{"id":21473,"date":"2022-05-09T13:09:39","date_gmt":"2022-05-09T13:09:39","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2022\/05\/09\/thats-bull-david-dodge-fires-back-at-poilievres-criticism-of-the-bank-of-canada\/"},"modified":"2022-05-09T13:09:39","modified_gmt":"2022-05-09T13:09:39","slug":"thats-bull-david-dodge-fires-back-at-poilievres-criticism-of-the-bank-of-canada","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2022\/05\/09\/thats-bull-david-dodge-fires-back-at-poilievres-criticism-of-the-bank-of-canada\/","title":{"rendered":"&#8216;That&#8217;s bull****&#8217;: David Dodge fires back at Poilievre&#8217;s criticism of the Bank of Canada"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\">\n<h2 class=\"visually-hidden\">Breadcrumb Trail Links<\/h2>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\"> News <\/li>\n<li class=\"breadcrumbs__item\"> FP Finance <\/li>\n<li class=\"breadcrumbs__item\"> FP Economy <\/li>\n<li class=\"breadcrumbs__item\"> Cryptocurrency <\/li>\n<\/ol>\n<\/nav>\n<p class=\"article-subtitle\"> Former governor takes offence at Conservative leadership contender calling the central bank &#8216;financially illiterate&#8217; <\/p>\n<div class=\"article-meta\">\n<div class=\"published-date\">\n<p>Publishing date:<\/p>\n<p> <span class=\"published-date__since\">May 09, 2022<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">1\u00a0hour ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">3 minute read<\/span> \u00a0\u2022\u00a0 <span>  <span class=\"comment-bubble\"> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"16\" viewbox=\"0 0 24 24\" width=\"16\"><path d=\"M4,0 C2.93914,0 1.921718,0.421428 1.171572,1.171572 C0.421428,1.921718 0,2.93914 0,4 L0,24 L3.846,20.158 L4,20.16 L20,20.16 C21.0608,20.16 22.0782,19.73858 22.8284,18.98842 C23.5786,18.23828 24,17.22086 24,16.16 L24,4 C24,2.93914 23.5786,1.921718 22.8284,1.171572 C22.0782,0.421428 21.0608,0 20,0 L4,0 Z M2,4 C2,3.46956 2.21072,2.96086 2.58578,2.58578 C2.96086,2.21072 3.46956,2 4,2 L20,2 C20.5304,2 21.0392,2.21072 21.4142,2.58578 C21.7892,2.96086 22,3.46956 22,4 L22,16.16 C22,16.69044 21.7892,17.19914 21.4142,17.57422 C21.0392,17.94928 20.5304,18.16 20,18.16 L4,18.16 L3.048,18.126 L2,19.174 L2,4 Z\"\/><\/svg><\/span> 30 Comments  <\/span> <\/div><\/div>\n<figure class=\"featured-image\"><picture class=\"featured-image__ratio\"><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Former Bank of Canada governor David Dodge seen in 2008. <\/span> <span class=\"credit\">Photo by The Canadian Press<\/span> <\/figcaption><\/figure>\n<\/header>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Bank of Canada governor Tiff Macklem declined to comment on Pierre Poilievre\u2019s gibe last month that the central bank was \u201cfinancially illiterate.\u201d David Dodge, one of Macklem\u2019s predecessors, felt no such compulsion to take the high road in an interview over the weekend, firing back at the Conservative leadership candidate with an expletive on Sunday morning television.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment8306527964877135118602552872242921\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment8306527964877135118602552872242921\">Advertisement 2<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" id=\"ad-2\" style=\"--desktopHeight:250px;--mobileHeight:600px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">\u201cThat\u2019s bullshit,\u201d Dodge said in a pre-recorded interview that aired during\u00a0CTV\u2019s Question Period on May 8. \u201cI\u2019m very insulted by that,\u201d he continued. The Bank of Canada \u201cunderstands what\u2019s going on, they made a judgment call, which I think was 100 per cent right.\u201d<\/p>\n<p>Dodge added: \u201cIt was that judgment call in the spring of (2020) that saved us from a real depression coming out of the pandemic.\u201d<\/p>\n<p data-async=\"\">The remarks come after Poilievre\u2019s response to a Bank of Canada report from April 19 that observed that \u201cbitcoin ownership remained concentrated among young, educated men with high household income and low financial literacy.\u201d<\/p>\n<p>Poilievre, who has been courting the crypto community throughout his campaign, seized on the report, though only one of three authors was associated with the Bank of Canada, and the paper stated that the research was produced independently from the Governing Council and the conclusions could differ from the views of Macklem and his deputies.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment7934437939248474223051734590171423\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment7934437939248474223051734590171423\">Advertisement 3<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">\u201cThe Bank of Canada says Bitcoin-ers lack financial literacy,\u201d Poilievre tweeted on <a data-evt=\"click\" data-evt-typ=\"click\" data-evt-val=\"{\" control_fields=\"\" link=\"\" href=\"https:\/\/twitter.com\/PierrePoilievre\/status\/1517523993301078020\" rel=\"noopener noreferrer nofollow\" target=\"_blank\">April 22<\/a>. \u201cThis from the same people who promised we\u2019d have \u201cdeflation\u201d right before inflation hit a 30-year high. It is our central bank that is financially illiterate.\u201d<\/p>\n<p data-async=\"\">Poilievre, a career politician and longtime member of the House finance committee, is the perceived frontrunner in the race to replace Erin O\u2019Toole as Conservative leader. He\u2019s been a vocal critic of the Bank of Canada\u2019s pandemic-era policies, questioning Macklem\u2019s independence from the federal government. He staged a press conference outside the central bank\u2019s headquarters last month vowed to audit the Bank of Canada.<\/p>\n<p data-async=\"\">Bank of Canada senior deputy governor Carolyn Rogers focused her first remarks as Macklem\u2019s No. 2 on the intensifying criticism and diminishing trust surrounding the central bank. She didn\u2019t name Poilievre in her speech, but she did state that the central bank\u2019s bond-buying program \u2014 a focal point of Poilievre\u2019s innuendo \u2014 as already public on the central bank\u2019s website.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment4759416633794829441608137931362043\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment4759416633794829441608137931362043\">Advertisement 4<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>\u201cWe are acutely aware that, with some of the extraordinary actions we have taken during the pandemic and with inflation well above our target, some people are questioning that trust,\u201d Rogers said, adding that she welcomes more scrutiny from concerned Canadians.<\/p>\n<p data-async=\"\">Dodge isn\u2019t an apologist for his former colleagues. Last summer, he questioned the Bank of Canada\u2019s confidence that inflation would be temporary, a critique that has proven to be a good one, as the consumer price index is now growing at year-over-year rate near seven per cent.<\/p>\n<p>\u201cBy insisting it\u2019s all temporary they tend to undermine their own credibility, which is unfortunate,\u201d Dodge said in August 2021. \u201cIt\u2019s better to be humble and say that what we think, but of course there is a chance things could be different.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment5534277299873468938015717216063072\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment5534277299873468938015717216063072\">Advertisement 5<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>But the former governor has little use of Poilievre\u2019s attacks over inflation.<\/p>\n<p>The Conservative leadership candidate has been promoting cryptocurrencies as a way for Canadians to \u201ctake back their money\u201d and \u201copt out of inflation.\u201d When Question Period host Evan Solomon brought these remarks to the former governor, Dodge once again bristled.<\/p>\n<p>\u201cI have no idea what he\u2019s talking about and neither does he, in that regard,\u201d Dodge said. \u201cOn the crypto issue, he\u2019s just wrong because the rising prices issue\u2026 that you have to cope with out of your income if fundamentally, at the moment, a structural one.\u201d<\/p>\n<p>Dodge pointed to ongoing propellants for inflation, like supply limitations stemming from the Russian invasion into Ukraine, COVID-19 supply chain snarls, and an aging economy.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment6976741256252658493393027055855989\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment6976741256252658493393027055855989\">Advertisement 6<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-6\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"6\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-6\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">Poilievre responded <a data-evt=\"click\" data-evt-typ=\"click\" data-evt-val=\"{\" control_fields=\"\" link=\"\" a=\"\" tweet=\"\" href=\"https:\/\/twitter.com\/PierrePoilievre\/status\/1523446843564498944\" rel=\"noopener noreferrer nofollow\" target=\"_blank\">in a tweet<\/a> a few hours after the interview aired and his campaign provided comment to the Financial Post.<\/p>\n<p>\u201cDavid Dodge says he\u2019s offended. Good,\u201d he added. \u201cYou know who is also offended? The single mom who can\u2019t afford food, the worker who can\u2019t afford to fill his gas tank and the 32-year-old living in his mom\u2019s basement because the government inflated the cost of living to generational highs.<\/p>\n<p>\u201cThe establishment doesn\u2019t want to be held accountable for the misery they caused our working class,\u201d he wrote. \u201cToo bad. Get used to it. I\u2019m just getting started.\u201d<\/p>\n<p data-async=\"\"><em>\u2022 Email: shughes@postmedia.com | Twitter: <a class=\"twitter-follow-button\" data-evt=\"click\" data-evt-typ=\"click\" data-evt-val=\"{\" control_fields=\"\" link=\"\" href=\"https:\/\/twitter.com\/StephHughes95\" rel=\"nofollow noopener\" target=\"_blank\">StephHughes95<\/a><\/em><\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt=\"beforeunload\" data-evt-typ=\"page_scroll\" data-evt-val=\"{\" control_fields=\"\">\n<h2 class=\"visually-hidden\">Share this article in your social network<\/h2>\n<\/section>\n<div class=\"article-content__ad-group\">\n<div class=\"ad__section-border ad__section-border--category visually-hidden\">\n<section aria-describedby=\"advertisment3320934297093758256189939448235357\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment3320934297093758256189939448235357\">Advertisement <\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-acceptable\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-acceptable=\"\" data-ad-loc=\"1\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-acceptable\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div><\/div>\n<div class=\"widget article-content__widget-group article-content__widget-group--slot1\">\n<section aria-labelledby=\"FinancialPostTopStories7178576824869272022773719990403793\" class=\"newsletter-widget fp-headlinenews\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/dcs-static.gstage.postmedia.digital\/10.4.2\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 75w, https:\/\/dcs-static.gstage.postmedia.digital\/10.4.2\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 100w, https:\/\/dcs-static.gstage.postmedia.digital\/10.4.2\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 150w, https:\/\/dcs-static.gstage.postmedia.digital\/10.4.2\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 240w, https:\/\/dcs-static.gstage.postmedia.digital\/10.4.2\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 320w, https:\/\/dcs-static.gstage.postmedia.digital\/10.4.2\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 500w, https:\/\/dcs-static.gstage.postmedia.digital\/10.4.2\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 640w, https:\/\/dcs-static.gstage.postmedia.digital\/10.4.2\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 800w, https:\/\/dcs-static.gstage.postmedia.digital\/10.4.2\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 1024w, https:\/\/dcs-static.gstage.postmedia.digital\/10.4.2\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 1280w, https:\/\/dcs-static.gstage.postmedia.digital\/10.4.2\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 1600w\" alt=\"Top Stories Newsletter logo\" class=\"newsletter-widget__logo newsletter-widget__logo--FP_HeadlineNews\" height=\"80\" loading=\"lazy\" fifu-data-src=\"https:\/\/dcs-static.gstage.postmedia.digital\/10.4.2\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg\" width=\"97\"\/><\/p>\n<div class=\"newsletter-widget__body\">\n<h2 class=\"newsletter-widget__title\" id=\"FinancialPostTopStories7178576824869272022773719990403793\">Financial Post Top Stories<\/h2>\n<p class=\"newsletter-widget__text\">Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.<\/p>\n<div class=\"js-replace-main\">  <small class=\"newsletter-widget__disclaimer text-size--micro\"> By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. 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