Lawsuit Forces Canada to Give Up its Privately owned Central Bank*
Every dirty trick in Rothschild’s book will be used to prevent this from happening…
By Kenneth Schortgen Jr
Back in 2011, The Committee for Monetary and Economic Reform filed a lawsuit in Canada’s Federal court to call for the reinstatement of a government run central bank, and its removal from the hands of a private corporation. And after four years of appeals and filings by the opposition, a judge ruled on Jan. 26 to allow the lawsuit to go forward and begin proceedings to bring Constitutional requirements back for the people of Canada.
There is a very interesting legal case that is playing out in Canada at the moment. William Krehm, Anne Emmett, and Comer (The Committee for Monetary and Economic Reform: http://www.comer.org/) filed a lawsuit on December 12th, 2011, in Federal Court to try to force a restoration of the Bank of Canada to its mandated purposes. In essence, they want the Bank of Canada to provide interest-free loans to the federal, provincial, and municipal governments, as provided for in the Bank of Canada Act. This money would be used to finance public expenditures whenever there is a budgetary deficit. Apparently, the federal government used to borrow interest-free (to at least some extent) from the Bank of Canada up until 1974.
The nature of the lawsuit has been explained on http://www.pressfortruth.ca in the following terms:
“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” – Right Edition
At stake is a return of public control in Canada over their own banking system, which is something that only three countries in the world now currently have.
Since privately owned central banks have taken over most of the global financial system, the global debt has soared to nearly $200 trillion while global GDP remains just below $75 trillion. Prior to this, and before the creation of the U.S. Federal Reserve in 1913, the debt ratio was just 29% of total GDP as production under the gold standard created massive growth without the need for debt or artificially inflated money.
In the U.S. there is only one publicly controlled central bank, and it resides in the only state that holds no debt or budget deficits. The North Dakota experiment, which has the state control the issuance of loans and bonds, is the greatest example of why a government, not a private corporation, should control public banking and why it was provided for in most Democratically run Constitutions.
The drive in Canada to regain control over their central bank has already been long and difficult, and will require a great deal of luck and the right judges to be in place before this goal may be achieved. But for now the first steps have been taken as the lawsuit against the Canadian central bank can go forward, and it is now up to the lawyers and honest men to determine if the rule of law is to be followed, or if the decisions of corrupted politicians continue on as the norm.