THE LAST WORD
Justin Trudeau, the Canadian Prime Minister said that he learned a lot from his father who was Prime Minister of Canada from 1968 to 1979, and again from 1980 to 1984. But what did he learn? Was it how to bankrupt a country like his father did? Pierre Elliot Trudeau devastated the Canadian economy in many ways, but his biggest blunder came in 1974 when he sold out Canada to private banks. Ever since then we have joined many other countries who also have been taken captive by private banks and are deeply in debt. And now our young Trudeau will finish what his father started.
The Bank of Canada was established in 1934 to supply interest free loans to the government for infrastructure and other related projects. When the money was paid back, it was withdrawn from the system. It worked very well and Canada prospered. There was never too much or too little money in the system producing neither inflationary nor recessionary cycles. Then in 1974 Pierre Elliot Trudeau changed all that. It is not known whether he was threatened, paid off, or simply made a bad decision, but he agreed to borrow from private banks instead of the Bank of Canada. The Basel Committee was very influential in his decision. After 1975, Canadian federal debt grew for the next 12 years at more than 20 percent per year. Currently, Canada’s national debt stands at over $1.1 trillion and taxpayers are forced to pay over $30 billion in interest on the debt every year.
His son, Justin Trudeau being a drama teacher turned Prime Minister, is totally clueless about economics. He is spending like a drunken sailor out on a binge. He currently wants to spend $60 billion on infrastructure which will produce no return on investment aside from some small tax revenue from wages and supplies used in these projects. Along with all his other spending projects for climate change, refugee programs, foreign aid, and similar non-revenue producing investments, he has no clue where the money to fund these projects will come from, but says that “it will all sort itself out”.
According to the Fraser Institute, combined federal and provincial debt in this country will top $1.3 trillion this year. That’s if Trudeau stops spending, but that is unlikely. This is in addition to Canada’s $450 billion government debt already on the books. Currently local, provincial and federal governments pay more than $60 billion a year to service their debt; money that we would not have to pay if Canada borrowed from the Bank of Canada like they are supposed to.
Recently there has been a new development which is before the courts. Canadian constitutional lawyer, Rocco Galati, on behalf of Canadians William Krehm, and Ann Emmett, and COMER (Committee for Monetary and Economic Reform) on December 12th, 2011 filed an action in Federal Court, to restore the use of the Bank of Canada to its original purpose, by exercising its public statutory duty and responsibility. That purpose includes making interest free loans to municipal, provincial, and federal governments for expenditures (education, health, other social services) and /or infrastructure expenditures. Whether this will gain any traction or not remains to be seen, for as we have seen before, bankers do not give up easily.
Due to the drop in the price of oil, the largest contributor to Canada’s GDP, and the resulting drop in the Loonie, Canada has taken a double whammy hit. Thousands of jobs have been lost, and our cost of living, especially at the grocery store has escalated. Alberta, the oil sands province, is hardest hit. Will these jobs come back? Not unless the global downturn reverses itself and economic growth returns which does not look very promising. This is not the time to spend, spend, spend. However drama teachers don’t understand this. Surrounded by private bank advisers encouraging young Trudeau that this is the time to spend and create jobs, (so that they can make even more money) Canada’s future indeed looks very bleak.
And so Canada has now joined Japan, USA, Europe (EU), Brazil, China, and many other countries in escalating debt to gdp ratios. And all of this simultaneously orchestrated debt will bankrupt not only Canada, but the entire world. As we see with what is happening in Canada, even countries with stronger economies will not be spared by the private bankers and corporations that want to own and control everything. They will leave no stone unturned until they have made all of us slaves to their economically controlled system. End times prophecy states that this will get so bad that it will eventually take a days wages to buy a loaf of bread. I believe we are getting very close to that day. Without intervention, this is where we are all headed.
How Justin Trudeau Will Bankrupt Canada
What's Really Going On.