20/07/25

Minister of Finance

His Majesty’s Parliament of Canada

Minister,

Canada is generally acknowledged to be a democracy – meaning the    elected government is accountable to the people of Canada.

The Bank of Canada is a crown corporation - its shares are held in your name and is controlled by you in right of our sovereign on behalf of the people of Canada

Graham Towers - the first and longest serving Governor of the Bank of Canada – stated before the 1939 House of Commons Standing Committee on Banking and Commerce -

              The major function of a central bank is to regulate credit and                 

              currency in the best interests of the economic life of the nation

What are Canadians to do when they discover that the Bank of Canada is not conducting business in the best interests of the economic life of the nation but rather the best interests of private investors?

The graph of our sovereign debt reveals that after the Bank of Canada Act was amended in 1967 - allowing the bank to pay interest on accounts of the BIS other central banks and international financial organizations - our sovereign debt began its fifty year climb into the stratosphere.

The graph also reveals that prior to borrowing private capital our sovereign debt was small and consistent including financing Canada’s participation in WWII.

What argument will the Bank of Canada - under your advice - bring forward to justify borrowing at interest from private investors?

It results in ninety percent of our federal budget devoted to paying interest when simply continuing the Bank of Canada’s policy of financing government deficits - as was the case from the 1934 opening of the Bank of Canada - would lead to a ninety percent reduction of our federal budget.

Borrowing from private investors at interest to finance government is extortion due to the fact that we have evidence that borrowing from the Bank of Canada directly would save us ninety percent of our tax burden

As well    we could finance our budget through direct government creation of money as Towers demonstrated when he commented in the Standing committee referred to above that a currency of paper authorized by parliament has the purchasing power of gold

The Bank of Canada and His Majesty’s Parliament of Canada are engaged in racketeering to extort money from the people of Canada

in support of private investors

I stand firmly against the extortion and racketeering committed by His Majesty’s Parliament of Canada and the Bank of Canada

GUY HAWKINS