Powerful Governing Council kept things behind the scenes
The way our government has become so massively disconnected from the lives of most Canadians, it’s easy to forget that public institutions are supposed to be answerable to the public.
That goes for the Bank of Canada as well.
The Bank of Canada exerts immense power, having the ability to almost single-handedly cause recessions or temporary economic booms through their interest rate-policy and money creation authority.
Yet, they operate largely from the shadows, to the point where many people aren’t aware of how truly powerful the bank really is. I’m guessing that’s exactly how the bank likes it.
So, rather than seek to make the public more aware of what the Bank of Canada is doing, they have instead shown a propensity for keeping their speeches & meetings secret – hidden away from any possible scrutiny.
As reported by Bloomberg, “Of 229 Governing Council engagements between 2014 and 2016, 64 percent were to private audiences, according to the review, which was obtained by Bloomberg through a freedom of information request. The Dec. 12 report made several recommendations, some of which are already being implemented, a spokeswoman said.”
While the Bank seemed to realize that secret meetings aren’t well-received, they haven’t released any details of what happened in those meetings, and have already held 32 private speaking engagements this year according to Bloomberg.
What is it they don’t want us to hear?
Even private banks are shocked
Showing the extent of the problem, even individuals at private banks are shocked. As noted by Bloomberg, “Shaun Osborne, chief foreign-exchange strategist in Toronto at Bank of Nova Scotia, said while the bank does a good job of “communicating appropriately,” it’s “quite surprising that they do engage in that level of off-the-record briefings.”’
Why should Canadians trust the Bank of Canada?
Canadians already have good reason to distrust the Bank of Canada. As in the United States and much of Europe, central bankers have crafted policy that has led to record profits for the international banks, while the middle class and low income people are facing severe financial struggles.
Here in Canada, we are watching a massive housing bubble, record levels of household debt – which the bank is now panicking about – and the severe risk of financial instability.
So, Canadians have a right to know what the bank has been talking about behind closed doors all that time. Why have the policies of the bank helped enrich those who are already part of the corporate and banking elite, while leaving so many Canadians behind?
While the bank is not fully to blame – much of the responsibility lies with politicians pushing a dangerous and damaging globalist agenda at our expense – central bankers are part of the same rigged system that is doing so much damage.
The more the bank speaks behind closed doors, the less trust anyone in this country will have in them. It’s yet further evidence that our “public servants” don’t view us as worthy of knowing what they’re doing, and they look upon us with contempt.
The elites want to hide their many failures behind political correctness, deception, and manipulation. We need to push back and spread the truth.
That’s why I write.
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