Went to a public lecture by Paul Hellyer today in Rexdale. He started his talk by declaring the global financial system to be a ponzi scheme in need of transformation. His proposes that the Bank of Canada, which is entirely owned by the Canadian people, return to its prior (before 1974) method of operating whereby interest on money borrowed by the government was dividended back to the people (I assume the government). The effect was to create interest-free loans.
The idea has more than a passing similarity to the "greenback" approach, of which Ellen Brown is the chief American proponent.
Hellyer proposed to create ten shares in Canada, each valued at fifteen billion dollars, to be used as collateral for interest-free loans which would be pumped somehow into the economy.
Although it sounds like an improvement over our current system, there is always a risk in creating money from nothing in a world of limited resources and labour. Hellyer's plan does nothing to extinguish the current debt, which is of paramount importance going forward. Nevertheless, Hellyer's message about the need for reform is one that deserves attention.
I wish he wouldn't mention the part about the aliens though.
The idea has more than a passing similarity to the "greenback" approach, of which Ellen Brown is the chief American proponent.
Hellyer proposed to create ten shares in Canada, each valued at fifteen billion dollars, to be used as collateral for interest-free loans which would be pumped somehow into the economy.
Although it sounds like an improvement over our current system, there is always a risk in creating money from nothing in a world of limited resources and labour. Hellyer's plan does nothing to extinguish the current debt, which is of paramount importance going forward. Nevertheless, Hellyer's message about the need for reform is one that deserves attention.
I wish he wouldn't mention the part about the aliens though.
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