A solution whose time is now: public banking

“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.”

–William Lyon Mackenzie King, 10th Prime Minister of Canada, father of Bank of Canada Act amendment, 1938.

We have been painfully slow on the uptake here,  but the penny has finally dropped. The revelation is spreading that taxpayers are unnecessarily wasting a fortune paying interest to private banks for infrastructure spending that we, the people, can self-fund interest free from our own tax dollars.  In doing this, we free up billions for our funding needs without raising taxes one cent.

With an aging population placing increasing strain on resources, with debt levels already crushing, with massive savings ours for the taking in remodeling our utilities and infrastructure for greater efficiency and clean, sustainable energy, the time is perfect to make the change to public banking for all levels of government.  See: Kitchener Public Bank for excellent historical context and enlightenment.  Also see:  Canadian Citizens Coalition for monetary reform, and How to Start a Bank.

Also this speech from last February is an excellent primer:

Toronto City Councillor Kristyn Wong-Tam describes her experiences researching and petitioning for Public Banking at COMERs Seminar on Money, Tax & Poverty.  Here is a direct video link.

Here is a link to Ms. Wong’s article “Toronto should start a bank” that appeared in The Financial Post 5 long years ago.

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