As all government debts erupt from the COVID-19 pressures, governments are being forced to return to creating new money through their own Bank of Canada at nil interest, rather than borrowing it from the commercial banking system at their going rate.
This avoids blowing their already unpayable debts into the stratosphere and adding to the already eight to 10 per cent of all budgets shown as interest charges.
Yet a solid silence surrounds the 1975 change to totally privatized debt, which has been the overwhelming cause of the explosive rise in all government debts ever since.
Indeed, the International Court of Justice at The Hague in Holland describes all such debts as ‘odious’, meaning they are far too big to ever be extinguished yet still demand their compounding interest. Further, the court declares that such debts may be cancelled at will by the legitimate government without fear of legal reprisals.
This is the sorry state of affairs in nation after nation around the world, not just ours in Canada — and only the Green Party here had the wit and the guts to address it.
But their sole representative in Parliament could not get a single seconder from any other party for her Private Members Bill attempt in 2018 to persuade the government to revert to Bank of Canada loan funding, and free us of the usury of interest piled on interest without end.
These facts have become essentially a forbidden subject for political debate, and heads should roll for the determined secrecy, deception and misinformation involved in such a vital matter.
Governments should govern a nation for its benefit, not hand over a nationally crucial sector of their activity to a unified but unelected private consortium for its profit.