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Thursday, April 14, 2016

Sleazy Sell-Out. “Sunny Days”. The Bank of Canada



Sleazy Sell-Out. “Sunny Days”. Part II


                 The Bank of Canada

 Written by Robin Mathews   April 2016


We have come upon a brilliant example, here in Canada, of what Anthony Hall calls “imperial globalization” and “the terror economy” (Earth Into Property, McGill-Queen’s, 2011.) Those are terms which describe the move to ‘world government’ by increasingly unregulated (and increasingly criminal) global Capitalism backed by U.S. imperial military might.

The example is The Bank of Canada.  The alleged stripping of essential sovereign powers from it on behalf of “international” organizations and private banks has led to a (now four year long) case being conducted in the Federal Court of Canada. Spice is added to the mix by the reported behaviour of prime minister Justin Trudeau in the context, and by the apparently shifting position of Federal Court judge, the honourable Justice James Russell. ....

Of Justice Russell’s latest decision Rocco Galati, lawyer for COMER in the case, expresses surprise – saying the judge has “inexplicably reversed himself from the earlier decision” and that “he blatantly erred…”, and more.  (All Quotes from Rocco Galati are from Page 1, COMER, Jan/Feb 2016).
[Readers who refer to the Wikipedia entry for the Committee on Monetary and Economic Reform will read that “COMER’s claims have been struck four times by the courts” and that in his February 8, 2016 ruling Justice James Russell concluded of the COMER plaintiffs that “they have no scintilla of a cause of action that this Court can or should hear”.  Plainly Rocco Galati is of a different mind – making the case one of especial interest.

The document filed by the plaintiffs (COMER, William Krehm, Ann Emmett) to begin the case, in 2011, is at once courageous and definitive of the present “dissolving sovereign condition” among many national communities falling victim to the  de facto government of globalizing private Capital. 
Since the Liberal government of Pierre Trudeau (in 1974) the quiet, (secret?), apparently collegial, apparently acceptable transfer of power over The Bank of Canada has gone, apparently, to foreign entities (that meet in secrecy) and to private banks. The discontinuance of interest-free loans to Canadian governments is, apparently, an expression of that shift in power. That process of change has been conducted by officers of The Bank of Canada and the Canadian cabinet “responsible” to the Members of Parliament representing the people of Canada. 

Until the beginning of the COMER case, most Canadians knew nothing of the change. (How many MPs had been informed?) Canadians knew nothing about Cabinet members and officers of The Bank of Canada silently, knowingly or unknowingly, being  (the COMER case suggests) complicit in the alienation of Canadian sovereignty in the working of The Bank of Canada.  In essence, the change has removed a fundamental function – the Bank of Canada as an interest-free lender to the federal, provincial, and municipal governments for “infrastructure” and “human capital expenditures” (hospitals, etc.).

Put in the very simplest terms – there is no reason whatsoever that the Bank of Canada’s power to make interest-free loans to Canadian governments for infrastructure and human capital spending should be in any way curtailed or ended.  And so the whole process has to be highly suspect -involving international entities, gigantic profits for private banks, and a huge unnecessary, increasingly high national debt forced on the Canadian taxpayer.

The COMER case against Her Majesty the Queen, the Minister of Finance, the Minister of National Revenue, The Bank of Canada, and the Attorney General of Canada is intended to restore full Canadian authority to The Bank of Canada and – by doing so – to liberate its powers as a significant servant of governments in Canada (federal, provincial, and municipal) to satisfy needs,  interests, and rights of Canadians as meaningful citizens of Canada.

The brilliance of the COMER move has been matched by what one might call the concerted effort by Canadian governments (Conservative – led by Stephen Harper, and, now, Liberal – led by Justin Trudeau) to erase the case.  It has been matched, too, by the apparent determination of the Conventional Press and Media to prevent Canadians from knowing about the court action.
Rocco Galati suggested (when the Conservative government led by Stephen Harper was in power) that he believed government was influencing press and media to keep knowledge of the case from the Canadian public. And now what - under a Liberal government? No change apparently.  As late as April 2, 2016, for instance, The National Post (and many other Post Media publications) published Andrew Coyne’s piece of some thirty-five column inches on the question of Deficit Spending – “The risky business of deficits”, (p. A4).  That is a subject directly related to the COMER case and to the use of The Bank of Canada’s power to lend at no interest for infrastructure projects.
Andrew Coyne writes as if The Bank of Canada and the COMER case don’t exist.

Coyne’s behaviour, seems to be matched by the reported behaviour of prime minister Justin Trudeau.  My informant assures me that film footage exists of a few questioners trying to ask Justin Trudeau about the Bank of Canada matter.  I am told that Trudeau moves out of reach, ignores the questioners, and moves away to avoid facing the questions and the questioners.  I have not seen the footage.
Whatever the truth of that matter, since the transfer of power from the Conservatives to the Liberals on October 19, 2015, “government” lawyers have continued fighting the Bank of Canada case … and …  have not slackened in their determination to quell any attempt to return the Bank to its independent, interest-free loaning policy. 

When the Conservative government was in power, Justice James Russell considered whether the COMER complaint might be heard – and sent it away to be amended, having struck parts of it.
Rocco Galati suggests in his statement about the subsequent decision of Justice James Russell on February 8, 2016 [the Liberal government having gained power] that Justice Russell “inexplicably reversed himself from the earlier decision”.  Mr. Galati reports that “In his earlier decision he [Justice Russell] had refused to strike large portions of the claim” and was upheld by the Federal Court of Appeal.  Mr. Galati claims Justice Russell “effectively overturned the Court of Appeal decision …contrary to law” and “blatantly erred” in regard to the nature of Declaratory relief.
Mr. Galati has already filed an appeal (March 3, 2016) to the Federal Court of Appeal concerning the COMER case, and he is prepared to take the matter to the Supreme Court of Canada.  We are about to see (but not hastily!) how Justice James Russell’s actions hold up under further scrutiny. Clearly a very sharp difference exists about the “justiciability” of the wrong alleged in the COMER action … about, that is, its very legitimacy as a matter to be considered by the courts. [The fact that the Bank of Canada did provide interest free loans to governments in Canada over many years, and then stopped without any public discussion is not in question.]


When a claim is “struck” by a judge, he or she is not saying that no wrong has been committed.  Rather, it is a statement that the court is an institution whose abilities, powers, and processes prevent it from confronting and providing a remedy for the alleged wrong brought before it – which may be obvious and egregious (as in The Bank of Canada matter).

In the meantime, the ultimate remedy may be political. Already the Canadian Action Party (and I believe others) has declared for political action to return full lending power to The Bank of Canada. That determination must be made known so widely that a government not willing to act to restore full powers to The Bank of Canada will lose its majority and be banished to the shadowy, impotent sidelines … where it clearly belongs.

Written by Robin Mathews


_______________






The Straight Goods

Cheers Eyes Wide Open

6 comments:

Jon Ghun said...

Well, well, well, finally getting around to addressing the main problem ailing Canada (and the rest of the world).

This was a muddled effort at best but a start at least. Now it's time to nail down the key principle at stake, make it clear to everyone and dare to put names on the record.

"The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks." Lord Acton


Hugh said...

"Since the Liberal government of Pierre Trudeau (in 1974) the quiet, (secret?), apparently collegial, apparently acceptable transfer of power over The Bank of Canada has gone, apparently, to foreign entities (that meet in secrecy) and to private banks."

Canada's Federal debt began its climb around 1975.

Now at $620 billion.

http://www.debtclock.ca/

jmonroe said...

The "fact" that the Bank of Canada did provide interest free loans to governments in Canada over many years and then stopped is then stopped is not in question because it is false, and COMER has no evidence that this is the case. Here are the facts, as shown in countless reports from the Bank of Canada, Finance Canada, and Statistics Canada.

Before 1974 the federal government borrowed from the Bank of Canada at market interest rates (perhaps a misnomer given the Bank of Canada's role in setting those rates, but at the same rates as any other lender got). Since the federal government owns the Bank of Canada, it received a dividend from the Bank of Canada equal to its profit, basically its interest revenue less its costs. Some people interpret that as being close to interest free, since the dividend offset most of the interest paid. If the Bank of Canada ever lent to provinces, and I have seen no evidence it did, that borrowing would not be "interest free" to the provinces, because the dividend went to the federal government, not the provinces.

After 1974, nothing changed. The Bank of Canada continued to lend to the federal government, and pay a dividend equal to its profit. As of December 2015, it held over $90 billion in federal debt. This can be seen in both its 2015 annual report and the weekly financial statistics. http://www.bankofcanada.ca/publications/wfs/

Jon Ghun said...

The trick is not that the Feds get back their own interest paid to the BOC,no, it's in the fact that the Feds pay out massively to the private "charter" banks which buy up government bonds--thereby loaning the government money--and thus receive the creditors interest; whereas all that used to happen was that the Feds would simply create and spend their own money into existence via the BOC.

See the shift?

Interest on public debt (of which there need not be any) is being paid largely into private hands, whereas, it is equally feasible for the Government to just wurlitzer up its own currency and budget it into existence (as is its right to do so as the seat of sovereignty). The Treasury of the Government of Canada simply replaces the Bank of Canada and voila...usury is avoided and the taxpayer is made-whole again. If the wonks get worried about inflation:Just tamp down the hot spots with appropriate levies as needs be (as it is the right of the government to do).

By staying on the present debt-based fiat-currency path we are on, we have to constantly borrow ever greater amounts of money into existence...until, finally, the debt over-hang becomes unsupportable and the avalanche begins to roll over. Where it stops, no body really knows. To be sure, though, things always bottom out somewhere, often in the surrender that follows war, where we then have to pick up the pieces and go back to building a better system. Because folks in these places don't give up without a fierce fight. Turns out its pretty damn pleasing being all in control of money and shit. Who could've guessed? Just about every smart person whoever lived; and yet it goes on...

Anyway, as JFK once said,'Those who make peaceful change impossible, make violent revolt a certainty' (loosely paraphrasing). Unfortunately, he had to learn the hard way that the money powers kill, or at least attempt to stop, any body who should dare to return the authority to create and issue money to its rightful owners.r.us.

On a related note, i also wanted to pass this along (worth the bit of a read): https://consortiumnews.com/2016/04/22/how-cbs-news-aided-the-jfk-cover-up/

Cheers,

Norma said...

It is no surprise. Justin's father Pierre was a communist and there is even a paper written by Patrick Walsh, now deceased, who was a special RCMP officer called "Inside the Featherbed: Story of Treason in Ottawa". Here is link to website https://nosnowinmoscow.wordpress.com/ and click on What's new tab near bottom and you can read Patrick Walsh's paper retrieved from US library as all files were destroyed under Pierre Trudeau, not just on Pierre many other communists. Also you will see under What's New tab that a lawsuit is being filed Habeas Corpus Canada and Patrick's paper is included.
Justin is a traitor to our nation as was his father and if it were not for our media not doing their job, and Pierre creating CSIS and turning the files over to them as the RCMP was doing to well a job at rooting out communists.
We need to not just get our Bank of Canada back, but also end fractional reserve lending and get rid of the communists in Canada. I watched video of Pierre and as he turns away, acts like a rock star and does nothing. Tom McClair is also a communist he too had a huge file by RCMP and I watched a video of him by Canadian Awareness and McClair states if you want no interest loans find another party.
United Nations, created by US and other globalists was communist, until USSR fell apart in early 1990s and since then there are 56 muslim nations and Palestine. This is why I feel globalists are now aligned with them; and of course the middle east is part of this over oil resources and control and influence. Links
http://pointdebasculecanada.ca/saudi-religious-funding-fosters-terror-study-says/
http://tsecnetwork.ca/2015/12/03/sharia-law-supporter-omar-alghabra-is-the-new-parliamentary-secretary-for-foreign-affairs/

Norma said...

It is no surprise. Justin's father Pierre was a communist and there is even a paper written by Patrick Walsh, now deceased, who was a special RCMP officer called "Inside the Featherbed: Story of Treason in Ottawa". Here is link to website https://nosnowinmoscow.wordpress.com/ and click on What's new tab near bottom and you can read Patrick Walsh's paper retrieved from US library as all files were destroyed under Pierre Trudeau, not just on Pierre many other communists. Also you will see under What's New tab that a lawsuit is being filed Habeas Corpus Canada and Patrick's paper is included.
Justin is a traitor to our nation as was his father and if it were not for our media not doing their job, and Pierre creating CSIS and turning the files over to them as the RCMP was doing to well a job at rooting out communists.
We need to not just get our Bank of Canada back, but also end fractional reserve lending and get rid of the communists in Canada. I watched video of Pierre and as he turns away, acts like a rock star and does nothing. Tom McClair is also a communist he too had a huge file by RCMP and I watched a video of him by Canadian Awareness and McClair states if you want no interest loans find another party.
United Nations, created by US and other globalists was communist, until USSR fell apart in early 1990s and since then there are 56 muslim nations and Palestine. This is why I feel globalists are now aligned with them; and of course the middle east is part of this over oil resources and control and influence. Links
http://pointdebasculecanada.ca/saudi-religious-funding-fosters-terror-study-says/
http://tsecnetwork.ca/2015/12/03/sharia-law-supporter-omar-alghabra-is-the-new-parliamentary-secretary-for-foreign-affairs/