Quote:
Originally Posted by Roughneck
Here's a fun and nerdy thread about the wild beginnings of the Bank of Canada that I certainly had absolutely no clue about.
Also makes the Aberhart and Ernest Manning SoCreds even more loony than I ever recall.
https://twitter.com/user/status/1601359363679014912 |
I love Trevor. Great thread.
IMO We are going to see a return to So Cred rehtoric in 3-5 years if they continue to raise interest rates after this extended period of easy capital. E.g.
Trevor Tombe
@trevortombe
·
Dec 9
Manning (later AB Premier, and top Aberhart lieutenant who ran the show in SK) said throughout that the "ultimate object of the Social Credit Party is to gain **public control** of money and credit" (emphasis added).
Trevor Tombe
@trevortombe
·
Dec 9
Manning: "
society is suffering from a chronic shortage of purchasing power ... the financial system, with its monopoly of credit, are directly responsible". Blaming the depression on "the restriction and manipulation of money by the financial monopolists" (EdmJrnl, Mar 14, 1938)
A lot of people claim out current problem is a symtom of the exact opposite; access to debt has been too easy and too unrestricted. Perhaps true, but there are other conditions affecting global inflation rates that go beyond monetary supply. I believe increasing the pain on homeowners too far will likely result in similar feelings boiling over about monetary policy.