March 24, 2011
Right from the donkey's ass:"It
is important to distinguish between the right to "issue money", which
is the sole right of the Bank of Canada, and the ability to "create
money", which, through legislation and regulation enacted by Parliament,
is largely done by commercial banks through the taking of deposits and
the issuance of loans. Presently, the Bank of Canada "issues" less than
5% of Canada's money; more than 95% of Canada's money is "created" by
commercial banks, bearing interest, through the process of fractional-reserve banking."
The donkey's ass speaks:
"Q.
Will you tell me why a government with power to create money, should
give that power away to a private monopoly, and then borrow that which
parliament can create itself, back at interest, to the point of national
bankruptcy?
Mr. Towers:
If parliament wants to change the form of operating the banking system,
then certainly that is within the power of parliament. (p. 394)"
No offense to actual donkeys or their asses who have much more honor and class than the oligarchy banking families.
Henry Makow is the author of A Long Way to go for a Date. He received his Ph.D. in English Literature from the University of Toronto. He welcomes your feedback and ideas at
