Petition updateLet’s use our publicly-owned Bank of Canada to its full potential as per the Act of 1938CANADIAN CITIZENS COALITION FOR MONETARY REFORM
Jean-Pierre RicherSt-Hubert, Canada
Sep 22, 2015
Our country needs your help. Since 1938, based on its constitutional mandate, by exercising its public statutory duty and responsibility, the Bank of Canada provided interest-free (usury free) loans to the Canadian government. As a result of these loans Canada had increasingly become prosperous and developed quite substantially with the money created being used to build highways such as the McDonald-Cartier freeway, public transportation systems, subway lines, airports, the St. Lawrence Seaway, funding the universal healthcare system, and the Canadian Pension Plan. That would last all the way until 1974, when the Trudeau government halted borrowing of money from the Bank of Canada, and instead, started borrowing from private banks at high compounded interest rate (see: Short History of the Bank of Canada prudentpress.com/finance/history-bank-of-canada/ ). Presently, as a result of that unconstitutional change of policy in 1974, Canada’s total national debt, including all three levels of the government (federal, provincial and municipal), is approx. 1.4 Trillion dollars. Most of it is built up of compounded interest owed to private financial institutions. The compounded interest owed every year is approx. 60 billion dollars. Since 1974, Canada has paid over one Trillion dollars, in interest alone, on its debt. If it had been borrowing from its own public central bank (Bank of Canada) all along, it could be not only debt-free, but sporting a hefty budget surplus today.
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