Before Canada can be a leader in international anti-money-laundering, we have to obey the Bank of Canada ACT and stop paying an average of $30 Billion a year of interest to Private Banks

Before Canada can be a leader in international anti-money-laundering, we have to obey the Bank of Canada ACT and stop paying an average of $30 Billion a year of interest to Private Banks
Posted on August 4, 2018 | Ken Billings | Written on August 4, 2018
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Letter type:
Op-Ed

Author's Note:

Author's Note:

Before Canada can be a leader in international anti-money-laundering, we have to obey the Bank of Canada ACT and stop paying an average of $30 Billion a year of interest to Private Banks

 

by Ken Billings

 

The Bank of Canada ACT made Canada unique from 1938 to 1974. As a public institution, it was mandated to give short term loans to the provinces with 'No interest'. That is right, ‘No interest’.

Canada, consequently was the first country among the G8 to pay off its WWII debt. With no interest, Canada built the St. Lawrence Seaway, highways, railroads, universities, and hospitals right up to 1974. At that time, the Pierre Elliott Trudeau government decided that the 'Bank of Canada ACT' would not be obeyed and made the provinces borrow for projects from the private banking system only. From that year forward, we have being paying $30 to $50 Billion a year of interest. According to Toronto lawyer, Rocco Galati, who took the Federal government to task in 2011, accusing the government of disobeying the Bank ACT, that Canadians have payed $1.1 Trillion dollars of interest (1974-2012) they could have used for local projects, under the Bank of Canada ACT of no interest short term loans.

In 2017, the federal court decided that this was a political matter and dismissed the court case, spearheaded by the Comer group (Comer.org). 1

This move in 1974, precipitated the rush to privatize everything, since provinces and cities were being downloaded with debt and their source of no interest loans had dried up thanks to the merger of Canadian government and Private Banking policy.

When financed minister's are challenged on this issue, there standard answer is one of, we have to work with in the rules of the world banking system. So does that mean that Canada was a marauder from 1938 to 1974? There answer makes no sense and is a common practice of Orwellian spin that if you say a lie long enough it becomes the truth.

When is our legal system and accounting firms going to get behind the Canadian taxpayer and stop the bleeding of our coffers by the Private Banking Cabal and use these much needed tax dollars to strap cashed projects like, affordable housing, inclusive health care (mental and physical), mass transit, organic food subsidies, and much more?

According to Mr. Galati, the Bank of Canada ACT is still on the books but just not being obeyed. Until this is addressed, Canada is only a leader in anti-money-laundering from the laundering side of the fence as I see it. (2) Graph

1 Comer.org

http://www.comer.org/content/SupremeCourtDecision_4May17.htm

2 Graph: Gross Canadian Government Debt, 1867 – 2008

Link: https://docs.google.com/presentation/d/1g4C5YBFdnwFSItLUaAn8hlCU0-

7gW56x7ExCcCOrecU/edit#slide=id.g3be55729ad_0_112

Ken Billings

Editor

Digileakcanada.weebly.com

Letter Response

NOTE: Policy Options refused to publish my rebuttal.

About The Author

Editor of Digileak Canada, Executive Director of the Canadian Council on Food Safety and Health, videographer, singer, poet, gardner and avid cyclist.

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