Bank of Canada Governor is on secretive BIS board of directors; why should this matter to Canadians?
Bank of Canada Governor Tiff Macklem serves on the Bank for International Settlements‘ Board of Directors and chairs the Group of Governors and Heads of Supervision, the oversight body of the Basel Committee.
The Basel Committee’s bi-monthly meetings are secret, with minutes, speeches and documents remaining strictly confidential, and even Canadian elected officials cannot access this information. Additionally, the Bank for International Settlements has immunity from prosecution and its officials enjoy immunity even after leaving their positions.
Despite the Basel Committee’s non-binding nature, the Bank of Canada participates in its meetings and follows its recommendations, raising questions about whose interests the Bank of Canada serves.
What impact does this have on Canadians? Dan Fournier explains.
On Tuesday Dan Fournier joined Odessa Orlewicz, host of Liberty Talk Canada to discuss an article he published earlier this month, which we have reproduced below. He began by explaining why this concerns all Canadians.
“We all suffer from the increases in the cost of living – food, gas, necessities, if you have children, you know all about this, basically everything – this is the result of inflation which is caused by two main things … the first one is what we call fiscal policies by the Canadian government … the second cause of inflation is what we call monetary policy.”
Monetary policy is the action a central bank takes to influence how much money is in a country’s economy and how much it costs to borrow. In Canada, the central bank is the Bank of Canada.
The Bank of Canada has “expanded our currency supply – that means the number of dollars in circulation, cash but also numbers in electronic form like in the bank accounts – they’ve expanded this rather significantly since 1974 and especially since 2010,” he said. “This basically explains why everything is much more expensive.”
If you are unable to watch the video above on Rumble, you can watch it on Librti HERE
