M. P. Sean Fraser and Prime Minister Justin Trudeau, my apologies for using a quotation that apparently was flawed.

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Dennis Tate

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Mar 19, 2020, 12:26:05 PM3/19/20
to Sean Fraser, justin.trudeau, Tate4centralnova, Remnant Sounds
Dennis Tate
Central - Nova, N. S., Canada, B0J3C0, March 19,2020

Honorable Minister Mr. Sean Fraser:
Honorable Minister Prime Minister Justin Trudeau:

My humble apologies but apparently there are errors in the quotation that I gave in post number one:

Betty Krawczyk: 
But somehow this worked backward for Trudeau. Many Canadians still think highly of Pierre Trudeau, but in 1974 he did one terrible thing that changed the lives, for present and future, of all Canadians, for the worse. Trudeau gave the leading operations of the Bank of Canada over to the private banks operating in Canada.

The Bank of Canada was first established by Prime Minister Richard Bennet in 1935 as a private central bank, but was then nationalized by William Lyon Mackenzie King in 1938. By nationalizing the bank, Mackenzie King meant for it to belong to the people so the Canadian government could borrow funds with little or no interest for capital expenditures. The mandate of the newly nationalized Bank of Canada was to act as the banker to the government and to manage the public debt. As Mackenzie King famously said: “Once a nation parts with the control of their currency and credit, it matters not who makes that 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 sovereignty of parliament and of democracy is idle and futile.”

So the Bank of Canada was nationalized in 1938 and the government could now borrow money with little or no interest. And it worked. The Canadian government built freeways, public transportation systems, subway line, airports, the St. Lawrence Seaway and funded a national health care system and the Canada Pension Plan. But then Trudeau, under the influence of the international financial group called Basel’s
Committee’s Recommendations (The Basel Committee on Banking Supervision) made the decision to halt the borrowing of money from the Bank of Canada, and instead, chose to borrow from the private banks who instead of lending to the government at no interest, or low interest, introduced higher interest rates along with compound interest.

All banks know very well the magic of compound interest. And Pierre Trudeau must have known that the mounting compounded national debt would lead to Canadians eventually owing a dollar fifty for every dollar of their disposable incomes. After all, he studied economics at the London School of Economics. Surely the professors there knew about compound interest.

So Pierre Trudeau, instead of feeling blessed that Canada, unlike the US, had a nationalized central bank, signed our bank away to the private banks. Couldn’t Trudeau, such an educated man, surmise that citizens in a few years would be struggling to make car payments and meet rent and mortgages and student loans and to buy healthy food while last year’s profits for the big five (that’s Royal Bank, TD Bank, Scotiabank, Bank of Montreal and CIBC amounted to $31.7 billion?) If he did, he didn’t care. But it doesn’t have to be this way.. It really doesn’t. Our Bank of
Canada is still there. Next time." (Betty Krawczyk)
My original message still has potential and some validity and the errors in what Ms. Betty Krawczyk wrote is corrected in this blog that will take some time for me to fully digest:


Much Ado about 1974: The Bank of Canada in the 70s

(Adam Smith) :

".....
We are being denied much needed public works and services in order to maintain and strengthen the supremacy of the private sector while weakening and gutting the public sector. Politicians spend time cutting taxes, starving the government of revenue for growth that is never realized (except for the growth in profits of corporations and the wealthy), privatize public assets on the cheap for one-off payouts, and then they turn around and tell us regular folk we must tighten our belts and accept austerity. The truth is that technically speaking the federal government doesn’t require a dime in taxes to continue spending on the public, they could provide us any funding we need for infrastructure or services. This isn’t to say we can spend on everything we’ve ever wanted, there are still real constraints like availability of resources and labour, and we do need to watch for inflation, but the lie of austerity is laid bare when certain favoured sectors receive subsidies and tax breaks while necessary public spending falls by the wayside. Chomsky said it best, “That’s the standard technique of privatization: defund, make sure things don’t work, people get angry, you hand it over to private capital.” We are being denied funding for needed public works for no other reason than neoliberal ideology prioritizing the largest players in the private sector, trying to ensure any public project profits them.
Before moving any further, in case some people reading this are uninitiated, there are some realities of the banking system I need to put out there if you are to understand why lately there’s so much talk of monetary reform, MMT, sovereign money, and public banking, and why it’s perhaps the most important issue facing the entire global economy.

The basics of the monetary system:
The biggest hurdle to understanding the monetary system in Canada is that NOWHERE in Bank of Canada literature is it clearly spelled out. It gives the broad strokes, but anyone trying to dig to the heart of the accounting will be stymied at every turn. Unlike the Bank of England, which has no problem publishing a paper that is quite candid on the realities of the monetary system, the BoC seems to prefer being a black box, and past literature about the BoC gives the impression they like it this way, because it’s hard to criticize something if you’re unsure what exactly is going on. Luckily our system is very similar to the BoE, and third party books about the BoC reveal more than they do." (Adam Smith)
My humble apologies...... but the text of my own suggestion still has validity and actually could be done even if my wording was less than entirely accurate due to the complexity of Bank of Canada policies and procedures from 1938 until now.

Thank you for your patience with all of this because it is certainly not my intention to give less than 
good and valid information to my local Member of Parliament and by implication to the Prime Minister 
of Canada.

Dennis Tate



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