Conservative Party Leadership | Poilievre attacks the Bank of Canada

(OTTAWA) Conservative leader Pierre Poilievre launched an attack on the Bank of Canada on Thursday, refusing to even say whether he has any faith in the institution’s governor, Tiff Macklem, and the “so-called experts.”

Posted at 1:15 p.m

Michael Saba
The Canadian Press

“The reality is clear: Mr. Macklem, Mr.me Free country [la ministre des Finances], Justin Trudeau told us that there will be no inflation. Now there is inflation. It’s clear they failed,” he told reporters he called outside the central bank building in Ottawa.

Mr Poilievre presented proposals aimed at increasing “transparency” and “making Canada the freest country in the world”.

If elected Conservative leader and then prime minister, he would give the Auditor General the power to audit the Bank of Canada’s finances, demanding an audit of the “$400 billion” it has “printed” since early 2020 , and ban the idea of ​​a central bank digital currency.

Bitcoin and other cryptocurrencies

Mr. Poilievre, who has made headlines in recent weeks by touting the merits of cryptocurrencies as a “cure against inflation,” asserted that “Canada’s official currency will always be the Canadian dollar.”

At the same time, he continued, people should have the “freedom” to use “other forms of money, including bitcoin.”

At a parliamentary committee earlier this week, Bank of Canada Deputy Governor Carolyn Rogers was asked if cryptocurrencies can stave off inflation.

“If Canadians are looking […] Source of stable value, cryptocurrencies don’t quite pass this test, she said. Cryptocurrency volatility has been higher than gasoline, higher than the Canadian exchange rate, higher than most commodities if you look at the past year or two. »

For his part, Governor Macklem praised the central bank’s balance sheet and reminded lawmakers that the economy was “at its lowest” when the pandemic began.

“We are raising interest rates today and have signaled that we need to normalize monetary policy fairly quickly, not because our policy has failed, but because it has been very effective,” he said. And now let’s deal with the other side of it. »

“I am right. You are wrong. »

When asked about his knowledge of economics, Mr Poilievre replied that “my training is very well documented: 20 times in the House of Commons I have predicted the inflation we have today”.

“I have warned the Bank of Canada governor and two finance ministers that we are going to have this inflation,” he said. The others said, “No, there will be deflation”. That’s what they said, those experts. At least I’m right. You are wrong. »

According to him, it’s time Canadians “listened to the people who were right, not the people who torment Mr. Mrs. Everyone.”

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