The Committee for Monetary and Economic Reform (COMER) a very small and low-budget Toronto think tank, with their lawyer Rocco Galati have been steadily winning court battles initiated in 2011 that would oblige the Bank of Canada to return to its pre-1974 practice of lending the government money virtually interest free.
Canadian taxpayers must pay attention to what is by far the biggest, most outrageous fraud ever perpetrated on the Canadian people. I am speaking here of the fact that instead of the Canadian government borrowing money from its own bank, our PUBLIC - the Bank of Canada - it has, since 1974 chosen instead to borrow exclusively from PRIVATE international & domestic financial institutions providing them with enormous, interest income for almost four decades.
The result: Our Canadian Government has paid @ 1.5 TRILLION in interest to PRIVATE banks over the last forty years.
The Bank of Canada was established as a private bank in 1935 under private ownership but in 1938, recognizing that money should be created in the public interest, the government amended the Bank Act and turned the Bank into a PUBLIC BANK. The Bank was almost immediately harnessed to finance not only Canada's war effort, but a long list of infrastructure projects including the Trans-Canada Highway and over the decades hospitals & universities across the our country.
But after nearly 40 years of this incredibly productive use of publicly created credit, unprecedented economic growth and increasing income equality, international finance joined the free market counter-revolution against democratic governance. Canada i.e. the Pierre Trudeau Liberals joined in the fold. The committee's solution was to encourage governments to borrow from PRIVATE lenders and end the practice of borrowing interest-free from our own PUBLIC bank - the Bank of Canada.
In other words, the PRIVATE banks were given the legal right to fleece Canadian taxpayers.
Canadians must "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 the municipal, provincial, and federal governments for 'human capital' expenditures (education health, other social services) and/or infrastructure expenditures."
