I want to present the following very important article that comes from the Global Research website, over at www.globalresearch.ca, that covers many of the facts in this important lawsuit and how there should now be immediate calls for the reinstatement of the Bank of Canada act... The article is entitled: "The Case To "Reinstate" The Bank Of Canada" and I have it right here for everyone to read for themselves.. I have my own thoughts and comments to follow:
The Case to “Reinstate” the Bank of Canada
by M. Oliver Heydorn
There is a very interesting legal case that is playing out in Canada at the moment. William Krehm, Anne Emmett, and COMER (The Committee for Monetary and Economic Reform: http://www.comer.org/) filed a lawsuit on December 12th, 2011, in Federal Court to try to force a restoration of the Bank of Canada to its mandated purposes. In essence, they want the Bank of Canada to provide interest-free loans to the federal, provincial, and municipal governments, as provided for in the Bank of Canada Act.
This money would be used to finance public expenditures whenever there is a budgetary deficit. Apparently, the federal government used to borrow interest-free (to at least some extent) from the Bank of Canada up until 1974. At present, governments borrow all of the necessary money (apart from any bonds they may sell to the public) from private banks at the going rate of interest.
Canadians are economically burdened with the resultant debt-servicing charges because the Bank of Canada does not make use of its prerogatives in the interests of the Canadian public. The case is being prosecuted by Rocco Galati, who is widely considered to be Canada’s top constitutional lawyer.
The nature of the lawsuit has been explained on www.pressfortruth.ca in the following terms:
“TWO CANADIANS AND A CANADIAN ECONOMIC THINK TANK CONFRONT THE GLOBAL FINANCIAL POWERS IN THE CANADIAN FEDERAL COURT. THE CANADIANS PLEAD FOR DECLARATIONS THAT WOULD RESTORE THE USE OF THE BANK OF CANADA FOR THE BENEFIT OF CANADIANS AND REMOVE IT FROM THE CONTROL OF INTERNATIONAL PRIVATE ENTITIES WHOSE INTERESTS AND DIRECTIVES ARE PLACED ABOVE THE INTEREST OF CANADIANS AND THE PRIMACY OF THE CONSTITUTION OF CANADACanadian 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.The action 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. The Plaintiffs state that since 1974 there has been a gradual but sure slide into the reality that the Bank of Canada and Canada’s monetary and financial policy are dictated by private foreign banks and financial interests contrary to the Bank of Canada Act.
The Plaintiffs state that the Bank of International Settlements (BIS), the Financial Stability Forum (FSF) and the International Monetary Fund (IMF) were all created with the cognizant intent of keeping poorer nations in their place which has now expanded to all nations in that these financial institutions largely succeed in over-riding governments and constitutional orders in countries such as Canada over which they exert financial control.The Plaintiffs state that the meetings of the BIS and Financial Stability Board (FSB) (successor of FSF), their minutes, their discussions and deliberations are secret and not available nor accountable to Parliament, the executive, nor the Canadian public notwithstanding that the Bank of Canada policies directly emanate from these meetings. These organizations are essentially private, foreign entities controlling Canada’s banking system and socio-economic policies.
The Plaintiffs state that the defendants (officials) are unwittingly and /or wittingly, in varying degrees, knowledge and intent engaged in a conspiracy, along with the BIS, FSB, IMF to render impotent the Bank of Canada Act as well as Canadian sovereignty over financial, monetary, and socio-economic policy, and bypass the sovereign rule of Canada through its Parliament by means of banking and financial systems.” http://pressfortruth.ca/top-stories/case-reinstate-bank-canada/
On the 26th of January, 2015, the latest appeal on behalf of the Crown to have the case dismissed was rejected by three judges in Federal Court in Toronto. The Federal government now has 60 days to appeal the decision to the Supreme Court. Cf. http://pressfortruth.ca/top-stories/update-bank-canada-vs-comer/. Interestingly enough, both the case itself and the various developments that have occured are not being covered at all by the mainstream media. While Mr. Galati’s other cases have regularly received wall-to-wall coverage across the country, this particular case, which he believes is probably his most important case to date, has so far been ignored. When questioned about this, Mr. Galati said that he has a firm basis for believing that the Canadian government has requested or ordered that the mainstream media not cover the case (he could not divulge his sources), and that, in his opinion, the government does control the media to a certain extent and on certain limited issues. He also added that he does not believe that we in Canada are living in a democracy. In fact, as far back as 1999, he has been on record as claiming that we have entered a ‘quiet dictatorship.’
As far as its merits are concerned, Mr. Galati said that the case is on solid legal and constitutional grounds and his clients should win. Whether they will win or not is another question. As Mr. Galati has acknowledged: “Not all meritorious cases in our judicial system win”.
From a Social Credit perspective, saving the taxpayer large sums of money and/or preserving the country from an increase in public indebtedness via the issuance of interest-free money from the Bank of Canada is certainly a good thing. However, such a reform of the system does not address the fundamental problem with the present financial and economic orders: the chronic lack of consumer buying power. The macroeconomic gap between prices and incomes, which is primarily caused by how real capital (machines and equipment) are financed and how their costs are then accounted for under existing conventions, is THE issue which needs to be addressed. In the main, the present system deals with the gap by filling it with additional debt-money from the private banking system in the form of public, corporate, and consumer debts. In lieu of these palliatives, a Social Credit system would fill the gap with ‘debt-free’ money and distribute it to consumers, directly through a National Dividend, and indirectly through a National Discount on retail prices. It is critical that the individual, the common consumer, be the prime beneficiary of any monetary reform and that he be accorded full control of credit-policy within the context of a properly functioning financial system.
In connection with this particular lawsuit and as a further clarification of the point just made, I should also mention that granting the government the right to fill the gap according to its policy-objectives (i.e., employing people to work on public production), or, more broadly, granting it or the state the sole right to control the whole money supply, is thoroughly incompatible with Social Credit’s underlying social and political philosophy. Institutions exist to serve the interests of individuals, not the other way around. That is, individual consumers must control financial policy, not the government, the state, or the private banks.
There is no point in “restoring the right to create and issue money to the state” if the state is then going to control the purposes for which producer and consumer credit are to be issued. This is the great trap of which certain monetary reformers, who are rightly concerned about the hegemony of private banking, are blissfully unaware. If, God forbid, such reformers get their way, and the state were to obtain total monopoly control over the money supply, I think they will find to their horror that the same people who levy a great deal of control over the private and partially decentralized monetary system will be in complete control of the state system.
Monopoly is the name of the game; let us not be ‘useful idiots’.
Those individuals who believe that the main problem with the current financial system and economic regime consists in the mere fact that the private banks create the bulk of the money supply ex nihilo and then charge interest on the loans that they issue would do well to carefully read the following blog posts which explain the differences between this view and the unique Social Credit approach to monetary reform: (emphasis added)
Douglas often criticized the practice of relying on borrowings from private banks at the going market rate of interest in order to finance government operations. Cf., for example, C.H. Douglas, Social Credit, rev.ed. (Gordon Press, New York: 1973), 136-139:
NTS Notes: Honestly, this should be a no brainer... The Bank of Canada act should be reinstated immediately so as to free the Canadian public that right now is enduring crushing debt to be freed from these Jewish banking scoundrels....And of course controls would need to be put in place to prevent the Federal Government from suddenly underhandedly giving the Jewish scoundrels the same control but under the guise of the money now being printed by the "Federal Government"....
As I have already shown in the previous article and of course my weekly rant... The Federal Government is under the complete control of these Jewish scoundrels and they are right now answering only to them in keeping this news out of the public eye here in Canada... They are hoping that the Canadian public does not get up to speed on the implications of this lawsuit and they are still hoping that the ramifications will not be put into effect... It is pathetic to see these so called 'elected' officials grovel to their Jewish masters!
I also have been watching the Jew spew media over the last while to see if this news about this lawsuit gets out to the public... But of course there is media "silence" as well on this most important issue to all Canadians... It shows exactly who controls our media here in Canada and again backs up all that I have stated when I call the media 'Jew spew'.....
Yes, this news must get out to all Canadians.... The fact is that with this lawsuit victory, we have a chance here in Canada to wrestle control of our money away from these criminals that have enslaved our nation and put this nation under a crushing debt load that today is somewhere in the neighborhood of $1 TRILLION dollars... Must I remind everyone that before 1974, Canada was actually one of the most prosperous nations on the planet with ZERO debt.. But thanks to the Jewish banking cabal and their control over the issuance of the Canadian dollar since 1974, this nation has suffered tremendously and we have a debt load now that can NEVER be paid off, unless we tell the banking criminals to take their debt and shove it up their asses... Putting the brakes on that horrendous debt by reinstating the Bank of Canada act is a step in the right direction to free this nation!
More to come