“ Until the control and the issue of currency and credit is restored to government and recognized as its most conspicuous and sacred responsibility, all talk of sovereignty of Parliament and democracy is idle and futile. Once a nation parts with the control of its currency and credit, it matters not who makes the nation's laws. Usury, once in control, will wreck any nation.”
~ William Lyon Mackenzie King, longest serving Prime Minister of Canada.
03 November, 2016
OFFICE OF THE PRIME MINISTER
Prime Minister Justin Trudeau
80 Wellington Street
Ottawa, Ontario K1A OA2
Canadian Finance Minister
Governor of the Bank of Canada
Prime Minister Justin Trudeau,
I am writing to you with reference to a landmark lawsuit filed against the government of Canada, The Bank of Canada, the Minister of Finance, the Attorney General of Canada, the Minister of National Revenue and the Queen by COMER – a Canadian economic think thank represented by constitutional lawyer Rocco Galati for "abdicating their statutory and constitutional duties with respect to article ss. 18 (i) and (j) of the Bank of Canada Act which stipulates that the Minister of Finance and the Government of Canada are required to request and the Bank of Canada is statutorily required to make interest-free loans for the purpose of human capital expenditures, infrastructure expenditures and federal, provincial and municipal expenditures." Details about the lawsuit can be found at www.comer.org
Both the COMER lawsuit as well as my personal research into the subject reveals that the Bank of Canada was constitutionally created as a public bank in 1938 and constitutionally mandated with the exclusive power and right to issue and loan the federal, provincial and municipal governments interest-free money for budgetary support, public infrastructure development and “human capital” expenditures such as education, health and other social programs.
Prior to 1938, Canada did not have a public bank. As a result, the government had to borrow money for government expenditures from private commercial banks at interest. The country's largest private commercial bank – the Bank of Montreal – was the government's de facto bank. However, on the eve of the Great Depression (1929), the interest on the government debt had reached an alarming one third of government expenditure. As a result, a Royal Commission was set up in 1933 to study the setting up of a Canadian public Central Bank to issue and loan interest-free money to the government for budgetary support and public expenditure.
In 1974 (under your late father Prime Minister Pierre E. Trudeau) the Bank of Canada became a member of the Bank for International Settlements (BIS)( an apex private central banking organization regrouping all private Central Banks around the world) which started dictating monetary, financial, fiscal, economic and budgetary policy in Canada. Furthermore, under the BIS, the Bank of Canada was forbidden to provide interest-free loans to the government, contrary to the Bank Act of 1938.
Instead, the Canadian government started borrowing fiat money created ex nihilo (out of nothing) from private commercial banks at exorbitant compounded interest rates. As a direct result, the Canadian so-called "public debt" has since exponentially increased from $24 billion in 1974 (before the Bank of Canada joined the BIS) to over $600 billion in 2014.
Furthermore, according to official statistics published by the Canadian Ministry of Finance, Canadian taxpayers paid $28.2 billion in compounded interest on the so-called "public debt" in 2014 alone, representing 10% of total government expenditure for 2014 ($271.7 billion), exceeding health and other social expenditures, employment insurance, children's benefits, Public Safety and National Defense. Source: http://www.fin.gc.ca/taxdollar/
Public debt, budget deficits and austerity policies and measures
It is truly alarming and incomprehensible that you Prime Minister Justin Trudeau and your government are spending over $30 billion annually to pay the compounded interest on the “public debt,” while imposing deadly austerity measures on the Canadian public, slashing federal, provincial and municipal budgets and borrowing additional billions of dollars from private banks at compounded interest to fund infrastructure development and “human capital” expenditures such as education, health care and other public and social services!
Moreover, according to Paul Hellyer (the former Canadian Defense Minister and author of The Money Mafia: http://www.paulhellyerweb.com), Canadian taxpayers have paid over $ 1,100 billion ($1.1 TRILLION) in compounded interest payments on the “public debt” over the last 30 years from 1974-2004 (twice the current “public debt”!) With the current level of government debt ($ 611.9 billion/2014), Canadian taxpayers will pay another TRILLION dollars in compounded interest only over the next 20-25 years, ad infinitum...
Why should the government borrow fiat money created ex nihilo at exorbitant compounded interest rates from private commercial banks when it can create and issue its own currency interest-free...?
The obvious question that any sane and thinking person would ask you as Prime Minister of Canada and that I hereby ask you Justin Trudeau is why does the government have to borrow fiat money created ex nihilo from chartered private commercial banks at exorbitant compounded interest rates which hard-working Canadian taxpayers are coerced to repay through taxation, when the Bank of Canada Act of 1938 gives the Bank of Canada the constitutional mandate and the exclusive right, power and obligation to issue and loan money to the government for public infrastructure, human capital expenditures and budgetary support ?
In 1939, Mr Graham Towers – the first Governor General of the Bank of Canada from 1934 to 1954 - testified in front of the Canadian Government's Standing Committee on Banking and Commerce, during which he provided factual evidence and openly revealed much about the modus operandi of the private banking system in Canada.
In one question he was asked by the Committee:"Will you tell me why a government with power to create money, should give that power away to a private monopoly, and then borrow that which parliament can create itself, back at interest, to the point of national bankruptcy?" To which Mr Towers replied:"If parliament wants to change the form of operating the banking system, then certainly that is within the power of parliament"
I hereby ask you the same question as Prime Minister of Canada Justin Trudeau.
Last but not least, I wish to share with you a quote by the late Honourable Prime Minister William Lyon Mackenzie King on the dangers of surrendering and granting a monopoly of the Canadian money supply to private international central bankers:
“Until the control and the issue of currency and credit is restored to government and recognized as its most conspicuous and sacred responsibility, all talk of sovereignty of Parliament and democracy is idle and futile. Once a nation parts with the control of its currency and credit, it matters not who makes the nation's laws. Usury, once in control, will wreck any nation.”
I await your response.
A very concerned Canadian citizen.