In 1974 when The Bank of Canada adopted a unregulated banking system similar to the U.S, they discontinued the practice of providing low cost money to governments. This caused a rises in interest rate, recessions and the biggest redistribution of wealth in Earth’s history going from the 99% to the rich 1%.
The current monetary system results in a wide array of negative social, environmental and economic consequences.
What are the consequences?
Right now most of the money in our economies is created by banks. Banks create up to 97% of money, in the form of the numbers in your bank account, when they make loans. This means that they effectively decide a) how much money there is in the economy, and b) where that money goes.
Here we look at the effect of the monetary system and the control of the creation of money, in the hands of banks, has contributed to the problems :on debt, healthcare, social inequality, the environment, the level of democracy, recessions & crises, jobs & businesses and taxes & public spending: