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Henry Koop's Submission in Response to Finance Canada's 2006 Review of Financial Sector Legislation:

Banks and credit unions are a free enterprise industry. Free enterprise is basic to our freedom. Your money flows through the economy when you spend it and people earn the money. Your money in the bank flows through the economy when you are not spending it and people earn the money. Bank regulations must make sure that competition for your money is strong and fair and that it flows smoothly through the economy.

The whole country is a public bank. Your money in the public bank is flowing through the economy when you spend it or when you are not spending it and people earn the money. You keep your money when the private banks and credit unions spend it. You will also keep your money when the public banks spend it. The private banks and credit unions finance the private sector. The public bank finances the public sector.