Juno News - August 19, 2021


Money policy is your job, Justin!

Topics
money policy mandate Trudeau debt monetary policy inflation Trudeau
Mentioned
Justin Trudeau Pierre Poilievre
The issues that actually matter to Canadians this election Canadians can’t trust the CBC

Episode Stats


Length

7 minutes

Words per minute

187.34

Word count

1,326

Sentence count

93

Harmful content

Toxicity

13

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

Justin Trudeau admits that he doesn t think about money, he doesn't think about policy, and he isn't doing his job. Candice Malcolm explains why this is a huge mistake, and why it could have a big impact on Canada's economy.

Transcript

Transcript generated with Whisper (turbo).
Toxicity classifications generated with s-nlp/roberta_toxicity_classifier .
Topics generated with Qwen2.5-3B-Instruct.
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
00:00:00.040 Justin Trudeau admits that he doesn't understand money, he doesn't think about policy, and he isn't doing his job.
00:00:05.840 I'm Candice Malcolm and this is The Candice Malcolm Show.
00:00:12.440 Hi everyone, thanks for tuning in.
00:00:14.280 Now if you've been anywhere near social media lately, you've probably seen this clip of Liberal leader Justin Trudeau
00:00:19.160 smugly shrugging off a question about inflation and admitting that he just doesn't think about monetary policy.
00:00:24.720 Here's that clip.
00:00:25.420 You mentioned the Bank of Canada's mandate.
00:00:27.580 That mandate is actually expiring at the end of this year.
00:00:31.480 If re-elected, it's probably the review or the extension of the mandate is probably the first big economic policy decision you'd make after the election.
00:00:41.260 There's some talk of allowing the Bank of Canada to make some tweaks to the mandate to give it a little bit more flexibility to tolerate higher inflation
00:00:49.200 so it could help stimulate the economy a little bit more in this very difficult time.
00:00:55.320 Do you have a position on the mandate?
00:00:57.760 Would you support a slightly higher tolerance for inflation?
00:01:01.740 I don't know.
00:01:02.060 When I think about the biggest, most important economic policy this government, if re-elected, would move forward,
00:01:08.880 you'll forgive me if I don't think about monetary policy.
00:01:11.520 He doesn't think about money.
00:01:12.600 But of course we already knew that.
00:01:13.940 This is a guy who has racked up hundreds of billions of dollars in debt in the last five years.
00:01:19.560 Thanks in large part to Justin Trudeau, who doesn't think about money apparently, Canada's debt has now surpassed $1 trillion.
00:01:26.160 That's a million million dollars.
00:01:27.920 As of this morning, Canada's national debt is $1,138,864,000,000.
00:01:36.640 By 2025, it is expected to be $1.6 trillion.
00:01:41.060 The individual share per Canadian of that debt is $30,000.
00:01:45.580 And just keep in mind that that's only your share of the federal debt.
00:01:49.260 You also owe a heck of a lot more in provincial debt.
00:01:52.460 Now, the first clip I showed you, I will admit, is just the beginning of the clip.
00:01:56.680 There's more context, and I'm going to show you the full clip.
00:01:58.740 But that one is the one that is making the rounds on social media.
00:02:01.580 It is particularly damning to Justin Trudeau.
00:02:03.900 So I wanted to show you that so that you have a little bit more context.
00:02:06.840 But honestly, I'm not sure it's much better.
00:02:08.680 Here is that full clip.
00:02:10.100 I don't know.
00:02:10.400 When I think about the biggest, most important economic policy this government, if re-elected, would move forward,
00:02:17.240 you'll forgive me if I don't think about monetary policy.
00:02:20.120 You'll understand that I think about families.
00:02:22.100 When we first got elected in 2015, the very first thing we did was raise taxes on the wealthiest 1% so we could lower them for the middle class.
00:02:30.180 So he doesn't think about money.
00:02:31.820 And that's because he'd rather think about families and, in particular, how to raise taxes on successful Canadians.
00:02:37.080 Now, I'm sure that last bit of the line there is in response to the NDP's platform, which was just released.
00:02:43.400 And it is chock full of tax increases on what the NDP calls ultra-wealthy Canadians. 0.88
00:02:48.300 But back to Trudeau and his silly gaffe. 0.73
00:02:51.040 Trudeau is the Prime Minister of Canada.
00:02:53.320 It is literally his job to think about the fiscal policy of this country.
00:02:58.900 And this is especially true because his government has turned on the taps of spending,
00:03:03.340 and in large part, that spending has been funded through the printing of money.
00:03:07.360 So what is monetary policy and why is it important?
00:03:09.520 Let me give you a very quick lesson on sound money.
00:03:12.160 Canada has its own currency, and therefore we have a central bank.
00:03:15.380 That is the Bank of Canada, our government's bank.
00:03:17.320 A central bank controls the money supply.
00:03:19.940 It determines how much money will be printed and what the corresponding interest rates in the country will be.
00:03:25.020 The bank operates at arm's length from the Trudeau government,
00:03:28.120 but the Prime Minister works with the Bank of Canada to set its inflation rate.
00:03:31.940 This happens every five years and is up for renewal this year,
00:03:35.080 meaning that if Trudeau is re-elected, he will have to think about monetary policy at least a little bit.
00:03:39.940 The Bank of Canada, in part, funded the enormous spending spree the government went on
00:03:43.740 in order to keep the economy afloat during the pandemic.
00:03:46.360 They printed money.
00:03:48.240 Lots and lots of money.
00:03:49.920 And Economics 101 tells us that when you have more of something, it's worth less.
00:03:54.000 The more money that is printed, the less value it holds.
00:03:56.780 That's why inflation is up.
00:03:58.280 Way up.
00:03:59.100 Statistics Canada's recent report showed that inflation is up 3.7% in July.
00:04:04.260 The Bank of Canada aims to keep inflation at around 2%,
00:04:06.780 so that is nearly double what our target is.
00:04:09.200 And it's the fourth month in a row that it's been over 2%.
00:04:12.280 So how does this impact Canadians?
00:04:14.440 Well, it means the cost of everything is getting more expensive.
00:04:17.520 It's part of the reason why housing prices are up.
00:04:19.840 It's part of the reason why everything you buy, including food, gas, clothing, you name it, it costs more.
00:04:25.500 Here are a few highlights from that Statistics Canada report.
00:04:28.020 So gasoline prices have risen 30.9% since last July.
00:04:32.540 The cost of owning a home rose 13.8% from last year, which is the sharpest increase since October 1987.
00:04:40.080 Wow.
00:04:40.740 The cost of food is up 1.7% from last year.
00:04:44.360 Food at a restaurant is up 3.1%.
00:04:46.560 And the cost of owning a car rose 5.5% from last year.
00:04:51.040 And here is a nifty little ad that the Conservative Party put out
00:04:55.520 pointing to how this monetary policy and inflation will hit you at the grocery store.
00:05:01.200 Alongside this ad, popular Conservative MP Pierre Polyev has been following this topic for months
00:05:22.720 and he's been ringing the alarm bell about the risks of printing money, risks of inflation, and how it will impact Canadian families.
00:05:29.420 Now perhaps this is why the media have mostly ignored Justin Trudeau's gaffe.
00:05:34.100 They don't want Canadians to see how arrogant and how clueless he is or how strongly Conservatives have been on this issue.
00:05:40.240 In fact, the only coverage outside of us here at tnc.news that I saw on this gaffe was in Bloomberg, which is the financial news outlet.
00:05:48.120 And this headline just made me shake my head.
00:05:49.840 Here's the headline.
00:05:50.580 It reads,
00:05:51.180 Tories pounce after Trudeau says monetary policy not a priority.
00:05:54.600 Well, at least they covered it and at least they made the important point that the Bank of Canada sets inflation rate every five years
00:06:00.720 and it's up for renewal this year.
00:06:02.480 And of course, they let Canadians know that Trudeau said that he just doesn't think about money, doesn't think about monetary policy. 1.00
00:06:07.900 But as you can see from the headline, the story isn't about Trudeau's stupid comment. 1.00
00:06:11.800 It's about those mean, awful Tories and how they're pouncing. 1.00
00:06:15.520 Now, I've made this point on the podcast before, but this is a dirty little trick in the media in the way that they cover the news. 0.90
00:06:20.860 It shows their bias and it makes it clear who they are cheering for. 1.00
00:06:25.380 When the Conservatives do something bad or the Tory leader says something stupid, the headline is Conservatives do something bad or Tory leader says something stupid. 1.00
00:06:33.420 But, but when the Liberals do something wrong or the leader says something stupid, the headline switches and it turns back to the Conservatives saying Conservatives pounce. 1.00
00:06:43.900 Those mean, angry Conservatives are pouncing. 0.99
00:06:46.100 They're attacking poor Trudeau just because monetary policy isn't his priority.
00:06:50.060 So, no matter what happens, the Conservatives are painted negatively and the Liberals are still painted positively.
00:06:55.440 That's exactly what we've come to expect here in Canada. 0.99
00:06:58.560 Justin Trudeau is a fool and the legacy media is trying to hide that from you. 0.99
00:07:02.780 I'm Candice Malcolm and this is The Candice Malcolm Show. 1.00