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News Advertiser
www.NewsAdvertiser.com
JANUARY 23, 2019
from the pages of the vegreville observer
Compiled by Dan Beaudette
90 Years Ago – January 23, 1929
Last Thursday night, when Constable R. Henley was pursuing his weary rounds, he noticed someone in Adler’s confectionery store. To his way of thinking, it was no hour for anybody to be there with lawful intent so he proceeded to investigate. On being disturbed, the intruder hopped through the window and started down the lane as fast as he could go. The constable gave chase but the other fellow was a far better marathoner and made a clean get-away. Constable Henley carries no weapons save his good right arm and his helpful eye, so being out hoofed he had to give it up. This week’s cold snap is ranked as the worst do far this winter by the weather bureau in Edmonton. It was 30 degrees below zero, unofficially, on Wednesday morning. Points in Southern Alberta will be connected up with the American highway system early this year. Lethbridge, Macleod and Pincher Creek are all on the new highway which is to be constructed to Coutts. R.B. Caslick, grain buyer at the Alberta Pacific elevator of Dodds, is building a blacksmith shop in Ryley, to be operated by Thos. McBratney, who will later move his family out.
75 Years Ago – January 26, 1944
Four monotonous weeks of California weather wound up in a touch of zero weather this morning, January 26th. It is possible that this change means that there may be some winter weather yet. Being superstitious, one does not care to say too much about the genial January, which succeeded a delectable December as there is always a chance of putting a jinx on a good thing. But if anyone gets the notion that the climate of Alberta is changing, all that has to be done is let memory slip back just one short year to January, 1943, and commence to shiver again. Mrs. Dorothy Sokoloski has received word that her son, Nicholas Michael Sokoloski, had been wounded in action on January 15th, and is remaining with his unit. Nick is a member of the Calgary Tank Battalion and has seen action in Dieppe raid. Mrs. Sokoloski has four in the services; Nick and Jack overseas; Bil, in the Navy somewhere on the Atlantic, and Max in training at the Pacific Coast.
50 Years Ago – January 23, 1969
The Vegreville Branch Royal Canadian Legion curling team won the zone play-offs at Innisfree on Sunday. A round-robin comprising teams from Innisfree, Vegreville, Mannville and Vermilion was played with the Vegreville rink winding up on top. Curling with the team are Harry Chomik, skip; Terry Soldan, third; Orville Tebbutt, second; and Ray Steinbach, lead. Members of the Vegreville Chamber of Commerce heard Cpl. H. Lamb of the R.C.M.P. tell of the increasing incidence of the passing of NFS cheques in the community and of the workings of professional swindlers who are operating in country points at the moment. Cpl. Lamb requested the assistance of the Chamber members in clamping down on would-be swindlers and described methods which are used to stop phonies. Mrs. Terry Soldan, president of the Vegreville Kinette Club was pleased to present a cheque in excess of $1200 to Jack Dekker, President of the Vegreville Association for Mentally Handicapped Children, this week. The money was raised through the generous donation from persons of the community who chose to make this donation rather than exchange Christmas cards. The funds assist in the operation of the Dr. R.R. Cairns School for the Mentally Handicapped Children. The Kinette Club organizes and assists in the collection of the money.
25 Years Ago – January 25, 1994
The federal government’s experimental farm and soil research facility in Vegreville will be shut down by year’s end. “the facility has made a lot of contributions over the years,” said Gordon Durrell, Agriculture Canada spokesman. “But the work supported by the Green Plan will be done by late 1994. We’ll still deliver technology to the area from other areas.” Mundare is enjoying a “housing boom” of sorts, thanks to a joint plan between the town and a housing developer. “We wanted to increase both the tax base and the population base,” explains Peter Polischuk, municipal administrator. “And it could lead to business opportunities as the demand for services increase.” The local Legion Branch recently installed new officers and executive for the upcoming year. They include Noel Benoit, Wilf Steinbach, Gordon Brennan, Terry Brennan, Darlene Krec, Diane Fausak, Clarence Miskiw, Harry Semotiuk, Alex Smook, Gerry Krec, Rod Stewart, Collen Timanson and George Hoggins. St. Joseph’s Hospital’s administrator denies rumors there have been layoffs at the facility – at least for the time being. “There are no layoffs planned right now,” said Eugene Rudyk. “But there may be some in April.
Letters Welcomed
One role of the Vegreville News Advertiser is to promote dialogue on various issues of concern to area residents. We accomplish this by welcoming Letters to the Editor and allowing various issues to be debated through our pages. All letters must contain the writer’s name, address and phone number. Anonymous letters will not be printed, however the writer’s name may be withheld from publication in special circumstances deemed appropriate by the Publisher. The Vegreville News Advertiser reserves the right to edit letters for length, clarity, spelling and grammar, taste or for reasons of potential libel. The Vegreville News Advertiser reserves the right to withhold letters from publication.
Central Banks’ Overreach Risks Another Recession Ian Madsen Policy Analyst – Frontier Centre for Public Policy As financial markets around the world erupt, dampening the festive spirit of this time of year, plenty of blame has been passed around. There are some notable geopolitical risks in the Middle East, Ukraine, North Korea, Pakistan, and elsewhere. There’s the trade war between China and the United States. There are also signs of slowing global growth. All these things weigh on stock markets. Perhaps the most predictable factor – and the one that usually causes bull markets and economic expansions to end – in an increase in interest rates by central banks. That’s followed, more atypically, bu attacks (in India, Turkey, and the U.S.) on the dubious sanctity of central bank independence. Once again, we wonder if central banks are about to overreach. By trying to rein in inflation, artificially stimulated economic growth, and financial speculation and over-leverage, will they bring on yet another recession? It’s a particularly important question since it feels like we’re just recovering from the last recession. Isn’t it a little strange, then, that we’re so dependent on the machinations of central banks and the people who operate them? Is this how it should be? Could there be alternatives? Central banks exist to oversee all other banks and financial institutions, ensuring that they’re solvent and soundly managed. They are the guardians and issuers of the national currency, to keep it respected, safe, and used honestly.
They control the money supply and the liquidity of the national economy, to allow enough credit to keep commerce and personal finances flowing while keeping inflation neither too high nor too low. They principally do the latter through shortterm interest rates and buying and selling bonds. They also act as lender of last resort to financial institutions in case of financial panic or liquidity; are the fiscal agent for the government, issuing debt and handling its outstanding debt structure; act as a clearing house for financial transactions, mainly between banks; collect and make public economic and financial information. That’s a long list and it’s not clear that central banks fulfill these functions well. As lenders of last resort, they have stumbled repeatedly: The asset-backed commercial paper crisis in Canada 10 years ago; The financial collapse of Lehman Brothers, Bear Stearns, Merril Lynch, Countrywide Financial, Fannie Mae and Freddie Mac, AIG, and others in the United States. The failure of Northern Rock in the United Kingdom. Central banks also failed in the 1989 recession and, most infamously, in the Great Depression of the 1930s. Central bankers were slow to recognize that anything was wrong in 2017-2018. They raised interest rates in advance of the crisis, to well above supposedly neutral levels, and that exacerbated the economic shutdown. WWhen it comes to being the guardians of the money, the plethora of alternatives – bitcoin, Ether, and other blockchain cryptocurrencies – suggests a lack of public faith. The loonie, U.S.
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