History of the Bank of Canada
The following three key events radically changed Canada’s fiscal position
- 1934 Bank of Canada Act
- 1938 Bank of Canada nationalized
- 1974 Pierre Elliott Trudeau* halted the borrowing of money from the Bank of Canada, and instead, chose to borrow from the private banks at compounded interest, based on the recommendations of the Basel Committee. [BIS: Bank of International Settlements]
Canada’s net debt rose significantly beginning in 1974. After 1975, Canadian federal debt grew for the next 12 years at more than 20 percent per year.
Thus as one can see, the private banking system has been a prime facilitator in the indebtedness Canada is currently in.
SOURCE with thanks http://prudentpress.com/finance/history-bank-of-canada/
It appears Justin Trudeau is attempting to create permanence to what his father started in 1974.
Canada’s national debt 2015/2016 is $1.3 trillion. Taxpayers are forced to pay $25.9 billion this fiscal year to service the debt. The 64.8 percent net debt-to-GDP ratio across the country is so concerning for experts.
2016 Justin Trudeau and CETA [Comprehensive Economic and Trade Agreement]
1938 William Lyon MacKenzie King
Canada’s 10th prime minister William Lyon Mackenzie King who amended the Bank of Canada Act in 1938, which led to the nationalization of the Bank of Canada said,
“Once a nation parts with the control of its currency and credit, it matters not who makes the nations laws. Usury, once in control, will wreck any nation. Until the control of the issue of currency and credit is restored to government and recognized as its most sacred responsibility, all talk of sovereignty of parliament and of democracy is idle and futile.”
In a last minute agreement, the European Union, Belgium and the region of Wallonia came to terms on the landmark CETA deal.
Breaking: Constitutional Challenge against CETA Trade Agreement Filed in Canada’s Federal Court
Silence is tacit or implied consent, so Canadians please post the CETA lawsuit widely for everyone to read, and do whatever else you can to spread the word to dis-empower more ruler’s hegemony!
Paul Hellyer on CETA and his opposition to the agreement – CETA Challenge
Doreen Ann Agostino
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