This is for all my fellow monetary reform activists out there.
If you liked “Money Masters” and are at least intrigued by Ron Paul’s criticism of the Federal Reserve, you’ll love part 2 of this short series:
Canada’s Great Experiment: 1935-1974
[link]Canada's Great Experiment: 1935-1974 - YouTube
In 1935 the Government of Canada bought all the private shares in the Bank of Canada (our equivalent of the Federal Reserve) and used it to finance the majority of all public debt spending at very low interest rates, very effectively and efficiently bringing the nation out of the Great Depression.
Canada’s greatest years of prosperity occurred during this time (1935-1974).
In 1974 the Liberal government secretly switched our national debt to private lending institutions at market lending rates.
What this did was put Canada onto a model of America’s Federal Reserve system.
The result was a hyperinflation of the national debt from $18 billion to $600 billion (5000% in 23 years) without any deficit spending. That was entirely interest compounded upon interest. $580 billion in national debt that we didn’t actually spend on anything.
This year’s PAYMENT on the national debt is more than DOUBLE the total national debt we started with in 1974.
Private holding of public debt amounts to nothing more than a private taxation of the people. The system is also corrupt by design as banks provide large amounts of funding to political parties and campaigns.
Public debt being held by a public central bank keeps the government OUT of private spheres, keeps public debt low, and provides a fraction of the tax burden for the hard working citizens of a nation.
Look at the man’s chart. The proof is in the pudding.
Discuss.
ElbowStrike
