National News of Canada

Crooked High-Stress Sales Culture in Canada’s Banks a Product of Debt-Based Money System

In the wake of CBC report on dishonest bank-sales practices,

it may be time to return to Bank of Canada’s pre-1975 system


Employees from all five of Canada’s big banks recently flooded the Canadian Broadcasting Corporation’s “Go Public” citizen-help program “with stories of how they feel pressured to . . .  trick and even lie to customers to meet unrealistic sales targets and keep their jobs,” CBC online noted.

“The deluge is fueling multiple calls for a parliamentary inquiry, even as the banks claim they’re acting in customers’ best interests,” the CBC added, in an article by investigative reporter Erica Johnson, first released on April 11. “In nearly 1,000 emails, employees from RBC, BMO, CIBC, TD and Scotiabank locations across Canada describe the pressures to hit targets that are monitored weekly, daily and in some cases hourly.”

“Management is down your throat all the time,” a Scotiabank financial adviser told Go Public. “They want you to hit your numbers and it doesn’t matter how.”

An RBC teller said that even when customers may not need or want anything, there’s still managerial pressure to increase their Visa card limits “or get them to open up a credit line.”

“It’s not what’s important to our clients anymore,” she revealed. “The bank wants more and more money. And it’s leading everyone into debt.”

A financial services manager who left BMO in Calgary more than two months ago said he quit after having “a full-blown panic attack” in his branch manager’s office, while she berated him and threatened his job status because he hadn’t met sales targets.

He also told CBC: “If you weren’t selling, you weren’t worth having around.”

Furthermore, he said that his manager told him to lie to customers to improve sales revenue. He refused. For example, he was commanded to attach high interest rates on mortgages and on lines of credit, and to avoid telling clients that those interest rates are negotiable.

Much the same thing recently happened at the U.S. mega-bank Wells Fargo. And in the UK, there were reports going back a few years from the City of London (the square-mile world financial center) of bank staffers literally swan-diving to their death off of tall buildings, unable to take the pressure even one more second.


But while the CBC’s “Go Public” option allows beleaguered employees to anonymously vent their troubles so the situation can be probed, the real go-public option that no one’s talking about starts with these words: “An all-borrowed money supply, where all money is born as debt, does not a good economic system make.”

What we’re really witnessing here are the unpleasant symptoms of the deep illness of debt. To cure that illness, the money supply itself needs to “go public.” That means getting more purchasing power into people’s hands without counting it as debt.

For money to freely enter the economy and not be counted as debt, it should instead be counted as a dividend. As production grows, a national credit office should be created to enter the numerical figures representing the value of the new production into the “credit” side of the nation’s ledger, not the “debit” side like now. The new wealth, including products and the raw materials for making them, would form the basis for determining how much of a dividend is to be paid and how frequently.

The dividend in this model, which could be named “Canada Ltd.”—a true commonwealth—would be paid periodically to all the people, regardless of social status, to supplement whatever work incomes they may have. Ultimately, the dividend is derived from, and based on, the natural wealth of the world (water supplies, soil, minerals and other raw materials, energy sources etc.) and the technological innovations that have developed that wealth into life-sustaining and life-enhancing production machines and delivery systems.

Sure, taxes could be cut to loosen up some bucks, and you can create some jobs, but we’re entering an age of automation which, if handled properly, can bring greater prosperity and more leisure time with which to pursue our higher callings in life. Man is not a machine to be worked to death, despite our mental habits and daily routine to the contrary.


There has always been a large and chronic shortage of purchasing power (compared to massive total price structures and compared to all outstanding public and private debts).  The defective financial system hopelessly tries to solve this dilemma by issuing even more credit cards, raising credit limits, refinancing homes over and over, personal credit lines, etc.

And that’s exactly what turns banks into high-pressure sales institutions which push employees to the brink.

But as banks issue credit with such high-pressure tactics, there’s barely time for the incoming credit to enter our purses and wallets before it must leave our possession and re-enter the banks to be paid back, with permanent interest charges attached.

Notably, Stephen Zarlenga of the American Monetary Institute, who recently passed away, was among those whose studies addressed the money problem.

While Zarlenga’s book, “The Lost Science of Money” provides an informative historical foundation, the classic books “Social Credit” and “Economic Democracy” by the late C.H. Douglas and the more recent “Social Credit Economics” by Ontarian Oliver Heydorn provide especially crucial information that shines a bright light on our vexing monetary-debt bind.

A debt system whose managers knowingly cheat customers, and whose employees are driven to the point of exhaustion or suicide, will likely be seen as unacceptable by the discerning public, once the citizens become fully aware of the deeper truths associated with this bank-sales scandal covered by the CBC. Indeed, the public may conclude that it’s time to deny private banks their monopoly of issuing money in the form of interest-bearing credit.


Remember, from 1938 to the mid-1970s, the Canadian government, via its central Bank of Canada, issued money in the public interest at essentially zero interest to meet the core needs of society, from universal medical care to widespread infrastructure projects.

Re-establishing this system, while some adjustments may be needed to meet modern conditions and iron out any flaws that may arise, could go a long way in throwing some cold water on the high-pressure banking culture that CBC brought to light.


Speaking of water, take a step back and realize that money is given value by the existence of natural resources and the products and services derived from them—not the other way around. In a barren world without water, where human survival would not be possible, money would be meaningless. The discovery of water would be the “gold” of such a dire world.

Accordingly, having money in a deserted society with empty stores (no crops, no water, no useful goods etc.) would be meaningless, because the basic necessities of life must exist in sufficient amounts and quality before commerce is possible. Therefore, natural resources and the goods molded from those resources are what gives money value—meaning that money does not give natural resources and products value. This point cannot be over-stated.

Due to this fundamental truth, The Awakening has devoted considerable attention to water-preservation technologies, such as closed-loop fish hatchery systems that conserve and maintain the quality of groundwater. See other articles on this website for details.

Furthermore and importantly, the Canada-based Committee for Monetary and Economic Reform, or COMER, is still in the courts arguing forcefully that Canada’s former system of interest-free finance needs to be restored. See a solid explanation of COMER’s position with this link.


It’s time, if you will, to create a new civilization where a proper monetary system can restore man’s lost inheritance of abundance and leisure—which, in essence, is locked up in the vaults of banks, under an illicit partnership between key bankers and our politicians who share in the spoils of placing people in a form of economic bondage, while telling them they can merely vote their way to the promised land.

Monetary reform—to return to an interest-free, direct government issuance of new money, with the amount gauged to production data—is the mother of all reforms, without which other reforms will do little to genuinely change things for the better.


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