06-09-2022, 01:49 PM
(This post was last modified: 06-09-2022, 01:50 PM by danbrotherston.)
(06-08-2022, 08:27 AM)ijmorlan Wrote:(06-07-2022, 10:08 PM)panamaniac Wrote: Just to note that the taxpayer would take the hit, as government would be obliged to make the banks whole.
I assumed that since owners would no longer own their properties (the right to give up ownership on whatever terms, including whatever price, one can agree with a seller is an important part of ownership), that basic property rights were already out the window.
Although I suppose that CDIC would have to step in to deal with the failures. I’m a bit unclear as to whether they bail out depositors with money from a fund (which would be depleted) or if they bail them out with newly created money from the Bank of Canada (which would be inflationary, except the economy would be so messed up that who knows what the overall outcome would be).
The right to sell something without restriction is not the same thing as owning something.
There are many things that I can own, that I cannot sell unrestricted. Guns being a most obvious example...at least outside of the US. But also cars, some refrigeration systems and equipment.
And those are only examples where government limits my ability to sell something. There are practical restrictions on almost everything.
But you'd never argue that you don't own a gun, because you cannot sell it without restriction.
And FWIW...this wouldn't even be the first time in Canada that you can own a house, but not sell it for whatever market price you like. The homes on Toronto island already apply here.