Last night on The Ezra Levant Show, Ezra was joined by Franco Terrazzano, Federal Director of the Canadian Taxpayers Federation.
Ezra asked Franco to explain to viewers that the Bank of Canada doesn't function like a regular bank for mortgages or deposits. Instead, its primary role is to manage monetary policy, which involves controlling the money supply and regulating interest rates while providing loans to major banks.
"That's right," Franco answered. "The Bank of Canada is our central bank. It's a Federal Crown Corporation, and it has one job; keep inflation low at around 2%. Now everyone knows that they failed at their one and only job. Even they know that they failed at their one and only job inflation last year reached a 40 year high."
80 executives at the Bank of Canada took home a bonus last year for a total of $3.5 million.
Canadians are losing sleep at night, worried about losing their homes, worried about their credit card bills, you know, even worried about whether or not they're going to be able to afford good food for their families and you have these executives at the Bank of Canada who aren't even worried about missing a bonus, folks.
The average bonus last year for their executives, more than $43,000.
Ezra added that he can understand bonuses on Wall Street or Bay Street for stock market traders who do big deals and make a lot of money, but this is not that.
He added that this is really a public utility, and actually, there is only one thing they should have done in the last few years, which is to say to Justin Trudeau, 'no, sorry, we're not going to print hundreds of billions of dollars more money for you to spend on your crazy programs.'
"So Tiff Macklem, the head of the Bank of Canada, instead of saying to Trudeau, 'Whoa, whoa, whoa,' you just want us to increase the money supply by printing more money for you to spend. That's going to cause everyone else's money to lose value. That's going to cause prices to go up. We can't do that," said Ezra.
"He said yes to Trudeau. He couldn't stand up to Trudeau. And and and he's giving himself an 82 of his colleagues. I don't even know what 82 people would be doing in the Bank of Canada. And these are executives, 82 executives. What are they doing all day besides playing solitaire on their computer or something?"
"There's a few different reasons why inflation reached a 40 year high," Franco concluded. Carbon tax, that's a reason. But make no mistake about it, folks. The key reason driving up the prices that you pay was the more than $300 billion that the Bank of Canada printed out of thin air. Largely to finance the federal government's massive deficit spending."