Canada right to deny IMF

To start, I used the search function and didn't see this anywhere and mods if this is in the wrong forum please feel free to move it to the appropriate one.

Canada right to deny IMF: Kent

Jim Flaherty saved Canadian taxpayers from funding failed Eurozone economies with fiscal settings stuck on stupid

Federal Finance Minister Jim Flaherty dropped the n-word last week and taxpayers across Canada should be glad he did.

The forum was an International Monetary Fund (IMF) meeting in New York. Its members had just tried, for the second time in eight weeks, to hit up Canada for a loan of, well, let’s just say it was something in the order of a lazy $7 billion or so. True to his conservative financial instincts, Flaherty wasn’t having any of it. So he leaned forward and uttered a word now so rarely heard in global financial circles that many wondered if they’d heard him correctly the first time.

They had. He just said `no.’

Source

Whether or not you love or hate Jim Flaherty (Canadian Federal Finance Minister), you have to admit this is something you can be happy about!

Cool
we have our own national central bank here in Canada
why are we in hock to them banksters too?

If Flaherty was smart he would lend them some money on collateral
they will default
and then we can pick up some of the islands or what ever used as collateral..

maybe he just blew our chance to have some colonies

also
in a backhand way, this may indicate some coming austerity here on the home front as well

I read this article this morning and I had to read it twice as in looking for the punch line.
He sure used some pretty strong words and I could not believe that we (Canada) still have a bit of common sense at the top.

I see they will be asking again for money in a few months and I pray that the answer remains unchanged.

NO!

I am very glad you put up this thread so all can see a rarity in the Government.
S&F
Regards, Iwinder

Flaherty is still and idiot in my books.
Sweet, we don't get to fund another bailout. Thats cool. We're still enthralled in the death throws of a garbage financial system. Thought, i respect this decision from him, he saved canada from forking out a couple billion dollars to something thats just going to go to waste.

But really.. The entire financial system is bunk. No if only every other country will reject the corrupt imf, and fed, and world banks, then we could start fixing this planet.

reply to post by Danbones


The Royal Canadian Mint runs off the Federal Reserve system as well, it's just under a different name. The same people that control the money supply of the States control ours too.

Originally posted by xXxinfidelxXx
reply to post by Danbones

 

The Royal Canadian Mint runs off the Federal Reserve system as well, it's just under a different name. The same people that control the money supply of the States control ours too.

Close. The mint has no real purpose but to actually mint coins and bills, and even then, they are the ones that 'request' the minting, they make it official. The people that actually print our money rests on two companies shoulders. The canadian bank note company (pretty simple), and giesecke & devrient (a german based company, they also printed zimbabwe's money as well, and then suffered hyperinflation, and continued to print money until the german government told them to stop).

We don't have a federal reserve bank, but our system is basically the same. The US borrows from private banks. So do we, we borrow most of our money in the canadian system from RBC and TD. Canadian banks can lend money without and regard to what is actually in their vaults. The bank of canada is our central bank, but its not in use, it's only used for 'regulation'. Here are some videos about our financial system

Well this must surely be a first, that the goverment can actually say no. Part of the depressive mood of Canadians is that Harper says yes to every single thing the US has pushed our way. So hearing a no uttered by Flaherty is so refreshing to me, and so kudos to him for not playing along. Good thread.

I certainly am happy to see Canada assert itself and show some independent action for their own challenges. IMF help just turns a challenge into a economic prison sentence with no end date.

I just hope you don't suddenly find yourselves short one principled finance minister. Full heads of state have become past tense people in the last 2 years for less than this in terms of resisting the global advance. I hope he's backstopped in saying and doing this. I love the move though. Someone has to be among the first to say no simply No but HELL NO.

Go Canada!

$10 in canada is $1 everywhere else. it pretty much gets you squat.

randomname, congrats you have won the most ignorant comment of the day

CAD/USD (CADUSD=X)-CCY

1.0194 Up 0.0006(0.0600%) 7:55PM EDT

I wonder if it's because Flaherty and Harper know Canada doesnt even have the funds even if they WANTED to loan them?

reply to post by Ericthenewbie


You know what the pathetic thing is though Ericthenewbie, most retailers in Ontario are still pricing items the way they were when our dollar was very low. Because of this on a regular basis I still cross the border at Niagara Falls and go shopping for electronics every few months. I bought a high end tube type audio amplifier in Buffalo made by Mcintosh, I saved 600$ doing so. It's as if retailers don't want my business or something.

reply to post by Ericthenewbie


This is just silly. Really though, are they now going to claim sound economic policy because they refused to bail out Europe?

After they LIED about Canadian Private Banks receiving bail outs? Some with total loan ammounts bigger than the actual value of the company it was "bailing out"?

Are they really going to do this when they COULD be borrowing money at 0% interest from the BoC and have our budget balanced and debt free in under 5 years?

When we pay 160 million a day in interest on our loans from private banks?

Our politicians are like any other. They take 90 cents from you in the 4 years they are in office and then try to get re-elected by giving us back 10 cents in the last year.

Mind you most people have forgotten about the 80 cents they took away..

~Tenth

gentlemen we have a national central bank called "The Bank of Canada"
the politicians are controlled by the same folks that control the fed so thats why we borrow to fund privately.
the excessive borrowing started in the 60s and has continued to this day

to carry on from where Tenth left off: we should have no debts and our gas should be 17 cents a gallon, so so much for sound econmic policy from any of out politicians...they are controlled by the same folks that control the fed for sure

The Bank of Canada (French: Banque du Canada) is Canada's central bank and "lender of last resort".[1] The Bank was created by an Act of Parliament (the Bank of Canada Act)[2] on July 3, 1934 as a privately owned corporation. In 1938, the Bank became a Crown corporation belonging to the Government of Canada.[3] The Minister of Finance (on behalf of Her Majesty in right of Canada) holds the entire share capital issued by the Bank. "Ultimately, the Bank is owned by the people of Canada."[4]

The role of the Bank is to "promote the economic and financial well-being of Canada."[5]

The responsibilities of the Bank are: monetary policy;[6] sole issuer of Canadian banknotes and currency;[7] the promotion of a safe, sound financial system within Canada;[8] and funds management and central banking services "for the federal government, the Bank and other clients."[9][10]

The Bank headquarters are located at the Bank of Canada Building in the nation's capital Ottawa.

en.wikipedia.org...

here is the banks websight
www.bankofcanada.ca...
Here is what they are up to lately:

Ottawa, Ontario - The Governor of the Bank of Canada today designated the Canadian Derivatives Clearing Service (CDCS) as subject to ongoing regulatory oversight by the Bank under the Payment Clearing and Settlement Act (PCSA), effective 30 April 2012.

www.bankofcanada.ca...


my bank The Royal was in the top twenty TARP recipients

reply to post by Jocko Flocko


I hear ya 100 %...ever buy a book, magazine or even a birthday card... shows the drastic difference in price right there on it!


reply to post by tothetenthpower


I don't disagree with you about the government hand always in our pockets nor their slap in the face "gifts" back to us just before elections but I'm gonna wait a couple more days before I jump on this "secret bailout" wagon. I'm not saying it did or didn't happen but there seems to be some information coming out that indicates there's an agenda behind the initial report and that it was incomplete;

www.torontosun.com...

It will be interesting to see what else comes to light this week.

reply to post by Ericthenewbie


Well I heard of the bailouts months ago from the CBC Radio here in town. So it's been on my radar for a while, but I had just figured like every other major scandal and lie given by the conservatives would just be swept under the rug.

See how the voting scandal turned out? Or the Jets? You get my point.

So I don't put anything past these people. I'm sure those companies did receive those bailouts, and that we weren't notified or even asked, it was just done without our consideration.

Either way, every day we borrow money from the private banks instead of the BoC is a criminal act IMO.

~Tenth

Originally posted by Ericthenewbie
reply to post by Jocko Flocko

 

I hear ya 100 %...ever buy a book, magazine or even a birthday card... shows the drastic difference in price right there on it!


reply to post by tothetenthpower

 

there seems to be some information coming out that indicates there's an agenda behind the initial report and that it was incomplete;

If by 'information' you mean Flaherty simply stating the numbers arent true.

He provides no data to prove his statement, unlike Policy Alternatives, which goes into very specific detail of how they arrived at their conclusion, including looking at verifiable numbers from the US showing Canadian banks took US bailout money.

In short, all he's doing is saying 'nu-uh' and attacking the source as 'conspiracy theory'.

Finance Minister Jim Flaherty's office said a report by the Canadian Centre for Policy Alternatives is "completely baseless" in its opinion that $114 billion in the form of loans, cash and mortgages was used to save banks. "To be clear, despite conspiracy theories to the contrary, there was no secret bailout," Flaherty's director of communications Chisholm Pothier said.

Open the books, Mr. Flaherty. Show us the numbers. Prove your case, like Policy Alternatives did.

www.policyalternatives.ca...

reply to post by tothetenthpower


I don't think it's just a conservative issue, the liberals are no better or any other party with their back door shenanigans either.

I want to preface that I'm not bashing the CBC but don't forget that the CBC also has an axe to grind with the government for them having to open their budget records etc.

reply to post by stanguilles7


umm Policyalternative, the ones that published the document said themselves it was incomplete;

It also acknowledged its study was incomplete because it could not get access to Bank of Canada and Canada Mortgage and Housing Corp. documents.

I think both sides should show their evidence either for or against.

reply to post by Ericthenewbie


The CBC having an axe to grind is what gives me ALL the more confidence that their reporting is correct. This isn't Fox News.

Mind you there are things about the CBC I dislike, but all in all, they still have journalistic integrity and a fair bit of their reporting is spot on, especially on things regarding this current government.

So I would not count them out, the Toronto Star does more "tabloid" reporting that the CBC does by far. I did look into that, and yes it's just Jim flapping his gums about these things being lies.

Well where is your proof Jim? Show me the audit reports, show me where that money went and who it was paid to. I bet you he won't, cause then he'd be made to look like a liar.

The Conservatives have done nothing but lie, cheat and steal ( mostly our liberties, at least the liberals only stole money) and then deny it occured while never providing proof. This is NOT the Canadian way and this government does not represent me, or anybody I know for that matter.

Sorry for the rant, but I've never been more fearfull for my country as I have been in the last 5 years with this Tyrant at the helm of our nation.

~Tenth