Dear Bank of Canada:
Could you please let me know the following or direct me to someone who knows the answers to the following:
1) How do I know that Canada doesn’t print more physical currency than reported on the unaudited or audited balance sheets by the Bank of Canada? On Canadian paper bills, I see sequential numbering on the opposing side where the Queen is featured, so is there a complete database of the range of bills printed? Do you know where this information is publicly accessible?
2) Similarly, how do I know foreign governments use proper accounting with their currencies and have hard evidence to support this? This poses a substantial risk if one country cheats.The following are some more specific, related questions:
- I understand central banks share information on monetary bases (eg. M1, M2 etc.) but how can Canadian citizens trust in the physical form?
- Why don’t we have a more transparent system to increase the granularity of data? I don’t see an alternative to create trust and fairness.
- If trust in the Canadian dollar is a goal, I believe it is paramount to have a complete understanding of both domestic and international monetary bases.
- Canadians have the technology and infrastructure to move to a completely paperless society, so wouldn’t it be cheaper to adapt and avoid the risk of paper currency fraud?
- Is the Bank of Canada or another federal entity planning to create a solution similar to the American website http://www.usaspending.gov/ ?
- Further, by issuing a new plastic currency (http://www.nationalpost.com/story.html?id=2645048), will Canada now stop allowing paper currency to be used? If not, then isn’t the positive impact of enhanced security features significantly reduced?
- Lastly, what controls are in place to ensure the federal government doesn’t issue significant funds outside of legislative and judicial approval such as the following: http://www.montrealgazette.com/Young+Einsteins+Canada+gives+African+education+project/3242978/story.html
