Bank of Canada Challenged in Legal Action: "Restore the Use of the Bank of Canada for Canadians"

Bank of Canada Challenged in Legal Action: "Restore the Use of the Bank of Canada for Canadians"

www.globalresearch.ca

ECONOMIC THINK TANK CONFRONTS THE GLOBAL FINANCIAL POWERS IN CANADIAN FEDERAL COURT.

Canadian constitutional lawyer, Rocco Galati, on behalf of Canadians William Krehm, and Ann Emmett, and COMER (Committee for Monetary and Economic Reform) on December 12th, 2011 filed an action in Federal Court, to restore the use of the Bank of Canada to its original purpose, by exercising its public statutory duty and responsibility. That purpose includes making interest free loans to municipal/provincial/federal governments for “human capital” expenditures (education, health, other social services) and /or infrastructure expenditures.

edit on 21-12-2011 by soleprobe because: Too many characters

Well this is the best news for Canadians for the holiday season.

The Bank of Canada currently is not being used as it was originally intended via the Bank of Canada Act: to provide interest free loans to the municipalities, provinces, for health and education and other social programs, infrastructure etc. . Of course as a natural result we currently have a federal debt (excluding provincial/municipal debts) owed to private interests (mostly private banks) to the tune of 500 billion dollars with about 30 something billion a year in interest payments. So legal action has now been taken in a Federal court to force the government of Canada to obey the Bank of Canada Act


www.globalresearch.ca
(visit the link for the full news article)

Good for them. It's becoming more and more obvious that people are starting to question the use of their own central bank which is a positive step. Hopefully something real happens here in the US soon but rather than challenge I think the word dismantle would be more appropriate.

Originally posted by Chewingonmushrooms
Hopefully something real happens here in the US soon but rather than challenge I think the word dismantle would be more appropriate.

In the US .. "dismantle" definitely more appropriate. Not so with the Bank of Canada. The BoC is a publicly owned bank and if used according to its original purpose it would totally remove the international banking cartel out of the Canadian public banking system. The private chartered Canadian banks would no longer be in the business of lending money at interest to all levels of government. The consequences if this legal action were to be successful are staggering and could have repercussions on the public banking system south of the border

For more info on the Bank of Canada:
www.youtube.com...

I'm not certain of the source, but, if this turns out to be true, and actually makes it to court, this will be extremely interesting to follow.

The "official" excuse for governments needing to borrow from independent, private institutions has always been INFLATION. However, this is absolutely bogus, since it supposes that the lending institutions have 100% of the cash on reserve, which, of course, they do not.

So, instead of printing the money directly (and yes, this increases the money supply and, in turn decreases buying power) the central bank gets the private institutions to create this money out of thin air, and charge them interest on it. This has all the downside, (i.e. increasing the money supply) with the added devastation of incremental interest passed on to the taxpaying citizen.

How this system was ever allowed to come about is simply baffling... unless there really is something to the "bankers rule the world" conspiracy?!?

Most definitely one to watch!

the Billmeister

Originally posted by soleprobe

Bank of Canada Challenged in Legal Action: "Restore the Use of the Bank of Canada for Canadians"

www.globalresearch.ca

ECONOMIC THINK TANK CONFRONTS THE GLOBAL FINANCIAL POWERS IN CANADIAN FEDERAL COURT.

Canadian constitutional lawyer, Rocco Galati, on behalf of Canadians William Krehm, and Ann Emmett, and COMER (Committee for Monetary and Economic Reform) on December 12th, 2011 filed an action in Federal Court, to restore the use of the Bank of Canada to its original purpose, by exercising its public statutory duty and responsibility. That purpose includes making interest free loans to municipal/provincial/federal governments for “human capital” expenditures (education, health, other social services) and /or infrastructure expenditures.

edit on 21-12-2011 by soleprobe because: Too many characters

The Bank of Canada is also used by Canadians while visiting the States. There are a lot of Canadians who come to the States for vacations and business, so the Bank is still actually being used by Canadians for that purpose.

reply to post by Billmeister


Another very interesting aspect of this action is that it “also constitutionally challenges the government’s fallacious accounting methods in its tabling of the budget by not calculating nor revealing the true and total revenues of the nation before transferring back “tax credits” to corporations and other taxpayers.”

This must be the method that the criminal Canadian government uses to secretly siphon off tax dollars to private interests… the amounts could be mind boggling.

Originally posted by WarminIndy
The Bank of Canada is also used by Canadians while visiting the States. There are a lot of Canadians who come to the States for vacations and business, so the Bank is still actually being used by Canadians for that purpose.

edit on 12/21/2011 by WarminIndy because: (no reason given)

How are Canadians dealing with the Bank of Canada while visiting the states?

reply to post by soleprobe


Most likely right... if people actually knew that their tax dollars went to pay interest to private bankers as opposed to services for the citizens, the banker's house of cards would be trampled down!

I like to think that the increasing access to this type of information, made possible by the internet, may just mean the end of this ridiculous system.

the Billmeister

Originally posted by WarminIndy
The Bank of Canada is also used by Canadians while visiting the States. There are a lot of Canadians who come to the States for vacations and business, so the Bank is still actually being used by Canadians for that purpose.

edit on 12/21/2011 by WarminIndy because: (no reason given)

I also need some clarification on this point.

I'm sure I've missed something between the lines somewhere.

the Billmeister

Originally posted by soleprobe

Originally posted by Chewingonmushrooms
Hopefully something real happens here in the US soon but rather than challenge I think the word dismantle would be more appropriate.

In the US .. "dismantle" definitely more appropriate. Not so with the Bank of Canada. The BoC is a publicly owned bank and if used according to its original purpose it would totally remove the international banking cartel out of the Canadian public banking system. The private chartered Canadian banks would no longer be in the business of lending money at interest to all levels of government. The consequences if this legal action were to be successful are staggering and could have repercussions on the public banking system south of the border

For more info on the Bank of Canada:
www.youtube.com...

edit on 21-12-2011 by soleprobe because: add link

The whole idea is to have a public national bank be actually public rather than private. That means government issues money and lends it to the banks at an interest rate, therefore the government gets richer and in turn needs much less direct taxation from the citizens and/or corporations.

The way it was up till now means the private national bank would issue money AS DEBT FROM THE AFFILIATED STOCKHOLDERS and call it treasury bonds. Then people and financial institutions would buy those treasury/government bonds and collect the interest plus principle when the bonds expire or get sold via the market.

Definitely a huge step in the correct direction and hopefully it will have a spiralling effect on other nations indebted perpetually to the international banking cartel, royalty and vatican. They collect money for doing absolutely nothing at best, but actually they are destroying the world with their luciferian ideals. These tyrants should be removed and punished and then capitalism needs a serious overhaul, or better yet we should go back to market socialism of the past.

I don't want to be a slave to any lazy and/or evil asshole, who gets rich on the peoples' back!!! Thanks for the great news!

White hats. Go go go. I'm cheering for you Right ON!!!!!!!!

Love you guys. Go go go.

Darth Vader, its time to be loved back to life.

I envision the White Flag of Freedom and Equality planted on earth soil forever.

Originally posted by soleprobe

Originally posted by WarminIndy
The Bank of Canada is also used by Canadians while visiting the States. There are a lot of Canadians who come to the States for vacations and business, so the Bank is still actually being used by Canadians for that purpose.

edit on 12/21/2011 by WarminIndy because: (no reason given)

How are Canadians dealing with the Bank of Canada while visiting the states?

There are branches here in the United States. And also the Royal Bank of Scotland is here.

reply to post by WarminIndy


You must be referring to another bank... perhaps the confusingly named "National Bank of Canada", which is a private bank, and not our central bank. (Just like Bank of America is not a state entity.)

This article is referring to our version of the "Federal Reserve" called Bank of Canada. Just like the Fed, no private transactions go through this one which acts as Canada's central bank.

Honest mistake.

the Billmeister

Originally posted by EarthCitizen07
That means government issues money and lends it to the banks at an interest rate, therefore the government gets richer and in turn needs much less direct taxation from the citizens and/or corporations.

Yes.... and only to the private banks should the government lend money at interest... not to the provinces, municipalities and the financing of public projects.

reply to post by soleprobe


It's about bloody time! But I am quite sure if this case goes to court, it will be a "sealed" case. No reporters or public allowed and all the records sealed against public disclosure and all participants will have injunctions (gag orders). They did it in my case, so they'll probably do it with this one as well. When the government and banks get caught up in criminal activity and malfeasance they tend to use the laws they wrote to protect themselves, regardless of how illegal they actually are.

I am still waiting on my Notice of Determination from CRA for roughly $30 million, even though it's all proven and I had a 10 year audit in 2005/2006, because if they give it to me it implicates the government, universities, the stock market and the banks in a $150 million fraud. I'm not holding my breath ;-)

Cheers - Dave

Originally posted by soleprobe

Originally posted by EarthCitizen07
That means government issues money and lends it to the banks at an interest rate, therefore the government gets richer and in turn needs much less direct taxation from the citizens and/or corporations.

Yes.... and only to the private banks should the government lend money at interest... not to the provinces, municipalities and the financing of public projects.

Exactly. I don't have a problem with banks lending money for a profit. Banking is a business operation after all!

The really nasty issue is with the banks masquarading to be the government and writing legislation that favors them immensely. If you dig up information about the american government(for example) you will notice is listed as a delaware corporation with file #: 2193946.and classified as non-profit or religious in nature. The american government technically is not profit oriented because the IRS, Inc collects the revenue for the IMF which is profit oriented. I suspect something similar is happening in canada and most other countries!

Commercial banks should operate for a profit under strict government supervision and after buying currency from the government, get to resell that currency by loaning money at their rate. Up till now all the big banks in america had shares in the Federal Reserve and thus were buying and loaning money from each other, while people and government were locked out of the process. In fact government could only raise money from direct taxation and when people do not have jobs due to globalisation they pay less taxes. The rich barely pay anything respectable as all the loopholes were written with them in mind: offshore deposits and other tax write-off schemes. The middle class carried the bulf of this fraudulent responsibility because they were the unprotected fools of the sytem.

Talk about double, tripple, quadrouple dipping your natchos...stupidity and evil knows NO BOUNDS!

Originally posted by soleprobe
Canadian constitutional lawyer, Rocco Galati, on behalf of Canadians William Krehm, and Ann Emmett, and COMER (Committee for Monetary and Economic Reform) on December 12th, 2011 filed an action in Federal Court, to restore the use of the Bank of Canada to its original purpose, by exercising its public statutory duty and responsibility.

Rocco Galati is a very interesting guy. Wonder if this is going to start the threatening phone calls up again?

Just to add a little bit on what Rocco Galati thinks about the Canadian Government here;

GlobalResearch

And after doing a lot of the research into these bills months ago, I have to agree. We have a rogue government, but I have been saying that for some time anyway.

Cheers - Dave

reply to post by soleprobe


Just saw a Conspiracy Show episode on the Fed that deals with these same issues. Given that the corporations are pushing our governments into NAFTA-on-steroids, maybe us peasants should play too, and demand that BOTH our nations' monetary systems be revamped.


S&F