Interview 430 – Paul Hellyer

by | Dec 10, 2011 | Interviews | 6 comments

Former Canadian Deputy Prime Minister Paul Hellyer joins us to discuss the recently announced Canada-US border agreement. We discuss the potential dangers of such moves toward economic globalization, and the international banking infrastructure that propels the globalization agenda. We also discuss the Bank of Canada’s role in this international framework.


  1. I am so glad I stumbled upon this interview, thank you for this.

    I would be interested in hearing your thoughts on Mr. Hellyer’s book titled “The Money Mafia” (published in 2014)

    In particular, I would be interested in hearing your thoughts on what he shared (in the above mentioned book) about the transnational banking cartel (that he calls “the cabal”) and the history of the BIS. I would also be especially interested in hearing your perspectives on Paul Hellyer’s propositions for banking reform in Canada.

    Here are some pictures of the relevant sections of his more recent books that pertain to monetary reform:

    Last but not least, I would be extremely interested in hearing your thoughts the fact that Hellyer was the first cabinet rank member within the G8 group to confirm, unequivocally, the existence of advanced interstellar cultures and the presence extra terrestrial beings that have been visiting the Earth. In several interviews and press conferences, he claimed to have used his high level position in government and connections to his peers in the US military to attain verifiable evidence that interstellar cultures have visited here and confirm that there are active classified military projects involved in studying the energy generation and propulsion systems of exotic interstellar spacecraft.

    I have a lot of respect for the man considering after discovering these facts, he put his reputation and life on the line by becoming a vocal advocate for ending the secrecy surrounding the ET presence and the covert programs involved in studying ET tech. Others in similar positions of government chose to cower, fall in line with the plutocrats (when threats/bribes came a knocking) and/or play stupid (when asked in public) after being confronted by that aspect of our reality, but not Mr. Hellyer.

    Here is a link to some testimony that Paul Hellyer gave pertaining to this which was recorded at the United States Citizens Hearing on Disclosure:

    Thanks again for doing this interview James.

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    August 6, 1923 – August 8, 2021

    He was a rare, courageous and insightful man that chose to stand up for life, truth, integrity and peace in a world where the opposite is true of most politicians.

    He exposed the systemic corruption that exists within our monetary/banking systems and governments that are no longer involved acting in the best interest of the citizens they swore an oath to serve. He presented his own odeas ideas and plans for economic reform that could serve to break us free from the parasitic private central banking cartel’s stranglehold on our economy and make Canada a prosperous and free nation again.

    Last but not least, (as stated in the comment above) Hellyer was the first cabinet rank member within the G8 group to confirm, unequivocally, the existence of advanced interstellar cultures and the presence extra terrestrial beings that have been visiting the Earth.

    One of the last things he did publicly before his passing was write a letter to the US congress warning them of the existence of what became known as the “shadow government” (due to the following testimony of the late Senator from Hawaii, Daniel K. Inouye who said): “There exists a shadowy government with its own air force, its own navy, its own fundraising mechanism, and the ability to pursue its own idea of the national interest, free from all checks and balances, and free from the law itself.” He also warned that this “shadow government” comprised of corporate, central banking and covert military intelligence elements (that he calls “The Cabal”) has a central goal related to eugenics (the involuntary de-population of the Earth via mass murder) and he went on to describe how they intended to use a variety of means to achieve what they (“The Cabal”) describe as “Full Spectrum Dominance” (a totalitarian one world government run by a self-elected plutocracy).

    Funding global propaganda campaigns and bribing/threatening/coercing politicians to play ball is expensive. Those who engage in such criminal actions need access to vast amounts of fiat currency.

    This brings us to the questions that Paul Hellyer asked when he discovered that our banking system was being used to perpetuate a type of debt slavery (which are):

    1. What is the source of fiat currency in Canada?

    2. Who controls it’s creation?

    and 3. were we always headed towards a trajectory of perpetual debt as a nation?

    In order to answer those questions (and speculate on what solutions we may act upon to address the pervasive corruption in our money/banking system) I will provide you a brief history of the Bank Of Canada below (which I learned about through reading the works of Hellyer). Mr. Hellyer touched on some of this at the end of the interview above, but for those that want more in depth info I will share the following:

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      The Bank of Canada was established in 1934 under private ownership but in 1938 the government nationalized the bank so since then it has been publicly owned. It was mandated to lend not only to the federal government but to provinces as well. To help bring Canada out of the Great Depression debt-free money was injected into various infrastructure projects.

      With the outbreak of World War II, it was the Bank of Canada that financed the enormously costly war effort – Canada created the world’s third largest navy and ranked fourth in production of allied war materiel. Afterwards, the Bank financed programs to assist WW2 veterans with vocational and university training and provided them with farmland.

      For the next 30 years following World War II, it was the Bank of Canada that helped to transform Canada’s economy and lift the standards of living for Canadians. It was the Bank that financed a wide range of infrastructure projects and other ventures. This included the construction of the Trans-Canada highway, the St. Lawrence Seaway, airports and subway systems. In addition, during this period seniors’ pensions, family allowances, and Medicare were established, as well as nation-wide hospitals, universities, and research facilities.

      The important point here is that 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.

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        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 graph via this link 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.

        Why should the government be borrowing from private investors and private chartered banks whose rapacious compound interest charges then result in horrendous federal debt when those governments have a viable alternative?
        It’s not that this idea of state owned banks is something novel and unheard of. The state of North Dakota has had a state-owned bank for almost a hundred years, the Bank of North Dakota – the only such bank in the USA, although it should be noted that many other US jurisdictions are now looking at this option. The BND holds all of the state’s revenues as deposits by law.

        The BND is able to make 2% loans to North Dakota communities for local infrastructure — half or less the rate paid by local governments in other states. For example, in 2016 it extended a $200,000 letter of credit to the State Water Commission at 1.75% … Since 50% of the cost of infrastructure is financing, the state can cut infrastructure costs nearly in half by financing through its own bank, which can return the interest to the state. The profits return to the bank, which either distributes them as dividends to the state or uses them to build up its capital base in order to expand its loan portfolio.

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          According to Mr. Hellyer, State-owned banks return their profits to the government, making the loans interest-free; and the loans can be rolled over indefinitely. This is what Canada did with its own Bank of Canada (from 1939-1974) and he suggested there is nothing legal stopping us from doing it again.

          Paul Hellyer suggested that legal mechanisms which allowed for Canada’s most prosperous years (when our government created debt free money) can be used as a model for (not only our present day Canadian politicians to get our country out of perpetual debt) but also can serve as a precedent and model for other countries to adopt in order to achieve the same goal.

          The present banking and financial system (and the one they are planning on rolling out based in CBDC-s) is, in reality, a global fraud and a system engineered to create ‘digital concentration camps’, perpetuate debt slavery and the hyper consolidation of wealth/influence in the hands of a tiny minority. Thus, it is important to make it clear that GCM is very different than CDBC).

          In this video ( Paul Hellyer (Former Defense Minister of Canada) presents what he saw as a solution that the government of Canada could adopt for breaking from the clutches of the private central bankers, getting our country out of debt and moving into an era of prosperity and economic sovereignty.

          While I do not share Mr. Hellyer’s confidence and admiration for fiat money systems (no matter who is doing the printing and whether or not it is ‘debt-free’) I share the material above (and what follows) to honor his life, his work and his vision as he is no longer here to do so (and for those that do have an interest in reforming centralized money systems in case his ideas can assist others in their central banking economic reform endeavors).

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            “In Canada, our money supply is roughly as follows.

            Coins of various denominations less than 1%.

            Bills from $5 to $100 denominations approximately 2-3%

            The balance of our “money stock,” about 97% of all existing “money,” consists of bank deposits. But that isn’t real money. Banks don’t have any real money (cash) to lend. You are lucky if they have one or two cents in legal tender for each dollar you think you have in the bank. What the banks lend you is their credit in a giant ponzi scheme that can best be described as grand larceny.

            The system works this way. You want to borrow $35,000 to buy a car so you visit your friendly banker who will ask you for collateral. Once satisfied, he or she will ask you to sign a note at an agreed rate of interest. When the paperwork is complete, and the note signed, your banker will make an entry on the banks’ computer system and, presto, a $35,000 credit will appear in your account.

            The important point is that seconds earlier that “money” did not exist. It was created out of thin air, so-to-speak. It is a myth of banking that the money you borrow today is money that was deposited by someone else the day before. The odds of that happening are infinitesimal. Your money was manufactured especially for you.

            To add insult to injury, banks only need to have 5 cents in capital for every dollar they create that has to be repaid in full with interest.
            In effect, the richest most powerful people in the world are buying up assets for 5 cents on the dollar and become indecently wealthy in the process. So you can understand why reformers are recommending an alternative that is both just and workable. It is based on our own Canadian history for the period 1937-1974.

            As of 2016, it was reported that 62 families own half the world’s wealth

            The whole problem has to be framed in moral terms. Is it moral for a government to borrow money in the market, and mortgage our future when they have the constitutional and legislative power to obtain debt-free money to meet all our legitimate needs?

            Is it moral for one small group of individuals to lend the same money to 20 different governments, businesses or people and collect interest from each?

            Is it moral for 62 families to own half of the world’s wealth when millions of people are hungry and in need of life’s necessities?

            Banking reform has been a passion since college days when my professors were unable to give me an acceptable answer as to whether or not recessions and depressions were necessary. I had to figure out for myself that they were not. They were phenomena of a highly leveraged, partial reserve system – a system that has been responsible for inestimable human suffering, and there is no end in sight.”

            – Paul Hellyer

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