Page 6 - Rob McConnell Interviews Hon. Paul Hellyer

5
The ‘X’ Zone Radio Show with Rob McConnell - www.xzoneradiotv.com - xzone@xzoneradiotv.com

England, give them rights to um, handle the government’s money and to create money.
And what he did, they, the rich people over there put 1,200,000 pounds in gold and silver
in this new bank which they lent to the uh, to the government at 8%, which is a pretty
high interest rate for a government guaranteed loan, and to show his appreciation, the
king said, “okay, now you may print … p-r-i-n-t…a similar amount…1,200,00
pounds…and lend it to your rich friends at high interest rates. So, in effect they were
allowed to lend the same money twice. Well then that leverage of 2 to 1which was, you
know,…which was really quite generous I thought, has increased over the years, in the
early years of the 20th century in the U.S., federally incorporated banks had to have a
gold reserve of 25%, so they were allowed to lend the same money, um, 4 times. In
Canada, when I was young, our banks had to have a “cash” reserve of 8%so they were
allowed to lend the same money 12.5 times. Well, then in the 1970s, things really began
to go all to pot, and our Bank of Canada, and others, adopted the ideas of Milton
Friedman, they called it “monetarism.” Basically, a deregulated banking system and that
leverage went up to 20 to 1, or more and that’s the reason I call ‘em, “The Mafia,”
…”Money Mafia,” in my book, because what actually happens is that they can invest
$5,000,000 and leverage up, leverage it up to $100,000,000 in bank loans, and, which,
which then people have to pay back, and I put it this way, they invest $5,000,000 in what
I call “blood, sweat and tears” real money, and then they create a $100,000,000 which is
just, just, um, computer entries, this, this doesn’t exist…it just a giant Ponzi scheme…and
they create it out of thin air, but it’s just a computer entry, and then the people who
borrow that $100,000,000, have to pay it back, $100,000,000 in blood, sweat and tears
money, plus interest. So, we have this incredible system, where they are really taking
95% off the top. We have this thing going on in Montreal, and you know the investigation
where it’s alleged, at least, one branch of the Sicilian Mafia was taking 2.5% off, uh, off
contracts in the city. Well. 2.5% is a pretty hefty slice for not contributing anything. But
when some…very small group of very rich people could take 95% off the top that is
insane. That’s grand larceny if there ever was any. You look at some poor student, for
example, that has to borrow fifty thousand to finish their, their education. The bank only
needs to put up $2,500 to create $50,000s loan for the student. The $2,500 blood, sweat
and tears money invested…student has to pay back $50,000 blood, sweat and tears
money, plus interest. Now, that’s the system we’ve got and it’s got to stop! And what we
have to do is we have to learn from the Canadian experience from 1939 to 1974, when
the bank of Canada, uh, created near zero cost money for the Government of Canada and
in effect we shared the money creation system between the, the government and the
privately owned banks. The system was, worked perfectly and we have to do something
similar to that today to get Canada out of the mess it’s in… not only Canada but of
course the whole world because the whole system is the same. And we can no longer
allow this handful of people…I don’t know but they’re a very, very, very small number of

This Transcript of The ‘X’ Zone Radio Show with Rob McConnell
© 2015 REL-MAR McConnell Media Company of Hamilton, Ontario, Canada.

All Rights Reserved.