| Take back the B.O.C.! |
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Our Bank of Canada is the answer to many of the systemic challenges Canadians face today. As a nation we not only have a right, but a duty as well, to use what is collectively ours, the Bank of Canada, so we can keep what is rightfully ours to enhance our economy without the burden of excessive taxation. Bank of Canada A re-empowered Bank of Canada is critical for the Survival of Canada as an independent and sovereign nation. The Bank of Canada, unlike the Federal Reserve in the U.S., is wholly owned by the people of Canada. It was nationalized in 1938 and was used very successfully to fund infrastructure, social programs, education, etc., for the benefit of all Canadians. It was used to bring us out of the depression, funded World War II, to build highways such as the McDonald-Cartier freeway, public transportation systems, subway lines, airports, the St. Lawrence Seaway, our universal healthcare system, our Canada Pension Plan. Unfortunately, since Canada adopted economist Milton Friedman’s theory of Monetarism in 1974 this has not been the case and one can track the progression of the dismantling of Canada since then. By 1974, Canada’s accumulated federal debt since Confederation was $18 billion. By 1977 after the government reduced its use of the Bank of Canada to carry public debt, it had risen 3000% to $588 billion. Today the debt is $500 billion, 95% of which is compound interest owed to private banks and investors. Currently Canadians pay $37 billion approximately per year in debt servicing. We must return to the Bank of Canada for a minimum of 50% of Government-created money (GCM). It is essential to maintaining our sovereignty (our monetary system must not be in the complete control of the private bankers and corporate elites. GCM could also be used to: -Incrementally repatriate our debt back to the Bank of Canada, eventually eliminating the need of paying interest to private banks. This means lower income taxes for all. -Fund new infrastructure (roads, bridges, hospitals, schools) could be built at a fraction of the cost because of reduced interest costs. -Lend to provinces and municipalities at near or zero interest with the proviso that they maintain a certain level and quality of healthcare, housing and education. That means lower property taxes for all. -Improve our universal health care system, reducing wait times and removing publicprivate partnerships. It is a proven fact that public healthcare systems are more efficient than private ones because profit is not the motive. -Ensure that our public school systems and teachers are equipped with all that is necessary to bring forth future generations of well-informed, well-rounded, well-educated adults capable of critical thinking. -Lower and/or subsidize university tuitions so that all citizens would have an opportunity to attend institutions of higher learning should they wish, without ending up in the poor house. -Alleviate the suffering of the poor, homeless, drug-addicted and mentally challenged. -Invest in green technologies to save our environment. -Invest in the family farm and new agricultural technologies that would eventually benefit all citizens. THEREFORE: The Canadian Action Party would: -Ensure that a minimum of 50% of new money supply would be GCM on which no interest is paid (an increase from less than 5% currently). -Amend the Bank Act requiring banks and other deposit taking institutions to maintain statutory cash reserves with the Bank of CanadaBank of Canada A re-empowered Bank of Canada is critical for the Survival of Canada as an independent and sovereign nation. Support our Campaign to Take back our Bank of Canada! |
Comments
I think if we really want to have self-governance and self-determination and a society that maximises the creativity and health of all of our citizens and communities, there are three critical things:
1) Local community control of all natural resources and "investment" in the community The use, scale of development, standards set, and all decisions impacting the community need to be determined by the citizens of each community. Then the quality of life can be protected by the community for the present and for future generations.
2) A local political voting system for every level of governance All eligible voters can be registered in their community centre's "Electoral Office" with an account for each, in which they may place or change their vote for representatives at all levels of government, and through which they may also conveniently participate in petitions, referenda, or any initiatives or other direct democracy issues without any additional expense to anyone. This would provide access and motivation to all citizens to inform themselves of the issues impacting their lives. I think this would also create a healthy cohesion in communities, who would be empowered to work out solutions that satisfy the needs of their community as a whole. I think this would also provide the best outcomes for all of the individuals within the community, and protect it from destructive exploitation from outside of the community (i.e. global corporations, etc.).
3. Use of local currencies, banking, and barter systems This would enhance the ability of all communities to keep their own economies healthy. I think these initiatives could be comfortably combined with national currency and banking for those areas in which trade or national projects are in the best interests of everyone ~ but on the basis of Fair Trade, not Free Trade, and with complete accountability of decisions being made on the behalf of citizens because they can actually participate in their government only if any support or confidence they place in their "representatives " is based on a vote they can change if they need to. This is the best way I know of to provide accountability in a practical, universally accessible way.
Just imagine how much more cost-effective and fair this system would be than, for example, the recent "Fight HST" Campaign we did here in B.C. where I live. Thousands of people volunteered long hours and expense and effort, and I've talked to some of these people. Canadians, at least here in B.C., are ready to participate in the political decisions being made for them by their representatives .
I don't think there is any other way we can protect Canada's and therefore each individual Canadian's sovereignty, socially, politically, financially...it all comes down to everyone having a voice, all the time, and learning to interact cooperatively with each other and their representatives to create solutions that work for all of us. I believe we can do this, people just have to make the choice and follow through, like we've done with the anti-HST campaign. It was wonderful to hear the confidence and empowerment these people had in their voices. It's something that would enrich and benefit the lives of all of us.
My thinking on this is that all individuals, communities, provinces, and nations are strengthened and made healthier by supporting each other's self-determination, self-reliance, and self-sufficiency, to the extent that is possible for each. Trade and other interactions must always be equally supportive and healthy for each, never exploitative. This is not the picture we see today, either within Canada or between nations.
I'd be interested in knowing what others out there think about these issues and ideas.
Doris
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