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Forum Post: Canada echos the US as a debt creation MACHINE!

Posted 2 years ago on April 3, 2012, 10:01 a.m. EST by jph (2652)
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"Even the world's most resource-rich country has now been caught in the debt trap. Its once-proud government programs are being subjected to radical budget cuts—cuts that could have been avoided if the government had not quit borrowing from its own central bank in the 1970s."

From Web of Debt blog; http://webofdebt.wordpress.com/2012/04/01/oh-canada-imposing-austerity-on-the-worlds-most-resource-rich-country/

"The debt shot up only after 1974. That was when the Basel Committee was established by the central-bank Governors of the Group of Ten countries of the Bank for International Settlements (BIS), which included Canada. A key objective of the Committee was to maintain "monetary and financial stability." To achieve that goal, the Committee discouraged borrowing from a nation's own central bank interest-free, and encouraged borrowing instead from private creditors, all in the name of "maintaining the stability of the currency.""

This chart is too clear on just how well this has worked, for the elite banksters anyway; https://webofdebt.files.wordpress.com/2012/04/canadian-debt1.jpg?w=468&h=335

Clearly the seeding of money creation to the private bankers, has led to the bankers gaining unlimited power/wealth, and zero benefit to the people. In fact they are clearly the leach that is sucking the life blood from our souls.

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