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The Bank of Canada is Bankrupt and Other Stories

Canada’s bungled economy

I sat down with Jamie Schmale, MP for his Blueprint podcast. We started the show with David Johnston and what this unhappy saga has done to Canadians’ trust in our institutions and democracy.

At the 7 minute mark, we switched to the impact of this government’s economic policies. This government sees writing a cheque as the solution to a problem, whether or not the money resolves the problem.

And I pointed out that the Bank of Canada is now functionally bankrupt – it is losing money every day. This unhappy state of affairs flows from its “quantitative easing” policy – essentially printing money – due to the government’s relentless demand for more cash.

Jamie and I covered several issues including the looming crisis coming soon as Canadian families have to renew five-year mortgages signed several years ago at bargain basement rates but now renewing several points higher. We discussed how government overspending is triggering the inflation and interest rate crisis; and finished with a little discussion on cryptocurrency and why some people see it as a way to hedge against government monetary decisions.

This show is a chance to talk about important issues in a bit more depth. I hope you enjoy the greater detail beyond the daily headlines.