In a time when money, debt and chaos are on the minds of many, I'm brought back to Gerald Gratton McGeer. Never heard of him? Neither had I. It was through him that the Bank of Canada was created in the 30's. A national hero! Check out the 3 videos here (total: 30 minutes). I think it might be news to you.
Highly recommended. Would be interested in any comments.
December 24, 2006
Honorable Jim Flaherty, Minister of Finance
Re: The Bank of Canada and Why It was Created
The purpose of the Cowichan Citizens Coalition’s Duncan Initiative is to remind elected officials that:
1. The Canadian Constitution Act of 1867, article 97, gives the Government of Canada the "exclusive" right to create the nation’s money.
2. The statutes of the Bank of Canada Act of 1934, article 18(1)(c) and (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 BoC law.
On September 30 you declared a [budget] surplus of $13B 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 surplus to provide urgently needed social services like child care or housing for thousands of homeless Canadians?
read on...
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