Manny Montenegrino comments on Bank of Canada governor’s drastic change of interest rates

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This is just an excerpt from The Ezra Levant Show. To see new, ad-free episodes, which air Monday - Friday @ 8 p.m. ET | 6 p.m. MT, become a subscriber to RebelNews+. This episode originally aired on July 3, 2023.

On last night’s episode of The Ezra Levant Show, Ezra was joined by Manny Montenegrino to discuss whether the Bank of Canada manipulated interest rates to keep Justin Trudeau in power.

Ezra began by explaining what the Bank of Canada does:

Well, their number one job I suppose is to set interest rates low enough and encourages people to borrow to expand their businesses, to buy homes, that motivates people to stop renting and start owning. But if the economy gets too fast, too hot, then the Bank of Canada can increase interest rates cooling off the economy.

Manny told Ezra how 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. He explained how this happened:

But basically, the Bank of Canada's job is to keep inflation around 2%. That's its primary job. And the biggest tool that we can do that is with interest rates. So it starts with inflation. Now, when the Bank of Canada made that pronouncement after COVID struck that interest rates are gonna be there for a very long time. He knew that the drivers of inflation were in place… yet, he made that statement that he's gonna keep interest rates low for a very long time.

Ezra made a very important point about the timing of the change in interest rates:

When the last election was afoot in late 2021, interest rates were still manageable. Tiff did his job to help get Justin Trudeau reelected, but as soon as Trudeau was reelected, Tiff let go. And that's when interest rates and inflation truly went nuts, didn't they?