A couple of quotes from the article, first: "Canada, called the world’s most resource-rich country, is now being subjected to austerity measures like those imposed on third world countries in earlier decades. It is all done in the name of reducing a federal debt that got out of control in the 1970s, when Canada quit borrowing from its own central bank."
Second: "Between 1939 and 1974, the government actually did borrow from its own central bank. That made its debt effectively interest-free, since the government owned the bank and got the benefit of the interest. According to figures supplied by Jack Biddell, a former government accountant, the federal debt remained very low, relatively flat, and quite sustainable during those years. The government successfully funded major public projects simply on the credit of the nation, including the production of aircraft during and after World War II, education benefits for returning soldiers, family allowances, old age pensions, the Trans-Canada Highway, the St. Lawrence Seaway project, and universal health care for all Canadians."
Ellen's book 'Web of Debt' which focuses on the US Federal Reserve System is fantastic. She also is the founder of The Public Banking Institute. Ellen's exhaustive research into the complex and jargon hidden world of money and banking is to be commended. But even more important than her research and knowledge is her ability to communicate that knowledge in clear language. Thank You Ellen Brown.
Canada’s 2012 Budget: Imposing Austerity on the World’s Most Resource-rich Country by Ellen Brown
