The Committee on Monetary and Economic Reform
(COMER) is an international publishing and education centre based in Toronto
Toronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from...
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
Its mandate is to study the destabilization that its members believe current economic and monetary policies have caused, and are causing, for the citizens of Canada and other countries.
COMER argues for a mixed economy (economic reform), and changes in monetary policy (monetary reform) through revisions of the Bank of Canada Act
. Specifically, COMER proposes allowing the government to borrow money from the central bank rather than from private banks, effectively allowing the Bank of Canada to underwrite the national debt. Its ideas are inspired by social credit
Social Credit is an economic philosophy developed by C. H. Douglas , a British engineer, who wrote a book by that name in 1924. Social Credit is described by Douglas as "the policy of a philosophy"; he called his philosophy "practical Christianity"...
theories of monetary reform.
The committee particularly opposes the discretion of private banks to increase interest rates. William Krehm, a prominent writer for COMER, argues that this "anti-inflation" tool has been abused by the banking sector to the detriment of modern urban societies.
It publishes a monthly newsletter, Economic Reform
, which was launched as COMER Comments
in 1988. COMER has chapters in Toronto and Kingston that hold monthly meetings.
The group is heavily involved with the Canadian Action Party
The Canadian Action Party is a Canadian federal political party founded in 1997. It promotes Canadian nationalism, monetary and electoral reform, and opposes neoliberal globalization and free trade agreements.- Background :The Canadian Action Party was founded by Paul T...
, a small economic nationalist party which has run candidates in several Canadian federal elections without success. Paul Hellyer
Paul Theodore Hellyer, PC is a Canadian engineer, politician, writer and commentator who has had a long and varied career. He is the longest serving current member of the Privy Council, just ahead of Prince Philip.-Early life:...
, the founder and former leader of CAP has addressed COMER conventions, as did then CAP leader Connie Fogal
Constance Fogal is the former leader of the Canadian Action Party. A lawyer and former teacher, Fogal lives in Vancouver, British Columbia where her late husband Harry Rankin was a long time progressive city councillor. She is an anti-globalization activist and was an opponent of the...
, who is a long-time COMER member.