Sound Money: Fighting Back Against The Bank of Canada

For those who haven't heard yet, the Bank of Canada has been in the middle of an ongoing legal dispute with the Committee on Monetary and Economic Reform (COMER) for years now, in an effort to have the bank cease its counterfeiting scheme that has layered the nation with over a trillion in debt. In their suit, COMER contends that the Bank of Canada should provide debt-free support for public projects that are undertaken by federal, provincial, and city governments. Currently, the Bank of Canada operates with a self-destructive fiat monetary policy that only weakens the currency and economy in the long run. The suit points out the reality that the nation has sacrificed its sovereign ability to conduct independent monetary policy in order to help private foreign banks profit.


The Canadian government is afforded the right to create its own currency for the nation, and these powers are stated in the Canadian Constitution, Section 91, paragraphs 14, 15, 16, 18, 19, and 20. However, despite this authority to create its own money, the nation prefers to borrow it from private foreign banks, and this decision comes as a detriment to the Canadian people. When the money is borrowed as such, then along with the borrowed sum comes an amount of compounded interest that gets added on. In reality, this type of monetary system breeds instability because it becomes increasingly difficult (near impossible) to pay off the ever-increasing debt. COMER argues that the unconstitutional decision to get foreign banks to create the money, was a result of the government's decision to join several multinational financial organizations.


The Constitutional lawyer representing COMER, Rocco Galati, says that this is “by far the most serious and important case” that he's ever done. This case “impacts the entire country in a profound way,” affirms Galati, it goes “right down to the bone of our economics and the history of the way we've maintained and lost, through illegal actions, our independent monetary policy. It's huge.” It is so big in fact, it's a wonder why the mainstream media hasn't been covering it more extensively. This is one of the most prominent cases in Canadian legal history, which plays a direct role and impact on the future and daily lives of Canadian people, and yet the media would rather allocate more time to drowning viewers in fear with stories of terrorists. The media isn't the only one fighting the story with their neglect, the government itself has also been trying to have the effort taken care of.

The Canadian federal government has previously tried to dismiss this case on the grounds that it was “frivolous” and they claimed that the accusations made were “too uncertain, speculative and hypothetical.” The Crown has already lost two attempts to have it thrown out. Even more humorous, the Bank of Canada has taken to its website to try defending its current practices against questions raised with this case. The bank claims that if we were to operate with a monetary policy which COMER is proposing, then such a policy “would reduce the value of our money, raise interest rates, and undermine the growth of the economy.” This is laughable considering that the current monetary scheme that the Bank of Canada has been operating with, has contributed to the deprecation of our dollar immensely. A fiat currency is not a strong currency, and it's misleading for the Bank of Canada to try and ever insinuate that it might be. Our Canadian fiat loonie is only backed by more fiat dollars in the long-run; the growth of the economy is a sham if it is built on debt. The Bank of Canada contests that such a new policy would lead to higher interest rates. However, as soon as they have to raise interest rates (which inevitably must occur either way), the market will be negatively affected and the longer that they go without raising rates, then the more credit and debt will build-up and create a bubble (or many). The growth of the economy is already being under-minded by this self-destructive policy that the Bank of Canada insists on continuing with. Their monopoly on currency creation via printing from foreign banks, is going to devalue the Canadian currency the longer that we continue with this charade. The solution to these monetary problems is not only to cease working with the fiat policy that currently allows for the bank to have foreign private interests create the money, but also to promote competition of currency within the market.


For now, the state has one more chance to have the case thrown out and they can do this through an appeal via the Supreme Court, however this motion would need to be filed by May 29th of this year. 


Check out our previous coverage of this case:



What's Next to come?

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