introducing Christopher Greyson-Gaito

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The Bank of Canada continues to provide funding for the following programs the Provincial Money Market Purchase program (PMMP), Contingent Term Repo Facility (CTRF), Bankers’ Acceptance Purchase Facility (BAPF), Standing Term Liquidity Facility (STLF).   261 billion dollars have been created so far, is it necessarily a bad thing? Given our current banking and financial system, I don’t think so.  

The Bank of Canada’s responsibilities could be expanded to include direct funding of programs beneficial to the general public which would be consistent with its present mandate to promote the economic and financial welfare of Canada.  Austerity is not an option!

I just checked the BoC website and they have resumed publishing the weekly and monthly series balance sheets again but they do warn that there may be delays in posted certain data submissions. I am keeping track of all the BoC funding and operations for future reference. Using the current weekly series and comparing it to when the first expansion of the balance sheet (let’s call it what it is, money creation) started which was around March 18, 2020, they have created over 195 billion digital dollars. You would think this would be a huge story, however, the press just like the majority of the public do not understand how the money creation process works or who it benefits. I am not a conspiracy theorist but based on my own experience when researching or directly asking questions to authorities about how the money creation process works there seems to be reluctance on their part to acknowledge the reality of it. 

https://progressivemoney.ca/communications-boc%2Fosfi

Bank of Canada link to its balance sheets:

https://www.bankofcanada.ca/rates/banking-and-financial-statistics/

 UK central bank becomes first in the world to adopt direct monetary financing to fund government spending during the coronavirus crisis. This move demonstrates once and for all that the government need not depend on private markets to finance its spending.