CLASS WAR? IN CANADA?
Oh, yes. Just as the class war is raging in Europe, South America, Central America, Mexico and the US, it is also raging here. Only it isn’t called class war by those who are waging it. When Canada and US governments wage class war against us they call it ‘cutting back on entitlement programs.”. They tell us this must be done in order to try to balance the budget. And to keep Americans and Canadians safe. From Terrorists.
When corporations wage class warfare they fire workers and buy machinery instead of employing human workers. They call this onslaught against workers downsizing or restructuring. And as neither governments nor corporations believe that workers have a right to jobs that pay a living wage, or an inherent right to jobs at all, or a living wage, nothing is done to help people garner any useful ammunition to fight this accelerating class war being waged against us.
In my opinion, our side of the class struggle is going nowhere until the majority of us recognize that there is one vital institution that facilitates the hot blood flow between governments and corporations that must be stopped. Overthrown. Eliminated. And I am becoming daily more convinced that until this is accomplished it isn’t going to matter much who heads governments or purports to be economists of one sort or another. Nobody in any kind of authority, including the media, talks about how banks actually work. And in particular one hears nothing about how our Bank of Canada relates to the private banks in Canada.
I like reading books on economics because I am trying to find an explanation, one that makes sense, for why we Canadians, a relatively small population, living in a rich resource country, with democratic intuitions, could be struggling so desperately to keep from drowning in both personal and national debt. The Occupy movement emphasized the economic disparity in our country and the Idle No More uprising has emphasized the way Harper has hijacked all of our natural resources along with First Nation’s treaty rights; including the natural right of citizens to protest the endless Harper destruction of this country. But still, there has been no comprehensive explanation of how our economic system got so skewed. But there is one little media group that has taken the best shot at it that I’ve encountered so far.
It’s a video. It’s called OH CANADA. THE MOVIE and It’s on You Tube. It’s made by young people. At least a young person is the moderator. And he gives an exceedingly simple break down of how we got into such a sorry mess economically (and makes Paul Martin look like a shyster used car salesman in the process; watch the man fumble for words trying to excuse the private banks).
In the film the young producer takes from the Bank Act itself (and I researched a copy of the Bank Act just to check his work) and the mandate of the Bank of Canada is laid out in the preamble:
“Whereas it is desirable to establish a central bank in Canada to regulate credit and currency in the best interests of the economic life of the nation, to control and protect the external value of the national monetary unit and to mitigate by its influence fluctuations in the general level of production, trade, prices and employment, so far as maybe be possible within the scope of monetary action, and generally to promote the economic and financial welfare of Canada.”
Sounds good? It does. The Bank of Canada is our friend. Well, not exactly, at least in the way it is used. But the Bank of Canada is a huge, huge friend of private banks. By law, our Canadian government could borrow all of the money it needs from the Bank of Canada with simple interest, or little or no interest. After all, the Canadian government belongs to us and the Bank of Canada belongs to us. And the Bank of Canada was created to “promote the economic and financial welfare of Canada”. But does the Government of Canada turn to our own government bank to borrow money for civic projects, for military, for maintenance of roads and bridges when needed at low simple interest? It does not.
Our governments don’t deal with our own bank; they turn to private banks to borrow money when needed. Private banks that do not charge simple interest, instead they all charge our government (us) compound interest. Private banks can then, in turn, borrow from the Bank of Canada and pay back simple interest at a very low rate. So the private banks get very cheap money, while we get the full whammy of the private banks compound interest.
You will find all this on the OH CANADA. THE MOVIE video ( a note of caution: somebody is trying to confuse the issue on YouTube by listing first when you Google this, something c:alled: (Oh, Canada, the film) which is not (OH CANADA. THE MOVIE): Back to compound interest:
From the time of the birth of Jesus Christ to 2009 what would be the difference between simple interest and compound interest if one borrowed one dollar at six per cent interest:
Is there anyone out there who will dispute these figures? If these figures are wrong then I would really like to know about it. If they are right, then I will proceed with my investigations of just how royally we all are being…well, screwed. In the meantime please watch OH CANADA.THE MOVIE on YouTube.