Canadian Banking System Exposed

[Oscar]

WATCH: Canadian Banking System Exposed - Bill Abram

[ http://www.youtube.com/watch?v=JuP2hH0Kpro ]

Uploaded on Oct 14, 2011

WAKE UP Canada ... Canadians need to realize that they too are living with the same type of Federal Reserve private banking fraud.

Great overview of Canadian banking and a clear explanation of how the international private banking cartel hijacked Canada in 1974 by taking control of the issuance of money. This private banking cartel has been robbing Canada blind ever since, and has currently put Canadians into $500 billion dollars of debt.

[ http://www.debtclock.ca/]
(Correction: $583 billion on May 3, 2012)

The debt is actually the compound interest accumulated by borrowing this printed money from the private central banking cartel. Canada, like any other country, does NOT need private banks to issue it's nation's currency ... countries can print their own money interest free.

Bank of Canada is a Crown corporation, but before you claim that the Canadian government "owns" the BOC and that Canadians make profit from the BOC, think again.

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Monetary Reform - Canadian Action Party leader to run in Danforth By-Election to highlight COMER court case + COMER Press Release

[ http://actionparty.ca/news/leaders-mess ... -election/ ]

Press Release - Toronto/Danforth By-Election March 2nd, 2012

Christopher Porter, leader of The Canadian Action party filed his papers this week to run in the Toronto/Danforth By election.

Christopher felt the presence of the party leader was essential to getting the message of monetary reform and political accountability to the people of the Toronto/Danforth riding.

The Occupy movement has brought to the forefront the problem of corporate greed and banking irresponsibility that has led us to the current economic depression. Christopher will be bringing these issues to this election.

We have opened a riding office at 1432 Danforth, That´s Danforth and Monarch Park Ave. Just west of Coxwell. Christopher always has time for the press, If you call before you drop by we will make sure he can be available for an interview.

We would also like to invite the press to a catered event on March 12, from 5 to 7pm at the Palace Restaurant at 722 Pape Ave. (across from Pape subway station) This event will highlight the policy´s of COMER - Committee on Monetary and Economic Reform and their court proceedings to force the government to return to using the Bank of Canada to create Canada´s money, also to celebrate the forming of an EDA to ensure The Canadian Action Party´s continued presence in the Toronto/Danforth riding.

For more information or to arrange an interview with Christopher please contact us at:

Leader : Christopher Porter leader@votecap.ca
Campaign Manager: Lawrence McCurry lawrence@actionparty.ca
Phone: (647) 974-6106
http://votecap.ca/
http://actionparty.ca/

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TWO CANADIANS AND A CANADIAN ECONOMIC THINK TANK CONFRONT THE GLOBAL FINANCIAL POWERS IN THE CANADIAN FEDERAL COURT.

[ http://rense.com/general95/centbank.htm ]

COMER Court Case Press Release

PRESS RELEASE TORONTO, ON., CANADA- 19/12/2011

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 CANADA

Canadian 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.

A press conference will be held on Wednesday, December 21st, 2011 at 10:00 a.m. to answer any questions the media may have of the Plaintiffs at: 637 College Street, Suite 203, Toronto, Ontario.

A copy of the filed statement of claim is attached. -30-


ROCCO GALATI LAW FIRM
PROFESSIONAL CORPORATION
Rocco Galati, B.A., LL.B., LL.M.
637 College Street
Suite 203
Toronto ON M6G 1B5
TEL: <tel:416-536-7811>416-536-7811
FAX: <tel:416-536-6801>416-536-6801

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DOBBIN: Canada supports the dark side of international finance

[ http://murraydobbin.ca/2012/02/27/canad ... l-finance/ ]

Posted on February 27, 2012 by murraydobbin

You can say one thing for the powers that be in the banking industry. They’ve got a lot of nerve.

This past week our own finance minister Jim Flaherty, along with Mark Carney, the Governor of the Bank of Canada, came out strongly in opposition to a modest proposal to regulate the US banking system. Their interventions followed a concerted effort by American bank lobbyists to spark international opposition to US regulatory reforms.

What a shameful spectacle. Less than four years ago the world was holding its breath for fear the crisis in the hyper-deregulated US financial system would cause a second Great Depression. Now Canada and other foreign governments, cheered on by US banking interests, are doing their best to block US legislation that would curb the industry’s worst excesses.

The initiative Flaherty and Carney attacked is a proposal by Paul Volcker, the former chair of the US Federal Reserve. Simply put, the “Volcker rule” would prevent financial institutions – US or subsidiaries of foreign banks – that are backstopped by US taxpayers from behaving like hedge funds and trading for their own account.

Flaherty and Carney are trying to cast their opposition as standing for Canadian regulatory sovereignty. But since all five of Canada’s largest banks drew on emergency loans from the US Federal Reserve during the crisis, the US certainly has a moral argument in favour of being able to regulate the behaviour of Canadian bank subsidiaries operating within its territory.

After the financial industry’s speculative bets on the US housing market went sour, US and foreign banks got $1.2 trillion of the American public’s money in emergency loans and $700 billion through the Troubled Asset Relief Program. The banks’ weak defence is that they have paid all the money back – an argument that can be challenged because the US government is still holding the bag for bad deals the banks made with companies like AIG.

But why banks get to have first call on this extreme level of government resources when they get themselves into trouble speaks loudly about their influence over the political system. Analysts of the secret loans given to Wall Street during the crisis point out that $1.2 trillion they got is enough to cover all the 6.5 million delinquent and foreclosed mortgages in the US.

Secure in the notion that their companies were too critical to the global economy for the US government to let them fail, CEO’s of the big US banks had continually ratcheted up the level of risk they tolerated in their trading divisions. It was a kind of “heads I win, and tails, I still win” ultimatum to taxpayers that the Volcker rule would help put an end to.

So did Wall Street learn anything from its near-death experience in 2008? In the immediate aftermath of the financial meltdown, the heads of US banks were called before Congressional inquiries to explain what went wrong. Some of their statements suggested they were genuinely shaken by the scale of the catastrophe and understood the need for government regulation. John Mack, CEO of Morgan Stanley, admitted that government support had prevented “a collapse of the financial system”. Mack stated that “the financial crisis has also made it clear that regulators simply didn’t have the visibility, tools or authority to protect the stability of the financial system as a whole.”

But that was then. Like a heart attack survivor who immediately goes back to eating fries and gravy, Wall Street’s biggest firms have quickly returned to lobbying against regulatory reform. Even though during the financial crisis Morgan Stanley topped the list in the size of loans it drew from the Federal Reserve, now the bank is organizing international opposition to the Volcker rule.

Lobbyists from the US banking industry are visiting foreign embassies like Canada’s and issuing anti-Volcker rule position papers. According to one analyst, “The criticism of foreign governments on behalf of their banks is helping U.S. banks fight the rule.” Mark Carney, for example, is claiming that somehow the Volcker rule will do irreparable harm to the Canadian government’s ability to sell its bonds and will “undermine the resilience of the Canadian financial system.”

Simon Johnson, a former chief economist with the IMF, called Carney’s criticism absurd. He wrote in the New York Times that he could understand why the big banks would oppose the Volcker rule because they want to continue to engage in high risk/high return activities with the implicit backing of the US taxpayer. Johnson questions, though, why the Bank of Canada would be siding with Wall Street given that the Bank “would ordinarily be expected to take a broader perspective, at least aligned with the social interests of the Canadian population.”

Johnson notes that Carney worked for Goldman Sachs for thirteen years, but charitably says that he does not think this background explains Carney’s position on the Volcker rule. I’m not so sure. Bankers make up the world’s most powerful boys club and Carney is clearly still a member in good standing. What better way to maintain that standing than by helping out your Wall Street buddies.

In his own clearly exasperated response to Carney’s argument, Paul Volcker has written a Financial Times editorial explaining that nothing in his proposal would prevent American commercial banks from finding buyers for foreign government’s debt – they just would be prevented from speculating on this debt themselves. He also points out that foreign governments seemed to be able to raise money in international markets before the US market was deregulated in the 1990’s to allow their banks to trade in this debt. Volcker said we should “not be swayed by the smokescreen of lobbyists dedicated to protecting the interests of some highly compensated traders and their risk-prone banks.”

There are two significant initiatives to try to advert another financial catastrophe. In Europe, governments are proposing a financial transaction tax to curtail the turbo-charged speculation going on in securities markets. In the US, there is the Volcker rule, a key component of the Dodd-Frank financial reform bill. Canada is on record as opposing them both. To use a Lord of the Ring’s analogy, Flaherty and Carney are playing the supportive roles of Orcs to the Dark Lords of international finance

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3 Mega-Banks Screwing You With Sneaky Fees -- Again

Consumers were outraged when Bank of America announced a $5 debit fee last fall. Undeterred, some banks are now quietly imposing even more fees. READ MORE:

[ http://www.alternet.org/story/154387/3_ ... s_--_again ]

Lauren Kelley / AlterNet

[Oscar]

KURTENBACH: (Canada's) Private banks are a " Scam"

----- Original Message -----
From: "Leo" <leokurt@sasktel.net>
Sent: Sunday, January 19, 2014 2:29 PM
Subject: Private banks are a " Scam"

To the Editor,

This letter could well be the most important one I have ever written, i.e., if I can convince your readers to study our country's system of monetary legalized larceny . . . and endeavour to have it changed.

Paul Hellyer was the Minister of Defence in Lester Pearson's government (1963-68). Since then, he has written 50 books mostly about the banking system in Canada and our present involvement in the private global monetary system. He does not hesitate to name our present private Canadian banking structure as a 'scam'.

Mr. Hellyer suggests that this could easily be changed, - if our federal government had the courage to do so.

After the great depression of the 1930's, in order to lift our country out of the economic drought, Canada empowered the Bank of Canada to be its primary source of monetary credit. In 1939, Canada had a comparatively small national debt. Operating under that changed monetary system - in the years between 1939 to 1974 - Canadians had the credit they needed to fund our involvement in WW2, build a trans-Canada highway, build airports, establish a national Health Care program, as well as other social programs.

Then in 1974, private Canadian banks obtained a monopoly to create and issue money on the basis of debt incurred by borrowers, on which the banks held collateral to protect their debt created investments!

In brief, what this means is that the interest rates previously levied by the Bank of Canada, and returned to the federal treasury while being used for programs to benefit Canadians in general, are now being collected by private banks and their shareholders.

Mr. Hellyer has estimated that the amount of interest rate levied and collected by private banks from 1974/75 to 2010/11 is about one trillion, 100 billion dollars!

Since 1974, our national debt has risen to over 600 billion dollars, on which Canadians pay interest. Canada also now has over 1000 food banks.

Canadian monetary interests are now controlled by the Bank of International Settlements [BIS] in Switzerland.

Mr Hellyer is warning Canadians that the Canada/European trade agreement now being proposed by our government would make it impossible for Canada to change its present banking structures.

More detailed information on how to counteract the loss of Canada's sovereignity is available at www.victoryfortheworld.net .

Leo Kurtenbach,
Saskatoon, SK
Phone:: 306-652-5129

[Oscar]

Enlist in the war against the banks and for the freedom of the world

[ http://www.victoryfortheworld.net/canada_action.html ]


WATCH: Commentary by Paul Hellyer - 7 min.
[ http://www.youtube.com/watch?v=xUOng2xYR14 ]

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AN OPEN LETTER TO FINANCE MINISTER FLAHERTY

[ http://www.victoryfortheworld.net/canada_action.html ]

We, the undersigned, firmly believe that 2015 is far too late to balance the federal budget. Powerful stimulus is essential now, to revive the economy and get it running on all cylinders. All that is necessary is to use the power given to you by the Canadian Constitution. There is a precedent.

From 1939 to 1974 the Bank of Canada provided the Canadian government with large sums of money at near zero cost. This got us out of the Great Depression, helped finance World War II, and many great post-war projects like the St. Lawrence Seaway and the Trans-Canada highway, as well as contributing to the establishment of our Medicare and social security systems which were the envy of the world.

All was well until 1974 when, without government approval, the Bank of Canada abandoned its shareholders, the Canadian people, and adopted the rules of the Bank for International Settlements. The Bank for International Settlements (BIS) is the de facto headquarters of the international banking cartel, a club of immensely rich con artists who have persuaded kings, queens, emperors and politicians to give them licenses to lend the same money to 15 or 20 different individuals, companies, or governments simultaneously, and collect interest from each one of them – a global fraud without equal.

This international Ponzi scheme has been so successful that big banks now control the ultimate destiny of trillions of dollars in assets which they acquired with virtual (debt) money that isn’t worth more than about five cents on the dollar – not much more than monopoly money.

Since the Bank of Canada joined the BIS club in 1974 it’s been all downhill for the Canadian economy. In 1974 there were no food banks in Canada. Today there are 1,921, and the need is still growing. Then, Medicare was well funded and tuition rates were low. Now there are long waiting lists for elective surgery, and tuition fees are far too high.

This decline in our welfare since 1974 is the direct result of the Bank of Canada adopting two BIS edicts. First the adoption of the ideas of Milton Friedman, especially monetarism. Second, the Bank of Canada agreed to stop providing the federal government with low-cost money as it had been doing for 35 years. Instead, the government has had to borrow in the market and pay as much as 20% interest.

The first of these decisions resulted in using high interest rates, which are the clumsiest of all possible tools to fight inflation. The terrible recessions of 1981-82 and 1990-91, that created both social and economic chaos proved that the cure was far more dreadful than the disease.

The Bank of Canada’s second decision to stop providing low-cost money has resulted in monstrous increases in government debt at all levels. Between 1974/75 and 2010/11 Canadian taxpayers paid 1 trillion, l00 billion dollars interest on the federal debt alone – more than $2,000 each year for every man and woman in the workforce – and all of it unnecessary. And the debt remains. There is no way to pay it off!

The system is broken! John Maynard Keynes and Milton Friedman both erred when they assumed it was self-regulating. It has to be managed by
governments on behalf of all the people. Our government has to use its sovereign power to liberate us from being slaves to debt.

We therefore demand that you table your austerity budget – an idea that was tried in the 1930s and failed miserably – and adopt a new deal for Canadians. So that you will know exactly what we mean and want, we have spelled it out for you as follows.

A SOCIAL CONTRACT BETWEEN THE GOVERNMENT AND PEOPLE OF CANADA

In view of the fact that our present banking and financial system is
unstable, unsustainable and basically immoral, we the undersigned, on behalf of all Canadians, demand that the federal government use its constitutional power over all matters pertaining to money and banking by forthwith taking the following action to benefit all Canadians.

1. The government of Canada should print fifteen non-transferable, non-convertible, non-redeemable $10 billion nominal value Canada share certificates.

2. Simultaneously the Justice Department should be asked for a legal opinion as to whether the share certificates qualify as collateral under the Bank of Canada Act. If not, legislation should be introduced to amend the Act to specify their eligibility.

3. The government should then present the share certificates to the Bank of Canada that would forthwith book the certificates as assets against the liability of the cash created, and deposit $150 billion in the government’s bank accounts. The federal government should immediately transfer $75 billion to the various provinces and territories in amounts proportional to their population, with the understanding that they would help the municipalities, as appropriate, so there would be no need to cut back on essential services, or sell valuable assets.

4. Amend the Bank Act to reverse the 1991 amendments that eliminated the requirement for the Canadian chartered banks to maintain cash reserves against their deposits and provide the Minister of Finance, or someone acting on his or her behalf, the power to set the level of cash reserves for banks and other deposit taking institutions up to a maximum of 34%, provided the increase, beginning in fiscal year 2013/14 is not less than 5% per annum until the new 34% base has been established in 7 years. This will ensure that there will be no inflation resulting from the government-created money.

5. Repeat the action prescribed in Sections 1 and 3 above in accordance with the following schedule. (a) 2014/15 $150 billion of government-created money (GCM); (b) 2015/16, $150 billion GCM; (c) 2016/17, $125 billion GCM; (d) 2017/18, $125 billion GCM; (e) 2018/19, 50% of the estimated increase in GCM to bring bank reserves up to 34% by the end of fiscal year 2019/20 (likely to be an amount greater than $100 billion); (f) 2019/20 the remaining amount of GCM to increase bank reserves to 34% (again likely to exceed $100 billion).

6. In each fiscal year following 2019/20 the amount of GCM spent into circulation will be 34% of the desired increase in monetary expansion for
that year with the remaining 66% to be the prerogative of the chartered
banks.

N.B. The great advantage of changing the system over a 7 year period is to allow all levels of government the certainty of a cash flow adequate to complete projects once begun, and to facilitate a smooth transition to the new stable and sustainable system.

7. After a year or two of robust economic growth, as tax revenues begin to rise, the amount of GCM created during the transitional period should exceed prudent budgetary requirements, so governments at all levels should take advantage of the opportunity to pay off significant amounts of their outstanding debt. It is estimated that the federal government could reduce its net debt by as much as one-third, providing further relief to hard-pressed taxpayers.

8. We demand that the parliament and government of Canada implement items 1 to 4 above not later than midnight May 10, 2013 in order that the economic benefits will begin for students seeking employment.

9. We believe these actions to be so essential for the future welfare of the majority of Canadians, and as a precedent for other struggling countries, that should parliament and the government fail to meet the deadline above we will feel duty bound to adopt such peaceful measures as are within our power to guarantee that the 99% of Canadians on the lower end of the income scale are not shortchanged one more time.

Yours respectfully,

Jerry Ackerman, Paul Amodeo, Erik Andersen, Carol Bailey, David Banerjee, André Bernier, Erick Bittschwam, George Crowell, Arestia Dehmassi, Derrel Dular, Ann Emmett, Helen Ferreira, Connie Fogal, Claire Foss, Sarah Harrington, Paul Hellyer, William Krehm, Christopher Lambe, Chris Lang, Judy Lewis, John McMurtry, Dennis Morrison, David Patrick, Richard Priestman, Susan Rawley, Hon. Alan Redway, Hugh Reilly, John Riddell, Sarah Sackville-McLauchlan, Michael Sinclair, Derek Skinner, Myra Sonnichsen, Victor Viggiani, Andrew Ward, Sydney White, Keith Wilde, Pierre Zgheib

Contacts: Jerry Ackerman (613/375-8256); Ann Emmett (416/654-3499); or Paul Hellyer (416/850-1375).