Public Bank of Canada

Time to Revolt

Canada's public debt - beginning with Confederation - to the present.

Graham Towers, the first Governor of the Bank of Canada, was asked:

"Will you tell me why a government with power to create money,

should give that power away to a private monopoly,

and then borrow that which parliament can create itself,

back at interest, to the point of national bankruptcy?"

He replied,

"If Parliament wants to change

the form of operating the banking system,

then certainly that is within the power of Parliament."

The Bank of Canada is a public bank

owned by the people of Canada.

The Minister of Finance holding

- in our name -

100% of the Bank's shares.

Our rapid rise in government debt

beginning in the early '70's

is mirrored by the other 'western' countries-

we are all saddled with un-payable debt.

In the early '70's the BIS promoted

central bank independence

from government interference

and funding government

through private investors,

rather than using a country's central bank.

A 'classic' "problem - solution" scheme.

The central banks caused

the present credit problem.

The purpose was/is to collapse the present

economic order and replace it with digital

currency issued by a single bank.

Ellen Brown, a leading advocate

of public banks, stated the following

in response to the suggestion

that the Fed be shut down...

...central banks actually serve some useful functions.

Better would be to nationalize the Fed,

turning it into a true public utility,

mandated to serve the interests of the economy

and the voting public.

Having the central bank and the federal government

work together to coordinate fiscal and monetary policy

is actually a good idea, so long as the process is transparent

and public representatives have control

over where the money is deployed.

It's our money,

and we should be able to decide

where it goes.

Ellen's description of,

'how a central bank should operate'

is exactly how the Bank of Canada operated

up until just before joining the BIS.

In 1938 our government bought

all outstanding shares

of the Bank of Canada -

fully nationalizing the bank;

creating a public utility.

The Bank of Canada stopped being

a public utility when it began

accepting interest bearing deposits.

The Bank of Canada does not need to borrow

- accepting interest bearing deposits

is borrowing money.

The Bank became responsible to its depositors -

rather than simply being responsible

to the people of Canada as was the intent

when the bank was nationalised.

Bank of Canada Act Preamble

The Preamble begins with...

Whereas it is desirable to establish

a central bank in Canada to regulate

credit and currency

in the best interests of

the economic life of the nation...

Allowing the government to borrow

- at interest - to the point of national bankruptcy

when the Bank could lend

at zero or nominal interest

is the antithesis of the purpose

of the Bank of Canada

as described in the Preamble.

We cannot rely on our government

to manage the Bank of Canada

in our best interests.

We need to retake control of the Bank;

and return it to its original

function of funding government

at zero or minimal interest.

I suggest:

we divide the shares of the Bank

held by our government

so that each citizen has a share,

that these are the only shares,

that shares would have no face value,

could not be bought or sold,

could not be held as collateral,

are extinguished upon death.

Our share is our vote for a director

on the board of our Public Bank of Canada.

Each federal constituency would

elect a director to the board.

The Bank would fund all government spending

- putting money into circulation.

Presently our tax dollars

are used to pay interest

on money borrowed in past budgets.

When our Public Bank of Canada

creates money to pay our government's bills

there is no need for income tax...

rendering income tax


No income tax means

no tax on a person's labour.

"Labour" meaning...

work done for money

or other compensation

received in the present

or a future moment.

"Labour" is inclusive;

it includes all of us,

from minimum wage

to CEO...

Professor Richard Werner is

Chair in International Banking

at the University of Southampton,

Director of its Centre for Banking,

Finance and Sustainable Development,

Chairman of Local First Community Interest Company

and former advisor to the Bank of Japan.

In the following video

Professor Werner discusses

Japan's 'economic miracle'

in the post war years;

as well as the role of the Bank of Japan

in intentionally creating

an asset bubble -

with the desired outcome

of then crashing the bubble -

to make structural changes

to the economy.

Princes of The Yen.

Protest votes

What we want


No Party system of governance

Bank for International Settlements