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NEWS RELEASE · 21st December 2011
Rocco Galati Law Firm
Two Canadians and a Canadian economic think tank confront the global financial powers in the Canadian federal court.

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.

Here are links to previous writings on this subject from the Terrace Daily. These are personal writings unrelated to the news release provided above.

Time to Evaluate all Economic Realities (December 10, 2008)

American and Eurozone debt Explains Bachmanns Migrains (July 21, 2011)

Indepth writings by David Ealing from 2007 and 2008 on the same topic.
very good article
Comment by Rick Marlowe on 21st December 2011
Very good article, this is way past due! It's high-tide Canada restores the sovereignty of our banks. Our banks are not spare change pockets for international bankers!
A proposal for an honest Money reform
Comment by balthazar on 21st December 2011
JUST Money

Why is it necessary to think outside the box and change the current dishonest system of money creation and issuance in a non-partisan way? Because nobody can through logic and reason justify the government borrowing the use of its own money, creating state debt and paying interest to private institutions for it, even when this method is applied worldwide. Creating and issuing money is a supreme prerogative of the government to satisfy its spending power and the buying power of its citizens/consumers. Whenever the current system of concentrated credit and control of the nation´s development in the hand of a few banks is changed to an honest money system by the means of nationalizing the money creation process, the state has gained for the common good.

How will this monetary reform of the information age in the 21st century affect the country and its citizens? Only through advantages: The state secures the current money without state guarantees, avoiding costly bank rescue packages. The pro-cyclical peaks and troughs in the business cycles will be smoothed out. The state has full control of the money supply with the immediate effect of lower inflation and interest rates, or no interest rates. The full seignorage, profit in the money creation process, will flow into the public purse. The state will issue interest- and debt-free money in the future. Commercial banks and their shareholders will profit from a stabilized economy. The only draw-back for the banks: future money creation will be impossible, no more free lunches available anymore, with the historical private corporate gains in the money creation now entirely for the public benefit.

What is the status quo? The privilege to create money through debt creation by commercial banks is a massive subsidy to the private banking sector, harming the public. The way that money is issued and used seems ingrained and too hard to question. It has to be for the advantage of all citizens, not for the benefit of a few. The money today is a circulating medium at the mercy of loan agreements of banks, which lend, not money, but promises to supply money they don´t possess.

The goal is to create an honest and equitable 21st century monetary reform solution in a slick and simple way, including a smooth transition, without international disruptions. The sight deposits (M1) will be declared legal tender, the banks have to take the current accounts off the bank balance sheet, as they belong to the customers. It will genuinely nationalize the respective currency by transferring to the Central Bank the responsibility for creating interest- and debt-free the whole of the public money supply and prohibit anyone else from creating bank-account money out of thin air - just as forging metal coins and counterfeiting paper banknotes are already criminal offences.

The result would be that the central bank controls the quantity of the entire stock of money and has direct influence on the inflation. Prices could be stable, hence savings could be stimulated, the exchange rate would be affected positively, the country´s perception abroad would be enhanced. The public purse will have savings amounting to the creation of additional money.

Nationalizing money is not a tax on money and far better than nationalizing banks or their bad assets. It earns the state additional revenue, so far being creamed of by the banks. In the medium term a money reform enhances the economic stability, creates safe money, stabilizes price levels, brings a stable exchange rate and will be attractive to domestic and inward investment capital.
30 billion dollar annual payment
Comment by bill braam on 21st December 2011
To whoever we have borrowed from at present we are paying 30 Billion+ dollars a year in interest payments. That number alone should be enough incentive to 'shop for a better rate'