In 1974 under Pierre Elliot Trudeau, the role of the public Bank of Canada to provide interest-free money for building federal and provincial infrastructure was usurped in favour of private banks, to which around a trillion dollars of interest has been payed.
The present Comer vs. Bank of Canada lawsuit is challenging the present situation, alleging the Bank of Canada is illegally not following its charter.
If the Bank of Canada is again directed to provide interest-free infrastructure funding and the interest owed private banks declared odious under international law, then we will see real progress in establishing Canada as a high-tech zone as well as vertical integration of its extractive industries.
If this present economic downturn teaches us anything, Canada’s days as “hewers of wood and carriers of water” should end ASAP.
Derek GrimmerErrington