Posted on February 10, 2015
by Jerry Alatalo
Bill Still issued a correction on his recent report about a lawsuit against the government/Bank of Canada. His original report was that the citizen monetary reform activist group COMER (Committee on Monetary and Economic Reform) lawsuit had resulted in a decision where the Bank of Canada lost and the court ordered the bank to return to the debt-free sovereign money creation system pre-1974. He erroneously reported that the Bank of Canada had 60 days to appeal the decision.
In his correction, Mr. Still points out that what really happened in the lawsuit was that the COMER group had won the right to sue the Bank of Canada; that lawsuit being over Bank of Canada’s money creation change which transformed the Bank’s system from a debt-free sovereign model to one which creates/borrows Canadians’ money supply from private financial institutions, beginning in 1974.
So, the COMER group has won a lesser victory, but still has the opportunity to convince the courts in Canada that the Bank of Canada must return to issuing the nation’s money supply debt-free. This, according to Bill Still, may, if COMER wins their lawsuit, could become implemented in a step-by-step, 10% annual increase of the debt-free money supply spent by the government into society.
Famed inventor Thomas Edison thought that going through financial institutions/banks to create a nation’s money supply was only enriching bankers unnecessarily, and that governments should simply issue/create a nation’s money directly. The court decision in Canada, although expectations were inadvertently raised by Mr. Still’s mistake, remains “good news from Canada” although the true legal battle is yet to begin.
In the world of national central banks, the COMER group has made a rare advancement toward real monetary reform. While this encouraging development is occurring in Canada, in the United States Congress there is a strong push for fully auditing the Federal Reserve. As the Bob Dylan song title said: “The times they are a-changing.”
(Thank you to Bill Still at YouTube)