can never understand the present,
and he certainly can do nothing for the future.
John Diefenbaker
Why are the provincial and federal governments of Canada
drowning in sovereign debt?
The short answer is interest.
The long answer is in a 1974 policy shift
under Prime Minister Pierre Trudeau
and Bank of Canada Governor Gerald Bouey.
A shift from the Bank of Canada funding government deficits
to borrowing money on the open market at market rates,
combined with compounding interest.
The evidence of this policy shift
is contained in the graph of our sovereign debt.
Rather than reducing government indebtedness,
as was the stated intention,
the opposite occurred.
I find it astounding that no one at the Bank of Canada
or in Parliament
noticed and if they did they were silent.
Looking at the graph before 1974 and later is evidence of malfeasance
on the part of Parliament and the Bank of Canada
to the benefit of private investors.
The Bank of Canada and Parliament could not help but notice
that before borrowing at market rates
our sovereign debt was small
compared to borrowing at market rates.
Graham Towers, the first and longest serving Governor of the Bank of Canada
stated before the 1939 House of Commons Standing Committee on Banking and Commerce:
The major function of a central bank is to regulate credit and currency
in the best interests of the economic life of the nation.
Ninety-one percent of our debt being interest payments to private investors
is not in the best interests of the economic life of the nation.
To remedy the situation the Bank of Canada
needs to fund government deficits
as was done previous to 1974.
Mark Carney is a finance capitalist
who previous to becoming the Prime Minister
was the Governor of the Bank of Canada
and sat on the managing board
of the BIS as a representative of the Bank of Canada.
He also served on the BIS in his capacity
as the Governor of the Bank of England.
Carney may well be benefiting from the present situation,
that being, the Bank of Canada borrowing on the open market.
Requesting the Bank of Canada return to its previous policy
of funding government directly
will be met with strong opposition,
however I see no other path forward
if Canada is to maintain its sovereignty
allowing young Canadians to thrive as a free people
avoiding a life of debt slavery.
When a government is dependent upon bankers for money,
they and not the leaders of the government control the situation,
since the hand that gives is above the hand that takes.
Money has no motherland;
financiers are without patriotism
and without decency;
their sole object is gain.
-Napoleon
When Canadians are informed of the plundering of their tax dollars
by private investors, they may well act to stop the plunder.
An organic grouping of Canadians, with the intention of requiring the federal government
and Bank of Canada to reverse the 1974 policy of borrowing on the open market at interest
and reinstate the policy of governments borrowing directly from our Bank of Canada,
a crown corporation, which was formed to relieve our governments of the burden
of paying interest to private investors.
Be wary of controlled opposition such as the Frazer Institute
and the National Citizens Coalition (NCC);
either they are very stupid and did not do their homework,
or more likely they support Canada having a trillion dollar deficit
funded by the hard work of the people of Canada through their taxes.
supplemental reading Central Banks are Trojan Horses Looting their host nations
