Restore the Bank of Canada to its Original Pre-1974 Mandate.
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This petition intends to revive and renew a call from the people of Canada to demand the Federal Government restore the Bank of Canada to it's original mandate, for the good of all Canadians.
In 2011 a lawsuit was filed by the Committee for Monetary and Economic Reform (COMER), prosecuted by Rocco Galati, to force the restoration of the Bank of Canada to it's original purpose. That purpose included providing interest-free, or very low-interest loans to Canadian Federal, Provincial and Municipal governments for public expenditures. In 1974, spurred on by Free Market advocates from the "Basel Committee and "Bank for International Settlements", Canada stopped borrowing from its national bank and turned to borrowing from private sector banks at full interest rates. As a result, the cost of servicing government debt has placed an undue burden upon the Canadian Taxpayer, exceeding 1-Trillion dollars.
"According to economist Ellen Brown: 'By 2012, the government had paid C$1 trillion in interest - twice its national debt. Interest on the debt is now the government's single largest budget expenditure -- larger than health care, senior entitlements or national defense.' While some of that interest was paid to holders of Canada Savings Bonds, the vast majority was paid to private lenders. In the early 1990s, at the height of the media's deficit hysteria and rhetorical nonsense about hitting a "debt wall," 91 per cent of the $423 billion debt was due to interest charges. Our real debt -- revenue minus expenditures -- was just $37 billion."
Enough is enough. We must stop the destructive practice of government borrowing from private banks. Big Banks continue to post tremendous profits quarter after quarter, while the purchasing power of the Canadian Taxpayer is destroyed by debt servicing costs. Imagine how over 1 Trillion dollars lost to debt servicing costs could have been better spent in this country. Thank you for signing this important petition.
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