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Kristyn Wong-Tam proposes 'Bank of Toronto'
Tue, 2011-10-18 11:28
#1
Kristyn Wong-Tam proposes 'Bank of Toronto'
Tue, 2011-10-18 11:30
#2
Here. Although as others have observed, it sounds more like a credit union.
Tue, 2011-10-18 19:56
#3
Minnan-Wong pooh-poohs the idea, calling it 'illegal'. I have emailed him to ask him his basis for such a statement. Babblers, can you shed any light?
Thu, 2011-10-20 13:18
#4
Minnan-Wong pooh-poohs the idea, calling it 'illegal'. I have emailed him to ask him his basis for such a statement. Babblers, can you shed any light?
My guess is that the City of Toronto would not be able to do so under the terms of the trade agreements.
Thu, 2011-10-20 14:52
#5
The idea that Minnan-Wong would need a reason to claim someting he didn't like was illegal seems far-fetched.
Thu, 2011-10-20 15:50
#6
Minnan-Wong pooh-poohs the idea, calling it 'illegal'. I have emailed him to ask him his basis for such a statement. Babblers, can you shed any light?
Probably some restriction in the Bank Act which is located at http://laws-lois.justice.gc.ca/eng/acts/B-1.01/. The term "illegal" is probably inaccuarate as once the bank is approved, it is "legal". However, perhaps some amendment to the Bank Act would be required.
Sat, 2011-10-22 11:21
#7
M. Spector
Even if it is legal (and I hope it isn't) it's a bizarre and stupid idea.
Rogers can set up a bank because it is drowning in cash (from astronomical profit margins due to extortionate phone and cable charges), and piles of cash is the first thing you need if you want to start a bank.
The City of Toronto is the opposite of Rogers - skint.
It's the myth of "people's capitalism" at work - the belief that anyone with no money - even a city - can become rich by joining the world of finance capital that has brought the world's economies to their knees. Hasn't Wong-Tam heard about what happens when you "leverage credit" to create financial investment bubbles out of nothing? Or maybe she's counting on Harper to give Toronto a bailout when it suddenly finds itself in a default position?
Sun, 2011-10-23 17:42
#8
Good and brave of the Councillor to air this idea, circulating seriously among some US states per the ND example, now largely based on the work & writing of Ellen Brown. I thihk it were better to initiate a partial local currency altogether, but that would be probably found to be as out of bounds as it was in Alta under early Social Credit. Provinces should be the bankers, not municipalities. The few % that are the contentious basis of much threatened strike action, could easily be paid in new localist "coin", if govt would accept it as tax in part, spendable only locally, where very much spending occurs anyway.
Why be interest-paying slaves to the gravy train riders the Councillor points to? Just why? Why rely so much on a failing credit issuance system?
Here was some good writing I remenber on private bnak power in Canada, http://flickofthepen.blogspot.com/ .
Sun, 2011-10-23 18:43
#9
The immediate example I can think of of public local banks are the Landesbank in Germany - and that's not a happy situation.