"Oh, Canada, Our Bought & Soldout Land" documentary - excellent!

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John99's picture
John99
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"Oh, Canada, Our Bought & Soldout Land" documentary - excellent!

It is great to see young Canadians making such an honest film and right off the bat, tackling the money question, "Where does Canada's money come from?"

Frankly, the film gives me hope.

http://www.mefeedia.com/watch/31155152

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Vanityfox451
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"Oh, Canada, Our Bought & Soldout Land" documentary - excellent!

John,

What a great find!!!

Very enjoyable. Dan Mathews thoroughly mashed into the dirt one politician after another over and over again - and I tell you, former Prime Minister Paul Martin is one seriously dangerous f*ck, and I don't excuse my words for saying it, especially at about the 1:27.12 marker ... scarey as hell ...Surprised...

What is both shocking and revealing - where in hell are a series of posts on this thread discussing it, and what is only 102 reads all about??? 99 people out of 100 outside my door don't think money is created out of thin air and that the money in their pockets is debt. They neither know that with peak oil there won't be future energy to sustain growth in the money supply - how much is a state pension going to pay out in five years is anyones guess if things haven't come un-glued - how about £1,568,726 just for a loaf of bread ... <<rant!!! >>

~ VF ~

John99's picture
John99
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Posts: 490
Hi Paul, Good comments as

Hi Paul,

Good comments as usual. Being Canadian, and believing that all of the world's problems revolve around the false money system, I was so pleased to see this young film maker do such a good job of exposing the fraud, especially in our case when the Bank of Canada is owned "by the people" (Cdn. government) and it's mandate is to provide money to the government debt free!

I agree with you that all Canadians should be camped out in front of parliament until this scam is put to rest. Perhaps the fact the Bank of Canada is run by a Goldman Sachs alum has a bit to do with it?

Many have forgotten that the first thing to happened when then financial system collapsed, was that the accounting rules were changed to hide the debt. All of these banks are still bankrupt, and if another financial tsunami strikes, all cash could disappear in a few hours. We ignore the false money creation process to our peril.

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SteveW
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Paul Hellyer
John99 wrote:

I agree with you that all Canadians should be camped out in front of parliament until this scam is put to rest. Perhaps the fact the Bank of Canada is run by a Goldman Sachs alum has a bit to do with it?

I don't think so. Our system was corrupted by the bankers long before Mark Carney came on the scene. The only politician that stands apart is Paul Hellyer who has been involved with this issue for years.

http://mindprod.com/money/moneycreation.html

http://www.comer.org/

Quote:

In 1974 the Bank of Canada owned more than 20% of federal government debt which was the equivalent of an interest free loan. That year, however, everything changed. The Bank of Canada adopted the ideas of Milton Friedman and it has been downhill ever since. Instead of buying its share of government bonds it bribed foreigners to buy - coaxed with high interest rates - the bonds it didn't buy. That's how we got so deeply in debt to foreigners while the high interest rates kept compounding our total indebtedness.

http://www.comer.org/hellyer.htm 

John99's picture
John99
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SteveW Thanks for the

SteveW Thanks for the addition and most excellent links. I've enjoyed exploring them and to learn some great efforts are taking place!

From your first link: http://mindprod.com/money/moneycreation.html

You were probably aware the Bank of Canada can just print money or create it by entering a line in a ledger, but you might be surprised to learn the chartered banks can do so as well. This was not always the case. Prior to Prime Minister Mulroney, banks were required to maintain an 8% reserve. This allowed them to lend the same money out 12.5 times. Mulroney dropped the reserve rate to 0%. This means banks can lend out as much money as they please, even if they have nothing to back it. (In the USA, reserves are 3% for current accounts and 0% for savings accounts).

When you consider how serious a crime counterfeiting is, it is rather odd for the government to have effectively handed over the printing plates so that banks can create money too. Unlike the Bank of Canada, the banks don’t literally print money; they create it out of thin air with a ledger entry any time they lend money.

It is a strangely generous act of the federal politicians to the Canadian banks who were Canada’s most prosperous institutions even before this boon.

From your 2nd link: http://www.comer.org/

CALL FOR RENAISSANCE OF THE BANK OF CANADA

Therefore, we Canadian civil society organizations, who work for public welfare, call on our federal government to revive the powers of the Bank of Canada to provide funding to all levels of government in Canada, largely with interest-free loans, as was done between 1935 and 1975 with very low inflation, enabling our nation to break out of the Great Depression, to fulfill extraordinary responsibilities during World War II, and to prosper while building our infrastructure and highly valued social programs during some thirty post-war years. We Canadians now urgently need a renaissance of these powers of our Bank of Canada.

and from the Paul Hellyer link: http://www.comer.org/hellyer.htm

The current system is not only expensive, it is unsustainable. Federal debt is now being paid down a bit but total debt continues to rise. Last year the indebtedness of the average Canadian family rose to 100% of after tax income for the first time in history. Obviously this cannot continue without putting the stability of the entire economy at risk.

 

I do take issue with what Hellyer is saying:

There is only one solution that will achieve sustainability. Canada must return to the system in effect between 1939 and 1974. Only with access to significant sums of government-created money (GCM) will Canada have the fiscal flexibility to increase expenditures for social and other services on the one hand, while reducing taxes and paying down the federal and provincial debts at a reasonable pace on the other hand.

We recommend that about one-third of the new money created each year be GCM. This would give the federal government an additional $10 billion a year for the purposes stated above. This could only be done, of course, if the Bank Act were amended to require banks and other deposit-taking institutions to maintain cash reserves against their deposits.

and do not understand why Bank of Canada should only create 33% and not 100%?

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LogansRun
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Posts: 1443
John, excellent video!  I

John, excellent video!  I sent it to a large group of persons that I would consider "not awake" and asked what their thoughts were and received good response!  It's a very easy video for the "uneducated" to understand.  Thank you!

John99's picture
John99
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Joined: Aug 27 2009
Posts: 490
Great idea, LR! Am posting

Great idea, LR! Am posting it to my sheeple list too.

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