The Crime of the Canadian Banking System 1/4

[jerhwhite]

@hoilow8 - Fractional Reserve Banking exists because without it there would be no money to lend anyone unless you borrowed it directly from the person who has it. Money is not created out of thin air by banks. They simply take money depositors have and lend it to people who need to borrow. If they loaned out all the money they take on deposit, they would have no money available to give to people who wanted their deposits back. This is why they must keep a small fraction on reserve.

[iah48]

@jerhwhite But if everyone decided to withdraw their money at the same time there wouldn't be enough money for everyone. How do you explain that? I doubt you fully understood this video or either didn't watch it in its entirety.

[iah48]

@jerhwhite So you are saying there is a finite amount of money in existence(until the government actually prints more money). Banks are loaning out money with interest, in the form of loans and mortgages, where does the money come from to pay that interest?

[jerhwhite]

Private banks don't print money, Bill. They serve only as brokers between those who have money to save and those who need to borrow it. They lend to individuals and nations. You can't invent money, it is based on the wealth of the nation. The Bank of Canada prints and controls all our currency. I admire your intentions, but your opinions are sadly misinformed and naive.

[hoilow8]

@jerhwhite Of course Private banks don't print money. But by their practice of Fractional Reserve Banking, money is created out of thin air and loan out at interest. In other words they loan out credits or checkbook money at interest.

[getagripcanada]

@jerhwhite its called fractional reserve banking and they do create money out of thin air. Its all digital.

[MrStoneClark]

Ummm... I just decided from here on in, I am not paying taxes. Seriously - Im done! Fuck off criminals!

[OttoLund]

abeldanger(dot)net

[RandyRandola]

The PTBs have stated "They care not who makes the law as long as they control the money". Any Gov who wants to print their own money will find themselves on the outside. No loans, no support, and the threat of war. A tough but neccessary road that most people will not tread. They would rather be slaves, and their children than face having less than their share.

[mchattie2222]

Maybe we need to treat money as if were just like a natural resource only produce as much as we need

[charliemctruth]

It takes a jew to tell the truth about the machinations of jews and their love of money above all else. I must be a nazi for mentioning jews in this context.

I like this man.

[Badwolf182]

what a fine gentleman! speaks the truth

[canadadad99]

So Basically all countries are run on a Ponzy Scheme....we r screwed.lol.

[brently2009]

Bill Abram is a true Canadian hero.

Now he's someone that should be given the Order Of Canada.

Thank you for this.

[mrstudes]

@brently2009 I could just see Steven Harper presenting Mr Abram with the fine award and after that Steven can go write the check for 3 billion for the new jails and 40 billion for new fighter jets so the American War Industrial Complex can get there cut of our taxes .

[dana8988]

Ya! Lets print lots of money! Zimbabwe did it, what could possibly go wrong?!? I don't mind taking a shopping cart full of money to the grocery store.....

[BeeRich33]

Well it's a good thing we have retired high-school teachers to set us straight. I mean, the efforts of public high-school teachers are tremendous. And their results are the best anywhere.

If you don't like this system, then run for office and change it. It really is that simple.

[nimrodery]

@BeeRich33 JFK tried to change it. You call it simple? I call you a simpleton. It honestly doesn't matter whether we like the system or not.

[BeeRich33]

@nimrodery LOL right. You obviously missed my sarcasm. And yes, it does matter if people like anything. Enough people that don't like it, then it gets changed. That's called democracy. Honestly. I guess you missed that, Einstein.

[nimrodery]

@BeeRich33 I wasn't responding to the sarcastic part of your post. Unfortunately these banks are bigger than government. It would take a coordinated effort from most developed countries to change it. JFK changed it. He died. It changed back (Reagan's doing). Obviously this situation is bad for Canada, but politicians are deathly afraid to change it (they value life; their own lives that is). Look at the value of a country's credit rating. The banks want it this way, so it stays this way.

[BeeRich33]

@nimrodery No, they are not bigger than government. Propaganda. Politicians, like Rob Ford, are indeed useless. But all the same, they pander to the populous. Nobody is forcing you to use a bank. Nor keeping anybody from being a politician.

[nimrodery]

@BeeRich33 Then every politician in Canadian history (after the first world war) was incredibly stupid, because any high school student could tell you to pay off the principle of the loan instead of just paying the interest. This scam has sucked hundreds of billions of dollars from the Canadian economy. So someone is getting kickbacks or death threats, or both. These banks can destroy a country (and occasionally do, to keep the other countries in line). Your ignorance does not benefit Canada.

[BeeRich33]

@nimrodery LOL and that's the bank's fault? It's the fault of stupid morons like you. Honestly, go Occupy a job. You probably argue that McDonald's is ruining the health of people. Newsflash to stupid: Nobody is forcing anybody to eat there.

[nimrodery]

@BeeRich33 I love McDonalds, and I didn't occupy anything. Please, display more ignorance.

[nimrodery]

@BeeRich33 Plus, these numbers are available for anyone to see, and have been for years. Yet a retired high school teacher has to point it out to you? Then you make fun of him for it? You, sir, are an idiot.

[BeeRich33]

@nimrodery Retired high-school teacher is just another socialist, just like you. You want everybody else to pony up for your complete inability to provide anything to the economy. Pitching your stolen tent in a park, relying on the taxpaying public to cover your ass. This guy taught kids how to draw triangles for 12 years, and now he expects a pension for the rest of his life. Hilarious. YOU, are absolutely delusional. Now go finish high-school and get a job.

[nimrodery]

@BeeRich33 You just fabricated the lives of two people you've never met, and you call me delusional. I am the taxpaying public. That's why this scam upsets me. I have to work harder and harder every day to support an obvious scam. Stories about socialists and triangles are not going to change that. There is nothing I can do to help you with the problems created by your imagination. That's what psychiatrists are for.

[BeeRich33]

@nimrodery And it's a scam because YOU say so? What education do you have? Delusional freak. The sky is not falling. Your world is just collapsing.

[nimrodery]

@BeeRich33 Delusions are when you make up stuff. Like all of your arguments.

[BeeRich33]

@nimrodery You have no education, fool.

[nimrodery]

@BeeRich33 See "made up shit".

[nimrodery]

@BeeRich33 If you want to change it, though, be my guest. I truly hate this scam.

[BeeRich33]

@nimrodery And nobody cares what you hate. Why is that even mentioned? You going to be ok? Want me to sing you a song or something? Get a job.

[nimrodery]

@BeeRich33 The old "nobody cares what you think" line. You care, otherwise you wouldn't respond. Also, a lot of Canadians feel the same way I do. Please, sing us all a song. And I have a job. It's Sunday. Buy a calendar.

[BeeRich33]

@nimrodery I find it hugely entertaining. More Canadians feel opposite of what you feel. You just missed that while in your tent.

[nimrodery]

@BeeRich33 So I'm supposed to base what I feel on what a larger percentage of Canadians feel? You are stupid beyond belief.

[nimrodery]

@BeeRich33 And really? More Canadians enjoy being ripped off? I've never heard that opinion. So if I offer them two of the same product, they'll say "Gimme the one that costs more. I love a good scam." ??????????

[nimrodery]

@BeeRich33 In OECD rankings, Canada placed 3rd in literacy and 5th in math and science. Sarcasm fail.

[BeeRich33]

@nimrodery and statistics lie all the time. Walk the streets in Toronto and you'll see how bloody stupid people are in Canada. Hammer swinging hockey players. It's why our professional schools are >50% foreigners. I guess you missed that as well, seeing as you haven't spent any time in any of them. Canada is an absolute joke. "where's my job?" Waaa waaaa waaaa. Relying on branch companies from the States. I bet you do the same.

[nimrodery]

@BeeRich33 Foreign students pay ten times the tuition.

[BeeRich33]

@nimrodery No you idiot, they don't. I lived with two of them and they do not. They pay extra, but not ten times. I also have a degree earned outside of Canada and that too was not ten times. Far from it. You lose.

[nimrodery]

@BeeRich33 And sorry, I have two degrees. Wrong again.

[BeeRich33]

@nimrodery Fingerpainting and what? Honestly, in what? 

[nimrodery]

@BeeRich33 I am no longer replying to made up shit. Thank you.

[BeeRich33]

@nimrodery It's because you can't.  You idiot. Back to your pretend world with you.

[nimrodery]

@BeeRich33 The only one pretending here is you. I haven't pretended to know anything about you. Except this: I'm pretty sure you don't think before your mouth opens.

[BeeRich33]

@nimrodery And "Teacher's College" is not a degree. It's for English or history "graduates" that realize they are useless at the end of their first attempt.

[nimrodery]

@BeeRich33 See "made up shit".

[BeeRich33]

@nimrodery And, the stupid text that's above, is plain gibberish. You can't just print money and enter it into circulation. Don't you know that? But then again, you're just a simple dork with a job. Fun to be a simple paranoid union worker, isn't it? Kind of like the bitter old man in the video.

[nimrodery]

@BeeRich33 We printed our own money before WWI. All countries used to. We also had around 0 dollars in national debt at that time.

[BeeRich33]

@nimrodery Printing money is not a way of injecting value into an economy. Greece, Ireland, Iceland, are all having problems with the same thing. Your limited knowledge shows. Fool.

[nimrodery]

@BeeRich33 What about zero debt do you not understand? Read some history before you blindly put your hands on a keyboard.

[BeeRich33]

@nimrodery LOL history. You still haven't answered my question. Answer my question. I'm pretty sure I have a lot more education in this than you do. Until you answer the question, you haven't answered the question. You fail.

[nimrodery]

@BeeRich33 I'll make you a deal. You read up on Canada's economy before and after WWI, and I will tell you what degrees I hold.

[BeeRich33]

@nimrodery I don't need to make you any deals. I've studied more of this than you ever have or will. YOU go finish high-school, and get back to me. Socialist whiner.

[BeeRich33]

@nimrodery Or even better, answer the question. Very easy. Just answer the question.

[nimrodery]

@BeeRich33 I cannot continue a battle of wits with an unarmed man. Now, if you'll excuse me.....

[BeeRich33]

@nimrodery No battle. Just answer the question. Seems you can't answer the question. I am fully armed. You obviously known nothing about the examples I've posted, all within recent news. Your solution is "print money". LOL. Stop lecturing people on things you know nothing about. Now back to your Occupy tent or your drumming circle.

[nimrodery]

@BeeRich33 LOL at "Until you answer the question, you haven't answered the question". You really are a genius.

[nimrodery]

@BeeRich33 And now I'm unionized? Fascinating....

[BeeRich33]

@nimrodery Might as well be. You're a socialist.

[missjournalist1990]

Then why is the government taking money from private banks, increasing their debt, when they can take it from the Bank of Canada interest free!? Can someone please explain this?

[nimrodery]

@missjournalist1990 Because some (hideously rich) people profit from the system the way it is. It will take a revolution to change it, and at that point Canada might be considered a dangerous country. Plus, ordinary Canadians don't pay attention to this stuff. Why? Because we spend all our time working to pay our own debt.

[formatguy]

Let's occupy the Bank of Canada instead ...

[donthaveacow555]

Banks provide a valuable service (see comment directly below). There is an interesting question as to whether we should have a government run, socialized, bank that could compete against the big 6 banks. Since their goal would be to simply break even, perhaps they could lend money at a cheaper rate.

Of course this "people's bank" would still have to pay interest to the people that were lending them the money (the depositors) (our parents who have saved up money during their long careers).

[donthaveacow555]

The reason that banks exist is so that citizens that have saved money (often those at the later stage of earning) can safely lend it to people that do not have money but would like to buy a house or car now. Otherwise a young family could not buy a house till they actually saved up the 250K (when they are much older). A bank is simply the middle man that brings these parties together, and gets paid for being the middleman.

[donthaveacow555]

The issue isn't where we borrow the money from, it's that we're borrowing at all. We spend more on government programs (infrastructure, medical care, university tuition subsidies, military, etc) then we bring in through taxes. Raise taxes on the super rich! Close tax loop holes that let the super rich avoid paying taxes!

[donthaveacow555]

Here I'm talking about the borrowing that our country does whereas above I'm more discussing personal borrowing for buying things like homes.

[donthaveacow555]

It is irresponsible for Occupy Wall Street supporters to push ridiculous arguments like this; it makes us look like idiots. To a trained economist, this guys arguments sound like a creationist explaining evolution. Did he actually say that instead of borrowing we should just print money.

[Bongofury361]

One has to ask the question...WTF would our gov't illegally give the control of our money to the private banks, when the BANK OF CANADA (which is owned by the taxpayers), should ONLY have the right to print our money!

I think the answer is pretty obvious...THEY ARE GETTING KICKBACKS FROM THE BANKS, FOR SELLING OUR COUNTRY DOWN THE RIVER!

Check out the documentary 'OH, Canada!', which you can find on my channel!

Every PM from 1970 (at least) on, should be tried for treason!

END THE(Canadian)FED!!

[marypoppins2009]

Both the U.S. and Canada...governments are in total treason...and the DOJ does nothing.....It's all up to us....justice...just us....

[johnnywhack]

Maybe the government should not spend more than it takes from the people.

[diman75]

Why only 194 veiws??? BECAUSE CANADA IS ASLEEP!!!!! THat is why.

[TheWanderingInkstar]

@diman75 7,569 views now...

[aldojr86]

Mark Carney the Governor of the Bank Of Canada was at this years bilderberg meeting in Switzerland. He also worked for Goldman Sachs for 13 years. Canada is in bed with the banking elite just like America.

[bluehorse888]

Yep, and people wonder why our system is more "stable" than the americans'. It's only because intsead of being in 46,666 dollars per person in debt (14 trillion total) we're 13645 dollars per person in debt (460 billion total). Our system isn't ready to collapse yet because wwe can still be milked for more money. Aproximately 3 times more.

The US pays 2 trillion annually just in interest payments, while the mega corps offset their taxes by using havens. While the roads and bridges decay...

[MrMooseheadbeer]

some sick fucking shit, time for a revoluition!

[EliteDoomer]

I hate this situation but I LOVE how he says "theft".

[robotchicken300]

First off, money rules the world. You get a person with more money then they need. They have everything. They get into politics. They lead a country. They give friends in their business experience favors. Their friends and themselves make money. Hence, more money borrowed by country government to be put in their friends and their own pocketbooks. Do I need to explain more?

[mrjmc1989]

if someone could answer this, this would be great. WHAT DO YOU MEAN WHEN YOU SAY OTHER BANKS CAN PRINT THE MONEY? Do they have their own machines to print the same money? Do they pay the mint in ottawa? like it dosn't make sense to me that some private banks just have printing presses lying around!!!

[fuckingdouche]

@mrjmc1989 other banks dont print or issue money - they 'create' it. most money is not in physical form, but created as numbers on computers - it is basically a huge scam.

[GCTDVD]

Since it is obvious that you are in need of education, let me help. Go to Canadian encyclopedia Seach monetary policy and the BofC since they won't let me put a link on. LOL and WOW! The BofC is a crown corp. You come on here spreading lies and mistruths and call me the troll. Too funny!

[SoccerDad65]

@GCTDVD Best do some re-reading my friend as nowhere in my original post did I say the BofC was a private bank...

[GCTDVD]

@SoccerDad65 Best to take your own advice my friend, as nowhere did I make that claim. What I did refute was your claim the the BofC was OWNED by the private banks, a claim which you did foolishly make.

[GCTDVD]

Wow, why is it so many don't seem to grasp the consequences of just printing off money. There is a major reason why most governments do NOT do it. Don't you think if it was such a good thing, it would be more widespread? Guess what? It isn't. Who is this guy and what are his credentials??????????

[SoccerDad65]

@GCTDVD lol, dude, what do you think the commercial banks have been doing, why, "just printing off money" and yes, look at what has happened. Before you start giving us all talking points on money, I suggest you start doing some research so as not to make yourself look so trollish. Of course it's not widespread; do you honestly think that the private bankers who own most of the planet's central banks want to give up this cash cow? Wake up dude; you are appearing to be the sheep...

[GCTDVD]

@SoccerDad65 , geez you're too funny. You obviously have no clue how the finances work and who actually prints the money. The ONLY facility in Canada that prints money my factually addled friend is the Canadian Mint, under the auspices of the Bank of Canada That's it. That's all. Look at what has happened? If you want the true affect of what you are asking, why don't you research what a wonderful time Zimbabwe is having with hyper inflation due to them printing money. con't

[GCTDVD]

Same thing happened in Russia. SO, since it is blatantly obvious that you need to take some economics classes based on your emotional leftwing rant, I will continue to counter your lie-spreading with easily verifiable truth. Private banks do not and have no authority to print money. To assert otherwise says you have obviously been indoctrinated into the leftwing mantra of the grand utopia. The only sheep I see here is the one who obviously can't think for himself to do a little reassearch. con't

[GCTDVD]

Stop being a clone-like marketers dream by sucking up the leftwing press clipping left right and center. As I said originally, who is that guy and what are his credentials? The only one in need of an alarm clock is you, since you seem to suck in the conspiracy theories like koolaid. Lol, some people are just too impressionable to talk facts over emotionally charged rhetoric. The fact that you say the BofC is owned by the private banks shows just how utterly uninformed you are.

[SoccerDad65]

@GCTDVD *chuckle*, thanks for making my point about being trollish; your thesaurus dependent verbosity and general name calling just drives it home. Since I don't like to feed the trolls: until you are better informed and ready to chat like an adult, I am done with you and this conversation. I do however, have to respond to your posts and clear up the misinformation you are spreading, so my replies are solely for the benefit of others reading.

[GCTDVD]

@SoccerDad65 Geez, are you this backwards in everthing? Good thing you don't like trolls, you would have to eat yourself. Is that your new buzzword for the day or something? Until you actusally have something useful and truthful to say, I will continue to refute your nonsense. So, because I'm educated and have a vocabulary, I need a thesaurus? Yes, and THAT was very adult like. Its too bad you are such a, indoctrinated lost cause

[SoccerDad65]

@GCTDVD Paper money in Canada is printed by The Canadian Banknote Company and BA International, with the latter being the former printers for Zimbabwe and not a Canadian company. The printing of money has NOTHING to do with inflation, rather it's the amount of money in circulation that matters, period. As for Zimbabwe, please...until Mugabe got a hold of that country, their dollar was worth more than the USD! His destructive policies and thugs are the main reason for their hyper-inflation.

[GCTDVD]

@SoccerDad65 And who are these companies under contract to? The PRINTING OF MONEY HAS NOTHING TO DO WITH INFLATION??????????? rather its the amount of money in circulation that matters????????? Are you even listening to yourself??? This is just too funny for words. Do you not think that printing more money has a direct on that amount of money? I'm sorry, but this is just too funny for words.

[SoccerDad65]

@GCTDVD Money in Canada (and most other countries) is "borrowed into existence" by one of two ways: the gov. selling bonds to the general public and/or private banks or created out of nothing by the tap of a keyboard at these sames banks when a loan is granted. It's called fractional reserve lending. The crime here is that the BofC is owned by the people and yet we borrow, via bonds, at interest from commercial banks! It's a 250+ year old scam.

[GCTDVD]

@SoccerDad65 see, you go back here again, its so bad you have multiple posts of contradictions. You claimed earlier the BofC is owned by the private banks and now you claim its owned by the people. Well, which is it my confused little friend? Thats ok by saying printing money has no affect on inflation, you have already lost all credibilty

[Topazman12]

Yes, and Politicians stuff their friends' pocket with Taxpayers money. Then give the Big 3 bailout money. All at Canadian citizen expense.

[EHSTEVE45]

Simply printing money just fucks up the economy with inflation. Go research what happened to Zimbabwe recently.

[SoccerDad65]

@EHSTEVE45 Absolutely incorrect. It is the supply of money in the system that is critical and that supply is totally controllable.

[GCTDVD]

@SoccerDad65 absolutely correct EHSTEVE45. SD seemd to have no idea of how supply and demand economics works and how the central banks use this to control the value of money and interests rates, as well as inflation. Quick lesson SD: when more money is printed, you increase money supply, thereby diluting the value of the overall money supply. Since money has diluted value, you need more of it to purchase what you did previously. Boom! Inflaton. Yes, its more complicated, this is for laymen: you

[LDRinbrampton]

"Even the communist Chinese have faith in a FREE MARKET"

I think we all have faith in a free market

Too bad it's not a free market. It's a RIGGED MARKET.

Oh, but our GDP is blah blah blah. What happens when you take underhanded market betting out of the GDP? Isn't the GDP supposed to represented actual PRODUCT? Not imaginary market betting? Take that out of your GDP and see what remains.

Read a book? I think your problem is just that - only reading one book.

[LDRinbrampton]

lol @ standard of living increase + gov't owned banks leading to collapse.

If by standard of living increase, you mean, cost of living increase - sure, cost of living has been rising for over 30 years. Wages have been rising at a lower rate. Sure, you have better Ipod's, TV's, PC's & Cellphones. What else you got?

Gov't owned banks lead to problems? Aren't you ignoring the IMF loans to those countries?

if you earn 140K/yr then you have no problems... So all you need is 3x the avg income?

[Mrreverendjim]

world banks=zionist

[jktylr01]

This is the most misguided thing I have ever seen. Bonds are the best way a government can finance debt. Printing money will crash out currency and destroy our economy (Russia).

Bankers don't own bonds, we all own bonds through our holdings in banks in our pensions, etc.

We have a GDP of 1.4 T. Debt is 0.4 T and we have huge assets in this country.

If you make 140K a year, have 40 K in debt and own millions in assets then you are not in bad shape.

[ryanchaffe]

@jktylr01 | ARE YOU OUT OF YOUR MIND? Honestly, if you can't see that the entire world is run by (in order) the Vatican, Crown of England, Federal Reserve, and Bank of Canada? All banks of any "government" should be government run!

Please research this so that we can let all Canadians know!

[jktylr01]

You are a lost cause my friend. There are no global conspiracies and if you have ventured beyond your bomb shelter you would realize that the global standard of living has risen drastically in the last 30 years. But that's right, the sky is falling.

Also, you should go to a country with a government run bank. Many African nations come to mind. Government control of finance is control of private industry and individuals. Even the communist Chinese have faith in the free market.

Read a book

[Mrreverendjim]

@jktylr01 yes...read "the creature from jekyl island". good book. may be you will learn something

[thomasmoonman]

@jktylr01 Free Market? lmao. read a book? LMFAO. There can be no truly free market under a fiat monetary system. Free markets correct themselves. There is NO price fixing or artifical check and chill efforts such as Inflation and such. fxxk off spewing lies ya dumb fxxker

[GCTDVD]

@ryanchaffe , wow! conspracy theory much? World run by the Vatican? This ain't the 1500's anymore

[thomasmoonman]

@jktylr01 what happens when the interest rates are re-adjusted ? way above the current rates?

[RockerDaddyTazz]

Very interesting!!The very last thing you said was 1867 article 91.

Did that not also get changed by PET?

I know many things changed then and more people were more concerned about finding the stickers needed for our car speedometers with the change to metric?

[tordallas]

everyone should watch ohcanadamovie if you find this interesting

[sheisafreedomfighter]

this is a beautiful video thank you for sharing.

[Grimaggressor]

Why does this only have 194 views??!!

Every Canadian should be watching this ...

When the Bank of Canada becomes privately owned again, you can bet your Looney that the government will be borrowing from them at an increased debt.

This seems so hopeless.

[GCTDVD]

@Grimaggressor because its a useless piece of drivel. Lol, the sheep will believe anything spewed at them.

[sotsx]

@Grimaggressor

dude the bank of canada is privately owned.

[george100ization]

@Grimaggressor I just found out about this ... and I am appalled but not surprised. The government will continue to tell the people that we must learn to do with less so the international banking system can continue to ''screw us blue!" The politicians should be put in jail!

[Oswulf1]

@Grimaggressor The Bank of Canada never was privately owned. The Dominion Government used to issue banknotes on its own authority, but so did the commercial banks.