Pierre Poilievre’s skids

Inflation is the problem of the hour. It undermines purchasing power, it hurts pensioners in particular, it forces central banks to suddenly raise interest rates. Runaway inflation is a real poison for the economy and could send us straight into recession next year.

Before Pierre Poilievre was candidate for leadership of the Conservative Party, then financial critic of the Conservatives, I interviewed him to talk about inflation.

He had pointed with sovereignty at the responsibility of governments that have ruthlessly pumped money into the economy during the pandemic. As far as I’m concerned, government spending doesn’t explain all of the inflation, but it has contributed to it.

MP Poilievre also touched the public with a detailed analysis of the impact of inflation on families’ wallets and presented some possible solutions. In short, I would have thought that inflation would be a very strong point for him in a leadership campaign.

However, he slipped. His basic speech always has a foundation. But for obscure reasons it became entangled in absurd additions.

Bitcoins

First, he came up with this idea that investing in bitcoins would be an ingenious way to protect against inflation. A priori, this YouTube video talking to a restorer investing in bitcoins could have been just a nice curiosity. But the budding chef puts his arm through the wringer.

He wears his Bitcoin sweater like he’s more of a cryptocurrency trader than an aspiring prime minister. He then uses his credibility to make a proposal that could ruin a family’s life.

It was absurd advice. If you were tempted by Poilievre’s advice and switched your bank account to Bitcoins at the end of March, you would have lost a third of your purchasing power today. In addition to inflation. Thank you Peter

Do not get me wrong. I have nothing against cryptocurrencies: but they are just as volatile as many risky stocks on the stock market. It goes up and down like a roller coaster. If anyone is willing to take the risk with cash that isn’t needed for next week’s groceries, do it.

But a political leader who proposes transferring his wealth there to protect himself from inflation is highly reprehensible.

The governor of the bank

In this week’s debate, Poilievre slipped again. He promised to fire the Bank of Canada governor if he is elected. If there’s one function that everyone wanted to keep out of politics, it’s this. Especially for the currency stability of the country.

Saying Justin Trudeau spent too much is one thing. Politicizing the Bank of Canada for its alleged complicity in funding this spending is not serious. One day he will try to free himself from such a promise.

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