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Here’s how Mark Carney has been BLEEDING the Canadian economy since 2009
And I won’t use any financial lingo so every Canadian understands what was done to them.
🏦 The Bank of Canada’s governor sets interest rates. An interest rate is what you pay the bank for every dollar you borrow. Carney decided what that interest rate was between 2009-2013
If you borrow $100 at 12%, you pay back $112. That’s expensive, so people borrow less.
But at 0.25%, you pay back $100.25. Borrowing is basically free. So everyone borrows more.
📉 In 2008, Carney inherited a rate of 4.5%. By 2009 he’d slashed it to 0.25%.
The LOWEST rate in Canadian history! He held rates at or below 1% for FIVE straight years.
Here’s what that did to Canadian families:
In 2007 (before Carney), the average household owed $1.40 for every dollar earned.
By 2012, under his rock-bottom rates, it hit $1.63. The HIGHEST in Canadian history.
He stood at the podium and called it “the greatest domestic threat to the economy.” Then did nothing to stop it.
Today? $1.75 for every dollar earned. $3.07 TRILLION in total household debt. The worst of any G7 country.
Here’s why low rates destroy the every-day person:
💸 Your savings earn nothing. $50,000 in the bank at 0.25% earns you $125 a year. You can’t save your way to a down payment when your money doesn’t grow.
But investors? They borrow millions at almost zero cost and buy the houses you can’t afford.
Cheap borrowing sent housing prices through the roof. A home that cost $300,000 in 2009 costs $900,000 today.🏡📈
And banks? They borrow from the Bank of Canada for almost nothing and lend to you at 5-6%. The gap is their profit.
Lower rates = fatter bank profits.
Low rates are a wealth transfer from people who save to people who borrow. From working families to banks and investors.
Carney knew this. He warned about it. He never fixed it. He left for London in 2013.
But he didn’t leave empty-handed. He left behind his protégé.
Tiff Macklem (the current Bank of Canada Governor) was Carney’s handpicked #2. Carney personally appointed him in 2010. RBC called them “the tandem” that ran Canada’s monetary policy.
In June 2020, Macklem became Governor. Two months later, Carney started advising Trudeau on COVID economic recovery.
🫂Carney’s man running the Bank. Carney advising the PM on the spending.
Then Macklem turned on the money printer.
Here’s what that means in plain English: normally the government borrows money by selling bonds (IOUs + a little extra) and Investors buy them.
😷But during COVID, the Bank of Canada started buying those bonds with money it CREATED OUT OF THIN AIR. New Canadian dollars that didn’t exist yesterday.
Imagine paying your credit card by printing cash in your basement. Your debt disappears. But every dollar in your neighbour’s wallet is now worth less.💵
Canada printed money faster than any other G7 country. The result:
- Groceries up 25%.
- Rent doubled.
- Gas through the roof.
The Canadian dollar (worth MORE than the US dollar in 2011) now worth 72 cents. A 30% collapse.
📈 Everything you buy from outside Canada costs 30% more just because of this. That’s not inflation. That’s a policy choice.
And now, what’s Carney’s biggest announcement since becoming Prime Minister?
He builds a $45B infrastructure bank, designed with Brookfield and McKinsey. 🙃
He allocates $15B to a fund investing in the sectors his own Brookfield holdings profit from. He “replaces” the $390M Liberal slush fund, but actually just renamed it and made it $5B instead. Same minister, bigger budget.
He broke the economy, his protégé made it worse and now he’s back to “fix” it. But it’s your money and your livelihood on the line, while he pumps his own bags once more.
This didn’t happen by accident. But we don’t have to let him get away with it.
Every share, every retweet, every comment will help expose him. 🇨🇦
Icy Twiz@icy1wiz
Canada was 1000% better 11 years ago... even during the 2008 financial crisis. It's a f*cking socialist hell hole now. I give full credit to; @JustinTrudeau, @liberal_party, @MarkJCarney, @theJagmeetSingh for the complete downfall of Canada. They all belong to rot in prison
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