Hamilton Chapter Resolutions passed at the Council of Canadians 2016 AGM

.         Restoring Intended Use of the Bank of Canada

Received September 12, 2016

Submitted by Hamilton Chapter, ON, Mary Love, marylove@bell.net

 

Whereas the Bank of Canada is a rarity in the world, a national public central bank in existence since 1934, and nationalized in 1938 to fund government programs and infrastructure projects – with little or no interest charged – as laid out in the Bank of Canada Act, and which funded the building of the St. Lawrence Seaway, the Trans Canada Highway, and the establishment of social programs such as the Old Age Pension and Medicare;  and

 

Whereas, since 1974, successive federal governments have neglected their fiduciary duty to use The Bank of Canada, and have instead borrowed from private central banking institutions, resulting in the Canadian government and the Canadian people paying (by 2012) 1.1 trillion dollars in compound interest alone on the national debt;

 

Whereas this deliberate debt has directly led to a corresponding erosion of our social programs and the crumbling of our infrastructure at all three levels of civil society, as well as a stagnation in the process of self-determination of Indigenous Peoples;  and

 

Whereas the current Liberal government has proposed a Canada Infrastructure Bank “to provide low-cost financing for new infrastructure projects” -as though the Bank of Canada and its power to spend money into circulation, rather than into debt – does not exist; and

 

Whereas, as laid out in Article 14.2 of the Bank of Canada Act, the leadership of the Bank of Canada must comply with directives from the Government;

 

Therefore be it resolved that the Council of Canadians call on the Prime Minister and the Minister of Finance to stop all talk of a new federal infrastructure bank.

 

Be it further resolved that the Council of Canadians call on the Government immediately to resume using the Bank of Canada, not just for infrastructure needs, but for all the needs of Canadians and the Indigenous Peoples of this land, and for the Minister of Finance to so direct the governor of the Bank of Canada.

 

 

  1. Where Does Money Come From if “it Doesn’t Grow on Trees”?

Received September 12, 2016

Submitted by Hamilton Chapter, ON

 

Whereas it is imperative that activists understand the importance of monetary policy and how its use affects the success of the Council of Canadians’ campaigns, including those on trade, water, health care and a vibrant democracy; and

 

Whereas the Council of Canadians website also says that we educate and empower people to hold our governments and corporations accountable;

 

Therefore be it resolved that the Council of Canadians National Office encourage and assist chapters to address the following questions:

  • Where does money come from?
  • What is the difference between a public central bank and a private one?
  • How has monetary policy that borrows from private banking institutions led to the austerity agenda?

Leave a Reply

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>