This history has been neglected and ignored by our governments for the last four decades.
For many years, Canada did not have a central bank. Each of the Nation’s Banks issued its own currency and there was little government regulation of the Nation’s money supply. The Federal Finance Department issued only small and very large denomination bank notes ($5 and under, and $500 and over). The Bank of Montreal, then the Nation’s largest Bank, acted as the Government’s Banker. Canada, with its extensive branch banking, had a very stable banking system. There was little need for a lender of last resort and the banking system was not hit by the same seasonal liquidity problems as banks in the U.S. The Banking System was regulated by the Canadian bankers Association which worked in close concert with the Government.
While there were some advocates for a central bank in the early part of the twentieth century, most notably, the farmers, the status quo remained unaltered. This changed with the onset of the Great Depression. Many in Canada blamed the policies of the Canadian Banks for aggravating the depression. The money supply was contracting and deflation was common. The farmers were joined by manufacturing interests and other groups, in demands for creating Central Bank. Another major proponent was the Royal bank of Canada; which wanted to see the Government business taken away from the rival Bank of Montreal.The Government also claimed it was constrained by its inability to deal directly with its foreign debts.
Prime Minister R.B. Bennett called for a Royal Commission in 1933, and it reported in favor of a Central Bank. The Bank began operations on March 11, 1935, after the passage of the Bank of Canada Act. Initially the Bank was founded as a privately owned corporation in order to ensure it was free from political influence. In 1938, under Prime Minister William Lyon Mackenzie King, it became a Crown Corporation, fully owned by the government with the Governor appointed by Cabinet. The responsibility for creating small bills was transferred from the Finance Department to the Bank of Canada and the private banks were ordered to remove their currency from circulation by 1945.
The Bank of Canada played an important role in financing Canada’s war effort during World War II. After the war, the Bank’s role was expanded as it was mandated to encourage economic growth in Canada. The subsidiary Industrial Development Bank was formed to stimulate investment in Canadian businesses.
The monetary policy of the Bank was geared towards low interest rates and full employment with little concern about inflation. When inflation began to rise in the early 1960s, the Governor, James Coyne ordered a reduction in the money supply. Prime Minister John Diefenbaker disagreed with this move, and ordered a return to full employment policies.
This caused a brief crisis because the Bank was supposed to be an arm’s length organization, not under political control. Coyne resigned, and was replaced byLouis Rasminsky. The Bank gradually moved to a more anti-inflationary policy, and since the 1980s, keeping inflation low, has been its main priority.
Details on the Bank of Canada
Royal Commission recommended by Lord Macmillan.
Royal assent by Parliament – July 3, 1934
Bank of Canada Preamble
-To regulate credit and currency in the best interest of the economic life of the Nation…
“…to control and protect the external value of the national monetary unit and to mitigate its influence fluctuations in the general level of production, trade, prices, and employment, so far as may be possible within the scope of monetary action and generally to promote the economic welfare of the Dominion.”
The Bank of Canada commenced business on March 11, 1935
Right of note issue, to print “legal tender” Private bank tender to be phased out over the next 10 years.
The Deputy Finance Minister – sits on the Bank Board as a non-voting member.
The collective responsibility for the conduct of Bank affairs rests with the Governing Council composed of the (1) Governor, (2) Senior Deputy Governors and four other Deputy Governors.
The new Bank of Canada was nationalized in 1938. All private shares were bought out and the 100,000 shares, belong to the people of Canada, held on their behalf by the elected Minister of Finance.
To the credit G.G. McGeer advisor to Prime Minister William Lyon Mackenzie King who aid these words: “Until the control of the issue of currency and credit is restored to the government and recognized as its most sacred responsibility, all talk of the sovereignty of Parliament and of democracy is idle and futile … Once a Nation parts with control of its credit, it matters not who makes the nation’s laws. … Usury once in control will wreck any nation.”
William Lyon Mackenzie King (1884 – 1950)
Bill 143 – Municipal Improvements Assistance Act First reading May 31,1938 an Act to assist Municipalities to make self-Liquidating improvements.
This Act was passed and not rescinded until 1975 (1884 – 1950)
Graham Tower – first Governor of the Bank of Canada – from 1935 to 1955
Question: to Graham Towers: “But there is no question about it that the banks do create the medium of exchange”
Answer: “That is right. That is what they are there for… That is the banking business, just the same way that a steel plant makes steel.
The Law in Canada: concerning monetary issues
Constitution Act of 1867 Legislative Authority of the Parliament of Canada
Article 91 – hereby declare that the “exclusive Legislative Authority of the Parliament of Canada” Extends to all Matters coming within the Classes of Subjects next hereinafter enumerated: that is to say,
Section 1 A, The public debt and property.
Sub 14. Currency and coinage
Sub 15. Banking, Incorporation of Banks, and the issue of paper money
Sub 16. Savings Banks
Sub 20. Legal Tender.
… it is desirable to establish a Central Bank ill Canada to regulate credit and currency in the best interests of the economic life of the nation, to control and protect the external value of the nation-al monetary unit and to mitigate thereby its influence fluctuations ill the general level of production, trade, prices and employment, so far as may be possible within the scope of monetary action, and generally to promote the economic and financial welfare of the Dominion… The preamble has never been changed.
Bank of Canada Act of 1934 – created specifically to end the hardships of the depression and to make government fully responsible for the economic well-being of the Nation.
Bank of Canada preamble:
By Article 18 (1) of the Act, the Central Bank may:
(C) buy and sell securities issued or guaranteed by Canada or any Province
(J) make loans or advances
(k) make loans to the Government of Canada or any Province
Article 14 (2)
If, notwithstanding the consultations provided for in subsection (1), there should emerge a difference of opinion between the Minister and the Bank concerning monetary policy to be followed, the Minister may… give the Governor a written directive… and the Bank shall comply with that directive.
The following needs to be understood by all elected representatives
The Bank for International Settlement (BIS) “risk assessment” has declared, That loans to Governments in developed countries are declared to be – – ‘risk free” – and they are “risk free” because democratic governments have the unlimited authority to impose taxes on its citizens.
When a loan is given to a Government, Federal, Provincial or Municipal, using the authority of the Bank of Canada to make that loan, it is a loan approved and honored by the tax-paying public. Repayment of such a loan goes directly back to the citizens Bank. The people pay each other for the work that was done. … No interest need be attached.
Article 18
In spite of what PR spokespeople might say, the LAW is the LAW! In this section, we refer to Article 18 of The Bank of Canada Act, listed under BUSINESS AND POWERS OF THE BANK.
Since 1938 the BoC has been owned entirely by the Federal Government. It is essential to understand what this means, in order to understand the full significance of the powers of the Bank of Canada.
In a word, The Bank of Canada may create the money to finance federal projects on a near interest – free basis. It may, if it wishes, lend money to the Provinces and to the Municipalities as well.
It works this way: The coupons paid on Government debt held by the ‘Bank of Canada find their way back to the Federal Treasury, with the rest of the bank’s earnings. In recent years this important function of the bank has been left, in large part, to rust.
Article 18 – sets out the Bank’s powers of lending to our Governments.
Article 18 (c), dealing with funded debt-bonds or treasury bills – authorizes the Bank to “buy and sell securities issued or guaranteed by Canada or any Province.”
No restriction is set on such holdings; limits on these powers must then be sought in the real economy – whether or not further money supply created by such loans would add to the demand in an economy already employing all available resources. Were the Bank to go on increasing its lending to governments, under such circumstances, would indeed be inflationary. But such a state of affairs has not existed for decades.
Article 18 (i) make loans or advances for periods not exceeding six months to the Government of Canada or the Government of any Province on the pledge or hypothecation of readily marketable securities issued or guaranteed by Canada or any Province.
Article 18 (j) make loans to the Government of Canada or the Government of any Province, but such loans outstanding at any one time shall not, in the case of the Government of Canada exceed one-third of the estimated revenue of the Government of Canada for its fiscal year, and shall not, in the case of a Provincial Government, exceed one-fourth of that Government’ s estimated revenue for the fiscal year, and such loans shall be repaid before the end of the first quarter after the end of the fiscal year of the Government has contracted the loan…
Article 18 (j) Deals with unfunded loans to governments, ie, advances against their income not formalized in security issues.
The passage “but such loans outstanding at any one time shall not … ” clearly implies that such unfunded debt may be rolled over when due.
Canada’s Social Prosperity – following the creation of the Bank of Canada, in 1935
State funding from the Nationalized Bank of Canada made all this possible. And, amazingly no great national debt was created. (see the graph.) CANADA’S NATIONAL DEBT 1940 to 1987.
Canada’s wealth continued to grow through the 1940s and on into the mid-1970s:
- C.D. Howe – Canada’s Minister of Munitions & Supplies – Under his direction, the Government of Canada created 28 Crown Corporations for large scale production of goods. Canada was producing 4000 aircraft a year. Canada ranked fourth among the allies in war production: The John Inglis Company near Toronto employed 17,000 workers and produced more machine guns than any other country in the British Empire. “We have no idea of cost, but everything will be needed. So let’s go ahead.”
- Hawker fighter planes built –Elsie MacGill, Chief Aeronautical Engineer at Canada Car & Foundry. She Designed 60,000 interchangeable parts per plane. Half of the 7000 workers were women. “The gates to a different life have opened, and will never close again”
- Returning Veterans Rehabilitation Act 1945 – more than one million men served during the Second World War Many benefits were created to help veterans re-adjust to civilian life. Money to buy civilian clothing, gratuities for time spent overseas. Support for veteran children education.
- The Veterans’ Land Act helped Veterans buy land for their homes or businesses. Approximately 33,000 Veterans obtained land for farming through this program.
- The Department of Veterans Affairs provided vocational training for approximately 80,000 Veterans and helped rehabilitate those who had been wounded.
- With financial aid from the Veterans Rehabilitation Act, 54,000 Veterans went to university. Crowding many educational institutions which were not prepared for so many students. The University of British Columbia moved 370 army huts onto the campus for extra housing and classrooms.
Many returning soldiers were in a hurry to finish their educations, so universities accelerated their academic programs to help them graduate faster.
- Family Allowances – Approved August 29, 1944: Family allowance payments. Tax-free, varied according to age: for children under age 5, these were $5 per month; from 6-9 years, $6; 10-12 years, $7; and 13-15, $8. The average payment per child was $5.94, considerably below the March Report’s recommended minimum payment of $7.50 per child. Initially allowances were reduced for the fifth and subsequent children but this provision was removed in 1949
- Old Age pensions – placed in Federal hands. 1941. Means test eliminated.
In 1951, following an amendment to the British North America Act to permit the Federal Government to operate a pension plan, the Canadian government passed the Old Age Security act, which provided a universal pension of$40.00 per month financed and administered by the Federal government. All Canadians aged 70 and over were eligible. Regardless of their income or assets. Pension payments began in 1952 and were taxable.
- Universal Medicare for all Canadians -1957 – Advent of Medicare in Canada: Canadians are fortunate to have one of the best health care systems in the world. The creation of that system began in 1957, when the Hospital Insurance and Diagnostic Services Act was approved by Parliament. The Act provided free acute hospital care and laboratory and radiological diagnostic services to Canadians. It was followed by the Medical Care Act of 1966, which provided free access to physician services.
- Trans-Canada Highway Act- begun in 1950. World’s longest National Road. 7821 kilometers.Construction of the Trans-Canada Highway began in 1950 under the authority of the Trans-Canada Highway Act. This act authorized the Government of Canada and provincial governments to build a national highway on a cost-shared basis. Together, they funded construction of the highway outside and inside of Canada’s national parks. The Trans-Canada Highway is the world’s longest national road. It extends across Canada from Victoria, British Columbia and St. John’s Newfoundland and Labrador.
- St. Lawrence Seaway project -The world’s longest deep draft inland waterway. Access to 15 Canadian and US ports. The St. Lawrence Seaway opened to navigation in 1959. Construction of the 189-mile (306-kilometer) stretch of the Seaway between Montreal and Lake Ontario is recognized as one of the most challenging engineering feats in history. Seven locks were built in the Montreal-Lake Ontario section of the. Seaway, five Canadian and two U.S., in order to lift vessels co 246 feet (75 meters) above sea level.
The 28-mile (44 kilometer) Welland Canal is the fourth version of a waterway link between Lake Ontario and Lake Erie, first built in 1829. The present canal was competed in 1932, deepened in the 1950s as part of the Seaway project, and further straightened in 1973. Today its eight locks, all Canadian, lift ships 326 feet (l00meters) over the Niagara Escarpment.
- Avro Arrow Canada CF-105 – was a delta-wing interceptor aircraft, designed and built by Avro Aircraft Limited (Canada) in Malton, Ontario, Canada, as the culmination of a design study that began in 1953. Considered to be both an advanced technical and aerodynamic achievement for the Canadian aviation industry, the CF-105 held the promise of Mach 2 speeds at 50,000ft + altitude, and was intended to serve as the Royal Canadian Air Force’s interceptor for the 1960s and beyond.
Following the start of its flight test program in 1958, the Arrow, and its accompanying Orenda Iroquois jet engine program, were abruptly canceled in 1959, sparking a long and bitter political debate. The Arrow is still the subject of controversy, almost 50 years after it was canceled. Pressure from a foreign source is suspected.
During the war years, Canada had built and managed the third largest navy in the world. The Canadian National Railway; owned and operated by the Canadian Government since the 1920s, was being double tracked. Branch lines connected towns far and wide. The mainlines were being double-tracked for safety and to facilitate transports. Pressure from some source ended the double-tracking and the branch lines soon began to disappear. The small towns then also began to disappear.
Canada’s National Debt remained low. It was still a mere $18 Billion in 1974
A history of Canada’s Debt, using or not using the Bank of Canada
About the Author
Jack Biddell has spent a lifetime looking for the best solution. Recognized as the leading expert in receivership, bankruptcy and trustee work during his career with the former Clarkson Company, now Ernst & Young Inc., he was involved in virtually every major insolvency case in Canada. His high profile tenure with the company was punctuated by brief departures to advance the efforts of the federal and provincial governments in their quest to deal with burgeoning problems in the Canadian economy. During his term as Ontario Regional Commissioner with the Federal Anti-Inflation Board and subsequent Chair of the Ontario Inflation Restraint Board he continued to develop an independent focus on potential solutions to the deficit problems that would continue to plague the economic health of this country. In this his third book, Mr. Biddell concentrates on his prescription for resolving Canada’s government debt crisis and its related problems – worsening unemployment and the threatened break up of our Canadian Confederation. His passion for his subject is motivated by a deep and abiding commitment to improving the economic future of a country he loves.
Canada’s Economic Dilemma
Relative 10 the size of our population, Canada is still endowed with perhaps the richest volume of natural resources of any country in the world. Moreover, our people have a level of education and technological skills that very few other countries can match. Yet our country is in deep and worsening economic and political trouble. The statistical evidence to support that sorry opinion is shown in the following table. It is a summary of some of the more important ements of the annual Budget accounts of our federal government for its fiscal years from 1982 to 1995.
The Island State of Guernsey
In 1815 on the Island of Guernsey, poverty existed for want of employment. People were moving away. The sea-wall was crumbling. Roads were rutted and narrow. The public market was in the need of repair. The Government coffers were empty. A committee was struck to look into the problem. They finally went to the Governor, “We need a new market, but we have no money to build it.” he intelligent Governor, Daniel Delise Brock” solved the problem by asking four simple questions.
1. “With what material are you going to build the market?”
Answer: “With stone and wood.”
2. “Do you have it on the Island?”
Answer: “Yes certainly, and in plenty.”
3. “Do you have the workers?”
Answer: “Yes plenty, but it is the money that is lacking.”
4. “Could not your Parliament print and issue the money?”
WOW! What a new idea!
The Guernsey Island Government began to issue “state currency.” The work was done. Everyone on the island was employed. And, the people prospered. Guernsey Islanders today, still enjoy a high standard of living as a result of the policy that began in 1817. EU & OECD are pressuring the Islanders to conform to the current global usurious banker policies.
***The Connection ***
Here in Canada, 100 year later, Daniel Delilse Brock’s Guernsey experiment, Inspired Gerald Gratton McGeer to try to do likewise to end the depression in Canada.
***The historical connection between Canada and the Island of Guernsey goes back to the fact that Daniel Delisle Brock was the brother of the Canadian hero, British General, Sir Issac Brock, who as Colonial Administrator fought off the American Invasion at Niagara Falls, Ontario. He died at the age of 42 in the Battle of Queenston Heights. A monument stands there in his honor.
Not: Totals may not add due to rounding
1Revised to reflect the impact of consolidating foundations
PLEASE NOTE IN THE TEXT ABOVE: – National debt shown as $494.4Billion Our FEDERAL FINANCE MINISTER, JAMES FLAHERTY, will have given away JUST IN INTEREST: 2004-05 $34.1 B, 2005-06 $33.7B, 2006-07 $34.8B, 2007-08 $34.8B TO PRIVATE MONEY LENDERS. In four years a total of 137.4 BILLION of our tax dollars. This is money STOLEN from the taxpayers of CANADA!
**What makes out Politicians be complicit in this great theft? |
| Cowichan Citizens CoalitionBill Abram. Chair of the ‘Duncan Initiative’ 6668 Genoa bay Road, Duncan, B.C. V9L 5Y7 E-mail wmabram@uniserve.com |
December 24, 2006
Honorable Jim Flaherty, Minister of Finance,
House of Commons, Parliament Buildings,
Ottawa, Ontario K J 2A OA6
Dears Sir:
Re: The Bank of Canada & why it was created
The purpose of the Cowichan Citizens Coalition’s ‘Duncan Initiative’ is to remind elected officials that:
- The Canadian Constitution Act of 1867, Article 91, gives the Government of Canada the “exclusive” right to create the nation’s money.
- The Statutes of the Bank of Canada Act of 1934, Article 18 (1), (c) (i) & (j) spell out clearly how governments, Federal, Provincial or Municipal, borrow from the Bank of Canada for public projects and services with little or no added interest.
Sir, “money exists not by nature but by law” as Aristotle stated 2300 years ago. Article 14 (2) places you, an elected official of Canada, as final authority for Bank of Canada policy. You hold all the shares of the BoC on our behalf. Your duty is to uphold that BOL law.
On September 30th you declared a [fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][budget] surplus of $13 billion which you would use to pay down the debt. Why would you not borrow that $13B to pay down the debt from the, Bank of Canada, interest free, and use the $13B budget surplus to provide urgently needed social services like child care or housing, for the thousands of homeless Canadians?
Elected officials did use our Bank of Canada effectively from 1935 to 1974. In 1974 our national debt, dating back to 1867, stood at a mere $18B.According to the Auditor General’s report of November 1993, that debt had risen to $423 billion, of which $386 billion was entirely interest on interest. (please refer to attached graphs). Please note Economist, Jack Biddell’s figures: Income Taxes paid by Canadians from 1981 to 1995 totaled $619B. Interest paid to private banks during that same period totaled $428B.
On November 14. 2006, the Fraser Institute stated that our current direct governmental debt stands at $798 billion. As elected lawmakers of Canada, how do you and your fellow elected lawmakers justify the abdication of this “most conspicuous and sacred responsibility” as stated by Prime Minister William Lyon Mackenzie King, in 1938. Please be honest and thoughtful with your reply. Note the words of Economist, John Kenneth Galbraith, “The study of money, above all other fields in ‘economics, is one in which complexity is used to disguise truth or 10 evade truth, not reveal it”.
Sincerely,
William E. Abram, Chair of the CCC, ‘Duncan Initiative’
Cc. Jean Crowder, MP Nanaimo – Cowichan
| Responsible LeadershipThe Honourable James M. Flaherty, P.C., M.P.
Minister of Finance February 26, 2008
Note Totals may not add due to rounding
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Canada’s Budget in Brief 2009Table 1Summary Statement of transactions
Over those next seven years Canadian
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| “DON’T JUST TAKE MY WORD FOR IT!” Quotations from greater minds than mine – Compiled by Will Abram, a Canadian Citizen Please ——- “Give this your best, honest and sincere thoughts.” ‘The modern banking system manufactures money out of nothing. The process is perhaps the most outstanding sleight – of – hand that was ever invented. Banks can, in fact, inflate mint and un-mint the modern ledger currency. ”
“The study of money, above all other fields in economics, is one which complexity is used to disguise truth not reveal it.”
Graham Towers – first Governor of the Bank of Canada, was asked, in 1939, by Parliament’s Banking and Commerce Committee; “Will you tell me why a government with the power to create money should give that power away to a private Monopoly (the chartered banks) and then borrow that which it call create itself back at interest?” ***HIS ANSWER: “Now, if Parliament wants to change the form of operating the Banking System, then that is within the power of Parliament.” “This is a staggering thought. We are completely dependent on the Commercial Banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the banks create ample synthetic money we are prosperous; if not we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is incredible, but there it is! It is the most important subject intelligent people can investigate and reflect upon. It is so important that our present civilization may collapse unless it becomes widely understood and the defects remedied soon.”
“The truth is that money is created by a method so simple that the mind is repelled.”
For the people of Duncan, British Columbia, — a quote from Thomas Edison “If Congress has the right under the constitution to issue money, it was given to them to use themselves, not to be delegated to individuals and corporations. ”
“I have never yet had anyone who could, through the use of logic and reason, justify the Federal Government borrowing the use of it’s own money.” “Nor have I!” “If the nation can issue a dollar bond, it can issue a dollar bill. The element that makes the bond good, makes the bill good … it is absurd that our country can issue bonds and cannot issue currency. Both are promises to pay, but one fattens the usurer and the other helps the people. Thomas Edison – American Genius Inventor
“Banks lend by creating credit. They create the means of payment out of nothing.”
“The issuing power of money should be taken away from the Banks and restored to the people to whom it properly belongs.”
“Whosoever controls the volume of money in any country is absolute master of all Industry and Commerce… And when you realize that the entire system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate.”
“While boasting of noble deeds, we are careful to conceal the ugly fact that by an iniquitous money system we have nationalized a system of oppression which, though more refined, is no-less cruel than the old system of chattel slavery.” *** “The Federal Reserve is one of the most corrupt institutions the world has ever seen. There is not a man within the sound of my voice who does not know that this nation is run by the bankers.”
***NOTE: BUT TIME IS RUNNING OUT! The Security, Peace and Prosperity initiative for deep integration with the United States and Mexico calls for a common currency. The Three heads of state have been meeting with the hope to finalize the SPP Agreement. Former Head of the Bank of Canada, David Dodge, as well as Prime Minister Stephen Harper and Paul Martin before him have expressed approval for the SPP Agreement. Their meeting at Montebello Quebec, August 21, 2007, drew many protesters. Fortunately the sharp eye of cameraman Paul Manly of Naniamo, B.C., caught and exposed the Quebec Police complicity with the Bankers and the SPP promoters. Paul Manly’s documentary, You, Me, and the SPP, should be must-see film for politicians.
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| In ConclusionMoney, like water that nourishes the earth, should flow to nourish every person and keep healthy the whole of mankind.Money, indeed, is the lifeblood of communal living. It must flow equally from one human being to another, satisfying the needs of each so that each may live, create, and satisfy the needs of others.
Unfortunately, mankind is not sufficiently morally evolved, to understand our global human interconnectedness. The ability to manipulate money for selfish reasons by some, coupled with the helplessness and unquestioning acceptance by too many others, leads to a great imbalance in the overall health of our planet and our civilization. This imbalance is the root cause of violence in the homes and wars in the nations. Money has put, man out-of-step with nature. Water does not defy the laws of gravity. It recycles according to the laws of nature, and keeps being purified. Money is still controlled by men who have not evolved beyond the stage of ‘choosing’ selfishness and greed. Superior intelligence and wisdom and moral integrity is seldom seen in those whom we elect to govern us. This must change soon, for civilization is on a collision course with the laws of nature. Greed and the “love of money” are destroying the air we breathe, the water we drink, and even the soil from which we grow our food. We must very soon, with intelligence, coupled by compassion and sharing, “pull up our socks” or perish. It is my hope that this booklet will, in some way, help give in-sights into how money must flow evenly, by a people-led governance, to fill the basic needs of every person on earth.
Will Abram, August 9, 2009 |
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