https://www.ctvnews.ca/business/bank...tion-1.6076297
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Bank of Canada governor says economic stimulus should have stopped earlier to tame inflation
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Everyone is to blame except the Bank of Canada, according to the Bank of Canada.
These clowns where calling inflation transitory last year at this time. They left interest rates at historically low levels while this unprecedented printing of money through stimulus and cheap credit continued well past necessary and now pointing fingers to say we shouldn't have borrowed so much.
A reminder of this Bank of Canada statement in 2020 encouraging Canadians to go out and get housing on cheap credit.
https://www.bnnbloomberg.ca/interest...klem-1.1465901
Quote:
“Our message to Canadians is that interest rates are very low and they’re going to be there for a long time,” Macklem said at a press conference Wednesday.
His comments came after the central bank announced it is holding its key interest rate at 0.25 per cent in response to what it calls an “extremely uncertain” economic outlook due to the COVID-19 pandemic.
“If you’ve got a mortgage of if you’re considering making a major purchase, or you’re a business and you’re considering making an investment, you can be confident rates will be low for a long time,” Macklem said.
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The Bank of Canada failed to act responsibly, did not heed obvious warnings when inflation was rising, and they are trying to close the gate after all the sheep are out. When inflation picks up momentum, it's incredibly hard to stop it as inflation just becomes accepted.
And the solution is a forced hard economic crash. 2023 will be a very hard year for many.