembly ascended the stage at the Titania Theatre last week. Flanked by other members of the National Assembly repre- senting the women’s movement, the Protestant churches, and Nicaragua’s Atlantic Coast, Nunez delivered a message of heartfelt gratitude for Canadian solidarity and described his country’s aspirations for peace in the region. “Solidarity is the life of the people,’’ he began. . You people from all over the world, you too are part of Nicaragua. Without you our struggle would have less strength, without you our struggle wouldn’t have so much respect, prestige, and co- operation. Without your sacrifices and watchful- ness we would be in a more difficult situation. So the Nicaraguan people through us wants to say to you, thank you brothers and sisters.”’ Carlos Nunez, who also sits on the National Directorate of the Sandinista National Liberation Front (FSLN), was in Canada as head of a multi- party delegation to the Inter-Parliamentary Union conference in Ottawa. His September meeting here was organized by Canadian Action for Nicaragua, with all proceeds going to the Tools For Peace campaign. Nunez described United States’ efforts to iso- late Nicaragua politically and economically from other countries in Latin America. Although the U.S. has portrayed Nicaragua as an aggressive, expansionist country, Nunez emphasized his na- tion’s desire for peace. ““How can we not want peace?”’ he asked. ‘‘We would be denying the 50,000 deaths, thousands of mutilated, and thousands of orphans resulting from the war with Somoza. Now, we have to continue to defend ourselves in a senseless, cruel war which prevents the Nicaraguan people from recovering from those wounds. Nicaragua is willing and eager to discuss the problems of Central America, he explained, but not ‘‘with a pistol at our heads and our hands in the air..’ The Nicaraguans recognize that the U.S. government is an influence in Latin America and is willing to have frank and sincere discussions with them, but with the stated goal of ‘‘peaceful co- existence.” Nunez believes the Contadora negotiations are the way to peaceful co-existence. ‘‘The day that Contadora disappears as an instrument of political solutions to regional problems, all the most back- ward, reactionary forces will celebrate its passing as a triumph and the only remaining path will be the military one. That will mean the destruction of the region. A letter from the U.S. administration is uaa circulating among the foreign ministers of the Contadora countries urging them not to support any Contadora resolution. The letter claims that Nicaragua is the principal problem in the region. The U.S. Congress has recently awarded another $27-million to the contras fighting to over- — throw the Sandinista government. This aid will — bolster the anti-government forces which have © seen numerous defeats this year, including Eden — Pastora’s men who fled recently into Costa Rica, - selling their own guns and boots to feed them- selves. i The constant U.S.-sponsored aggression since the Sandinista triumph over the Somoza dictator- - ship has resulted in $1-billion in material losses, $500-million in lost financing and credits due to U.S. pressure on lending countries, and 12,000 dead, mutilated, and disappeared. Approximately 73,000 children have been displaced from home and family. Nunez says that care for them is the government’s first priority. ; “It is unjust that a child of 12 who should hav fantasies, who should be dreaming of the world we're going to build, has to pick up a gun. Oblige by the circumstances, because they killed hi mother, killed her father, raped her sister, or kille his little brother, he takes up a gun to defend hi homeland. In Nicaragua, children grow up much more quickly as a result of the war. This is not - promising future.’ ‘*But the effects of the war neither detain us nor demoralize us ... The counter revolution doesn have achance. Our defence has as its three founda- tions: the people, the consciousness and leadership — of the revolution, and arms.”’ Recently, the New York Times reported that th contras have poor prospects politically in Nicar: gua, and General Gorman, chief of the U.S. South ern Command in Panama, has said that they hav no chance of overthrowing the government. p Despite the hardships, the Nicaraguan revolu- tion is moving forward with education and politic reform, building a health system, and organizi the economy. Nunez pointed out that the Nation Assembly has begun writing the new constitutio involving the consultation of all the parties, or ganizations, and social sectors of Nicaraguan so ciety. He urged Canadians to continue their support and solidarity, saying that the U.S. could not inter _ vene successfully in the face of world opposition. > ‘Unite all your efforts to defend Nicaragua,’ he implored. The enthusiastic crowd of supporters and ac- tivists were also treated to a performance b Nancy White and Friends. Their repertoire in cluded songs of struggle in Central America and 0 the hope embodied in the Nicaraguan revolution The Toronto meeting marked the launching of new Tools for Peace Campaign. Organizers acros Canada will be collecting blankets, electri equipment, school supplies and other useful items They plan to fill a ship leaving the port of Van couver for Nicaragua. Tools For Peace can b contacted through Barbara Stewart in Toronto 4 416-534-1766.