Oh, Canada
Canada, the second largest country in the world, is full of natural beauty and resources. A country with various cultures, nations, and hard-working people. But there are some people that for decades work against this country and the residents living here. And they work very hard, but unfortunately for their masters or for their own benefit only. All the time is covered by the mainstream media.
Photo source: cointelegraph.com
Bank of Canada was established in March 3, 1934, and operation began March 11, 1935, as a privately owned institution with shares to be sold to the public. The mandate of the Bank of Canada is defined in the Bank of Canada Act preamble and it states:
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, to control and protect the external value of the national monetary unit and to mitigate by its influence fluctuations in the general level of production, trade, prices and employment, so far as may be possible within the scope of monetary action, and generally to promote the economic and financial welfare of Canada.
A new government introduced an amendment to the Bank of Canada Act to nationalize the institution and in 1938, the Bank became publicly owned and remains so up today. In 1944, the Bank of Canada then became the sole issuer of legal tender banknotes in and under Canada.
In 1974, at the behest of private banking interests and without debate Pierre Trudeau ordered the Bank of Canada to stop lending interest-free to the government for public works and to start borrowing at compound interest exclusively from private banks. How does compound interest work? For instance, if you owe $10,000 loan and your compound interest amounts to 10% that is compounded annually. With this, you’ll be paying $1,000 in your first year and $1,100 in your second year, and so on and so forth.
Also, banks use fractional banking reserves. How does it work? A customer of Bank #1 deposits $100 in his chequing account. The bank keeps the required reserve of 10% ($10) and lends the rest $90 to another bank customer. The second customer spends the $90 and this money ultimately ends in another chequing account at Bank #2. The Bank #2 keeps 10% ($9) of the deposit as a reserve and lends $81 to one of its customers and so on.
Photo source: en/numista.com
The debt of Canada in 1867 was $75,7 million and grew to $ 18 billion in 1974. This period involved the nation-building phase economy, which entailed the subsidized construction of transcontinental railways and the settlement of the West, the great depression in the twenties, and two world wars. After liberals changed the rules in 1974, the debt started rapidly growing from $18 billion to $1,197 trillion in 2022 and can’t be paid off.
Another issue is that a lot of Canadian former companies have been sold to foreign investors, including strategic companies, and they are often sold under the market price. Like that, the capital is leaking away from the country.
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Swiss-based Glencore International PLC receives approval from the Canadian government on July 15, 2012, for its $6.1-billion bid to take over Viterra Inc., a Regina-based agribusiness. Glencore expects to complete the deal after a review by regulators in China, Australia and New Zealand, where Viterra has operations.
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Brazilian mining giant Vale acquires Toronto-based Inco, the world’s second-largest nickel producer company, for $19.4 billion in 2007.
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U.K.’s Rio Tinto takes over mining and aluminum company Alcan in a $38-billion US deal in 2007
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Swiss company Xstrata acquires Toronto-based copper and nickel mining company Falconbridge in a 2006 deal that values the company at approximately $24.1 billion.
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U.S. Steel Corp. takes over Canadian steel-maker Stelco in 2007. The federal government sued U.S. Steel after it said the company failed to live up to promises it made to maintain investment in Canada. A settlement was reached in December 2011 under which U.S. Steel will maintain Canadian operations until at least 2015 and make a further investment of $40.7 million.
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Graphics chipmaker ATI Technologies based in Markham, Ont., is acquired by U.S. company Advanced Micro Devices in October 2006 in a deal valued at $5.6 billion US.
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The Caterpillar Inc. takeover of locomotive builder Electro-Motive in London, Ont., in 2010 is questioned when Caterpillar closes the plant permanently in February 2012.
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Nexen Inc., a Calgary-based oil company sold for $15.1 billion US to China National Offshore Oil Co. (CNOOC), which is owned by the Chinese government.
And more….
Also, Canada is the only member of G7 countries which doesn’t hold any gold. The last gold reserve was sold in 2016 by Justin Trudeau. On top of that, in 2020 the Trudeaus’ liberal government sold a Canadian goldmine Continental Gold based in Nunavut to a Chinese state-owned company Zijin Mining.
What for the end? Doesn’t matter what party is in power, if we don’t fix fundamental issues with borrowing money through private banks and global financial institutions, if we don’t stop the sale of Canadian businesses to foreign entities, we can not make a change for the better good of all Canadians. Doesn’t matter what politicians are saying or doing. Canada has the natural resources and human potential to create good welfare for everyone here, but we need the people in power who truly love this country and the people within.
– DB
