In 1938, the Bank of Canada was nationalized in order to lend money to the federal and provincial governments at virtually zero interest. Instead, by 1994 only 5.8% of the national debt was held by the Bank of Canada. 24.5% was held by foreign investors, according to Stats Canada.
According to the Canadian Auditor General's report of November, 1993, interest charges accounted for 91.25% of the federal debt. (8.75% was for spending on goods and services, including the infamous social programs that we "can no longer afford," which accounted for about 1%.) If tax revenues are applied accordingly, this means that, in 1994, 24.5% of 91.25% - just over 22 cents of every Canadian tax dollar - went directly into the pockets of foreign investors. (15.6 cents went to Canadian banks, while you get less and less return on your one cent invested in social programs.)
The FSA and the MAI open the door to more of the same. And, while neither agreement requires that the Bank of Canada be privatized, privatization is the name of the current game. *The FSA and MAI could allow a privatized Bank of Canada to be taken over by foreign interests, meaning that its zero-interest lending mandate would be forever taken away (the FSA is permanent). It is also thought that foreign banks, by taking over our bigger, better, merged private banks will now be able to grab an even bigger share of Canadian money with each stroke.
(The figures quoted above were taken from David Weston's Nanaimo Times article of January 10, 1995, "$423 Billion: Borrowing Reform a First Step to Debt Reform" and from the article, "What is the Bank of Canada?" in the International Centre for Earth Renewal Journal, Fall 1997.)