A press release announces that Canadian constitutional lawyer, Rocco Galati, "on behalf of Canadians William Krehm, and Ann Emmett, and COMER (Committee for Monetary and Economic Reform)" has been filed in Canadian Federal Court, "to restore the use of the Bank of Canada to its original purpose, by exercising its public statutory duty and responsibility." – Rocco Galati Law Firm/ via Rense
Dominant Social Theme: The money system we have now is the best it can be.
Free-Market Analysis: Well, it is finally happening. A legal challenge to the power elite's money system has been launched in a Canadian Court "for the benefit of Canadians … and to restore the use of the Bank of Canada for the benefit of Canadians. Here's some more from the press release mentioned above:
The action also constitutionally challenges the government's fallacious accounting methods in its tabling of the budget by not calculating nor revealing the true and total revenues of the nation before transferring back "tax credits" to corporations and other taxpayers. The Plaintiffs state that since 1974 there has been a gradual but sure slide into the reality that the Bank of Canada and Canada's monetary and financial policy are dictated by private foreign banks and financial interests contrary to the Bank of Canada Act.
The Plaintiffs state that the Bank of International Settlements (BIS), the Financial Stability Forum (FSF) and the International Monetary Fund (IMF) were all created with the cognizant intent of keeping poorer nations in their place which has now expanded to all nations in that these financial institutions largely succeed in over-riding governments and constitutional orders in countries such as Canada over which they exert financial control.
The Plaintiffs state that the meetings of the BIS and Financial Stability Board (FSB) (successor of FSF), their minutes, their discussions and deliberations are secret and not available nor accountable to Parliament, the executive, nor the Canadian public notwithstanding that the Bank of Canada policies directly emanate from these meetings. These organizations are essentially private, foreign entities controlling Canada's banking system and socio-economic policies.
Strong stuff. As we've been writing since 2008 now, the current central banking money system is probably finished. It is not finished because it has worked so badly (for most people anyway) but because it is seen as profoundly immoral.
The argument used to be that you needed a central banking system as a lender of last resort. But in practice, people have simply decided that the system is a kind of ruse that protects a certain financial class while leaving everyone else to fend for themselves. You can read two initial articles on this here:
Beginning of the End? Fed Cannot Account for $9 Trillion
Have the Immoral Actions of Central Bankers Precipitated the Decline of the West?
Of course, beyond its immortality and incredible unfairness, the current money system as it operates throughout the West IS illegal; it has been corrupted by the people who run it entirely for their own benefit. Knowing human nature, this is entirely expectable. When individuals are granted a money monopoly, they will inevitably abuse it.
The Canadian plaintiffs make this point as well, stating that officials are "engaged in a conspiracy." They wield a perfectly justifiable broad brush, naming the BIS, FSB and IMF as part of a larger effort to "render impotent the Bank of Canada Act as well as Canadian sovereignty over financial, monetary, and socio-economic policy, and bypass the sovereign rule of Canada …"
If the lawsuit had stopped there, we'd be all for it. Unfortunately, the announced goal of the lawsuit as expressed by the plaintiffs is to support "making interest free loans to municipal/provincial/federal governments for 'human capital' expenditures (education, health, other social services) and/or infrastructure expenditures."
The lawsuit is a good idea because it may publicize what's happened to the West's money system, and Canada's in particular. But it beggars common sense to believe that Canadians – or citizens of any country – can simply print money without interest to pay for an endless stream of social programs.
Unfortunately, this idea has taken hold in the US as well, thanks to intrepid campaigners such as financial author Ellen Brown. It simply isn't possible, though. Only the free market can regulate how much money-stuff is necessary for an economy. A government simply CANNOT know.
When people run the printing presses, there will likely always be too much money circulating, with the attendant impact of booms, busts and ongoing, ruinous inflation. This is one reason why gold and silver-based money economies are perhaps the preferable alternative.
Such money-stuff is self regulating. When there is too much of it, value goes down and it ceases to circulate in such abundance. When there is too little, value goes up and MORE circulates. Simple. The magic of the markets.
Litigating the current ruinous money system may not remove it, but it will certainly bring it yet more unwanted attention. That's good. Now if only people would stop thinking that the printing press is a magical instrument and that in "good" hands it can enrich everyone the way it has enriched the Anglosphere elites. Not so.
File this under "two steps forward, one step back."