Comment 119755

By Jmonroe (registered) | Posted July 29, 2016 at 22:13:21

Unfortunately, much of the story that COMER's lawsuit is based on is fiction. COMER has lost all four times this has been before the court. Nothing happened in 1974. The Bank of Canada continued to hold government debt and the government continued to borrow from a variety of sources, including the Bank of Canada, private banks, individuals, insurance companies, and pension funds. Cansim series 176-0010 from Statistics Canada shows, among other things, how much federal debt the Bank of Canada held by month back to 1935. The amount kept growing through 1974 and is still growing. It is over $95 billion now. The Bank of Canada never lent significant amounts to provinces or municipalities.

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