Let’s discuss corruption of the banks, the banking system and the people who run these infamous institutions.  In my contrary opinion to the status quo, this means discussing the greed and ego of all bankers, the boards of directors and the share holders. This also means the avoidance by the Federal, Provincial, Municipal Governments and People to charge the banks and their boards of directors with the Crime of Usury.

Usury, defined by the Criminal Code of Canada, at §347, defines the crime of usury (called ‘criminal interest rate’) as follows:

‘Criminal rate means an effective annual rate of interest calculated in accordance with generally accepted actuarial practices and principles that exceeds 60 pr cent on the credit advanced under an agreement or arrangement.’

 Believe it or not people, every bank in Canada is – and always has been – guilty of the CRIME of Usury. This means they are also guilty of FRAUD, deceit, grand theft, misappropriation of private funds (citizens’ private monies). God, I could go on and on.

Example – Purchasing a Home

Each and every home owner purchases his/her home with a mortgage. That mortgage, paid over time (Say 30 years for this example), ends up costing far more than the value of the house plus the 60% Usury-limit.

How the Criminal Code of Canada Views Usury

Condo $300,000.00
60% interest – the most allowed under the criminal code of Canada: (note this is not compounded interest, but a set 60%) $180,000.00
TOTAL: $480,000.00

How The Banks Really Work

Condo $300,000.00
Best Mortgage Calculators:Homeowner will spend $21,555.80 a year over 30 years

($21,555.80 X 30 years)

TOTAL: $646,647.00

*The % of INTEREST charged by the Bank/Mortgage broker = 216%

Basic Math Figures

216% is a far cry from the Criminal Code of Canada’s 60%. This is Usury. So can anyone tell me why the politicians and the police, the legal system itself does not take all the bankers, their boards of directors, their share holders and force them to turn over all their money and everything they own? Better yet, true justice based on ethics of right and wrong for the majority is seizing all their personal belongings, including all their clothing and making them and their families serve hard time. Usury is a crime against humanity. Hell, make it a capital crime with a few hangings or shootings and bankers will get the picture. Throw in all the politicians for their non-action and we’ll quickly clean up the system.

The Defense

Any broker, banker or lawyer will break down the cost for you and call it ‘fees’. Let’s be honest here – these figures are not fees. Interest charges are disguised as fees to mask the fact the banks are stealing citizens’ money. The problem here is about ethics. Lawyers and brokerages, banks and politicians don’t have any, in my opinion. They have no wish to support or create a system that works, that’s fair, that’s responsible to the people. These people care about their personal agendas. When federal elected officials in Canada earn over 150,000 a year plus bonuses, why should they care what lesser people think? When bankers earn top dollar, why should they care for lesser people? Instead of acting responsibly, they hide behind manipulation and coercion, sit in their seats of advantage and force others – usually those who are less fortunate – to bend to their will.

Is that morally correct? Not at all. Once again, I suggest you view my earlier articles about replacing our oligarchic system with a better designed system. (Struggle For Democracy, Part I and II).

Until next week, remember, these are my opinions and point of view on the subject. That doesn’t make them right for anyone else. It doesn’t make them wrong, either. That stated, if any errors or omissions have occurred, please let me know. I’d be grateful for your point of view.

Warm regards,

Jason Smeraka


About jsmeraka

A writer and all-round contrarian, I've worked in and out of government and the private sector, shared radical thoughts on political and global change and aimed to live on the fringe of political and creative thought. That doesn't mean I do. I just hope so.
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  1. Allen Gould says:

    Sadly, need to poke a hole in the argument – the law says “annual rate of interest”. As in, interest paid each year, not over the term of the mortgage. So unless you’re paying $180K in interest each year on that $300K house, it’s not usury. (It can still be dickishly expensive, but not usury).

    A better example is a lot of payday loan companies, when once you’ve tacked on the various service charges and the like, *can* end up charging you more than 60% of the amount.

    • jsmeraka says:

      Hello, Allen:
      I don’t disagree with you. the point I hope to make clear to everyone is the basic greed that goes on in the banking system. Yes, this includes the payday loan companies, of which that entire market is unregulated in Canada. 60% over the course of an entire loan is far more than enough to pay back for anyone. To me, that is more than fair. In my view, a flat 60% interest is more than enough back to banks and bankers.

      England, during the Reformation (I will have to get back to you on the actual dates), the govt had outlawed compound interest. The people were all for it. What changed there was, as per the norm in human society, the people at the top grew power hungry.

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