Share The Wealth by Chris Gupta
January 15, 2006

Globalization and the Bank of Canada

".... How a central bank chooses to handle money creation can shape our destinies."

"The very idea of a government that can create money for itself allowing banks to create money that the government then borrows and pays interest on is so preposterous that it staggers the imagination." -- William F. Hixson, It's Your Money

Extracted from:

Further to It's The Usury (Interest), Stupid , the following is a must read.

Chris Gupta

See also:

Fighting Globalism with Common Law

Markets and the Rise of Fascism

Globalization and the Bank of Canada
by Connie Fogal

The reason our governments do not maximize the power of our own Bank of Canada is because to do so would be contrary to the command of the globalization process, the privatization of the world, led by the IMF and the World Bank. Canada now uses the Bank of Canada for only about 1% to 5% of its financing of the nation's needs. The rest is borrowed from private banks and hence the escalating exponential interest growth on the national debt.

Many countries have had a central bank like the Bank of Canada that was owned by the people which was used to put money into the system for infrastructure etc at no or very low cost to the money. Any cost that did arise goes/went back to the countries' coffers. Private banks like TD, CIBC, Royal etc charge high interest and keep it for their own profits.

The mandate of globalization requires that all the national banks be privatized in order that there remains no competition for the private banks, except among each other to practice their usury. One of the terms of conquest of the illegal war against Yugoslavia (which Canada participated in, supported by every party including to their indelible shame, the NDP) was the demand by the IMF and NATO (read U.S.) that Yugoslavia give up its central national bank which it was forced to do.

A constant term imposed by the IMF on every nation in trouble with their money is to get rid of their national bank. It is a central part of what Michel Chossodovsky calls the Globalization of Poverty.

Mulroney in 1991 along with the then Governor of the Bank of Canada , John Crow, tried to emasculate our Bank of Canada but failed thanks to an all party committee. Mulroney was the chief architect of imposing the New World Order on Canada facilitating the slow but deliberate destruction of sovereignty and power of Canadians. He served his masters well. He began the erosion of our social safety net which continues, all as part of the globalization agenda.

We desperately need a force of politicians somewhere who will take up the power of the Bank of Canada while we still have it and before it is destroyed, as it surely will be because that is the demand of the IMF and the World Bank and all their globalizers. We have no federal nor provincial politicians with the guts or understanding to take this on- (1) to educate Canadians on the power we actually have to support all our social programs and certainly our infrastructure. Since infrastructure is so crucial to municipalities, it is logical Councillors could be the leading edge in this challenge; (2) to lead other municipalities in a charge on the federal government to return to the use of the Bank of Canada to fund transit as a start .

This will not be easy, as to attempt this is to unleash all the force of the international financial elite down on your heads. Many citizens are desperately waiting for the emergence of leadership to take this issue on. COPE (Coalition of Progressive Electors) could be a catalyst in the process.

Michel Chossudovsky, economist, University of Ottawa, refers to the "privatization of urban space" in the process of municipal integration. Municipal integration is part of the globalization agenda- i.e. privatization of everything. That process is accelerating in Ontario and Quebec quite noticeably. In BC it is happening , but more furtively. What has been happening to our transit is part of that privatization process, that "privatization of urban space".

William Krehm, in "The Bank of Canada , a Misused Tool", appendix, to It's Your Money, by William Hixson, page 121 writes:

See also: Notes on "It's Your Money" by William Hixson, 1997

" The central banks of Europe came into existence to finance wars or to help assimilate the booty of wars: the bank of England in 1694; the Bank of France in 1800; the German Reichsbank after the 1871 victory over France. Like the U.S fed they were owned and controlled by private banks- the Bank of England was finally nationalized by the Labor Government only after World War II.

But the Bank of Canada (section 17 of the Act) has a single shareholder, the government of Canada. It had been set up by an arch - Conservative government in 1935, but in the elections of that year the Liberals under William Lyon Mackenzie King promised to nationalize it. And nationalize it they did. The process was completed in 1938 when the 12,000 shareholders were bought out at a handsome profit.

As a result the interest on any federal debt held by it finds its way back to the Government- not as "funny money" but as the respectable institution of the dividend. By contrast, when private banks hold such debt, the interest on it remains with them.

Section 14 of the Act adopted in 1961 after the Conservative government of John Diefenbaker had fired the second governor of the Bank, James Coyne, establishes the ultimate responsibility of the Government for the general policy of the Bank. In the event of a disagreement between the Finance Minister and the Governor of the Bank, the Minister need only give the governor 30- day notice in writing of the course to be followed. If he does not comply he has his walking papers.

.... How a central bank chooses to handle money creation can shape our destinies.

...In 1991 an elaborately orchestrated campaign was conducted by the Mulroney Government and the then Bank of Canada governor John Crow to replace the preamble to the bank of Canada with a single goal- "zero inflation".. the high inflation rates that were to flatten out prices would have consequences in every nook and cranny of the nation's' life- undoing the social programs that have become part of the very identity of Canadian society.... However , the caucuses of the three parties in the Banking Subcommittee of the Commons joined in turning down the initiative. This was never reported in the media, nor did it prevent Governor Crow from advertising the supposed "independence of the Bank of Canada from the government" and the bank's espousal of "zero inflation" on all continents..

( The current attack and escalating destruction of our social programs has everything to do with the creation and control of our money, and the absolute refusal of our current governments to use the power of our own Bank of Canada...Connie's comment )

... Section 18 of the Bank of Canada Act sets out the Bank's powers of lending to our governments. ...(S 18(J) says) the Bank of Canada may make loans to the Government of Canada or the government of any province (municipalities).


posted by Chris Gupta on Sunday January 15 2006

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