Income taxes pay the interest to the bondholders

From the House of Commons Standing Committee on Banking and Commerce;

“Income taxes pay the interest to the bondholders”.

The government puts up interest bearing bonds out of which money is created and we pay the interest in the form of taxes.

The taxes are a direct draw on our energy and is what I mean by our credit. In other words, it is the tax payments that make the bonds good.

The taxes are a direct draw in that, you give 100% energy measured as gross pay and go home with after tax loss of energy in terms of net pay.

Now I have no problem that the government puts up bonds, but to hold me liable for its choice to put up interest bearing bonds (promises to pay) than issue interest free currency (promises to pay), that I take issue with.

That my friends is the crux of the matter. The government has no means to pay the interest and so what business did it have putting up interest bearing bonds in the first instance, let alone hold us liable when it had another option? That being interest free currency.

So as much as it may be claimed that we receive a benefit when we receive money (income), or the government did us a favour, or the people wanted to be paid for their work and is why we are liable for the interest payment, taxes; the fact that the government could issue interest free currency in the stead of debt money, must mute the claim.

In other words, if the government had of issued interest free currency the people would not be subject to taxation, but since it has not and authorizes the issue of debt money in the stead, it is not justification in my view that people be subject to income taxes.

However, taxes are not the subject of this message or purpose of this blog site; freedom from debt via interest free currency is.

I love you

Suggestion to Government of Canada

Dear Member of Parliament,

As you may or may not know, the government of Canada is taking suggestions on how to improve the financial system. Enclosed is our suggestion that has been forwarded to the email address where the suggestions are to be sent; finlegis@fin.gc.ca. We urge you to study it carefully since the suggestion is based in part on comments made by the House of Commons Standing Committee on Banking and Commerce, 1939.

Dear Honourable Minister of Finance,

The following is a suggestion in response to an article in the Toronto Sun newspapers regarding the governments request for suggestions to improve the banking/financial system. The attachment contains the suggestion in French and English. In addition to the suggestion offered herein is this from the Standing Committee on Banking and Commerce; March 24, 1939 at page 394;

“Will you tell me why the government with power to create money should give that power away to a private monopoly and then borrow that which parliament can create itself back at interest to the point of national bankruptcy, because, if we cannot finance the things that are necessary it means that this nation cannot meet its current obligations”. “Why should a government with the power to create money borrow that money at interest?” Mr Towers, “Now, if parliament wants to change the form of operating the banking system, then certainly that is within the power of parliament”.

We think that the facts and evidence speak for themselves as to why the ship Canada and the people are floundering in debt and will continue to flounder until the ship sinks taking us all with her, unless the rules are changed. It is not our desire to pursue a class action suit but neither is it our desire to see the good ship Canada and the people suffer needlessly.

If you wish to discuss this further my contact particulars follow.

Thank you

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