Bank of Canada Stops Fighting Inflation, BoC will pause hiking interest rates Tiff claims “assess whether we raised interest rates enough to get inflation all the way back to target,” – February 8, 2023,
The central banks day by day, are exposing themselves as USELESS, or purely POLITICAL instruments used to prop up existing Federal governments. Justin Trudeau who is currently the prime minister of Canada has created a regulatory NIGHTMARE for the Canadian economy, which is forcing DOMESTIC prices up. Justin Trudeu has not backed down from his fight against fossil fuels; whether you like it or not, the world is currently POWERED by fossil fuels, and even the process of going towards renewables will require more fossil fuels for the foreseeable future.
The way Justin Trudeau’s carbon tax is structured PUNISHES productivity that is derived from fossil fuels, which is fine IF there were a VIABLE alternative to ALL fossil fuel-related energies, which currently there is not. Justin Trudeau has also given the Federal Government a larger role in the REDISTRIBUTION of money, which to date has led to record deficits and much larger federal government workforce, many of whom have WAGES that keep pace with INFLATION.
What I’m getting at here is that inflation is NOT returning to pre-pandemic levels; consumer prices are not returning to what they once were, especially in eras of the economy which require ENERGY. In some areas of the Canadian economy, products IMPORTED to Canada might stop going up in price, but more imports also equate to changing the DOMESTIC employment market, which we haven’t seen materialize yet.
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As an example, prior to Pierre Trudeau, Canada was a MANUFACTURING powerhouse; since Pierre Trudeau, Canada has DISSOLVED into mostly a service sector economy. The saving grace for Canada was our energy markets, which even now, with all the regulations, continue to be a reliable payer of taxes to the Federal government; this sector is the one Justin Trudeau wants to phase out because even if Canada became renewable energy powerhouse, the process to produce renewable energies is FOSSIL FUEL intensive one.
What I’m getting at here is that Justin Trudeau’s “vision” for the Canadian economy is EXTREMELY expensive, and there are no guarantees it can even happen. What’s likely to happen if this continues is that Canada will become EVEN more reliant on imports and become more of a SERVICE SECTOR economy. Wind turbines and solar panels still come from China.
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Mining for lithium batteries, which by the way is extremely flammable, requires HEAVY DUTY equipment that is currently powered by fossil fuels. In Germany at the very least they have a manufacturing sector, studies re being done there on how to make renewable energy more EFFICIENT, whereas in Canada, the strategy from Ottawa appears to be to TAX the private sector and FORCE them to get on board with Justin Trudeau’s energy agenda.
The problem with Trudeua’s idea is that FOR PROFIT businesses do not have UNLIMITED resources, so what most will do, is JUST enough not to be targeted, or they’ll remove unnecessary BLOAT from Canada and potentially structure their businesses in a manner that is less productive and also gets the Federal governments off their backs.
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Why I went through all of this is because the Bank of Canada has decided to pause interest rates hikes, which could be a signal to Justin Trudeau to BORROW more money because, apparently, Justin Trudeau’s energy and other economic ideas are working, so why not add some more regulations, and BORROW even more money?
Now, if the bank of Canada were a private bank, they wouldn’t INVITE Justin Trudeau to borrow more money because NONE of Justin Trudeau’s ideas have produced positive results; the deficit under Trudeau continues to reach new record levels month after month, which would be EXTREMELY risky for a private bank, that could go bankrupt.
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As we all learned with countries like Zimbabwe, Venezuela, and Argentina, the CENTRAL BANKS NEVER go bankrupt, what happens is the money is DEBASED, and the REGULAR people have to pay more to get LESS. The central bank is supposed to keep the FEDERAL government under control, that’s the idea of Keynesian economics and central banking.
The private sector would NEVER finance any of Trudeau’s spending plans because they sound STUPID; imagine Justin Trudeau went to a private bank with his spending plans. All private banks would likely DECLINE his offer. Governments are no different from regular people; people, however, IMAGINE governments as all-powerful for their own reasons. Still, the reality is reality, and what appears to have happened is that the Bank of Canada has at least temporarily given up on its inflation fight.
Do I think this is a mistake? Ofcourse I do, but BIG GOVERNMENT is a mistake, and I don’t necessarily blame the politicians or central planners; I blame the STUPIDITY of the voters, you will never read from me that Justin Trudeau STOLE the Federal elections, I have always stated that Justin Trudeau won all of his federal elections fair and square, and I have also said that Trudeau was transparent about what his plans for Canada were.
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If you were too stupid not to comprehend how dumb Justin Trudeau and Jagmeet Singhs’ ideas were, and you voted for them, that’s not their fault; they were honest with you. If you ask me, my thoughts? My thoughts are that I want DEMOCRACY reform, via Justin Trudeau, we are witnessing in real time why ONE MAN or a few men in government should not have this much power.
Bank of Canada won’t be cutting interest rates anytime soon: Tiff Macklem | financialpost.com
Interesting times ahead!