Mark Slapinski

00:00:00.000 Oh my, Mark Carney is having a really rough week and it's about to get a lot worse.

00:00:05.180 Today the Governor of the Bank of Canada admitted on live television that Mark Carney is destroying

00:00:09.720 Canada's economy and it's about to get a lot worse. The only solution? To immediately remove

00:00:15.340 Carney from office. Let's take a look at that. Thank you Paul and good morning everyone. I'm

00:00:19.980 very pleased to be here with the Senior Deputy Governor to discuss our monetary policy decision

00:00:25.120 and our outlook for the Canadian economy. Today the bank lowered the policy interest rate a further

00:00:31.280 25 basis points bringing it to two and a quarter percent. This was our second straight cut and

00:00:37.980 reflects ongoing weakness in the economy and contained inflationary pressures. Today we also

00:00:44.260 published our outlook for the Canadian economy. Putting those two things together we have four

00:00:51.360 main messages. First, U.S. tariffs and trade uncertainty have weakened the Canadian economy.

00:00:57.620 We expect very modest growth through the rest of the year with some pickup in 2026. Did you hear

00:01:03.800 that? Tiff Macklem of the Bank of Canada basically admitted that Carney's inability to get a good deal

00:01:09.160 with Donald Trump is hurting the Canadian economy. Second, while this weakness is restraining price

00:01:14.220 increases, the trade conflict is also adding costs for many businesses, putting upward pressure on

00:01:19.700 inflation. We expect these opposing forces to roughly offset, keeping inflation close to the two percent

00:01:26.240 target. And third, to support the economy through this period of adjustment, we have lowered our policy

00:01:33.180 rate by 50 basis points over the last two meetings and by 100 basis points since the start of the year.

00:01:40.920 Finally, the weakness we're seeing in the Canadian economy is more than a cyclical downturn. It's also a

00:01:48.640 structural adjustment. The U.S. trade conflict has diminished Canada's economic prospects.

00:01:55.380 The structural damage caused by tariffs is reducing the productive capacity of the economy

00:02:01.300 and it's adding costs. This limits the ability of monetary policy to boost demand while maintaining

00:02:10.140 low inflation. So let me translate that for you. Our economy is in rough shape and it's all Carney's

00:02:15.680 fault. Put it this way, who promised to get a deal with Donald Trump? Mark Carney. Likewise,

00:02:21.740 who failed to get a deal with Donald Trump? Also, Mark Carney. Now, of course, conservatives knew that

00:02:27.340 Mark Carney was a clown and incompetent all along. The question is, will the liberals take notice? 0.99

00:02:33.240 Will they finally learn that they made a mistake? Now, before we go any further, I noticed I'm being

00:02:37.820 censored on YouTube. If you see this video, give it a quick like, make sure you're still subscribed,

00:02:42.600 and let me know if you saw this part in the comment section. Thanks. All right, let's watch Tiff

00:02:47.520 Macklem give us more bad news about Canada's economy. For the first time since January and the start of

00:02:52.880 the trade conflict, the bank is publishing a baseline outlook for economic growth and inflation rather

00:02:59.240 than alternative scenarios. It's now been more than six months since we have been living with U.S.

00:03:06.300 tariffs. And while U.S. trade policy remains unpredictable, its impacts are becoming clearer.

00:03:12.900 So let me expand on what we're seeing in the economy and how that played into our deliberations.

00:03:19.100 While the global economy has been resilient to the rise in U.S. tariffs and increased uncertainty,

00:03:24.420 the impacts are becoming more evident. Trade relationships are being reconfigured,

00:03:29.980 and uncertainty is dampening investment in many countries. In Canada, the impacts of U.S.

00:03:36.240 trade policy are already clearly evident. GDP contracted 1.6% in the second quarter as tariffs

00:03:43.780 and uncertainty reduced exports and business investment. U.S. trade actions are having severe

00:03:51.120 effects on targeted sectors, including autos, steel, aluminum, and lumber. At the same time,

00:03:57.540 household spending was resilient in the second quarter with strong consumer spending and a pickup

00:04:02.700 in residential investment. The labor market is soft. Employment gains in September followed two months

00:04:10.800 of sizable losses. Job losses have been concentrated in trade-sensitive sectors, and hiring has been weak

00:04:17.980 across the economy. The unemployment rate remained at 7.1% in September, and wage growth has slowed.

00:04:26.320 In the second half of this year, GDP growth is expected to resume but remain weak, averaging only

00:04:34.960 three-quarters of a percent. It should then pick up on a quarterly basis in 2026 as exports and

00:04:42.160 investment recover to average about one and a half percent in 2027. This implies excess supply is only taken

00:04:51.580 up gradually. Even as growth recovers, the entire path for GDP growth is lower than before the shift

00:05:00.720 in U.S. trade policy. By the end of 2026, the level of GDP is about one and a half percent lower than

00:05:07.600 forecast in January. About half this downward revision reflects lost capacity as a result of the trade

00:05:15.100 disruption. The other half is due to weaker demand. CPI inflation was 2.4% in September, slightly higher

00:05:23.960 than the bank had anticipated. The bank's preferred measures of core inflation have been sticky, around

00:05:29.880 3%, but upward momentum has dissipated. Looking at a broader range of indicators, underlying inflation

00:05:37.620 looks to be around 2.5%. The bank expects inflation and pressures to ease in the months ahead,

00:05:44.360 and CPI to remain near 2% over the projection horizon. If the economy evolves roughly in line with the

00:05:53.440 outlook in this monetary policy report, Governing Council sees the current policy rate at about the

00:05:58.920 right level to keep inflation close to 2% while helping the economy adjust through this period of

00:06:07.560 structural change. We will be assessing incoming data carefully relative to the bank's outlook. U.S. trade

00:06:15.840 policy remains unpredictable, as events over the weekend reminded us. There continues to be

00:06:22.800 considerable uncertainty, both about U.S. tariffs and their impacts. The range of possible outcomes is

00:06:29.480 wider than usual. We need to be humble about our forecasts. If the outlook changes, we are prepared

00:06:36.320 to respond. All right, let me give another quick translation. Unless we get another prime minister

00:06:41.160 that is capable of actually getting a deal with Donald Trump, our economy is going to continue to go down

00:06:46.600 the drain. That's what he's saying. Now, I don't know about you, but the more I listen to this guy speak,

00:06:51.400 the angrier I am at Kearney for letting this happen. And I'll have more to say later in the video.

00:06:56.520 Canadian businesses and households are feeling the consequences of increased U.S. protectionism.

00:07:04.680 It is difficult, and the ongoing uncertainty is making it more difficult. For many months,

00:07:11.720 we've been stressing that monetary policy cannot undo the damage caused by tariffs. Increased trade

00:07:17.880 friction with the United States means our economy will work less efficiently with higher costs and

00:07:23.400 less income. Monetary policy can help the economy adjust as long as inflation is well controlled,

00:07:31.400 but it cannot restore the economy to its pre-tariff path. Above all, the Bank of Canada is focused on

00:07:38.920 ensuring Canadians continue to have confidence in price stability through this period of global upheaval.

00:07:45.880 And with that, the senior deputy governor and I would be very pleased to take your questions.

00:07:50.200 Every time Macklem says Trump, he should actually just say Kearney because Kearney is the one

00:07:54.680 responsible for this whole mess. Now, of course, he won't be honest and say it directly. I'll do it

00:08:00.280 for him. Now, my analysis is that what the governor of the Bank of Canada is really trying to say

00:08:04.520 is that we need a new prime minister that's actually capable of getting a good deal with Donald Trump.

00:08:09.560 Of course, he won't say that either, so I'll do that for him. I sincerely hope there's at least

00:08:13.960 some liberals watching this video. And I hope these liberals take note and they think about

00:08:18.360 what they did and they realize the mistake they made voting for Mark Carney. They wanted the guy

00:08:23.240 that wasn't like Donald Trump. They thought Paulieff was too much like Trump. Instead,

00:08:27.400 they got the guy that pissed Donald Trump off and made the economy worse for everyone. Good job,

00:08:33.000 liberals. However, there might be a new election pretty soon and it's not too late to go back on it

00:08:38.600 and make things right. Now, like I said in another video, Canadians could be going back to the polls

00:08:43.000 by the end of the year. That means there's a good chance we could have a Paulieff government

00:08:47.160 by Christmas time. And if you haven't seen my video on the matter, I highly recommend checking

00:08:51.320 it out after this one. Like I've said a hundred times, I think there's still a great chance that

00:08:54.920 Paulieff is going to get into office really soon. As soon as he does, he's going to go down south,

00:08:59.800 make a great deal with Donald Trump, and then our economy can get back on track.

00:09:04.120 Have a bit of patience, have a bit of faith, we'll get what we want,

00:09:07.640 and we're going to win big. Talk to you soon, Patriots.

Bank Of Canada Governor Offers GRIM Economic Forecast

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