Originally the Bank of Canada, was a Public Bank. That is, it lent money to the Government of Canada at zero interest rate and the money simply had to be repaid or was simply spent into existence. This was sound banking. Canada built the third largest Navy in the world. When WWII was over we were able to put the soldiers to work. Many were given a university education with free tuition. Or were given a veterans land act grant to go into business or to go into farming. This was all money given by the people to the people who returned from the war. To keep everyone busy we created the Saint Lawrence Seaway. We built the Trans Canada Highway. We built the Railways we did own the CNR at that time. It was our National Railway. About 37% of our money was spent into existence to create infrastructure and social services. We gave family allowances for children. We built up colleges. We brought in old age pensions. And we brought in medicare. The Bank of International Settlements said you are encroaching on the services that banks give. You should not be printing the money that the people need we should be. And immediately we started to go into debt.