Freeland often spoke as if interest rates would never go up, and dismissed warnings from those who warned about what could happen.
There are many reasons for the ongoing collapse in confidence in Canada’s institutions.
But the most fundamental reason is that they simply got things wrong over and over again, and on a massive scale.
We know the Bank of Canada repeatedly dismissed warnings about all their money-printing and enabling of excessive Liberals spending, and the BoC even told Canadians rates wouldn’t rise until 2023.
However, it’s not just the BoC who were wrong.
Chrystia Freeland repeatedly spoke as if interest rates could never go up, claiming Canada’s massive surge in debt was no big deal since rates were low at the time.
In 2020 @PierrePoilievre worried about economic risks from record government spending should interest rates rise.
In 2020 @cafreeland assured Canadians record low interest rates meant there was no risk to Canada’s economy from record government spending pic.twitter.com/qm5WyfNWkn https://t.co/fl5HesSGNh
— not inklessPW 💎 (@inklessPW) July 15, 2022
Freeland ignored Poilievre’s warnings
Also two years go, Freeland and Poilievre faced off in the House of Commons.
Poilievre asked Freeland what a 1% hike in interest rates would cost the government when it comes to our debt.
Freeland repeatedly evaded the question:
Freeland claims we don’t need to worry about debt because of low interest rates.
Does she know what a 1% hike would cost? pic.twitter.com/S0i83XAvRO
— Pierre Poilievre (@PierrePoilievre) November 14, 2020
Freeland’s incompetence
The establishment press will never say it, but the reality is that Chrystia Freeland has proven to be completely incompetent as finance minister.
Her answer to every issue is simply to spend gargantuan amounts of borrowed money.
And as she did so, she pretended that interest rates would always remain low.
Additionally, with former finance minister Bill Morneau expressing his concern about the fiscal recklessness of the Liberals, it becomes more and more clear that Trudeau picked Freeland because she would acquiesce to his irresponsible agenda.
Canadians pay the price for Freeland & Trudeau’s failures
As we knew would happen – and as many warned years ago – interest rates have of course gone up.
Canadians are now paying the price – literally.
The Liberals spent years trying to hide Canada’s weak productivity by taxing, borrowing, and spending like there was no tomorrow.
But there was a tomorrow, and we’re living in it.
Our purchasing power is being stolen away by the inflation tax, with Canadians getting poorer and poorer.
We can’t grow our way out of the problem because Trudeau and Freeland have imposed explicitly anti-growth policies.
And, with the Liberals still borrowing massive amounts of money, and still imposing the inflationary carbon tax, they continue to compound the problems that have led to this terrible moment for our economy and our country.
Spencer Fernando
Photo – YouTube
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