Globalization and the Bank of Canada
Date: Wednesday, January 11 2006
The reason our governments do not maximize the power of our own Bank of Canada is because to do so would be contrary to the command of the globalization process, the privatization of the world, led by the IMF and the World Bank. Canada now uses the Bank of Canada for only about 1% to 5% of its financing of the nation's needs. The rest is borrowed from private banks and hence the escalating exponential interest growth on the national debt.
Many countries have had a central bank like the Bank of Canada that was owned by the people which was used to put money into the system for infrastructure etc at no or very low cost to the money. Any cost that did arise goes/went back to the countries' coffers. Private banks like TD, CIBC, Royal etc charge high interest and keep it for their own profits.
Read more: http://canadianactionparty.ca/temp/articles/Globalization_and_the_Bank_of_Canada.asp
The mandate of globalization requires that all the national banks be privatized in order that there remains no competition for the private banks, except among each other to practice their usury. One of the terms of conquest of the illegal war against Yugoslavia (which Canada participated in, supported by every party including to their indelible shame, the NDP) was the demand by the IMF and NATO (read U.S.) that Yugoslavia give up its central national bank which it was forced to do.
A constant term imposed by the IMF on every nation in trouble with their money is to get rid of their national bank. It is a central part of what Michel Chossodovsky calls the Globalization of Poverty.