On the 26th January, 2015, Canada’s bank and Government got shafted!
The Committee for Economic and Monetary Reform (COMER) won, yes WON!, their court case against the Government. It was quite simple really. The Bank of Canada has a legal (statutory) obligation to supply debt free money, at the request of the Government during times of need, to keep public services (roads, health, education, pensions, defence, transport, etc) properly funded. The Government has failed in it’s lawful (constitutional) obligation to make this request, and so now BOTH have been successfully sued!! Hang on, this sounds like it should be…. party time! But hold your horses- the Canadian Government has told the Press (the ever loving, totally unbiased, always looking for the story, mainstream media) NOT TO PRINT OR FOLLOW THE STORY!!
Luckily we have the internet and folk like Bill Still to keep us informed.
Ok, it’s only 5 minutes long but I know some won’t watch it so I’ll summarise….
The Bank of Canada was Nationalised (bought/ taken over by the Government, by default then it was owned by The People and used to generate funds to improve living conditions, infrastructure, etc for The People) in 1938. Millions of debt free Canadian dollars were pumped into the economy, taking them out of The Great Depression, improving living standards for all and failing spectacularly to cause problems with inflation that all neoliberal economists will try to scare you with should you ever dare mention debt free money around them. And so life went on and all was well in Canada until 1974.
In 1974 the Canadian Government decided to stop issuing this debt free currency and instead converted to the modern way of running the economy- borrowing money in exchange for ‘Bonds’. Bonds are effectively IOUs that are generally bought by Central Banks. I don’t know how it goes but I imagine it to be something along the lines of-
Gov’t- we need £x billion to fix the roads
Bank- ok, what will you offer us
Gov’t- here’s a bit of paper that says if we don’t pay you back you own (by default) all the National Parks.
Bank- yeah ok, sounds good. Here, tell you what, my brother-in-laws best friend has a company that resurfaces roads and my good friend has a company that supplies tar and stuff. Give them the contracts, give us the National Parks deal and we’ll give you the money ok?
Gov’t- do the people you are recommending live and pay taxes here? Where are their companies registered? Will they provide jobs for our people?
Bank- if you want the money, stop asking questions and sign the contract.
Gov’t- ok, thank you
Bank- now drop your trousers and bend over. I’m bored
Gov’t- with pleasure sir. Deeper, harder, please….
To get this whole Bonds thing in perspective, from 1867 to 1973, Canada had accumulated a National Debt of $18 billion. After just 3 years of Bonds swapping this had jumped to $588 billion. The current ‘official’ figures state a National Debt of $734 billion, with yearly interest costing the Taxpayers $18 billion!
Of course here in the UK we would love a National Debt of less than £800 billion. Ours currently stands at around £1.5 trillion with yearly interest payments in excess of £60 billion, but hey- we’ve been doing the ‘Bond Swap Dance’ a lot longer than they have.
Officially established in 1694, the Bank of England was Nationalised in 1946 and then granted operational independence in 1997. The history of this enigmatic institution is full of mystery and dastardly deeds, but it appears to run along the lines of international moneylenders funding either wars for royalty or usurpers of the Crown and using this leverage to allow them to introduce the practice of usury (lending money at interest), causing everyone in the nation to go broke. The notion of it being Nationalised is laughable. How does a Nationalised company have owners and shareholders? But don’t you go looking for who they are- that’s illegal. Yes, the identities of the investors in this cabalistic company are protected and you will be arrested for trying to find out who they are. Nationalised my arse!!! Whether there is a constitutional clause whereby our Government can request the issuance of debt free currency from this company is unclear, but we do know they allowed the Treasury to print the Bradbury Pound back in 1914 for about 5 years which got the UK out of a hole for a while.
So, the question is- why do we allow our Government to keep heaping this debt laden currency on us when they can print their own? Why do we keep listening to economists who are actually taught fuck all about the economy as it is but learn all about a theory of how it should work? If the Treasury can print interest free money tomorrow,and they can, that would mean no more taxes which immediately raises everyone’s standard of living. Surely this is a no brainer. For over 300 years the Bank of England has been taking our wealth, it used to be by stealth but now it’s daylight robbery. It’s time those greedy buggers got the boot….
So keep an eye on what happens in Canada, this could be the tipping point that knocks this house of cards down. Ask our own Press why they are not covering it. Ask your MP for their thoughts on the situation- that will make them squirm! But most importantly, get ready. Shit is gonna land. We The People will win. But it will probably be a bumpy ride.
For further info on the history of the Bank of England follow the link below…