National Citizens Coalition say they are concerned with financial responsibility eg 501 plan so maybe their members would be interested to hear this ?
Why can we not get school loans or a mortgage to buy a house from the bank of Canada. Why is the private bank the only place to go? Why cant we as a people rise up and boot all the private banks out and just deal with our own Bank of Canada.
I think interest free money is considered "inflationary" due to the likelihood of abuse.
Imagine you had $100,000 saved for retirement and are about to retire. The government of the day decides they want to fund their pet project by printing a truck load of money.
Suddenly your $100,000 only buys $25,000 worth of stuff because of rapid inflation. You are screwed.
Its the extra spent because it is "free" that is inflationary.
Could we really trust our politicians to not overspend?
@warrenhales In your example money is created to pay the workers. Money in this case is not being backed by nothing; it is backed by labor thus it is completely fair that the government does that.
There would be no inflation in an interest free system as all the money is backed by labor. Since labor creates products, the ratio of supply to demand remain stable thus the price of everything would remain stable as well.
It is money that is based off of nothing that creates inflation.
The government doesn't make "phoney". The government makes the laws. They may be laws that don't benefit the majority of people but that doesn't make them phoney.
Unfortunately your simple solution is not as simple as you make it because you don't do the work of following the numbers down to the average people and seeing the ripple effects on the economy. I'm not saying it doesn't need to change but it will have to be done gradually and must include changes to all kinds of non-monetary laws too
Under your solution how are the IOU's going to ever be paid off completely? The only method under your solution is if we have a 100% tax rate meaning all earnings will be given back to the Bank of Canada leaving no money for anything. People are working for free and getting nothing in return.
Money should be created AND destroyed based on labour. When labour is created, money is created. When labour is destroyed money is destroyed. There should be a direct correlation between the two.
An excellent documentary film filled with accurate tell it like it is information. For an excellent book on the completely fraudulent money system, google THE CREATURE FROM JECKYL ISLAND by G. Edward Griffin.
I commend you Mr. Mathews for your integrity and your courage in confronting the lying cheating stealing sell out Mr. Martin. On the surface he looks like a complete idiot with respect to the money system but do not be fooled, he knows exactly what is going on and is a gate keeper.
banks DON'T create money; they lend to each other which means that each makes some interest and gives it to another. This is the money multiplyer effect. If one bank decides to stop lending the money to another bank, and instead invest in, say, a mining company, the chain stops. This means that inflation does not occur as the actual money used to purchase goods is not increased.
@ImAznnn I'm not arguing with you on a normative ground. Because Skittles and dentist vouchers are supposed to fall from the sky and feed all the starving children.
@ImAznnn Yes, and I am merely pointing out the fallacy of it. You can't prevent people from needing to borrow (I know, austerity and fiscal responsibility is important), and the need for liquidity is a large part of business reality. Thank you for the responses, I appreciate your opinions.
There is a reason why the breeding horse video is in the suggestions bar on the side: Everybody gets fucked. Canada is just one country to fall, there will be many.
First of all great video my only comment is to mention that money as we know it today was never created to be diagnosed by one person, place or thing. That was the main reason pres. Nixon took the world off the Gold standard. It's a two edge sword The Gold standard if you check through out history has never worked and paper money through out history has always gone back to its true value which is ZERO. The difference is Paper money costs less to produce. Great video however I am impressed!
I do like the way it is explained but I have know how it works for a while and it still makes me upset, to know PET and Mr C's Charter was set up so to permit the NDP or Union to control it's own future, by selling out to the Greed of it's members who, need extended contracts and bail outs, to justify a $500,000.00 Mortgage and Employee pricing for 3 New cars and a Truck to drive to the Paid off summer home in cottage country?
It's worse. Canada used to have a gold standard. There used to be piles of gold bars backing our money. Now we have worthless fiat currency. What happened to the gold? We know, thanks to Reagan's investigation of the gold at Fort Knox, that all the gold there belongs to the Federal Reserve. It was stolen from the American people. So where is Canada's gold? Scotiabank had a lot of gold at the World Trade Center. It had to be recovered after 911. Where did they get that gold? Stole it from Canada!
@kellyannewolfe Look up the Constitution of Canada. The Queen owns the Crown Corporation not the feds. We live in a Monarchy with the Queen as Absolute Dictator.
Layton makes me wanna puke. He knows the truth and says it, until the day he is in the PM office then he would forget it all and represent the Communists that are funding each of the four parties. They are all Masonic Satanists, look the BMO symbol is a 13 on it's side. Royal Bank is another Satanic symbol, look at it the mane hair, there is 3 f's or fff another way of saying 666 in the symbol.
What's the incentive to pay off the debt when there's no interest? Why not rack it up? The government's CPI numbers are rigged anyways. The population will never know!
How could we get a car loan if there was no debt?
I think the real problem is the fractional reserve system and the central bank. Kill 'em both. With a stable level of money in the system, we would get paid more to lend and risk our money. We would also enjoy gradually decreasing prices on everything.
GReat video...but one thing. It's a shame you didn't you ask paul martin the question again after pointing out his mistake. He seems like a reasonable guy.
As a Canadian who has watched all the movies about the American system of banking it is Awesome to watch one from a Canadian Perspective.
Nice to see all our Elected Board Members know the problem but refuse to ruffle the feathers of our CEO's. The Corporation of Canada will eventually be replaced by the Republic of Canada.
We will Print our own Money and Control our Destiny.
Perfect example of created scarcity. I can create other glasses Sir. The truth is; there's abundance for all, but we also have selfish, greedy, power freaks.
May and Layton would do exactly the same thing if they were in power. they know they will never take the reigns of power so it's easy to tell the truth but they will always cut short of calling them criminals for not obeying the law
actually if you watch the video it's not 'against the law' it may be stupid and immoral, but it's not illegal. Also it would be hard to imagine any politician being elected on a platform of compete monetary overhaul as it is an issue that most Canadians are unaware of.
...umm, it occurs to me that you make more glasses, e.i., create jobs... wouldnt that keep the price the same and so on... i am not an economist or anything, but it makes sense to me... wouldnt it create jobs rather than inflation if you chose so?\
What a lying weasel! I have never heard of such a lame, double-talk explanation of inflation in my life! Paul Martin and all the rest of them are the reason we have the problems we do! I've always wondered WHY the gov't would borrow from private banks...unless they're getting something in return!
If this isn't obvious robbery of Canadians and Canada, I don't know what is!
It is thee gov't that SHOULD be calling the shots, not the other way around!
Ok Paul Martin is MUCH dumber than I thought....I knew he was a liar and corrupt but I kind of respected him for offshore banking as that is just intelligent. But this guy is fuckin clueless and so is everyone else running this country.....doesn't even get the basics of Monetary policy.....
Jack Layton what a fuckin scammer....he is pro private bank or he would be campaigning like crazy against it the same way the Canadian Action Party is
Sorry all, but Martin is correct, but has a poor explanation of the reasons.
Low interest money from ANY source is inflationary. "Easy" credit money causes easy borrowing, which in turn increases the supply, thus devaluing it per unit.
A public central bank would not fix inflation with zero interest money, it WOULD make inflation worse.
The solution is to completely eliminate debt based money and fracional reserve banking both private and public.
We're just trading debt, there isn't actual money in the system to create inflation unless it is in circulation. What concerns me is the debt and the compound interest on the debt eventually needs to be repaid in real money.
Martin's a complete idiot, that was the dumbest explanation of inflation i've ever heard. The amount of money in circulation is the only factor of inflation. The economy of a country has a fixed value and all you do is devide it into the money supply, hence, more money = less value. It's not controlled by vendors but only by the suppliers of currency.
This is where things get fuzzy. The Bank of Canada was created by it's owners the corporate executives of the corporation called CANADA which is much different than the land mass called Canada. As much as they say owned by the people of Canada, it is owned by a corporation and hence a privately owned business run for profit like all others.
National Citizens Coalition say they are concerned with financial responsibility eg 501 plan so maybe their members would be interested to hear this ?
craigalot 2 months ago
Why can we not get school loans or a mortgage to buy a house from the bank of Canada. Why is the private bank the only place to go? Why cant we as a people rise up and boot all the private banks out and just deal with our own Bank of Canada.
EBNighttRain 3 months ago
damn I feel so much better knowing not just my 3rd world country is getting fucked by his government and foreign banks THANK GOD.
okomi 3 months ago
Where can I find some of the statistics in the video?
ImAznnn 3 months ago
I think interest free money is considered "inflationary" due to the likelihood of abuse.
Imagine you had $100,000 saved for retirement and are about to retire. The government of the day decides they want to fund their pet project by printing a truck load of money.
Suddenly your $100,000 only buys $25,000 worth of stuff because of rapid inflation. You are screwed.
Its the extra spent because it is "free" that is inflationary.
Could we really trust our politicians to not overspend?
warrenhales 4 months ago
Comment removed
ImAznnn 3 months ago
@warrenhales In your example money is created to pay the workers. Money in this case is not being backed by nothing; it is backed by labor thus it is completely fair that the government does that.
There would be no inflation in an interest free system as all the money is backed by labor. Since labor creates products, the ratio of supply to demand remain stable thus the price of everything would remain stable as well.
It is money that is based off of nothing that creates inflation.
ImAznnn 3 months ago
I've been following this right up to here, but this where it goes so badly wrong.
Distribute money which creates job? LOL
IvanAndreevich 4 months ago
heres a good business idea: lets open a bank
666VitaminE 4 months ago
The government doesn't make "phoney". The government makes the laws. They may be laws that don't benefit the majority of people but that doesn't make them phoney.
Unfortunately your simple solution is not as simple as you make it because you don't do the work of following the numbers down to the average people and seeing the ripple effects on the economy. I'm not saying it doesn't need to change but it will have to be done gradually and must include changes to all kinds of non-monetary laws too
coldcitydweller 4 months ago
Comment removed
hopheadbrewer 4 months ago
Under your solution how are the IOU's going to ever be paid off completely? The only method under your solution is if we have a 100% tax rate meaning all earnings will be given back to the Bank of Canada leaving no money for anything. People are working for free and getting nothing in return.
Money should be created AND destroyed based on labour. When labour is created, money is created. When labour is destroyed money is destroyed. There should be a direct correlation between the two.
ImAznnn 5 months ago
This has been flagged as spam show
An excellent documentary film filled with accurate tell it like it is information. For an excellent book on the completely fraudulent money system, google THE CREATURE FROM JECKYL ISLAND by G. Edward Griffin.
I commend you Mr. Mathews for your integrity and your courage in confronting the lying cheating stealing sell out Mr. Martin. On the surface he looks like a complete idiot with respect to the money system but do not be fooled, he knows exactly what is going on and is a gate keeper.
josephsisson 5 months ago
Jack LAyton is in this video, R.I.P.
FrenchCanadianCook 5 months ago
I dislike many of the NDP's policies, but...
RIP Jack Layton
jakemoss1 6 months ago
RIP Jack Layton
chad071981 6 months ago
banks DON'T create money; they lend to each other which means that each makes some interest and gives it to another. This is the money multiplyer effect. If one bank decides to stop lending the money to another bank, and instead invest in, say, a mining company, the chain stops. This means that inflation does not occur as the actual money used to purchase goods is not increased.
Econ 101 buddy!
bullzeyy007 6 months ago
Inflation is caused by an excess of money, not by how much debt there on the money.
LemonLimeLaughter 7 months ago
What the heck is "debt-free money" ?
anmpir 7 months ago
@anmpir Its when there's no interest on borrowed money.
ImAznnn 5 months ago
@ImAznnn Impossible. Interest is opportunity cost TO borrow money. Why would someone who has cash to lend even lend (he can invest elsewhere).
anmpir 5 months ago
@anmpir It's because the central bank is supposed to be used to help the people not to enslave them with interest.
ImAznnn 5 months ago
@ImAznnn I'm not arguing with you on a normative ground. Because Skittles and dentist vouchers are supposed to fall from the sky and feed all the starving children.
anmpir 5 months ago
@anmpir Im merely trying to tell you what this person is trying to say. I personally am against lending money period.
ImAznnn 5 months ago
@ImAznnn Yes, and I am merely pointing out the fallacy of it. You can't prevent people from needing to borrow (I know, austerity and fiscal responsibility is important), and the need for liquidity is a large part of business reality. Thank you for the responses, I appreciate your opinions.
anmpir 4 months ago
@anmpir ;)
ImAznnn 4 months ago
There is a reason why the breeding horse video is in the suggestions bar on the side: Everybody gets fucked. Canada is just one country to fall, there will be many.
kaotik1981 8 months ago
how the hell did this bumbling idiot Martin ever get elected? This guy was so embarrassing to watch during this movie.
bigbradford69 10 months ago
So if I get a bank note from an ATM in Canada, how do I know if it comes from the Bank of Canada or from some private bank?
YukiNekoPrincess 11 months ago
Wow, I'm surprised that the NDP knows about the banking system. Makes me question who I'm going to vote for. This coming from a Conservative! Hmmm
U2Berror 1 year ago
First of all great video my only comment is to mention that money as we know it today was never created to be diagnosed by one person, place or thing. That was the main reason pres. Nixon took the world off the Gold standard. It's a two edge sword The Gold standard if you check through out history has never worked and paper money through out history has always gone back to its true value which is ZERO. The difference is Paper money costs less to produce. Great video however I am impressed!
StevenTims 1 year ago
I do like the way it is explained but I have know how it works for a while and it still makes me upset, to know PET and Mr C's Charter was set up so to permit the NDP or Union to control it's own future, by selling out to the Greed of it's members who, need extended contracts and bail outs, to justify a $500,000.00 Mortgage and Employee pricing for 3 New cars and a Truck to drive to the Paid off summer home in cottage country?
TTFN
RockerDaddyTazz 1 year ago
So do we still owe the banks money now that we bailed them out?
AestusL4 1 year ago
It's worse. Canada used to have a gold standard. There used to be piles of gold bars backing our money. Now we have worthless fiat currency. What happened to the gold? We know, thanks to Reagan's investigation of the gold at Fort Knox, that all the gold there belongs to the Federal Reserve. It was stolen from the American people. So where is Canada's gold? Scotiabank had a lot of gold at the World Trade Center. It had to be recovered after 911. Where did they get that gold? Stole it from Canada!
kulgion 1 year ago
Guys, in 1938 the bank of canada became a crown corporation owned by the feds, its no longer owned by the people.
kellyannewolfe 1 year ago
@kellyannewolfe Look up the Constitution of Canada. The Queen owns the Crown Corporation not the feds. We live in a Monarchy with the Queen as Absolute Dictator.
PeterSodhi 1 year ago
@PeterSodhi If you ever go to court, or have a legal information brought against you, it may say HER MAJESTY THE QUEEN vs. ...
Notice the all caps corporate name, HER MAJESTY THE QUEEN.
Who owns the corporation HER MAJESTY THE QUEEN?
kulgion 1 year ago
Layton makes me wanna puke. He knows the truth and says it, until the day he is in the PM office then he would forget it all and represent the Communists that are funding each of the four parties. They are all Masonic Satanists, look the BMO symbol is a 13 on it's side. Royal Bank is another Satanic symbol, look at it the mane hair, there is 3 f's or fff another way of saying 666 in the symbol.
elucidative 1 year ago
@elucidative Yeah I've seen that, the 3 f's. The truth is they all make me want to puke.
alleygh0st 1 year ago
What's the incentive to pay off the debt when there's no interest? Why not rack it up? The government's CPI numbers are rigged anyways. The population will never know!
00dfm00 1 year ago
How could we get a car loan if there was no debt?
I think the real problem is the fractional reserve system and the central bank. Kill 'em both. With a stable level of money in the system, we would get paid more to lend and risk our money. We would also enjoy gradually decreasing prices on everything.
00dfm00 1 year ago
Article 457 has been repealed according to the Bank Act I am currently reading.
koolkassy 1 year ago
link it please
pawqmasta00 1 year ago
This is why I no longer have a bank account and have left Canada. You want to know what Gun control is really about? Now you know!!
MiddletownDreamz 2 years ago 2
GReat video...but one thing. It's a shame you didn't you ask paul martin the question again after pointing out his mistake. He seems like a reasonable guy.
verstwo2 2 years ago
He is an ex-lawyer, don't get fooled...
fidzlefou 2 years ago
As a Canadian who has watched all the movies about the American system of banking it is Awesome to watch one from a Canadian Perspective.
Nice to see all our Elected Board Members know the problem but refuse to ruffle the feathers of our CEO's. The Corporation of Canada will eventually be replaced by the Republic of Canada.
We will Print our own Money and Control our Destiny.
northerndisclosure 2 years ago 33
@northerndisclosure I agree and stand by it.
Sumdude54 1 year ago
@northerndisclosure a workers federation! fuck the republic!!
seigneurvoland666 10 months ago
These videos are great
jefft78 2 years ago 3
To say Paul Martin is dumb and clueless is false. He knows exactly how things operate, they all do.
Bigchuckers 2 years ago 5
Perfect example of created scarcity. I can create other glasses Sir. The truth is; there's abundance for all, but we also have selfish, greedy, power freaks.
evilmoneysystem 2 years ago 3
May and Layton would do exactly the same thing if they were in power. they know they will never take the reigns of power so it's easy to tell the truth but they will always cut short of calling them criminals for not obeying the law
Probesoul 2 years ago 3
actually if you watch the video it's not 'against the law' it may be stupid and immoral, but it's not illegal. Also it would be hard to imagine any politician being elected on a platform of compete monetary overhaul as it is an issue that most Canadians are unaware of.
verstwo2 2 years ago
...umm, it occurs to me that you make more glasses, e.i., create jobs... wouldnt that keep the price the same and so on... i am not an economist or anything, but it makes sense to me... wouldnt it create jobs rather than inflation if you chose so?\
MaverickFreelance 2 years ago
What a lying weasel! I have never heard of such a lame, double-talk explanation of inflation in my life! Paul Martin and all the rest of them are the reason we have the problems we do! I've always wondered WHY the gov't would borrow from private banks...unless they're getting something in return!
If this isn't obvious robbery of Canadians and Canada, I don't know what is!
It is thee gov't that SHOULD be calling the shots, not the other way around!
We would all be fired if we failed like them!
Bongofury361 2 years ago 4
Ok Paul Martin is MUCH dumber than I thought....I knew he was a liar and corrupt but I kind of respected him for offshore banking as that is just intelligent. But this guy is fuckin clueless and so is everyone else running this country.....doesn't even get the basics of Monetary policy.....
ttillaart 2 years ago 3
Jack Layton what a fuckin scammer....he is pro private bank or he would be campaigning like crazy against it the same way the Canadian Action Party is
ttillaart 2 years ago 5
Sorry all, but Martin is correct, but has a poor explanation of the reasons.
Low interest money from ANY source is inflationary. "Easy" credit money causes easy borrowing, which in turn increases the supply, thus devaluing it per unit.
A public central bank would not fix inflation with zero interest money, it WOULD make inflation worse.
The solution is to completely eliminate debt based money and fracional reserve banking both private and public.
Not an easy thing to do over night.
danmcc22 2 years ago
If the public central bank were to produce currency we could simply reduce the amount of money in circulation to reduce inflation. It's that simple.
uglyguido 2 years ago 3
We're just trading debt, there isn't actual money in the system to create inflation unless it is in circulation. What concerns me is the debt and the compound interest on the debt eventually needs to be repaid in real money.
Dean0000007 2 years ago 3
Martin's a complete idiot, that was the dumbest explanation of inflation i've ever heard. The amount of money in circulation is the only factor of inflation. The economy of a country has a fixed value and all you do is devide it into the money supply, hence, more money = less value. It's not controlled by vendors but only by the suppliers of currency.
vme02 2 years ago 7
This is where things get fuzzy. The Bank of Canada was created by it's owners the corporate executives of the corporation called CANADA which is much different than the land mass called Canada. As much as they say owned by the people of Canada, it is owned by a corporation and hence a privately owned business run for profit like all others.
vme02 2 years ago 4
Which is a bad thing for taxpayers.
Dean0000007 2 years ago
Comment removed
mgroseva 2 years ago
finally, a great documentary focusing solely on the problems with the monetary system in Canada!
huskavarna 2 years ago 22