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Climate change programs threaten to shrink economy

“Our actions to mitigate climate change will lead to massively restructuring global economies, everybody’s economy,” said Toni Gravelle, deputy governor of the Bank of Canada.

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Canada’s economy is set to “shrink significantly” with the introduction of climate change programs, warns Toni Gravelle, deputy governor of the Bank of Canada (BoC.)

Gravelle predicts “sharp declines” in whole economic sectors, but did not indicate an estimate of job losses, said Blacklock’s Reporter.

“Our actions to mitigate climate change will lead to massively restructuring global economies, everybody’s economy,” said Gravelle.

“You’ll see certain sectors shrink in terms of, particularly emission-sensitive sectors shrink significantly, in terms of economic presence as time goes on.”

In a videoconference with Toronto executives, Gravelle said by year-end, the BoC plans to release data on “the 10 most carbon-intensive sectors” and the impacts climate change programs will have on the Canadian economy.

“We’re going to release in relatively fine detail the data underlying the scenarios themselves, the sectoral impacts, the negative income impacts by sector as well, so that financial institutions can grab that and, reading the technical documents, should hopefully be better able to do their own risk assessment,” said Gravelle.

Gravelle points to the necessary restructuring that happened over time in hi-tech as an example.

“The restructuring we’ll see as a result of us trying to mitigate climate change is going to be that, but on steroids in terms of economic restructuring,” said Gravelle.

“Society’s effort to mitigate the fiscal risks related to climate change will also generate another kind of risk — transition risk — which is the risk that certain parts of the economy will shrink … and asset values across the financial system could be subject to sharp declines in valuation which might generate credit and market losses, and it might increase the stress on the financial system.”

Federal departments and the BoC have yet to detail expected job losses due to climate change programs.

In an October 27 videoconference with a Canadian Chamber of Commerce, Finance Minister Chrystia Freeland compared the impending economic disruption from the shift away from fossil fuels to that of Great Britain’s agriculture economy in the 19th century Industrial Revolution.

“None of us can understate the magnitude of the transition that the global economy is beginning now when it comes to moving from using fossil fuel energy to renewable energy,” said Freeland.

“It is going to take so much hard work from all of us.”

Melanie Risdon is a reporter with the Western Standard
mrisdon@westernstandardonline.com

Melanie Risdon is a Calgary-based Reporter for the Western Standard. She has over 20 years experience in media at Global News, Rogers and Corus. mrisdon@westernstandardonline.com

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6 Comments

6 Comments

  1. Left Coast

    November 5, 2021 at 8:47 am

    “None of us can understate the magnitude of the transition that the global economy is beginning now when it comes to moving from using fossil fuel energy to renewable energy,” said Freeland. LOL

    Especially Freeland, the woman is almost a clueless as Justin!

    No where on the Planet has “Renewable Energy” been successful . . . not in California, not in Germany and certainly not in Britain. There is NOTHING today that can replace Gas & Oil tomorrow, next Week or in the next Decade or two. One day something will come along but it certainly will not be Windmills and Toxic Solar Panels.

    The entire AGW mantra was conceived in the Corrupt UN as a way to Transfer Wealth from the 1st World to the 3rd World and of course Control the Sheeple.

  2. Deb

    November 5, 2021 at 7:49 am

    The actions of our Prime Minister in the last while indicate global alliance to the The UN Agenda and The World Economic Forum. I knew if he got elected things would escalate. https://sagaciousnewsnetwork.net/un-agenda-2030-the-true-orwellian-nightmare/

  3. Eldon

    November 4, 2021 at 9:13 pm

    I believe it’s time for Canada’s military to take control of these out of control globalists.
    Trudeau must be removed from power. Along with every premier that is going along with the treasonous NWO agenda.

  4. Left Coast

    November 4, 2021 at 5:00 pm

    Anyone who is such a shallow thinker & believes 30 odd Million Dumb Canooks can change the weather by Freezing in the Dark need to be confined to a Mental Institution now!

    This is a One Way Ticket to VENEZUELA . . .

  5. Declan Carroll

    November 4, 2021 at 4:15 pm

    Looks like we will all be fleeing to China Russia or the Red States as Canada, Europe and the Blue States economies completely implode. Reminds me of the Soviet Block in 1990 and watching the bread lines on TV as their society was crumbling all around them.

  6. Peter No

    November 4, 2021 at 12:43 pm

    Our elected and re-elected officials openly conspiring to destroy Canadian economy, freeze and starve millions of people. I don’t see any protests on the streets, so majority of Canadians are OK with these bunch of petty nazis?

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Home prices soaring from coast to coast

Figures showed “the average family must spend two-thirds of their gross income on monthly payments for the average home in Toronto or Vancouver,” he said

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Shhhh! Don’t tell the Liberals, they may want to tax it.

Six cities across the country saw house price gains averaging at or near six figures last year, Canadian Real Estate Association data showed on Monday.

Blacklock’s Reporter said members of the Commons finance committee reviewed the figures with Canada’s chief statistician.

“Housing inflation is homegrown,” said Conservative MP Pierre Poilievre (Carleton, Ont.).

Figures showed “the average family must spend two-thirds of their gross income on monthly payments for the average home in Toronto or Vancouver,” he said.

Association data indicated a total 666,995 homes nationwide were sold last year.

“This was a new record by a large margin, surpassing the previous annual record set in 2020 by a little more than 20% and standing 30% above the average of the last 10 years,” said a realtors’ report.

The year-over-year Canadian average home price increased 18% to $713,542 last month.

“There are currently fewer properties listed for sale in Canada than at any point on record,” Shaun Cathcart, senior economist for the Real Estate Association, said in a statement.

“Unfortunately the housing affordability problem facing the country is likely to get worse before it gets better,” said Cathcart.

Figures showed average price gains averaged at or near $100,000 or more in Victoria, Vancouver, Toronto, Ottawa, Montréal and Halifax. Prices were:

  • up 31% or $286,600 to $1,208,000 in Greater Toronto;
  • up 26% or $51,700 to $252,200 in Fredericton;
  • up 24% or $172,400 to $902,700 in Victoria;
  • up 22 % or $89,162 to $490,127 in Halifax;
  • up 21% or $90,900 to $517,800 in Montréal;
  • up 17% or $181,600 to $1,230,200 in Greater Vancouver;
  • up 16% or $91,800 to $661,500 in Ottawa;
  • up 15% or $44,230 to $347,920 in Charlottetown
  • up 12% or $33,600 to $319,600 in Winnipeg;
  • up 12% or $31,700 to $301,800 in Québec City;
  • up 10 percent or $39,800 to $451,200 in Calgary;
  • up 9% or $24,900 to $292,000 in St. John’s;
  • up 6% or $19,800 to $329,000 in Saskatoon;
  • up 6% or $14,500 to $260,500 in Regina;
  • up 4% percent or $13,200 to $336,600 in Edmonton.

“Could you just speak to what the primary causes are right now, this year, to the increase in the price of housing?” Liberal MP Yvan Baker (Etobicoke Centre, Ont.) asked.

“First and foremost is demand,” replied Anil Arora, chief statistician with Statistics Canada.

“We are seeing because of COVID a desire of people to have more open space,” said Arora, adding: “The second is what we see are the interest rates. The mortgage rates are at historic lows.”

Earlier this month, a report done for the CMHC is now recommending the federal government tax home equity.

The report says bringing in a home equity tax would raise $5.83 billion for federal coffers.

It’s something the governing Liberals, including Prime Minister Justin Trudeau, vowed they would never do.

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BoC spokesman: ‘I deny I said what I said’

Management disclosed the blacklist last Friday moments before the start of a routine videoconference for news media.

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They may have said it on a Zoom call, but Bank of Canada managers are now denying they have a media enemies list, says Blacklock’s Reporter.

Bank Governor Tiff Macklem’s director of communications Paul Badertscher in an e-mail denied blacklisting Blacklock’s despite telling a deputy governor in an audio tape: “I do not want to be in a situation where we are allowing Blacklock’s to be asking us. So, yes, that’s where we’re at.”

“The Bank of Canada welcomes all accredited media outlets to its briefing sessions and ensures equal opportunity to ask questions as time permits,” Badertscher wrote in his Monday e-mail.

A deputy bank governor who attended the Zoom call did not comment.

“We have nothing further to add,” said Jeremy Harrison, managing director of communications for Canada’s central bank.

Management disclosed the blacklist last Friday moments before the start of a routine videoconference for news media. Blacklock’s dialed into the Zoom call and began recording the session for note-taking purposes.

Badertscher was overheard explaining to a deputy bank governor that media were given different treatment depending on who they were.

“I know who’s who,” said Badertscher.

“There’s a couple here who I absolutely — I’ll check the list to make sure he’s not listening — absolutely not keen to give questions to. I do not want to be in a situation where we are allowing Blacklock’s to be asking us. So, yes, that’s where we’re at”:

  • Unidentified man: “Paul, I think we have a journalist on the line with us right now.”
  • Badertscher: “We do. I have got to get you to drop. I’ll call you at 10:30, okay?”
  • Unidentified man: “Sure, thanks.”
  • Badertscher: “Thanks man. And I’d ask people, don’t let any, don’t admit people please. Let me do all the admitting, okay? Because I know who’s who.”

Badertscher would not name other outlets blacklisted from questioning Bank of Canada officials.

The blacklist follows repeated statements from cabinet commemorating World Press Freedom Day.

“We recognize how important it is to support our strong, independent media and to encourage journalists to continue to hold those in power, here and all around the world, to account,” Prime Minister Justin Trudeau told the Commons in 2018.

“Independent, fact-based reporting is vital,” Trudeau said in 2019.

“Media play an essential role in defending and advancing the truth,” Finance Minister Chrystia Freeland said in her 2018 World Press Freedom Day observance.

“We remind ourselves that without a free and independent press we all lose.”

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Madu out as justice minister

“I have spoken with Minister Madu about the March 10 incident reported in the media today. I conveyed to him my profound disappointment in his decision to contact the Edmonton Police Chief after receiving a ticket for a traffic violation.”

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Alberta Premier Jason Kenney removed Justice Minister Kaycee Madu from his job after the minister called Edmonton’s police chief about a distracted parking ticket he received.

Madu was fined $300 on March 10, 2021 after an Edmonton police officer caught him talking on his cellphone while driving through a playground zone.

Madu soon phoned Dale McFee, the city’s chief of police, and discussed the ticket with him. 

“Minister Madu did contact me via the telephone concerned about a ticket. But just to be very, very clear, he never asked to get out of the ticket,” McFee told CBC News in December, adding he didn’t know exactly what was on the ticket.

“Everybody has to wear their decisions.”

McFee did say during their discussion, Madu brought up the issue of racial profiling by police to stop drivers. Madu is black.

“The officer indicated that he had observed me driving while distracted, alleging that I was on my phone. I disagreed, stating that I was not on my phone, as it was in an inside pocket” said Madu.

“Later, I spoke to Chief Dale McFee. Due to the timing of the incident, I wanted to ensure that I was not being unlawfully surveilled following the controversy surrounding the Lethbridge Police Service. I also raised concerns around profiling of racial minorities that was in the media at the time.

“Chief McFee assured me that that was most definitely not the case, and I accepted him at his word.”

But that wasn’t good enough for Kenney who, after CBC broke the story, removed Madu from his post because it is “essential the independent administration of justice is maintained.

“I have spoken with Minister Madu about the March 10 incident reported in the media today. I conveyed to him my profound disappointment in his decision to contact the Edmonton Police chief after receiving a ticket for a traffic violation,” Kenney tweeted.

“Minister Madu told me that he did not ask to have the ticket rescinded, nor was it his intention to interfere in the case, and that he promptly paid the ticket. I understand that Chief McFee has confirmed that at no time did the Minister seek to have the ticket rescinded.

“Nevertheless, it’s essential the independent administration of justice is maintained. That’s why I will appoint a respected independent investigator to review the relevant facts and to determine whether there was interference in the administration of justice in this case.”

Energy Minister Sonya Savage will take on the duties of Minister of Justice and Solicitor General.

The scandal will be a blow for Kenney as Madu was one of his biggest supporters in an often fractured caucus.

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