The Trudeau government recently attempted to bribe or extort provinces into accepting a digital ID program by tying billions in potential new healthcare funding to such a program..The Liberals are throwing around massive numbers, offering the provinces $196-billion in new healthcare funding over the next 10 years..This is money that this government A) doesn’t have and B) cannot reasonably expect to raise from taxes..That means that the only option to pay for this new spending will be the same one they’ve used to pay for their massive and unprecedented spending over the last three years — creating money from thin air, with the stroke of a pen and a printing press..In order to maintain the kind of spending we've seen from this government, the money has to come from somewhere. Both Chrystia Freeland and her predecessor Bill Morneau, have been historically mum on where in fact the money does come from. The reason the federal government can spend as much money as they want is because they have the sole power to print Canadian dollars..The MO, or monetary base, which includes all physical Canadian currency as well as bank reserves held by the Bank of Canada, expanded by more than 500% to a peak of more than $500 billion in 2021 before settling back down to its November 2022 state of $319 billion..You don’t need an economics degree to see that there are a lot more dollars than there were at the start of 2020.. Bitcoin graph .While it’s very convenient for big government types to be able to print this money, the value has to come from somewhere. In this case, the value comes from everyone else holding dollars. Maybe that’s part of what Freeland meant when she referred to the savings of Canadians as a "preloaded stimulus." More total dollars means your dollars are less scarce and therefore less valuable. The result is inflation..The most recent numbers released by Statistics Canada show an inflation rate of 6.3%. In late 2021, Derek Holt, vice-president and head of Capital Markets Economics at Scotiabank, wrote a scathing article suggesting Canadians are being shown “fake data” on inflation from official sources..Holt suggests inflation is actually much higher than reported. Anyone who does their own grocery shopping can easily corroborate this fact. That might explain why these truths elude the ivory tower types like Trudeau and Freeland..Simply put, inflation of the money supply is another form of taxation. So the two billion dollars that was offered to the provinces in fact came straight out of the pockets of the taxpayers in those provinces. We've all lost a massive amount of purchasing power due to Trudeau's spending. We may never financially recover from this..This kind of spending and the resulting inflation hurts all Canadians, but is a particularly bitter pill to swallow for those of us in Western Canada. The last federal election was over before polls had even closed in Western Canada. As our energy sits stranded and Trudeau’s inflation tax hits harder and harder, do Western Canadians feel adequately represented in Ottawa? I don’t..Like a growing number of other Western Canadians, I’d like to get out from under the boot of our Laurentian Elite overlords. Although the possibility of an independent Alberta or Western Canada might seem far away, we have one immediate path to our own financial sovereignty. That’s why I choose to keep the majority of my long-term savings in bitcoin..Because bitcoin has no central authority and the supply and issuance schedule cannot be changed, it's simply a better form of money..Bitcoin is better because Trudeau can't print it..As we’ve seen recently, the price of bitcoin can be quite volatile. For that reason, it doesn’t make a great place to store value that you need soon. Over a longer time period, bitcoin has performed better than any other asset class in the world..The price of bitcoin is up 117% over this date 5 years ago or more than 78,000% over this date 10 years ago..We can’t predict much about the future price of bitcoin, other than that it will continue to be volatile. We can however, predict that the supply of bitcoin will remain scarce..If you believe that money printing is a form of taxation....If you believe that the federal government should not have a monopoly on the ability to create money....If you don’t feel like Justin Trudeau can spend your money better than you can....Then store some of your wealth in bitcoin..Disclosure: Bitcoin Well is an advertiser with the Western Standard
