National debt is first and foremost discussed as a financial issue. While that’s understandable, there are also national security implications that need to be considered.
In an increasingly dangerous and competitive world, national debt is a serious vulnerability.
By its very nature, debt makes us beholden to other countries and foreign financial institutions.
The more our debt goes up, the less influence we have over our national destiny, and things have been getting worse.
Until 1974 Canada’s national debt was just $21.6 billion. Since 1974, it has risen to over $600 billion, and it’s only going up under Trudeau’s endless deficits.
There’s a reason things started getting bad in 1974. As noted by the Qualicum Institute, “the Basel Committee was established by the central-bank Governors of the Group of Ten countries of the member central banks of the Bank for International Settlements (BIS), which included Canada. A key objective of the Committee was and is to maintain “monetary and financial stability.” To achieve that goal, the Committee discouraged borrowing from a nation’s own central bank interest-free and encouraged borrowing from private creditors, all in the name of “maintaining the stability of the currency.”
As you can seen, Canada’s rising debt is a result of the globalist type of thinking that wants to destroy national independence and concentrate all power in a few massive institutions.
While much of Canada’s debt is still owned domestically, around 30% is foreign-controlled, compared to just 4% in 1960. You can be certain that those in power want that percentage to go even higher.
The same goes for infrastructure. It is insane that Justin Trudeau is creating a “Canada Infrastructure Bank” that will be dominated by massive international banks, when the Bank of Canada can easily assist with funding essential infrastructure.
An additional problem with our growing national debt is that it can lead to serious problems throughout the economy. Higher debt means more spending every year on debt interest, which leaves less money for tax cuts, less money for national defence, and less money for government services.
This serves the globalist agenda, since it keeps citizens more under the control of high-taxing governments, keeps more people in desperate financial situations, and makes national governments beholden to international banks. All of that serves those who want to concentrate power.
Take back our financial independence
It is essential that we take back our financial independence. That means rethinking the role of the Bank of Canada – returning it to what it once was. It also means a mindset shift towards balanced budgets becoming the norm, rather than a rare exception. We must reduce our vulnerability and get our debt under control. We should be paying off our debt, not expanding it. The globalist agenda to weaken our country must be resisted, and that means we must get control of our finances.
The elites want to hide their many failures behind political correctness, deception, and manipulation. We need to push back and spread the truth.
That’s why I write.
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