Such secrecy constitutes unconstitutional conduct by the Governor of the BoC; and is an Ultra vires action by the Governor of the BoC contrary to inter alia, s. 24 of the BoC Act.
Further, the Parliament of Canada is remiss in allowing the Governor of the BoC to hold secret the nature and content of BoC meetings.


The BANK OF INTERNATIONAL SETTLEMENTS (BIS)

The BIS is in control of the FSB when it comes to credit, currency, monetary and financial policies for G-20 countries, including Canada. The economic and social impact of these policies are not in the interests of either the Bank, government, or people of Canada.

The BIS is called an inter-governmental organization of central banks which purports to execute financial co-operation and purports to serve as a “bank for central banks”.

The BIS in fact formulates policies and dictates to central banks, including the Bank of Canada. The BIS is not accountable to any government.

It holds annual meetings, which ALSO are secret, and provides 'banking services' to central banks, including the Bank of Canada.


THE FINANCIAL STABLITY BOARD (FSB)

FSB meetings, in relation to the BoC, are also held 'in secret'. The FSB is an international body of representatives of the major national financial authorities, including Finance Ministers and central bankers. It monitors and makes recommendations about the global financial system. The Board includes all major G-20 major economies, FSF members, and the European Commission.




THE BoC AND THE BIS

From 1934 to 1974 the Bank of Canada- and Canada itself- was completely independent, from international private interests, with respect to its statutory duties under the Bank of Canada Act, as well as its monetary and financial policies reflected in the preamble to the Act, and as it flowed through to its economic and social policies.

During this time the Bank of Canada issued (interest-free) loans, pursuant to s. 18 (i) and (j) of the BoC Act, and predecessor statutes, not only to the federal and provincial governments , but also directly to municipal councils. (It also printed money and bought government debt in financing the war efforts in World War II).

But it stopped doing so in the early 1970's, after Canada’s entry into the expanded BIS, at which time or shortly thereafter an 'agreement' was reached in secret such that the central banks would not be used to create or lend-interest free money, contrary to ss. 18(i) and (j) of the BoC Act- in favour of loans from domestic and foreign private banks- with interest.

This SHIFT has lead to the absurd and ultra vires result that while commercial banks obtain their money, from the Bank of Canada, at the Bank of Canada’s prime leading rate, today at 0.25%, the citizens of Canada, through the government of Canada, pay back the commercial banks, at commercial lending rates which are considerably higher than the Bank of Canada’s prime rate. These citizen payments, then, are made on the “national debt” so owed to private commercial banks, accumulated on the annual “deficit” as calculated and set down by the Minister of Finance in the annual budget, and budgetary process.

THE RESULT

ALL THIS SECRECY renders the BoC Act impotent; along with Canadian sovereignty over financial, monetary, and socio-economic policy.

In fact, these supra-national institutions, the BIS, FSB- and IMF- accountable to no-one, by-pass the sovereign rule of Canada; and largely succeed in keeping nation-states 'in their place', through transcending governments and constitutional orders in countries- such as Canada- over which they exert control.

[Back to Panel 3: Agenda for Action]