Where Have all the Public Assets Gone? Ask the Bank of Canada

Beyond Banksters, title of a book by Joyce Nelson, is an obvious play on the word Gangsters. And for good reason.

Nelson writes about the acquisition of Canada (and the rest of the world) by Big Business and declares that it is not as honest as it should be.

Entire nations, including Canada, are duped into parting with public assets such as airports, roads, ports, electricity production and transmission, water supplies, and more, selling them or parts of them, to often foreign-owned investment firms that distribute the profits to shareholders rather than the nation that was the original builder and owner.

It’s sad, she says, because a nation goes ever deeper into debt, cuts back on social supports for its needy people, reduces expenditure on education, health, and more.

Sound familiar? It seems that though Canada still has lots to sell, it is already en route to trouble. It seems it all began back in 1974 when the Canadian government stopped borrowing money from the Bank of Canada where it paid minimal interest, which in any case came back to Canada’s public coffers.

Instead, Canada began borrowing from private banks. Now, Canada is in so deep that it pays interest on the interest, no end in sight.

COMER, the Committee On Monetary and Economic Reform, is a private group. Some of its members allege in court that Parliament was not asked to approve the change in the Bank of Canada’s role, which makes the revision unconstitutional. Some COMER members urge going even further. They want the Bank of Canada to return to its lending-to-the-government role, and save us all those interest payments. After all, Bank of Canada financing built the St. Lawrence Seaway, the Trans-Canada Highway, and paid for Canada’s efforts in World War II, which included building the World’s third largest navy.

Closer to home, if we want to expand our subway system – say route it out from Toronto to Mississauga and Brampton, let’s remember that Bank of Canada financed Toronto’s Yonge Street line in 1949 through to 1954. Paid off. Long ago.

Nelson visits Iceland as the worst possible outcome of Big Investors taking an interest in a nation’s development. A master plan was developed to build a smelter, which required a source of power, which in Iceland’s case meant water in quantity, which meant building a dam… and on and on.

The smelter cost more to run than expected. It was a disaster. Iceland refused to pay some of its debts. It sent 26 of its financier citizens to jail. Lesson learned.

Nelson writes about far more than Canada, demonstrating the scope of international financiers and the dangers they pose. Here in North American, President Trump wants to build walls to keep people out. But it’s not people who are out of control. It’s money.

2 thoughts on “Where Have all the Public Assets Gone? Ask the Bank of Canada

  1. How do I get updates when new stories are being posted?
    I am the Director of one of 3 Salvation Army Community and Family Services offices in Mississauga and find your articles extremely interesting and beneficial for our staff. We can use them as jumping off points for our programming and development.

    Thanks

    • Hi Joel, thanks for the kind words! We’ll be implementing push notifications soon, but until then you can follow us on Twitter and Facebook for updates.

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