Stossel slams BOC Alt-Media ban: “Be nice or we kick you out.”

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    Stossel, Moen Weigh In on Bank of Canada Free Market Economist, Alt-media Ban - Peter Diekmeyer

    By Peter Diekmeyer

    Yesterday

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    September 15, 2017

    Criticism
    continues to mount in the wake of the Bank of Canada’s exclusion of free market
    economists and the two-tier media strategy it implemented for a key
    policy-making conference, held yesterday in Ottawa.

    The conference’s
    goal was to air out preliminary issues related to the BOC’s inflation-control
    agreement with the Canadian government, which is renewed every five years.

    Canada’s monetary
    policy politburo, which, through its interest rate policies, sets or influences
    prices throughout the economy, is currently reflecting on how much more it
    will ask ordinary Canadians to pay for their food, clothing and shelter during
    the coming years.

    Stossel: the establishment protects itself

    However, there were
    few ordinary Canadians to be seen at the BOC workshop, which was essentially paneled
    by bureaucrats, university professors and other government-financed officials.

    “The establishment
    protects itself,” said
    John Stossel,
    a Fox News contributor, who was in town to address the
    Montreal Economics Institute about the perils of central planning.
    “People have become comfortable with the idea of a few old men setting public
    policy in a back room.”

    The long-time
    investigative journalist, author and consumer activist, who has followed
    government closely for decades, was more nuanced regarding the Bank of Canada’s
    ban on alternative media.

    “I can understand their reasoning,” said Stossel. “You
    can’t really have a rabble disturbing things.”

    BOC to MSM: be nice or we will kick you out

    Stossel was more
    concerned about the message the BOC ban sends to mainstream media, such as the
    Wall Street Journal and Bloomberg News, who were given preferential
    access to the policy event.

    “That’s a club
    that all governments have,” said Stossel, who recently began contributing to
    Reason TV, a US-based free markets
    web-cast. “It’s “be nice or we will kick you out.” The White House does that
    too.”

    Tim Moen, leader of the Libertarian Party of Canada, also broke his silence on the issue by
    issuing a strong condemnation.

    “The Bank of Canada is suffering from a real
    lack of free market input,” Moen wrote on a party-affiliated social media page.
    “It’s probably naive to imagine an institution charged with centrally planned
    money creation would want input from critics.”

     

    A perfect time to look “outside the box”

    Surprisingly, one
    of the most obvious free market voices that the Bank of Canada ignored during
    its consultation process came to the central bank’s defence.

    “The reality is
    that most top monetary policy experts already work at central banks or at
    university research departments that accept their ideas,” said
    David Howden, academic vice-president
    at the
    Mises Institute of Canada,
    and author of numerous papers dealing with monetary policy from a free markets
    perspective.

    “The bad news is
    that central banks are forced to refer to the same specialists over and over
    again,” said Howden, who is currently working on a paper dealing with central
    bank balance sheet analysis. “The fact that the current process is a multi-year
    reflection makes it especially important that they consult outside opinions and
    not rely on the presumption that the current framework is OK.”

    Howden cited George Bragues, a professor at the University of Guelph-Humber, as one
    example of an “outside the box” thinker who the BOC might have consulted.

    A return to a gold
    standard?

    Ironically,
    Stossel, who admits to not being a monetary expert nor an expert on Canada, has
    offered interesting advice on the subject in the past.

    “(Americans)
    should learn from Canada,”
    he wrote back in
    2013
    .
    “The Canadians had no central bank when the Great Depression began, just
    private banks issuing currency backed by gold. During the 1930s, not even one
    Canadian bank failed. Thousands failed in the U.S.”

    Stossel,
    who during his many years at ABC was regarded as one of America’s top
    reporters,
    may be right. But a cursory glance suggests that they
    don’t make Canadians like they used to.

    They don’t make economists the way they used to either.


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