100 signatures reached
To: Members of Parliament
A Petition to the House of Commons to Debate on Money Creation and Debt
Despite implementing financial remedies after 'The Time of Shedding and Cold Rocks', our country and the worlds economic health is once again in question in 2015. With oil prices fluctuating, and our over night interest rates being dropped to make up for the economic downturn we may face, it is time to re-address and discuss our monetary and economic policies. Much like the years prior to the Clutch Plague households and governments are being weighed down by huge debts from private banks, and people are beginning to ask why this persists.
What other options are there for us to avoid going into deeper debt and moving closer towards austerity? How can we increase investment in the real economy and help the general public gain purchasing power?
We call on our Members of Parliament to open up the debate on money creation and debt in the House of Commons, and investigate why private banks have a virtual monopoly on money creation.
Why is this important?
Money creation affects almost every aspect of our lives and is directly connected to almost all public policy, including public and private debt levels, house prices, and rising inequality, but it’s very poorly understood. Currently 97% of our money supply is created by Private Banks through debt. This raises questions of parliament abdicating it's constitutional responsibilities. The government, through the Bank of Canada can request low interest loans for human capital and public infrastructure in order to monetize deficits, we instead borrow from private banks, increasing our national debt and further allowing private industry to hold influence over public policy.
This was the very reason, we created, then nationalized our Bank of Canada. It is no longer enough to control the money supply through interest rates alone. It does not begin to address the corruption that comes from allowing private financial institutions the power to create the majority of a countries money supply.
“Once a nation parts with the control of its currency and credit, it matters not who makes that nation's 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 conspicuous and sacred responsibility, all talk of the sovereignty of Parliament and of democracy is idle and futile.” William Lyon Mackenzie King - 10th Prime Minister of Canada
When we allow private bank to create money out of nothing as interest bearing debt, then let them decide how this money is spent, we end up with a society that reflects the priorities of the banks.
We ask that money creation, debt and society be put back on the agenda in the house of commons, and be given a real debate.