Canada’s debt is staggering … and it’s getting worse. But we can change the status quo. We can take back the power to create our own money, stolen from us in 1974.
|“Once a nation parts with control of its currency and credit, it matters not who makes the nation’s laws. Usury, once in control, will wreck a nation. Until the control of currency and credit is restored to government and recognized as its most conspicuous and sacred responsibility, all talk of the sovereignty of Parliament and democracy is idle and futile.”
|Prime Minister William Lyon Mackenzie King (1921-30, 1935-48)
Here’s the background:
Canada has a public bank, the Bank of Canada. It was founded in 1934 (due to the hard times of the depression). In the Canadian constitution, it’s allowed to lend money at no interest to municipal, provincial, and federal governments for education, health, housing, and other social services. And it could loan money at low interest for other projects. Any interest, of course, would be paid back to the government. In other words, to taxpayers. To us.
From confederation to 1974, Canadians were able to pay for two wars, the St. Lawrence Seaway, the Trans-Canada highway, the Canadian National Railway, and much more. The bank actually made money for the government. That’s because we created and printed our own money.
In 1974, Prime Minister Pierre Elliott Trudeau made the decision to stop using the Bank of Canada for our money, and instead borrow it from a private bank outside of Canada (the Bank for International Settlements in Switzerland) and pay interest to that private bank! Obviously that’s not in the interest of the Canadian people.
By 2012, we’d paid interest of over $1 trillion to central bankers in Europe!
It’s been estimated that if we’d stayed with the Bank of Canada as our public bank, we’d now have a surplus of $13 billion. That would lower taxes and bring us a higher standard of living through continued funding of all our social programs.
Now we can’t even afford to maintain infrastructure—like bridges and roads. Our health system is on life support. Social programs are getting cut. All because of these huge interest payments … to a private bank!
The COMER Group filed a lawsuit that found its way to the Federal Court of Canada (the Supreme Court) to force the government (by law) to do the proper thing. The Supreme Court refused to hear it, quite obviously politically motivated. We need a groundswell of public opinion to help make sure this issue gets addressed.. Find more information on this at comer.org.
Prime Minister Justin Trudeau simply has to instruct Parliament to follow our constitution, or call a referendum.
We need to get the government of Canada to stop spending our money needlessly by paying interest to a private bank, when we could create our own money at no interest, as our constitution provides.
Let’s get back control of our money and start using the Bank of Canada to create it as our constitution mandates.
In 2017, a letter by the Honourable Paul T. Hellyer, Minister of Transport under Pierre Elliott Trudeau, was sent to the Honourable Bill Morneau, then the current Minister of Finance, calling for the reinstatement of the Bank of Canada as the creator of Canada’s money. As far as I understand, there was no response.
Here’s a PDF copy of that letter: Hellyer-Open Ltr. to Hon.Bill Morneau