Bank of Canada’s role challenged by lawsuit

Bank of Canada’s role challenged by lawsuit

Bank of Canada’s role challenged by lawsuit 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. 
 
10 Comments
  • Darr Robbins 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.
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  • Gary 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 ??
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  • Darr Robbins 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.

    https://www.fraserinstitute.org/uploadedFiles/fraser-ca/Content/research-news/research/publications/measuring-tax-complexity-in-canada.pdf

    http://www.torontosun.com/2015/04/26/canadas-tax-system-needs-swift-simplification
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