The Bank of Canada needs accountability YouTube Video By Andrew Scheer Reviewed: Democracy, Central Banking and defining ECONOMIC DEFLATION from a Different Point of View – October 5, 2022,

It’s interesting listening to Andrew Scheer in the video below because I’m forced to ask myself, where was this Andrew Scheer during the 2019 election? Although I’d call Andrew Scheer a little misguided in the video I point to below, I appreciate that he took a RISK by making the video. I have to remind the reader that Andrew Scheer, as of the date this is being published, is only 43 years old; he’s almost a Millenial, oddly enough both Scheer and Pierre Poilievre were born in 1979, and both appear to hold similar views regarding the Bank of Canada.

In the video below, Scheer points to Tiff Macklem claiming DEFLATION expectations were likely when the end result is Consumer Price Inflation. Where I add my two cents to the argument is that Consumer Price inflation is ECONOMIC DEFLATION, and FIAT money is nothing more than a mechanism to HIDE Deflation in the economy.

Why Consumer Price Inflation is DEFLATIONARY and Why Central Banks Exist to Prevent DEFLATION

Rule by FIAT money can exist WITHOUT a central bank; one could argue that BITCOIN is a fiat monetary system without a CENTRAL bank or central control center. What gives Bitcoin value? The people give Bitcoin value; what would cause DEFLATION in Bitcoin are regulations by groups of individuals using Bitcoin who might argue for a MINIMUM WAGE, RENT CONTROLS, or a CARBON TAX.

If I hoard Bitcoins or if I use Bitcoin as money and the ruling class in a particular country or ruling decides that Minimum wages are now LAW, I, as a hoarder of Bitcoin, I might decide NOT to spend or invest my bitcoins out of the FEAR of inefficiencies. Minimum wages are a fancy word for PRICE CONTROLS, and price controls create SHORTAGES.

Why do price controls create shortages? Because it’s a CONFISCATION and redistribution of wealth based on the IDEOLOGY of a group of people. If there’s a price control mechanism on Bitcoin, it equates to individuals DISCOVERING PRICES based on what they imagine is LIVABLE WAGE. If I imagine that a livable wage is 1 Bitcoin per year for flipping burgers, it will DESTROY the incentive a monetary system that seeks to INNOVATE its way to prosperity.

Innovation is a NECESSITY to create wealth, and it’s the only LEGITIMATE way to create INFLATION naturally. Without INNOVATION, capitalism is inherently DEFLATIONARY. Most capitalists or believers in free markets don’t understand why money is SUPPOSED to get more valuable over time, but the reason a One Ounce Gold coin was $40.25USD in the 1950s and is $1,665USD today is that currency/fiat money has to be DEBASED to keep the ILLUSION that price controls work alive.

Price controls are the ROOT CAUSE of consumer price inflation, and consumer price inflation is DEFLATIONARY. In the U.S, most people pay close attention to Nixon suspending the U.S dollars convertibility to Gold in the Nixon Shock video, but what’s IGNORED in that video are Nixon’s PRICE CONTROLS.

It was already ILLEGAL for Americans to cash in their U.S dollars for Gold when Nixon was President of the United States, and Canada an example, ceased redeeming Dominion notes in gold and ended its adherence to the gold standard way back in January 1929. Meaning that Canada, for almost 100 years, hasn’t been on a Gold standard. Yet and still, our standard of living continued to rise on a rule by FIAT monetary system; why?

Well, Canada’s FEDERAL government was actually LATE to the Minimum wage party. I believe it wasn’t until 1965 that a Federal Minimum wage was even discussed, and it wasn’t until Pierre Trudeau that a Federal Minimum wage was specified in the Canada Labour Code. Why is this important? Because Canada did fairly well in comparison to the United States during the GREAT DEPRESSION because of what its Federal Government DIDN’T DO!

It’s not until Pierre Trudeau that, from a financial perspective that Canada’s FEDERAL government becomes more FINANCIALLY tyrannical. Notice how I haven’t written much about the central bank of Canada? It’s because it doesn’t MATTER; the central bank matters when consumer price inflation is running rampant. What causes consumer price inflation? REGULATIONS ON PRODUCTIVITY. When the government declares WAR on productivity, it creates CONSUMER PRICE INFLATION.

Pierre Trudeau and his economic policies were the ROOT CAUSES of Consumer price inflation in Canada. One of the main reasons the cost of living is so high in Canada today stems from Pierre Trudeau’s TYRANNICAL agenda; now, for whatever reason, Andrew Scheer appears hell-bent on turning his focus away from Justin Trudeau and his WAR ON PRODUCTIVITY and pointing blame on Tiff Macklem who as a central banker is supposed to remain APOLITICAL.

Yes, I’m well aware central bankers are biased towards the political party in power; everyone knows it, but we stay HUSH about it because central banking is indeed a form of COMMUNISM. Tiff Macklem did indeed buy up all of Justin Trudeau’s BAD DEBTS and pass those debts onto the Canadian consumer, but I could make the EXACT same argument about Stephen Poloz, when he LOWERED interest rates to the BENEFIT of Stephen Harper.

Last time I checked, the Canadian housing market NEVER crashed. Sure, when the U.S housing market crashed, a few subprime lenders in Canada closed their doors, assuming Canada would have the same fate, but Canada faired well, and to STOP DEFLATION, Stephen Poloz, the former Governor of the Bank of Canada, engaged in what I could argue was interest rate MANIPULATION for the benefit of Stephen Harper.

The Bank of Canada needs accountability | YouTube

Sure Stephen Harper was MUCH better for the Canadian economy than Justin Trudeau, but the job of the central banker is to prevent DEFLATION and Tiff Macklem
did what he thought was best during the pandemic, and if we’re going to argue about DEFLATION, in this post I pointed out that Deflation is not such an open and shut case. Fiat money, fractional reserve banking, and central banking allow the government to HIDE or manipulate DEFLATION in multiple ways.

But once the CONSUMER PRICE inflation genie is out of the bottle, the evidence suggests that the central banks have to RAISE interest rates. Now, we’ve already seen the Bank of England BLINK, oddly enough under CONSERVATIVE leadership, but in both Canada and the United States, so far at least, I haven’t heard a PEEP out of Justin Trudeau or Joe Biden regarding central banking policies.

Whereas in the U.K, because of their looming pension crisis, which is the result of the Conservative governments NOT pushing back on this LEFT WING climate change agenda, they’re trying to manipulate consumer price inflation. Conservative politicians can clearly see that the currency is being DEBASED, BUT what I’m noticing is that Conservative politicians don’t appear to be fixated on the ROOT CAUSE of consumer price inflation, which is INDEED the price of BORROWING.

Why a lot of Conservatives LOVE Ronald Reagan and Loathe Donald Trump


It comes as a shock to a lot of people that Conservatives like myself don’t like Donald trump very much, especially now; why? Because he was TOO SCARED to drain the swamp. Not only was Trump too scared to drain the swamp, he also argued for a Zero interest rate policy, going so far as to want a NEGATIVE interest rate policy.

For people like me, we can never forget or FORGIVE Donald Trump’s attempt to embarrass Jerome Powell into lowering interest rates. Now, what Trump does in the video below, likely created an atmosphere in which Jerome Powell felt like his LIFE was in danger.


On national television, and there are several of these clips, Donald Trump, who claimed that he had the best economy in the history of the world, argues for lower interest rates; well, currently, Joe Biden, who I’d argue is clueless, hasn’t said anything to Jerome Powell about his interest rate hikes. Ronald Reagan had to deal with DOUBLE DIGIT interest rate hikes, and he took it like a MAN; unlike Donald Trump, who talks tough, Ronald Reagan was tough;

By tough I mean pushing forward with is agenda, while the cost to SERVICE public sector debts were SKYROCKETING. During a high-interest rate environment, it’s the PERFECT time to SHRINK the size of the government, something I wish Conservative Politicians UNDERSTOOD; instead, we have these Milquetoast Conservatives who are taking the WRONG side of the argument.

A rising interest rate environment is just what the doctor ordered to SHRINK the size of the Federal Government. Instead, I’m hearing from Andrew Scheer and Pierre Poilievre that they like the size of the government; they merely just want to rearrange the pieces. Instead of blaming Justin Trudeau, they’re trying to blame Trudeau’s financier; instead of blaming DEMOCRACY for voting for Trudeau, they’re blaming Trudeau’s banker.

Democracy got us into this mess, and the only way to get us OUT of this mess is to change the minds of the PEOPLE. I do think Pierre Poilievre’s constant pressure on Trudeau to stop the tax hikes and the excessive regulations is the right idea, but I see attacking the Central Bank as a waste of time because LOWERING interest rates are arguing that Tiff Macklem should have been more hostile towards Justin Trudeau, during a period in which some will argue government intervention was WELCOMED is a waste of time.

If Andrew Scheer is NOT saying to end central banking in Canada, he’s pissing in the wind because I remind people that Ronald Reagan, with all of his faults, took the time to ATTEMPT to EDUCATE the American people during the economic downturn he governed through. That’s why many of us love Ronald Reagan; he made leading through a ROUGH economic period seem EASY!

In my opinion, Andrew Scheer and Pierre Poilievre should simply ABANDON this mission to blame Tiff Macklem for problems created by Canadian democracy. The Liberal and NDP coalition voted for this madness, and the Conservative Party of Canada, should play their part and OPPOSE the Left Wing agenda and leave the banks out of it because if Austerity is not part of the Conservative party agenda, they will likely be faced with a similar problem when they replace Trudeau.

Interesting times ahead!