COMER - The Committe for Monetary and Economic Reform - is a Toronto based think tank established in the 1970's to do exactly what their title implies. The impetus to establish the non-governmental organization was due to the decision in 1974 by the Liberal Trudeau government to change the Bank of Canada Act and get Canada on the international private central bank bandwagon.
The Bank of Canada is unique in the fact that it is owned by the citizens of Canada and its sole duty is to "Act as fiscal agent for the Government of Canada". Using that mandate Canada was able to recover from the Great Depression, to finance the efforts of the Second World War and to undertake massive infrastructure projects like the Trans-Canada Highway and St. Lawrence Seaway while keeping control of the currency here at home. While accumulating a very small debtload in relation to other industrialized nations that were involved in the private banking controlled money supply chain.
Section 18 of the Bank of Canada Act states "The Bank may" followed by a list of functions allowed by law. In 1974, section 18(m) was amended to allow the Bank to be "agent" for the Bank of International Settlement, the Finacial Stability Board, the International Monetary Fund and any other international financial institution or organization. This in effect ceded control of the government's financial policy and practice.
Since 2011 a lawsuit demanding a return to independence has been working its way through the system, with COMER winning the right to proceed at every step under the direction of cheif counsel Rocco Galati, the man who lives to defeat the Harper government. Why are Canadians being charged billions of dollars for something they need not use?
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