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Bank of Canada law suit good news for Canadians

Source: Bank of Canada law suit good news for Canadians



” THE LAWYER WHO CHALLENGED THE HARPER GOVERNMENT AND WON “ Sean Fine, in a story published in the Globe and Mail Friday, Aug. 22 2014,

There are those in our community who are rightfully upset about the impending closure of our local hospital, but I never heard much of an outcry against the privatization of the publicly owned parking lot that preceded it. In fact, when I was rushed to Hamilton after having a massive coronary, My son-in-law found a Forty dollar ($40.) parking ticket on the windshield when he moved my car from the Welland Hospital parking lot.

I thought how ironic it is that in Welland you can go to the publicly funded arena and park your car for free but if you have to enter the hospital,  both you and those who visit you will be charged a fee for parking. The facts are that the erosion of publicly funded health care, increasing austerity measures, the dysfunction, deterioration and the decline in vital public services are occurring in all communities in chorus with the off shoring of high paying jobs and destruction of the productive capacity that accompanied them.

These are but a few of the symptoms but they are enough to convey the reality. They are manifestations of a more serious problem and  presage the total breakdown of order in Canada as our Federal, Provincial and municipal systems continue to follow to fail in their responsibility and capacity to deal with the perplexities of modern living.
There are many in our community who will argue that these vital services cost money, that money doesn’t grow on trees,  therefore, people have to pay for these services. This is the kind of mindset that gives austerity measures and privatization  a free pass but I counter their argument with the facts that there has never in history been so much money in circulation as there is now, yet we have cuts to vital services.

On various occasions I have attempted to inform the public about how our publicly owned Bank of Canada, was created in 1935, during the Great Depression, and was originally mandated to provide debt-free support for public projects undertaken by Federal, Provincial and Municipal governments.  During the period between 1935 and 1974 the Canadian government created its own debt free money by using the publicly own Bank of Canada. These were our most prosperous years because, not only did we break out of the Great Depression, and underwrite extraordinary responsibilities during World War II,  but the end of the war seen the repatriation of our veterans in which land grants were authorized along with investments in retraining and orientation to a peace time economy. Investments in major infrastructure such as the St. Lawrence Seaway, the Trans Canada Hwy. Old Age security, and of course, publicly funded Health Care were all funded debt free and were the catalyst for the increasing prosperity which accompanied that period..

It should, therefore, be a sobering thought that the money we pay out in interest payments alone through the GST, approximately sixty Billion dollars annually, is money that rightly should have been used and would have more than covered the cost of maintaining and upgrading investment in those vital services. In 1974, however, with inflation rampant, our politicians were duped into abdicating control over Canada’s monetary policy, choosing instead to foist the cost of governing upon the backs of future generations of Canadians by borrowing from private banks and international institutions incurring the cost of interest payments which they charge Canadians.

Most of our debt, therefore, beginning in the Seventies, has accumulated, not because of the cost of vital services but the cost of interest compounding over the following decades. In fact, the hated GST was introduced to cover the cost of interest owed on our National debt so we Canadians now urgently need a renaissance of these powers of our Bank of Canada.

A renowned Toronto Lawyer, Rocco Galati is pursuing a court case intended to force the Bank of Canada to reorient its activities on behalf of Canadians, therefore, I am endeavoring in my own small way to raise awareness for this cause, not only because it is a cause I believe in,  something that  affects every one of us,  our children and grandchildren included, but because  our national sovereignty has been comprmised as a once soverign and prosperous nation becomes tributarry to private banks and money lenders. It is our one vital hope and it is not a far-fetched one but It is our only hope!
If we trace the erosion of our ability to fund and maintain investments in infrastructure and vital public services,  the facts clearly demonstrate that continuous cuts in the Federal Governments share of the cost of funding to the provinces for health care, education and social services, are the reason for our  deteriorating education system, the selling of Public facilities such as Hwy 407, our publicly owned parking lot at Welland Hospital, the current inability of our Provincial government to negotiate a fair and decent contract with our doctors, and now the projected closing of Welland’s hospital along with the closure of other hospitals in the Region.. All the above and more  have their origins in the decisions which can be traced back to this period.

Rocco Galati has been very successful in the past in winning lawsuits, both against the Harper government and the Cretian government, so his actions are non-partisan. He is currently representing The Committee on Monetary and Economic Reform (COMER) who call upon the Queen, the Federal Finance Minister and the Bank of Canada to revive the powers of the Bank of Canada to restore its original mandate of funding to all levels of government in Canada, largely with interest-free loans, as was done between 1935 and 1975 with very low inflation.

How can you help? Firstly, being aware of the problem is the most important step. The corruption, and dysfunctional behaviour of out elected officials is evidence, not only that the system is broke but Our Parliamentary system has been Hi-jacked. It should be obvious that another Federal election serves no other purpose than swaying partisan voters, a less informed, unsophisticated minority, who continue to substitute and  perpetuate  this dysfunctional behaviour as true parliamentary democracy  in the face of an ever-increasing number of Canadians who have lost faith in political parties, know the system is broke, have abstained from voter participation and have given up on the electoral process altogether.

The fact is, our sovereignty has been compromised because beginning in 1974 successive Federally elected party’s have abdicated the sovereign responsiblity given to them under our Canadian constitution and the Bank Of Canada Act of 1935. By forfeiting absolute responsibility over Canada’s monetary system, They have refused to  govern using the powers given them by our constitution and the Bank of Canada Act, choosing instead to become tributary to an unelected cartel of International and private bankers who hold sway over our sovereign system by the debt they have foisted upon every man woman and child.

Secondly, be aware that there is real documented evidence! Both the Canadian Constitution and the Bank of Canada Act, which are still in existence, give absolute power over Canada’s monetary system to an elected government, not to private banks and International institutions. Both documents have been successful, so far, in the progress we have already made in the law suit before the Supreme Court of Canada, in reclaiming our sovereignty and are the only defence we have against the erosion of democracy and the Tyranny which so often accompanies it.

In conclusion,  make yourself familiar with The Committee on Monetary and Economic Reform (COMER) and the work it is doing on behalf of Canadians because it concerns every one of us. Look up (COMER) on-line and even become a member. This is the greatest thing you can do for your country! It is the greatest thing you can do for your children and your grandchildren’s future.

James MacInnis

Welland, On.


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Bank of Canada law suit good news for Canadians

Canada, like the rest of the world’s nations, is struggling with a mounting debt to private banks mostly because of the cost of interest compounding over several decades. Our health system along with other public programs is suffering from austerity measures  and our dismal economy requires stimulus spending which can only be obtained through increased borrowing.
This was not always the case! In its early years, Canada’s public health system as well as major Federal, Provincial, and Municipal projects were funded on a nearly interest-free basis under a provision of the 1935 Bank of Canada Act.

For three decades, Canada paid for these projects through its own Publicly-owned central bank, with very low debt to GDP ratios and no price inflation. However, according to former Liberal cabinet Minister Paul Helyer,{ union monopolies, big government, and corporate oligarchy demands initiated “cost-push” inflation, in the nineteen sixties}. In addition to this,, in 1971 President Richard Nixon took the U.S. dollar off the gold standard, and a deal was negotiated with OPEC countries in which they agreed to sell their oil, only in U.S. dollars and to deposit the dollars in U.S. banks.

The petroleum dollar was born!. Countries dependant upon foreign oil, without sufficient U.S. dollar reserves, were forced to purchase these dollars often at a higher cost increasing their national debt and a deep recession followed in response to interest rates which soared to above 20% in the early Eighties.

Increased bank reserve requirements, a formula restricting wage increases to the rate of productivity growth, and larger down payments on new home purchases, were practical measures which would have been sufficient to curb inflation but in Canada  the late Prime Minister Pierre Elliot Trudeau, who protested he was unsophisticated in matters of economics was convinced by Private Bankers, who had a vested interest in wresting control over our monetary system, that price inflation was caused by government drawing money from its own central bank.

Canada was duped into believing  the classical monetarism theory promoted by U.S. economist Milton Friedman  was the problem when it was actually cost push inflation. Canada abandoned its successful self-funding program in exchange for borrowing from private and international lenders with the additional cost of interest. These private banks created “credit” on their books just as the Bank of Canada had done; but the result today is that interest on the debt, compounding over several decades, approximately sixty billion dollars annually, has become  the Canadian government’s single largest budget expenditure.

The provision of government-funded services is continually being undermined by a combination of cuts to funding and privatization.. The Bank of Canada was created to  give the government full control over Canada’s monetary  policy sufficient to meet the responsibilities of ensuring a healthy and robust economy. Contrary to popular belief, classical inflation results when “demand” (“money”) exceeds “supply” (goods and services).but while today there is more money then ever before in existence, it is not actually in circulation but is in the hands of the one percenters. So while Wall Street and big corporations get bailed out and pay out big bonuses to their executives, Main St. is in decline..

In addition, America has been successful at exporting inflation to other countries. Currency wars are the result of nations debauching their own currency. Currencies like our own Canadian dollar are continuously being debauched in the competition to increase exports while ignoring our own domestic economy.
In Canada, an injection of new government created money could be used to sop up debt by buying back Canada’s bonds,  taking them out of circulation and paying off national debt. In addition to this, increasing bank reserves in proportion to increases in money supply would restrain inflation while securing major investment in rebuilding our infrastructure, health Care and other vital public services.

These measures in chorus with repatriating productivity would give  a major boost to job creation, restoring investment in domestic production of new goods and services.The solution is not to slash programs but to put more money into the economy in balance with demand for goods and services. This can be achieved by restoring the Bank of Canada’s original mandate of being the defacto provider of debt free credit to Canada’s Three levels of government

A renowned Toronto Lawyer, Rocco Galati is currently representing The Committee on Monetary and Economic Reform (COMER), in a law suit before Canada’s supreme Court, to restore the Bank of Canada’s original mandate of funding to all levels of government as was done between 1935 and 1975 with very low inflation. This is good news for Canadians because as the rest of the world’s nations are enslaved to the global money masters through their privately owned central banks, Canada is the only nation in the world with  the distinction of having its own publicly run central bank.

For more information viewers can access, THE COMMITTEE ON MONETARY AND ECONOMIC REFORM ( COMER) on line.

James MacInnis

Welland, On.

International Banking cabal Are The Real Terrorists

Republican Congressman and Presidential candidate Ron Paul is one of the better informed spokesmen for the free market in America. He insists the Federal Reserve is not only unconstitutional; it is to blame for the reckless spending and heavy debt load in America. He is not alone and the bailouts of the “too big to fails”, the bailouts of European debt nations by the Washington consensus and his failed attempts to have the U.S. Fed audited re-enforces the fact that the government of the United States has been taken over by Wall Street and the international bankers.

In addition, Federal Reserve Chairmen and Central bank governors are not elected, they are appointed. However,they become more powerful than their elected head of state because of the complete control they exercise over the nation’s money supply. This no doubt was what prompted former President Ronald Regan to ask Paul Volcker, former chairman of the Federal Reserve, “…why we need a Federal Reserve in the first place?”

The intrusive influance of the military industrial complex over the elected representatives in congress further proves the U.S.A. is no longer a soverign nation. Central Banks are a defunct institution but the people  have become acclimated  and so entrenched in the tradition, they cannot imagine life without the soverignty of the bankers  or a world without debt so like the late J. Edgar Hoover, they are an institution that is  difficult to get rid of.

The sovereign debt crises in Europe and repeated bailouts serves as a temporary  cover but only delays a much greater soverign debt crises in America but the ultimate collapse of the U.S. dollar which has served as the world’s anchor currency since 1944 is inevitable.

In conclusion, I remember the crowds cheering for the American gangland leader John Goti, the head of the Gambino crime family when he exited the courthouse in New york city after being aquitted. The same circumstamces accompanied the arrival of former New York Mayor JImmy walker during the seabury hearings into corruption during his term in office.The mobs love a villain and in the face of a mindset like this the overwhelming evidence suggests they will choose a rascal over a practical common sense leader as their President. Human nature never changes. When faced with a choice they will demand their barabas every time.

Financial day of reckoning

The bail outs of the Too Big to fails have passed but the European bailouts, and volatility in the precious metals market continue, signs of the desperation on the part of the global financial elite to hold things together. However, it is obvious, no matter where you turn, that their days are numbered.

How serious is it? If a young mother heard that her child was struck by a car in the streets, do you think, while rushing to the scene, she would be stopping to look at the items in the shop windows? But kicking the can down the road is the common metaphor used to describe the money masters attempts to avoid the inevitable.

This is so serious a matter that complaints to the Commodities Futures Trading Corp. exposed J.P. Morgan’s massive manipulation of gold and silver prices due to the short selling of worthless paper but the CFTC, the official financial watch dog, has no choice but to go along with the conspiracy, unable to intervene because of the panic that would ensue.

In conclusion, If the loss of tax revenue due to de-industrialization and the high unemployment as a result increases a nations necessity to maintain vital and  necessary public services by increased borrowing,it also re-enforces theses nations subserviance to the mysterious and mischivious money masters and bankers of Oz.

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