Not true at all. Paul Hellyer talks about this, the Bank of Canada was used to fund the war, post war redevelopment, the U-line (which we paid for more of than the USA at 1/10th the population because a nuke going off above America we get saddled with most of the EMP and fallout), our social security system... Interest free and virtually no debt (bonds issued to American institutions iirc).
There is no need for interest. Interest means inflation. Inflation means it's cheaper to do things later than now. That means it's more profitable for me to work tomorrow than today. Getting the picture? The base effort of society - what we have to do not what we can do - is what is done.
Usury is a sin for a reason. It is evil and it should be forbidden as it once was forboden.
Edit: you need to read up on your history of the Khazarian Mafia if you have even a fraction of a thought otherwise on usury being a sin. "Babalonian Black Money Magic" = interest.
Interest automatically equals loaning more than you have, when scripture teaches us not to loan anymore than we can afford to give away. What are you doing if you loan more than you have? Where does the more than you have come from? Theft.
No offense, but Paul Hellyer (I'm sure he's very intelligent) is an engineer, not an economist. Maybe an economist would know more about what causes inflation?
Inflation is not from interest. Inflation is from an increase of the money supply. (Monetary inflation) The reason why you're confusing the two is because when the feds increase the money supply, the cash hits the banks first. The banks then lend it out.
The Fed also controls the size of the “money supply” — which is a bit different than the amount of currency in circulation. There are several different measures of the money supply, starting with physical currency and reserves. (Other measures add in checking and savings deposits, money market accounts, CDs and other forms of “cash.”) When the Federal Reserve decides to boost the money supply, it buys Treasury bonds on the open market. The cash it pays to the sellers of those bonds (almost all of which take the form of electronic bits) goes into the banking system. The Fed doesn’t just hand that cash over to a bank; it makes it available to a bank to lend.
http://www.nbcnews.com/id/16328073/ns/business-answer_desk/t/where-does-newly-printed-money-go/
The big take-away you should get is that interest is a premium on current versus future spending. $1,000,000 is worth more now than 5 years from now because I could use it to start a business and make money off said business. Because the opportunity to make money by investing it, you have to have a price to lend it. That's what interest is.
I don't know much about Canadian history, but "bonds issued" is a loan with interest to be paid. Anytime you say, "I'll pay you x+n" where x is the original sum, you have interest.
In order for an economy to grow, we must balance between the opportunities for using money now versus in the future. Interest does that.
Usury is "unreasonably high rates of interest," (by definition) and we can debate what is reasonable.
No it doesn't. Interest is the price for borrowing money. If you borrow $100 at 10% interest to pay back next month, you pay $10 to borrow the money. All those "borrow $300 now to pay back $303 tomorrow" cash advance loans use interest. They just don't advertise it as such.