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!


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COMER versus the Bank of Canada

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