In 1930 Canada did not lack industrial capacity, fertile farmlands, skilled and willing workers or industrious families. It had an extensive and efficient transportation system in railroads, road networks, and inland and ocean waterways. Communications between regions and localities were the best in the world, utilizing telephone, teletype, radio, and a well operated government mail system.

No war had ravaged the cities or the countryside, no pestilence weakened the population, nor had famine stalked the land. The Canadian economy in 1930 lacked only one thing: an adequate supply of money to carry on trade and commerce.
 

Bankers, the source of Canada's money and credit, had deliberately withheld millions from circulation by refusing loans to stable and growing industries, stores and farmers. At the same time they demanded payments on existing loans so that money was rapidly taken out of circulation and was not replaced. Canada was in deep trouble. Goods were available to be purchased, jobs waiting to be done, but the lack of money brought the country to a standstill. Twenty-five percent of the workers were laid off.

By this simple ploy Canada was put in a "depression" and bankers took possession of tens of thousands of farms, homes, and businesses on foreclosure. The people were told, "times are hard" and "money is short". Not understanding the system, they were cruelly robbed of their earnings, their savings, and their property. Gloom settled over Canada and we can only visualize the results if this had continued 20 years instead of 10.