A 12 year-old girl understands Canada’s debt problems and high tax rates better than 99% of reporters and political “experts”. And she actually has the cahones to point out the truth: that the banks and government are colluding to “rob” and “enslave” the Canadian people.
Publicly owned banks make it obvious that we don’t need private banks to issue our currency, finance public projects or underwrite private debt. I wonder how Bank of Montreal shareholders would feel about this idea <<chuckle>>.
This girl is so cute that it is hard to hear her revolutionary message…
Source: Common Dreams
The direct solution to the economic crisis, urged by veteran money reformer Bill Still, would be for the federal government to simply create the money it needs, as the American colonists did by printing paper scrip and Abraham Lincoln did by printing greenbacks.
But cities and states don’t need to wait for a deadlocked federal Congress to act. As Wong-Tam has proposed for Toronto, they can divest their public revenues from the too-big-to-fail banks and put them in their own publicly-owned banks. These banks could then do what all banks do: leverage capital, backed by deposits, into money in the form of bank credit.
This newly-created bank money would then be available for the use of the local government interest-free (since the government would own the bank and would get the interest back as dividends). Among other possibilities, the money could be used to restore the schools. This would not be an expenditure but an investment, as illustrated by the G.I. Bill, which provided education and low-interest loans for returning servicemen after World War II. Economists have determined that for every 1944 dollar invested in the G.I. Bill, the country received approximately $7 in return, through increased economic productivity, consumer spending, and tax revenues.