Over the past 4 years, the Canadian people have paid $137.4 billion in interest on money borrowed from private banks whereas the Bank of Canada could legally print the public’s money into existence rather than borrowing it at interest. “They’ve paid out this huge sum because our government has failed to abide by the law.” Abram, a retired high school teacher and activist on Vancouver Island, B.C., explicates the trick of fractional reserve banking (part 1 of a series; snowshoefilms yoryevrah
Duration : 0:10:37
everyone here …
everyone here should watch “Our bought and sold land” Canadian banking system documentary VERY EASY to understand and very clear on the situation… now as for college/university debt me and my gf will need to start selling weed just to have a chance to pay $40 000+ of intuition and OSAP…. How am I supposed to get a honest full-time job (that’s minimum wage) and pay that back? Do the math and its impossible.
The trouble with a …
The trouble with a FIAT currency is, governments eventually can’t hellp themselves. Whether it’s fighting unwinnable wars, paying off cronies, or spending like drunken sailors on programs to get re-elected, the trouble is, an unbacked currency can be overprinted. And if you read your history books, FIAT currencies always end poorly. Look it up: Whether it’s French Assignats, Yugoslavian Dinars, Weimar Germany Reichmarks, Zimbabwean dollars old Mexican pesos; take your pick: they all end in chaos
I can appreciate …
I can appreciate what you’re saying. A FIAT currency gives the government the flexibility of funding, whereas gold and silver do not. Also a debt free Bank of Canada is really the solution to enrichen the citizens of Canada, just as Bill Abram correctly points out in this video.
However, I do think a gold or silver standard is eventually necessarily. Not because it is theoretically necessary (they aren’t), but it is the only way to control government spending.
I guess Mark Carney …
I guess Mark Carney and a few other voters on the board of Bank of Canada is NOT a small group of people…
Exactly, a gold …
Exactly, a gold standard doesnt work, as a small group of people control it, we should just print anough money for our needs, without interest and loan them to the people at very low rates, or via usuary fees to ensure it gets paid back.
Unless there’s a world war, we can manage with this system, but if you look at history, these private banking crooks create wars so we have to do in debt to finance them, devious people!
We gained our …
We gained our standard of living and infrastructure on GCM (Government created Money) If you sympathise with sound money libertarian economists that prefer a market driven monetary system Please keep this in mind.
This is unacceptable to most of us because it leaves no room for the government to spend on projects required by the nation.
You cannot allow individuals to concentrate wealth in a way that cripples the country, Gold and Silver can be hoarded and that won’t do.
You haven’t shown …
You haven’t shown in any way that I do not understand economics. Try to use something other than insults; it’ll make your intellect progress in some way at least. I mean, if you call people morons in real life debates, I pity your life.
It’sclear you don’t …
It’sclear you don’t understand economics and what causes inflation. You should keep your comments to things you understand, or study a lot more history. Moron.
Only comment with …
Only comment with any sense I’ve read in here yet. I agree with the metal thing. But the real problem here is the legal tender laws which forces people to accept a certain currency for debt resolving intead of having many competing ones. ie: you are conservative, go for a gold backed currency. You are cowboyish, go for a fiat one where the bank uses your deposits as a lever for greater earnings.
@StrafingMoose
…
@StrafingMoose
The solution is really to:
1. Raise the reserve requirement of banks (Currently it’s 0% in Canada!!!)
2. Back the currency with metals, with unconditional redeemability.
@StrafingMoose
…
@StrafingMoose
This is why, that not only does the government need to control the printing of money, but also there needs to been an unconditional redeemability into a specified amount (eg. 1 gram) of gold, silver or even copper. The fact that metals cannot be printed, will ensure that money will remain honest.
The reason why private banks are the bad guys here, is that they actually print the money from nothing (by giving out loans), and have the gall to charge interest for it too!!
Actually, you want …
Actually, you want banks to raise interest rates on government loaning so they borrow less of it as a way to safeguard their parasitical system. It’s called deflation and it’s healthy for the average saver. I’d bet that most people advocating government rateless money printing do not save and live off like 5 loaded credit cards.
@StrafingMoose …
@StrafingMoose printing money as much as they want is no worse than borrowing money as much as they want, but when you print you don’t have an interest at least
@forgottenunknowen …
@forgottenunknowen
“the government isn’t stupid to just print unlimited enough to cover the gross products”
Apparently, you haven’t noticed that’s what happened already. The currencies of all western countries working with the central bank model have all been debased, diluted and trashed by all governments because of overprinting/electronic issuing. Govt’s don’t let politically uncontrolled people manage the LEGAL tender, duh.
the government …
the government isn’t stupid to just print unlimited enough to cover the gross products, why would you let a private bankers rule a country, rather then let the people->republic->Government rule the country by controlling thier own economy and money supply. Learn history, this is nomore than KINGS and Queens ruling the country and the people having no voice, except there not called Kings, thier Bankers
Soooo.. Let’s make …
Soooo.. Let’s make government print money at no interest as much as they want and let’s see what happens. They’ll probably print of a couple of dozens of tril’s for their corporate/union subsidized little buddies within 24 hours, then all limited resources will end up being owned and when inflation hits 1 year after, you’ll have nothing to buy but alot of paper with the queen’s face to wipe your with. Regardless, let’s try.
Well, nothing has …
Well, nothing has changed for the better since this video came out, because the external debt of Canada is now $834 billion.
@evilevanevilevan …
@evilevanevilevan okay, since i see this is going no where since you are not actually intelligently debate me on my points or what i actually said, i am just going to say GOOD Ridance, dummkoff
Printing money can …
Printing money can work if the interest goes back to the tax payers. you make it sound like Canada’s economic system is as good as it can be?? you can’t be serious?? how old are you?? are you still in high school?? are you arguing with this man who is well matured and well educated and who quit his job to study this topic. did you quit your paper route to study this. did you put your allowance into a bank and thats y your sticking up for the bankers. or are u the son of a banker. WAKE UP BUDDY!!
ok listen, instead …
ok listen, instead of printing money, which could work because the interest paid on that money would go back into the system. in other words the interest would go to pay for roads and the police and fireman. but instead we pump money in by borrowing, from bankers, so money is still being flooded into our system, but cuz of all the interest we pay on the debt we always have to keep borrowing money. Now argue with those facts, my friend. cuz u think paying 37 billion to bankers each year is GOOD?
@only1too here …
@only1too here i’ll explain this one quick and dirty, if the canadian print just prints of money (say like the american), the money that is now in exsitance become less and less valuable look up pre-world war 2 germany and what happened when they just printed tons of cash.
it has been & will …
it has been & will ever be…that’s the unfortunate part. Making ‘tube vids won’t stop these cesspool spawned vermin & their wannabe vampire flunkies from laughing at us all the way to their banks with our blood sweat and tears in the form of “promissory notes”
must be some organization like Tax Watchdogs or Ombudsman that concerned people can get together & DO SOMETHING…frustrating, isn’t it?
kill ‘em all,let God sort ‘em out
or just eat the rich..? probably get silly fat cow disease
Unfortunately, it …
Unfortunately, it is a possibility that cannot remain ignored.
strange- a country …
strange- a country such as Canada is in debt for lending ITSELF money that it has the right to print for ITSELF? Yet somehow it is in debt (plus interest) to private banks that are getting their cash from the..government’s..bank?
It takes real used shitrag set of people (politicians)& a banker(no lower derogatory descrip. available in any language)to pull this off- all they need is apathetic & ignorant populace that’s more worried about hockey scores & if their credit will get them a 42″ or 52″
Watch my channel …
Watch my channel and you will what is the real crime. But, it is not late. We can do something!