BILL ABRAM part-1/3
Over the past 4 years, the Canadian people have paid $137.4 billion in interest on money borrowed from private banks whereas the Bank of Canada could legally print the public's money into existence rather than borrowing it at interest. "They've paid out this huge sum because our government has failed to abide by the law." Abram, a retired high school teacher and activist on Vancouver Island, B.C., explicates the trick of fractional reserve banking.
CANADA'S GREAT EXPERIMENT: 1935-1974 part-2/3
For nearly 40 years, Canada - the people of Canada - had control of their own currency! Imagine! They founded their own bank and issued their own currency with no debt obligations to banks. Taxes were low and debt was too. They got themselves out of the depression that had been induced by the international banking cartel in 1929. By 1934, through the driving force of one man -- Gerald Grattan McGeer, Mayor of Vancouver, B.C. -- Canada founded the Bank of Canada and they were on their way to debt-free recovery.