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Barry Morris
05-02-2016, 10:01 PM
http://www.watershedsentinel.ca/content/bank-canada-lawsuit

"When asked after the October procedural hearing why Canadians should care about the case, Galati quickly responded: “Because they’re paying $30 or $40 billion a year in useless interest. Since ’74, more than a trillion to fraudsters, that’s why they should care.” "

Anapeg
05-03-2016, 07:19 AM
Could, conceivably, kink a colon or two inside the banking industry.

Barry Morris
05-03-2016, 10:22 AM
Here's hoping!!!

RWGR
05-03-2016, 10:26 AM
Barry's hoping for kinked colons?

Reckidecky
05-03-2016, 12:33 PM
This news is almost 6 months old...but ya...Rocco has them by the coliones...they can't win. But they could in the end drag it out further and just say, well we don't wanna. Which is what there are going to do I think. A lot of other things going on in the world at the same time that will have an impact too though...like the Brexit, and the implosion of the fiat American Petro dollar, China and others moving more to gold and so on. Here is hoping though...really don't see it happening until after the little boy is gone. After all, it was his fathers sell out that got us to were we are today. Yep, they are both POS in my book!!

RWGR
05-03-2016, 01:21 PM
So what you're saying is colons could have been kinked the last six months??

blueboy
05-03-2016, 04:29 PM
Idiots

riggs
05-03-2016, 05:44 PM
Hmm, pretty sure the last time this came up we established such mandate never existed.

An imaginable mandate that a judge has not been able to dismiss in 5 years?.....not likely. If you look at the money involved and the power of the people this will affect, it would have never even been launched if it had no merit.

Hans
05-03-2016, 06:34 PM
If they ever win, and they never will, I am starting a class action on behalf of all Canadians against banks for charging interest on loans. I will demand the same interest free loans for all Canadians.

riggs
05-03-2016, 09:59 PM
Actually, they pretty much dismissed the mandate, hence the need to amend. Apparently 'may' and 'must' have different meanings.


https://www.thestar.com/news/canada/2015/03/23/rocco-galati-in-court-to-challenge-how-bank-of-canada-does-business.html

Thanks for the link.

Reckidecky
05-04-2016, 06:46 PM
Hmm, pretty sure the last time this came up we established such mandate never existed.

Who is we?

Well, I'm so happy there are a few legal scholars on Vianets BBS that know so much about this case and Supreme Court challenges, actions and rulings.

Ya, ok Hans...because a Countries own Bank and monetary system should be handled by international interests and the private banking sector are basically the same thing. Why should an independent sovereign country think they have a right to control their own monetary system. The nerve of them Canadians!! You all make me laugh sometimes. Could it be Hans, that just because almost every other European nation, including your beloved homeland, was stupid enough and foolish enough to let it happen to their country,(lose and hand over their countries sovereignty and monetary system...eg...Belgium, the Eu), then everyone else should have to succumb to the same idiotic and ludicrous fate?


You can believe a liberal media outlet or you could refer to comments made by the leading Attorny in this case.
"So? The only way we could lose now would be to quit. (Unthinkable!)" Roco Galati

http://www.comer.org/archives/2016/COMER_JanFeb2016.pdf

Hans
05-04-2016, 07:04 PM
The question you should ask yourself is why a country would need a bank owned by itself?
Once you know the answer to that question, let me know.

Reckidecky
05-04-2016, 07:07 PM
Because it makes so much sense despite the realization we are losing $160 million per day in interest paid to private bankers, instead of borrowing from the Bank we all own!

The fact that you are even argueing against this is a real head shaker, for sure.

Not to mention the fact we are basically being extorted now with the selling off of public owned assets, due to our indebtedness. You all did see what has recently happened in Greece eh? Are you all not familiar at all with this being an ongoing mantra for the international Banks and numerous other countries? You mean to tell me you think this is fine, normal and is just merely happening over the course of just doing business?

If so, seems there is really no reason for me to discuss, debate or argue with you over it.

Reckidecky
05-04-2016, 07:08 PM
The question you should ask yourself is why a country would need a bank owned by itself?
Once you know the answer to that question, let me know.


Are you serious? That's hilarious!!! Are you just pretending to be ignorant?


"Give me control of a nation's money and I care not who makes it's laws" — Mayer Amschel Bauer Rothschild

Reckidecky
05-04-2016, 07:52 PM
"May" is one word out of many, obviously, with respect to this case, the Banks mandate and the economics of our country. Hardly think the whole case stems just of off one word.
Anything I've said, I'd highly recommend as being taken with a grain of salt, as most is my opinion, and I'll be the first to admit I'm not an economist. I personally, tend to lean away from a world economy and trade agreements that hurt Canada and are not built and written upon a fair and equal construct. Devalued currencies, varying labor and human rights laws and the list goes on and on. There are however, people who are much more versed on the subject than I am, that's for sure, and seems many agree that the current system is certainly not functioning to the benefit of our country.

Hans
05-04-2016, 07:53 PM
Because it makes so much sense despite the realization we are losing $160 million per day in interest paid to private bankers, instead of borrowing from the Bank we all own!

The fact that you are even argueing against this is a real head shaker, for sure.

Not to mention the fact we are basically being extorted now with the selling off of public owned assets, due to our indebtedness. You all did see what has recently happened in Greece eh? Are you all not familiar at all with this being an ongoing mantra for the international Banks and numerous other countries? You mean to tell me you think this is fine, normal and is just merely happening over the course of just doing business?

If so, seems there is really no reason for me to discuss, debate or argue with you over it.

I don't think you understand well how "money" is distributed in Canada.

The Bank of Canada is the only institution in Canada that is allowed to print legal tender (money)
It is distributed to financial institutions for a fee.

What you are advocating is that the Bank of Canada prints money, and then allows the issuing of interest free loans to the government.
What you are not realizing is that every time that happens, they are reducing the value of the Canadian dollar because they are not receiving any fees for those loans.

The value of currency is calculated using many factors. The idea is to add value to money, not to give it away using interest free loans.
Tell me which country on this planet issues interest free loans to itself?

Reckidecky
05-05-2016, 11:01 AM
I don't think you understand well how "money" is distributed in Canada..

Your repeated condescending tone, oh art thou thy great Hans, is noted.

I dont once recall that I said they should only and always distribute money interest free.

The pretence of interest free money though, had been used in the past by the Bank of Canada and you would be hard pressed to convince me otherwise, that this mandate was beneficial at that time, as it was at a time of World War, and second, that it could be repeated.
A bank, a publicly owned bank, and its policy and law makers should have control of its own country's monetary policy. Period. First and foremost.
There are reasons, I surmise, that you convieneintly chose to ignore this stance but, it seems you obviously know more about money than I.

Reckidecky
05-05-2016, 11:36 AM
The Bank of Canada is the only institution in Canada that is allowed to print legal tender (money)
It is distributed to financial institutions for a fee.

What you are not realizing is that every time that happens, they are reducing the value of the Canadian dollar because they are not receiving any fees for those loans.

The value of currency is calculated using many factors. The idea is to add value to money, not to give it away using interest free loans.
Tell me which country on this planet issues interest free loans to itself?

Ok, let's start at the top, because you a clearly confused with what I am arguing here, and I think is the point of the lawsuit.

First, there is a difference, from the money which is used by PRIVATE financial institutions, TD, Bank of Montreal, etc, that's used privately...and the money which our government spends as investments towards societal stability, welfare, infrastructure(bridges and roads,highways), hospitals. Even some suggest education.

Separate the 2. They are different. Money the Federal government, spends and subsequently allows Provincial and Municipalities to fund and spend is what we are referring to when interest free loans are spoken of. At least that is my understanding of this court case and its concept. But distinguish the two because they are completely separate.

Second, The fees which you speak of, would certainly continue to exist in the private banking sector. I couldn't see why they would not.

Third. The value of the dollar has to do with a lot of things but actually very little to do with these fees. The amount of currency in circulation is one for sure though. The value that is added to the dollar has a lot to do with the state of ones economy, which is in fact our labour, and the goods and sevices delivered by its population and its own resources, which coincidentally have been progressively sold out to multinationals as well. This is not a good thing in my view but all these things have a huge impact on the value of our dollar as well. The confidence in the currency is another. There are many but the bottom line is I believe these are some of the major things that add value to our currency, not some fee that the Bank of Canada charges to private banking institutions.

Lastly, the only ones that I would think that would issue interest free loans, but not to itself as your suggesting, not really sure where you got that idea from, are the ones that have domestically owned public banks. The interest free loans in the past were to Provinces and Municipalities for investment in infrastructure. I'm not going to do that research for you but there are a few, very few countries that have publicly owned banks. Canada I think is the only G8 country with a public owned bank. There are a few of them out there, but the biggest thing, is to understand that there is a difference from government spending on infastructure from The Bank of Canada money...which is quite different from private business and money spent and loaned from private banking institutions. They are not the same thing. But, what do I know.

Reckidecky
05-05-2016, 01:53 PM
Is this where, government spending with compound interest payments to foreign banks has got us? It would seem so.

Stupifieds comment with respect to "living beyond our means" also may have some merit too but, when we refer to, and are talking about government spending, which in a lot of instances is very wasteful, unfortunately, is and or was, building a society that was forged on the principals of freedom, respect, and dignity for all. We will slowly watch it slip away under the current paradigm.


http://saultonline.com/2016/05/everyone-in-the-sault-owes-39000-to-all-levels-of-government/

Hans
05-05-2016, 07:38 PM
Ok, let's start at the top, because you a clearly confused with what I am arguing here, and I think is the point of the lawsuit.

First, there is a difference, from the money which is used by PRIVATE financial institutions, TD, Bank of Montreal, etc, that's used privately...and the money which our government spends as investments towards societal stability, welfare, infrastructure(bridges and roads,highways), hospitals. Even some suggest education.

Separate the 2. They are different. Money the Federal government, spends and subsequently allows Provincial and Municipalities to fund and spend is what we are referring to when interest free loans are spoken of. At least that is my understanding of this court case and its concept. But distinguish the two because they are completely separate.

Second, The fees which you speak of, would certainly continue to exist in the private banking sector. I couldn't see why they would not.

Third. The value of the dollar has to do with a lot of things but actually very little to do with these fees. The amount of currency in circulation is one for sure though. The value that is added to the dollar has a lot to do with the state of ones economy, which is in fact our labour, and the goods and sevices delivered by its population and its own resources, which coincidentally have been progressively sold out to multinationals as well. This is not a good thing in my view but all these things have a huge impact on the value of our dollar as well. The confidence in the currency is another. There are many but the bottom line is I believe these are some of the major things that add value to our currency, not some fee that the Bank of Canada charges to private banking institutions.

Lastly, the only ones that I would think that would issue interest free loans, but not to itself as your suggesting, not really sure where you got that idea from, are the ones that have domestically owned public banks. The interest free loans in the past were to Provinces and Municipalities for investment in infrastructure. I'm not going to do that research for you but there are a few, very few countries that have publicly owned banks. Canada I think is the only G8 country with a public owned bank. There are a few of them out there, but the biggest thing, is to understand that there is a difference from government spending on infastructure from The Bank of Canada money...which is quite different from private business and money spent and loaned from private banking institutions. They are not the same thing. But, what do I know.

Ok, let's sort this out:

1. Bank of Canada prints legal tender and distributes it.
2. They allow interest free loans to the government only, using the money they print themselves.
3. The government puts that money into public spending.
3. The government somehow pays back the interest free loan to the Bank of Canada, with money from where?

- Where do you think the government is going to get the money from to pay back the Bank of Canada?
- Where do you think our tax dollars go to?
- Who picks up the bill for running the Bank of Canada?
- Why should only the government be allowed interest free loans? What if SSM wants interest free loans to fix our city streets and save us tax dollars?

Hans
05-05-2016, 07:43 PM
There is no such thing as free money. There is always a catch to it.
If not, I will gladly collect all the free money available.

Hans
05-05-2016, 07:46 PM
Is this where, government spending with compound interest payments to foreign banks has got us? It would seem so.

Stupifieds comment with respect to "living beyond our means" also may have some merit too but, when we refer to, and are talking about government spending, which in a lot of instances is very wasteful, unfortunately, is and or was, building a society that was forged on the principals of freedom, respect, and dignity for all. We will slowly watch it slip away under the current paradigm.


http://saultonline.com/2016/05/everyone-in-the-sault-owes-39000-to-all-levels-of-government/

I know what you want: You want "the government" to receive interest free loans from their own institution that prints it out.
I bet every government would love that, but it does not work like that for a reason.

Reckidecky
05-06-2016, 09:40 AM
Ok, let's sort this out:

1. Bank of Canada prints legal tender and distributes it.
2. They allow interest free loans to the government only, using the money they print themselves.
3. The government puts that money into public spending.
3. The government somehow pays back the interest free loan to the Bank of Canada, with money from where?

- Where do you think the government is going to get the money from to pay back the Bank of Canada?
- Where do you think our tax dollars go to?
- Who picks up the bill for running the Bank of Canada?
- Why should only the government be allowed interest free loans? What if SSM wants interest free loans to fix our city streets and save us tax dollars?


#3. And several other questions should be answered here.
Our tax dollars have always been, along with other current government owned public assets like OLG etc are the only places government can get money. Always have and always will be. The government in and of itself has inherently nothing. We are, the people, the ones where the government contrives its wealth. Our work, our labor, our goods and services. Which are all taxed. For what? To provide money to the government for support of our societal beneficial constructs.

Our City, SSM, is part of the government too...the municipal government, so ya, if we wanted to fix our roads, and the Fed government approved such infrastructure spending, which is another issue of debate altogether, then we should be able to get money for that. And it's the same concept. Our city spends the money, people go out and do the work, and as a result, are taxed off their income for work provided. Which in turn allows them to spend the money they have earned, which I might add is then taxed again too. This all contributes to both growth and stimulating the economy. Maybe someone might even use that money to start their own small business, which really is or was the base of a strong economy in our country. At least it used to be.

Now it seems multinationals have put a strangle hold on small business and forced them out. We will not benefit from that!

Having a hard time trying to figure out what your point of argument is against this construct, honestly, because this was how our country had functioned in the past. Does it not seem to be an obviously self perpetuating system that would stimulates growth? Unlike the way it's functioning now which is perpetual austerity.

It's everyone's work and labor as a whole that built the country to what it is, and that is what will build it going into the future. Really think that is the bottom line.

Reckidecky
05-06-2016, 09:51 AM
I know what you want: You want "the government" to receive interest free loans from their own institution that prints it out.
I bet every government would love that, but it does not work like that for a reason.

I know. It doesn't work that way because a lot of countries gave away their sovereignty to world banks and lost the ability to manage their own countries monetary system.

Not all countries have publicly owned banks either, but Canada does. Unfortunately, despite that fact, Pierre Trudeau got in bed with the world banks back in the day and gave away Canada's sovereignty and the ability to control their own finances and monetary system. Do you honestly think that he did not somehow benefit personally from that?

Would you want your neighbor to decide what bills you pay, how much you can spend on groceries, and what kind of car you can buy or drive? Would you want your neighbor controlling all the money in your house and deciding how it's spent?
Sounds crazy eh!? Because that is exectly what we have allowed to happen with our country...as well as many others.

Barry Morris
05-06-2016, 09:52 AM
We should do all we can to prevent our money from leaving the country. This may help.

Reckidecky
05-06-2016, 10:08 AM
Looking at the bigger picture, these banks that are controlling our money, don't give 2 &$@% about our country. They merely just want to enrich themselves. If your neighbor controlled your households money do you think for a second that he would somehow care about you and would not keep some for himself? Hahaha...he would be obligated to care about you just because he was controlling your money? Come on Hans...it seems very obvious here what the problem is.

That is why, now, you are seeing the government, basically being extorted, just like in Greece and other countries around the world that are controlled by world banking Interests, being forced to sell off all public owned assets under the threat of less borrowing power and/or higher interest rates and a downgraded credit rating. These assets consistently make money. Hydro 1, LCBO, OLG. Tell me why any government would sell off something that constantly generates an income so that it could spend that money to pave a few roads and build a couple bridges. It's complete ludacrous.

Reckidecky
05-06-2016, 10:20 AM
We should do all we can to prevent our money from leaving the country. This may help.

Damn right it would help! 160million a day, in unnecessary interest payments, just for Ontarios debt, is being sent out of our country. But the money that is coming in, and from where it's coming is the crux of the issue. If we were not borrowing it from them, we wouldn't be sending all of our hard earned money out of the country in the first place.

Reckidecky
05-06-2016, 10:45 AM
I'm pretty sure Canada has the ability to be able to mangage it's own affairs. If our Federal government did give loans to Provinces and Municipalities there is nothing that says they absolutely have to be interest free either. In a very strong economy perhaps interest might be possible and could contribute towards a surplus. But that would be something that would be left up to our economists and accountants. Of course all would be dependent on whether the economy could sustain interest payments on its loans and there are numerous variables to be looked at obviously, for it to be even considered.

Not to mention, if it was determined our economy was strong enough to sustain Interest payments on its loans, at least the money would stay in, and be going back into our financial system. Staying in our country, not going out.

Hans
05-06-2016, 06:54 PM
I know. It doesn't work that way because a lot of countries gave away their sovereignty to world banks and lost the ability to manage their own countries monetary system.

Not all countries have publicly owned banks either, but Canada does. Unfortunately, despite that fact, Pierre Trudeau got in bed with the world banks back in the day and gave away Canada's sovereignty and the ability to control their own finances and monetary system. Do you honestly think that he did not somehow benefit personally from that?

Would you want your neighbor to decide what bills you pay, how much you can spend on groceries, and what kind of car you can buy or drive? Would you want your neighbor controlling all the money in your house and deciding how it's spent?
Sounds crazy eh!? Because that is exectly what we have allowed to happen with our country...as well as many others.

When was the last time any bank forced a country to go bankrupt?

Hans
05-06-2016, 06:55 PM
We should do all we can to prevent our money from leaving the country. This may help.

I would stop all import/export. I don't believe that would be any help.

Hans
05-06-2016, 06:58 PM
Looking at the bigger picture, these banks that are controlling our money, don't give 2 &$@% about our country. They merely just want to enrich themselves. If your neighbor controlled your households money do you think for a second that he would somehow care about you and would not keep some for himself? Hahaha...he would be obligated to care about you just because he was controlling your money? Come on Hans...it seems very obvious here what the problem is.

That is why, now, you are seeing the government, basically being extorted, just like in Greece and other countries around the world that are controlled by world banking Interests, being forced to sell off all public owned assets under the threat of less borrowing power and/or higher interest rates and a downgraded credit rating. These assets consistently make money. Hydro 1, LCBO, OLG. Tell me why any government would sell off something that constantly generates an income so that it could spend that money to pave a few roads and build a couple bridges. It's complete ludacrous.

But, nobody is forcing the government to get loans. They get loans because they need more money than what they can print to balance their budgets.
The money they loan is not theirs, it is borrowed from a financial institution and supposed to be paid back.

So the real issue is not "the system". It is the government borrowing money instead of balancing their budgets by raising taxes.

Reckidecky
05-07-2016, 12:13 PM
But, nobody is forcing the government to get loans. They get loans because they need more money than what they can print to balance their budgets.
The money they loan is not theirs, it is borrowed from a financial institution and supposed to be paid back.

So the real issue is not "the system". It is the government borrowing money instead of balancing their budgets by raising taxes.

Somewhat comical how you try to shift focus of the discussion. Now it's the governments fault for even having to borrow money and not balancing their books. Need more money than what they can print...who says?

You do know that governments, year to year have operated with deficits before eh? Surpluses now and then too. Hardly think it's absolutely necessary for countries to have to have their books balanced every year. Whoever thinks that they should, obviously has a very limited understanding of what involves a whole countries economics.

The problem is absolutely the system. Had they not borrowed money from financial institutions at compound interest, from banks that only look to make a profit, then they wouldn't have to pay unnecessary interest, now would they? Why are they paying interest, to someone else, on money they printed for their own use anyways? A middle man bank is totally Unnecessary. Your right nobody is making them, yet they are still doing it. Why? That's just normal and just business. Sure.

Really. That's what you think. World banks haven't bankrupt any countries? Ever heard of Greece, Venezuela? The list goes on from there too. You need to get out more.

So you would be ok with your neighbor controlling your households money and charging you interest to do it? LOL! Ok Hans

Done with this shell game.

Hans
05-07-2016, 03:03 PM
So what actually happens when a country goes bankrupt? Did they sell off all assets and eventually the country to the highest bidder?
Tell me what actually happened to Greece and Venezuela.

Reckidecky
05-08-2016, 05:20 PM
So what actually happens when a country goes bankrupt? Did they sell off all assets and eventually the country to the highest bidder?
Tell me what actually happened to Greece and Venezuela.

Look it up. Tell me what they did and what happened in Greece.

Why do you never answer any of my propositions or questions? You just continually ask questions.

So tell me Hans, would you allow a neighbor, whom runs a financial consulting business, charge you interest and make all decisions relative to your households income? Tell you how much you can spend on groceries. How much you can spend towards your healthcare. What kind of car you could afford.

Anapeg
05-08-2016, 10:08 PM
I would stop all import/export. I don't believe that would be any help.

Taking on communist undertones now. Just how does one not send profits back to head offices?

Hans
05-08-2016, 11:35 PM
Look it up. Tell me what they did and what happened in Greece.

Why do you never answer any of my propositions or questions? You just continually ask questions.

So tell me Hans, would you allow a neighbor, whom runs a financial consulting business, charge you interest and make all decisions relative to your households income? Tell you how much you can spend on groceries. How much you can spend towards your healthcare. What kind of car you could afford.

You keep comparing a person against a country.
The banking habits of a country are vastly different than that of you and I.

Tell me how many outstanding loans Canada has with financial institutions, how much they total, and how much the total annual interest is.

Hans
05-08-2016, 11:37 PM
Taking on communist undertones now. Just how does one not send profits back to head offices?

Apparently from borrowing interest free from the Bank of Canada. That bank must cost nothing to run, and every employee must work for free.
Remember when I said there is no such thing as free money?

Reckidecky
05-09-2016, 07:51 AM
You keep comparing a person against a country.
The banking habits of a country are vastly different than that of you and I.

Tell me how many outstanding loans Canada has with financial institutions, how much they total, and how much the total annual interest is.

There you go with the questions again.
Just Ontario's debt is crippling, which to my understanding, as previously stated debt is 300+ billion and rising. 160+ million a day, 11 billion in interest a year going out of the country to foreign international banks!
It's all there. Do I honestly have to post the links for you? Why ask stupid questions, perpetually, and avoid the topic of the discussion?

Why is the government selling off its money generating assets?
Does it make sense for a government, to give away its citizens and country's sovereignty and its ability to handle its own countries monetary system to international interests that can therefore dictate spending and have no vested interest in the country other than profit?

http://www.debtclock.ca

http://www.fin.gov.on.ca/en/budget/ontariobudgets/2016/ch3c.html#t3-29

Hans
05-09-2016, 04:49 PM
None of those tables show who these loans are with. It shows total numbers.
The reason why I want a breakdown is because I want to verify the numbers you keep coming up, especially the 160+ million a day and 11 billion in interest a year that is going out of the country to foreign international banks.
Like how did you arrive at those numbers?

Just a simple calculation for interest at 160 million a day would make it 160 * 365 = 58400,000,000 or 58,400,000,000
That would make $58 billion each year on interest, so let's say 20% interest per year on the 300 billion.
And out of that 58 billion, 11 billion leaves the country to foreign national banks.
So am I to assume 47 billion a year goes to banks inside the country?

Your numbers somehow make no sense to me.

Reckidecky
05-09-2016, 08:30 PM
None of those tables show who these loans are with. It shows total numbers.
The reason why I want a breakdown is because I want to verify the numbers you keep coming up, especially the 160+ million a day and 11 billion in interest a year that is going out of the country to foreign international banks.
Like how did you arrive at those numbers?

Just a simple calculation for interest at 160 million a day would make it 160 * 365 = 58400,000,000 or 58,400,000,000
That would make $58 billion each year on interest, so let's say 20% interest per year on the 300 billion.
And out of that 58 billion, 11 billion leaves the country to foreign national banks.
So am I to assume 47 billion a year goes to banks inside the country?

Your numbers somehow make no sense to me.

Well you could do the math if you like. Sure go ahead. The exact interest figures to me are trivial in all honesty. It's the principal to me, not the exact dollar amount. I am confident though about Ontarios debt being 300 million though. As far as what the compound interest adds up to be, is really secondary and to my knowledge the world bank or banks IMF, WBG etc, is were the money is loaned from. Perhaps the figure was 160 million a month in interest I saw. Doesn't matter. It's the interest, any interest that is to world banks that is the problem.

They sure have doing a great job at eliminating poverty too eh?

https://en.m.wikipedia.org/wiki/Heavily_indebted_poor_countries

Reckidecky
05-10-2016, 02:57 PM
Once the wealthiest, now the most indebted. Makes sense right? Laughable!

http://business.financialpost.com/news/economy/with-twice-the-debt-of-california-ontario-is-now-the-worlds-most-indebted-sub-sovereign-borrower

Hans
05-10-2016, 05:59 PM
I know this is the US, but just to give you an idea of some factual numbers on debt and who owns it:

Who owns America's debt?
Who exactly owns the $19 trillion-plus of U.S. debt?

The top holder by far is U.S. citizens and American entities, such as state and local governments, pension funds, mutual funds, and the Federal Reserve. Together they own the vast majority -- 67.5% -- of the debt.
Foreign nations only hold 32.5% of the total.

The U.S. government is the world's safety net. Lenders expect the U.S. Treasury to always make good on its payments.

Of the $12.9 trillion chunk of debt owned by Americans, $5.3 trillion is held by government trust funds such as Social Security, $5.1 trillion is held by individuals, pension funds and state and local governments and the remaining $2.5 trillion is held by the Federal Reserve.
Outside the U.S., China is the largest foreign holder of the debt, with $1.25 trillion. It is followed closely by Japan, which holds $1.13 trillion.

http://money.cnn.com/2016/05/10/news/economy/us-debt-ownership/index.html

$300 billion CAD is nothing compared to $19 trillion USD. ($19,000 billion USD)

Reckidecky
05-10-2016, 08:49 PM
True, but it's like comparing apples to oranges. Canada's population is in and around what,
30 + million...the US, 300 + million. So ya, stark difference.
Also, you do know the Federal Reserve is a private institution and is no part of the Federal government eh, were as the Bank of Canada is a publicly owned bank. Biggest difference of all.

The fact that the US dollar is the worlds reserve currency is the reason they have been able to get away with a lot. Notice that despite having printed trillions of dollars, so much money over the last 8 year, yet there has been minimal inflation and hardly any devaluation of the greenback. Doesn't that seem peculiar?

Anyways, unfortunately for them, Obama spent more than all previous presidents combined and is being dubbed the 20 trillion dollar man. Vast, vast, sums of money that seem incomprehensible.

Justin looks to be on the same path as Obama, and bound and determined to outdo his father with respect to national debt here in Canada. It took decades to fix seniors folly and it's looking as though junior is going to leave a similar legacy. It's sad really. The wealth of our country is being looted right before our eyes. The debt, borrowed from international banks is unnecessary and unconscionable.

Hopefully this lawsuit proves that our leaders are, nor have been, operating in good faith, on behalf of Canadians. I certainly don't think they have, as do numerous others it would seem, all of whom have a much greater understanding of Canadian economics than I.

Reckidecky
05-10-2016, 08:59 PM
How much of that 19 trillion, or the 67% that the public owns, did that very same public receive? To big to fail banks were given a lot. By comparison, people have lost their houses, their jobs and a record number (almost 50 million) are on food stamps, 36% of the population are on welfare. Think it's safe to say most didn't get very much of that 19 trillion.

Barry Morris
05-10-2016, 09:16 PM
"Anyways, unfortunately for them, Obama spent more than all previous presidents combined and is being dubbed the 20 trillion dollar man. Vast, vast, sums of money that seem incomprehensible. "

Proof, please.

Been reading quite different.