The Bank of Canada is the nation's central bank. We are not a commercial bank and do not offer banking services to the public. Rather, we have responsibilities for Canada's monetary policy, bank notes, financial system, funds management. Our principal role, as defined in the Bank of Canada Ac is "to promote the economic and financial welfare of Canada."
A special type of Crown corporation
The Bank was founded in 1934 as a privately owned corporation. In 1938, it became a Crown corporation belonging to the federal government. Since that time, the Minister of Finance has held the entire share capital issued by the Bank. Ultimately, the Bank is owned by the people of Canada.I for one do not believe this is true but if it is the people of Canada should be able to voice an opinion as to how it operates. At present it operates like every other Private Central Bank in the world. It lends to the Government money at interest. Now why would the people of Canada create a publicly owned bank that would charge their Government interest on all Government spending. Nobody but a private banker would insist on this. A banker who was a banker for the people instead of private bank owners would insist on the best deal for the country. The best deal for the people is that the government have access to no interest loans. Why would anyone (if they had a choice) elect loans at interest rather than interest free loans.
I say that the people of Canada need to demand that their bank start offering their Governments (Federal and Provincial) no interest loans. Who agrees? And who wants to start a petition?
Come to think of it, how about a one time no interest loan for all Canadians to purchase their first home?
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Comments to the author are welcomed.
david.ealing@gmail.com
