Canada: U.S Stop Interfering In Our Banking Practices

OTTAWA - Canada is launching a full-court press in an attempt to prevent the United States from passing new bank reforms that may impact Canadian investors, financial markets and the economy.

In separate letters to Washington policy-makers, Finance Minister Jim Flaherty and Bank of Canada governor Mark Carney complain that sweeping reforms under the so-called "Volcker rule" would reach well beyond their intended scope, and beyond borders.

ca.news.yahoo.com...

Canadian banking is the envy of the G20 nations and U.S is at the bottom, so I can see why investors/traders/stock-holders may not be too keen on cross-border regulation.

Maybe we should impose sanctions on the U.S?

reply to post by CALGARIAN


Do whatever you need to do to protect yourself, seriously! I am American and I do not advocate you trust my country. We will for sure rip you off given a chance. I am ashamed to say that, but it is the truth.

reply to post by CALGARIAN

Our financial system is so thoroughly enmeshed with the US, we stand little hope of removing ourselves from US banking problems. You see, the Bank of Canada and the FED are both owned by the very same people. So Flaherty, that idiot from Whitby Ontario and that jackass in the BOC from Goldman Sachs, are simply talking crap. They are already in on and aware of the game that's afoot.

Of course, if we shut down the BOC and give full responsibility to the treasury to coin and produce "money" without control or interference from the bankster cartel, we would have no problem.

You have to know by now, the whole thing is set up and our politicians are in the corruption way over their heads.

Cheers - Dave

reply to post by bobs_uruncle


holy crap. a fellow canadian who actually is paying attention to what is actually going on in government. bravo! I agree with you wholeheartedly.

here's hoping the lawsuit filed in December 2011 will actually give us our treasury rights back and end the BOC's relations with the Fed. The lawsuit is filed and good to go, so now we can only hope!

reply to post by tagasbob


Unfortunately, I (as a whistle blower) have had direct experience with the Canadian government on matters of corruption, fraudulent public funds manipulation, ministerial malfeasance, university and bank/brokerage fraud to the tune of about $150 million. To add insult to injury, the Superior Court has gaged me in order to protect their employers and the universities. Talk about a fair system huh?

Ahhh, the stuff I could expose if I was legally compelled.... ;-) I had the opportunity once though, through Revenue Canada, I had to answer their questions as a point of law, which of course was legal compulsion. What did RevCan do when they were presented with hard evidence, found out about the fraud and who was involved? They took it all the way to the "top," past local managers, provincial directors, etc. to the federal level and he said, just do the numbers, bury the rest (paraphrased of course). It's a horribly entrenched system of corruption and it ain't going away anytime soon.

But when the government had a rapist-murderer (Russell Williams, CO Trenton AFB, who had rape contests with Bernardo) who was fully checked out by CSIS, flying Harper and the queen around, you gotta know, they are all in the same club. They protect their own only until it becomes impossible or embarrassing.

Cheers - Dave

I'm certainly not in favour of US banking policies walking into our territory. I'm not in favour of anyone pounding at our door demanding that we follow their shadow.

However, I am in favour of something like the Volcker Rule (Glass-Steagall Act 2.0), and believe something like this should be spread across the board worldwide by way of common sense.

Both times that the banking industry got total free reign (before and after Glass-Steagall) to do whatever the hell they wanted, they've damn near collapsed the entire world economy.

We desperately need to separate standard deposit-type banking from investment/brokerage banking as two completely different entities. One is safely holding people's money, issueing run-of-the-mill loans, etc. While the other is gambling with people's money completely unbeknownst to them and yet leaving them with the liability when it fails.

What should happen, if anything, is to at least allow those who do not wish to risk anything be able to deposit their funds with a secure mind. And those who wish to play the gambling game can do so separately and at their own free will.


From the OP's link:

Bank of Montreal economist Douglas Porter said while the proposed changes are complex and the impacts difficult to quantify, the fact Flaherty and Carney would write their counterparts with concerns is a good indicator the affect could be severe.

What I would like to know is what exactly would these "severe affects" be ? And to whom ?

"If the liquidity of corporate debt and government debt is somehow compromised, that will have a ripple effect on the economy as a whole and will impact corporations' ability to grow and create jobs," said Terry Campbell, president of the Canadian Bankers Association.

Ah... So the regulation and separation of standard banking from slot-machine banking is that it would "impact corporations' ability to grow and create jobs"... Right right, because corporations can't function otherwise unless their playing the gambling investment game. Whatever happened to corporations earning profits by simple means such as revenues gained from actual business operations ?! Or when these guys are saying "corporations", maybe they're just talking about banking corporations ?


I'm leery as to who's interests these guys are so-called protecting.

Actually they are likely numbered corporations...whose owners remain annonymous.....
But rest assured you arent a shareholder.....

reply to post by stirling


One more good reason to take your money out of the banking system if this is allow
I know i will be

From OP source:

As well, while U.S. government treasury sales are exempted, Canadian government bonds are not.

That should tell you everything you need to know about this farce...

Edit to add:

Our government needs to grow a pair. Instead of talking, instruct Canadian Banks to cease all operations in the US (profit loses covered by Canadian Government). It will be cheaper in the long run and will end the dispute right after opening bell at the NYSE.