Bank of Canada’s role challenged by lawsuit

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A lawsuit is challenging the role of the Bank of Canada and claims that it is not staying true to its constitution. The court action has been instigated the Committee for Monetary and Economic Reform and is being handled by lawyer Rocco Galati, who stopped the appointment of Judge Marc Nadon by the Supreme Court. The claim is that the BoC was established to make interest-free loans to provincial governments for infrastructure and for settling international accounts. However the group says that changes in the 70s mean that the central bank’s role has changed and private banks and mortgage lenders are fulfilling part of its original purpose. 
  • Darr Robbins on 2015-05-11 7:35:55 AM

    It's now time for Canadians to regain control of its sovereign ability to issue the currency and conduct monetary policy. Canadian citizens, through the electoral process, should be allowed to fire poor monetary stewardship. The Central Bank cartel has only served to steal our currencies purchasing power by inflating the money supply and creating inflation. Central Banks such as the BOC only answer to the Bank of International Settlement representing “the Banks”. It does not report to the elected officials who are responsible for representing the best interest of Canadians. Consequently, the Bank of Canada should be shut-down.

  • Gary on 2015-05-11 8:59:02 AM

    Gee Darr,
    First it's CMHC, and now the BoC...Is there any other agency you wish to close down?
    If so, why not start with the CRA ??

  • Darr Robbins on 2015-05-11 9:11:21 AM

    I'm glad you brought that up. Yes. CRA should be pruned also. Our tax act is way too complicated according to many including the Frazer Institute.

  • Darr Robbins on 2015-05-11 11:28:44 AM

    Dear Gary,
    As a follow-up to your question: Health Canada should also be pruned and restructured into some form of federal food and drug organization to regulate the quality of consumables. Health is a provincial jurisdiction. Anything thus related at the federal level is redundant. Just like CRA, for the reason previously mentioned, it too should be rightsized. However, Canadians would be better served without CMHC and the BoC altogether.

  • Darr Robbins on 2015-05-11 12:06:52 PM

    The root cause of our debt based economic problems is the fractional reserve banking system. We must eventually return to full reserve banking with collateral based money supply which cannot be inflated creating nefarious inflation and a dilution of our purchasing power. This also entail returning to the Glass–Steagall Act era where risk prone investment banking is a distinct entity from prudent commercial lending operations and insurance. Fear not however, as this will never happen while corporate and special interest groups are permitted to fund political coffers thus buying favors at the expense of individual citizens.

  • Ron Butler on 2015-05-11 2:05:06 PM

    Oy.............. Darr = Neo Con Grassy Knoll type, so boring, so repetitive.

  • Darr Robbins on 2015-05-11 2:40:40 PM

    Dear Ron,
    I encourage everyone to do do their own research to seek the truth. I have no self-serving agenda here.
    BTW, the Neo-Con's and the Grassy Knoll's are two distinct groups.

  • Ron Butler on 2015-05-11 2:47:48 PM

    Darr, I actually see you as achieving a real merger of those two groups.

  • @kiltedbroker on 2015-05-11 4:42:27 PM

    So... anyone like stuff?

  • Ron Butler on 2015-05-11 5:06:18 PM

    Jackson, I like a 44 roll craps run in Vegas, a great Willamette Valley Pinot, the Tasting Menu at Nobu and the fifth floor at the Musee D'Orsay but some of these posts not so much.

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