Can you live on $610/month? If you’re on welfare, your $610 monthly cheque leaves you with a food budget of $26/week. During the week of October 16, join hundreds of people across the province in pledging to live on ONLY the food you can buy with $26. Take a stand against inadequate welfare rates. Join us in telling the world that it’s time to raise the rates.
"Banks create money. That is what they are there for. The manufacturing process consists of making a pen-and-ink or typewriter entry on a card in a book. That is all. Each and every time a bank makes a loan, new bank credit is created - new deposits - brand new money. Broadly speaking, all new money comes out of a bank in the form of loans. As loans are debts, then under the present system all money is debt." Graham Towers (1897-1975), Governor of the Bank of Canada from 1935-1955
The time since 2008 has been a crucial historical moment for progressive economists to pull back the green curtain that surrounds the operation of the for-profit banking system, and expose that system for what it is: a government-protected, government-subsidized license to print money.
The problem is, as soon as you start saying things like that, people conclude you are some kind of wacked-out conspiracy theorist nut-bar. It sounds insane to claim that private banks have a license to create money out of thin air. As John Kenneth Galbraith put it, "The process by which banks create money is so simple that the mind is repelled."