Thursday, April 6, 2017

From Former Canadian Finance Minister, Paul Hellyer, to Current Canadian Finance Minister, Bill Morneau: You're a Liar

Hon. Paul T. Hellyer

March 14, 2017

The Hon. William F. Morneau
Minister of Finance
House of Commons
Ottawa, ON K1A 0A6
Dear Minister:

I am writing in respect to your official response to petition 421-00858 sponsored by Elizabeth May, member of parliament for Saanich-Gulf Islands, BC, calling upon the Government of Canada to restore the use of the Bank of Canada (BoC) to make interestfree loans to governments for “human capital” expenditures. In your reply dated November 12, 2016, you said to do that “would require the Bank of Canada to either borrow the funds it loaned to the Government, or create new Canadian currency.”

The first alternative is a non-starter and can be dismissed out of hand. The second suggestion of creating new Canadian currency makes perfect sense, but you dismissed it unconditionally on the basis that it would result in “excessive inflation,” and without any evidence to support your statement. That, minister, is not correct, and I have been looking for an easy way to avoid saying that it is a lie, but my conscience finally dictated that there was no escape. You lied to the House of Commons, and you must know that under British parliamentary precedents you are expected to resign your portfolio forthwith.

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