Instead of criticizing Canadians for questioning our institutions, we should be looking at why those institutions have lost so much trust.
Once again, Pierre Poilievre is being criticized for ‘daring’ to question the credibility of the Bank of Canada:
“The Bank of Canada is “financially illiterate.” Whereas the guy on YouTube who taught him all he knows is a genius. This is just bananas.”
Jean Charest has made similar criticisms of Poilievre:
“You want to be prime minister of Canada, and you're telling Canadians that cryptocurrency is going to wipe out inflation? Does anyone credible believe that?” If you agree we need a credible leader, buy a membership: https://t.co/paRRg8e0dthttps://t.co/uPkZv7TtBx
— Jean Charest (@JeanCharest_) April 10, 2022
Note how shocked both Coyne and Charest seem to be that anyone would even question the Bank of Canada.
Yet, the Bank of Canada is a quasi-government institution.
It is supposed to serve Canadians, and it is heavily influenced – in terms of who leads it and through ‘indirect’ political pressure – by our elected leaders.
This means it must be accountable to Canadians, and is certainly open to criticism.
Beyond that, it’s amazing that both Coyne & Charest are upset about the Bank of Canada being questioned, yet don’t seem to see why so many Canadians would question it.
Mistake after mistake
Even the most charitable interpretation of events makes the Bank of Canada appear deeply out-of-touch with reality.
Over and over again they said inflation was transitory and said interest rates would remain low for quite some time.
And over and over again they were proven incorrect.
Keep in mind, this isn’t some random person being wrong about inflation, it’s the institution that exists for the purpose of being right about inflation and monetary policy.
If they struggle to do what is the core of their job, then why should anyone expect them to be granted trust and credibility?
Poilievre’s predictions vs Bank of Canada/Trudeau Government predictions
In the video below, you can see that Pierre Poilievre has been more accurate than the Bank of Canada and the Trudeau government when it comes to making predictions about the impact of monetary policy on the cost-of-living and the Canadian economy. And yes, some will point out that this video was released by the Poilievre campaign, yet the dates of the statements are indeed accurate, and the comparison of the accuracy of the predictions is clear for all to see:
People with big titles told us we would have deflation—at the same time they printed money to cause inflation.
Why should we believe them now?
— Pierre Poilievre (@PierrePoilievre) April 20, 2022
If ‘experts’ and those whose job it is to predict inflation and keep price increases low completely fail at their jobs, why should anyone trust them?
Trust is earned.
Particularly in a democracy, those with tremendous power must be transparent and must consistently show that they are up to the task.
When they fail, Citizens have a right to be upset, and have a right to speak out and demand changes through the political process.
Pierre Poilievre is speaking for many Canadians when he points out that the Bank of Canada and the Trudeau government have simply been wrong over and over again.
And still, the arrogant political establishment would rather demonize Poilievre and his supporters instead of acknowledging the failures of many Canadian institutions.
The real danger to democracy is from those who feel our institutions are beyond questioning and beyond reproach, not those who speak out and demand better.
Photo – YouTube