Post 561 Canadians now over ½ trillion dollars in debt

DebtClock.ca ……………….. Canadian Debt on 2009 Nov 25 12:35 PM EST [/B]

The Government of Canada's national debt will reach $500 billion come this Sunday, (2009 Nov 21) as the Tory government will leave a legacy of debt. The Canadian Taxpayers Federation says each Canadian owes $14,587 as the country’s national debt continues to increase, according to 580 CFRA. On Sunday, the nation’s debt will officially rise to $500 billion, reports the National

A central bank, reserve bank, or monetary authority is a banking institution granted the exclusive privilege to lend a government its currency. Like a normal commercial bank, a central bank charges interest on the loans made to borrowers, primarily the government of whichever country the bank exists for, and to other commercial banks, typically as a 'lender of last resort'……

Most richer countries today have an "independent" central bank, that is, one which operates under rules designed to prevent political interference. Examples include the European Central Bank (ECB) and the Federal Reserve System in the United States. Some central banks are publicly owned, and others are privately owned. For example, the United States Federal Reserve is a quasi-public corporation.[2]”

The Bank of Canada is the nation's central bank. We are not a commercial bank and do not offer banking services to the public. Rather, we have responsibilities for Canada's monetary policy, bank notes, financial system, funds management. Our principal role, as defined in the Bank of Canada Act, is "to promote the economic and financial welfare of Canada."

Money creation

Just thought you would like to know… and to give you some "food for thought."
JR

PS: Have a look at the US debt Clock

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