Click to access COMER_MarApr2015.pdf

    THE JOURNAL OF THE COMMITTEE ON MONETARY AND ECONOMIC REFORM Rocco Galati in Court to Challenge How Bank of Canada Does Business By Les Whittington, Ottawa Bureau reporter, Toronto Star, March 24, 2015 Renowned Toronto lawyer brings unusual case to change the way Canada’s central bank operates. Ottawa – Renowned Toronto lawyer Rocco Galati is pursuing a court case intended to do nothing less than force the Bank of Canada to reorient its activities on behalf of Canadians. Galati, who led a successful challenge against an appointment to the Supreme Court of Canada, is representing a small Toronto group whose legal bid is attracting increasing attention from people in Canada and elsewhere who distrust global financial institutions. The unusual case originated with William Krehm, a much-travelled 101-year-old Toronto native and former Trotskyite who was in Spain during the Spanish Civil War and once stood guard over Leon Trotsky’s corpse after the Russian revolutionary was assassinated in Mexico City. Krehm, later an economic writer, asked Galati to launch the case on behalf of his Committee on Monetary and Economic Reform (COMER). Galati first filed the case in 2011 and after several legal rounds – including a court skirmish with federal government lawyers – is expected to return to Federal Court within days to move the challenge forward. COMER contends the Bank of Canada, a publicly owned national financial institution created in the Great Depression, is mandated to provide debt-free support for public projects undertaken by federal, provincial and city governments. Not doing so has deprived Canadians of the benefits of larger infrastructure investments, COMER alleges. Continued on page 2 CONTENTS Publications Mail Agreement No. 41796016 Among other arguments in its court submission, the group alleges Canada ceded its sovereign ability to conduct independent monetary policy to the “secret” deliberations and control of private foreign bankers. This unconstitutional move, COMER argues, was a result of Ottawa’s decision to join several multinational financial organizations, particularly the Bank for International Settlements (BIS). Headquartered in Switzerland, the BIS is an organization that brings together the central banks from 60 countries to cooperate in the promotion of international monetary and financial stability. Canada joined in 1970. “It’s by far the most serious and important case I’ve ever done,” said Galati, who gained national prominence in a classic David versus Goliath case last year in which he moved to block Prime Minister Stephen Harper’s appointment of Justice Marc Nadon to Canada’s top bench. Of the current case, Galati says, “It impacts the entire country in a profound way, right down to the bone of our economics and the history of the way we’ve maintained and lost, through illegal action, our independent monetary policy.

    It’s huge.” The federal government tried to quash the case on the grounds it was frivolous and the alleged infringement of the plaintiffs’ constitutional rights was “too uncertain, speculative and hypothetical.” And judges noted COMER’s contention that the Bank of Canada has a mandate to provide interest-free loans to governments in Canada hinges on the interpretation of a sentence in the bank’s enabling legislation saying it “may” provide such loans. But the courts have said Galati can pro- 2 | Economic Reform March–April 2015 http://www.comer.org FOUNDING EDITOR John Hotson 1930–1996 PUBLISHER–EDITOR William Krehm (comerpub@rogers.com) INFORMATION SECRETARY Herb Wiseman (herb.wiseman@gmail.com) Economic Reform (ER) (ISSN 1187–080X) is published bimonthly by COMER Publications 27 Sherbourne Street North, Suite 1 Toronto, Ontario M4W 2T3 Canada Tel: 416 -924-3964, Fax: 416-466-5827 Email: comerpub@rogers.com Website: http://www.comer.org COMER Membership: Annual dues (includes ER plus 1 book of your choice): CDN$50 Economic Reform subscription only: One year (6 issues): in Canada, CDN$20; Foreign, CDN$40 Send request and payment to: COMER Publications 27 Sherbourne Street North, Suite 1 Toronto, ON M4W 2T3 ER Back Issues: CDN/US$4, includes postage; additional copies same issue, $2; additional issue same order, $3. Send requests for back issues to Herb Wiseman, 69 Village Crescent, Peterborough ON K9J 0A9. Copyright © 2015 COMER Publications All rights reserved Permission to reproduce is granted if accompanied by: “Copyright © 2015 COMER Publications. Reproduced by permission of COMER Publications” Postmaster, please send address corrections to: COMER Publications 27 Sherbourne Street North, Suite 1 Toronto, Ontario M4W 2T3 PRINTING AND DISTRIBUTION Watt Solutions Inc., London Printed in Canada on recycled paper. Court from page 1 ceed with an amended statement of claim. “We have no comments on a matter that is before the courts,” the Bank of Canada stated. But on its website, the Bank of Canada explains why it doesn’t “print money to repay the national debt or to finance government programs.” Doing so, it says, “would reduce the value of our money, raise interest rates, and undermine the growth of the economy.” Ann Emmett, a former teacher who now chairs COMER, said she “absolutely” believes foreign banks are controlling the Bank of Canada’s actions.

    “I have to tell you that the lawsuit has sparked interest around the world,” Emmett added. “They are not going to be able to put the genie back in the bottle.” The lawsuit also alleges the federal finance minister is depriving MPs of their right to properly vet government spending by inappropriately calculating available financial resources. The original COMER case indicated an intention to make it a class action suit, with $1 in damages for each Canadian. But it’s unclear if that part of the claim will stand. Reader Comments As Ann [Emmett] commented in the Toronto Star article “The genie is out of the bottle” and we won’t be putting her/him back! We will proceed until we restore the Bank of Canada to its original intent – to serve Canadians and build a kinder, fairer country for all its people. Margaret Rao, Friend of COMER Finally a major paper covering this case. So exciting! And the article really does do justice to the nature of the case. Picks out the really important aspects. Reads well. Makes sense of the case. Now maybe more public will begin to get a handle on the crime being perpetrated against us. I am so proud of all of you, Bill, Anne, and Rocco for your ongoing noble work. Watch all the insignificant useless hypocritical gatekeepers now try to get on board. Bill, you are and have been such an incredible force keeping this case going financially. It is such a tribute to your life. Anne, your constant attention to educating is really paying off. Rocco, your work at so much reduced rate of fees is an incredible contribution to Canada.

READ MORE AT;

Click to access COMER_MarApr2015.pdf

********************************************************************************

Comer Vs The Bank of Canada

https://www.youtube.com/watch?v=jGFsOwowlbU

The case against Bank of Canada ROCCO Galati CBC Lang Exchange part 2 of 2

https://www.youtube.com/watch?v=dTDjVM1y_zo&spfreload=10