Freeland Denounces Criticism From “Economic Illiterates”; TSX and loonie have a rough day; Toronto and Vancouver to host FIFA World Cup and more
The TSX plunged to its lowest level in 14 months on Thursday as investors grew more concerned that aggressive central bank interest rate hikes would trigger a recession, the AP reports.
The Toronto Stock Exchange’s S&P/TSX Composite Index unofficially closed down 3.1%, or 607.50 points, at 19,004.06, its lowest level since April 2021. The Canadian dollar was trading 0 .3% lower at 1.2925 per dollar, or 77.37 cents, after hitting its weakest intraday level in more than a month at 1.2995 on Wednesday.
Freeland vs. Poilievre: Not far away, in a speech before the Empire Club, christian land free pointed to pierre poilièvredenouncing their critics as “economic illiterates” to the Star reports, giving Canadians a taste “of what a head-to-head political fight between two people believed to want the highest political job in the country, the job of prime minister, would look like.”
“In this time of global economic and political volatility, undermining Canada’s fundamental institutions, including the Bank of Canada, is highly irresponsible, not to mention economically illiterate,” Freeland told the Bay Street audience.
Freeland said that “while fighting inflation is the job of the central bank, good government policy can make it easier by addressing the supply constraints that are driving prices up.” When asked later if he was referring to Poilievre in particular, Freeland only said, “I said exactly what I wanted to say in my speech.”
He Balloon has a story describing the measures Freeland was in town to promote to deal with rising inflation.
SCOC Warning: Chief Justice Richard Wagner He said Thursday that the convoy protest shows that the security of the Supreme Court needs to be taken more seriously, the CBC reports.
Violations: Ottawa is facing calls to respond to a growing number of privacy breaches involving members of the military who have experienced sexual misconduct, reports CP. The personal data of more than 100 current and former members of the Armed Forces have been leaked through 20 different privacy breaches since February.
No commands: The House of Commons will suspend COVID-19 vaccination mandates for MPs, staff and visitors next week, CP reports.
Responsible DND: The military says the office of Governor General Mary Simon he had no role in decisions related to a catering bill for a recent trip, the CBC reports.
tooth mystery: Although time is ticking on their promise to the NDP to offer a dental care program, the Liberals still appear to be in the consultation phase and have not figured out what form this program will take, reports CP.
Little Appetite: Philippe J. Fournier has an interesting piece in the present in a recent Mainstreet poll showing that most Quebecers continue to have little appetite for independence.
Alberta Women: Following Wednesday’s announcement that Michelle Rempel Garner is considering entering the UCP leadership race, Kelly Cryderman has a piece in the Balloon noting that the most interesting candidates in that race are women.
Optimistic Goals: Konrad Yakabuskiwriting on it Balloonbelieves that Ottawa’s targets for greenhouse gas emissions for the oil and gas sector hinge on hope and miracles, given the health of the industry.
The emissions reduction plan took many months to prepare and was formulated mainly before the Russian invasion of Ukraine and the paradigm shift in energy markets that the war engendered. If Ottawa had been counting on future oil price weakness to bankrupt many tar sands projects, geopolitical factors now have analysts forecasting high prices for many years to come.
Confidence question: In Star, Susan Delacourt He argues that the Trudeau government needs to find a way out of the corner it is in on the question of how and why it decided to invoke the Emergencies Act.
That’s where we are again. The government goes to great lengths to say that it did not give orders or receive instructions from the police. The police are doing the same. So instead we get all sorts of evasive comments, even simplistic ones, about tools and processes and the difference between advising and consulting, all thrown into the blandest communication machine. Enough.
Whole of Government Incompetence: Tom Mulcair has a blistering column on CTV, which does a sweeping critique of the Trudeau government as rudderless, rounding up a smorgasbord of scandals and failures and laying them all at Trudeau’s feet.
Our entire system is supposed to be based on ministerial responsibility. You are accountable to Parliament and the public for your decisions and your performance. Why are none of these ministers ever responsible? The answer is in the PMO. Jet-setting with the Aga Khan in flagrant violation of ethics laws? So what? Breaking the law again by sticking your nose in the prosecution of a major corporation with deep liberal connections? Nobody is perfect!
This will be fun: Toronto and Vancouver will host the 2026 World Cup games, but Edmonton will not, CTV reports.