Many in Canada hold the belief that we are heading for some sort of monetary crisis, precipitated by rampant government spending and debt issuance.
It is useful to understand the history behind the growth of this Canadian debt. The start of the problem was in 1974 when Pierre Elliot Trudeau sold Canada out to the Bank for International Settlements (BIS).
"Successive Canadian governments have surrendered sovereign control over monetary policies and money supply to the beliefs of the international neoliberal private bankers and investors. As a result, Canadians have been saddled with government debt at all levels—debt that has risen exponentially since 1974"
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The Original Purpose of the Bank of Canada |
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Progressive Money Canada |
Should such a monetary crisis materialize, Canada can look to its past for guidance. Gerald Gratton McGeer , the Canadian MP for Vancouver-Burrard from 1935-1945, took up this issue during the Great Depression. His views remain as relevant today as they were over 80 years ago.
Gerald Gratton McGeer Examines Graham Ford Towers
To my knowledge, the People's Party of Canada takes no official policy on the setting of interest rates in Canada. In 2019, Maxime Bernier did produce a video on Bank of Canada targets for the rate of inflation.