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Jagmeet Singh Gaslights Canadians on “Greedflation”

by on October 8, 2022

He wants Canadians to forget who is propping up Trudeau

The leader of the NDP, Canada’s socialist party, has been pounding the drum on so-called “greedflation”, blaming rising prices on heartless corporations gouging everyday Canadians at the cash register.

 

It’s not only disingenuous for Singh to be blaming Canadian businesses for inflation, he’s also trying to foist responsibility for it onto the Liberal and Conservative parties – as if the NDP is the blameless voice of reason in the room:

The reality is that it’s the Conservatives, and their newly elected populist leader  have effectively zero influence on policy in the House of Commons right now.

Why?

Because the Liberal government is literally kept in power by a coalition agreement with Jagmeet Singh’s NDPs. That agreement guarantees the Liberals will survive any non-confidence motions brought against them until their present term expires. That means that unless Jagmeet Singh himself, scraps this agreement, he, Jagmeet Singh, and not the Conservatives, much less Pierre Poilievre, is single-handedly keeping the Liberals in power. That means all the prevailing policies and their consequences are on him as much as they are on Trudeau.

It was the NDP who voted alongside the Liberals to enact the Emergency Powers Act in which the bank accounts of  “hardworking Canadians” were seized without due process. It was Jagmeet Singh’s NDP who then voted against a motion to overturn COVID mandates, and it was the NDP who voted against a motion to scrap the planned carbon tax hikes. That tax hike will triple the existing carbon tax, and that will also paid for by “hardworking Canadians” a mere weeks ago.

(Trudeau recently took a victory lap for increasing rebates on the carbon tax he just tripled. He wants you to thank him for given you some of your own money back).

What really causes “Greedflation”?

For starters, the money supply (the literal definition of inflation) has doubled since the beginning of the Trudeau administration from 1.2T in 2015 to 2.4T today:


source: tradingeconomics.com

To be fair, the Canadian M2 money supply has been increasing steadily under all previous administrations, (because we live in a global fiat ponzi), but we can see that pronounced inflection point at the onset of the Covid pandemic. This happened worldwide as nation states blew out their respective money supplies by an aggregated 30 Trillion USD.

Against this backdrop, the Canadian dollar (alongside all other global currencies) has been in freefall against the USD – we’re witnessing the so-called “Dollar Milkshake Theory”, except it’s not longer a theory. As I covered in the most recent issue of my premium newsletter, it’s now The Dollar Milkshake Reality.

For many Canadian businesses, much of their input costs are largely denominated in USD. Their Cost of Goods Sold (COGS) is rising, and as they sell their finished products to Canadians, they’re receiving CAD, which is falling.

This, coming off of two-years of lockdowns in which politicians and bureaucrats picked and chose which businesses were “essential” and which weren’t. Small and medium businesses were squeezed hard and big box and platform megaliths, the kind whose CEOs rub shoulders with the likes of Justin Trudeau and Jagmeet Singh at Davos confabs, made out like bandits.

So the lockdowns are over, Covid is also over (like it or not), and the world it attempting to get back to normal. There’s only one problem. The rampant monetary and credit expansion in which the world’s central banks (Canada’s included) whose stated policies were to intentionally ignite inflation, finally got it.

But it wasn’t transitory, it’s now existential. We see glimpses of the stakes in places like Sri Lanka – where the populace overthrew their government, in Turkey – where the inflation rate is officially 90% and in Lebanon, where armed citizens have taken to storming banks to get their own deposits out.

Canada's NDP leader denies in talks with Trudeau for a coalition government  | World News - Hindustan Times

It hasn’t gotten to that point here in Canada, yet. But it’s certainly entertaining to be lectured to and sermonized on corporate greed by a millionaire socialist who happens to be the one person in Canada who could single-handedly bring down the current government. The same government who went along with, even led the charge, on deranged Covid policies that got us into this mess.

Mark E. Jeftovic is the CEO of easyDNS, co-founder of Bombthrower Media, author and investor. Sign up for The Bombthrower mailing list to get updates straight into your inbox and get a free copy of The Crypto Capitalist Manifesto while you’re at it.
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