The Bank of Canada, unlike the Federal Reserve in the U.S., is wholly owned by the people of Canada. It was nationalized in 1938 and was used very successfully to fund infrastructure, social programs, education, etc, for the benefit of all Canadians. It was used to bring us out of the depression, funded WWII, to build highways such as the McDonald-Cartier freeway, public transportation systems, subway lines, airports, the St. Lawrence Seaway, our universal healthcare system and our Canada Pension Plan. Unfortunately, since Canada adopted economist Milton Friedman’s theory of monetarism in 1974 this has not been the case and one can track the progression of the dismantling of Canada since then.
By 1974, Canada’s accumulated federal debt since confederation was 18 billion. By 1977, after the government reduced its use of the Bank of Canada to carry public debt, it had risen 3000% to $588 billion. Today after several attempts to pay it down, the federal debt is $613 billion, 95% which is compound interest owed to private banks and investors. If you add in the Provincial and Municipal debt taxpayers owe over $1.5 trillion. Currently Canadians pay approximately $60 billion per year in debt servicing interest charges.
The following is from Stan Tucker in Ontario
Canada Debt Free.. is it possible?
Did you know that the Bank of Canada used to make interest free loans to municipal/provincial/federal governments before 1974, when the total national debt was only $18 billion and you could still buy a good house for under $20 thousand, inflation was just a word. Then it seems our officials decided to stop using the Bank of Canada’s ability to print interest free money and to borrow money from private foreign banks, that love compound interest. Does that explain our ballooning NATIONAL DEBT problem? As well as the never ending call from all governments for more and more of our hard earned money. So what can we do about it? Well a few Canadians have filed an action in Federal Court to restore the use of the Bank of Canada. The crime of this story is that none of the mainstream media has covered it.
- Canadian constitutional lawyer, Rocco Galati , on behalf of Canadians William Krehm ,and Ann Emmett ,and COMER (Committee for Monetary and Economic Reform) on December 12th, 2011 filed an action in Federal Court, to restore the use of the Bank of Canada to its original purpose , by exercising its public statutory duty and responsibility. That purpose includes making interest free loans to the municipal/provincial/federal governments for “human capital” expenditures (education health, other social services) and / or infrastructure expenditures.
- The Plaintiffs state that since 1974 there has been a gradual but sure slide into the reality that the Bank of Canada and Canada’s monetary and financial policy are dictated by private foreign banks and financial interests contrary to the Bank of Canada Act.
- The plaintiffs state that the defendants (officials) are unwittingly and/ or wittingly , in varying degrees, knowledge and intent engaged in a conspiracy, along with the Bank of International Settlements(BIS),Financial Stability Forum (FSF), International Monetary Fund (IMF) to render impotent the Bank of Canada Act as well as Canadian sovereignty over financial , monetary , and socio-economic policy, and bypass the sovereign rule of Canada through its parliament by means of the banking and financial systems. The plaintiffs state that the defendants (officials) are unwittingly and/ or wittingly , in varying degrees, knowledge and intent engaged in a conspiracy, along with the Bank of International Settlements(BIS),Financial Stability Forum (FSF), International Monetary Fund (IMF) to render impotent the Bank of Canada Act as well as Canadian sovereignty over financial , monetary , and socio-economic policy, and bypass the sovereign rule of Canada through its parliament by means of the banking and financial systems. http://www.pacificfreepress.com/news/1/10573-confronting-global-finance-in-canadas-courts.html
If you would like to learn more on the Bank of Canada , we recommend that you take the time to watch, what we consider to be the best documentaries on the subject, Oh Canada Movie - Our Bought and Sold Out Land.
Update COMER VS BOC Jan 2015
Jan 26 2015 COMER (Committee on Monetary and Economic Reform EST. 1986) and constitutional lawyer Rocco Galati won yet another round of appeals. Galati the most prominent constitutional lawyer in the country says he does not believe Canada is a democracy any longer.