Emergencies Act’s freezing of bank accounts reflects wider mess at Finance Canada
– a great inflation-hedging instrument for pension funds and indicator of forward-looking inflation expectations.
Freezing bank accounts of political enemies, the so-called “fringe minority” in Mr. Trudeau’s words, without due process, was easily the worst offence in the entire saga. Confiscating access to private property was completely unnecessary to ending blockades of bridges and public streets. Even if there was such a mechanism, however, it is still reprehensible. It implies Ottawa should have some level of omniscient surveillance on Canadians – knowing at all times whether someone is physically present at a protest or not – and that the government should have the whimsical ability to shut off access to bank accounts. Such a proposed mechanism has eerie similarities with China’s policy to prevent travel to certain areas of the country based on social credit.
Increasing government spending while inflation remains high is hardly prudent. Increasing public funding for carbon-capture projects in order to compete with U.S. green subsidies recently passed in the Inflation Reduction Act seems to be overkill for a Canadian economy that already has a carbon price of $65 per tonne, which is only set to increase in future years .
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