I am very disappointed that the Bloc Québécois does not want to do what an opposition party is supposed to do and press for more transparency on this issue. It wants to help the government and the banks keep their secrets so taxpayers have no idea how their money is being used.
The member can agree with the Bank of Canada's statements and still be in favour of transparency. That's precisely what Parliament and this committee did when it came to government spending in response to COVID-19. We said yes to the benefit to support people who lost their jobs, we said yes to the wage subsidy so that people could keep their jobs, and we said yes to loans for small and medium-size businesses, but we also said yes to transparency. We want to know what the money was used for.
That is why we asked the Auditor General to investigate and release her findings. That is why we are asking the Parliamentary Budget Officer to take a deeper dive into the issue. That is also why we are asking questions and why we, as a committee, met all summer long: to scrutinize spending.
We could debate the member's comments at length. I find it fascinating that he thinks the Alberta government controlled the Bank of Canada in the 1930s. I'm not sure whether he's aware, but provincial governments don't control the Bank of Canada. He may not know this, but Alberta has never been a sovereign country. It was an interesting take on history, nonetheless.
He also said the Bank of Canada did not print money, but that's obviously not true. The Bank of Canada does print money. That is evidenced by the bank's own data. The number of banknotes in circulation has gone up 8%—the biggest increase since the 1980s—and the supply of coins has gone up 17%—also the biggest increase since the 1980s. To say, then, that the Bank of Canada does not print money is false, both figuratively and literally. The available data show it.
As far as crises are concerned, it is true that, when politicians meddle with the banks, it's dangerous. That's exactly what I am trying to prevent. During a similar period in the 1970s and 1980s, the bank printed too much money. The inflation rate was above 10%. This eventually led to higher interest rates, of course. When a central bank buys back all of a government's debt, interest rates become temporarily high. Here's the real question: If this continues and we see inflation in a few years, what effect will this policy have had?
In the 1970s and 1980s, inflation shot up 10% or more, and interest rates went from 8% to 22% in two years.
All that to say the use of central banks to pay a government's debt has led to a number of crises, as history shows. If the members believe that they are right and that they are taking the right approach, why not make the information public?
If everything is above board, releasing the information should be no problem. We can all look at it and have absolute confidence in the system, knowing that it's working as it should. As I see it, the only reason for wanting to keep the information secret is the fear that it will not support the opinions expressed by the politicians and bankers and that it will contradict their claims.
I say yes to transparency, yes to open information and yes to accountability by all those who make decisions affecting our money and our finances. I suggest that everyone on the committee who is in favour of transparency, openness and democracy vote for the motion and against secrecy.
Thank you.