Thursday, January 21

Canada’s public debt that benefits private banks


Private banks are getting richer and at the same time consolidating their hold over society like never before. At the expense of current and future generations, without even being worried. Because it is from private banks that Justin Trudeau borrows the considerable sums necessary to mitigate the economic and social impacts of the health emergency measures in force across the country.

This proven generosity is a legacy of his father, Pierre Elliott Trudeau, who, in 1974, decided that the federal government would no longer borrow from the Bank of Canada, a public bank owned by all Canadians, but well to private banks. Why? And why have you extended the power of money creation, until then reserved for the Bank of Canada, to private banks?

An issue in the news

This question, or called into question, is more topical than ever, because it is from this moment that the public debt began to grow exponentially (currently, the debt stands at nearly 950 billion dollars, or more than $ 25,000 per person), and that the repayment of this ever-growing debt leads the federal government to slash more and more in the funding of public services and social programs, to the point of jeopardizing their sustainability .

You should know that the Public Bank of Canada allowed us to go through the 2nd World War and to build bridges, highways, railways, water networks, schools, hospitals and universities, and this, while being relatively debt free as a nation. Remarkable, isn’t it?

The “killer question”

And yet, no journalist or MP has even dared to ask the “killer question”: Why is the Government of Canada not borrowing the sums it needs, including those for the post-COVID recovery. 19, from the Public Bank of Canada, rather than to private banks, whose sole purpose is to maximize their profits?

Would this demonstrate the power acquired by these private banks and the control they already exercise, placing them out of reach and making them immune to any questioning of their role in society?


www.journaldemontreal.com

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