henrymakow.com — May 18, 2018
On December 12th, 2011, Comer (The Committee for Monetary and Economic Reform) filed a lawsuit in Federal Court to try to force a restoration of the Bank of Canada to provide interest-free loans to the federal, provincial, and municipal governments, as it had until 1974 when Pierre Trudeau turned it over to the Rothschild Syndicate.
As a result, government debt has mushroomed.
Combined federal and provincial net debt has increased from $833 billion in 2007/08 to a projected $1.4 trillion in 2016/17. This combined debt equals 67.5% of the Canadian economy or $37,476 for every man, woman, and child living in Canada. Canadian governments (including local governments) collectively spent $62.8 billion on interest payments in 2015/16. That works out to 8.1% of their total revenue that year and $1,752 for each Canadian or $7,009 for a family of four. Source
In May 2017 the Supreme Court of Canada refused to hear the case.
by Betty Krawczyk– (henrymakow.com)
Many Canadians still think highly of Pierre Trudeau, but in 1974 he did one terrible thing that changed the lives, for present and future, of all Canadians, for the worse.
Trudeau gave the leading operations of the Bank of Canada over to the private banks operating in Canada.
The Bank of Canada was first established by Prime Minister Richard Bennet in 1935 as a private central bank, but was then nationalized by William Lyon Mackenzie King in 1938.
By nationalizing the bank, Mackenzie King meant for it to belong to the people so the Canadian government could borrow funds with little or no interest for capital expenditures. The mandate of the newly nationalized Bank of Canada was to act as the banker to the government and to manage the public debt.