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AN AGENDA FOR ACTION
1. First and foremost, the Federal Government must stop borrowing so heavily from commercial banks; and commence using the Bank of Canada to create interest-free public money for public programs.
Moneys previously directed towards debt payments may then be REDIRECTED towards programs in health care, education, social welfare, infrastructue development and maintenace, and environmental protection expenditures.

This would increase employment and tax revenue; and so help reduce government debt.

2. It is ESSENTIAL that the Bank Act be amended to reinstate statutory reserves- precisely to inhibit [fractional reserve] inflation!

3. In addition, the Federal Government should desist from borrowing abroad when there is excessive unemployment here. Foreign money can only be spent on imports and to pay on foreign debts. When foreign currencies are exchanged for Canadian money this bids up our foreign exchange rate boosting our imports still further while shrinking our exports. It is a mistake to attract foreign funds by higher interest rates here than elsewhere. Instead deficits should be financed internally and largely through the central bank.
4. The Secrecy surrounding Bank of Canada activities must stop! The single shareholder of the Bank of Canada (BoC) is- the Government of Canada. The BoC is owned by the citizens of Canada-- and yet, the minutes of BoC meetings are considered to be 'secret', withheld from Parliamentary and public scrutiny. Why is this? What does the BoC have to hide? [More Secrecy...]
4. Monetary Reform will not work without an effective Incomes Policy. Such a Policy would ward off rising costs and prices; encourage employment, real investment, and healthy productivity; and would assist in appropriately pricing the Canadian Dollar, decrease international indebtedness
and current account deficits.
5. In conjuction with the provinces, labour, and business concerns, the Federal Government should begin forthwith on the development of an overall INDUSTRIAL RELATIONS POLICY. More must be done to achieve concensus between government, labour, and business. Labour must be seen as a partner in production. Without a high degree of social coehesiveness, the essential, permanent, voluntary Incomes Policy referred to above cannot come into being.
6. The Federal Government and others must 'encourage' the Media to inform the public of its Agenda for Action.
7. The Federal Government must impose tighter bank regulations, than those which currently exist, in order to PREVENT the preposterous situation we are faced with today-concerning the privatization of our PUBLIC money supply-- from EVER HAPPENING AGAIN! Such Commercial Bank Regulations must include NOT BEING ALLOWED TO:
  • Loan money to governments. Period.

  • Have unrestricted access to the housing market (sub-prime crash)

  • 'Gamble' on stock markets with 'instuments' such as 'credit default swaps', 'hedge fund derivatives', etc. (stock market crash)

  • Acquire insurance companies.