A money system owned directly by the people of a nation, rather than indirectly through the Government, would place the economic power of the nation, in the hands of the people of the nation.
Our fiat money system is based on the land and resources of Canada; as well, level of infrastructure, productivity, and quality of life; Canada’s fiat money is ‘backed’ by the people of Canada – the people of Canada, therefore, have a right to control the money system directly.
Presently, corporations known as banks, facilitate the production and consumption of goods and services through the self created medium of credit/money, for the benefit of the bank’s controlling shareholders; however it is also possible that a, ‘Public Bank of Canada,’ facilitates the production and consumption of goods and services through the self created medium of credit/money for the benefit of the bank’s controlling shareholders – the citizens of Canada. There would be no need to tax income to finance government nor for the Public bank to charge interest.
Money creation would be in the hands of the people of Canada through personal ownership in the Public Bank of Canada. A citizen would receive a share in the Bank on her/his nineteenth birthday; new adult citizens would receive a share with his/her citizenship. The Public Bank would only issue common stock – which is owned personally, has no face value, may not be transferred, redeemed, sold or held as collateral; shares are extinguished upon the death of the shareholder.
Our share in the Bank would be voted by our MP; meaning our MP is both our member of parliament and our director on the board of the Public Bank of Canada. The Bank’s board – all 308 MPs – would elect a managing board. The Bank’s purpose would be to facilitate the production and consumption of goods and services through the self created medium of credit/money for the benefit of the Bank’s shareholders, the citizens of Canada.
The Public Bank would, by nature, be risk adverse, creating a need for secondary financing. Private banks, however, would be restricted to providing interest bearing term deposits and non-interest bearing current accounts – for money already in circulation in Canada. The Public Bank will abolish the fractional reserve banking system – deposits will remain the property of the depositor…unlike the present situation where:
…a bank deposit is not a bailment. In other words, the funds deposited are no longer the property of the customer. The funds become the property of the bank, and the customer in turn receives an asset called a deposit account (a checking or savings account). – Wiki Fractional reserve banking.