While we are
all trying hard to be politically correct in extending good wishes to friends
and neighbours for the solstice season,
it is actually thoseflashing credit
cardsthat will portend our future.It’s the economy.It’s debt. It’s compound interest on the
loans.It’s the fact that compound
interest on federal, provincial and personal debt is growing faster than the
principal can be paid down.It’s the
fact that the Western world is tied to the Petro dollar and the Petro dollar is
being downgraded faster than the Central banks can print the money.It’s the fact that much of the other half of
the world is working feverishly toward building their own banking systems based
on gold. It’s the fact that we are in a fierce war with China and Russia for
cyber dominance and occasionally try to pretend that it is actually Iran
causing most of the trouble for the world while Israel cheers this idea
on.Israel is trying desperately to get
the US to attack Iran.Or Syria.Or anybody who would suggest that they were
mistreating the Palestinians. Saudi
Arabia knows for a fact that the US will not let them go to the dogs no matter
how many journalists they chop up as the Petro dollar would wobble even faster
and anyway, most of US Congress loves their Saudi money. And Canada?
Canada.We are sinking under the tide of
neoliberalism.Justin Trudeau means well.He is compassionate and tries hard.But he is under the thumb of the Banksters of
Wall Street and Brussels just as Greece is, just as Italy will be, just as
Cypress was.And working people in other
countries who are all in the same clutches of the one percent and are seeing
the truth of the matter and taking to the streets.The yellow vests.They are acting out the rage of the French
people at their slow economic strangulation. But Canada could go a different way.We could demand that our politicians cut us
loose from the financial noose of the international banking system and give us
back our own public bank.It can be
done.A lot of knowledgeable people who
have studied the matter think so.We
could do this.Let’s learn more about
how we could recapture our banking system and our sovereignty.If we regained our own banking system our
taxes would go down and prices would stabilize.So would our currency.I will be
investigating and writing more about this in the New Year.Next time and I wish you all a Merry
a lot we can do about the yellow vests in France or the Brexit mess in England.
But what about the US stock market volatility and the plunging Canadian
dollar?Can we Canadians have any effect
on the direction of these financial entities?Well, probably not much for the Canadian dollar at the moment as Canada
has just arrested the CEO of Huawai which is the second or third largest
telecom companies in the entire world.The fact that the CEO and the company are Chinese and that this
particular CEO (Meng Wanzhou), is also the daughter of the founder of the company
and was arrested at the request of the US, is extremely problematic for Canada.
China has vowed dire consequences for Canada if the CEO is not released
however, that Meng Wanzhou is in the process of being extradited to the
US.However, Justin Trudeau’s
government, recognising that Canada is but a vassal state of the US and really
has no choice in the matter but to do as the Americans bid.It was rather painful watching Justin Trudeau
denying this is so.And you know
what?I don’t like Canada being in the
position of being a US vassal.Because
we don’t have to be.And we wouldn’t be
if Justin Trudeau would tell the international bankers that control our country
as well as the US and Europe to go, well, you know, to hell.We could do this if the son of Pierre would
get off his kick of turning Canadian expenditures over to something he and his
advisers just made up called the Canadian Investment Bank, which is just another
name for more of the capitalistic privatization crap that we are all mucking about
in.Trudeau must be vigorously
encouraged to take a good look at how his father destroyed our truly independent
banking system by simply ignoring the Canadian Bank Act and turning to foreign
economists under the spell of foreign internationalprivate banks to tell him how to manage
Pierre Trudeau who gave away our public Bank of Canada and turned it into a private
banking system, whatever his motives were, his actions were highly
successful.Just the compound interest
that has accrued since privatizing our public bank is gut wrenching.Before becoming privatized, our public bank
of Canada gave both federal and provincial governments loans with little or no
interest.The international private
banks that took over charge exorbitant rates coupled with their very clever compound
interest.And this is ruining not only
Canada but other countries caught under the Petro dollar and compound interest.And what is so ironic, is this can be fixed
COMER has filed law suits to have what used to be our public bank reinstated as
such. This law suit has enormous ramifications not only for Canada, but for
other nations trying to get out from under the Petro dollar and international
bankers. Google COMER and find out about this group’s efforts to restore Canada’s
banking system to its former glory. It can be done. What happened in
court?A hint… we may all be wearing
yellow vests before this is over with. Next time.
Now that there seems to be a pullback in a US shooting war
with China we can take a deep breath and soldier on, unless of course, the
Russia and Ukraine war of words over who controls the waters of the Kerch
Strait starts World War Three. Otherwise
we can continue the exploration of how a simple change in the way our formally
public Bank of Canada might be rescued from its capture by the international
private banking systems. As I have
mentioned before, it was under Pierre Trudeau’s watch that our public banking system
went private. When it was public, all
capital expenditures such as construction, highways, dams and railways were serviced
at little or no interest by our public Bank of Canada. This was what the bank was created for in the
first place. An excellent history of
this transition from Canadian public banking to private banking is recounted by Joyce Nelson in her book: Beyond Banksters, Resisting the New
Feudalism. This slender paper back
volume is written with clarity in plain English. For all who are curious about how our public
bank was whisked out from under us by international financiers and replaced by
the private banks that are swindling us daily, this is a valuable book. It also informs us about an organization named
COMER (Committee on Monetary and Economic Reform) that is affording us some
hope of getting our public Bank of Canada back.
The Comer committee has launched constitutional challenges
to the way that the Bank of Canada was arbitrarily changed from that of a public
bank to one subject to the private international banking system. In her book, Nelson tries to give Trudeau some
slack by suggesting that he may not have been aware, or fully aware, of how
this transitioning from public to private banking would affect the Canadian
economy. I rather disagree on this
point. Pierre Trudeau was a very smart
man. He must have known that the private
international banking systems highly favoured austerity measures for the
people. They even said so. This would
keep inflation in check, they claimed.
Now the private banks globally suck money from cut and demolished social
programs that benefit ordinary people into their own coffers along with
compound interest on the loans. So how
are the legal Comer challenges coming along?
Not so good, at least on the legal front. On May 31, 2017
Comer released a statement advising that the Supreme Court of Canada refused to
hear the case of the people who want our public banking system back as opposed
to the blood sucking private international banks, on the grounds that it was a
political matter. Okay, so let’s get political.
If more Canadians learn that we do have a public banking system that
would release us from our ever growing public debt, wouldn’t they be in favour
of getting this kind of banking system reinstated? We should start asking politicians what they
know about our history of public banking, and what do they think about trying
to reinstate our public Bank of Canada.
And we might start with Justin Trudeau.
He is, at the moment, going down the rabbit hole of another kind of investment
bank for public funds. Private, of course.
Like father, like son. Next time.
And the US Petro dollars are beginning to scream frantically. Why? Because they are being slaughtered. By what, or by whom? By increasing numbers of nations far and wide who are tired of endless US sanctions and threats of sanctions and are bolting out of the US dollar altogether. The biggest bolters are Russia, China and Iran, following more timidly are India and Turkey. Even some of the European nations are mulling over other possibilities rather than remaining glued to the US Petro dollar. More and more nations want gold backed currencies, not fiat paper from the US press that is so debt ridden it can hardly hold its head up.
China, which holds most of the US debt in US paper dollars, is hastily dumping as much of this debt as they can. However, it is not as easy as it once was to get rid of US Petro dollars. The US has to essentially buy back some, if not most, of its own debt. Which is making the US very angry as this weakens the US dollar. Yes, the US, including the president, his cabinet, both houses of Congress, the mainstream press and the corporate billionaire class along with the international bankers are all ( with few exceptions) very, very angry at China . They think China should not be allowed to have gold backed currencies that other countries are finding more attractive than their own increasingly troubled debt ridden fiat currency backed with nothing but military might.
But the US military might is something. Something scary. It has been this military might that has kept the US dollar strong. When countries try to escape the hegemony of the US dollar they can expect to be bombed by the US military such as the countries of Libya, Iraq. Afghanistan, parts of Syria and the on- going nightmare of the Saudi backed carnage in Yemen. But would the US in its final frustration and fear of failing to keep the US Petro dollar afloat as the world’s reserve currency actually physical attack China?
China thinks so.
Over the past week most of the world (except for the US, Canada, and the other national citizens who are ‘discouraged’ from having factual international news) has been learning that China seems to be preparing for a shooting war. As reported by the Business Insider (Oct. 29th, 2018) and other international news outlets, China’s Commander-in Chief has ordered the military command to “concentrate preparations for fighting a war”. What has prompted this tough talk about war from the Chinese? Is it the never ending US tariffs? Perhaps. Or maybe it’s more about the US sending two US warships through the Taiwan Strait and also sending more US military hardware to Taiwan. China is very touchy about Taiwan. As Taiwan has always been part of China, China wants the Americans out.
The Chinese minister of Defense Wei Fenghe warned that the US should be beware of messing around with what the Chinese consider the right to their own territory. He said that China would not give up one single piece of its territorial holdings and that “challenges to its sovereignty over Taiwan could led China to use military force”.
What do we Canadians hear of this in the Canadian press? Nothing that I know of. Or the mainstream US press? Nothing. We may be at the brink of war with China but we know nothing about it from our governments and national news sources. Trying to prop up the Petro dollar is leading us all into social and environmental chaos. It has to stop. We can stop it if we try. We can try right here in Canada by insisting that our public Bank of Canada be returned to us so that we can be taken out of the madness of the struggle to prop up the Petro dollar by sinking even deeper into the debt crisis. Next time.
The Bank of Canada Act was first created as a private bank
in 1935. In 1938 The Bank of Canada was nationalized and has been wholly owned
by the Canadian people ever since.Let’s
digest this for a moment.The Bank of
Canada is still wholly owned by the Canadian people.Can any other nation in the entire world
boast of such a thing? Well, a public sector bank can be classified as a public
bank if more than fifty per cent is held by a government which is, of course,
supposed to represent the people.And
there are a few of these kinds of public-private banks in countries like
Germany and India. But are there other wholly owned public banks, with no
private interest involved at all, like the Bank of Canada?
Not so much.Well,
there is at least one.The People’s Bank
of China.Perhaps having their own
public bank is one the reasons for their rapid rise in the financial
world?When the Chinese people
themselves lend their government the money for all of the incredible infrastructure
taking place in China at little or no interest? I think their public banking system
has a lot to do with it.If true, why
aren’t we doing the same with our public banking system?We have our own public bank but it isn’t
being used for the purpose it was created for.
Our public Bank of Canada was created for our government
(the Canadian people) to be able to borrow for capital expenditures with little
or no interest. Between 1938 and 1974, the Canadian government borrowed many
times over from the Bank of Canada and financed debt-free big infrastructure
projects like the construction of the Trans-Canada Highway, the St. Lawrence
Seaway, airports and subways.It was our
public bank that largely paid for establishing Medicare and family allowances
and still left Canada with little debt.But in 1974 things changed drastically.
Under Pierre Trudeau the Canadian government stopped
borrowing from our own public bank and started borrowing from private
banks?Why? Well, it seems that Trudeau
came under the influence of the Bilderberg Group, and the Basil Committee that
was spawned by the Bank for International Settlements which is the global bank
for central bankers.Their argument
was that public banks created the money they loaned out, thus causing
inflation, while private banks only recycled pre-existing money.This was Milton Friedman’s idea.Pierre Trudeau and his government bought it
and it isn’t even true.
The respect banking specialist Ellen Brown puts it this
difference is simply that a publically owned bank returns the interest to the
government and the community, while a privately owned bank siphons off the
interest into its capital account, to be reinvested at further interest,
progressively drawing money out of the productive economy”. So in 1974 our powerful economic tool of
using our democratic public banking system was yanked out of our hands by the
Liberal Trudeau government of that time and placed into the hands and control
of a cabal of foreign bankers.We all
know the obscene amounts of money the private banks are making now along with the
obscene amount of power they have accrued to themselves accompanied by the
obscene amount of debt that Canada and other nations have acquired under this
neoliberal order.So can anything at all
be done about this now, or is it too late?I don’t think it is too late because as more Canadians become aware that
we still have a public bank although it has been temporarily and cruelly
wrested from us, more eyes have been turning toward Canadian Courts.Next time.