fbpx
Connect with us

Opinion

GEROW: Time to abolish the Bank of Canada

“The rich get richer, the poor become more dependent on the state, and the middle class subsidize the whole process.”

mm

Published

on

According to information being put out by the state-funded and state-owned media, the Canadian economy is roaring back now that lockdowns and restrictions are being lifted. However, many Canadians cannot make sense of this news. How is it with unemployment still high, commercial buildings still shuttered, families still reeling from the negative effects of lockdowns, and consumer prices rising that we have a now supposed booming economy? The answer lies in the deficit spending, debt and money-printing by the Liberal government and the Bank of Canada. In short, it is an inflationary boom that will come with serious consequences. 

Despite what many people think, central banking is not that complicated, nor does it live up to its reputation of cloak and dagger, New World Order conspiracy status. It is simply the mechanism by which governments go further into debt when no one else will lend them money. When the Liberal government wants to borrow money for its latest priorities, it sells securities, which the bank of Canada “prints” (physically or not) to buy in a non-competitive market, keeping interest rates artificially low. This monetary inflation distorts the economy and Canadians are poorer because of it. 

In a free market, a low rate of interest can exist when enough Canadians have forgone spending in the present and have saved and invested for the future. Since most voting Canadians – the middle and working class – cannot afford to save or invest under the Trudeau Liberals, it is in the best interest of politicians to keep interest rates artificially low. The minority of Canadians fall into two other groups. The first are the rich, to whom politicians promise to goose the stock market. The second are those who are too poor to take care of themselves, whom politicians promise welfare state entitlements. Both incentives are meant to replicate a rate of interest in the free market. 

With a real market rate of interest, Canadians would be willing and able to save for themselves and their loved without resort to the welfare state. Likewise, the rich would be able to allocate their resources to the most productive places, rather than relying on over-valued or government subsidized stocks, which also means productive and high paying jobs for regular Canadians. 

Right now, the poor still get their welfare and the rich still get the inflated stock price, but rather than accomplishing it honestly, the Bank of Canada is simply printing more dollars which the middle and working class pay for it through the cost of rising prices. The rich get richer, the poor become more dependent on the state, and the middle class subsidize the whole process.

Of course, it does not make sense; nor is it fair. 

And let us not be confused, a change in government from Liberal to Conservative will likely not make the difference. Historically, Conservatives have not been the frugal stewards of Canada’s fiscal policy that they portray themselves as. Prime Minister R.B. Bennett founded the Bank of Canada. John Diefenbaker had a very public following out with then BoC Governor James Coyne over his refusal to inflate the money supply. Brian Mulroney nearly bankrupted the country with uncontrolled borrowing. The debt even increased under Stephen Harper, although his caucus preferred to sell securities to China rather than use the Bank of Canada. 

Even if the Conservatives happen to spend less money by accident, the mechanism still exists for the federal government to abuse this power. Whoever forms government next can simply keep the printing press going. There is only one surefire way to ensure that politicians to no inflate the money supply for their short-term gain: abolish the Bank of Canada.

Without the Bank of Canada, the federal government would be forced to live within its means like the rest of us. No more putting Canadians further into debt. They would be forced to either tax or borrow from the people who have a direct benefit or loss from their actions, a process of accountability rather than political expediency. Preferably, they could just spend less with much of their borrowing capacity off the table. 

Darcy Gerow is a Columnist for the Western Standard

Continue Reading
9 Comments

9 Comments

  1. Steven

    July 21, 2021 at 10:41 am

    Albertans need to grow a pair and exit this failed federation. Go Wildrose !!

    The Bank of Canada is aligned with other Globalists Banks & here is a quip from a CBC article showing a former Bank of Canada, Mark Carney, is fully involved in bringing together these banks to accelerate the transition to net-zero carbon emissions. While the rest of the world outside these banks spear of influence continue to pollute unabated.

    “Carney is the UN special envoy on climate action and finance and also chairs the Glasgow Financial Alliance for Net Zero, which aims to bring together banks and asset management firms worldwide to accelerate the transition to net-zero carbon emissions.”

    One thing to remember with net-zero emissions and cap & trade is that the wealthy elites & governments will play the cap & trade card to their benefits. Meaning, those who can pay to play will keep on with their lavish carbon intensive lifestyles while the people who are without means will have reduced mobility & essentially we will be living in a tightly controlled socialist environmental nightmare.

    These Globalists have a plan & it isn’t about freedom, it’s about control.

  2. Baron Not Baron

    July 15, 2021 at 6:56 pm

    Alberta must be independent, leave this hell-hole and re-create itself, without these mechanisms in place!

  3. Mars Hill

    July 14, 2021 at 10:55 pm

  4. James Taylor

    July 11, 2021 at 10:39 am

    This article is part way there. The only way to abolish entrenched Federal Institutions is to abolish the Federation entirely.
    The statement “Abolish the Bank of Canada” will never happen while the remaining institutions remain intact. They must all go. It will only take one provincial secession to begin the process.

  5. Left Coast

    July 11, 2021 at 9:03 am

    Canada’s GDP collapsed in the summer of 2019 . . .

    Most of the recent new Jobs were actually Part Time . . .

    Trudope has added almost 1 Trillion dollars to Canada’s debt since 2015 . . .

    Remember when . . . .
    World’s Richest Middle Class . . . NY Times
    World’s Best Reputation . . . Reputation Institute
    Best Wage Growth in G7 Nations . . . 2007-2012
    Best Oilfield Salaries in the World . . .
    Best Oilfield Enviro Regs in the World . . . Harvard Bus School
    Best Country to do Business . . . . Forbes
    World’s Best Debt to GDP Ratio , . . OECD

    ALL of that is in the REAR VIEW Mirror today Canada . . . .

  6. Tony

    July 10, 2021 at 8:49 pm

    Fiat currency debasement is the source of many (or most) societal ills. Thank you for writing about this very overlooked subject. See the work of the Austrian School economists who have extensively described the ruin caused by all of this. Check out mises.org for starters.

  7. Andrew

    July 10, 2021 at 6:17 pm

    Albertans will when we leave the country.

  8. Seven-Zero-One

    July 10, 2021 at 3:44 pm

    The foundation of Canada is based on taking from West and Subsidizing East in order to maintain social peace.If u r subsidizing since 1957 Atlantic Province’s and u still have 12 unemployment.You are economically clueless” As long Alberta & Albertans are around. The rest of the country has nothing to worry about. Alberta needs to collect our own taxes.🌹Wildrose will do it🌹In order to end this financial robbery!

  9. d.r.cmolloy@gmail.com

    July 10, 2021 at 3:27 pm

    all those people who gets their information from CBC or CTV has the same mindset sparked by [ need to know only] If you want accurate info you have to pay for it. The liberals fill the right pockets for the info you see. Getting rid of the bank of Canada has the chance to Mae government live with in their means. wake up Canada!!!

You must be logged in to post a comment Login

Leave a Reply

Opinion

MORGAN: It’s time for municipal political parties in Alberta

Conservatives had an opportunity to get a slate of small-government representatives into office and we blew it.

mm

Published

on

The union-backed coalition of candidates in Calgary’s civic election decisively won the day. With 27 candidates running for mayor and nearly 100 candidates vying for one of 14 council seats, it was a bewildering mix of candidates for voters to choose from.

Only one candidate out of all of the races won with more than 50% of the vote. In Ward 7, the vote was so diluted, Terry Wong won the seat with only 25% support. Union endorsed candidates took nine out of 15 spots, including the mayoral chair.

The 2021 municipal election offered the largest turnover of elected positions we have seen at city hall in a generation. Conservatives had an opportunity to get a slate of small-government representatives into office and we blew it. Rather than gripe about how the union coalition took city hall, we need to learn from it. If we don’t change how we approach civic elections, left-progressives will keep winning them.

Some people have been scratching their heads over why Calgary votes so conservatively federally and provincially while so progressively when it comes to their municipal elections. The difference is the party system. Conservatives need to form a municipal political party if they want to displace the union-progressive bloc dominating Calgary’s municipal government.

Progressives may be ideologically delusional, but they aren’t stupid. They know they won’t win as many municipal seats if they actually run on a left-wing platform. They run right and govern left. Once they are in office, they can rely on incumbency and an apathetic electorate in order to retain their seats. They don’t need a large number of voters in order to keep their seats, they can simply let conservatives keep splitting the vote in future elections. That tactic kept Druh Farrell in office for 20 years despite her only winning over 50% of the vote once.

A political party will solve many of the issues leading to the chronic defeat of conservative candidates in Calgary and to some extent, Edmonton.

A political party provides for a nomination system. Prospective candidates are vetted by members in a race for the right to run. This helps expose any past scandals or other issues making candidates inappropriate for office before election time. Nomination scrutiny will test conservative credentials. It is tough for progressive candidates to slide through party scrutiny. Some contenders for office may have fantastic resumes, but be terrible campaigners or fundraisers. A nomination is a dry run and the best prospective candidates will usually rise to the top.

The vote-splitting issue will be mitigated by a single party endorsing only one candidate per ward and for the mayor. There will surely be other conservative candidates running in every race — as is their right — but when name recognition is so difficult to attain in civic politics, they won’t be able to garner more profile than a party-endorsed candidate. There were multiple progressive candidates in many of the races in the last election, but none of them outperformed the union endorsed ones with the lone exception Richard Pootmans. Again, we need to learn from them.

A political party can provide the organization and training independent candidates lack. Some conservative candidates may have had excellent credentials but simply couldn’t put a cohesive campaign team together. A candidate may have a fantastic policy set but had never actually written a press release before. Campaigning is a unique set of skills. Parties provide standardized and shared campaign training to their candidates and volunteers. A party provides a support system and it allows the candidates to focus on important elements of their campaign without getting mired in electoral details party volunteers can handle.

A party can provide uniform branding for its candidates and offer a centralized advertising strategy. The union PAC in the last election had nearly two million dollars to spend on advertising for their chosen candidates. We can’t pretend the union spending didn’t make a difference on those races. A party can advertise the brand while all of their endorsed candidates benefit. TV advertising is a huge expense and is of little benefit to individual candidates for councilor. If the advertising is focused on a shared brand through a party though, it can benefit every party candidate. Only through strong and consistent advertising will candidates be able to defeat incumbents relying on name recognition.

Funds can’t be directly given to candidates by a party but there would be great cost savings in being part of a party. Candidates will be able to get together on orders for sign and literature printing which will bring the costs down tremendously due to the scale of the orders. Campaign office space could be potentially shared and many other cost-saving collaborations between candidates can happen as they work together under one banner.

There could be pitfalls with a political party as well of course. A new party would have to ensure it’s not tied in any way to federal or provincial parties. We’ve already seen how toxic branding from other levels of government can impact elections on other levels.

In bringing a slate together under one brand, not only could all candidates rise with the party, they could fall with it. If there are party missteps or candidate scandals, it could drag down every candidate in the party.

Candidates will also have to ensure they will be beholden to their constituents first and the party second. Importantly, candidates elected to council under a party banner should be free to vote however they choose, with no party whip standing over them. It can be a fine line to walk, but it has to be done. Local government is important and electors don’t want to think their representatives won’t have the ability to use discretion on issues not gelling with the party as a whole.

The only thing worse than an official political party in an election is an unofficial political party. Public service unions have created an unofficial party and it won Calgary’s civic election. If we want to change the status-quo, we will have to change the way we have been playing the game. We need a conservative party to contest the next civic election in Calgary and we need to get on organizing it soon. Otherwise, we will continue spinning our wheels while progressive councilors trot into re-election with ease.

Cory Morgan is the Alberta Political Columnist for the Western Standard and Host of the Cory Morgan Show

Continue Reading

Opinion

FILDEBRANDT: The unions bought city hall

It’s a clean sweep that puts Calgary on a course for a more interventionist government for at least the next four years and, with Calgary’s tendency to re-elect municipal incumbents in perpetuity, potentially much longer.

mm

Published

on

Jyoti Gondek is Calgary’s new mayor-elect. She largely represents a continuation of Naheed Nenshi’s purple reign that has led the city’s council and government since 2010, although there are hopeful signs that personality-wise she has less of the outgoing mayor’s Jupiter-sized ego and petulance.

Gondek’s victory means not only that Jeromy Farkas will not be the mayor, but he will no longer continue in his role as the unofficial leader of the opposition on council. The size of the conservative bloc on council may end up relatively similar to its pre-election makeup, but it’s influence will be much diminished.

In addition to Farkas, the conservative bloc lost Joe Magliocca, and while Sean Chu won the day, his scandal involving a minor in 1997 continues to deepen. CTV is reporting salacious new details that could make his continued position untenable. Chu denied the allegations in an exclusive interview with the Western Standard, but more evidence will need to be produced one way or another to determine who’s telling the truth. The jury is still very much out on this one.

Adding to the conservative bloc is Terry Wong, who replaced one of the most stridently leftist members of council, Druh Farrell, as well as Dan McLean, who unseated weather vane incumbent Diane Colley-Urquhart.

Centre-right former councillor Andre Chabot also returns to council, as does the swing vote Peter Demong (who was the only incumbent with no union candidate against him).

Taken together, the conservative bloc will likely be made up of four councillors — if Chu can hang on. If they can sway Demong, they can make up five votes, soaking wet, well short of the eight votes needed to win a majority on any given issue.

The union super-PAC (political action committee) Calgary’s Future swept the table. Their candidates took the mayor’s chair, and eight council seats, although their leftist bloc will likely be joined by the non-union endorsed Richard Pootmans. That brings the union-progressive bloc to 10 votes.

Ten union-progressives, four conservatives, and one swing. It’s a clean sweep that puts Calgary on a course for a more interventionist government for at least the next four years and, with Calgary’s tendency to re-elect municipal incumbents in perpetuity, potentially much longer.

Could Farkas have won?

It’s always an error to add up the votes of the “also ran” candidates and add them to the total of the runner up as if a party or candidate has any kind of ownership over them, but let’s just do it for the sake of the hypotheticals.

Since well before the official campaign period kicked off, Jeromy Farkas was the clear conservative standard bearer for the mayor’s chair. He led the conservative bloc on council, sometimes as a vote of one on more controversial issues. He led every poll in the race until the very end, and other centre-right(ish) candidates never came close to catching him. On election night, he polled 30% of the vote to Gondek’s 45%.

Jeff Davidson ran in the mould of a business conservative, promising a more enterprise-friendly environment, but not going to war with the city’s administration. The card-carrying Conservative polled a respectable 13% on election night.

Similarly, Brad Field ran a semi-conservative, business-friendly campaign, pulling down 5% of the vote.

Together, the 18% of the vote earned by these two candidates could theoretically have put Farkas over the top. Of course, that’s bad math. Just as federal Tories have no right to votes of the PPC, or the federal Liberals have no right to the votes of the NDP or Greens, Farkas has no inherent right to the votes of Davidson and Field. The only people with a right to someone’s vote, are voters themselves.

But it is worth asking why there were three credible centre-to-right candidates on the ballot, but only one credible left-progressive. In the absence of a municipal party system, big-money PACs have filled the void, effectively picking candidates with their war chest. On the union-progressive side, Calgary’s Future had an incredible $1.7 million to spend on its slate, effectively clearing the field of nuisance progressive candidates for clear front-runners to emerge for the mayor’s chair, and in most of the wards. Progressives like former federal Liberal cabinet minister Kent Hehr saw the writing on the wall soon after he declared. This effectively consolidated the vote behind a single candidate, allowing them to stand out from the pack, and in 10 of 14 races, win.

The conservative side of the fight was much less clean cut. There was no single, dominating super-PAC able to effectively bankroll a slate of candidates and clear the field. Until very late in the game, big business and the conservative establishment were hesitant to get behind Farkas. He may have been a conservative, but he was not their man. Farkas was a libertarian who hailed from the old Wildrose Party, and a protégé of Preston Manning. He opposed major corporate welfare projects often supported by much of the business community. They tended to prefer more moderate conservatives less likely to throw a hand grenade into the council chamber.

But Farkas had built up enough public profile and locked in a solid base of support before the conservative establishment could anoint their own candidate. As reported in a Western Standard exclusive one year ago, a party insider said Alberta Premier Jason Kenney himself was on the hunt for a more amenable conservative mayoral candidate, who’s name was not Jeromy Farkas.

The usual Tory establishment voices pleading for “unity” and to not “split the vote” were seldom to be heard beseeching Davidson and Field to get behind Farkas.

The outsized role of union money in the campaign is curious, not so much because they tried (and succeeded) in buying a majority on council to sign their contracts, but because it was allowed to happen at all.

The Alberta UCP government introduced stiff new legislation curtailing the ability of unions to collect money from their members for use in political purposes without their direct consent. The legislation would require that unions bosses obtain the sign-off of individual union members to opt-in to using their dues for political activity, rather than just spending it without their consent, as is historically been the case.

Most curiously, Kenney never proclaimed the legislation into law, even though it has long passed all stages of the Legislative Assembly. The union bosses took note, and raised more money than ever for their candidates.

In the place of political parties running our civic elections, Calgarians have woken up to a council bought and paid for by the government unions.

Who’s to blame is a debate that needs to be had in earnest.

Derek Fildebrandt is Publisher of the Western Standard

Continue Reading

Opinion

SLOBODIAN: Manitoba cabinet ministers are maskless belles of the ball as pastor arrested

Is this like one of those cases where the criminal is crying to get caught?

mm

Published

on

In a photo that surfaced on social media, Manitoba’s Health Minister Audrey Gordon looked lovely all dressed up for the ball. 

But something was missing in that photo snapped at Winnipeg Art Gallery’s annual fundraising gala held last weekend.

Pretty dress. Check! Earrings. Check! Big happy smile. Check! 

Hold on…big happy smile? Uh-oh. No mask.

Who was that other unmasked woman standing to her far right at the indoor public event? Why, it was none other than Minister of Families Rochelle Squires. 

And the other one? Minister of Sport, Culture, and Heritage Cathy Cox, also sans mask.

The damning photo outing them for violating a COVID mandate — masks must be worn at indoor public events — dictated by their PC party, was posted to Squires’ Instagram page. 

Is this like one of those cases where the criminal is crying to get caught?

Of course, after catching flak for the mask faux pas, the ministers were filled with remorse for violating one of the harsh mandates inflicted on other Manitobans, some of whom don’t get to go to work, never mind fancy balls.

Apparently, they were at the table, maybe munching on cake, when someone hollered something like “photo time.”

“I got up and joined the group in the photo, neglecting to wear my mask. It’s unfortunate and it was wrong, and it should not have happened and for that, I deeply apologize,” said Gordon. “I do believe as minister of health, I should be held to a higher standard, and I have always upheld that standard.”

Gordon said she’d “gladly” pay a fine should one be issued. 

Chances are zip of a motorcade of police and health officers showing up — like they do for other mandate violators — to hand the ministers hefty tickets.

The law’s too busy hunting down other delinquents. And they’ll be doing that for some time. It’s still too risky to wander around not wearing masks and such, says the province.

In fact, the gala barely wrapped up when Chief Provincial Public Health Officer Dr. Brent Roussin told Manitobans they’ll likely have to endure tough COVID-19 restrictions in place well into spring.

Hours later a Manitoba pastor was arrested for violation of health orders.

Tobias Tissen, minister at the Church of God Restoration in Steinbach, was picked up Monday night on an arrest warrant issued during the summer for defying health orders. 

“Tobias will be kept in custody overnight and is scheduled to appear before a magistrate tomorrow where he will most likely be asked to sign conditions to obtain his release,” it said on a Twitter account in his name.

Tissen and the church have been slapped with several fines for violating in-person gatherings.

If Tissen had just gone to the ball instead of standing in the pulpit trying to save souls, he wouldn’t have landed behind bars.

Meanwhile, the day before the ball Gordon met with health officials in the province’s southern region. They had to figure out a plan for looking after seniors at care homes in case of staff shortages when Monday’s vaccination deadline for frontline workers arrived. 

Whether Gordon wore a mask at the meeting remains unknown. 

Two personal care homes scrambled last week to alert families they might have to come in and care for their loved ones or take them home, as part of a worst-case scenario contingency plan when unvaccinated workers were shut out and suspended without pay.

Family members were told only days before they might be called upon to do laundry, brush teeth, feed, dress, and clean their elderly relatives in care at Salem Home in Winkler, and Taber Home in Morden.

Apparently staffing levels at these homes were fine the first day of the crackdown. Things may change when more unvaccinated workers can’t work shifts. 

However, the province said 30 health care workers were sent home for not being vaccinated and refusing to comply with COVID-19 testing. Expect that number to rise. More than 1,800 health workers have refused the jab based on religious, medical, or freedom of choice concerns.

No one should begrudge ministers Gordon, Squires and Cox for wanting to doll up and head out on the town. People need to have a little fun.

People need their jobs, too.

People need the right to freedom of choice. 

You don’t get to violate provincial orders when others are punished by being thrown in jail or forced to choose between a paycheck and being injected with a vaccine they oppose.

The ministers are really, very sorry for not wearing masks. They apologized. Their remorse is misplaced. Perhaps they should reflect more on the lives the province is callously messing with, instead of what they didn’t wear at the ball.

Slobodian is the Senior Manitoba Columnist for the Western Standard
lslobodian@westernstandardonline.com

Continue Reading

Recent Posts

Recent Comments

Share

Petition: No Media Bailouts

We the undersigned call on the Canadian government to immediately cease all payouts to media companies.

563 signatures

No Media Bailouts

The fourth estate is critical to a functioning democracy in holding the government to account. An objective media can't maintain editorial integrity when it accepts money from a government we expect it to be critical of.

We the undersigned call on the Canadian government to immediately cease all payouts to media companies.

**your signature**



The Western Standard will never accept government bailout money. By becoming a Western Standard member, you are supporting government bailout-free and proudly western media that is on your side. With your support, we can give Westerners a voice that doesn\'t need taxpayers money.

Share this with your friends:

Trending

Copyright © Western Standard New Media Corp.