Victoria Grant, the 12 year old who gave a speech on Canada’s monetary policy and the role of the Bank of Canada in funding government expenditure, asks the most pertinent questions…

“Have you ever wondered why Canada is in debt? Have you ever wondered why the government forces Canadians to pay so many taxes? Have you ever wondered why the bankers from the largest private banks are becoming wealthier and the rest of us are not? Have you ever wondered why the gross national debt is over 800 billion dollars or why we are spending 160 million dollars a day on the interest of a national debt? That’s sixty billion dollars a year. Have you ever wondered who sees the sixty billion dollars? What I’ve discovered is the banks and the government have colluded to financially enslave the people of canada. I will share with you three important points of reference which will hopefully spark enough interest and concern for you to continue the research on your own and to engage your government to stop this criminal act against the people of Canada.”



WE, the shareholders…

images.duckduckgo.com

In 1934 the Bank of Canada was created as a private central bank, with the Government holding a minority interest. In 1936 the Government bought voting control and in 1938 the Government bought all outstanding shares – fully nationalizing the Bank.…read about it here…

The BANK OF CANADA ACT revised statues of 1967 describe the extent of the Bank’s ‘independence.’…read about it here…

public debt chart Canada’s public debt…beginning with Confederation…to the present…

The Auditor General’s observations in his annual report of 1993:

[The] cost of borrowing and its compounding effect have a significant impact on Canada’s annual deficits. From Confederation up to 1991-92, the federal government accumulated a net debt of $423 billion. Of this, $37 billion represents the accumulated shortfall in meeting the cost of government programs since Confederation. The remainder, $386 billion, represents the amount the government has borrowed to service the debt created by previous annual shortfalls.


In other words, 91% of the debt consists of compounded interest.

The Boomer generation is condemned for living beyond our means, for creating our enormous public debt, however the Auditor General’s report informs us that the rapidly rising public debt was due to compounding interest paid to private investors – due to a policy decision of the Government of Canada in 1967.