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Restore the Bank of Canada


Here is a video of our president, Claudia Rodriguez-Larrain, speaking at Occupy Toronto about restoring the Bank of Canada.  Previously, the Government of Canada borrowed money from itself (through the Bank of Canada) at no interest for almost thirty years.  Now, the Government of Canada (and all provincial, territorial and municipal governments in Canada) borrows money almost entirely from private banks, which charge interest.  Your tax dollars goes towards these interest payments, which by some estimates amounts for almost 30% of all taxes collected.  This interest gets compounded, increasing the amount we collectively owe and contributing to the problem of government never being able to get out of debt.  Through our government we issue private banks this power to issue loans (money from nothing), and yet through our tax dollars, we are forced to pay them interest.  Does this not sound like insanity to you — your tax dollars going to fund bank profits?

 

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