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How Pierre Trudeau Turned Canadians into Debt Slaves

May 18, 2018


On December 12th, 2011, Comer (The Committee for Monetary and Economic Reform) filed a lawsuit in Federal Court to try to force a restoration of the Bank of Canada to provide interest-free loans to the federal, provincial, and municipal governments, as it had until 1974 when Pierre Trudeau turned it over to the Rothschild Syndicate.  
As a result, government debt has mushroomed

Combined federal and provincial net debt has increased from $833 billion in 2007/08 to a projected $1.4 trillion in 2016/17. This combined debt equals 67.5% of the Canadian economy or $37,476 for every man, woman, and child living in Canada. Canadian governments (including local governments) collectively spent $62.8 billion on interest payments in 2015/16. That works out to 8.1% of their total revenue that year and $1,752 for each Canadian or $7,009 for a family of fourSource

In May 2017 the Supreme Court of Canada refused to hear the case. 

US debt about $175,000 per individual 

by Betty Krawczyk

Many Canadians still think highly of Pierre Trudeau, but in 1974 he did one terrible thing that changed the lives, for present and future, of all Canadians, for the worse. 

Trudeau gave the leading operations of the Bank of Canada over to the private banks operating in Canada. 

The Bank of Canada was first established by Prime Minister Richard Bennet in 1935 as a private central bank, but was then nationalized by William Lyon Mackenzie King in 1938. 

By nationalizing the bank, Mackenzie King meant for it to belong to the people so the Canadian government could borrow funds with little or no interest for capital expenditures. The mandate of the newly nationalized Bank of Canada was to act as the banker to the government and to manage the public debt. 

As Mackenzie King famously said: "Once a nation parts with the control of their currency and credit, it matters not who makes that nation's laws. Usury, once in control, will wreck any nation. Until the control of the issue of currency and credit is restored to government and recognized as its most sacred responsibility, all talk of sovereignty of parliament and of democracy is idle and futile." 

So the Bank of Canada was nationalized in 1938 and the government could now borrow money with little or no interest. And it worked. The Canadian government built freeways, public transportation systems, subway line, airports, the St. Lawrence Seaway and funded a national health care system and the Canada Pension Plan. 

(Illuminati pedophile and traitor, Pierre Elliot Trudeau)

But then Trudeau, under the influence of the international financial group called Basel's Committee's Recommendations (The Basel Committee on Banking Supervision) made the decision to halt the borrowing of money from the Bank of Canada, and instead, chose to borrow from the private banks who instead of lending to the government at no interest, or low interest, introduced higher interest rates along with compound interest. All banks know very well the magic of compound interest. 

And Pierre Trudeau must have known that the mounting compounded national debt would lead to Canadians eventually owing a dollar fifty for every dollar of their disposable incomes. After all, he studied economics at the London School of Economics. 

Surely the professors there knew about compound interest. So Pierre Trudeau, instead of feeling blessed that Canada, unlike the US, had a nationalized central bank, signed our bank away to the private banks. 

Couldn't Trudeau, such an educated man, surmise that citizens in a few years would be struggling to make car payments and meet rent and mortgages and student loans and to buy healthy food while last year's profits for the big five (that's Royal Bank, TD Bank, Scotiabank, Bank of Montreal and CIBC amounted to $31.7 billion?) 

If he did, he didn't care. But it doesn't have to be this way. It really doesn't. Our Bank of Canada is still there.  


Scruples - the game of moral dillemas

Comments for "How Pierre Trudeau Turned Canadians into Debt Slaves "

Robert K said (May 18, 2018):

I believe this article is part of the disinformation campaign being waged to throw confusion into thinking on monetary matters. I worked in Parliament for the Social Credit Party from 1970 to 1979 and the primary "plank" of its leadership throughout this period was to use the Bank of Canada to provide interest-free loans for public works; if it was actually being done up to 1974, then nobody in that institution seemed to know it!

Incidentally, authentic Social Credit as advocated by Major C.H. Douglas is designed to decentralize control over policy and thus is in fact far removed from the COMER idea, which effectively does nothing about the radical concentration of power being implemented by globalists. Is our situation to be limited to either dictation by bankers or dictation by bureaucrats?

Mackenzie King was a Rockefeller man, their employee and a personal friend of the family. Just like Lester Pearson, who had a choice between taking over the Liberal Party or becoming the head of the Rockefeller Foundation.

Mackenzie King almost certainly made his statement about the financial system as a political move to defuse the threat to the Establishment spreading from Alberta, where in a general election in 1935 an unknown party whose entire raison-d'ĂȘtre was financial reform had suddenly swept 56 of 63 seats in the provincial Legislature.

LS said (May 18, 2018):

Yet another great article Henry. Although British I had relatives in Canada and have lived there for over a year so hold the country in high regard and even traveled from West to East coast to take a five-day cruise to Liverpool back in 1969 so probably have seen more of the land than most...

I have had an interest in this subject since my teenage years sparked in part by the books of Mary Stewart Relfe and in particular "The New Money System" my recalling that there was a photograph therein of Pierre Turdeau driving his Mercedes SL sports car the number plate sporting the number 666 which I believe the Revelation interpretation to be the shape of the Red Shield or Rothschild aka seal of Solomon as sported on the flag of Israel .

They all forget Hebrews 9.27 and the eternal suffering that is coming their way. And I have heard from the dead.

JG said (May 18, 2018):

Canada has been brought into the world economy like all the other European Nations have.
It was going to happen sooner or later because economic national sovereignty in today's world is possible but isolates that nation with often disastrous results.
Unless a nation can independently feed, house, employ, and take care of it's sick without the help of foreign imported goods or loans it will fail in today's world economy. Not many nations today if any can get by well without foreign goods or loans for too long.
Unfortunately, the end game of the international bankers' plan is to bankrupt the nations morally, culturally, and economically.
For now it's a no-win for the nations of the world as long as these international bankers are in control of the majority of the world's wealth.

Henry Makow received his Ph.D. in English Literature from the University of Toronto in 1982. He welcomes your comments at