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'The Petro Dollar collides with the Trudeau legacy'



Betty Krawczyk





ow that there seems to be a pullback in a US shooting war with China we can take a deep breath and soldier on, unless of course, the Russia and Ukraine war of words over who controls the waters of the Kerch Strait starts World War Three.

Otherwise we can continue the exploration of how a simple change in the way our formally public Bank of Canada might be rescued from its capture by the international private banking systems.

I have mentioned before, it was under Pierre Trudeau’s watch that our public banking system went private. When it was public, all capital expenditures such as construction, highways, dams and railways were serviced at little or no interest by our public Bank of Canada. This was what the bank was created for in the first place.

An excellent history of this transition from Canadian public banking to private banking is recounted by Joyce Nelson in her book: Beyond Banksters, Resisting the New Feudalism. This slender paper back volume is written with clarity in plain English. For all who are curious about how our public bank was whisked out from under us by international financiers and replaced by the private banks that are swindling us daily, this is a valuable book.


It also informs us about an organization named COMER (Committee on Monetary and Economic Reform) that is affording us some hope of getting our public Bank of Canada back.


The Comer committee has launched constitutional challenges to the way that the Bank of Canada was arbitrarily changed from that of a public bank to one subject to the private international banking system. In her book, Nelson tries to give Trudeau some slack by suggesting that he may not have been aware, or fully aware, of how this transitioning from public to private banking would affect the Canadian economy.

I rather disagree on this point. Pierre Trudeau was a very smart man. He must have known that the private international banking systems highly favoured austerity measures for the people. They even said so. This would keep inflation in check, they claimed.


Now the private banks globally suck money from cut and demolished social programs that benefit ordinary people into their own coffers along with compound interest on the loans. So how are the legal Comer challenges coming along?


Not so good, at least on the legal front. On May 31, 2017 Comer released a statement advising that the Supreme Court of Canada refused to hear the case of the people who want our public banking system back as opposed to the blood sucking private international banks, on the grounds that it was a political matter. Okay, so let’s get political.

If more Canadians learn that we do have a public banking system that would release us from our ever growing public debt, wouldn’t they be in favour of getting this kind of banking system reinstated? We should start asking politicians what they know about our history of public banking, and what do they think about trying to reinstate our public Bank of Canada. And we might start with Justin Trudeau. He is, at the moment, going down the rabbit hole of another kind of investment bank for public funds. Private, of course. Like father, like son. Next time.


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