[macker]

Originally Posted by mikey_the_redneck

You seem pretty optimistic about the current banking system.

The reality is that the founding documents of America and Canada (and other Western nations) give the elected body the power to create and regulate the value of their national currency.

We have essentially outsourced this power to private interest (banks). In Canada and America, the government can no longer get their treasury to spend money into the economy, interest free like before.

Considering the debt levels of most western nations, this system is obviously .....unsustainable.

I don't agree that oversight will keep this in check.

The Canadian government has been borrowing since 1974, and our national debt has exploded since then. The Americans have been doing this since 1913, when the Federal Reserve was set up.

People always wonder why we can't have better health care, education etc,.....it's because interest payments eat alot of our tax money. We in Canada and America have payed trillions in interest since this system came to be. After the Pentagon budget, the interest payments on national debt is the biggest financial commitment the U.S. taxpayer has.

According to debtclock.ca, we in Canada pay $86 million per day in interest on the national debt.

When you combine this monetary system with an out of control governing class who couldn't balance a budget to save their lives, what we have is an unsustainable system that will lead to economic ruin.

If the religions of the world got one thing right, it may have been the hatred of the concept of usury....

Your sound like you just read Peter Schiffs new book "America's coming Bankrupctcy".