THE CLAIRE FOSS JOURNAL

Editor: The following extract has been edited for brevity, but the entire Act is available via Google or other search engine. It begs the question; why should a government constitutionally required to create the money of the nation, choose instead to borrow it at usury from private bankers? Contrary to public belief, the Bank of Canada is not an extension of our elected government; it is directed (or in official jargon “influenced” by) the Bank for International Settlements, the IMF, World Bank or the governor of the US Federal Reserve Board. The few international bankers who actually set the agenda are usually referred to by the media of every nation as ‘foreign lenders’ and prefer anonimity.

Bank of Canada Act    B-2

An Act respecting the Bank of Canada

Preamble

WHEREAS it is desirable to establish a central bank in Canada to regulate credit and currency in the best interests of the economic life of the nation, to control and protect the external value of the national monetary unit and to mitigate by its influence fluctuations in the general level of production, trade, prices and employment, so far as may be possible within the scope of monetary action, and generally to promote the economic and financial welfare of Canada;

 

THEREFORE, His Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

SHORT TITLE

Short title

1. This Act may be cited as the Bank of Canada Act.

 

BUSINESS AND POWERS OF THE BANK

Powers and business

18. The Bank may

(i) make loans or advances for periods not exceeding six months to the Government of Canada or the government of a province on taking security in readily marketable securities issued or guaranteed by Canada or any province;

(j) make loans to the Government of Canada or the government of any province, but such loans outstanding at any one time shall not, in the case of the Government of Canada, exceed one-third of the estimated revenue of the Government of Canada for its fiscal year, and shall not, in the case of a provincial government, exceed one-fourth of that government’s estimated revenue for its fiscal year, and such loans shall be repaid before the end of the first quarter after the end of the fiscal year of the government that has contracted the loan;

NOTE ISSUE

Sole right of note issue

25. (1) The Bank has the sole right to issue notes and those notes shall be a first charge on the assets of the Bank.

HOME: http://cfoss.com