People’s Party Of Canada Predicts A “Monetary Reset” And Calls CBDCs Authoritarian

CBDCs – Maxime Bernier, the father of the People’s Party of Canada, has proposed that the existing fiat currency system needs to be updated.

Speaking during an interview with Kitco News on August 12, Bernier slammed the existing monetary system over what he termed as debasement due to excessive printing by central banks. 

Bernier asserts that he is certain the reset will probably take place in the future and that it needs to be supported by a physical good like gold. He identified nations preparing to introduce currencies based on a commodity, such as China and Russia.

“A commodity-backed money system will happen. I don’t know when, but a fiat money system cannot live too long<…> After that, I believe we need to have a monetary reset internationally, having money that will be based on gold or other commodities, like we had in the 19th Century,” said Bernier.

Fiat system’s effect on inflation

Notably, Bernier, a minister from 2006 to 2015, pointed out that record-high inflation rates are being caused by excessive printing and growing federal debt loads.

“We have inflation because of bad monetary policy. We need to balance the budget. We need to stop spending money we don’t have,” Bernier said. 

Notably, central bank digital currency (CBDC) has been promoted as a potential alternative to the fiat monetary system. Notably, a number of central banks have started looking into CBDCs.

Potential outcomes of CBDC

The currency, according to Bernier, would provide the government the ability to control the populace and support totalitarian regimes, thus he stated his opposition to it.

“A central bank digital currency will be a way for the government to control everything that you’re doing. It would be another way to control all our spending and bank accounts. It’s another way to be in a totalitarian country. We don’t want that and we don’t need it,” he added. 

He pointed out that the majority of the objectives of the proposed digital currency are already being met by the current debit cards and e-transfers, thus there is no need for CBDC.

Bernier stated that he would use his position to inform the public about the alleged risks associated with CBDC.

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