Says 390 – The Canadian Banking System

<quote> New Money – Both chartered banks and the BOC have a legal right to print new money without specific reason. The BOC has held the ability to print new money since its inception; however, chartered banks did not always have this right. Prior to the leadership of Canada’s 18th Prime Minister, Brian Mulroney, from 1984 to 1993, all banks in Canada were required to maintain at least an 8% reserve.… Read the rest