Alex Millar: Why I’m running for Parliament

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      My name is D Alex Millar. I’ve taught middle school in a First Nations community in northern B.C. and high school math at a private school in South Surrey. I’m also an engineer who has worked at two software companies in the Vancouver area. I’m running as an independent candidate because I’m passionate about an issue the big parties are ignoring: money creation.

      The way money is created affects jobs and the economy. It affects the affordability of housing, education, retirement, and childcare. It affects other things too. But most of all, it affects equality.

      Who gets newly-created dollars?

      The Mint? The Bank of Canada? TD, Royal, and Scotia? The answer is not entirely clear, but it is definitely not the poor. So it’s not hard to deduce that the current system is eroding equality: the spiritual foundation of democracy.

      How many Canadian dollars exist? How many are being created?

      No one knows! Even StatsCan measures the number of Canadian dollars in three different ways: M1, M2, and M3. Our money lacks transparency.

      Over the last 30 years, the number of loonies (as measured by M2) has grown exponentially, doubling every eight years (based on StatsCan table 176–0025.)

      As more and more loonies are created, the value of existing loonies decays. Our money lacks integrity. This is a problem because it reduces the incentive to save for the future, which reduces the incentive to think about the future. Today, more than ever, we need to think about the future.

      This isn’t a loonie-specific problem. The same faults exist with the Euro, the Yen, and the US dollar. Other than revamping the current system, which seems unlikely, what options do we have?

      Full disclosure: I own bitcoin. I stand to gain through mainstream acceptance.

      Bitcoin

      Bitcoin is a new kind of money. It is less than seven years old. It has some cool features:

      1. Every single bitcoin transaction is recorded on a world wide ledger, which is publicly viewable forever. Bitcoin is transparent.
      2. Bitcoin’s open source code explicitly explains how there will never be more than 21 million bitcoins. Bitcoin has integrity.

      Justice

      It’s true: early bitcoin adopters have seen their wealth multiply. But no one can create bitcoin for free. In fact, anyone with electricity and a computer can create bitcoin, and for this exact reason, the profitability of creating bitcoin is very, very low.

      Jobs and The Economy

      Bitcoin allows us to send and receive money anywhere in the world, instantly, and for almost free. Bitcoin upgrades phones to include debit card machines. With access to global markets and without fees charged by credit card companies, countless business opportunities will open up, and work will need to be done. It’s about jobs!

      Think Forward

      The integrity provided by the 21 million bitcoin limit means the value of each bitcoin is expected to grow. Whether you’re saving for a home, an education, to retire, or to start a family, bitcoin offers hope. (Bitcoin is new and its price is volatile. Don’t put all your eggs in one basket.)

      Canadians enjoy freedom of speech and freedom of religion, I’m running for for parliament because I believe we need freedom of money.

      For more information, visit my YouTube channel: www.youtube.com/alexmillar.

      Alex Millar is an independent candidate in Vancouver East.

      Comments

      8 Comments

      ursa minor

      Sep 2, 2015 at 2:24pm

      The Canadian Dollar is currently trading at 75 cents to the US dollar, while a Bitcoin is worth $229 US dollars. If Bitcoin was actually backed by something beyond the enthusiasm of its promoters, Millar would be able to buy everyone's vote in Vancouver East several times over.

      Kevin Devereux

      Sep 4, 2015 at 11:14am

      The Bank of Canada's inflation targeting policy has been effective for decades. It keeps inflation slow and predictable, with leeway to change if there is a recession.

      I think you are suggesting that Canadians start using bitcoins instead of dollars. Some have, like you. If Canadians prefer using bitcoins they are free to -- I don't see the need for a parliamentary advocate.

      This would be risky though. We have seen the value of bitcoins fluctuate violently in recent years -- much more than dollars. Moreover, the Bank of Canada would have trouble conducting monetary policy, cutting interest rates during a recession to encourage business lending and growth.

      D Alex Millar

      Sep 4, 2015 at 3:32pm

      Kevin,
      The Bank of Canada calls it an "inflation target," but a more accurate description would be a "devaluation of the loonie target."
      Despite devaluation of the loonie we have seen a fast and predictable *deflation* in the price of CPU's (for one example). Yet sales of CPU's are through the roof! So how exactly would deflation harm the economy?
      I believe that a two-currency system (like a two-language system) would add robustness to the Canadian monetary system. We need a parliamentary advocate to propose a bill that would legitimize bitcoin as a money that people could used to do business and pay taxes.

      Kevin Devereux

      Sep 4, 2015 at 4:15pm

      Two percent inflation (or devaluation if you prefer) is stable and predictable. Most importantly, when using dollars the inflation rate is in the hands of the Bank of Canada.

      First you need to explain why low, stable inflation is a problem. Then you need to explain why using a currency that our national institutions cannot possibly control is preferable.

      Imagine if Canadians saved in gold (or even oil!). Then people's savings would be at the mercy of world gold markets. Inflation would be unstable, subject to international market expectations. This would be a similar situation to what I think you're proposing, although I can't tell for sure because you don't make a concrete proposal in the article or in your comment above.

      David Suggitt

      Sep 4, 2015 at 9:20pm

      None of the commenters here have an understanding of how Bitcoin works. I suggest they read the Satoshi whitepaper first before commenting.

      If not Bitcoin, the world financial systems will be dominated by crypto currency by the year 2025. The best time to plant a tree is 10 years ago.

      Jack Klompus

      Sep 6, 2015 at 8:04am

      I'm not a Bitcoin expert but the thing with Bitcoin that I've never been able to wrap my head around is, if there is a finite supply (21 million), how does it stay affordable with a vastly growing global population? Supply will stay the same while Demand will steadily grow which means the price/cost goes up. Economics 101. Therefore, I think that Bitcoin will, regardless of whether it becomes "legitimized" through a parliamentary bill, remain as it is - a secondary (at best) form of currency that people can speculate on but has no impact on the price of goods and services and no real value to the broader population.

      If it somehow became a "legitimized" form of currency along with the CAD $, supply and demand would tell you that bitcoins price would skyrocket out of reach for the vast majority. Would it not then become a currency for the rich only? So you'd have a two-currency system being used by different social classes? Current Bitcoin owners would profit. Over time, the price of Bitcoin would go up and down like a commodity but as it will be out of reach (and out of the interest) of the masses, it will continue to exist the same way it does today. Simply on the basis of A) there being a finite supply of Bitcoin and B) there being a much more accessible, understandable, reliable form of currency in the CAD $ already in use by the masses.

      D Alex Millar

      Sep 7, 2015 at 9:20pm

      Hi Jack,
      A finite number bitcoins isn't a limitation because transactions can be denominated in fractions of a bitcoin. Bitcoins can be divided up to 8 decimal places (0.000 000 01). There are at least a dozen bitcoin ATM's around Vancouver now where you can buy a piece of a bitcoin for $20.

      Westminster Parliamentary System

      Sep 9, 2015 at 12:19pm

      Under our broken antiquated Westminster Parliamentary System minor Party's & Independents are irrelevant and ineffective.

      As for Bitcoin it's a currency that does not change the Debt owned by Big Banks it's the national Debt process and issues that is the Economic problem for us the Citizens.

      Note I am not against Government going into controlled Debt to support for instance a Green Economy.

      Alex - you can educate yourself about Debt & the Economics beyond Bitcoin here...

      http://topdocumentaryfilms.com/catastroika/

      The creators of Debtocracy analyze the shifting of state assets to private hands. They travel round the world gathering data on privatization in developed countries and search for clues on the day after Greece’s massive privatization program.

      http://topdocumentaryfilms.com/97-owned/

      97% owned present serious research and verifiable evidence on our economic and financial system. This is the first documentary to tackle this issue from a UK-perspective and explains the inner workings of Central Banks and the Money creation process.

      http://topdocumentaryfilms.com/plague-black-debt/

      MoneyWeek claims that everything about the way you live your life could change very badly. How you save your money, your retirement plan, the way you safeguard your assets... all of these things they believe are under a great danger.