After the Depression, Canada wanted to inject new money into the Canadian economy, so Canada bought a couple of banks and created the Bank of Canada. The Bank of Canada created debt – free money which rejuvenated the Depression economy into prosperity with almost no debt. Prosperity was achieved as money from the Bank of Canada was created and paid for infrastructure projects. That was the infrastructure that is now old and that we are having to replace today. Many Governments today cannot get the money necessary to pay for all the infrastructure projects needed to keep our cities, provinces and federal government operating without going into enormous debt or bankruptcy.The problem, back in 1974, the Trudeau Government stopped getting money from the Bank of Canada, and instead started borrowing debt money from Insurance Companies and Private Banks (money that you have to pay interest on) . This was the beginning of Canada’s huge government debt. If we look at the statement of 3 economists, Harold Chorney, John Hotson, and Mario Seccareccia, “If the federal government were paying interest at the average levels that prevailed from the 1930s to the mid-1970s, it would now be running an operating surplus of about $13 billion!”
Can you understand the insanity of this move? Why would any Government borrow money, that you would have to pay enormous amounts of compound interest on, when you could create the same money relatively debt-free. Think about it. Today, Canada owes $601,605,047,654.43 CDN
(Last Updated: December 16th, 2012). That cost $33.3 Billion paid out in interest last year. That amount is largely the taxes that Canadians pay each year.
I am asking that everyone takes a few minutes to think about this issue and look at this link. What is suggested is that the tax payers Canada look at this issue of borrowing money for next to nothing, verses borrowing money that enslaves Canada to debt. The countries of the world are crashing financially all around the world, this is a very serious issue, and issue of emergency proportions, we must face the seriousness of this issue before we face a crisis.
You can take a stand on this vital issue of financial change by signing a petition stating your belief that Canada must go back to the proven policy of the Bank of Canada creating debt-free money. If you agree, please sign the petition on the link provided. Thank you. And please inform your friends and give them a chance to be part of Canada’s pathway to sustainable monetary policy. You CAN make a difference. Thank you.
- Solution to Save Public Medicare! Use the Bank of Canada! (pushinback.wordpress.com)
- 10. Starting in 1974 the same Liberal government which nationalized our Bank of Canada (in 1938), slowly stopped using it… (12160.info)