HOW IS THIS CAPITALIST?
It’s a wonder they didn’t publish this story in the “Business” section like they did the story on BC Hydro losing money and having to raise its taxes —sorry— “rates”. But no, it was simply on page one of what is really the “Government” section — or what we know of as the rest of the newspaper. (Actually, if you look at the other stories —they’re all about government. And it’s emblematic of how government now almost totally consumes and controls our lives. To liberals and progressives generally, this is Utopia.)
This “ICBC” isn’t a real corporation as we know corporations. It’s another example of the government owning the means of production. It is in fact a socialist farce which belongs in Cuba or North Korea. The Insurance “Corporation” of BC (or “ICBC” as it is known instead of “the government”) is a government division. No, it is not a “corporation” in the sense they and their media accomplices have always tried, using pure deception and lies, to convey, as if it’s just another business like Fred’s Car Insurance (against whom they actually compete —for what we see here: PROFITS).
The government competes against citizens, and profits, then keeps the profits. What kind of government does that? Surely not a capitalist one. Not a freedom-loving, free-market government of a democratic country.
In this story, just as in the BC Hydro story, they don’t speak of taxes which were levied in order to compete against citizens and “earn” this profit. They speak of “insurance premiums” and “excessive capitalization”. So these are lies.
And they have the gall to call the government the “shareholder” —as if it’s a private firm with actual shareholders. Go ahead and try to sell your shares, “shareholders”! So it is a lie. A socialist lie.
But you’ve got to love how they beat around the bush straining to explain all this in order to obfuscate and cover-up the inherent socialism:
The B.C. government plans to take $778 million from the Insurance Corp. of B.C. over the next three years for general revenue, rather than using the money to reduce insurance premiums for motorists.
The money can be moved because the Crown corporation has amassed a larger war chest on the optional side of its business—where the company competes with private insurance companies to provide non-mandatory coverage—than is needed. Insurance companies are required to keep enough money on hand at any given time so they can deal with unforeseen events such as a glut of claims or a significant loss from investments.
“What we are saying is that ICBC is overcapitalized on the optional insurance side, and we’re saying that is funding that should be transferred to the shareholder,” Finance Minister Colin Hansen said Wednesday…
I started out saying it’s a wonder it wasn’t printed in the “Business” section. Actually it’s a wonder they printed it at all and on the front page to boot. Because it proves my point: ICBC, which poses as a “corporation” with the willing help of media which never questions this blurring of lines, is nothing but GOVERNMENT ruining the free-market system, which it will then blame for ruining the economy. It is emblematic of what happens when the government owns the means of production and offers that other socialist lie: the “public option”. And then miraculously winning in the competitive business battle against its own citizens.
What a farce. I feel like I’m in North Korea.
PTBC was founded by Mr. Johannesen in 2000.
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