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AN OPEN LETTER TO CANADIANS

The COST of the unconstitutional choice, made in the mid-1970s, to create government money through commercial banks, rather than using our own Bank of Canada- we see in reflected in our annual Federal Budgets. The 2010 Budget reveals that we owe $165 million PER DAY in unnecessary interest to commercial banks on federal, provincial and municipal debt.

These costs are reflected in taxes, fees, cut-backs in public services such as education, health care and support services and deterioration of infrastructure such as roads, sewers, water lines and affordable housing. Such cutbacks in these and other areas increase unemployment.

By the way, you don't have to be an economist to understand this! Victoria Grant, a Grade 6 student, explains:

The 'public debt interest' for 2010, which we pay through our taxes, amounts to $4.85 per day for every man, woman and child in the country. For a family of four that’s about $20 per day or $140 per week, every week, all year long.
Think of what could be done with $160 million to alleviate poverty – and then think of having $160-million every day.

Don't believe it? These figures are easily verified at [Statistics Canada, Table 1.3-1.] Scroll down to the second table, locate heading 'Interest on the public debt', and you'll see there that interest on the public debt in 2010 amounted to $60.2 billion or $165 million per day.)

This ENORMOUS amount of money, directed towards government debt, came out of YOUR pocket, through taxes.
It is redirected AWAY FROM WHAT YOU WANT, in terms of the building and maintenance of healthy social, infrastructure, and environmental programs; and TOWARDS the payment of government debt.

If you are a SOCIAL ACTIVIST, you might want to seriously consider [this statement, by Michael Rowbotham]


PANEL 3: What Can We Do? An Agenda for Action!