Hi All,

Just thought you all would like to look over CAP's (Canadian Action Party)present monetary policy. Yes, the one Paul Helleyer started the party for and probably the reason why many are here today. This is only a snippet out of our policy statement. Please feel free to read the whole thing at your convenience. A link can be found on the website.


Monetary Control

Bank of Canada

A re-empowered Bank of Canada is critical for the Survival of Canada as an independent
and sovereign nation.

The Bank of Canada, unlike the Federal Reserve in the U.S., is wholly owned by the
people of Canada. It was nationalized in 1938 and was used very successfully to fund
infrastructure, social programs, education, etc., for the benefit of all Canadians.

It was used to bring us out of the depression, funded World War II, to build highways such as the McDonald-Cartier freeway, public transportation systems, subway lines, airports, theSt. Lawrence Seaway, our universal healthcare system, our Canada Pension Plan.

Unfortunately, since Canada adopted economist Milton Friedman’s theory of Monetarism
in 1974 this has not been the case and one can track the progression of the dismantling
of Canada since then.

By 1974, Canada’s accumulated federal debt since Confederation was $18 billion. By
1977 after the government reduced its use of the Bank of Canada to carry public debt, it
had risen 3000% to $588 billion. Today the debt is $500 billion, 95% of which is compound
interest owed to private banks and investors. Currently Canadians pay $37 billion
approximately per year in debt servicing.

We must return to the Bank of Canada for a minimum of 50% of Government-created
money (GCM). It is essential to maintaining our sovereignty (our monetary system
must not be in the complete control of the private bankers and corporate
elites. GCM could also be used to:

Incrementally repatriate our debt back to the Bank of Canada, eventually eliminating
the need of paying interest to private banks. This means lower income taxes for all.

-Fund new infrastructure (roads, bridges, hospitals, schools) could be built at a fraction
of the cost because of reduced interest costs.

-Lend to provinces and municipalities at near or zero interest with the proviso that they
maintain a certain level and quality of healthcare, housing and education. That means
lower property taxes for all.

-Improve our universal health care system, reducing wait times and removing publicprivate partnerships. It is a proven fact that public healthcare systems are more efficient than private ones because profit is not the motive.

-Ensure that our public school systems and teachers are equipped with all that is necessaryto bring forth future generations of well-informed, well-rounded, well-educated adults capable of critical thinking.

-Lower and/or subsidize university tuitions so that all citizens would have an opportunity
to attend institutions of higher learning should they wish, without ending up in the poor
house.

-Alleviate the suffering of the poor, homeless, drug-addicted and mentally challenged.

-Invest in green technologies to save our environment.

-Invest in the family farm and new agricultural technologies that would eventually benefit
all citizens.

THEREFORE:

The Canadian Action Party would:

-Ensure that a minimum of 50% of new money supply would be GCM on which no interest
is paid (an increase from less than 5% currently).

-Amend the Bank Act requiring banks and other deposit taking institutions to maintain
statutory cash reserves with the Bank of Canada.