00:00:00.000Pierre Polyev's derangement syndrome continues and the legacy media starts to pivot its criticisms towards the broader Conservative Party of Canada.
00:00:07.200I'm Candice Malcolm and this is The Candice Malcolm Show.
00:00:21.520Hi everyone, thank you so much for tuning into the podcast.
00:00:23.980So one of the major lines of criticism against Pierre Polyev, and no, I'm not talking about how his rallies are supposedly too white or how he's some kind of a secret white supremacist just with no evidence and it's never been proven, but the media love to say that anyways.
00:00:37.520No, no, I'm talking about the way that the media react to Polyev's criticism of the Bank of Canada.
00:00:43.120That Polyev has had a very consistent, very clear, concise criticism of the Bank of Canada for its failure, mostly to manage the inflation crisis and the way that they have printed money throughout the COVID era.
00:00:57.340This has been a consistent topic for Pierre Polyev.
00:00:59.940If you remember, he was on my show two years ago, two years ago, in the beginning of the pandemic, he joined the speaker series that we were doing at the time.
00:01:08.040We did an in-depth interview entirely on this issue of inflation, of the problem with printing money and how it creates a hidden tax on Canadians.
00:01:16.060You should go check out that interview.
00:01:17.780But you could just see that Pierre Polyev has been talking about this issue in a credible and concise way for a very long time.
00:01:24.120However, as soon as the leadership race got underway, the media started looking at this criticism of the Bank of Canada, making it seem like it was some kind of a criticism that was beyond the pale, that it was outside the realm of acceptability, that what he was saying was dangerous, it was radical, it was populism.
00:01:40.660And the media created this sort of narrative about Pierre, saying that what he was doing was wrong.
00:01:46.460So we've got so many examples of this.
00:01:48.120This is in the Financial Post back in May.
00:01:51.300They say Pierre Polyev says he would fire the Bank of Canada governor if elected prime minister.
00:01:56.620They quote Polyev saying, I will replace him with a new governor who would reinstate our low inflation mandate, protect the purchasing power of our dollar, and honor the working people who earned these dollars.
00:02:06.620That's what Pierre Polyev said during the leadership debate in Edmonton.
00:02:10.860Polyev added that those who caused soaring post-pandemic inflation rates must be held accountable.
00:02:16.860And so this is a line of criticism that Polyev has had throughout the campaign.
00:02:20.580Now, just to show you some of the reaction to Polyev and what he's been saying, really lots and lots of pearl clutching, lots and lots of people saying that his rhetoric is over the top.
00:02:31.180So here's John Ibbotson over at the Globe and Mail saying just that, why Pierre Polyev should reconsider his rhetoric about firing the Bank of Canada governor.
00:02:40.180And Ibbotson writes in this piece, the only way the government can force a governor's resignation is by formally and publicly demanding the bank change course.
00:02:47.640He writes that if he ever does become prime minister, Mr. Polyev should think carefully about using that nuclear option.
00:02:54.680It has only been tried once and it did not end well for the government.
00:02:58.860So it's interesting because basically Ibbotson's making the point that the prime minister shouldn't have this say.
00:03:05.000They shouldn't be able to determine who the Bank of Canada governor is, which is kind of ironic given that the prime minister gets to appoint the governor of the Bank of Canada.
00:03:12.600That's one of the many positions that the prime minister gets to appoint.
00:03:15.900The prime minister gets to make up so much of the federal government and the duties of the federal government in their image, in what they want.
00:03:22.720And so a prime minister has that power.
00:03:25.920He was the one who appointed Tiff Macklin, who is the current governor of the Bank of Canada.
00:03:29.880Again, it's one of the things that the prime minister gets to do.
00:03:31.980So acting like it's so out of step for a politician to suggest that if they were prime minister, they would do things differently sort of undermines the whole idea of democratic government and elected government.
00:03:42.540Yes, becoming prime minister avails you to certain powers, including getting to appoint people like the head of the Bank of Canada.
00:03:50.220Likewise, we had an op-ed over in the Toronto Star written by Heather Schofield, who said that Pierre Polyev has outrageous ideas about the Bank of Canada.
00:03:58.760His party and his country deserve better.
00:04:01.640So likewise, she writes, the promise or threat to axe Macklin was the logical extension of many months of Polyev lashing out against the central bank, accusing the institution and its leader of collusion with the liberal government and deliberate exacerbation of inflation for political purposes.
00:04:18.160Never mind that there's no logic in the call for Macklin's head in and of itself.
00:04:22.700It's such an outrageous and irresponsible idea with so many implications for Canada's economic stability and reputation, let alone prosperity, that the candidate and the thinking public just can't leave it alone.
00:04:34.840Let's set aside Polyev's nonsensical statements for a moment to consider what we're left with if the Conservative Party wants to hang on to its reputation as good economic managers.
00:04:44.100So according to this op-ed in the Toronto Star, the Conservatives are not allowed to criticize Justin Trudeau's appointee to the Bank of Canada.
00:04:52.460It is irresponsible and outrageous and it hurts Canada's stability and reputation as well as our prosperity.
00:04:59.440What about the fact that the government has been printing money out of control?
00:05:02.880What about the fact that inflation is rampant and interest rates are going up?
00:05:06.580These pundits ignore all of the facts about our economy and their just knee-jerk reaction is to defend Justin Trudeau, defend his appointees and say that everything is rosy and everything is good.
00:05:26.600Apparently, this is what political leaders in basket case dictatorships like Turkey do, according to this analyst.
00:05:33.580And so, again, the media has told us over and over again that it is just so outrageous that Pierre Polyev would even consider criticizing the Bank of Canada for the policies that they have put in place.
00:05:45.780And this criticism has even seeped into Polyev's own party.
00:05:49.100So recall that Ed Fast, who used to be the finance critic for the party, he came out and also criticized Pierre Polyev.
00:05:56.360Now, Ed Fast was co-chairing Jean Charest's leadership campaign, so not exactly a neutral observer here.
00:06:02.460And he came out and publicly condemned Pierre Polyev.
00:06:06.380He said the breaking point seems to have come on Wednesday when Fast told reporters he believes Polyev's vow to fire Bank of Canada Governor Tiff Macklin over the country's inflation rate, the highest it's been in 30 years, hurts the party's credibility on economic issues.
00:06:20.700And so after Ed Fast came out criticizing his own party and the sort of front runner of this race, Pierre Polyev, he came out and said that Polyev and his supporters tried to muzzle him on monetary policy.
00:06:31.860And therefore, he offered his resignation to interim leader Candace Bergen of the Conservative Party.
00:06:37.840So again, this whole drama and the process of infighting between these candidates all came because apparently it was just so outrageous for Polyev to be criticizing the bank of the governor of the Bank of Canada, despite the fact that, yes, we are experiencing unprecedented interest rates and inflation in this country.
00:06:58.140I want to just pause a little bit and refer to a friend of mine, Bed Woodfieden's piece he had over in the Hub at the end of May.
00:07:13.520And he says that the media, people like Ed Fast, a sort of more establishment part of the Conservative Party, are throwing this accusation at Pierre Polyev that he is a radical, that he's extremist, that he is a populist.
00:07:26.020Typically, when we think of populists, we think of people who are appealing to sort of nativist, anti-immigration sentiments that are very pro-domestic policies.
00:07:35.380They might even be pro-big government, thinking of people like Marine Le Pen in France or Donald Trump in the United States.
00:07:42.960And to take and to try to put Pierre Polyev into that camp is just such an awkward fit.
00:07:48.260To take a criticism like this, saying that someone who criticizes the Bank of Canada, saying that they don't have the independence that they should, and that they're partially responsible for this financial mess that has been engineered, yes, by Justin Trudeau, but that people like Tiff Macklin and the Bank of Canada have gone along with and enabled.
00:08:04.520That fundamentally, that is not a populist or radical attack.
00:08:10.000It's actually, at its core, a liberal attack.
00:08:12.620It's saying that this institution needs to be better protected, that it needs better safeguards, that we need more responsible policies, and that the relationship between Justin Trudeau and the Bank of Canada is too close.
00:08:22.820And that there needs to be more protection and more of a safeguard between those.
00:08:27.260That's fundamentally what Polyev is arguing.
00:08:31.620He says, this is a quote from this piece in The Hub.
00:08:34.440He says, he may be attacking the independence of the bank, but at least on his account of what he's doing, he's not attacking the notion of an independent bank.
00:08:42.260Rather, he thinks he's trying to restore it.
00:08:44.480In practice, what Polyev seems to be offering is liberalism, albeit a different flavor of it.
00:08:49.020He doesn't seem intent on challenging Canada's liberal consensus in any meaningful way.
00:08:59.820He wants it strengthened, which, again, is the exact opposite of what his critics are saying.
00:09:04.820Well, lo and behold, on June 2nd, guess what?
00:09:07.980The Bank of Canada came out and said that it welcomes critics like Pierre Polyev, essentially admitting that Polyev has been right all along.
00:09:16.100So this is a headline over at the CBC of all places.
00:09:19.740Following Polyev's attack, Bank of Canada officials says it's accountable for failure to check inflation.
00:09:26.380So that is the Bank of Canada's own words that it has failed when it comes to inflation, which is exactly the criticism that Pierre Polyev had.
00:09:35.300The Deputy Governor of the Bank of Canada acknowledged Thursday the institution has been unable to keep inflation at its target rate and should be held accountable.
00:09:43.760Deputy Governor of the Bank of Canada Paul Beaudry made the remarks in response to Conservative Leadership Canada Pierre Polyev's claim last month
00:09:51.340that the Bank of Canada Governor Tiff Macklin was surrendering his independence to Prime Minister Justin Trudeau
00:09:56.700through a money-printing quantitative easing program in response to the pandemic-driven economic crisis.
00:10:03.960So during the party's official English language debate in Edmonton,
00:10:07.160Polyev also said he would fire Macklin if he becomes Prime Minister.
00:10:10.580Beaudry, who's the top bureaucrat over at the Bank of Canada, was asked by reporters Thursday to respond to those remarks.