Quote:
Originally Posted by Firebot
https://www.ctvnews.ca/business/bank...tion-1.6076297
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
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.
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How long is transitory though? And in all honesty, were it not for the war in Ukraine, I think that a sizeable portion of the inflation we've seen doesn't hang around. Maybe, just maybe "these clowns" were right?