The Candice Malcolm Show - September 16, 2021


Pierre Poilievre： The Liberal Party has been taken over by radical leftists


Episode Stats

Length

14 minutes

Words per Minute

156.40385

Word Count

2,319

Sentence Count

138

Misogynist Sentences

1

Hate Speech Sentences

3


Summary

Inflation rates in Canada hit an 18-year high. Justin Trudeau says that he doesn't think about monetary policy, and the legacy media ignore the story. To help us make sense of these new inflation numbers, I'm joined by Conservative candidate for Carleton, Pierre Pallievre, who knows more about this issue than anyone else in the country.


Transcript

00:00:00.260 Inflation rates in Canada hit an 18-year high.
00:00:03.680 Justin Trudeau says that he doesn't think about monetary policy,
00:00:06.620 and the legacy media ignore the story.
00:00:08.600 I'm Candice Malcolm, and this is The Candice Malcolm Show.
00:00:15.240 And to help us really make sense of these new inflation numbers,
00:00:19.080 I'm joined by a candidate, conservative candidate for Carleton,
00:00:22.400 the man who knows more about this issue probably than anyone else in the country,
00:00:26.060 or at least he's the most articulate at explaining it.
00:00:28.340 I'm joined by Pierre Pallievre.
00:00:30.060 Thank you so much, Pierre, for joining us.
00:00:32.480 Good to be with you.
00:00:33.560 So here we are.
00:00:34.740 There's a couple of days left in the campaign.
00:00:36.660 We know that there was a big gaffe that Trudeau made at the beginning,
00:00:39.120 which a lot of Conservatives picked up on.
00:00:41.060 I don't really know that the media picked up on it much,
00:00:42.840 but he flat out told us that he doesn't really think about monetary policy.
00:00:46.880 You know, here we are a couple of weeks later,
00:00:48.880 and Canada has hit an 18-year high in terms of our inflation.
00:00:53.280 So, you know, what do you say to someone who's still standing by Justin Trudeau,
00:00:58.860 despite the fact that he clearly doesn't know what he's doing
00:01:01.440 when it comes to the monetary policy of this country?
00:01:05.140 Well, there are two reasons why a political leader's opinion on monetary policy
00:01:11.960 is important right now.
00:01:13.200 The first is that monetary policy is being used to fund our government.
00:01:17.360 For the first time since we've been born,
00:01:21.120 the central bank is printing cash to fund government deficits.
00:01:27.020 So, for example, last year, the money supply increased by about $354 billion,
00:01:33.660 and the deficit the Trudeau government estimated it had was $354 billion.
00:01:39.320 So, in other words, what's happening is the bank is buying government debt
00:01:43.960 in order to make interest rates on that debt artificially low.
00:01:49.240 But the cost of that, because there's no free lunch in economics,
00:01:53.920 is borne by consumers because all those dollars flood into the economy
00:01:58.940 and bid up the price of goods,
00:02:01.140 which is why we have a 17-year high in inflation.
00:02:04.460 So, the first reason why a political leader needs to care about monetary policy today
00:02:08.720 is because Trudeau's government is using monetary policy
00:02:12.580 to pay its bills with printed money.
00:02:15.500 The second reason is that between now and December 31st,
00:02:18.800 the next finance minister will sign a deal with the Bank of Canada
00:02:22.540 setting out its mandate.
00:02:24.320 Now, since the Mulroney era,
00:02:27.240 that mandate has been to target inflation at 2%, period.
00:02:31.580 You've got one job, Bank of Canada, keep inflation at around 2%.
00:02:38.300 That's it.
00:02:40.520 Now, there's talk about radically transforming the bank's mandate
00:02:44.240 so that it would be responsible for climate change and childcare
00:02:47.780 and other sociological issues that are normally left up to elected governments
00:02:54.820 or, better yet, to people's private lives.
00:02:57.480 But central bankers are seen as potentially going from lending to spending
00:03:06.000 and becoming part of the fiscal arm of governments.
00:03:11.420 Trudeau has not stated where he stands on that.
00:03:14.120 If we do that in the form of modern monetary theory, for example,
00:03:19.100 paying for new governmental programs with an endless supply of printed money,
00:03:24.020 then you will see runaway hyperinflation that could massively destabilize our economy.
00:03:31.780 But we're not getting a clear picture of whether Trudeau would like to do that.
00:03:36.540 Our view as conservatives is very simple.
00:03:38.900 Stick with the plan.
00:03:40.700 The bank has one objective.
00:03:42.160 Keep inflation low, nothing more.
00:03:44.480 And that's what we would sign as a new mandate for the bank if we're elected.
00:03:48.700 Trudeau won't tell us.
00:03:49.920 He won't tell us if inflation should be allowed to run rampant into the double digits,
00:03:53.700 like it did back in his dad's era.
00:03:56.120 And that led to 20% interest rates and the highest suicide rate in Canadian history in 1983
00:04:03.520 as so many people were losing their houses, their jobs, and their livelihoods
00:04:07.600 that they could no longer survive.
00:04:09.440 So my point is here that because they're funding government with printed money
00:04:14.780 and there's a new mandate for the Bank of Canada coming up this year,
00:04:18.720 a political leader must have a clear answer to what he would direct the Bank of Canada to do.
00:04:26.400 For us, it's low inflation, period.
00:04:29.140 Well, don't count on the CBC to ask those kind of tough questions to Justin Trudeau.
00:04:34.420 They're much more interested in his perspective on, you know,
00:04:38.080 all the things he wants to talk about, like climate change.
00:04:40.580 Pierre, you know, it's interesting that it's a liberal government that's taking us down this path.
00:04:45.260 Because, yes, it was Trudeau's father who ramped up spending originally.
00:04:49.400 But back in the 90s, when Canada went through a crisis
00:04:52.880 where we almost couldn't, literally couldn't find people to buy our debt, it was liberals.
00:04:57.880 It was Jean Chrétien and his finance minister, Paul Martin,
00:05:01.440 who eventually were forced, because of circumstance,
00:05:04.840 to get us out of this mess by drastically cutting spending.
00:05:08.800 That wasn't that long ago.
00:05:10.480 How is it that those liberals are so different than these liberals today?
00:05:15.260 Well, the Liberal Party's been taken over by radical leftists
00:05:20.320 who have a state-driven ideology whereby the government takes over every aspect of our lives.
00:05:28.380 And this is not the party of Chrétien and Mark Manley.
00:05:32.220 This is the party of Gerald Butts and other hardcore radical socialist leftists
00:05:40.860 who believe that they have the ability to run other people's lives, including their economic lives.
00:05:47.100 And that's why we're seeing a relentless expansion of the state.
00:05:50.500 That's pretty terrifying.
00:05:51.960 So let's break this down about what it might mean to everyday Canadians across the country.
00:05:57.140 So, you know, you have these politicians in Ottawa who are drastically increasing the amount of money spent.
00:06:03.100 We have these bankers who are drastically increasing the money supply.
00:06:07.100 How does this impact, you know, a suburban family, say, living in suburban Toronto or suburban Calgary?
00:06:15.900 Well, walk up and down the aisles of the grocery store and look at the prices.
00:06:19.900 When you have more dollars chasing fewer goods, you get higher prices.
00:06:24.220 And those price increases fall back hardest on the backs of the working class people.
00:06:29.700 Of course, it's not the rich that have to worry about these higher prices.
00:06:34.960 It is the working poor.
00:06:36.700 The rich are actually benefiting, ironically, from the inflation because their asset prices go up.
00:06:44.420 If you own a $10 million mansion and your house price inflates by 30%,
00:06:50.020 you just made $3 million for doing nothing.
00:06:52.460 If you own stocks, bonds, gold, or other assets that inflate with the price of goods,
00:07:02.640 well, then you're getting richer by the day.
00:07:04.540 And that's why you don't see any banking economists complaining about this.
00:07:08.380 They're loving it.
00:07:09.440 They're just rolling around in all of this cash.
00:07:11.960 But if you're a single mom living on a minimum wage, you're paying 7% more for meat, 32.5% more for gasoline,
00:07:23.340 7.2% more for vehicles, 5.3% more for appliances, 20% more for travel accommodation.
00:07:30.880 And your housing payment, either for rent or mortgages, up almost 15%.
00:07:37.200 So basically, what you see here is a massive wealth transfer from working class consumers
00:07:43.360 to extremely wealthy asset owners.
00:07:47.420 This is the irony, Candace.
00:07:49.740 Trudeau was asked, he was Mr. Middle Class back in 2015.
00:07:52.940 He's forgotten that now.
00:07:54.340 They said, what's the middle class?
00:07:57.400 He said, well, the middle class are people who live off their income, not their assets.
00:08:02.060 Well, these are the people who are getting screwed by the inflation today.
00:08:05.040 You live off your income.
00:08:06.180 Your income is dropping relative to its purchasing power because of Trudeau's inflation.
00:08:13.080 But if you live off your assets, you're getting vastly wealthier as those assets increase in price.
00:08:19.260 So this is a monster, ironically, from these same socialists who claim always to be so torn apart
00:08:25.280 by the gap between rich and poor, have no problem with an inflationary agenda
00:08:31.340 which concentrates more and more wealth in the hands of the very small minority
00:08:36.640 who control the assets in the country while robbing the working class of its wages.
00:08:41.300 Well, I would guess that Justin Trudeau doesn't even realize that that's what's happening
00:08:45.540 or that's what he's doing because he's so focused on the government growth side.
00:08:49.440 Even just to give you an example, when he did his CBC town hall the other night,
00:08:53.720 he was asked about the economic recovery, the post-COVID economic recovery.
00:08:57.400 What would he do?
00:08:58.500 And his answer is entirely stemmed upon more government programs.
00:09:02.380 So we'll help you buy a house.
00:09:03.840 We'll help you put your kids in daycare.
00:09:06.020 We'll help you.
00:09:06.680 Every step along the way, there's more government help.
00:09:10.000 And to me, that's not an economic recovery.
00:09:12.080 That's more government welfare.
00:09:13.540 That's socialism.
00:09:14.020 So I'm wondering, what is, in that regard, the distinction?
00:09:19.540 What will a conservative government do, if elected, to jumpstart the economy again,
00:09:24.860 to get it going, to really push back this COVID recovery,
00:09:28.900 get the economy back going so that there are more jobs and more opportunities
00:09:32.980 to flip this around from the disaster that Trudeau has caused on our economy?
00:09:39.120 Well, we have to unleash the free enterprise system,
00:09:42.040 which is the only way you can possibly generate any additional wealth in this country.
00:09:47.560 And so that means reforming our tax system to reward rather than punish work, savings and investment.
00:09:55.560 Replace government checks with paychecks to fill the over half million empty jobs that require workers,
00:10:03.900 but they can't find them.
00:10:05.200 We're going to give a temporary wage subsidy for net new hires.
00:10:10.000 We're going to cancel the government takeover of child care and replace it with a direct tax credit
00:10:16.460 that puts four grand in the pockets of parents, but lets them decide the child care option of their choice.
00:10:21.100 We're going to push for the world's fastest building permits so that things can get constructed in this country.
00:10:26.560 We're going to give a tax break for made in Canada, vaccines, medications and other medically related innovations
00:10:40.200 so that we can actually keep more of the medical production here in this country.
00:10:44.760 And we're going to make it fast to get a mine approved so that instead of importing electric car batteries from China,
00:10:52.700 we can mine the lithium, the cobalt, the nickel that is necessary to do it here.
00:10:58.740 Ironically, to do it much more cleanly than what we're clean and green than is being done in China.
00:11:04.380 And we're going to reform the tax and regulatory rules to empower First Nations to invite business and commerce and development onto their lands
00:11:15.860 where they so choose so that they can provide their people with paychecks.
00:11:19.660 In other words, we're going to let the government spending get back to normal.
00:11:23.280 Can't phase out the pandemic spending as the pandemic comes to an end.
00:11:28.100 So in other words, get people back to work, get spending back to normal and get business making stuff here in Canada.
00:11:36.140 Make more, cost less, paychecks, not debt.
00:11:40.780 That's great. Well, that sounds like something that's greatly needed for the country.
00:11:45.360 Final question, Pierre. Given how much money Trudeau has spent over the last 18 months,
00:11:50.120 given the precarious inflation situation and the finances of the country,
00:11:55.580 these topics have barely been touched upon, barely been touched upon.
00:11:59.320 We had a debate the other night, the English debate,
00:12:02.420 which I don't think talked about economics or COVID recovery until the very last half hour of the debate,
00:12:07.540 by which point most Canadians had tuned out.
00:12:10.620 We did a survey here at True North, a scientific poll that found that if you were a liberal voter,
00:12:16.240 the issues you really care about was climate change and COVID.
00:12:19.080 If you were a conservative voter, the issues you really care about are debt, government debt, government spending, economic recovery.
00:12:27.820 So really, really different issues depending on, you know, which party you're looking to vote for.
00:12:33.140 And unfortunately, these economic topics have barely, barely been touched upon.
00:12:37.600 So, you know, I know you're running as a candidate and you don't get to determine the media landscape in this country as part of what True North is fighting back on.
00:12:46.880 But I can't help but feel that so much of the reason that this happens is because the media landscape is dominated by companies that take money from the Trudeau government.
00:12:58.120 We know that Trudeau drastically expanded the CBC's mandate.
00:13:00.820 We know that they did a newspaper bailout where they gave $600 million to failing newspapers.
00:13:06.540 What would a conservative government do if elected to change that?
00:13:11.940 Would a conservative government continue on that path of media bailouts and subsidies?
00:13:16.920 Or would you try to, again, remove the government from these media companies and allow them to compete on their own?
00:13:26.280 The latter.
00:13:27.700 Great.
00:13:28.880 All right.
00:13:29.560 Short and simple.
00:13:30.020 Well, thank you so much for your time, Pierre.
00:13:31.720 We really appreciate you being here and best of luck in your riding for the rest of the campaign on election night.
00:13:38.600 Thank you very much.
00:13:39.640 It is good to talk to an independent and unbiased media outlet like yours.
00:13:44.540 And it's good that we do have some options, although the entire press gallery is pretty much controlled by the government and regurgitates government talking points for a living, which is kind of a sad and pathetic way to exist.
00:13:59.600 But it is good that we have people like organizations out there who are instead providing an independent and unbiased viewpoint to Canadians.
00:14:10.920 So thank you for that.
00:14:12.220 I appreciate it.
00:14:12.960 Thank you so much, Pierre.
00:14:13.780 All right.
00:14:14.040 We'll talk to you again soon.
00:14:15.240 Thank you so much.
00:14:15.820 Great to be with you.
00:14:16.620 Take care.
00:14:17.380 Thank you so much for tuning in.
00:14:18.380 I'm Candice Malcolm, and this is The Candice Malcolm Show.
00:14:20.120 Thank you so much for tuning in.