Keep the Occupy movement alive

This begs the question as to why is the Bank of Canada not being used by our government to determine Canada’s socio-economic policies?

The Occupy movement has been supported by individuals such as Chris Hedges, Naomi Klein, and even Mark Carney, who until recently, was the governor of the Bank of Canada. This begs the question as to why is the Bank of Canada not being used by our government to determine Canada’s socio-economic policies? Established in 1935, the Bank of Canada was set up so that we would have control over our own monetary policy.

Crucial to our governmental debt problems is the fact that all levels of government have borrowed from private banks and other private entities since 1975. The interest alone on these debts is enormous with governments across Canada paying billions of dollars in interest. As these debts increase, so does the annual burden on tax payers subjecting us to huge government deficits. However, this interest expense is not necessary.

Through our publicly owned Bank of Canada, the federal government has the power to borrow large sums of money, essentially interest-free, and to make such funds available not only for its own use, but for provincial and municipal expenditures as well. Such borrowing helped Canada to survive the Great Depression, as well as finance its participation in World War II. Continuance of this practice until about 1975 played a key role in creating Canada’s post-war prosperity and its much needed social programs.

Our federal government has the mandate to revive the powers of the Bank of Canada to gradually replace interest-bearing debt carried by governments with interest-free debt. This change in monetary policy along with changes in tax policy, would make available each year the billions of dollars urgently needed to fund social programs, health care, education, the environment and much more.

The continued practice by our governments of borrowing from private banks is just another example of how our tax dollars are used to subsidize the privileged 1%. Subsequently, the Council of Canadians, which is the largest citizens’ advocacy group in Canada, calls for the renaissance of the Bank of Canada. So should we.

Sandra Nelken



Just Posted

Michelle Mungall’s baby first in B.C. legislature chamber

B.C. energy minister praises support of staff, fellow MLAs

Three Nelson marijuana dispensaries to remain open after legalization

Nelson’s police chief has no plans to close them down

Toronto Police ID Nelson man as naked shark tank jumper

David Weaver, 37, is wanted on mischief and assault charges

LETTER: Beware those towing the party line

Reader Bob Malcolmson questions CORE

‘Police are ready’ for legal pot, say Canadian chiefs

But Canadians won’t see major policing changes as pot becomes legal

Rick Mercer says pot is ‘excruciatingly boring’

Comedian hopes Canadians will move onto something else once marijuana is legalized

2 charged for feeding B.C. bear Tim Horton’s timbits

Court documents show that Randy Scott and Megan Hiltz have both been charged with feeding or attempting to feed dangerous wildlife.

Killer-rapist Paul Bernardo set for parole bid after 25 years in prison

Bernardo’s parole hearing at the Bath Institution is expected to attract numerous observers

Feds aiming to select preferred design for $60B warships by end of month

Defence insiders say the government wants to select a design by the end of the month from among three options submitted by several of the largest defence and shipbuilding companies in the world.

A B.C. campaign to give municipalities input into marijuana advertising

Without a say, towns and cities risk Washington-State-style flood of advertising, proponent says

Defence cautions against mob justice in Calgary child neglect trial

Jennifer and Jeromie Clark of Calgary have pleaded not guilty to criminal negligence causing death

Feds eyeing options to expedite pardons for minor pot convictions

Internal discussions have focused on an application-based process for speeding up pot pardons

U.S. pot firms urge Trump to dominate North American marijuana industry

Cannabis producers claim the U.S. is “rapidly losing” its competitive advantage to Canada

Battle resumes over speculation tax on B.C. vacant homes

Opposition calls it ‘fake’ tax that is reducing housing supply

Most Read