[Firebot]

Originally Posted by PepsiFree

Suggesting people can “opt out” of inflation with crypto.

Demonising the Bank of Canada and suggesting it stands in the way of freedom and liberty.

Suggesting people would have more control over their money with crypto.

It’s scary because this is a guy who was the finance critic and is gunning for the top job and he’s spreading straight up bad financial information to Canadians. As I already said, if anyone was swayed by his passionate promotion of crypto, they’ve lost 40% of the money they put in. He rambled on about how it’s unfair the Bank of Canada controls our spending power and how inflation is all their fault, and turns around and touts something that would have absolutely destroyed people’s spending power, which would have been completely out of their control.

There's nothing scary about what Poilievre is saying. He's right that crypto offers opportunities to shield yourself from the market, much like buying gold is considered a hedge. Of course the extreme volatility of crypto makes it a very poor investment for anyone risk adverse and I don't agree with his premise and as seen, crypto is most definitely not something you put all your eggs in one basket. I don't find his comments scary however.

And the BoC's head should be fired. To make continuous claims of transitory inflation last year, refusing to heed warning signs while simultaneously opening the floodgates to free cash by stubbornly keeping rates to historic lows, he's now playing catch up by forcing in a hard recession on Canadians to avoid certain economic catastrophe, the genie is out of the bottle. Not only has cost of living gone through the roof, any savings or investments your middle class Canadians have done, from stocks, to real estate, to bonds will be hard hit. Low income Canadians are hit hardest and the worst is yet to come.

“If you’ve got a mortgage of if you’re considering making a major purchase, or you’re a business and you’re considering making an investment, you can be confident rates will be low for a long time,” Macklem said.

Those comments were made less then 2 years ago! He's deliberately caused a new asset bubble and these people bought into this bubble and are screwed now. The damage will be extraordinary.

https://financialpost.com/news/econo...rate-at-0-25-2

“The bank continues to expect CPI inflation to remain elevated in the first half of 2022 and ease back towards two per cent in the second half of the year,” the Bank of Canada statement said.

This? 7 months ago. According to the BoC we should be close to 2% inflation by now. They had plenty of time to move on this but chose to do nothing instead and deny any issue.

The Bank of Canada head literally told people to go out and buy houses and take on historic debt to do it. The BoC directly misled many people into likely losing their houses and lose everything they have in the upcoming years. That's not scary?

Crypto investment most certainly can be part of an investment strategy in the long run, which is currently hampered by bans and limitations by Canadian banks. Is it a good idea to promote it to financially illiterate Canadians? No, but we just had the BoC telling the same financially illiterate Canadians to splurge on housing with debt.

So I don't see his comments as scary. There are much scarier real actions happening right now, including C-11, then a politician promoting crypto.