2.Huge debt: Consumer debt was huge in the US and Canada, a huge government debt (i.e.
maxing out your credit card buying stuff you don’t have money for).
3.Estates and cities were broke. Government officials will say ‘vote for me, and I’ll give
Government spending meant there was huge government debt.
4.National debt relating to trade (Mainland China owes $2 trillion to the US).
This huge debt has reduced the value of everything. Retirement investments have gone down
Keep your money in GICs (pay 4% interest but its guaranteed, unlike retirement
-Canadian banks are not experiencing the same debt as the US banks.
-When governments get into huge debts, they print money, devaluing the currency, devaluing the
debt. In the worst case scenario, this can lead to runaway inflation.
Gold and Silver and jewelery should be bought during inflation because they hold
value and keep going up in value; they are not subject to loss of value.
-Politics is all about power.
-Every society rests on power and Max Weber calls power coercion.
-Weber: Power is the ability to achieve desired ends despite resistance.
-An important side of power: Business and government.
-Government: Formal organization that develops and directs the political life of society.
-Weber: As a last resort, the state ultimately rests upon a monopoly of violence.
In the Canada and the US, we don’t have to shoot anyone because we have a monopoly
of violence and everyone knows if they so much as bomb a bus, we will nuke the shit out
If anyone is starting the violence, its going to be us. If some poor little country
tries to start violence with us, we are going to bomb their asses to holy hell.
A monopoly of violence is generally true of stable states.
-Weber says that power is usually legitimized. When legitimized, power becomes authority.
Governments/states seldom get people to go along with the ultimately powerful people of state
until they legitimize their power.
Canada: Most people accept the political system.
Authoritites like the prime minister are legitimate because the law regulates
them as well and their behaviour.
Societies can operate without legitimacy/justification, but have to spend more
money because you need a secret police as an agent of oppression (i.e. politically
incorrect people end up as fish food at the bottom of ocean). So legitimacy is
more effective (you don’t need to spend so much money on the secret police).
-Canada Agreement on goals and means is used to achieve them. Authority is power that
people see as justified/legitimate rather than coerced.
-How does power become authority?