Sunday, July 12, 2015

HOW PIERRE TRUDEAU TURNED US INTO DEBT SLAVES



HOW PIERRE TRUDEAU TURNED US INTO DEBT SLAVES

Click on the link above to watch Part 3 of my video series on the Canadian Banking System. Please also read accompanying text below.
Trudeaumania was just gearing up when I immigrated to Canada in late 1966. I, too, was impressed with Trudeau. He was intelligent, articulate, with liberal ideas. And as Prime Minister, Trudeau repatriated the Canadian  Constitution and told the morals’ police to stay out of people’s bedrooms. But then…but then. As Anthony’s famous speech in Shakespeare’s play Julius Caesar reminds us… “the evil that men do live after them while the good is often interred with their bones. So let it be with Caesar.”
But somehow this worked backward for Trudeau. Many Canadians still think  highly of Pierre Trudeau, but in 1974 he did one terrible thing that changed the lives, for present and future, of all Canadians, for the worse. Trudeau gave the leading operations of the Bank of Canada over to the private banks operating in Canada.
The Bank of Canada was first established by Prime Minister Richard Bennet in 1935 as a private central bank, but was then nationalized by William Lyon Mackenzie King in 1938. By nationalizing the bank, Mackenzie King meant for it to belong to the people so the Canadian government could borrow funds with little or no interest for capital expenditures. The mandate of the newly nationalized Bank of Canada was to act as the banker to the government and to manage the public debt. As Mackenzie King famously said: “Once a nation parts with the control of their currency and credit, it matters not who makes that nation’s 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.”
So the Bank of Canada was nationalized in 1938 and the government could now borrow money with little or no interest. And it worked. The Canadian government built freeways, public transportation systems, subway line, airports, the St. Lawrence Seaway and funded a national health care system and the Canada Pension Plan. But then Trudeau, under the influence of the international financial group called Basel’s
Committee’s Recommendations (The Basel Committee on Banking Supervision) made the decision to halt the borrowing of money from the Bank of Canada, and instead, chose to borrow from the private banks who instead of lending to the government at no interest, or low interest, introduced higher interest rates along with compound interest.
All banks know very well the magic of compound interest. And Pierre Trudeau must have known that the mounting compounded national debt would lead to Canadians eventually owing a dollar fifty for every dollar of their disposable incomes. After all, he studied economics at the London School of Economics. Surely the professors there knew about compound interest.
So Pierre Trudeau, instead of feeling blessed that Canada, unlike the US, had a nationalized central bank, signed our bank away to the private banks. Couldn’t Trudeau, such an educated man, surmise that citizens in a few years would be struggling to make car payments and meet rent and mortgages and student loans and to buy healthy food while last year’s profits for the big five (that’s Royal Bank, TD Bank, Scotiabank, Bank of Montreal and CIBC amounted to $31.7 billion?) If he did, he didn’t care. But it doesn’t have to be this way. It really doesn’t. Our Bank of
Canada is still there. Next time.

58 comments:

  1. Anonymous3:10 AM

    Well put! Ph.D student here and feeling as though I can not come up for air due to student loans (AND INTEREST!!!!).
    Thanks for the post.

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  2. Anonymous4:00 PM

    Thank you Betty for posting this article. Have u ever seen OH Canada our Bought and sold out country? If not, you will die laughing at the interviews done with politicians. Cheers

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  3. This was Fraud and there must be a way to change it back. I know that CANADA now is not a country but a private CORPORATION owned by the central banks.

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    1. Yes this is so true.,...it is one huge fraud and it has to be stopped or we are finished. There is a lawyer that is suing the central Bank of Canada in the Supreme court for this very thing....check it out..he is Rocco someone or other ...you can find it on line and follow the outcome.

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    2. The lawsuit is over. Rocco Galati and COMER lost all five times a court ruled on the case and the Supreme Court refused to hear 5heir appeal. They never had a case. They never had evidence to back up their many claims. The Bank of Canada still lends money to the government, just like it did before 1974.

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    3. Join yellow vests and demand change!

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    4. Except it never happened Mike, it's pure myth and I spent 6 long years searching for the truth:

      http://understandingcanada.ca/2019/11/much-ado-about-1974-the-bank-of-canada-in-the-70s/

      Canada is not and never has been a private corporation owned by central banks, that makes no sense at all. Central banks, like our BoC, are typically not allowed to take equity (ownership) stakes in anything, that's not how they work. And while Canada is a corporation legally on paper, it's not a corporation in any normal sense of the word. It does not have shares, it cannot be purchased, it does not pay taxes. It's just a legal entity for legal and financial purposes.

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  5. The Bank of Canada still lends to the government the same way it has since 1974. It did not stop or change in 1974. This table shows all the Bank of Canada's lending every month back to 1935. http://www5.statcan.gc.ca/cansim/a26?lang=eng&id=1760010&p2=33 Click on add/remove data to extend the time covered.
    All the projects you mention except the CPP were funded by taxes, private borrowing, and borrowing from the Bank of Canada. Borrowing from the Bank of Canada has never been much more than 1/4 of total borrowing. The CPP has always been completely funded by preniums paid by employees and employers, and the income from its investments.

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    1. That should read "The Bank of Canada still lends to the government the same way it has since 1935"

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    2. We have always paid interest on money we borrowed from both the Bank of Canada and private banks. Look at tables 13 and 14 here.
      https://www.fin.gc.ca/frt-trf/2018/frt-trf-18-eng.pdf
      We pay way more in income tax each year than the interest on the debt.

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    3. Never fails John that ANYWHERE these claims are made you've found them and held them to account. ;)

      http://understandingcanada.ca/2019/11/much-ado-about-1974-the-bank-of-canada-in-the-70s/

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  16. Anonymous7:41 PM

    Thank you... some of us get it
    Restore the constitution. Restore the public owned bank of canada. Restore our sovereignty.

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  49. Except all that noise about PET selling out the BoC in 1974 is PURE MYTH. And I've spent 6 years researching to prove it:

    http://understandingcanada.ca/2019/11/much-ado-about-1974-the-bank-of-canada-in-the-70s/

    If we're ever going to fight for reform we need to do so with truth and evidence, not with unfounded conspiracy theories.

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  50. Hi Betty...Basically the Bank of Canada is now owned by the Rothchild-KhazarianMafia-Cabal...Do we know who owns the CRA ? In the U.S., the IRS is owned offshore and I guess that the CRA is operated the same way. Funny that the CRA is about twice the size of the Canadian Army....A War against Taxpayers.

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