00:00:00.000Hello, my friends. Mark Carney went to Turkey and embraced the thug, Erdogan, their authoritarian president who locks up his opponents, who is abusive to his neighbors and who really shouldn't be a part of NATO. But that's Mark Carney's kind of guy. I'll take you through it. I'd like you to get the video version of the show. I want you to see a few clips of things. Just go to rebelnewsplus.com. Click subscribe. It's eight bucks a month.
00:00:27.480It might not sound like a lot to you, but it adds up for us.
00:20:03.840Well, you know, I'm getting very worried.
00:20:06.520I'm actually getting very worried about the state of our finances and the debt crunch that we're in.
00:20:11.380And, you know, you brought up the word fact, OK?
00:20:13.840And that reminds me, I'm going to paraphrase a former liberal prime minister and finance minister, Paul Martin, when he said that deficits and debt, they're not inventions of ideology.
00:20:24.420They are facts of arithmetic and the quicksand of compound interest is real.
00:20:31.040And Ezra, that brings me to this Parliamentary Budget Officer report, okay, that shows that interest charges on the debt are the fastest growing cost in the entire federal budget.
00:20:43.200The fastest growing cost is just the credit card bill, okay?
00:20:48.340It's very, very worrisome right now, Ezra.
00:20:51.040I think we're in trouble if these politicians just keep going on their borrowing spree.
00:20:55.320You know, Mark Carney had a lot of experience by being the chairman of a very large asset management company called Brookfield, which is like a smaller version of BlackRock, but still it was huge.
00:21:06.860I think it had like a trillion dollars under management.
00:21:09.580And he wasn't the CEO, so he wasn't the guy who would get in and, you know, spend a lot of time solving a particular problem.
00:21:16.220He was more the big picture guy who chaired the meetings.
00:21:18.900but if Brookfield lost billions and billions a year and they did so the next year and they did
00:21:26.700so the next year well it actually wouldn't go on that long because the directors the investors would
00:21:32.620would mutiny they would say your job is to get us a rate of return now I know that the job of a
00:21:38.340government is not a financial rate of return but even if you're borrowing and taxing you got to
00:21:44.580something to to show for it and i don't know if we do how can a guy who ran such a tight ship at
00:21:50.820brookfield be such a sloppy red red ink guy when he's in government well where else did carney
00:21:59.520work well um the bank of england central banks yeah central what do central banks do they print
00:22:05.340money right i guess he's used to printing like monopoly money oh i'll just print some more maybe
00:22:10.100that's his mindset and let me just say something okay the cost of living in canada is out of
00:22:15.840control because the cost of government is out of control and there's many different things ezra
00:22:20.180that influence this price or that price but the single thing that pushes prices upward over time
00:22:27.600is the printing press all prices in an economy over time that is the printing press here's how
00:22:33.200the inflation tax works folks and we saw it during the heart of the pandemic when the bank of canada
00:22:38.100the central bank here in canada printed hundreds of billions of dollars out of thin air right
00:22:44.320largely to finance ottawa's deficits and then dropped all that new money okay into an economy
00:22:50.580that was going through revolving lockdowns okay so they can print new money out of thin air with
00:22:56.160the click of a keypad you know what you can't print up with the click of a keypad all the stuff
00:23:01.040money buys gasoline farmland groceries this is the inflation tax too many dollars chasing too few
00:23:07.140goods. And during the heart of the pandemic, largely financing Ottawa's runaway deficits and
00:23:12.080borrowing. Right. So what I think that's a great analogy or a great point, because if there's,
00:23:19.940let's say, a hundred dollars in the economy and some guy called government prints himself 100
00:23:25.240more dollars, he suddenly has half the value of the economy and everyone else, even though they
00:23:32.020still have the same number of bills in their wallet, they're half as wealthy as they were
00:23:36.480before because the value was sopped up by the guy who's printing dollars um i don't i wonder if
00:23:42.820ordinary folks understand how government printing money makes their dollars worth less i mean it's
00:23:50.860it you have to sort of understand the abstraction of a money supply and printing money and i'm not
00:23:57.100sure folks think about that a lot do you how do you explain that to people who are smart but not
00:24:02.800maybe formally trained in monetary economics well look i actually think normal people understand
00:24:10.700it more than many people who have phds in economics right good point they go to all this schooling to
00:24:15.780essentially uh twist themselves into a pretzel uh to try and pretend like they don't understand
00:24:20.580the obvious reality of the fact that you print more money the more dollars a government prints
00:24:24.740the less that everyone else's dollars bought right right and like people might not understand
00:24:29.820the mechanism of how the government prints money, but people understand that if the government
00:24:33.800prints more money, things are going to get more expensive, right? You know, the value of people's
00:24:39.700dollars get less. But here's the thing, Ezra, not only does it cause inflation, right? The printing
00:24:45.560press, not only does it cause inflation, it's also a redistribution effect, right? Because
00:24:50.680it's essentially a wealth transfer from people who get the new money last to the people who are
00:24:55.940closest to the new money. Okay. Not only that inflation, the inflation tax, it's such an
00:25:01.980undemocratic tax, right? Uh, for example, uh, people understand when a government raises income
00:25:06.780taxes or sales taxes, and then they're able to hold those politicians accountable. Well, nobody
00:25:11.080elects, uh, a central bank governor. And also it's very hard to detect when the central bank
00:25:16.900is in this like inflationary printing doll, uh, printing new money out of thin air. Like it takes
00:25:21.400time to actually go through the records uh that are hard to find or at least to the average person
00:25:26.440to be able to detect when the government is doing it you know i'm thinking about what you're saying
00:25:31.240and i always used to think of mark carney as the brookfield guy because that's how he met
00:25:36.960that xi jinping that's how he got mucking about in all sorts of left-wing schemes that need
00:25:42.740subsidies like solar and wind but his formative years i think were bank of canada bank of england
00:25:48.920where he realized he could just, you know, turn,
00:25:52.400you were saying printing press, of course you mean for money.
00:25:54.780He just prints, prints, prints money and how that,
00:25:59.180I don't want to say steals wealth, but it sort of does.
00:26:02.360Like if you can print a billion dollars in real money,
00:26:07.040the value of that money was stolen from the guys who earned the money.
00:26:11.560You just, it's almost like your government cash is counterfeit.
00:26:14.840The problem is it's not counterfeit, so it steals the value.
00:26:18.920I don't know. I just wish I was better at explaining.
00:26:21.780I think you're pretty good at explaining it.
00:26:23.200I think if people knew the harm of central banks printing money,
00:26:50.540That is money printing by central banks and the entire system that allows it to happen.
00:26:56.560But as I just do want to go back, not just at the cost directly through inflation, but the interest costs as well, because we're talking about this budget.
00:27:05.540Folks, I said that the interest was the fastest growing expense in the federal budget.
00:28:50.820and you guys are really on the side of the good guys
00:28:53.820so keep it up and thanks for taking the time with us.
00:28:56.220Hey, I appreciate you, Ezra. Thank you.
00:28:57.700All right, there he is, Franco Terzano.
00:28:59.080He's the big boss of the Canadian Taxpayers Federation.
00:29:01.620Stay with us. Your letters to me next.
00:29:12.120Hey, welcome back. Your letters to me on Quebec and their interesting response to Alberta.
00:29:18.980John Hunter says the Quebec premier seems like a great leader and hopefully we can work together for change.
00:29:24.020Yeah, he really is open minded. And I don't want to be solipsistic.
00:29:28.120But the fact that he spent an hour before the election talking to Alexa Lavoie, I mean, of course, I'm very proud of that as the rebel boss, but I think that shows some open-mindedness and some resistance to political correctness.
00:29:40.480All the mean girls in the Quebec press gallery tried to scorn and shame him for talking to Alexa, and he didn't care.
00:29:49.920Sorry, Ezra, according to CTB, Alberta overwhelmingly voted 75% for Mark Carney, who is now the most beloved politician in our province, 51% approval rating.
00:30:02.300Well, they are accurate on that referendum vote.