Is Finance Minister Joe Oliver Being Honest About The Canadian Economy?

With the ongoing market turmoil and volatility in Europe and other areas, Canadian Finance Minister Joe Oliver has now publicly warned this week that Canada's economy is vulnerable to these “external factors.” Although, Oliver did insinuate that he was “comfortable that the European authorities will deal with it in a positive way,” he still maintains that the ongoing crisis and instability overseas could negatively impact Canada. 


Oliver stressed the importance of trading with other nations, and he acknowledged the reality of how our nation and economy would suffer when other nations that we trade with are suffering or going through an economic crisis like we see happening in Greece. Interestingly, Oliver maintained that Canada was “going to continue to pursue policies that are going to maintain the strength of the Canadian economy.” But Canada's current fiat currency system is anything but beneficial to the citizens of this country and economy itself. The Bank of Canada has even admitted that the Canadian Loonie will drastically lose its purchasing power overtime, the longer that we continue with this self-destructive policy. If Oliver were truly interested in strengthening the Canadian economy, then you would think he would be mindful of this reality, and you'd hope to see him working toward changing the system so that it could truly be strengthened.


Oliver neglected to confirm whether or not Canada was in a recession, when he was pressed on the matter he simply replied that the “numbers [were not] out yet,” for the second quarter, but he asserted that Canada needed to stay focused on fiscal responsibility. Again, if Oliver wanted to make fiscal responsibility a top priority, then he would place the concern of Canada's self-destructive fiat currency policy at the top of his list. Unfortunately, we don't seem to ever see him bring meaningful attention to the reality of the dangers that are surrounding our inherently weak monetary system; a system founded upon debt. This unfortunate reality surrounding our current monetary system, is precisely why the Bank of Canada is in the middle of an ongoing lawsuit with the Committee on Monetary and Economic Reform (COMER).

If we are to truly promote economic strength, then currency competition would be a place to start if we are interested in offering more benefit to the people (and therefore the country itself). Currency competition would be a much better method than the current centralized currency that we have which is founded-upon and only perpetually establishes an inescapable environment of debt for the the citizens and nation as a whole. 


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