12-year old Victoria Grant explains why her country, Canada, and most of the world, has been being robbed and bankrupted:
Have you ever wondered why Canada is in debt? Have you ever wondered why the government forces Canadians to pay so many taxes? Have you ever wondered why the bankers from the largest private banks are becoming wealthier, and the rest of us are not? Have you ever wondered why the gross national debt is over $800 billion dollars? Or, why we are spending $160 million dollars a day on the interest of the national debt? That is $60 billion dollars a year! Have you ever wondered who receives the $60 billion dollars?
What I have discovered is the banks and the government have colluded to financially enslave the people of Canada.
I will share with you three important points of reference which will hopefully spark enough interest and concern for you to continue the research on your own and to engage your government to stop this criminal act against the people of Canada.
- First, we will briefly examine the Bank of Canada;
- Second, we will see how the banking system works today;
- And lastly, I will offer a viable solution that we can petition our government to implement.
A very little known figure in Canadian history is Gerald Grattan McGeer. He was a lawyer, a Member of Parliament and Mayor of Vancouver. His contribution to Canada is probably one of the greatest in our history. He championed the creation of the National Bank of Canada whose sole purpose is to create and manage Canada’s money. It was formed on July 3rd, 1934 and owned by all Canadians.
Until the 1970’s, because of the Bank of Canada, Canada’s national debt was held at a constant manageable level until the government decided to implement what we now have as our modern banking system that is robbing the Canadian people. So how are they robbing us?
Allow me to explain how our private banks and government work today: first the Canadian government borrows money from the Private Banks. They then lend the debt based money to Canada, with compounded interest. The government then continues to increase taxation of Canadians, year after year, in order to pay back the interest on the exponentially growing national debt. What results is inflation, less real money for Canadians to spend into our economy, and the real money being used to pad the pockets of the banks.
As well, the government gave the banks the ability to loan out money that doesn’t exist in the form of loans. When a bank actually gives you a mortgage, which literally means a death pledge, or a loan, the banks do not actually give you money. They click a key on a computer and generate the fake money out of thin air. They don’t actually have it in their bank vaults. Presently, the banks only have 4 billion dollars on reserve, but they have loaned out over 1.5 Trillion dollars.
To quote Graham Towers, Each and every time a bank makes a loan, a new bank credit is created, brand new money. Broadly speaking, all new money comes out of a bank in the form of loans. As loans are debt, then under the present system all money is debt.
What I find interesting is that even Jesus (in Matthew 21) drove out the money changers from the temple, because they were manipulating the currency to steal money from the people.
The private banks are just like the money changers in Matthew 21. They are defrauding and robbing the people of Canada of their money, and thus their freedom, and they need to be stopped.
How should the banking system work?
In an infamous interview Mr. McGeer asked Mr. Towers, Can you tell me why a government with power to create money should give that power away to a private monopoly, and then borrow that which parliament can create itself, back at interest, to the point of national bankruptcy?
Mr. Towers replied: If parliament wants to change the form of operating the banking system, then certainly that is within the powers of Parliament. (Source: http://lybio.net/ )
In other words, if the Canadian government needs money, they can borrow it directly from the Bank of Canada. The people would then pay fair taxes to repay the Bank of Canada; this tax money would in turn get injected back into our economic infrastructure and the debt would be wiped out. Canadians would again prosper with real money as the foundation of our economic structure and not debt money.
Regarding, the debt money that is owed the private banks such as the Royal Bank, we would simply have the Bank of Canada print the money owing, hand it over to the private banks, and then clear the debt with the Bank of Canada. And yes, we have the power and lawful right to do so.
In conclusion, it has become painfully obvious, even for me, a 12 year old Canadian, that we are being defrauded and robbed by the banking system and a complicit government.
What will we do to stop this crime? What will we do to ensure that the next generation will live free and clear of the debt based economy that enslaves them to the bankers?
Margaret Mead said, and I hope that all of you remember this: “Never doubt that a small group of commited people can change the world. Indeed, it is the only thing that ever has.”
Out of the Mouths of Babes: Twelve-Year-Old Money Reformer Tops a Million Views
By Ellen Brown publicbankinginstitute.org
The youtube video of 12-year old Victoria Grant speaking at the Public Banking in America Conference has gone viral, topping a million views on various websites.
Monetary reform—the contention that governments, not banks, should create and lend a nation’s money—has rarely even made the news, so this is a first. Either the times they are a-changin’, or Victoria managed to frame the message in a way that was so simple and clear that even a child could understand it.
Basically, her message was that banks create money “out of thin air” and lend it to people and governments at interest. If governments borrowed from their own banks, they could keep the interest and save a lot of money for the taxpayers.
She said her own country of Canada actually did this, from 1939 to 1974. During that time, the government’s debt was low and sustainable, and it funded all sorts of remarkable things. Only when the government switched to borrowing privately did it acquire a crippling national debt.
Borrowing privately means selling bonds at market rates of interest (which in Canada quickly shot up to 22%), and the money for these bonds is ultimately created by private banks. For the latter point, Victoria quoted Graham Towers, head of the Bank of Canada for the first twenty years of its history. He said:
Each and every time a bank makes a loan, new bank credit is created — new deposits — brand new money. Broadly speaking, all new money comes out of a Bank in the form of loans. As loans are debts, then under the present system all money is debt.
Towers was asked, “Will you tell me why a government with power to create money, should give that power away to a private monopoly, and then borrow that which parliament can create itself, back at interest, to the point of national bankruptcy?” He replied, “If Parliament wants to change the form of operating the banking system, then certainly that is within the power of Parliament.”
In other words, said Victoria, “If the Canadian government needs money, they can borrow it directly from the Bank of Canada. The people would then pay fair taxes to repay the Bank of Canada. This tax money would in turn get injected back into the economic infrastructure and the debt would be wiped out. Canadians would again prosper with real money as the foundation of our economic structure and not debt money. Regarding the debt money owed to the private banks such as the Royal Bank, we would simply have the Bank of Canada print the money owing, hand it over to the private banks, and then clear the debt to the Bank of Canada.”
Problem solved; case closed.
But critics said, “Not so fast.” Victoria might be charming, but she was naïve.
One critic was William Watson, writing in the Canadian newspaper The National Post in an article titled “No, Victoria, There Is No Money Monster.” Interestingly, he did not deny Victoria’s contention that “When you take out a mortgage, the bank creates the money by clicking on a key and generating ‘fake money out of thin air.’” Watson acknowledged:
Well, yes, that’s true of any “fractional-reserve” banking system. Even before they were regulated, even before there was a Bank of Canada, banks understood they didn’t have to keep reserves equal to the total amount of money they’d lent out: They could count on most depositors most of the time not showing up to take out their money all at once. Which means, as any introduction to monetary economics will tell you, banks can indeed “create” money.
What he disputed was that the Canadian government’s monster debt was the result of paying high interest rates to banks. Rather, he said:
We have a big public debt because, starting in the early 1970s and continuing for three full decades, our governments spent more on all sorts of things, including interest, than they collected in taxes. . . . The problem was the idea, still widely popular, from the Greek parliament to the streets of Montreal, that governments needn’t pay their bills.
That contention is countered, however, by the Canadian government’s own Auditor General (the nation’s top accountant, who reviews the government’s books). In 1993, the Auditor General noted in his annual report:
The cost of borrowing and its compounding effect have a significant impact on Canada’s annual deficits. From Confederation up to 1991-92, the federal government accumulated a net debt of $423 billion. Of this, $37 billion represents the accumulated shortfall in meeting the cost of government programs since Confederation. The remainder, $386 billion, represents the amount the government has borrowed to service the debt created by previous annual shortfalls.
In other words, 91% of the debt consists of compounded interest charges. Subtract those and the government would have a debt of only C$37 billion, very low and sustainable, just as it was before 1974.
Mr. Watson’s final argument was that borrowing from the government’s own bank would be inflationary. He wrote:
Victoria’s solution is that instead of paying market rates the government should borrow directly from the Bank of Canada and pay only token rates of interest. Because the government owns the bank, the tax revenues it raises in order to pay that interest would then somehow be injected directly back into the economy. In other words, money literally printed to cover the government’s deficit would be put into circulation. But how is that not inflationary?
Let’s see. The government can borrow money that ultimately comes from private banks, which admittedly create it out of thin air, and soak the taxpayers for a whopping interest bill; or it can borrow from its own bank, which also creates the money out of thin air, and avoid the interest.
Even a 12-year old can see how this argument is going to come out.
Huffington Post — Victoria Grant, 12, Hits Lecture Circuit To Explain How Canadian Banking Is A Fraud:
The Canadian Press — 12-year-old blasts Canada’s banks. Victoria Grant’s critique of financial system goes viral: www.cbc.ca
Toronto Star — How a speech on banking by 12-year-old Victoria Grant, 12, went viral: www.thestar.com
RT — They’re robbing us: 12-year-old exposes Canada’s banking flaws, goes viral: rt.com/news/canada-banking-child
MetroNews.ca — Victoria Grant to tackle private banking in new video: metronews.ca
Victoria Grant on Press4TruthTV, a 12 year old Canadian patriot:
Interview w public banking activist Victoria Grant:
12 yr old interview Victoria and Marcia Grant on Money Creation:
Victoria Grant — Public Banking 2013: Funding the New Economy: