Tiff Macklem Keeps On Shredding His Own Credibility

Canada’s institutions are undermining themselves.

We keep hearing the establishment media and politicians like Jean Charest/Justin Trudeau/Jagmeet Singh complain about the supposed ‘danger’ of our institutions being undermined.

As we’ve noted before, those criticisms focus solely on the growing anger of the public, ignoring the cause of that anger.

The more and more we hear about how our institutions should somehow be exempt from criticism, the more it becomes obvious that those institutions no longer have the same legitimacy they once did.

When institutions are succeeding, few people question them.

When institutions are working, few seem them as a failure.

And when institutions serve the Canadian People, people focus their attention on other matters.

This means that the very fact that our institutions are being questioned is itself evidence of how those institutions are failing.

Undermining themselves

One of the most amazing things about all of this is that our institutions are largely undermining and discrediting themselves, even aside from any outside criticism.

Case in point are the latest remarks from Tiff Macklem, the head of the Bank of Canada.

Today – June 9, 2022 – Macklem talked as if it was inevitable that low interest rates during the pandemic weren’t going to stay low, and would go up.

Yet, in 2020, Macklem was talking as if interest rates would be low for a long-time:

Tiff Macklem vs Tiff Macklem on Canadians’ mortgage debt

June 9 2022

“During the pandemic interest rates were exceptionally low, they weren’t going to stay that low, they only had one way to go — up”

July 15 2020

“interest rates are going to be low, very low, for a long time”

https://twitter.com/inklessPW/status/1534933977395564545

As you see in the comments, Tiff Macklem also talked about being concerned about ‘deflation’ and expecting inflation to remain low.

Of course, we are all experiencing how wrong he was.

Now, here’s the thing:

Getting inflation right is Tiff Macklem’s main job.

When he gets it wrong, over and over and over again, it’s not the same as someone else getting it wrong, because it’s not someone else’s job.

It’s Macklem’s job.

If someone’s job was to provide maintenance for airplanes, and the planes they maintained kept crashing due to poor maintenance, wouldn’t you want that person fired?

Macklem has a position of immense power and influence, and he has shown himself clearly unable to do the job effectively.

Pointing this out isn’t undermining the Bank of Canada, as Macklem has done that all by himself.

In fact, it’s those who want to exempt the BoC from criticism that are really undermining it, because Canadians can’t trust the institution until it shows itself able to get things right.

The Canadian People are paying the price – literally – of the BoC’s failures, and we have every right to demand accountability for such an immense institutional failure.

Spencer Fernando

Photo – YouTube

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