To the editor:
With the run up to the next federal election now being official, there exists a golden opportunity for one of the political parties to win the October election, an opportunity which has gone completely unnoticed by the party leaders, whether intentionally or through their own ignorance of the issue, and knowingly ignored by the mainstream media .
On March 26, 2015, a Statement of Claim was filed in the Federal Court against Her Majesty The Queen, The Minister of Finance, The Minister of National Revenue, The Bank of Canada, and The Attorney General of Canada (the defendants). This Claim is probably the most significant case to come before a Canadian Court in many decades. But why so significant?
Under the Bank of Canada Act (came into law in 1935), which created Canada’s public central bank, the Minister of Finance, and the Government of Canada are required to request, and the Bank of Canada is statutorily required to make, interest free loans to the three levels of government, under section 18 (i) and (j) for the purposes of human capital expenditures and infrastructure expenditures. That is correct, interest free loans!
Between 1935 and 1974, the various levels of government received interest free loans from the Bank of Canada to fund great projects like the building of the Trans-Canada Highway, the St. Lawrence Seaway, hospitals, schools, water and sewer projects, and other infrastructure, and World War II, all loans which could not exceed one-third (federal) to one fourth (provincial) of their estimated revenue for its fiscal year, and had to be paid back before the end of the first quarter of the following fiscal year. Canada’s growth as a nation was phenomenal during this time period, and it was done with virtually no inflation and no lingering debt.
So what happened in 1974?
In 1974, the government of the day discontinued this borrowing practice for some reason by secretly signing on as a member of the Bank of International Settlements, a foreign consortium of private central banks and private foreign bankers. As crazy as this action sounds, the governments of Canada and the provinces had to discontinue the practice of borrowing interest free money from our own public central bank and were forced, at all levels of government, to borrow money, at interest, for all of our human capital and infrastructure needs, from these private foreign bankers.
The result being that between 1974 and 2014, the government(s) of Canada alone paid approximately $1.1 trillion in compounded interest on an accumulating national debt currently standing at about $670 billion, all of which compounded interest and principal debt has been accumulating contrary to statute and constitutional requirements, and which debt and compounded interest continues to accrue and is paid to private domestic banks, and moreover, foreign private bankers.
The claim before the Federal Court states that the defendants have abdicated their Constitutional and legislated duties to govern insofar as internal monetary, currency and financial policy are concerned, and in turn, have abdicated those duties in unlawfully handing over that authority to those international, private entities( the Bank of International Settlements, private foreign banks and private foreign bankers), whose interests and directives have been placed above the interests of Canadians and Canada, and the Constitution of Canada. (Some would call such an action treason.)
Now, I am sure that most are aware of our “national debt” and the billions in interest Canadians pay each year, but most are not aware that these billions are unnecessarily paid to these very same private foreign banks and bankers every year. The interest expense in the budget is the largest single expense the Federal government has, even more than the military budget or even the federal health transfer payments made to the provinces.
So what does the government have to say about the claim in the Federal Court? Well, our government is petitioning the court to strike the claim as vexatious and groundless, and that would cause inflation (proven not to be true as per the time period between 1935 and 1974). Hard to believe our current government would continue to turn away from its mandated, legislative and constitutional duties and continue to force Canadians to pay these billions in unnecessary interest every year, thus suffocating our economy and job creation and confiscating the wealth of Canadians through their fraud.
So this brings us to the current election and why exposing this failure of governments of the past to exercise their mandated legislative obligations under the Bank of Canada Act and our Constitution. Why doesn’t one party (preferably all of them) bring this issue to the public and commit to righting a great wrong? One would think that such an issue would be the opportunity they seek to gain an edge on the opposition. One can only hope that some one will take the lead.
For those who are interested in reading the Statement of Claim in full and in great detail for themselves, or watch interviews on this issue with Mr Galati (lawyer for the plaintiffs) and the Comer Group, please go to www.comer.org and follow the links.
Let us hope there are miracles in politics.
Grant Baudais, Kelowna