Poilievre’s Bank of Canada comments highlighted by former governor

Former Bank of Canada governor David Dodge is fiercely protesting Conservative MP and leadership candidate Pierre Poilievre, calling the central bank “financially illiterate”.

In an interview on CTV’s Question Period that aired Sunday, Dodge, who served as governor from 2001 to 2008, called the assertion “bull ****.”

“I’m offended by that… They understand what’s going on,” he said, adding that the Bank of Canada’s navigation over the past two years has helped lift Canada out of “a state of depression. really” caused by the pandemic.

Poilievre’s criticisms of Canada’s central bank were a key pillar of his leadership campaign. He questioned its independence, vowed to audit it and would ban it from using its own digital currency.

On April 22, he tweeted that “Bank of Canada says #Bitcoin-ers lack financial literacy. This is from the very same people who promised we would “deflate” just before inflation hit a 30-year high. That our central bank is financially illiterate. Pre-audio recovery. ”

That comment comes after a report released by the Bank of Canada noted that there was a slight demographic shift for Bitcoin holders in terms of gender, age, and income level from 2018 to 2018. 2020 compared to 2017.

“However, Bitcoin ownership remains concentrated among young, educated men with high household income and low financial literacy,” the report reads.

At the same time, it has also been said that “Financially savvy Canadians are more likely to be aware of bitcoin [than the average Canadian] but less likely to own it”.

On a different Poilievre stance — that cryptocurrencies allow people to “opt out” of inflation — Dodge said “he doesn’t know what he’s talking about.”

“He was just wrong because the problem of rising prices… that you have to deal with your income is basically a structural problem right now,” he said. “We have supply constraints, partly because of the war, partly because of COVID, partly because of the ongoing characteristics of the economy – we are all getting older – the workforce is not growing. fast”.

But Poilievre has said he’s not trying to woo past or current central bankers in his pledge to help everyday Canadians suffering from the high cost of living.

“If you think I’m going to keep quiet about it to protect the egos of bankers and politicians, you’re in for a surprise,” Poilievre told reporters during a campaign stop in Ottawa on Tuesday. April 28.

The Bank of Canada has come under fire as inflation continues to reach new heights. It currently stands at 6.7%, well above the central bank’s 2% target.

In her speech to Women in Capital Markets this week, Senior Vice Governor Carolyn Rogers acknowledged the uncertainty Canadians have with the current economic situation.

“We are acutely aware that, with some of the extraordinary actions we have taken during the pandemic and inflation above our target, some are questioning that confidence. ,” she said.

“The tough questions, the extra scrutiny, and the well-informed debate are perfectly appropriate in the current environment. We welcome them as an opportunity to engage with Canadians about what we do, how we do it, and how we can improve. ”

Dodge said the risk of public distrust is “always there” and because such communication from superiors is “very, very important in that respect.”

“But they have to be tense. Ordinary people, too, have to worry about a future we don’t know. We don’t know how the geopolitical situation in the world will play out. We don’t know how the pandemic situation will play out,” he said.

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