The Corrupt Canadian Banking System

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  • CSArichardo

    Great 5 minute speech.  She must have had a timed competition !  The key point is that Canada only in the 1970s moved 100% away from MMT !  We used to have a Bank of Canada that just put some money into existence without borrowing it.

  • CSArichardo

    It might be corrupt but it is the safest in the world !

    http://www.cbc.ca/news/business/story/2012/04/11/moodys-canada-banks.html

    • Bigcollapso

       The beautiful thing about safety is that it is 100% right up until the end.

      • Paul

        We’re not finished yet, BC.  In fact, we will make damn sure every other nation is finished before we accept defeat.  Do you really think we will allow China to win the race?  No fucking way~! 
        That is the scary future.  Good for your private jet company, no way.  Good for Lockheed and Boeing fighters and bombers, yes way.  It’s a brave new world.  Adapt or die~!

        • Bigcollapso

          We being who?

          • Paul

            The US, the UK, Europe, Japan.

    • Paul

      Safest source of energy in the world for one nation, until it is required by another nation.  The problem about being adjacent to and protected by the world’s greatest superpower is that one day you might be annexed.  Actually, the Brits were surprised that we didn’t annex Canada after we beat them for the second time in the Anglo-American wars.  I am shocked as well~!  After the 1812 War, the Brits assumed our supremacy in the world.  !946 was just the formal signing.  The Suez Crisis against England and France secured the dollar supremacy. Having the world’s reserve currency catapulted America to supremacy.  Canada is loking like a nice place to add 5 more US states.  That’s not a bad thing for Canadians.

  • Peter Puck

    O’Canada!?

  • Bigcollapso

    I hope that the man or woman that has taught their daughter this stuff has not made a serious mistake.

    • Scott

       You mean the serious mistake about confusing reserves and capitalization?

  • Scott

    Isn’t there a conflation between MMT and debt-free sovereign money? From
    my perspective, a debt-free sovereign vertical money would only truly
    work on a global unified system. In a global
    multi-national-multi-currency world, a process of relative valuation
    must exist and it seems that the sovereign bond is a logical, though not
    perfect, tool. Settlement must occur (though it doesn’t now, the real
    problem with the current system?) and if every nation issues debt-free
    moneys into there economies for national interests, there must be a
    relative measure between each nations currency? I know I brought this up
    before, but it still is confusing to me to try and take the debt-free
    money MMT model to a global level…

    Cheers from Canada

    • http://overthepeak.com/wordpress/ Mystic

      I don’t know if I answered you last time, but I feel pretty sure that it will take me a couple of years to get together the information to answer you this time~!

      I am moving in a direction that I think I will get the answer, but you never know……….(I may get all sidetracked into molecular physics……..or ice-hockey~!?)

      If you get to it before me, please do comment or post~!

    • CSArichardo

      The SDR will be the settlement currency..I think? 

      Even the BIS switched to the SDR.  http://www.bis.org/press/p030311d.htm  in 2003.

  • Paul

    That’s a smart young girl.  Put her and her entire family in a gulag it the Yukon….immediately~!….
    We cannot have inteligence in our New System~!

  • Stev-o

    I wonder if the old wizard will label this video Peak Ignorance when the government sends its thugs to kick down his door and fuck Mrs Mystic before his very white eyes, skin his kitty alive, trash his cucumber plantation and hang him from his own apple tree.   

    • Paul

      No need for stupid talk like that.

  • Guest

    Why did you post this, Mystic? 

    • http://overthepeak.com/wordpress/ Mystic

      All the facts she trots out are true facts.
      Canada did run a non-debt money system for a long time.
      Everything was working just fine……….but then they changed back to debt money system.
      I have not researched it in depth (but is the closest I have come across that is banker conspiracy theory).
      I guess I hoped someone would advance the thread on.  

      • Paul

        All commodity-based economies will suffer the most severe Depression if the system breaks down.

        • http://overthepeak.com/wordpress/ Mystic

           The `commodity crowd` may get relief by having better finances and so being able to pay people to do nothing…..(not sure).

          It will be the exporters of manufactured goods that will take it the hardest~!

          • Paul

            It’s a vicious circle.  The manufacturers will be hit hard, but will keep their mfg infrastructure intact.  But, they won’t be buying commodities.  The commodity producers will be OK, to a point, then they will collapse when the orders don’t come in.  Who will emerge strongest?  None of them.  But, the mfg nations can make tanks and ships to seize the commodities.  You can’t go to war waving a bushel of wheat or launching a barrel of oil.  In the long run, my money is on the mfg. nations; Germany, Japan, USA, China, Russia.  Good luck to those nations without true mfg capabilities and commodities.  Sheep before the slaughter.  That’s why economic alliances are the next order of the day in geopolitical macroeconomics.

            • http://overthepeak.com/wordpress/ Mystic

               It may be selfish, but NAFTA could develop into a sort of `sealed unit`, with a very insular “we are going to take care of ourselves” attitude.   That could work~!?

              • Paul

                If it comes down to isolationism, the NAFTA unit would be a massive, impenetrable, self-sustaining unit.  Maybe annex Venezuela as well, as icing on the cake.
                I had a similar conversation once before.  What nations could survive on their own, without any form of global trade, to feed, protect and employ their population?  The answer is very few.  America, Russia, France (nuclear energy), Ukraine, a few others?  The UK was in there as well, but with a rapidly depleting North Sea oil base, they probably won’t make the cut any longer.  Maybe, with coal, but I don’t see it.
                Other nations have the base resources (Australia, New Zealand, Iceland, Norway, Canada, Iran, Venezuela), but they can’t defend those resources.  In a dog-eat-dog world, you must have sharp teeth.

      • Paul

        Canada, Australia, Norway, New Zealand, Iceland (others?) are nations that have vast natural recourses and very small populations.  It’s easy to be a functioning and generous nation given that scenario.  They are fortunate, for now.
        I remember reading an article, years ago, at the time when war tensions were high between Australia and Indonesia.  The take-away from the article was an Indonesian saying something to the effect, “Indonesia, small country, many people.  Australia, big country, few people.”
        Australia recently requested that 2,500 US Marines be stationed in Darwin, on their northern coast.  This is the direction that we are heading.

      • Guest

        In that case, I guess it’s a good job I didn’t go into a rant about this poor 12 year old being brainwashed by her conspiracy theory believing parents. 

        • Paul

          It was unnerving.  It had a Hitler Youth or Soviet Red Guard quality to it.

        • http://overthepeak.com/wordpress/ Mystic

          It was uncomfortable that she is only 12, but eh~!?
          And yes, the parents may just be intelegent, caring people. 

          • Guest

            It wasn’t that she was only 12 that I found uncomfortable (although that’s probably not the correct word). The speech she gave and the research she claimed to have done didn’t sound much like the work of a 12 year old. The impression I got, and I could be wrong, was that somebody (most likely the guy at the end who whooped and hollered loudly) was using their daughter to push their personal agenda to a room full of people who otherwise wouldn’t bother to listen to this stuff. And this, even if the facts support the case, seemed a little wrong to me – it went against my sensibilities. Next thing you know we’ll have kids giving speeches championing God and who knows what else…. oh wait we already do… 

            • http://overthepeak.com/wordpress/ Mystic

               We must note that it doesn’t stop at 12.
              It goes on at 22,32, 42, 52 and on.
              (in most of the people~!)