First, the bad news:
Bank of Canada Buys C$990 Million of Securities for One Day
In order to keep interest rates artificially low (and thus fuel the credit bubble), the BoC is buying securities. Thanks to that, Chartered Banks reserves will rise and bank loans and the money supply will then further increase (thanks to fractional reserve banking).
So I guess Mark Carney isn't taking the inflation threat seriously.
In addition, the Bank has appointed another Goldman Sachs terrorist to their criminal gang.
But now the good news:
The Bank of Canada is getting sued!!!
As great as this sounds, the suers are the Canadian equivalent to the American "greenbackers." Some of their grievances include:
...filed an action in Federal Court, to restore the use of the Bank of Canada to its original purpose, by exercising its public statutory duty and responsibility. That purpose includes making interest free loans to municipal/provincial/federal governments for “human capital” expenditures (education, health, other social services) and /or infrastructure expenditures.
Aside from the obvious fallacy of "interest free loans" and the dangers of putting politicians in charge of the printing press, this kind of monetary policy can best be described as "Hitler Economics."
But I said there was good news:
The Plaintiffs state that since 1974 there has been a gradual but sure slide into the reality that the Bank of Canada and Canada’s monetary and financial policy are dictated by private foreign banks and financial interests contrary to the Bank of Canada Act.
The Plaintiffs state that the Bank of International Settlements (BIS), the Financial Stability Forum (FSF) and the International Monetary Fund (IMF) were all created with the cognizant intent of keeping poorer nations in their place which has now expanded to all nations in that these financial institutions largely succeed in over-riding governments and constitutional orders in countries such as Canada over which they exert financial control.
As the "recovery" deteriorates and the BoC buys more securities, Canadians are apt to wake up and reconsider the role global institutions play in Canadian society. Hopefully this scrutiny leads to a further awakening in liberty and economics. While this lawsuit is a step in the right direction (arguably) the belief that the BoC should invest "free" money in "human capital" is a dangerous notion that needs to be discredited.