We are Canadian citizens familiar with the positive history of our publicly-owned bank – the Bank of Canada – from 1940 to 1970. We wish to ensure that you also understand this history.
With interest-free money created by our own bank during that 30-year period, we paid for the war effort, the St. Lawrence Seaway, development of the educational and transportation systems, benefits to returning veterans, family allowances to our children, pensions to our elderly, and health care to all. Inflation was not serious and our debts were quite manageable. Private financial institutions were monitored and regulated with due respect for the “public interest.”
However, beginning in the 1970s and continuing to the present, these private financial institutions have managed to amalgamate and form a “self-regulated” cartel with no concern beyond their monopolistic profitability. Government officials have made no serious effort to resist. Indeed, they have cow-towed, accommodated, and released these institutions from any rigorous regulations or taxation. Instead of using money created by the Bank of Canada to fund our national expenses, they began borrowing from monies created by private financial institutions. No federal minister of finance has utilized his authority to fund government deficits by borrowing from the Bank of Canada.
Thus we have paid to private financial institutions unnecessary interest exceeding a total of one trillion dollars. The annual charges on this monstrous debt are now a major national expense, providing an excuse for draconian actions ensuring under-employment of our workforce, deferred development of our resources, and acute underfunding for the health, education and welfare of our citizens. The billions of under-taxed bank profits stand in sharp contrast to the unemployment lines, the extreme consumer debts, the homeless, and the proliferation of food banks that our society faces today. This situation need not have occurred. And it need not continue. It will not continue if we reinstate the use of our national bank.
Dr. Gerald (Jerry) Ackerman, Financial Analyst
Originally attached: Names and postal codes of relatives, friends, and associates who support this petition. Two of those listed warrant special attention: (a) Paul Hellyer, who has written a dozen books on this very subject and formed a political party to gather support for using our bank; and (b) Victoria Grant (age 13), whose simple six-minute speech explaining what is wrong with Canadian banking and what to do about it has been viewed on YouTube by over 3 million Canadians.