Social Credit News

Saturday, 16 May 2015 01:24

Rocco Galati and the Lawsuit 'against' the Bank of Canada

Written by M. Oliver Heydorn
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Finally, the mainstream media is covering constitutional lawyer Rocco Galati's case against the Bank of Canada. In essence, the Bank of Canada, which, unlike many other central banks, is a public institution, has a mandate to provide the federal, provincial, and municipal governments with interest-free loans for various capital projects. Since 1974, the Bank, at the behest of the Bank of International Settlements (which is widely considered as the central bank of central banks and is privately owned by international financiers), has failed to fulfill this particular function. As a result, governments in Canada have had to borrow money at interest from private banks. Such money is, of course, created in the form of bank credit and out of nothing. Returning to the previous practice of relying on the Bank of Canada to finance government projects would save taxpayers enormous sums of money in interest payments. At present, a certain percentage of the money we pay in taxes is simply redistribution from the poor and the middle class in favour of the proprietors of the financial system.

While this particular alteration in our money system is not yet Social Credit, it would be one step in the direction of a financial system which is actually designed to serve the common good instead of serving private interests at public expense.

The interview is well worth listening to in its entirety.

 

 

See also: "The Case to Reinstate the Bank of Canada":

http://www.socred.org/blogs/view/the-case-to-reinstate-the-bank-of-canada

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  • Comment Link Walter Sunday, 11 February 2018 01:32 posted by Walter

    Unfortunately this idea being presented by Mr Rocco Galati is the
    ideas of John Hotson and must not be confused with the ideas of CH DOUGLAS and Social Credit. Douglas wanted the money to be given to every man, woman and child from Birth till death. This will then allow the people to create what the people want and not the Government or the Local Councils to give them what they want. This money would be paid as a National Dividend and is designed to
    cover what is commonly called the gap in pricing. It is this money that is being borrowed from the banks because of this gap in pricing and it cannot be repaid. Proof is in the pudding. Look at the debt. By giving the money to the people they will control their own destiny and not these Councils and Government. They are the representatives of the Common Will of the people and as such are your servants and a servant only needs to know two words. Yes Sir or Madam. There has to be a great philosophy behind who creates the money and for what reason. Read C H Douglas' Philosophy to understand properly
    how money should be created and for whom. Just having a government create the money without a decent philosophy behind it it could be cutting off your fingers. Good luck Mr Galati someone has to, but be careful you may release a bigger terror faster than what the banks are doing right now. It has taken 2000 years since Jesus turned over the tables of the money lenders calling them the devil and exposing the Debt Money System for what it is. It cost him
    his life.

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