Archive for the ‘Bank of Canada’ Category

Does CANADA POST have a profitable future ? —-as an easily accessed BANK ?

Saturday, February 21st, 2015
Ever wonder why Canada’s biggest city, with those huge TOWERS of GOLD huddled around
Bay Street,   doesn’t have its OWN Bank ?
Kristen Yong-Tam , a city councilor in Toronto , has stopping wondering.
 She is working  to organize a publicly owned bank there,
Does CANADA POST  have a profitable future ? —-as an easily accessed BANK ?
The 800 page REPORT certainly proved it possible and profitable—just like those
very profitable postal banks in Europe.
So, why was almost all of the report REDACTED ? Could  the new CEO from Pitney Bowes
explain ?
Mike Palacek  from the Union of Postal Workers is wondering about his own future, as well as
that of his fellow “mailmen”.
Let’s have a conversation with the constitutional lawyer that’s handling the COMER lawsuit
to force the government to USE OUR BANK interest-free.
What’s to happen, Rocco ?


Monday, January 12th, 2015

On Saturday, January 24, COMER, the Public Bank Institute, Canada Chapter, and members of the Council of Canadians, will present a seminar on:

All you wanted to know about MONEY but were afraid to ask

The meeting will be held at the Council Chambers, Toronto City Hall, 100 Queen Street West.
There is no charge to attend.


Question from Reader

Thursday, January 30th, 2014

I just read your note from the Occupy our Bank site and I then sent them a note asking the question below. Perhaps you could help…

Can you direct me to any information about what happened in 1974 to change the way the government funded projects. It appears to have happened in the US at the same time and thus the same questions; how did it happen, what occurred, who was involved.

Any help or references would be appreciated.

Thanks for your attention and your article.

You’ve asked the right guy.
Here’s the timeline of events that strangled our public bank’s splendid usefulness :
From the mid-’60s, banks unhooked themselves from those onerous regulations, term limits(4 yrs), interest rates(capped @ 6 %), reserves stashed at the Bank of Canada not earning any interest and dictated by the BoC governor to be maintained somewhere between 8 and 12 % of their loan portfolio. (The latter meant restricting the money creation to between 12 and 8 times the reserves.)

Joining the Group of 7 meant coming under the dictates of the BIS -a privately owned central bank in Basel, Switzerland that serves as a central bank for all private banks. No more interest free money for the government to spend into the economy (as was done so superbly 1940s, 1950s, 1960s). Capital reserves fixed at 8%

The “pillars” of finance –trusts, investment, insurance were each targeted for takeover. Simply put, money creation was privatized. Trust companies were forced to lend prudently and manage prudently since they depended on the interest differential between CDs (GICs) and mortgage rates.
So, with “thin air ” sourced money, banks could create 12 X their reserves, lend recklessly for mortgages and invest in 3rd world debt.
No money-tightening “jawboning” from the hand-picked governors at the B of C.
Inflation ran rampant. Prime rate hit 22%. Since the government deficits were funded by the chartered domestic banks, foreign banks and the IMF –at INTEREST The modest national debt of $20 Billion escalated and the interest compounded. First pillar to fall was the trust industry. Yes, their interest rate differential went negative! Banks scooped up the falling trust companies for peanuts and got the wealth management divisions free. e.g., Royal Bank stole Royal Trust.
Next pillar targeted was clearly the investment industry. Bankers imagined that because they learned banking in 3 weeks, they could understand securities (stocks and bonds) as quickly. So, they paid whatever it took to acquire or link to
major underwriters and investment brokers. Perfecting this CONFLICTING interest took some time, but developing the mutual
fund component sped it along.

I think I’ve answered your inquiry, but you do have my email.
Jerry Ackerman
P.S. The US “FED” is neither Federal or does it have reserves. It’s a private
central bank designed to serve the interests of private banks.
Best refs : Ed Griffin “The Creature from Jekyll Island”, Ellen Brown “Web of Debt”