Get a Loan?

Mr. Mark Carney,
Governor,
The Bank of Canada

Dear Sir:

There are a couple of questions that have been bothering me lately. I hope you will be able to answer them for me.

First, knowing that The Bank of Canada is wholly owned by the Government of Canada, does that not make, each and every citizen of Canada a shareholder? Should I be deemed a shareholder, would I not have a vote, or be able to proxy my vote on issues regarding the governance of the Bank? Lastly, but of most importance, is how the shareholders would vote for directors and on issues. By the Politicians? That would make my political vote also a proxy vote, which is like voting for apples, when oranges are the issue. Perhaps a proxy referendum, in each riding could coincide with each federal election? This would create a pool of directors from which an “Executive Board”, and then a “C.E.O.”, could be internally elected. Thus, the power would not be lying in the hands of the oftentimes, suspiciously motivated politicians.

What I, as a shareholder would like to see is a major change in how you personally, and “The Bank of Canada”, are dealing with our affairs, and our well being. Of most concern, are the multi-billions of dollars per year, that we taxpayers are required to pony up for our national debt, to foreign interests. We, the shareholders should be able to lend ourselves the money at a very low interest rate (.5 – .75%) for example, thus the debt could be payed off much sooner without pain to the already overburdened taxpayer.

Where would all of these billions of dollars come from? We all know who prints money in Canada, “we do”, under The Bank of Canada’s guidance. The creation of all this cash will have ramifications, one of which would be a slight devaluation of the Canadian Dollar, not a particularly bad thing in our present economic times. Those who would decry a move like this, are those who’s profits may suffer a slight down turn. Their concerns are not for the good of the country, but for the profits from the “economic trends” that they have “bet” money on. Those same trends, that you as Governor of the Bank of Canada have so much influence on.

Please Mr. Carney give me a good reason why we, the people of this great country should not be able to benefit from owning our own bank? The chartered banks, investment companies, insurance companies and politicians, may have a hard time with the repatriation of our debts, and the loss of their economic hold over the citizenry. Let’s use our own bank to our advantage.

Perhaps “My” bank could offer a form of RRSP independent from the ups and downs of the regular mutual fund market, without the ever present MRSP fee’s. I would like to invest in the “resources” of Canada, and realize some profits before those resources are stripped away by the Bay Street miners and foreign owners.

Should “our bank” offer a “tax free” RRSP plan to invest in, would not “The Bank of Canada” be flooded with capital, as Canadians move their capital to their own advantage. Capital that can secure a heritage for our progeny and “insulate” us from the rampant growth of multinational conquistadors.

In the immortal words of President Bush, Jr. “If you’re not for us, you’re against us”. The citizens of our once great country, would like to know that the most powerful financial institution in Canada is “for us”, and not “against us”.

You, sir are presently in a position to make some dramatic and profound differences, in how your children’s heritage, lives and wellbeing will be controlled by government, financial institutions, and multi-national corporations.

Thank you for listening to me. I look forward to your answers to my questions and most importantly your own thoughts on the subject.

Sincerely,

Alan MacKinnon
Nanaimo B.C.

I sent this on April 29th. Lets see if, or when I get an answer. We are presently paying $1,000.00 per year per Canadian on our debt.

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