I would be pleased to table it but the rules of the House do not permit it. I am sorry that so many hon. members do not know the rules of the House. I will continue to read it. Hon. members will be very interested to hear that if they were smart enough to read this and understand it, they could profit from it. Yes, even hon. members from the mari-times might be interested, members from that "social paradise" in Canada, the maritimes. As Myers' states:
Literally hundreds of thousands of pounds have been bought on credit-
This is certainly true of Canada.
-with the expectiation that the world would continue to go ahead in the 70's as it did in the 60's. But if this expectation proves to be wrong, these farmers will not be able to pay. Already they are crying for a debt moratorium, but who is to finance the moratorium?
The banks have lent them the money. But the money belongs to someone else who deposits in the bank. When that someone else demands his money, the banks will have to pay him, and so the farmers will have to pay the banks. If they do not, either the banks or the farmer will go bankrupt. If either of them go bankrupt first, then the original depositor will not be able to get his deposits out of the bank-and he will go bankrupt.
It's really not hard to accept this case for world deflation. To me, it's a much stronger one than the projections of inflation by most newsletters and the prognosticators. It could start at any time. It could start with default by foreign countries. It could start in Europe. It could start by withdrawals of large amounts of Arab money; and Japan-or even at home.
I know hon. members do not pay much attention to this, but let me read them the advice this gentleman gave. He went on to advise people who want to buy something that they buy gold. This commentary was published on February 10.
Subtopic: BANK ACT
Sub-subtopic: AMENDMENT TO EXTEND OPERATION TO APRIL 1, 1979