One comment on “The Federal Reserve Explained in 3 Minutes

  1. The Bank of Canada was incorporated in 1934 to allow the government to borrow money, interest free for public projects and national health care. In 1974, PM Pierre Trudeau was convinced by foreign banks that government projects should, henceforth, be financed through the Bank of International Settlements because this would, supposedly stabilize world financial markets. A Canadian Constitutional lawyer, Rocco Gelati, was interviewed by Richard Syrett about this issue. He filed an action in Federal Court to restore the Bank of Canada to its original purpose.
    The Province of Ontario went to some hedge fund to borrow the money for our now defunct gas plants.
    I really doubt that this was an interest free loan. The Bank of Canada should have been there for this.
    Ontario is bankrupt, largely because of this.

    Liked by 1 person

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