Lawsuit To Restore the Power of The Bank of Canada to Create Sovereign Money Video
Good morning, I’m still reporting on a Lawsuit To Restore the Power of The Bank of Canada to Create Sovereign Money
Good evening, I’m still reporting on the economy.
Dec. 7 in the United States is Pearl Harbor Day – the day that commemorates the Japanese sneak attack on the U.S. Naval Base at Pearl Harbor in Hawaii on Dec. 7, 1941 where 2403 Americans lost their lives.
But in Canada this coming Dec. 7th – six days from today, the next phase in the fight to re-constitute the Bank of Canada will be heard at the Federal Court of Appeal, 180 Queen Street West in Toronto.
What’s at issue here? In 1935, during the depths of the Great Depression, the Bank of Canada was set up to lend money to the government for infrastructure projects, such as the Saint Lawrence Seaway and the Trans-Canada highway – AT NO INTEREST.
This is THE most important function of a national central bank. Why? Because then the government avoids paying interest on money they would otherwise have to borrow on the commercial market – known as the National Debt – but in addition, they take back control over the quantity of money in the system.
We will be covering this story whenever there is a new development so first of all, let’s take a look at a very informative recent interview the Canadian Broadcasting Corporation did with the lead attorney in this suit, Rocco Galati.
I’m still reporting from Washington. Good day.