Who Is Eligible For Compensation
The settlement agreement includes compensation for all persons who attended an Indian Day School that was established, funded, controlled and managed by the Government of Canada from January 1, 1920, until its date of closure or transfer from Canada’s control and suffered harm as a consequence of their attendance.
As of January 2020, 699 federally operated Indian Day Schools have been identified as eligible under this settlement. A final list of schools is available in Schedule K of the agreement.
Family members will be eligible to benefit from healing and commemoration activities through the legacy projects.
World War Ii And Beyond
The U.S. economy was still recovering from the Great Depression when the United States entered World War II in December 1941. Interest rates were already at low levels when the Fed agreed to prevent them from rising during the war. As the essay From WWII to the Treasury-Fed Accord explains, the Fed kept the yield on long-term U.S. government bonds from rising above 2.5 percent and pegged those on short-term term Treasury securities at lower levels throughout the war, thereby ensuring that the Treasury could borrow at low rates to finance the war effort. As it did during World War I, the Fed actively supported the war effort by promoting war bond sales to the public.
The Federal Reserve Has Never Been Audited
As proof that the Federal Reserve is corrupt, critics point to the fact that it has never faced a formal audit, despite overlooking an aggressive IRS that heckles and harasses and bankrupts ordinary middle-class citizens with audits. This is offered as further proof that the Federal Reserve is hiding something shady.
Again, the truth is in the middlethe Board of Directors do get audited, although the banks the comprise the Federal Reserve system have not been audited.
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Measurement Of Economic Variables
The Federal Reserve records and publishes large amounts of data. A few websites where data is published are at the board of governors’ Economic Data and Research page, the board of governors’ statistical releases and historical data page, and at the St. Louis Fed’s FRED page. The Federal Open Market Committee examines many economic indicators prior to determining monetary policy.
Some criticism involves economic data compiled by the Fed. The Fed sponsors much of the monetary economics research in the U.S., and Lawrence H. White objects that this makes it less likely for researchers to publish findings challenging the status quo.
The Federal Reserve Is A Tool Of The Vatican
Conspiracists argue that since the early 1800s, certain radical sects of Jesuit priests worked out a deal with the Catholic Churchwhich may still be the single most powerful economic entity on the planetto seize control of the world banking system in order to secure the Churchs economic primacy over the planet. Part of this scheme involved controlling the American economy by creating the Federal Reserve.
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Reserves In The 20th Century
In the early 20th century, there was a rapid increase in poverty on reserves due to imposed laws and policies. Canadian laws made it illegal for First Nations people to use traditional means of resource distribution and limited their ability to fish and hunt. An amendment to the Indian Act in 1927 also made it illegal for them to challenge their situation in court. Many First Nations people living on reserves found that they could not sustain themselves or their families. However, leaving the reserve meant facing discrimination and assimilation in the cities and giving up their rights as Status Indians.
Pros Of The Federal Reserve
- Stability. The Federal Reserve can provide a calm, helpful hand to financial institutions and their depositors in times of severe economic strife.
- United behind a single currency. Before the ascent of the Federal Reserve, the U.S had literally hundreds – even thousands – of currencies rolling through the economy. With its power granted by Congress and the executive branch, the Fed was instrumental in uniting the nation behind a single currency – the U.S. dollar.
- It’s a good risk containment system. The Federal Reserve regularly checks the nation’s banks and financial institutions, running “stress tests” and reviewing financial statements to ensure that the public is dealing with institutions in good financial standing, and not overly-loaded with risk and liabilities.
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The Reserve System Today
Many First Nations people continue to live on small reserves, which the government still controls. This is a source of much of the conflict between First Nations and the government, at both provincial and federal levels.
Today, First Nations people still live with the problems created by the reserve system:
- There is often not enough land for all members to have housing.
- Some services are provided only to people living on reserve, so people living off reserve do not get the same services.
- Many reserves are very isolated and do not have basic services, such as electricity or running water.
Despite the hardships caused by the reserve system, reserves, as communities, are also a place of cultural survival, where Indigenous languages are spoken and taught in schools and cultural practices are thriving.
Socioeconomic Conditions On Reserves
Social conditions on many reserves reflect the historical and political neglect that Canada has shown toward people of Indigenous ancestry. The isolated and remote locations of most reserves have contributed to the high rate of unemployment among Indigenous people.
Increasingly, federal and provincial social policies in the areas of health, economic development and education have resulted in new and expansive services on many reserves. Increased services have led to new employment and economic opportunities, which have stimulated interest by reserve residents in training and post-secondary education options. For example, the James Bay and Northern Québec Agreement has enabled the James BayCree in northern Quebec to develop a social and civil infrastructure for their nine communities and the Cree regional government.
The development and evolution of similar infrastructure for reserves will enable many reserve residents to achieve economic and social standards that were previously considered unattainable. Other reserves throughout Canada are also undertaking economic development of their lands or surrounding territory. Notable examples include the Osoyoos and West Bank First Nations in British Columbia, the Wendake First Nation in Quebec, the Membertou First Nation in , and the Siksika and Enoch First Nations in Alberta.
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Are You Part Of The Federal Indian Day Schools Class Action
Learn about the Federal Indian Day Schools Settlement Agreement.
The claims process for the federal Indian Day Schools settlement is now open. Applications can be submitted until July 13, 2022. For more information on how to apply for compensation, please contact Deloitte, at:
Those affected by the trauma associated with their attendance at an historic Federal Indian Day School, or the ongoing process, will be able to access mental health and cultural support services in addition to crisis intervention services available through the Hope for Wellness Help Line. Hope for Wellness is available 24 hours a day, 7 days a week through the toll-free line , or connect to the online chat Hope for Wellness.
Applying On Behalf Of A Family Member
Family members are not eligible to receive direct compensation. However, a class member’s estate can make a claim on behalf of someone who died on or after July 31, 2007, or has been diagnosed as incapable of managing their own legal or financial affairs.
If the deceased has no will or executor, then an estate administrator will need to be appointed. Indigenous Services Canada can assist by appointing an administrator or executor for the estate of the deceased or dependent adult. Estate representatives should begin the process of estate administration as soon as possible to be able to file an application claim form within the 2.5-year claims period. If a person has passed away between July 31, 2007, and today, a claim can still be made on that person’s behalf.
To find out more, visit Estate services for First Nations.
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Misconception No : The Fed Acts With Wall Street In Mind
But that hasnt stopped people from believing the Fed acts with Wall Streets interests in mind.
Its a fear that many have had about the U.S. central bank, especially since the big bank bailouts during the financial crisis. It might also have to do with the New York Fed presidents permanent voting position on the FOMC. Many officials affiliated with the regional reserve bank come from New Yorks prominent financial center, Cox says.
But the FOMC was designed to have other voices not just of those from major urban areas.
Presidents of five other regional Fed banks get to cast their vote, in addition to the president of the New York Fed and all members of the Board of Governors.
Meanwhile, all 12 regional Fed bank presidents attend each FOMC meeting, even if they dont have a vote. Minneapolis Fed President Neel Kashkari, for example, said in a Friday research note that he advocated for 0.50 percentage point cut during the Feds June 18-19 meeting, even though he didnt have a vote.
After all, the U.S. economy is diverse and different in every area of the country. The diversified views are intended to reflect that.
At the end of the day, not every part of the country grows at the same speed. The coasts have been doing very well, but not the heartland of the country, Szczurowski says. Its very tough, but at the end of the day, theres no kind of perfect system. This is just the one weve developed.
What Is The Purpose Of The Federal Reserve System
The Federal Reserve System, often referred to as the Federal Reserve or simply “the Fed,” is the central bank of the United States. It was created by the Congress to provide the nation with a safer, more flexible, and more stable monetary and financial system. The Federal Reserve was created on December 23, 1913, when President Woodrow Wilson signed the Federal Reserve Act into law. Today, the Federal Reserve’s responsibilities fall into four general areas.
- Conducting the nation’s monetary policy by influencing money and credit conditions in the economy in pursuit of full employment and stable prices.
- Supervising and regulating banks and other important financial institutions to ensure the safety and soundness of the nation’s banking and financial system and to protect the credit rights of consumers.
- Maintaining the stability of the financial system and containing systemic risk that may arise in financial markets.
- Providing certain financial services to the U.S. government, U.S. financial institutions, and foreign official institutions, and playing a major role in operating and overseeing the nation’s payments systems.
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Real Federal Reserve Conspiracies That Are Stranger Than Fiction
Most people think of the Federal Reserveif they ever think of it at allas the place where American dollars are made. If you look at any US dollar, it says Federal Reserve Note right there on it. Whoever controls the money supply has a lot of power, right? Maybe more power than anyone else. Wherever there is power, there is also one or several conspiracy theories about the sinister roots of that power, and the Federal Reserve is no exception.
What everyone can agree on is that the Federal Reserve came into being as a result of 1913s Federal Reserve Act. They also can agree that the fed controls the nations money supply. And thats about all anyone agrees on. Here are some of the more prominent conspiracy theories about the Federal Reserve.
Jp Morgan And The Panic Of 1907
After many decades of lacking a central bank, it was J.P. Morgan who ultimately forced the government into acting on the central banking plans it had been considering off and on for almost a century. During the Bank Panic of 1907, Wall Street turned to J.P. Morgan to steer the country through the crisis that was threatening to push the economy over the edge into a full crash and depression. Morgan was able to convene all the principal players at his mansion and command all their capital to flood the system, thus floating the banks that, in turn, helped to float the businesses until the panic passed.
The fact that the government owed its economic survival to a private banker forced the necessary legislation to create a central bank and the Federal Reserve.
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It Purposely Creates Depressions In Order To Enrich Itself
The Federal Reserve was ostensibly created to curtail the boom and bust cycle of unfettered capitalism. However, the greatest economic depression in US history happened a mere 16 years after the Federal Reserve Act passed. Critics argue that this is entirely intentionalthe fed creates booms and busts because not only does it profit during boom times, it profits during the busts because it gets to seize debtors property.
Trump Targets Supreme Court Domination
In a final comparison, Trump has already tied Obama by appointing two judges to the Supreme Court: Neil M. Gorsuch and Brett Kavanaugh. The importance of the U.S. Supreme Court is immeasurable. In July 2019, the U.S. Supreme Court approved $2.5 billion via military funding for construction of a wall on the southern border after a 5-4 ruling in Trumps favor. Not coincidentally, there are 5 Republican appointed Supreme Court Justices and 4 Democrat appointees.
If Trump wins in 2020, it could mean two more conservative Supreme Court Justices. Two of the nine Supreme Court Justices with a more liberal-leaning track record are Ruth Bader Ginsburg, 86, and Stephen Breyer, 81. Both have served as associate justices since the mid-90s and will be unlikely to serve until the end of Trumps potential second term in 2024.
Trump Eyes U.S. Justice System in Final Term
Trump is positioning himself to make significant moves in his second termif he can get re-elected. After all, Trump-appointed governors are already running the Federal Reserve, and his influence is growing within the U.S. justice system.
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How Does The Federal Reserve Influence Interest Rates
One of the Federal Reserve’s mandates is to manage the US money supply . Its main method for doing this involves interest rates. The most important one: the federal funds rate.
When people refer to the Fed raising or lowering interest rates, they’re talking about the federal funds rate. Although it’s an interbank rate, which doesn’t affect consumers directly, it becomes the basis for other interest rates, like the prime rate which do.
The federal funds rate is the interest rate at which banks can borrow and lend money to one another. Under Federal Reserve quota rules, banks are required to keep a certain percentage of overall deposits in reserve, to ensure that account-holders can access their money at any time, preventing any “bank runs” or financial panic.
If an institution falls short of the requirement, it may turn other banks for additional funding. If a bank has excess reserves, it will loan them out.
Setting the federal funds rate is arguably the most important responsibility of the Federal Reserve. Banks generally make a profit by lending money for a greater price than they obtained it.
So lowering the cost of financing for the bank has a ripple effect: The savings ultimately gets passed down to the everyday consumer looking to purchase a house, take out a loan, or engage in any other financial transaction. Changes in the federal funds rate also ultimately affect how much interest bank savings accounts and CDs earn.
How Did The Fed Deal With The Great Recession
Like other central banks around the world, the Fed immediately slashed interest rates to boost lending and other economic activity. By the end of 2008, it dropped rates to near zero, where they would stay until 2015. Unlike some other central banks, including the European Central Bank, the Fed decided against negative interest rates. It thought that such a moveessentially charging banks for holding their funds with the Fed in order to spur them to lendwas unlikely to have much effect.
However, the Fed did pursue another unorthodox policy, known as quantitative easing, or QE, which refers to the large-scale purchase of assets, including Treasury bonds, mortgage-backed securities, and other debt. Between 2008 and 2014, the Feds balance sheet ballooned from about $900 billion to over $4.5 trillion as the central bank launched several rounds of asset buying.
The goal of QE was to further spur lending when all other monetary policy tools had been maxed out. This was thought to work in multiple ways: by taking bad assets off of banks balance sheets, by dramatically increasing the supply of money to be lent, and by signaling to banks and investors that the Fed was committed to taking any steps necessary to restore growth.
The move was not without its critics, with some economists fearing such an increase in the money supply would cause out-of-control inflation. Many also argued that additional monetary easing would do little at a time of low demand in the economy.
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Misconception No : The Fed Is To Blame For Mortgage And Student Loan Rates
When you first think about an interest rate, you probably think about what youre paying on your mortgage. You probably cringe at the idea of the Fed hiking rates, if you have a variable rate or are thinking about purchasing a home in the near future.
These rates, however, arent really tied to the Feds policy moves. Case in point: The Fed in December hiked rates for the fourth time in 2018, but mortgage rates edged lower. These long-term home loans are most notably dictated by market-driven factors, such as the 10-year Treasury yield.
But this misconception may have some truth to it. During the financial crisis, the Fed slashed its fed funds rate to near-zero, and it still wasnt enough to stimulate the economy. As a result, the U.S. central bank wanted to push down long-term rates on products such as mortgages. Fed Chairman Ben Bernanke devised a plan to start buying Treasuries and mortgage-backed securities to make that happen, an initiative commonly known as quantitative easing.
A Fed rate hike also probably seems like it would be a punch to the gut for the millions of Americans carrying student loan debt. But interest rates arent tied to the federal funds rate, either.
If Congress lets student loan interest rates double this summer, our kids will pay rates nine times higher than the big banks on their government loans, Warren said in an accompanying statement. Thats wrong.