Will Justin Trudeau Overturn His Father's $1.1 Trillion Dollar and Counting, Blunder?
In 1934 Parliament brought down the “Bank of Canada Act” to create a central federal bank, the Bank of Canada. Prior to this private banks ran Canada's banking system. From 1938 until 1974 the Bank of Canada operated as a publicly owned corporation. Under this Act, the Federal government was allowed to borrow for special projects or lend to the provinces, over 30% of their annual budget that must be paid within a year. Note: Canada is the only G8 country to have a central public bank.
Using the Bank of Canada model, our WWII debts were paid way ahead of other countries. From 1938 to 1974 the Bank of Canada funded highways, railroads, the St. Lawrence Seaway, and many hospitals and universities with no interest.
In 1974, the Pierre Elliott Trudeau led government decided to ignore the 'Bank of Canada Act' and start borrowing from the International Banking System, including the World Bank, International Monetary Fund and Canadian private Banks. This policy has been continued by Finance Ministers since that time resulting in interest charges of $28 to $50 Billion each year since 1974. Ironically, the Bank of Canada Act is still on the books but being ignored. It is suggested that it is being left there, in case the World Banking system collapses and the government will have something to fall back on.
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If the Bank of Canada Act were followed, then austerity plans would be a moot point and large projects would be possible to create jobs, boost our economy and get us out of debt.
A group of citizen's (COMER) represented by Toronto lawyer Rocco Galati filed a motion in 2011, against the Federal government to adhere to the 'Bank of Canada Act' and has won two appeals. In 2015 it was given a go ahead to proceed and is headed for a Supreme Court showdown.
Ironically the mainstream media and our 2015 election was and is silent on this issue except for a handful of articles. This is very telling in a so called democratic society. The Banking Cartel has long arms and we are talking about huge figures to the tune of 1.1 trillion dollars of interest we have unnecessarily paid since 1974 and counting.
So what will PM elect Justin Trudeau do about it? Stay tuned. Eyes wide shut. Justin does not even admit that it is happening at the moment.
Canadians deserve better than to be held ransom year after year by the Banking Cabal and government partners in crime. Justice for All!
Kensky, Editor, Digileak Canada
Canadian taxpayers are paying $28 to $50 Billion dollars of interest to the Banking Cartel each year that we don't have to pay. This has been going on since 1974. Let us backtrack a bit.