Back in 2012, Ellen Brown wrote a piece in Global Research arguing that it was time for Canada to reassert national public banks. In her piece, she argues that:
Between 1939 and 1974, the government actually did borrow from its own central bank. That made its debt effectively interest-free since the government owned the bank and got the benefit of the interest. According to figures supplied by Jack Biddell, a former government accountant, the federal debt remained very low, relatively flat, and quite sustainable during those years. (See his chart below.)
Her argument tracks with similar arguments in the USA to end the Federal Reserve. Brown summarizes the Canadian legal advocacy efforts in this regard. Constitutional lawyer Rocco Galati filed an action on behalf of William Krehm, Ann Emmett, and COMER (the Committee for Monetary and Economic Reform) to restore the use of the Bank of Canada to its original purpose, including making interest free loans to municipal, provincial and federal governments for “human capital” expenditures (education, health, and other social services) and for infrastructure. The plaintiffs state that since 1974, the Bank of Canada and Canada’s monetary and financial policy have been dictated by private foreign banks and financial interests led by the BIS, the Financial Stability Forum (FSF) and the International Monetary Fund (IMF), bypassing the sovereign rule of Canada through its Parliament.
If by an act of parliament, we abolished the current central bank, we could cut the debt by borrowing from the government’s own bank, which returns its profits to public coffers. Cutting out interest has been shown to reduce the average cost of public projects by about 40%.
Given the concern over the Trump administration blocking 3M's sale of masks to Canada due to shortages, we could invest in manufacturing and move the economy forward making us, as a nation, as strong as we were between the years 1939 and 1974.
Between 1939 and 1974, the government actually did borrow from its own central bank. That made its debt effectively interest-free since the government owned the bank and got the benefit of the interest. According to figures supplied by Jack Biddell, a former government accountant, the federal debt remained very low, relatively flat, and quite sustainable during those years. (See his chart below.)
Her argument tracks with similar arguments in the USA to end the Federal Reserve. Brown summarizes the Canadian legal advocacy efforts in this regard. Constitutional lawyer Rocco Galati filed an action on behalf of William Krehm, Ann Emmett, and COMER (the Committee for Monetary and Economic Reform) to restore the use of the Bank of Canada to its original purpose, including making interest free loans to municipal, provincial and federal governments for “human capital” expenditures (education, health, and other social services) and for infrastructure. The plaintiffs state that since 1974, the Bank of Canada and Canada’s monetary and financial policy have been dictated by private foreign banks and financial interests led by the BIS, the Financial Stability Forum (FSF) and the International Monetary Fund (IMF), bypassing the sovereign rule of Canada through its Parliament.
If by an act of parliament, we abolished the current central bank, we could cut the debt by borrowing from the government’s own bank, which returns its profits to public coffers. Cutting out interest has been shown to reduce the average cost of public projects by about 40%.
Given the concern over the Trump administration blocking 3M's sale of masks to Canada due to shortages, we could invest in manufacturing and move the economy forward making us, as a nation, as strong as we were between the years 1939 and 1974.
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