My objective in this post is to inform the Centre of Policy Alternatives of the role the Bank of Canada could take to help Canada out of the financial mess the world is embroiled in.
Hello Kerri – Anne (Centre for Policy Alternatives):
I just reread your article “Canada`s secret bank bailout revealed“
and thought that I would take a second for not only thank you for writing it, but also for maintaining the article on your site; in today`s environment of collapsing economies it is way too important for truth to get out to the public. The public must come to understand the truth of Canadian governments borrowing money from private banks instead of borrowing debt-free money as set out by the Banking Act of 1939, which sets out for the Bank of Canada to create monies for Canadian government so they do not have to borrow money from private banks, and thus to incur debt.
I am in procession of the later half of the actual Standing Committee on Banking and Commerce (1939) as shown below. I got it from a Social Creditor in Alberta when I lived out there in the 1970`s. I am sure that more copies are to be found in Alberta. If you read what is in the report you will read the words of Canada`s first Bank of Canada Governor, Graham Towers ( http://en.wikipedia.org/wiki/Graham_Towers ) that the banks create money out of nothing, money is a concept and as such by merely writing a number in a ledger, as was done in the old days of banking, money was created. Today, (not in Mr. Grahams testimony) the number is typed into a computer. The only thing that makes the concept real is that the borrower signs a contract that obligates the borrower to work their butts off ( the tangible ) to pay for the monies borrowed , plus interest ( the conceptual, or intangible ).
Below are excepts from the most important questioning to Mr. Towers from the Standing Committee book.
I do not know how much you know, perhaps all of this is redundant to you in your present knowledge. I will leave it to you and your interest to contact me further if you wish for further correspondence.