About that BOC / IMF conspiracy…

Now normally when you hear about a conspiracy lawsuit against the Bank of Canada, the International Monetary Fund and the Queen of England you would assume Lizard People are involved right?

But in this case the government has already exhausted all but one chance to have the case thrown out and their last chance expires in the next week.

Is it possible the tin foil hats might have something here? Certainly it helps that their lawyer has a history of winning unlikely cases.

So what’s it all about?  Here’s what the Epoch Times says:

Toronto-based COMER and its fellow plaintiffs Ann Emmett and William Krehm are suing over fundamental changes to the Bank of Canada’s role that were made in 1974 when the bank stopped making loans to the government.

The Bank of Canada (BoC) was founded in the Great Depression and played a major role loaning money to the government. It helped finance Canada’s war effort during World War II and could loan money to the government, without interest, if it chose to do so. Any profits the BoC made were returned to the government minus the Bank’s operating expenses. That last point remains the case today, with $1.7 billion sent to the Receiver General annually.

COMER alleges that by no longer providing these loans, the Bank and others named in the suit have forced the government to finance budget deficits by borrowing from private markets and paying hundreds of billions of dollars in interest. Last year, $28 billion—over 10 percent of the federal government’s $277 billion in expenditures—went to servicing the debt.

That’s more than what was spent on National Defence ($21.5 billion) and nearly as much as the Canada health transfer ($30.5 billion).

The Bank of Canada Act allows, or as COMER alleges—requires—the BoC to give the federal government loans up to a total value of one-third of the government’s predicted annual revenues. For provincial governments it is a quarter of those revenues. The loans have to be repaid within the first quarter of the next fiscal year. At that point, the government just needs to pay back the loan with incoming revenues, and take out another loan to make up any deficit.

So in essence, unless our translator has the lizard people language interpretation incorrect, this case is about the national debt and the Bank of Canada’s failure to loan money to the Government of Canada for free.

What do you think? Lizard People are coming to eat your children of something is going to change?

Read the full article here.

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trackback

[…] new condo sales get tough -Debt ridden couple want it all -Housing market hints at declines -Is it ok to panic? -Consumer spending plunges -Are Canadians spent? -Local realtor anecdotes -Blame the CMHC? […]

StupidityCheck
Guest
StupidityCheck

@49: That Landcor report is 5 years old, and it’s those last 5 years that HAM has been the most active.

@59: West side condos are only up 8% over the last 5 years.

http://www.rebgv.org/home-price-index?region=Vancouver+West&type=Apartment&date=2015-02-01

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

Chinese restaurant in Africa refuse to admit black customers after 5 PM

https://www.youtube.com/watch?v=Rf1MmQhcp_0

space889
Guest
space889

@Yunak – How about all the anti-vaccer that caused the measle outbreak at the Happiest Place on Earth just a few months ago?

Also, the news report didn’t say the nationality so for all we know, it could be local white anti-vaccers from Abby/Fraser Valley who went to China with measles.

Are you going to be calling those two locusts too if they turned out to be non-Chinese but born and bred Canadians??

Condos
Guest
Condos

I’m surprised Downtown/Westside condos are up 10% HPI in last 2 years.

http://www.vancouvermarket.ca/wp-content/uploads/2015/02/Vancouver-West-HPI_Feb-2015.jpg

Son of Ponzi
Guest
Son of Ponzi

#57
True.
HAM is very patient.
Confucius taught them well.

patriotz
Member

@54:

In pain English: The market price has dropped because of increased supply, and condos aren’t selling because owners won’t accept this price.

Son of Ponzi
Guest
Son of Ponzi

#55
time to read “1984” again.

YLTNboomerang
Member

@117

Don’t worry, the financial post has now corrected the link on the front page to read “what to do if the housing boom goes bust”. The funny thing is if you click through, as of 8am CST, it still reads the original with “when” in place of “if”.

Looks like our realtor overlords didn’t like that headline.

southseacompany
Member
southseacompany

“New Burnaby condo owners face hurdles in sellers’ market”, Burnaby Now.

http://www.burnabynow.com/news/new-burnaby-condo-owners-face-hurdles-in-sellers-market-1.1801874

“While homes are selling like hot cakes throughout the region, Burnaby is facing a bit of a lag when it comes to condos. In particular, newer condos – those purchased by owners and quickly put up for sale – are facing challenges in a saturated market, according to Burnaby listing agent Edward Si.”

“”Most of the homes are almost brand new,” he said of the expired condo listings. “Those homes we find aren’t very easy to get sold. Owners’ expectations are too high.” ”

“Part of the issue is the amount of new residential highrises being built in the city, particularly in Metrotown, Si said.”It’s very hard to get a quick sale,” he said. “They’ve got to be very realistic about how much to sell their home (for).””

patriotz
Member

@50: “Staying in your home for 10 or more years should bridge you across any corrections that may occur in the housing market.”

How has that strategy worked out in the US over the last 10 years?

They are basically saying you can expect a historically unprecedented bubble every 10 years. No you can’t.

Yunak
Guest
Yunak

@88

Never mind, they are still very welcome as long as they might buy a house or a condo. Vancouver likes them and wants them even with measles.

88
Guest
88
southseacompany
Member
southseacompany
“Housing market hints at changes with declines in key cities”, Globe & Mail http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/change-your-plan-to-cash-in-on-changing-housing-trends/article23586248/ “The housing market is a system that transfers wealth from young people buying first homes to long-time owners who sell.” “It has always been so, but in recent years things have gone a little crazy. That’s why the latest developments in the housing market are so notable for two groups – young adults despairing over their ability to afford a home and the people whose financial plan in retirement puts a lot of importance on cashing out of the family home.” “There’s a hint of change in the air as the all-important spring season for housing arrives. Some markets across the country are showing signs of a price correction – not the juicy price declines that first-time buyers have been hoping for, but still something.” “Buried… Read more »
Shut It Down Already
Guest
Shut It Down Already

http://www.newswire.ca/en/story/578187/peak-performance-a-decade-of-metro-vancouver-real-estate

“When it comes to foreign ownership, at 2,532 properties, Americans are the highest foreign ownership demographic, followed by residents of Hong Kong who own 609 properties in Metro Vancouver.”

vangrl
Member
vangrl

#47
that chart doesn’t look bad to me still under the 5 year average, or am I missing something?

history
Guest
history