I recently received a missive from a reader, and fellow economist, that shocked me to the core, and made me realize just how important social media has become as a watchdog over the mainstream media.
The case in point involves a successful appeal in the Federal Court of Canada in a case bought by the Committee for Monetary and Economic Reform against the Federal Government. The subject of the law suite is a claim to Restore the use of the Bank of Canada to its original purpose by exercising its public statutory duty and responsibility—- that purpose includes making interest free loans to the municipal/provincial/federal governments for human capital expenditures (education, health and social services) and infrastructure expenditures.
Stay with me now because this is important to every citizen and certainly not trivia. In 1974 this duty was transferred without parliamentary amending legislation from the Bank of Canada to private banking interests, mostly the Canadian Chartered Banks and certain other major international financial institutions. In the intervening years these institutions have charged billions of dollars in interest all of which has increased the national debt immeasurably.
It should come as no surprise that these same institutions that make unconscionable amounts of money, and pay the lion’s share of Corporate Tax to the Federal Government, are not at arms’ length in this matter.
Cooking the books is one thing but hiding the evidence from the glare of public scrutiny is something far more ominous. According to YouTube this very significant case has been hidden away by means of a media blackout with the mainstream media, for fear that the public would not understand (devalue the shares of the major banks) the consequences of a reversal of policy.
To my way of thinking this is definitely not a case where innocence is bliss, since an informed public is the best defense against government over-reach and fiscal excess. It is our pocket that is being picked so it behooves all of us to wake up and take notice.
The last remaining appeal for the Federal Government in this case is to the Supreme Court of Canada, in which court the Feds have an abysmal record. What would be far better is for the government to come clean and have an intelligent debate in Parliament as to the best course of action to correct this fiscal blunder that affects every man women and child in the country
Always remember that a government that masks its action in secrecy is but one step away from anarchy.