Canada Free Press -- ARCHIVES

Because without America, there is no free world.

Return to Canada Free Press

Cover Story

Coming to a shopping plaza near you:
The First Bank of the People of Canada

By Judi McLeod
Friday, May 27, 2005

Toronto, ON-- It's got to be the worst nightmare the hard-working little guy can conjure up–financial institutions engaged in the illegal creation of money. Confirmation of long-held suspicions that will have some hiding their money under the mattress.

according to a report from New Media Explorer, criminologist and forensic litigation specialist John Ruiz Dempsey has filed a class action suit on behalf of the People of Canada, alleging that financial institutions are engaged in the illegal creation of money.

" (It's) one of the best kept secrets in the mechanism of money creation in today's economic system," says New Media Explorer. "although not really a secret at all, the fact that money is created not by and for the people who use it and not even by the government, but is issued by commercial banks when giving loans to private persons or government, (and) is hidden by what could be described as thick clouds of smoke, put out by economists and government departments."

The complaint was filed in mid-april in the Supreme Court of British Columbia at New Westminster.

Should the message ever be picked up by the mainline media, it will take more than public relations to set bank users at ease.

"The suit is alleging that all financial institutions who are in the business of lending money have engaged in a "deliberate" scheme to defraud the borrowers by lending non-existent money which is illegally created by the financial institutions out of nothing more than `thin air'.

"The legal action brings to the fore one of the major economic "drag factors"–the interest charged by banks for money that technically and legally is not theirs to lend. Even governments end up paying interest to banks lending money for public spending–and they in turn charge taxpayers."

Not only in Canada, but a large part of every country's tax revenues goes first and foremost–before any "internal" spending–to payment of interest, largely because of the basic flaw in our way of creating money by the rich and for the rich.

The leader of this sure to be modern-day revolution is Tom Kennedy, a Canadian activist for economic reform.

"Forensic litigator Dempsey claims that creation of money out of nothing is ultra vires and contravenes the defendants' charter or granted corporate power, and is therefore null and void and all monies loaned under false pretence runs contrary to the Criminal Code," states New Media Explorer.

The first of its kind ever filed in Canada, the suit, which could ultimately involve millions of mainstream Canadians, "alleges that the contracts entered into between the People ("the borrowers") and the financial institutions were void or voidable and have no force and effect due to anticipated breach and for non-disclosure of material facts.

"Dempsey says the transactions constitute counterfeiting and money laundering in that the source of money, if money was indeed advanced by the defendants and deposited into the borrower's accounts, could not be traced, nor could it be explained or accounted for.

at the heart of the legal action is that "the complaint alleges that the loan transactions are fraudulent because no value was ever imparted by the defendants to the plaintiffs: these defendants did not risk anything, nor lost anything and never would have lost anything under any circumstances. Therefore, no lien has been perfected according to law and equity against the plaintiff.

"The suit alleges that the defendants utilize fraudulent banking practices whereby they deceive customers into believing that they are actually receiving "credit" or money when in fact no actual money is being loaned to their customers. However, the complaint describes a practice whereby there is realistically no money other than ledger or computer entries being loaned to the borrowers.

"The suit names Envision Credit Union ("Envision"), a credit union; Laurentian Bank of Canada ("Laurentian Bank"); Royal Bank of Canada ("Royal Bank"), Canadian Imperial Bank of Commerce ("CIBC"); Bank of Montreal ("BOM"); TD Canada Trust ("Canada Trust") and Canadian Payment association ("CPa") as civil conspirators."

Taking on the big banks is the equivalent of `talkin' bout a revolution'.

Perhaps the work of economic reform activist Tom Kennedy will pave the way for a new financial institution: The Bank of the People of Canada.


Canada Free Press founding editor Most recent by Judi McLeod is an award-winning journalist with 30 years experience in the print media. Her work has appeared on Newsmax.com, Drudge Report, Foxnews.com, Glenn Beck. Judi can be reached at: judi@canadafreepress.com


Pursuant to Title 17 U.S.C. 107, other copyrighted work is provided for educational purposes, research, critical comment, or debate without profit or payment. If you wish to use copyrighted material from this site for your own purposes beyond the 'fair use' exception, you must obtain permission from the copyright owner. Views are those of authors and not necessarily those of Canada Free Press. Content is Copyright 1997-2018 the individual authors. Site Copyright 1997-2018 Canada Free Press.Com Privacy Statement