Common Currency Policy

CAP Commits to Independent Monetary System

Dollarization in a North American Union vs. National Monetary sovereignty

It is important to understand that if we use our Bank of Canada as was intended, there is no possibility of a common North American currency that could be used in Canada or could replace our Canadian dollar!

Whereas:

There currently exists an unconstitutional restructuring of Canada, the USA and Mexico into the formation of a supra-NAFTA, supra-regional political and economic entity, driven by the agenda of the financial/industrial corporate elite of North America.

The former Liberal Prime Minister of Canada (Paul Martin) and the Presidents of both the USA and Mexico, signed an agreement in March of 2005 called "The Security and Prosperity Partnership Agreement" which promised to implement and effect that elite agenda;

The three national leaders met again in March of 2006 (This time the Canadian Conservative Prime Minister Steven Harper) reporting to each other on the progress of their countries' respective implementation.

This North American Union entity is surreptitiously eliminating the sovereignty of the people of all three countries. This restructuring is occurring bureaucratically outside of the Parliamentary process. The changes appear before Parliament incrementally and are rubber-stamped. Such restructuring exceeds the power and authority of the executive branch of government and violates the constitutional rights and protections of the citizens of the three respective nations. These constitutional rights belong to the citizens of each country, not to the corporate elite, nor national leaders, nor to the governments.

The Council on Foreign Relations in the USA, produced a report in 2001, called Building a North American Community". Among other things, that report called for the creation of a new shared currency called the "AMERO", a currency proposed to replace the U.S. dollar, the Canadian dollar, and the Mexican Peso.

Other proposals called for the adoption in North America of the U.S. dollar, i.e., the dollarization of Canadian and Mexican currency presumably governed by the U.S. Federal Reserve, a collection of powerful U.S. private banks. There is no greater aspect of sovereignty than the currency of a country.

An independent currency empowers a nation to protect its national interest as and when necessary. (This was proven in Mexico and the Argentine when scholars reached the conclusion that governments that did not make their currency dependent on the U.S. dollar fared far better than those who did.)

A common currency of Canada and Mexico with the U.S.A. would be a subordination of Canadian and Mexican currency to that of the United States, as happened catastrophically in Mexico in 1995 and in the Argentine around 2000.

At the beginning of the millennium, Argentina was persuaded to have every peso backed by American currency before it could be issued. Thereafter Argentina descended rapidly from the most developed Latin American country to that of third world status. In 1995, after Mexico issued its debt payable either in U.S. dollars or in the Mexican peso at the holder's choice, and after NAFTA caused the abolition of all restrictions on the movement of short-term money across the frontier, the Mexican peso lost 40% of its value, and the Mexican standard of living tumbled to the worst level in generations.

The idea of Canada adopting the U.S. currency has been raised and dismissed before in Canada, but the corporate financial elite refuse to take "no" for an answer.

Therefore:

The Canadian Action Party calls for the continuation of an independent sovereign Canadian monetary system rooted in the utilization of the Bank of Canada and we reject any suggestion of a "common currency" with any other country, or the dollarization of Canada's currency by the United States.