The Rise of Neoconservatism

"Controls over monetary policy were gradually reduced. By 1974 the 'theory' of monetarism and the ultra free market ideology were adopted in Canada.

The government reduced its use of the Bank of Canada to finance public debt, relying almost entirely on the private sector, and de facto control of currency and credit was taken over by the chartered banks.
"What happened then?"

"As a result, when interest rates were pushed very high in 1979/80/81 and 1989/90, the federal debt soared over 3000% from $18-billion in 1974 to $588-billion in 1997, with a corresponding increase in provincial and municipal debt and massive debt charges.






In 2009 Federal interest bearing debt stood at $710 billion, and total interest bearing debt for all levels of government reached about one and half trillion."

"The government''s debt is running wild!"
"Yes, and the socio-environmental neglect has been significant."
"It's out of control..."
"No! The Canadian government's 'most conspicuous and sacred responsibility' over 'the issuance of currency and credit'- is VERY MUCH CONTROLLED- by the financial sector."
"...So, we've surrendred control over our money supply."
"No, our government representatives have surrendered that control; and we pay for it through our taxes- as outlined at the beginning of our talk--" "What can we do?"
" Well, let's consider an example. Let's take a look at health care, and see what we could do, were we using GCM through the Bank of Canada."

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