Okay,
you’ve probably never heard of COMER. If you have , you may
have
forgotten
about them because
they haven’t been in the news lately.
Too much to worry about right now to think of something you’ve
forgotten all about or never heard of. One
might think that whoever
or whatever COMER
was they must have been losers
as they have slipped out of Canadian consciousness.
And, and
in my opinion,
they took the Canadian consciousness
of our
constitutional
rights and freedom as
well as a near
debt
free economy along
with them. Okay, who or what exactly
was COMER
and what did they do with the
collective
consciousness
of our freedoms and
what do we owe to
whom or whatever
they were?
COMER
was
and still is, as far as I can tell, short for the Committee on
Monetary and Economic Reform. It was established in
1986. In
2011 COMER, along with a collection of citizens angry about Canada’s
growing debt accumulation when
to the Supreme Court of Canada. They wanted to draw attention to
the The Bank of Canada’s practice
acting as a private bank for other European
Banks
and domestic
and foreign corporations,
all demanding high compound
interest rates. COMER had a brilliant
lawyer, Rocco
Galati.
Galati
pointed
out, in no uncertain
terms, Bank of Canada Act and a
copy of the
Canadian Constitution
in hand and before
the Court, that the Bank of Canada was chartered
as a public
bank to give interest free loans to the Canadian government’s
needs for social and physical infrastructure. Hopes
were high. And
remained high for the next five years as COMER waged a seemingly
endless battle of appeals, court demanded amendments, court
dismissals, and court hearings. It was maddening. To have the
Supreme Court of Canada
make
the final ruling in
May 2017 that
the lawsuit against
privatizing
the Bank of Canada was not a legal matter. If it was not a legal
matter then what was it? The Bank of Canada was clearly breaking
the law. But no. The judge ruled
it was a political matter. How charming. What an opinion. What a
gutless opinion. And
furthermore, the judge ruled that there would be no further
reporting on the case. The reporters were silenced. The media was
silenced. Canadians were silenced. Where
does that leave us? Is all hope for a reinstatement
of the original mandate for the Bank of Canada lost?
Maybe
not. There are deep holes in the judge’s ruling that makes his
contention that the case was a political one and not a legal one
biased, unfair, and ridiculous. And there are supporters in
unexpected places. In this time of COVID-19 we need our public bank
desperately. Next time.
