January 18, 2012
Breaking the Bank
Compounding the problem of national debt
Submitted by Betty Krawczyk, Cumberland
of you who did watch the OH CANADA MOVIE on You Tube would have caught the
interview with Elizabeth May. And would have learned that Elizabeth May was
more than just aware of how we are all becoming indentured debt slaves by
the way our federal government (us) borrows from private banks (Royal Bank,
TD, The Bank of Nova Scotia, Bank of Montreal, CIBC), she seemed quite
unhappy about it.
Elizabeth May understands how our government (us) borrows money from these
private banks at compound interest when the government (us) could borrow
whatever money is needed to run the country from The Bank of Canada (our own
bank) with no interest. That’s what our bank, The Bank of Canada, was
created for. So why does our government (us) borrow the money needed to run
the country from private banks at compound interest instead of from the Bank
of Canada, our own bank, at no interest? A practice that is rapidly making
us a nation of paupers?
Because back in 1974 private banks persuaded the government of the day (as
represented by Pierre Trudeau with a liberal majority) that private banks
would work best in supplying money to the government (us) at compound
interest. Better for whom? For them, of course. And they were right in their
assessment of how much money they could syphon out of the system with
CANADA’S FIVE BIGGEST BANKS POST STUNNING $7.8 BILLION IN PROFITS IN THIRD
QUARTER (The Canadian Press, Aug. 30, 2012). That $7.8 billion is just for
one quarter. There are four quarters. Assuming the profits are roughly the
same for each quarter that’s over $ 31 billion dollars in profits for the
five biggest private banks in Canada. And this is why our national debt is
skyrocketing and why we’re going broke. The private banks have stolen that
thirty one billion from our own modest incomes. It was stolen through
compound interest that our own governments have given, free gratis, to the
private banks, the same banks that claim they are loaning us for our
mortgages, credit cards, and almost anything we buy on credit.
This is weird. And I think it has gone on for so long simply because it is
so weird. People can’t believe that banks don’t really have the money to
loan them for a mortgage or anything else. The banks have no money in their
vaults. Or next to none compared to the amount of money they create out of
thin air when they give you a loan. That you have to pay back with compound
interest. You pay this compound interest back with good hard money that was
not created in fantasy land.
However, our politicians say that this monetary fantasy land laced with
compound interest the banks give out is good because it sucks away our real
money for the loans on paper that the private banks conjured up just for us.
In the OH CANADA MOVIE Elizabeth May also talked about how this compound
interest becomes national debt (us again). And of course we know who is in
hock for the National Debt besides us. Our children. And their children. And
if this horror show continues, their children’s children. In a very real
sense, the private banks operating in Canada are eating up our progeny. At
least their futures. What is to be done?
A lot. And while it would be upsetting to the private banks we need a
government who would agree to borrow what is needed from our own bank (Bank
of Canada) with no interest. As Elizabeth May put it, we (the government/us)
could simply borrow the money from the Bank of Canada (us) to pay off our
national debt and then these loans would be dissolved. We could then pay
back the Bank of Canada with no interest what was left owing less the
compound interest. And all future expenditures would be through the Bank of
Then our national debt would truly reflect what we (the government) actually
borrowed instead of the enormous pay back of compound interest from the
private banks that are killing us. This relentless demand from the banks for
compound pay back is also driving the economy into the sludge of the tar
sands (where the desperate need for jobs leads when government (us)
investment in infrastructure, clean energy, and expanded health care is
overwhelmed by the compound interest demands of private banks on citizens).
All national and environmental interests get swept aside to feed the private
banks their ill-gotten criminal compound interests.
As the OH CANADA MOVIE points out, it is true that Elizabeth May did not
bring the Bank of Canada vs. private banks operating in Canada into the
conversation during the last two federal elections. However, if you look on
the Green Party website you will find that in the Green Party’s 2012
Convention that private banks vs. The Bank of Canada was on the agenda.
On page 2 of the Green Party Motion and I quote:
"…interest on interest is by far the largest part of that debt (National
Debt). A 1993 Auditor General report said that of the accumulated net debt
of $423 billion, only $37 billion was principal-the rest was due to the
magic of compound interest. Thus, a very large portion of all the painful
cutbacks, program cuts, etc. needed to “pay down the debt” are to pay
interest on debts loaned to bankers….It doesn’t have to be this way. This
system of government borrowing is rarely questioned because the people
running our banks and central banks have a vested interest in keeping the
system as it is because it works very well for them-they receive billions in
interests payment for the “risk” of lending government money."
End of quote.
Okay, Elizabeth, we get it. We’re with you on this. We are tired of never
getting ahead because when we have a few bucks in the bank we receive little
or no interest from the banks, but when we borrow from the banks through
credit card or lines of credit or mortgages we pay compound interest charges
that absolutely stuns us and makes us wish, at least temporarily, that we
were dead. Or at least that we had never been born. So what happened to this
Green Party motion to compel the federal government (us) to borrow interest
free from the Bank of Canada instead of from private banks, and if passed
and won, would free us from virtual slavery to the private banks? It didn’t
pass? You’ve got to be kidding us!
Why on earth would anyone in the Green Party vote against national solvency?
Why would anyone in the Green party vote against refusing to have our
children eaten alive by compound interest? Or vote against families that are
struggling to stay afloat and take care of kids, or vote against old people,
health care, good schools, and affordable housing? Conservatives voting
against these things? Yes, I can see that. Along with the Liberals, both
Provincial and Federal. And while I’m not certain, I don’t think the NDP
would even bring forward a motion like this, either.
But this motion was put forward by Elizabeth May in the Green Party. I
believe she would lead us out of the private banks compound interest
nightmare if she gets the chance. If her own party won’t support her on this
then she needs help from the outside.
For Pete’s sake, you people in the Green Party who voted against this
motion, what is wrong with you? Don’t you want the Green Party to
demonstrate that it is against whatever is sucking the life blood out of
Canada? This one motion, if passed, and given out to the public at large in
bright, bold language could change all of our lives and future lives for the
greatest good. And perhaps bring a government to power whose leader has some
sense and some compassion.
Let’s help Elizabeth in this. Let’s demand, beg, and plead that she bring
this motion forward again whether we’re in the Green Party or not. Let’s
convince the Green Party in general that this one issue is doable, that they
need only go forward with it and vote down the ones who object. Or kick them
out of the party. They obviously don’t understand the terrible burden that
we, the people, are striving under now, with the future looking even worse.
We’re with you on this, Elizabeth. Please carry this motion forward again.
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Copyright (c) 2012 The Valley Voice