In an interview with Bruce Upbin Managing Editor at Forbes Magazine posted on youtube September 2009 and at Stanley Morgan U.S. Financial Conference (pdf) in February 2010, Mr. William Downe President and Chief Executive officer of BMO Financial group stresses that 'the Bank of Montreal is a North American Bank more so than a Canadian.'
According to the Stanley Morgan (pdf file) he also serves as a member of the international monetary conference and additionally served as the President of the United States Federal Reserve, Advisory Counsel from 2008 to 2009. In the Forbes interview CEO William Downe of BMO says "one regulator, six banks and three insurance companies are the main players in the Canadian Banking System".
By this assumption, it appears to me the core principles of our banking system have been abandoned for corporate control and the loss of Canada's sovereignty with the aid of a corrupt Prime Minister Harper and his flip flop side-kick Mr. Flaherty. If Ottawa is the crime scene then, Canadians should demand a criminal investigation into their activities regarding ongoing hijacking of the Bank of Canada which is resulting in billions of dollars being paid in interest on Canada's national debt when all we had to do according to our constitution is print our money like Japan does. The Japanese do not pay billions of dollars interest for nothing like Canadians do. Why?
Banking Past, Present, and (Hopefully) Future:Prior to the 1935 Bank of Canada Act, In 1938 there were no jobs in Canada - none. Then war broke out in 1939. Pretty soon everyone was working. Some people joined the armed forces, others built factories or made munitions. So, you might ask, where did they get the money necessary to do all this?
The Bank of Canada printed it! P R I N T E D It!
The system worked this way. The Bank of Canada printed money to buy government of Canada bonds. The government paid the Bank interest on the bonds. The Bank paid the interest back to the government as dividends because the government owned the Bank. So the net cost to the government (real taxpayers) was just a little more than zero percent. Just the cost of administration deducted.
The cash that the government got from the sale of its bonds was spent into circulation and wound up in the private banks where it became what the economists called high-powered money. That became the monetary base (cash reserves) for private banks to expand their lending capacity and make loans for building factories, buying war bonds, etc.
Today banks only care about lending money. They profit by the interest they make. The more they loan or invest the more they make. The laws were changed to allow banks world-wide to lend money on a ratio of 20 to 1. What that means is they can loan 95 percent more money then assets they have. A prime example of this and the false claims for mortgage insurance to the Government of Canada is their use of Asset Backed Commercial Papers. This is a bit complex but see the story ofTony Crawford of how he got a debt for $250,000.00 without a trial. The courts were so determined to support the Bank of Montreal against Tony, because if he got to court and won the whole banking system would have had to be changed
First thing we must do is the so-called “capital adequacy” system has to go. A much lower ratio. See former Deputy Prime Minister of Canada's Paul Hellyer's website Victory for the world .
What it means for the banks, however, is that if the average market value of their assets (stocks, mortgages, etc.) falls 5% or more they are technically bankrupt; and that is what happened to many of them in 2008. Without government assistance a significant number would have gone under, including some of the biggest ones. This would result in Canada selling bonds and printing money as there own needs are determined to payoff the National debt. Currently the Government is only responsible for 5% on all money issued in Canada.
The institution of banking by government in Canada is a political process protected by our constitution. Why are Canadians conditioned to think Canadian banks are performing well during the world economic downturn? The answer is simple, according to Mr. Downe 'Canadian tax payers insure 80% of their mortgages.' Is that why, just recently in one week in December 2010 the TD Bank and BMO spent 10 billion dollars between them, investing in the United States? I think they have too much money or at least they should be investing it in Canada and laws should be changed so they can insure their own mortgages.
Does that mean that Canadian tax payers are also bailing them out if they fail in America too? Since Mr. Downe states 3 insurance companies are main players in the Bank of Canada, is that why the Canadian government's disability insurance program subsidizes insurance companies for 25% of their long-term disability policies?
Government of Canada officials lie in order to create the illusion of democracy and sovereignty so that the people are more willing to comply.By comparing the roles played by various members of the corporate sector within the realm of the 'Government in Canada' it is clear, we as Canadians have been stripped of our democratic rights that are in accordance of our constitution through the hijacking of the Bank of Canada.
In the eyes of Canada's most powerful elite, who control our politicians, the people are mere clay to be molded to be compliant to whatever governments do. By controlling the government in Canada and the media (only seven major corporations control all the mainstream media in Canada) has proven to be easy for them. All they have to do is control the main 3 party leaders and they control the policies.
Power Corporation of Canada is a major Canadian company with assets in North America and Europe in a number of industries. These industries include media, pulp and paper, financial services and the insurance industry.
Former Prime Minister of Canada, Paul Martin, was hired in the 1960s to work for Power Corps' Paul Desmarais, Sr. by Maurice Strong. Martin became President of Canada Steamship Lines, a subsidiary of Power Corp., and in 1981 Desmarais sold the company to Martin and a partner. Martin went on to make his personal fortune as an owner of CSL.
Former Prime Minister of Canada, the late Pierre Trudeau, served in the mid-1990s on Power Corp.'s international advisory board. Former Prime Minister of Canada Brian Mulroney also has a relationship with Power Corporation. Former Premiers of Ontario William Davis and John Robarts of the Progressive Conservatives have both sat on Power Corp.'s national advisory board. John Rae, the brother of former NDP Premier Bob Rae, currently serves as Power Corp.'s Executive Vice President. Former Premier of Quebec Premier Daniel Johnson, Jr. worked for Power Corp. Former member of the Liberal Party of Canada Maurice Strong (now hiding in China to avoid prosecution of a 100 million dollar food for oil scam of the Iraqi people) became President of Power Corp. by his mid-thirties. Jean Chrétien's daughter, France, is married to Desmarais's son, André.
In 1967, the hundredth anniversary of Canadian confederation, David Rockefeller gave a speech advocating a North American "Free Trade" zone. Free trade leads to the loss of economic sovereignty and a one world government. Twenty years later, in 1988, Canadians re-elected Brian Mulroney who brought in Free Trade. In order to sign a Free Trade deal with the US, Canada had to be a sovereign country. This was achieved in 1982 when the Constitution was brought back from London. Otherwise, opponents of the deal could have made some sort of constitutional complaint which could have derailed the whole process.
Hundreds of thousands of jobs were lost in Canada since 1988 as major manufacturing moved to Mexico for cheap labour. In the Niagara Falls Ontario area alone it was estimated that over thirty thousand jobs have been lost since 1988. Local governments have been hit hard with the loss of tax revenues. At the G20 in Toronto (2010) Stephen Harper stated that "Canadians won't like it but it is a loss of our national sovereignty. The G20 is all about a one world economy and a one world government.
When Mark Carney who worked for Goldman Sachs and educated in the United States was appointedto the most important post in all of Canadian Society by Finance Minister Jim Flaherty it was considered by my experts an evil act against the democratic principals of Canada. It just goes a long with the hijacking of the people of Canada's bank. In the last economic downturn Mr. Jim Flaherty the Canadian Finance Minister keeps taking advantage of the Bankers self-regulating system to say our "Banks are doing well in Canada." Well if you can hide from the Canadian people Canada's 75 Billion Dollar Bank Bailout at tax payers expense while the big banks are spending billions buying up assets in the soon to be "bankrupt" United States.
By, Mr. Flaherty's action prior to this appointment and since “You can almost predict Government policy by that simple principle: Does it help rich people or does it help the general population? And from that you can virtually deduce what's going to happen.” We as Canadians no longer can secure our future, in this evolving corporate control regime, Canadians who have worked hard to help build our great country need to take action now to restore sovereignty to protect what is rightfully ours through all the hard work and sacrifices made by all Canadians. Without controlling our own bank and economy how can any political party work to building a stronger, safer, and better Canada?