Canadian Banker Cheers on Trumps Threats
Scotia Bank's comments on Trump doctrine sends disturbing signal
Venezuela was invaded. Colombia could be next. Then Cuba.
Canada is under consistent pressure. The peaceful people of Greenland and Denmark are facing military threat. And yet the Bank of Nova Scotia, that venerable Canadian institution, suggests that Trump’s domination of the entire western hemisphere will be good for business.
The so-called “Don-roe” doctrine is a smash-and-grab gangster approach threatening the sovereignty of every nation in the western hemisphere.
But at a recent meeting of bank Chief Executive Officers, Scott Thomson is quoted as saying that Trump’s version of the Monroe Doctrine will be favourable for growth:
“Longer-term, this is a good thing for the Western Hemisphere. It’s a good thing for the U.S. It’s a good thing for the Bank of Nova Scotia.”
Let’s think about what this guy just said.
Donald Trump is threatening the democratic rights of 35 nations in the western hemisphere including Canada. Our nation has faced multiple threats to our sovereignty and serious threats to Canadian jobs. And yet we have a Canadian bank that seems to be onside with this.
Donald Trump is threatening a NATO ally if they don’t give over their land to him. This a frightening age of lawlessness and threat. Is the Bank of Nova Scotia siding with the gangsters at this time?
This isn’t the Bank of Belarus that we are talking about here. Mr. Thomson is the spokesman for one of Canada’s dominant financial institutions.
Thomson made his comments following the invasion of Venezuela. He can’t be naive enough to think this was just about getting rid of an unpopular strongman. Trump has made it clear that this invasion wasn’t about restoring democracy; it was about stealing the resources of a foreign country. Trump says he will demand 50 million barrels from the Venezuelan people and will keep the profits in an offshore bank account – overseen by him.
This outright theft may be good for banks but bad for the world.
Fascist economics has always been a smash-and-grab con job. The economic “model” is only possible because of the willingness of legitimate banks to provide cover. The loot must be laundered and protected somewhere, which is why the banker is willing to offer his business card.
The Nazis stole staggering amounts of Jewish property, art, and investments. All that stolen money had to be laundered. It was the role of the banks to finesse the open theft of stolen funds. Even as a world war was underway and millions of people were dying, the money continued to move through numerous banks.
According to a 1997 investigation by the Christian Science Monitor, the Bank of Canada played a part by transferring four metric tons of gold from a Swiss bank to Portugal for use by the Nazis.
And anyone who thinks that modern Canadian banks are global Boy Scouts will be in for a big surprise.
Consider the once-seemingly staid Toronto Dominion Bank (TD). In October 2024, they were hit with the largest fine ever thrown at a bank for involvement in money laundering.
Investigators noted that TD ignored obvious red flags from high-risk customers and created a “convenient” environment for bad actors to exploit money laundering. It is estimated that TD facilitated over $400 million in transactions to launder funds on behalf of people selling fentanyl and other deadly drugs.
A recent report by FINTRAC (Financial Transaction and Reports Analysis Centre of Canada) found that nearly 40% of Canadian banks had breached anti-money laundering rules and that in 8 cases the failures were egregious.
So what do we say about Canadian bankers standing with Trump in a time of existential threat to our nation?
If you have accounts in Scotia Bank, consider moving them.
The Canadian government needs to intervene and issue clear directives to Canadian banking presidents that there will be consequences for promoting Trump’s intimidation of sovereign nations.
Prime Minister Carney is a banker. He knows these guys. He needs to make a call and remind Canadian bankers of their obligation to the nation that created their immense wealth. Our sovereignty is on the line here.
I have just taken action by booking an in-person appointment with my local credit union to learn about how they can help me transfer everything out of Scotia. I told them why in my booking notes. At the very least this can cause a little local chatter at the branch level. Not much, but an easy action on a Sunday morning.
This statement /policy becomes even more disgusting in light of the fact that Trump has also said he wants to make Canada the 51st state. He has put Canada on a list along with Greenland, Venezuela, Colombia, Panama, etc. It is mind-boggling, that a Canadian bank CEO would make a statement like this in view of these facts. Boycotts work. Kimmel was rehired. Spotify will no longer run recruitment ads for ICE. There are other banks. Transfer your business to them. Boycotts work.