This is an excellent article well worth your time. I would like to add my own graph and offer a related question.

WTF Happened in Canada in 1974?

Between 1939 and 1974 the federal government borrowed extensively from its own central bank. That made its debt effectively interest-free, since the government owned the bank and got the benefit of any interest. But following 1974 came a dramatic change.

In 1974 the Bank for International Settlements (the bank of central bankers) formed the Basel Committee to ostensibly establish global monetary and financial stability. Canada, i.e., the Pierre Trudeau Liberals, joined in the deliberations. The Basel Committee’s solution to the “stagflation” problem of that time was to encourage governments to borrow from private banks, that charged interest, and end the practice of borrowing interest-free from their own publicly owned banks. Their argument was that publicly owned banks inflate the money supply and prices, whereas chartered banks supposedly only recycle pre-existing money. What they purposefully suppressed was that private banks create the money they lend just as public banks do. And as banking specialist Ellen Brown states: “The difference is simply that a publicly-owned bank returns the interest to the government and the community, while a privately-owned bank siphons the interest into its capital account, to be reinvested at further interest, progressively drawing money out of the productive economy.” The effect of such a change would remove a powerful economic tool from the hands of democratic governments and give such control to a small group of transnational bankers.

Successive Canadian governments since Trudeau number 1 have surrendered sovereign control over monetary policies and money supply to the beliefs of the international private bankers and investors. As a result, Canadians have been saddled with government debt at all levels – debt that has needlessly risen exponentially since 1974. (see attached pic for reference)

The debt curve that began its exponential rise in 1974 tilted toward the vertical in 1981, when interest rates were raised by the U.S. Federal Reserve to 20%. At 20% compounded annually, debt doubles in less than four years. Canadian rates went as high as 22% during that period. Canada has now paid over a trillion dollars in interest on its federal and provincial debt—at least more than twice the actual debt itself.

As I elaborated on in my article titled The Central Banking Cartel Is Bleeding Us Dry And They Are Using The Statist Religion As The Hypodermic Needle ( gavinmounsey.substack.c… )

In the U.S. fiscal year (FY) 2024, the federal government collected approximately $2.4 trillion in individual income taxes (that means 960 Billion went into the pockets of banksters 40% of all income tax you paid went into the pockets of money mafia members living on yachts and in mansions doing zero work).

Since our bankster subservient politicians sold us out to the BIS, the numbers I describe above with regards to US income tax being used to pay for national debt similar debt slavery numbers have been reflected here in Canada (relative to our respective population density) in past years. Recent years have even seen an increase to over 40% (with a projection of 46% this year) of the personal income tax base being offered on the sacrificial alter by our oligarch subservient government to the parasites at the BIS (through their middle men in the Bank Of Canada).

Carney, by the way, worked for the BIS.

Now he is the prime minister. What could go wrong?

Perpetual tax system enforced debt slavery to the central banking cartel here we come!

Well, unless we boycott their systems, “exit and build” and stop allowing them to feed on us like the parasites they are ;)