Topic: Bank Of Canada

The Canadian monetary system underwent a significant change in 1974 when the Bank of Canada began following directives from the Bank of International Settlements in Zurich. This shift moved the country away from low-cost government-created money toward a debt-based system controlled by private banks. Hellyer argues that this "Money Mafia" monopoly on credit creation has resulted in an inescapable global cycle of interest and debt.

From 1939 to 1974, Canada utilized a system where the central bank printed money to fund the war effort and major post-war infrastructure projects. This period saw the construction of the Trans-Canada Highway, the St. Lawrence Seaway, and the foundation of the national social security system without accumulating massive debt. Hellyer explains how "high-powered money" was shared between the government and private banks to maintain low unemployment.