The Canadian National Newspaper: Alberta Perspective: New money system promises to rejuvenate Canada

When I see that the major expenditure of the Government of Canada (GoC), is paying interest on its debt (16.2% of its total annual expenditures for Fiscal Year 2005-06), I realize that this is a problem that all of us Canadians must tackle, and particularly realizing that the solution is so simple. All that the GoC has to do is to transfer its debt to the public central Bank of Canada (BoC). Had the BoC been holding 100% of the debt in Fiscal Year 2005-06, the GoC would have saved $33.5 billion of the $33.8 billion that it paid in interest payments.

The BoC gives it profits to the GoC, while the private lenders do not. In Calendar Year 2007, while only printing bank notes for 3% of Canada's total money supply, the BoC gave $2.0 billion in profits to the GoC. With Canada's total money supply being $1525 billion, and at an average annual interest rate of 7%, we are paying private bankers $107 billion, $5000 per taxpayer, annually, to create our money, at no cost to themselves. Here is my overall new money system for Canada:

The creation and issuance of all new money shall be by the BoC exclusively; and, the BoC shall issue it in amounts calculated to maintain a stable general price level (Inflation/deflation shall be 0% ± 1%). The BoC shall issue all of the newly created money debt free to the GoC and to the public. Every adult citizen shall receive an annual national dividend. The time period to increase to the 100% level of money creation and issuance by the BoC, from the present 0% level, shall be 10 years.

During this 10 year period, that the money creation function of the BoC is being increased to the 100% level, the GoC shall be transferring its debt to the BoC, and shall be paying off its debt, so as to be debt free at the end of this 10 year period (Note: Some penalties may have to be paid for paying off longer term debts ahead of time.). Also, during this 10 year period, as the money creation function of the BoC is being increased to the 100% level, the statutory reserve requirements of the private banks shall be being increased at the same time, and at the same rate, so as to attain the ultimate 100% statutory reserve banking level at the conclusion of this 10 year period. In this way, at the end of this 10 year period, the BoC will be creating all of the new money for Canada, and the GoC will be debt free. All of this will be without any inflation, or deflation, at any time during this 10 year period.

The BoC now operates at "arms length" from Government, and it shall continue to operate that way, except that the present fourteen management directors shall be replaced by fourteen management directors, elected by the public.

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