World Bank and IMF
In an effort to rebuild the international economic system in the wake of World War II, delegates from Allied nations all over the world established the International Monetary Fund (IMF) and World Bank with the Bretton Woods Agreement, on December 27, 1945.
Bretton Woods Conference
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Why did Pierre Elliot Trudeau move Canada from having a public debt (printed money from the Bank of Canada) to borrowing money from private banks and issuing bonds (money) that pay interest? Before 1974, public debt was very manageable as it was only 18 billion dollars before Trudeau drove it to over 100 billion dollars which got the compounding IMF private bank rolling. Canadians have been fleeced for billions, but no traction in media for this complex banking case.
This was essentially a criminal act, there was never any referendum of Canadian taxpayers that agreed to let the government start borrowing money from banks and investors. Approximately 70% of the 600+ Billion dollar federal debt is from compounding interest. If they had just printed the money from the Bank of Canada we would only have a 200 billion dollar excess currency in circulation instead of this monsterous 600 billion debt that is compounding and threatening to destroy our country.
As Canadian Prime Minister William Lyon Mackenzie King warned in '1935:' "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."
Liberate the Bank of Canada, Intrepid Think Tank Urges
One solution is detailed by Economist Martin Armstrong:
1) Stop all payments to the bondholders and issue local spending credits (based on the 200 billion initial loans, not the compounding level of 600 billion since Canadian taxpayers did not vote or approve these loans.
2) Make it illegal for politicians to borrow money
3) Term limits (one term) for all politicians at all levels of government. A permanent privileged class of politicians that get used to having far more money than most Canadians must not be allowed as this makes then out of touch with the problems that the taxpayers who elected them have. It should be an honour to serve your country not a way to get rich. Canadian business people with strong experience in running businesses efficiently should be encouraged to step forward and give 1 term of service to running the country (this principle should apply to all levels of government).
4) Change all pensions and pay levels for politicians and public servants retro-actively to be more in line with private pensions, amounts given out are to be based on number of years served just as in the private world. The average federal civil servant total cost according to the Canadian Taxpayers Federation is over $114,000 dollars per year, this is far above what most Canadians get and is not right.
5) Eliminate the Income Tax and replace it with a sales tax and small property transfer tax. Mr. Armstrong did a study showing government would actually get more money if this was done. Income tax inhibits the formation of capital required by business to expand and hire more people. This would also help working Canadians save for buying house or a business. It is better to let those who know how to create wealth direct the money instead of government bureaucrats wasting a great deal of tax dollars. Government in Canada now gets a total of 43% of Canadian's income according to the Fraser Institute, this is way too much and a great deal of it is going to those at the top, not the poor.