Creating Government Money Using the Bank of Canada

John Riddell
John Riddell 30 Comments
78 SignaturesGoal: 100,000

We, the undersigned, believe that, under no circumstances should the sovereign Government of Canada borrow from commercial banks; THAT to do so results in unnecessary compound interest payments; and so REDIRECTS government money away from health care, education,and socio-environmental programs that Canadians want. THAT moneys borrowed by our governments from the Bank of Canada would (i) be exempt from compound interest charges; (ii) could be used in service of social programs; and (iii) would not cause inflation: in fact, it is borrowing from commercial banks at compound interest rates that causes inflation and inhibits social program development. THEREFORE WE REQUEST that the Federal Government, through the Federal Finance Minister, direct [Bank of Canada Act, s. 14(2)] the Governor of the Bank of Canada to create, through the Bank of Canada, progressively more of the money Canadian governments need, thereby (i) avoiding counterproductive and egregious debt payments which benefit only the financial 'community'; and (ii) making available more of the funding needed to ensure and be of benefit to the wellbeing of all Canadians.

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