On tonight's episode of The Ezra Levant Show, Manny Montenegrino, a long-time fan favorite and friend of the show, delved into a controversial topic: whether the Bank of Canada manipulated interest rates to keep Justin Trudeau in power.
This wide-ranging conversation sheds light on the potential manipulation of economic indicators for political gains, raising concerns about the integrity of the country's central bank.
The interview began with the pair discussing the primary role of the Bank of Canada, which is to set interest rates that stimulate economic growth while keeping inflation in check. Montenegrino highlighted the Bank's contradictory statements regarding interest rates. The governor, Tiff Macklem, initially assured Canadians that interest rates would remain low for an extended period, encouraging them to take on mortgages and loans.
However, shortly after the election, Macklem altered his stance, indicating that interest rates would rise above the levels people had grown accustomed to.
Montenegrino argued that these actions betrayed the trust of Canadians. Many individuals had made significant financial decisions based on the governor's initial statement, assuming that interest rates would remain low for at least five years.
However, just months after the election, inflation skyrocketed, and interest rates rose abruptly. Montenegrino questioned why the Bank of Canada did not adjust interest rates sooner, considering the clear factors driving inflation, such as government spending, supply chain disruptions, pent-up demand, and the artificially low interest rates.
The graph provided by Montenegrino illustrated the alarming increase in inflation following the election. Interest rates remained at near-zero levels, even though inflation breached the target of 2%.
Ezra added that government spending and deliberate measures to increase energy and food costs, such as carbon taxes, further exacerbated the inflationary pressures faced by Canadians.
These actions seemed counterintuitive, as they disproportionately burdened individuals already struggling with the rising cost of living.
During the interview, the pair expressed their concerns about the government's motives behind such policies.
Montenegrino suggested that the deliberate inflation and increased costs were part of a larger plan, possibly involving rationing and control. Ezra expressed bewilderment at these measures, questioning the logic behind making energy and food more expensive while claiming to combat climate change.
The discussion raises valid concerns about the Bank of Canada's integrity and its role as an independent institution.