Former Bank of Canada governor slams Poilievre's assertion central bank is 'financially illiterate'
Former Bank of Canada governor David Dodge is strongly disputing Conservative Party MP and leadership candidate Pierre Poilievre’s claim the central bank is “financially illiterate.â€
In an interview on CTV’s Question Period airing Sunday, Dodge, who was governor from 2001 to 2008, called the assertion “bull****."
“I’m very insulted by that…They understand what's going on,†he said, adding that the Bank of Canada’s navigation of the last two years has effectively kept Canada out of a “real depression†coming out of the pandemic.
Poilievre’s criticism of Canada’s central bank is a key pillar of his leadership campaign. He’s questioned its independence, has vowed to have it audited, and will bar it from using its own digital currency.
On April 22, he that the “Bank of Canada says #Bitcoin-ers lack financial literacy. This from the same people who promised we’d have “deflation†right before inflation hit a 30 year high. It is our central bank that is financially illiterate. Restore sound money.â€
That comment came after the release of a Bank of Canada report noting that there’s been a slight demographic shift in Bitcoin owners in terms of gender, age and income level from 2018 to 2020 compared to 2017.
“However, Bitcoin ownership remained concentrated among young, educated men with high household income and low financial literacy,†.
It goes on to say that at the same time, “Canadians who are financially literate are more likely to be aware of bitcoin [than the average Canadian] but less likely to own it.â€
On another Poilievre stance -- that cryptocurrency allows people to “opt out†of inflation -- Dodge said “he has no idea what he’s talking about.â€
“He’s just wrong because the issue of rising prices…that you have to cope with out of your income is fundamentally at the moment a structural one,†he said. “We have limitations on supply, in part because of a war, in part because of COVID, in part because of ongoing features of the economy – we’re all getting older – the labour force is not growing as fast.â€
But Poilievre has said he isn’t trying to win over the opinions of past or current central bankers in his pledge to help every day Canadians suffering from the high costs of living.
"If you think I'm going to be silent about that to protect the ego of bankers and politicians, then you're in for a surprise," Poilievre told reporters on a campaign stop in Ottawa on April 28.
The Bank of Canada has been under fire as inflation continues to reach new heights. It currently sits at 6.7 per cent, far above the central bank’s two per cent target.
In a before the Women in Capital Markets this week, senior deputy governor Carolyn Rogers acknowledged Canadians’ uncertainty with the current economic climate.
“We are acutely aware that, with some of the extraordinary actions we have taken during the pandemic and with inflation well above our target, some people are questioning that trust,†she said.
“Tough questions, added scrutiny and informed debate are entirely appropriate in the current environment. We welcome them as an opportunity to engage with Canadians about what we do, how we do it and how we can improve.â€
Dodge said the danger of losing public trust is “always there†and as such communication from the top is “very, very important in that regard.â€
“But they have to be nervous. As does the ordinary citizen, has to be nervous about a future we do not know. We do not know how the geopolitical situation in the world is going to play out. We do not know how the pandemic situation is going to play out,†he said.
IN DEPTH
Jagmeet Singh pulls NDP out of deal with Trudeau Liberals, takes aim at Poilievre Conservatives
NDP Leader Jagmeet Singh has pulled his party out of the supply-and-confidence agreement that had been helping keep Prime Minister Justin Trudeau's minority Liberals in power.
'Not the result we wanted': Trudeau responds after surprise Conservative byelection win in Liberal stronghold
Conservative candidate Don Stewart winning the closely-watched Toronto-St. Paul's federal byelection, and delivering a stunning upset to Justin Trudeau's candidate Leslie Church in the long-time Liberal riding, has sent political shockwaves through both parties.
'We will go with the majority': Liberals slammed by opposition over proposal to delay next election
The federal Liberal government learned Friday it might have to retreat on a proposal within its electoral reform legislation to delay the next vote by one week, after all opposition parties came out to say they can't support it.
Budget 2024 prioritizes housing while taxing highest earners, deficit projected at $39.8B
In an effort to level the playing field for young people, in the 2024 federal budget, the government is targeting Canada's highest earners with new taxes in order to help offset billions in new spending to enhance the country's housing supply and social supports.
'One of the greatest': Former prime minister Brian Mulroney commemorated at state funeral
Prominent Canadians, political leaders, and family members remembered former prime minister and Progressive Conservative titan Brian Mulroney as an ambitious and compassionate nation-builder at his state funeral on Saturday.
Opinion
opinion Don Martin: Gusher of Liberal spending won't put out the fire in this dumpster
A Hail Mary rehash of the greatest hits from the Trudeau government’s three-week travelling pony-show, the 2024 federal budget takes aim at reversing the party’s popularity plunge in the under-40 set, writes political columnist Don Martin. But will it work before the next election?
opinion Don Martin: The doctor Trudeau dumped has a prescription for better health care
Political columnist Don Martin sat down with former federal health minister Jane Philpott, who's on a crusade to help fix Canada's broken health care system, and who declined to take any shots at the prime minister who dumped her from caucus.
opinion Don Martin: Trudeau's seeking shelter from the housing storm he helped create
While Justin Trudeau's recent housing announcements are generally drawing praise from experts, political columnist Don Martin argues there shouldn’t be any standing ovations for a prime minister who helped caused the problem in the first place.
opinion Don Martin: Poilievre has the field to himself as he races across the country to big crowds
It came to pass on Thursday evening that the confidentially predictable failure of the Official Opposition non-confidence motion went down with 204 Liberal, BQ and NDP nays to 116 Conservative yeas. But forcing Canada into a federal election campaign was never the point.
opinion Don Martin: How a beer break may have doomed the carbon tax hike
When the Liberal government chopped a planned beer excise tax hike to two per cent from 4.5 per cent and froze future increases until after the next election, says political columnist Don Martin, it almost guaranteed a similar carbon tax move in the offing.
CTVNews.ca Top Stories
NDP needs to decide whether 4 million Canadians deserve dental care: minister
Procurement Minister and newly appointed Quebec lieutenant Jean-Yves Duclos is warning the NDP that the dental care program it helped put into place will be in jeopardy if it pulls its support from the governing Liberals.
2 suspended from U.S. college swim team after report of slur scratched onto student's body
At least two students at Gettysburg College in Pennsylvania have been suspended from the swim team after a report that a racial slur was scratched onto a student's body, officials said.
The City of Calgary ended water restrictions for the city at a Sunday morning update.
Myths busted and lessons learned: John Vennavally-Rao on his surgery to reverse his ostomy
Twenty-seven year Â鶹´«Ã½ reporter and anchor John Vennavally-Rao shares his story of what it was like to have an ostomy bag as part of his health-care battle. 'I’m grateful for what it did to extend my life,' he writes in a personal column for CTVNews.ca.
Kate, the Princess of Wales, makes first public appearance after cancer treatment
Kate, the Princess of Wales, made her first public appearance Sunday since she announced she had completed chemotherapy and would return to some public duties.
'Hubris and greed': Takeaways from the first week of U.S. Coast Guard inquiry into the Titan submersible disaster
More than a year after the Titan submersible imploded, killing all five voyagers on board, the story of the ill-fated expedition to the Titanic has taken the form of a modern-day Greek tragedy overflowing with mortal pride and heedlessness.
What is the U.S. Electoral College? America's path to the presidency, explained
In less than two months, Americans will go to the polls to choose their next president. But the process that translates those millions of votes into one seat in the Oval Office is much more complicated than a straight tally.
Trump's goal of mass deportations fell short. But he has new plans for a second term
Donald Trump has long pledged to deport millions of people, but he's bringing more specifics to his current bid for the White House: invoking wartime powers, relying on like-minded governors and using the military.
A Nova Scotian YouTuber has launched a mini-truck bookmobile.
Local Spotlight
Cole Haas is more than just an avid fan of the F.W. Johnson Wildcats football team. He's a fixture on the sidelines, a source of encouragement, and a beloved member of the team.
Getting a photograph of a rainbow? Common. Getting a photo of a lightning strike? Rare. Getting a photo of both at the same time? Extremely rare, but it happened to a Manitoba photographer this week.
An anonymous business owner paid off the mortgage for a New Brunswick not-for-profit.
They say a dog is a man’s best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.
A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.
Paleontologists from the Royal B.C. Museum have uncovered "a trove of extraordinary fossils" high in the mountains of northern B.C., the museum announced Thursday.
The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.
The Royal Canadian Mounted Police is celebrating an important milestone in the organization's history: 50 years since the first women joined the force.
It's been a whirlwind of joyful events for a northern Ontario couple who just welcomed a baby into their family and won the $70 million Lotto Max jackpot last month.