Bank of Canada governor Tiff Macklem and his senior deputy governor, Carolyn Rogers, appeared at the Commons finance committee last night, and as you might expect, it was a complete gong show, because most MPs can’t be grown-ups in the face of serous business or policy questions. And once again, the Bloc were the adults in the room, which is a sad indictment. Without further ado, here’s the Wall Street Journal’s Paul Vieira on what went down:
Jagmeet Singh, the NDP leader, is at the parliamentary finance committee to grill Bank of Canada Gov Macklem.
— Paul Vieira (@paulvieira) November 23, 2022
Why have you never mentioned concern about high profits and instead focused on workers' wages, NDP leader Jagmeet Singh asks Bank of Canada Gov Macklem.
— Paul Vieira (@paulvieira) November 23, 2022
You haven't said the word profit, NDP leader Singh tells Bank of Canada Gov Macklem.
Macklem, in turn, says, 'profit.'— Paul Vieira (@paulvieira) November 23, 2022
Now, former Canada Tory leader Andrew Scheer is at committee to press Bank of Canada Gov Macklem asking about bonuses handed to staff, and whether that has fueled inflation.
— Paul Vieira (@paulvieira) November 23, 2022
Now, lawmakers from the governing Liberal Party are pressing Bank of Canada Gov Macklem about cryptocurrencies — in an effort, no doubt, to cast cloud over Poilievre's previous comments on crypto.
— Paul Vieira (@paulvieira) November 23, 2022
https://twitter.com/MikePMoffatt/status/1595556537912758272
What does this do to the markets, Bank of Canada's No. 2 official, Carolyn Rogers, asked by Liberal lawmaker, regarding recent events — re: FTX — in crypto currencies.
— Paul Vieira (@paulvieira) November 23, 2022
Again, kudos to Bloc Quebecois MP Gabriel Ste-Marie, asking good macroeconomic questions to Bank of Canada Gov Macklem.
— Paul Vieira (@paulvieira) November 23, 2022
Canada NDP lawmaker, in posing question to Bank of Canada Gov Macklem about workplace harrassment, brings up the situation at Hockey Canada.
— Paul Vieira (@paulvieira) November 23, 2022
Bank of Canada Gov Macklem: We think Europe is moving into recession, citing the continent's need to import energy.
— Paul Vieira (@paulvieira) November 23, 2022
Because most people don’t understand that “transitory” means something different in monetary policy, which operates on 18-24-month cycles. https://t.co/g4ZEfibGTG
— Dale Smith (@journo_dale) November 23, 2022
Canada Tory MP: Did quantitative easing cause inflation?
BOC's Macklem: QE was used to deliver strong recovery. With hindsight, we probably should have started tightening sooner.
Macklem adds BOC ended its QE campaign over a year ago.— Paul Vieira (@paulvieira) November 23, 2022
Ukraine Dispatch, Day 274:
Russia sent another 70 or so missiles into Ukraine to continue targeting power and water systems, and president Volodymyr Zelenskyy says that Russia is doing to is to try and weaponize the winter weather. And it’s not just critical infrastructure targeted—it’s also civilian targets including maternity hospitals, where a newborn was killed. Here’s a look at some of the personal stories of those who are affected by these blackouts bas a result of the attacks. Meanwhile, more evidence is being accumulated regarding Russia’s use of rape as a weapon of war.
We’re working with international partners to detect, correct, and call out the Kremlin’s state-sponsored disinformation about Ukraine.
Read the latest information based on Canadian Forces Intelligence Command analysis. 1/6 pic.twitter.com/DylXdTuycv
— Canadian Armed Forces (@CanadianForces) November 23, 2022
https://twitter.com/Podolyak_M/status/1595462972536676359
Good reads:
- In Question Period, Justin Trudeau elaborated on what Chinese interference he raised with Xi Jinping, and it included those alleged illicit “police stations.”
- Randy Boissonnault clapped back at Danielle Smith’s plans to move ahead with her “Sovereignty Act,” calling it an attack on Canadian unity.
- The federal government has filed for judicial review of the Canadian Human Rights Tribunal’s rejection of their settlement agreement for Indigenous children in care.
- The public inquiry heard from ministers Lametti, Anand, and Alghabra, and the judge shut down the occupation lawyer’s conspiracy theory fishing expedition.
- Documents from the public inquiry showed that the RCMP increased security for eight ministers plus Dr. Theresa Tam shortly before and during the occupation.
- Amendments to the government’s broadcasting bill are now being debated at the Senate committee, but the government has opposed several of them.
- Pierre Poilievre’s dangerously misleading video on opioid policy appears to be test-driving messaging that “gatekeeping” by experts just makes things worse.
- Michelle Rempel Garner’s bill to encourage growth in the crypto sector was defeated at second reading. Hard to imagine why.
- Alberta’s justice minister is calling for Brenda Lucki’s resignation (but chances are this is either a diversion or in support of his provincial police force plans).
- Professors Leah West and David Schneiderman explain the CSIS definition of threat in the Emergencies Act, and why it was meant as a safeguard.
- Justin Ling delves into the attempted conspiracy theory being spun at the public inquiry, and its various threads.
- Colby Cosh looks at New Zealand’s court battle to lower the voting age to 16, and wonders if it and its novel arguments are on their way to Canada.
- Paul Wells makes careful note of the documents at the public inquiry related to government messaging, and the absolute obsession this government has with it.
Odds and ends:
Need a copy of #UnbrokenMachine? Find it now for 25% off! https://t.co/2x5tOpO5ne
— Dale Smith (@journo_dale) November 13, 2022
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