12-Year-Old Victoria Grant Video On Canadian Banking System
Well worth a few minutes of your time to absorb the wisdom of a young girl.
Quote:
It's rather remarkable that a 12-year-old girl has taken it upon herself to lay a verbal beating on the state of Canadian banking but that's exactly what Victoria Grant has done and in a most convincing fashion.
If you haven't seen it yet, the Cambridge, Ont., youth's address at the Public Banking in America conference in Philadelphia last month has become an online hit, with a YouTube video posted by her father. The video has already generated close to 75,000 hits.
In short, the young lass calls into question the state of the Canadian banking industry, "Have you ever wondered why the bankers from the largest private banks are becoming wealthier and the rest of us are not," she asks.
She doesn't hold back as she champions a greater role for the Bank of Canada while openly criticizing the federal government for being in leagues with Canada's private banks to keep us all in debt. Frankly, she makes a compelling case for significant change.
"The banks and the government have colluded to financially enslave the people of Canada," she charges before encouraging anyone listening to "engage your government to stop this criminal act against the people of Canada."
On one hand, it'll be interesting to see if in about 15 years or more Victoria ends up graduating from a university and moving on to work for one of the financial institutions she takes to task. On the other, you could argue the young lady represents a critical hope for the future. No doubt some would dearly love to see this girl take a run at holding the keys to the Prime Minister's Office one day.
Are the words indeed her own? That's the great unknown. Regardless, she raises important questions that most adults don't stop to consider and now perhaps we will.
Impressive. One wonders if it's all rote, or if she has a real intellectual grasp of the things she speaks about. The disconnect between a bank's ability to 'create' money and the real-world assets required to secure that money is one of the key underpinnings of modern economic fragility. Worth watching.
Location: Windsor, gateway to the world, but I can't find the damn key!
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I would have loved to see if they had a question period after that presentation...that would answer the rote question... The concept of money is indeed an interesting one...but currency is really a promise to pay...even non fiat currencies.....if there are any left in the world today,barter excepted. But the concept of who gets the interest is a good one. Cubamark, if we paid ourselves via bond issues, and I'm thinking she means a larger forced CSB issue, wouldn't that dilute the value of the currency and be inflationary on the global front as it would not be a third partytransaction.
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"Wouldn't you rather ride "in" the airplane?"
I agree. Again, Canadians are choosing banks over credit unions. If they choose to make banks richer, let them. Canadians aren't victims of banks--they're willing customers.
In the U.S. many banks went under because they made no profits at all. Better?
Uh, guys? You *do* get that we're talking about the economic underpinnings of the Canadian banking system as it pertains to Canadian government debt and the ability to essentially "print money", right? This detour into the private bank vs. Credit Union topic is a bit... off-topic.
Uh, guys? You *do* get that we're talking about the economic underpinnings of the Canadian banking system as it pertains to Canadian government debt and the ability to essentially "print money", right? This detour into the private bank vs. Credit Union topic is a bit... off-topic.
The banks don't "print" money. This is a somewhat embarrassing idea that never seems to go away. You can "create" the same kind of money.
Your brother wants to borrow $10,000 at 5% interest, so you set up an account for him and tell him that any time he needs money, he can go to the account and you will make sure to back him up. Bingo! You "created" $10,000 without moving a dime. Maybe you don't want to fill your brother's cash requests, so instead, you get some friends and promise to hold their money for them--even pay them a little interest. They deposit $10,000 with you, which you can use to pay out to your brother.
The balance sheet of your friends still totals $10,000 and you created $10,000 through your loan. Voila! You are as powerful as a bank, creating $10,000 out of thin air.
What happens when your brother pays you back? Oh my--you just "destroyed" $10,000!
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