In Canada too, clamor for the banks to get out of the governing business

gata.org / CHRIS POWELL / February 10, 2015

Dear Friend of GATA and Gold:

What’s left of Canada’s Social Credit movement has brought a lawsuit challenging the operation of the country’s monetary and banking systems, and apparently the powers that be are having a hard time getting the lawsuit dismissed.

The lawsuit argues that the Canadian central bank’s enabling act authorizes the bank to create and lend money without interest to government agencies, bypassing the commercial banking system and all the income and advantages commercial banks extract from the central bank at the public’s expense, and that the central bank should start financing the government that way.

Reporting on the lawsuit at the Internet site of the Clifford Hugh Douglas Institute, which expounds Social Credit political and economic philosophy, M. Oliver Heydorn writes:

“The plaintiffs state that the Bank for International Settlements, the Financial Stability Forum, and the International Monetary Fund 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 overriding 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 (successor of FSF), their minutes, their discussions, and their deliberations are secret and not available nor accountable to Parliament, the executive, nor the Canadian public, notwithstanding that 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.”

Insofar as the plaintiffs are seeking to assert the supremacy of democracy over central banking as it is currently practiced — largely in secret and without accountability — GATA has to be sympathetic, just as we must join the growing clamor in the United States to audit the Federal Reserve, which, far more than the Bank of Canada, distributes vast financial patronage and intervenes in markets largely in secret and without accountability.

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