Posted on February 6, 2015
by Jerry Alatalo
Journalist, monetary reform activist and documentarian Bill Still recently reported on what he describes as “good news from Canada”. According to Mr. Still, a Canadian organization called Committee on Monetary and Economic Reform (COMER) has experienced success in its lawsuit against the central Bank of Canada.
For readers in America, note that the Bank of Canada and the U.S. Federal Reserve are different in that the Canadian central bank is essentially owned by the Canadian people – a public bank, while the central bank of the United States is owned and controlled by a private banking cartel.
Canada’s bank was nationalized in 1938, and for decades issued debt-free money to finance a number of large projects, including airports, subways, a national pension fund, the national health system, various infrastructure projects, and related initiatives for Canadian society’s necessities.
From the time of the Bank of Canada’s nationalization in 1938 until 1974 when the government decided to convert from debt-free money creation to borrowing through the sale of bonds, inflation – in contradiction to predictions by the so-called “gold bugs” – has never emerged as a concern or problem.
In the three years after 1974 and the switch to debt-based money creation for Canada, inflation rose dramatically, and the Canadian people saw the prices of everything climb, especially home prices. The lawsuit brought by COMER and two individuals, calling for the repeal of the 1974 decision, asks that the Bank of Canada return to the debt-free money creation mandate in place from 1938-1974.
Apparently, the government/Bank of Canada has no other option in fighting to prevent a successful COMER lawsuit but to go to the Canadian Supreme Court, which will occur at a future date not yet certain. From Bill Still’s perspective, if COMER prevails in Canada’s Supreme Court in this huge case, such a decision would send “shock waves” through the world’s central banking system.
Worth noting is that the Harper government in Canada has allegedly suggested strongly to the country’s mainstream media to suppress reporting on the possibly historic, world-consequence legal case. The attorney representing plaintiff COMER against the Bank/Government of Canada throughout the legal proceedings starting in 2011 seems to think a form of “gag order” has been directed toward Canada’s largest broadcast corporations.
For more information, visit www.comer.org
(Thank you to Bill Still at YouTube)