- Please, feel free to modify the following letter to your MP to reflect your opinions and ideas. Thank you.
- Additionally, please also e-mail this OPEN LETTER to the Finance Minister of Canada. Thank you.
Dear Member of Canadian Parliament —
Mr. / Ms. [ your MP’s name: elections.ca ],
I write to you regarding an urgent national non-partisan issue of Monetary reform in Canada. Clearly, this issue is not limited to your electoral district (circonscription; comté), and that is the reason why I respectfully urge you to bring it up for parliamentary debate in the House of Commons for the benefit of us all, the People of Canada.
I saw the startling results of a poll showing that only a minority of MPs could correctly explain, who creates money in Canada, and how.
I am concerned that vast majority of MPs believe that only the government is allowed to create money, when in fact these are commercial banks that create almost all the money in Canada. This has implications for house prices, growing unemployment, and the risk of another devastating global financial crisis.
As mandated by the Canadian Constitution and by the Bank of Canada Act, our government has the exclusive right and responsibility to create money — physically mint coins, print banknotes, extend credit and issue interest-free loans, but these make up just about 3% of new money created in our economy. The rest, approx. 97% of new money in Canada is created by commercial banks as electronic entries (numbers) in computer bank accounts. This extraordinary unconstitutional privilege gives commercial banks an unfair and damaging advantage over other Canadian businesses, and as such, should be immediately terminated for the benefit of our economy and society. Martin Wolf is widely considered to be one of the world’s most influential writers on economics. He is the associate editor and chief economics commentator at the Financial Times:
“One of these radical ideas was proposed by Martin Wolf in the Financial Times. He suggests stripping private banks of their remarkable power to create money out of thin air. Simply by issuing credit, they spawn between 95% and 97% of the money supply. If the state were to assert a monopoly on money creation [via public central bank], government could increase their money supply without increasing debt. Seigniorage (the difference between the cost of producing money and its value) would accrue to the state, adding billions to national coffers. Private commercial banks would be reduced to being servants, not masters, of economy.” — George Monbiot theguardian.com
Money, everywhere and always, has been created out of thin air, and simply printed out as fancy paper notes. Anyone can do it. Private commercial banks create the money they lend just as public banks do — out of thin air. The difference is simply that a publicly-owned bank returns the profits to the government and the People of the country, while a privately-owned bank siphons the principal plus interest into its capital account, to be re-loaned at further interest, progressively drawing money out of the productive economy. Usury is not a law of nature; it comes from human greed. Tax increases or service cuts? None! We need more public banks in Canada. Please, read here: ccc4mr.wordpress.com/toronto-public-bank/
Canadian commercial banks create money out of thin air, as electronic entries, when they issue loans using their computer systems. In the poll, vast majority of MPs believed that only the government could create this electronic money. In reality, it is created by commercial banks. Only minority of MPs in the poll correctly gave a similar answer:
“Vast majority of new money in the modern economy is created by commercial banks making loans. […] When a commercial bank makes a loan, for example to someone taking out a mortgage to buy a house, it does not typically do so by giving them thousands of dollars worth of actual banknotes from other customers’ savings. Instead, it credits their bank account with an electronic entry (numbers). At that moment, new money is created by a commercial bank out of thin air.” — Ellen Brown
Please, could you confirm that you are aware:
- that unlike the privately-owned Federal Reserve central bank in the US, the Bank of Canada is a public central bank, and as such is wholly owned by us, the People of Canada. It was nationalized in 1938, and had been successfully used by our Government to fund infrastructure, social programs, free public health care and education systems, etc, until 1974;
- that there is a lawsuit (COMER vs. Canada, file number: T-2010-11) in the Federal Court of Canada: ccc4mr.wordpress.com/2015/02/16/the-canadian-court-case-the-mainstream-media-will-not-cover/
- where new money in Canada comes from. Please, carefully read this booklet to find out: easywebdesignsolutions.com/phellyer/images/money_cartoon.pdf
- that approx. 97% of new money in Canada is created as electronic entries in commercial banks’ computer accounts, and that commercial banks, due to an extraordinary unconstitutional privilege, create these electronic entries out of thin air, when they extend loans;
- who Victoria Grant is: ccc4mr.wordpress.com/victoria-grant/
- that in order to overcome the present municipal debt crisis and budget cuts in your city, you could start a legislative process to establish a municipal public bank in the same way as the City of Toronto: ccc4mr.wordpress.com/toronto-public-bank/
- that in November 2014, for the first time in 170 years, UK Parliament debated the issue of money creation: www.youtube.com/watch?v=YxG3O49uVjg and that it is vital that you start a parliamentary debate in the House of Commons on the subject of monetary reform in Canada.
William Lyon Mackenzie King had once said: “Once a nation parts with the control of its currency and credit, it matters not who makes the nations laws. Usury, once in control, will wreck any nation. Until the control of the issue of currency and credit is restored to government and recognized as its most sacred responsibility, all talk of sovereignty of parliament and of democracy is idle and futile.”
Please, be a patriot. Our country needs your help. Please, get involved and do something about it: ccc4mr.wordpress.com/get-involved/
Canada was once great — let us make her great again.
[your name], [your postal address]