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Open letter to Senator David Angus 

Regarding the financial mess 'that no one saw coming'

Jan 6 , 2009

Mr. Angus,

I refer you to the Standing Committee on Banking and Commerce - Wednesday, May 3, 1939.

- page 284 -Graham Towers answersGG McGeer Q:the great change is in this, prior to 1914 we condemned the issue and use of paper currency unless that paper currency was convertible into gold. That was in 1914.A.(Towers) YesQ.Since 1914 we have moved to the place where we compel the sale of gold for a paper currency not convertible into gold. That is right isn't it? I do not know whether you have got it or not, but I want to have it on the record: and I am not saying it facetiously. Now, that proves, does it not, that a currency of paper authorized by parliament has purchasing power more powerful than gold itself?-A.(Towers) I would not say more powerful, but for domestic purposes just as powerful.

Towers admits that the value of currency created by the government has value as powerful as gold itself if used for internal purposes. This admission came in 1939 yet it has yet to be exploited at all by any federal government, why? It must be used to break the debt cycle that has gripped this country for generations. I'm sure you are aware that of the total national debt only a small portion was actually borrowed and the vast majority of the debt is interest charges that have accumulated over decades. How can this be considered responsible government or sound money?

I contacted the Government of Nova Scotia regarding the matter and a government lawyer sent me this: (http://www.comer.org/2008/monedformps.htm). After reviewing the document and asking a follow up question the lawyer advised me that the issue was best discussed with or by economists rather than politicians and lawyers. This advise came after being informed, by the same lawyer, that only the Parliament of Canada can change the banking system. The fact that only Parliament can change the banking system is stated in the 1939 minutes by Mr. Towers.

Are the citizens of Canada better off with a for profit money trust providing the majority of fiduciary issue in the form of chequing money for government or are the citizens of Canada better off with the government providing through the Bank of Canada, near zero interest fiduciary issue for the internal workings of the country? This idea is not new. It is time to break the cycle of debt consuming government, business and individual. The Canadian government can provide a real solution by executing it's ability to fund internal projects with virtually, if not , debt free money.

Together with the Bank of Canada the government can produce debt free money but it refuses to do so. The Bank of Canada is suppose to 'promote the economic and financial welfare of Canada'. If you were charged with such a task and did not advise Canada that debt free money is possible you would fail in the effort to 'promote the economic and financial welfare of Canada'. Why would you advise Canada to borrow money at interest? If you could advise Canada that it's government owned buildings are assets why would you advise the government to sell the building to private interest and then lease the same building back after its sale? This is not an action that will 'promote the economic and financial welfare of Canada' in any dimension of reality however, it is reality and considered good business. How?

The Government of Canada has no problem finding billions of dollars ( through the issue of bonds, ie debt we do not have the money) for banks to have liquidity so they can lend money at interest. The Government of Canada has no problem finding billions of dollars for a questionable war in a foreign land. The Government of Canada will not do anything to assist my local hospital with a $7 million (not billion) shortfall forcing the hospital to cut back services. How is that good government? How does that help the citizens of Canada?

I beg you to consider the control of the money supply of Canada as the most important issue facing Canada today. Canada is essentially bankrupt. Considering terms on the hundreds of years to pay a debt is bankrupt. It does not require multiple years of education in post-secondary institutions to see this basic mathematical reality. The time is now if meaningful change is to occur in monetary policy. Who or what gives us the right to provide debt for the yet unborn who will be taught to speak of the greatness of Canada?

The Government of Canada has no problem finding billions of dollars ( through the issue of bonds, ie debt we do not have the money) for Canada's 'sound' banks to have liquidity so they can lend money at interest. The Government of Canada has no problem finding billions of dollars for a questionable war in a foreign land. The Government of Canada will not do anything to assist my local hospital with a $7 million (not billion) shortfall forcing the hospital to cut back services. How is that good government?

Mr.Angus, I have written three different Nova Scotia MPs on this matter multiple times with no response. I have contacted the Office of the Minister of Finance multiple times with no response. I have contacted Mr. Ignatieff multiple times with no response. I have contacted the Bank of Canada with minimal response. I have contacted Carole Taylor of the newly appointed Advisory Council with no response. I am forced to appeal to the Senate. The Parliament will resume in just under three weeks. Two weeks from today a new president will rule in the USA. There are many stories of civil unrest and martial law after the inauguration. Colin Powell advised in mid November that on Jan 21 or 22 2009 a crisis will arise. The IMF has warned of civil unrest. The current financial crisis was forecast in mid 2006 within the Bank of England and nothing was done.

What say you?

Yours Truly, Ian Biggs - taxpayer/working stiff/parent

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