Monetary Reform or Perpetual Debt?

Monetary Reform or Perpetual Debt?

Monetary Reform: The Choice Truly Is Yours To Make

By Daniel O. Lalonde, Monetary Reform Advocate

In 1974, Canada, without a single shot being fired and without Canadians even realizing it, surrendered its sovereignty as a nation.


In an act that was utterly unconstitutional, Pierre Elliott Trudeau, prime minister of Canada, and Gerald Bouey, governor of the Bank of Canada, changed the way the Bank of Canada operated, permitting private international banks—via an agreement made with the Bank of International Settlements—to create our currency at debt.

The results: Spiralling debt, interest payments and inflation! In fact, in just three years, Canada’s national debt soared from a paltry $18 billion (since confederation) to more than $588 billion, an increase of more than 3,000 percent. And the staggering cost to Canadians of this unfortunate decision continues to get worse. Economist and monetary reform expert Ellen Brown explains:

“By 2012, the government had paid C$1 trillion in interest — twice its national debt. Interest on the debt is now the government’s single largest budget expenditure — larger than health care, senior entitlements or national defense.”

Imagine what $1 trillion dollars could have done for Canada and for Canadians? Instead, that money was effectively stolen from the people by the private banks on a debt that never should have been created in the first place.

And when a country no longer issues its currency, it is no longer sovereign. As former prime minister of Canada William Lyon MacKenzie King stated in 1935:

“Once a nation parts with the control of its currency and credit, it matters not who makes the nation’s laws. Usury, once in control, will wreck any nation. Until the control of the issue of currency and credit is restored to government and recognized as its most sacred responsibility, all talk of the sovereignty of parliament and of democracy is idle and futile.”

What’s even more disturbing is that the Bank of Canada is a public bank, so its owners are the Canadian people. (Note: Canada is the only country among the G-8 nations that has a publicly-owned bank.) However, from 1938 to 1974, the Bank of Canada did serve the interests of the Canadian people, financing Canada’s war effort and funding a long list of infrastructure and public-works projects including the Trans-Canada highway, the St. Lawrence Seaway, hospitals and universities, all without accumulating enormous debt. It did so by providing interest-free loans to various levels of government, which ensured an era of unprecedented economic growth and prosperity for the country.

So how do we as Canadians resolve this debt issue and regain our sovereignty? Two ways:

  • First, lobby our member of parliament, the minister of finance and the prime minister and insist that they mandate the Bank of Canada to return and follow its original charter, thus ending this deleterious practice of having private banks issue our currency. This truly is a nonpartisan issue, so any politician who does not support this cause should be immediately removed from office.
  • Second, support the “Committee on Monetary and Economic Reform” (COMER) which has filed a lawsuit against the Bank of Canada because of its current practices. Lawyer Rocco Galati, Canada’s foremost authority on constitutional law, is arguing the case for COMER in the courts.

If we as Canadians unite on this single, most important issue, we can affect change and ensure Canada has a bright and prosperous future. If we take no action, then this ignominious legacy left by Trudeau and Bouey will continue and we will be faced with perpetual debt.

It’s Our Choice!


Can the courts liberate the Bank of Canada?

COMER versus the Bank of Canada

The case against Bank of Canada – The Exchange with Amanda Lang

The Canadian Action Party

What’s Your Cloud

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Why Is My Grocery Bill So High?

Why Is My Grocery Bill So High?

Have You Looked at Your Grocery Bills Lately?

Daniel Lalonde

You’re in the grocery store and notice that the packaging for various products such as cookies, canned goods and frozen items is getting smaller and smaller. You also notice that the prices for most items have increased since the last time you shopped. Why is that?

In the 1970s, a person could walk into a convenience store and purchase a bottle of soda pop and a bag of potato chips for twenty-five cents. Today, one would pay about $3.00 for these same items. That is an increase of over 1,200 percent! Did the potatoes and other materials needed to make these products actually go up this astounding amount?

No, actually, we are experiencing the hidden tax called “inflation”. What causes inflation? A flawed monetary system that enriches the private banks and impoverishes the people with horrendous debt and, as we noted, staggering inflation!

So, how does our monetary system affect you and your wallet?

Simply put, our federal governments, since the Pierre E. Trudeau era, have colluded with the private banks and permitted the private banks, rather than the Bank of Canada, to create our currency. As a result, almost all of our currency is put into circulation as “debt”, as the private banks purchase bond issues from the government of Canada, which means we Canadians have to repay the “principal” on the bonds plus “compounding interest”. Is it any wonder our national debt is approaching a staggering $1 trillion?

What will irk you even more is that the private banks create our currency out of nothing. It is all digital money with nothing backing it. They call it “fiat” money and it is based upon the principle of fractional-reserve lending, where banks are permitted to loan out a fraction of what they have just created out of nothing. For example, if the bank made a loan for a mortgage for $100,000 and the fractional reserve rate set by the government is 10%, the bank can make a new loan to someone else for $90,000. If one carries this formula through, the bank enjoys a “multiplier effect” of about nine times the original loan, while collecting interest on each level of loan!

Even more frightening is what happens when the government via the private banks puts more money into circulation via this methodology: it dilutes the value of the currency already in existence!

Let’s say you are having a dinner party for ten people but 100 people show up instead. You have made a delicious soup to feed your 10 guests but in order to accommodate 100 people, you have to add a significant amount of water, thus diluting the soup to the point where it is almost tasteless. The same effect occurs to our currency when more currency is created.

Thus, the purchasing power of our dollar actually decreases when more currency is put into circulation, which is this hidden tax we mentioned earlier called “inflation”. That is why products go up in price. Our dollar is able to buy fewer and fewer of the materials needed to make the product for which they were intended.

That is why we encourage all Canadians to become advocates of monetary reform. If we do not want our children and their children to be left with a massive national debt to pay off (all unnecessary if the Bank of Canada were to fulfill its mandate to create our currency debt free) and inflation that makes it impossible for them to afford to buy a home, then we need to speak up and support individuals and organizations that understand this cause and advocate change.

Here are a few sources to get you started on your journey to become a monetary reform advocate:

COMER versus The Bank of Canada

Press for Truth – COMER versus The Bank of Canada

The Canadian Action Party

The only political party of which we are aware that advocates monetary reform

12-year old Victoria Grant speaks out against our corrupt monetary system

The Crime of the Canadian Banking System – Bill Abram

What’s Your Cloud News Site

Image source: Wikipedia