Editorials of / Editoriaux de Gilles Gervais
Glass-Steagall
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A Glass-Steagall system and a real nation building project urgently required in Canada

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Political leaders are belatedly realizing that a strategic crisis of an unprecedented scale is erupting as a result of their lack of effective action in dealing with a financial-economic meltdown that is now spreading from its trans-Atlantic epicenter.

Even more ominous is the possibility of a “Guns of August” catastrophe sparked by events in Syria which has become the Middle East’s new “Balkans cockpit".

In such dire circumstances one must seek an approach which encompasses a "peace through development" solution. A modern-day Treaty of Westphalia is required in order to reverse the R2P suicidal path that is now gainning hegemony at the United Nations. It is therefore urgent that Mazarin’s Westphalia approach should now become the single focus of any and all previously scheduled or new emergency meetings of nations, in all international venues.

All present attempts to salvage a collapsing imperial monetary system through the international resolution schemes emanating from the Financial Stability Board of the Bank for International Settlements, or any like-minded national spin-offs like the USA’s Dodd-Frank bill must be rejected out of hand.

The abandonment of the present imperial monetary system for a republican credit system whose necessary first step is a new global Glass-Steagall represents a modern-day application of the Westphalian principle of "the advantage of the other — that each nation develops itself fully, and regards it as its self-interest to develop the others fully, and vice versa."

A nation building project in the midst of an economic and strategic crisis

Recently two Canadian Premiers, Alison Redford and David Alward have labelled the August 1 publicly announced TransCanada Corp’s. Energy East pipeline from Alberta to New Brunswick a “nation building” project. That is not only an incongruous statement, it is dangerously misleading !

First, if one must judge an energy project the most important scientific criteria is that the energy source must satisfy the requirement as a high energy flux density source. By the energy density of a fuel or power source, we mean the amount of useful work that can be derived from a given mass of the substance. By energy flux density, we mean the transformative power which can be obtained from that fuel source.

Notes : La masse d’un mètre cube d’air à 15°C est de 1,225 kg. Dans tous les cas, il s’agit de l’énergie théoriquement libérée sans compter les pertes dues à la récupération et à la conversion en d’autres formes d’énergie. Le terme « combustible » est employé ici au sens figuré.

Obviously oil does not meet such a requirement. Canada unfortunately has shut down some of its nuclear plants, has sold its state-owned Atomic Energy Canada Limited, has not adequately funded the development of 3rd and 4th generation nuclear fission plants, and has not joined the international joint project for fusion energy development (ITER). Canada’s growing reliance on green-renewable energy sources accelerates the financial oligarchy’s planned dismantling of Canada’s advanced economy and the advent of a radical policy of population reduction.

Secondly, any trans-Canada development proposal should minimally incorporate a modern development corridor concept using the most advanced technologies, and

Thirdly, Canadians must cultivate an historical view of the nation as a whole and be able to form a sound judgement on the nation’s present and future role in the world. A genuine nation building great project must necessarily incorporate the two mentioned above criteria but, most importantly, as a project it must contribute to the progress of Canadians in a fundamental way and become a solid foundation for further strives upward in the cognitive development of the citizens of the country. A great project must also contribute something of lasting value towards the betterment of mankind as a whole.

In 50 years or 100 years, history will not remember as significant that Alberta, through a pipeline to New Brunswick, sold a greater amount of crude oil to St-John refineries for export to the southern United States, Spain or India.

But it will remember with great pride that Canada played a crucial role in the building of the continental-wide North American Water and Power Alliance (NAWAPA) that not only provided 10 million new jobs but created a scientific and engineering revolution.

NAWAPA would give new meaning to the celebrated sixties leitmotif "the new name for peace is development" and represent a crucial Canadian contribution to peace in this period of growing international tensions. NAWAPA would become a model of development for other nations who might wish to apply these scientific revolutions to great nation building projects in order to better the lives of their own population.