Mr. Speaker, I thank my colleague for the question.
Yes, we are talking about real interest rates. That is the difference between the cost of borrowing and the increase in the CPI.
The fact is that right now and for this past decade for the first time our interest rates have been as high as they were during the Depression. That is very interesting. Only in the last Great Depression, and I mean the thirties, were real interest rates as high as they are now.
Not since the thirties has there been such unencumbered freedom for transnationals and financiers to advantage themselves. There are so many parallels between now and then that it ought to cause us all to wonder. Did we not learn from the Depression that we cannot have a world in which the selfish greed of corporations can be pursued without limits, controls or regulations because inevitably that will be at the expense of the vast majority of people. That cannot go on.
Right across this world, across this land and across Europe we are seeing the results of it as unemployment mounts. All other statistics indicate economic growth, whether it be GDP, inventories or any of those things that this government cites, but the fact of the matter is that unemployment continues to mount.
Germany, a nation that has had an unemployment rate of 4 per cent or less for many years, today has an unemployment rate of 12 per cent. That is the inevitable result of a system in which corporations are free of any obligations to any nation. A policy such as that which has generated the deficit, which favours corporations as the Liberals did to an extreme and as the Conservatives are doing now to an equal extreme, is a policy that means
devastation for too many, as we see now, and that must change.
Topic: GOVERNMENT ORDERS
Subtopic: MAIN ESTIMATES 1993-94-VOTE 1