- Bill MorneauMinister of Finance
Bank Reform: Adopt The New Social Contract between the Government and the People of Canada
The present banking and financial system is, in reality, a global fraud, one giant ponzi scheme.
Prime Minister Trudeau and the current Liberal Government, immediately adopt 'The New Social Contract between the Government and the People of Canada'
IMPORTANT: In addition to signing this ONLINE petition, please visit our website. WRITTEN LETTERS to the prime Minister, Minister of Finance and your MP (3 letters in total) is essential in this initiative. "Written letters, thousands of them, DO have an impact of government policy." - former Acting Prime Minister Hon. Paul T Hellyer, now a Canadian Bank Reformer. All the details on HOW TO write your government offices and templates for your letters can be found at Canadian Bank Reformers
A system of money-creation sharing between the government and private banks worked splendidly for 35 years until 1974, when the Bank of Canada unilaterally changed the rules. This change was done without either advising or obtaining the consent of the Canadian government.
In 1974 Governor of the Bank of Canada, Gerald K. Bouey, simply announced that the Bank was adopting ‘monetarism.’ There was no mention that this was being done to conform to a policy of the Bank for International Settlements (BIS), in Basel, Switzerland. Of much greater significance was the failure to disclose that the Bank was adopting the BIS’ prohibition of providing low cost money to governments. In future, we would have to borrow in the market, and pay market rates.
A report in the Globe and Mail a few months ago indicated that the combined world debt has reached an all-time high, and is still rising. But what would we expect in an international financial system where all money is created as debt – debt that has to be repaid with interests but where no one creates any money to repay either principal or interest. It takes just a few minutes thought to conclude that the system is a dead end, and must cease forthwith.
The whole problem has to be framed in moral terms.
Is it moral for a government to borrow money in the market, and mortgage our future when they have the constitutional and legislative power to obtain debt-free money to meet all our legitimate needs?
Is it moral for one small group of individuals to lend the same money to 20 different governments, businesses or people and collect interest from each?
Is it moral for 62 families to own half of the world’s wealth when millions of people are hungry and in need of life’s necessities?
The world is in crisis on many fronts. It is crying out for a leadership of hope. There is no leader who is better positioned than our own extraordinary prime minister to take the bold first steps on which the future of our planet and species depends.
The Rt. Hon Justin Trudeau, P.C., M.P., Please immediately adopt THE NEW SOCIAL CONTRACT BETWEEN THE GOVERNMENT AND PEOPLE OF CANADA as outlined here below.
In view of the fact that our present banking and financial system is unstable, unsustainable and basically immoral, we the undersigned, on behalf of all Canadians, demand that the federal government use its constitutional power over all matters pertaining to money and banking by forthwith taking the following action to benefit all Canadians
1. The government of Canada should print fifteen non-transferable, non-convertible, non-redeemable $10 billion nominal value Canada share certificates.
2. Simultaneously the Justice Department should be asked for a legal opinion as to whether the share certificates qualify as collateral under the Bank of Canada Act. If not, legislation should be introduced to amend the Act to specify their eligibility.
3. The government should then present the share certificates to the Bank of Canada that would forthwith book the certificates as assets against the liability of the cash created, and deposit $150 billion in the government’s bank accounts. The federal government should immediately transfer $75 billion to the various provinces and territories in amounts proportional to their population, with the understanding that they would help the municipalities, as appropriate, so there would be no need to cut back on essential services, or sell valuable assets.
4. Amend the Bank Act to reverse the 1991 amendments that eliminated the requirement for the Canadian chartered banks to maintain cash reserves against their deposits and provide the Minister of Finance, or someone acting on his or her behalf, the power to set the level of cash reserves for banks and other deposit taking institutions up to a maximum of 34%, provided the increase, beginning in fiscal year 2016/17 is not less than 5% per annum until the new 34% base has been established in 7 years. This will ensure that there will be no inflation resulting from the government-created money.
5. Repeat the action prescribed in Sections 1 and 3 for six additional years until bank cash reserves reach 34% of deposits.
6. In each fiscal year following 2022/23 the amount of GCM spent into circulation will be 34% of the desired increase in monetary expansion for that year, with the remaining 66% to be the prerogative of the chartered banks.
N.B. The great advantage of changing the system over a 7 year period is to allow all levels of government the certainty of a cash flow adequate to complete projects once begun, and to facilitate a smooth transition to the new stable and sustainable system.
7. The amount of GCM created during the transitional period should exceed prudent budgetary requirements in some cases, so governments at all levels should take advantage of the opportunity to pay off significant amounts of their outstanding debt. It is estimated that the federal government could reduce its net debt by as much as one-third, providing further relief to hard-pressed taxpayers.
Prime Minister Trudeau and Minister of Finance, PLEASE take the high road, and set us free, adopt 'THE NEW SOCIAL CONTRACT BETWEEN THE GOVERNMENT AND PEOPLE OF CANADA'
- Prime Minister of Canada/Premier ministre du Canada
- Minister of Finance
Immediately adopt "The new social contract between the government and people of Canada"
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