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4 -- PORT PERRY STAR -- Tuesday, February 18, 1986 Editorial Comments Burned Again? Are the Canadian people about to experience another round of soaring interest rates similar to what happened just four years ago? There are some pretty alarming indications that this may be the case. 12 per cent, and that in turn sent the prime business rate offered by commercial banks up to 13 per cent. Consumer loan rates and mor- tgages are 'under review," but if the Central Bank continues to edge its lending rates up, there is no doubt what this will do to the cost of consumer loans and mortgages. A prime rate of 13 per cent is a long way from the days not too many years ago when the cost of money was in the high teens, but one must keep in mind that just six weeks ago, the prime was an even ten per cent. If there is one thing that confounds and confuses the average Canadian, it's the murky world of international currency speculation and the relation this has on our dollar and rising or falling interest rates. But the confusion ends in a hurry when the small businessman, the homeowner, the farmer, or the person looking for a car loan is faced with the black and white facts of what a loan will cost when the rate is 13 or 15 or 18 per cent. At the start of this decade, when interest rates went through the roof, the country came close to a na- tional depression as lay-offs, bankruptcies, failed mortgages and slumping consumer sales were routine. The cost of that near- depression was staggering in terms of dollars and cents, and human misery. What is most exasperating to the average Canadian is the knowledge that international currency speculators sitting in front of a computer terminal in Chicago, New York, London, Zurich or Tokyo play a role in sending the Canadian dollar on a downward tumble. Remember February 4? On that day the Canuck buck hit an all-time low 01.69.13 cents (U.S.). There were reports that speculators were intent on driving the dollar doyn and that forced the Bank of Canada to step in with massive buckets of cash to buy dollars and keep the price up. The other course of action to keep the price of the dollar up is to hike the interest rates. Canadians must be wondering how it is that speculators in foreign lands can have such an impact on something as important as the value of our dollar. This is not a bankrupt, tin-pot dictatorship, or a country built on a single product like oil or tin. Inflation is low, the jobless rate is dropping, there have been strong trends in manufac- turing, primary resources, consumer sales and so on. In short, the economy appears very healthy. Why is it that international speculators can send hearts flutter- ing in the Bank of Canada building? Is Canada some kind of hostage' to people who buy and sell currencies? Why is it that some guy in Tokyo or Chicago can say "sell"" and the final result is a farm bankruptcy in Ontario, or a failed mortgage for a family in Alberta, or a small business down the tubes in New Brunswick? Why is it that dreams and hopes of average Canadians can be 'upset, even wrecked on the whims of international speculators? Does the government of Canada have no other course of action but to raise interest rates and use tax dollars to halt the mayhem caus- ed by speculation. : If present trends continue, the rates could very well be 15 per cent or higher in a few short months. And a lot of hard-working, honest, average Canadians are going to get burned, again. Last Thursday, the Bank of Canada hiked its rate to just over ONITHE fo VE ro the (GC CNA Gir [= ¢0 KOLO Cc 10) 1 v (Ow? % LS AT Lorie \ -- (00) 98% 738) \, J. PETER HVIDSTEN Publisher Advertising Manager Member of the Canadian Community Newspaper Association and Ontario Community Newspaper Association Published every Tuesday by the Port Perry Star Co Ltd Pott Perry Ontario J.B. McCLELLAND Editor Authorized as second class mail by the Post Ottice Department Ottawa and for cash CATHY ROBB pavment of postage in cash News & Features Second Class Mail Registration Number 0265 Subscription Rate In Canada $15 00 per year Elsewhere $45 00 per year Single Copy 35° COPYRIGHT I layout and composition of advertisements produced by the adver department of the Port Perry Star Company Limited are protected under copyright | and may not be reproduced without the written permission of the publisher Chatterbox by John B. McClelland SHAWN ON THE MOVE Move over, Wayne Gretzky. There's a new ~ star rising rapidly in the world of Canadian sports. There are many who predict this star is destined for greatness, his bank account soon to be far fat- ter than most who toil as professional jocks. This new star is not a super rookie who's go- ing to save the Leafs from obscurity. He's not an outfielder who'll hit 40 round trippers for the Blue Jays. He doesn't play tennis or golf. He doesn't ride thoroughbreds, and most certainly he doesn't throw footballs for the Stampeders. What he does is step into a boxing ring and punch the lights out of his opponents quicker than you can say Cabbagetown Boxing Club. There is little doubt that Shawn O'Sullivan is a young man on the moveXFrom the day in the summer of '84 when he fought his way to a silver medal at the Olympics (many feel he was robbed of the gold) Shawn's career as a pugilist has been carefully, meticulously charted and planned. He's had ten fights as a pro, all victories. Why just last week in the ballroom of a swank hotel in Toronto, Shawn took on Tomas Garcia who was supposed to be "his toughest test yet." The fight didn't even go three rounds before Shawn caught the Mexican with a right hand. Bingo, the lights went out. Now, Shawn's handlers are talking of the big time: fights south of the border on American television and the big bucks that can bring. In- evitably, he will get his shot at the world title. Aside from the_fact that Shawn is a marvellously skilled boxer, what is it about this guy that's sending him up the path to super-star ~ status in a sport that, well, let's face it, really has had a major image problem in recent years? The answer? Shawn himself. His story to date would have made a wonderful movie with Cagney in the lead role. He comes from a close-knit fami- ly, was raised in a working class area of Toronto, his Dad drove for the TTC and dragged his son at an early age to the Cabbagetown Boxing Club, his Mom looks like she stepped out of a Rockwell painting (every fighter should have a little chicken in him). Shawn himself looks like a young man getting ready to enter the priest-hood: he's bright, articulate with more than a hint of an Irish lilt to his voice. In short, he's the kind of a guy any mom would be proud to call son. He is respectable, in a. sport which has been less than respectable. In fact, as columnist Jim Hunt wrote in the Toronto Sun last week, Shawn is fast bringing a rare degree of respectibility to the sport of boxing. You can't disagree with that assessment. And that's what bothers me. This guy is bring- ing something to a sport which, in reality, should be banned. As a sport, I enjoy watching a good fight. But boxing offends my intellect. It is the only sport where the sole intention is to do severe and physical damage to the opponent. How can this have a place in any so-called civilized society? This country long ago banned cock-fighting and dog fighting. A few years ago, some promoter wanted to bring bull fighting to arenas in Ontario and there was a terrible hue and cry, not over. safety of the matadors, but the suffering of the bulls. Yet, boxing, where two guys get into a ring and legally pound each other into the middle of next week, inflict permanent brain damage and sometimes death, it accepted as legitimate sport and entertainment. Intellectually, there is a major paradox in the fact that I enjoy watching a good fight, yet find the whole thing repugnant. - Like many Canadians, I greatly admire Shawn O'Sullivan. His athletic skills, the way he handles himself outside the ring; the guys' got class written all over him in capital letters. That's something that can be said of only a very few in the fight game these days. I fully suspect that someday soon, Shawn will be a world champion. And likewise, I suspect that when that day comes, he will still be the same kind of guy: gracious, polite, articulate and intelligent. He'll endorse only those causes and products that befit his image. Because he is so credible and respectable, he'll raise the sport in the eyes of the public and society. Why just last week, the Premier of Ontario was at ring-side for Shawn's match. Remember when any politicians looking for a quick headline would simply have to call for a ban on boxing? Times have changed, thanks in large part to O'Sullivan. [ suspect there will be a lot of kids in big cities and small towns all over Canada, trooping off to the local gym or health club to take up the sport of boxing. And with the blessing of their parents. Just as parents today take a look at little Johnny on his first pair of skates and see an image of Gret- zky, they'll lace a set of gloves on their sons and see an image of O'Sullivan. For all those little hockey players who don't grow up to be a Gretzky, there may be a shattered dream. For little boxers who don't grow up to an O'Sullivan, there may be shattered brains. (Turn to page 7) naira rm --