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e-3327 (Economy and finance)
E-petition
Initiated by Raymond Wong from Burnaby, British Columbia
Original language of petition: English
Petition to the House of Commons
Whereas:
- Quantitative easing is a type of monetary policy in which a nation’s central bank tries to increase the liquidity in its financial system, typically by purchasing long-dated government bonds from that nation’s largest banks;
- Quantitative easing creates wealth inequality, asset inflation, and keeps interest rates artificially low;
- According to the Bank of Canada, they have printed $400 billion dollars to add to the financial markets and continue to purchase bonds at $4 billion per week and now own 40% of the bond market. This enriches the wealthy at the expense of the working class;
- Money supply in Canada has increased by 14% but the Consumer Price Index has inflation measured at approximately 2%, thus devaluating the Canadian currency;
- The manipulation of interest rates is driving real estate and asset inflation, encouraging high levels of debt, and punishing savers; and
- The decisions made by the Bank of Canada impact everyday lives. They decide who gets rich, who stays poor, how consumers spend, and if the economy values saving.
We, the undersigned, concerned citizens of Canada, call upon the House of Commons to:
1. Limit or cap the amount of residential mortgages issued from chartered banks;
2. Tighten credit for investors by charted banks (minimum 40% down payment);
3. Increase and strengthen the OSFI B-20 stress test; and
4. Ask the Bank of Canada to consider ‘housing’ as part of their decision to either hike or drop interest rates.
- Open for signature
- April 16, 2021, at 2:31 p.m. (EDT)
- Closed for signature
- August 14, 2021, at 2:31 p.m. (EDT)
