There are two profound reasons for opposing the ratification of CETA.
It would be illegal. It would result in a unilateral change in the Constitution of Canada – that is outside the power of both the government and Parliament.
The second reason is that to ratify CETA would be monstrously immoral. It would be the biggest betrayal of Canadian rights and privileges in the history of the country. Not only would it give foreign banks and corporations greater rights in Canada than those enjoyed by Canadian citizens, which is indescribably wrong. It would give foreign bankers an effective veto over the use of our most valuable financial asset, the Bank of Canada, at the very moment when we need it most.
The situation today is reminiscent of the 1930s. In 1938 there were no jobs in Canada. Then the war came along and pretty soon everyone was working – either in the armed forces, or building factories or making munitions. You might ask where the government got the money to accelerate growth to this extent. The answer is that the Bank of Canada printed it. Printed it! The money creation function was shared between the government of Canada and the private banks.
This system was maintained after the war and helped pay for our large infrastructure projects – the St. Lawrence Seaway, the Trans-Canada highway, the DEW (Distant Early Warning) line, as well as help us pay for a comprehensive social security system. All of this was accomplished without significant borrowing and with inflation in line with other OECD countries.
Then in 1974 the Governor of the Bank of Canada abandoned the needs of his shareholders and started taking his orders from the Bank for International Settlements that is controlled by the elite banking cartel.
The result for Canada is that because we had to borrow in the market from fiscal 1974/75 to 2013/14 we had to pay $1.17 trillion dollars in interest, almost all of it unnecessary, and still wind up $615 billion in debt. All of that plus decades of underfunding for all of our essential services. We switched from prosperity to austerity, and the international banking cartel ended up with a monopoly over money creation.
All of this has to be reversed. The Canadian Constitution gives the parliament in Ottawa the absolute right to create, or to have the Bank of Canada create, all of the money necessary to meet the legitimate needs of the Canadian people.
In fact there is a plan called “A Social Contract Between the Government and People of Canada” available to parliament now. This plan calls for the creation of $150 billion a year for seven years, to be split between Ottawa and the provinces and territories on a per capita basis.
But, if CETA were ratified and implemented, prosperity would never be restored, nor the backlog of needs met, because European banks would sue Canada for tens or hundreds of billions if we denied them the opportunity to lend us the money, buy up our real assets for 5 cents on the dollar, and keep us in poverty forever. The war between the rich and the poor, that the rich have been winning, would be over.
So CETA must not only wither but die on the vine, and become nothing more than a footnote to history.
Our Comment.
Money is power. Where was the government, a Liberal government, to quietly surrender monetary policy to the Governor of the bank. Sharing the function of money creation has transferred that power from our national governments to a global oligarchy. Either we take back our constitutional right to create money and exercise it fully, or we consign ourselves to serfdom in a vassal state of “The New World Order.”
Élan
