The Most Outrageous Fraud Ever Perpetrated on the Canadian People | WHAT REALLY HAPPENED

The Most Outrageous Fraud Ever Perpetrated on the Canadian People

The good folks at COMER have for years – decades, actually – been trying to get people to pay attention to what is far and away the biggest, most outrageous fraud ever perpetrated on the Canadian people. I am speaking here of the fact that instead of the Canadian government borrowing money from its own bank, our bank – the Bank of Canada (BoC) – it has, since 1974 chosen instead to borrow from private international and domestic financial institutions providing them with enormous, absolutely risk free profits for almost four decades.

The result, according to economist Ellen Brown: “By 2012, the government had paid C$1 trillion in interest—twice its national debt. Interest on the debt is now the government’s single largest budget expenditure—larger than health care, senior entitlements or national defense.” In the early 1990s, at the height of the media’s deficit hysteria and rhetorical nonsense about hitting a “debt wall,” 91% of the $423 billion debt was due to interest charges. Our real debt – revenue minus expenditures – was just $37 billion.

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