How Canadians were turned into debt slaves


Editor, The Bulletin;
Our politicians keep talking about the government spending too much money and creating a huge national debt. This is very misleading. Yes, our national debt is huge. But politicians are not telling Canadians about the real cause of our debt. Our national government debt is the result of compounding interest on all the money the government has borrowed since 1974 when the Liberal government turned the ownership of the Bank of Canada over to the five large private banks in Canada. The very same banks where you do your banking. Before 1974, The Canadian Government could borrow money at 0% interest from the bank of Canada, but since then is paying these banks interest on loans and compounding interest is causing the debt to soar. Before 1974 there was virtually no national debt.
So the problem is not the amount of money that is being spent by our government. The fact is the government is not spending enough money on all the things that need to be done, from social services, health care, education, and infrastructure such as upgrading old bridges and many other things. So what is the solution. Well it is very, very simple. All the Canadian Government has to do is take back ownership of the Bank of Canada. Then it can borrow billions of dollars at 0% interest, pay off the debt to the big banks, and borrow more money to do the many things that need to be done.
This all seems complicated. But in fact it really is not. Only about 10% of all the money owed by the government is actually the money borrowed to spend on running the government. The remaining 90% of the debt is the result of compounding interest on the original money lent. So what can we do. Well, our politicians need to stop harping about the need to control spending. Rather, they need to go to Ottawa as our representatives and demand the ownership of the Bank of Canada is taken back by the people of Canada.
Finally, you might be wondering who is getting all this money being generated by debt interest. Well, the bank shareholders are getting it. Have you noticed your bank makes huge pots of money. The profits come from the compounding interest paid to them for all kinds of loans from government debt, to mortgages, to car loans, etc. And who owns the banks. Well, you can buy stocks in the banks, but most of those stocks are owned by billionaires. This usury is the illegal transfer of the wealth of all Canadian citizens to the large banks via our government. It was Pierre Trudeau that created this mess for us. He gave our bank to the control of the ultra rich. Most of the taxes you pay end up in the coffers of the big banks and ultimately the super rich owners of those banks. What a Scam!

Ken Riley,
Bassano, AB