Canadian Action Party says it is time for Monetary Reform.

Sept. 17, 2010 - PRLog -- CBC reported that the 2010 Canadian economical survey by the Organization of Economic and Co-operation and Development (OECD) concluded that household debt increased during the recession. This has made many Canadians financially vulnerable during a time of the economy is expected to slow.

The Bank of Canada has raised interest rates three times this year, which has further increased costs to debt servicing. This means even more money will be spent on interest payments by all Canadians.

Canadaʼs national debt is nearing 600 billion dollars and we pay close to 170 million dollars day to private banks in interest to service it. With talk of additional federal spending needed for public services to balance the budget, this money could be better utilized.

Monetary Reform is necessary for Canada. It is possible for the Bank of Canada to create money to eliminate its national debt, thus saving taxpayers billions of a dollars a year on interest payments. This can be accomplished through enforcing statutory reserves by the banks. A requirement that was legally removed in the early 1990ʼs.

In this time of worldwide economical crisis, it is time that Canadians return to the utilization of the Bank of Canada for the benefit of Canadians. In 1938 the Bank of Canada became a crown corporation, owned by all citizens of Canada. It is our right and our economical hope to use it for Canadaʼs benefit.

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The Canadian Action Party is, above all, a pro-Canadian party dedicated to the principle that Canada can best serve its citizens and the world by re-claiming and maintaining its political and economic sovereignty as an independent country. www.CanadianActionParty.ca