For over three years the Committee for Monetary and Economic Reform (COMER), an organization of Canadian citizens, has battled in court to return Canada’s Central Bank. The Bank of Canada’s initial purpose according to its charter was making interest free loans to municipal, provincial, and federal governments for “human capital” expenditures (education, health, other social services) and /or infrastructure expenditures. Yet for the past four decades it has acted as an interest-gathering agent for private global banking firms.
On December 12, 2011 noted Canadian constitutional lawyer Rocco Galati filed an action for COMER in Canada’s Federal Court to restore the Bank of Canada to its original purpose. The case further constitutionally challenges government accounting methods that fail to calculate sum national revenues before shifting “tax credits” to corporations and other taxpayers.
The plaintiffs argue that in this way since 1974 the Bank of Canada and Canada’s monetary policy runs contrary to the Bank of Canada Act. The Bank of International Settlements, the Financial Stability Forum and the International Monetary Fund, COMER argues, were all created with the intent of impoverishing nations while over-riding governments and their constitutions.
As of January 2015 the case is still moving forward. While the plaintiffs’ court case for damages was rejected, Galati said, the declaratory portion of the case has been allowed to proceed by Canada’s federal appeals court. This is significant because the judges dismissed the Canadian government’s cross appeal to reject the case entirely.
Galati also stated in early 2015 that the entire case has been censored by Canadian news media. “I have firm basis to believe that the government has requested or ordered the mainstream media not to cover this case,” Galati observed. “I’ve had indication of that but I can’t reveal those sources.”
Dan Dicks, “The Case Against the Bank of Canada,” Press for Truth Canada, December 29, 2011, http://pressfortruth.ca/top-stories/case-against-bank-canada/.
Lawrence McCurry, “Update: The Bank of Canada vs. COMER,” Press for Truth Canada, January 27, 2015, http://pressfortruth.ca/top-stories/update-bank-canada-vs-comer/.
M. Oliver Heydorn, “The Case to ‘Reinstate’ the Bank of Canada,” Clifford Hugh Douglas Institute, February 3, 2015, http://www.socred.org/blogs/view/the-case-to-reinstate-the-bank-of-canada.
Student Researcher: Gregory Cox (Florida Atlantic University)
Faculty Evaluator: James F. Tracy (Florida Atlantic University)