# Bank of Canada - Rocco Galati



## zylon (Oct 27, 2010)

[video]https://youtu.be/LJBvwm9dGXY?t=1m33s[/video]


Quote:
"... 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."


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## new dog (Jun 21, 2016)

I agree with him, my friend had showed me an article on this a while back. I hope he succeeds in his fight, instead of being part of a private bank lending system. Good link zylon we have to stop giving our system away for no benefit to us.


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## twa2w (Mar 5, 2016)

I don't know much about this case so will have to explore it more. What puzzles me is that although the Bank of Canada may be obligated to lend money to the government interest free, there appears to be no obligation for the government to borrow from the BOC. So if he wins, the government could just ignore the ruling and borrow where they want. 
Prior to 1974, the goverment borrowed from other sources and contrary to what this lawyer proclaims, at least some of the WW's costs were funded by Canada Savings Bond predecessor.
Tilting at windmills comes to mind.


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## humble_pie (Jun 7, 2009)

the federal reserve system is a private bank with shareholders?

who knew. Does anyone know who the shareholders are?

if there really are "shareholders" they should be richer than warren buffett & bill gates combined by now.


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## Davis (Nov 11, 2014)

The 12 regional US Federal Reserve Banks are owned by nationally chartered commercial banks who are required to hold shares. They are paid a statutory dividend of 6% of the capital they are required to invest. The US government receives any dividends available over the 6%.


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## Davis (Nov 11, 2014)

So if the Bank of Canada were to lend a bunch of money to the government, it would be effectively printing money. We know that when central banks print lots of money, prices rise. ("More money is available to buy the same goods and services.") Inflation acts as a tax on cash you're holding - that $100 bill tucked away in your dresser buys less this year than it did last year, and the government is getting the difference. And inflation screws over people living on fixed incomes. 

Also, when the government pays interest to the Bank of Canada on money it has borrowed, the Bank of Canada pays larger dividend to its only shareholder, which is the Government of Canada.


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## zylon (Oct 27, 2010)

*20-minute interview - March 20/17*

https://omny.fm/shows/danielle-smith/historic-lawsuit?sc_ref=twitter

"Rocco Galati, a constitutional lawyer, at Rocco Galati Law Firm Professional Corporation, talks about his lawsuit against The Bank of Canada."


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