Looks like “DEflation!” is not transitory…. 😜
Crude down 20% in 3 days.
— Travis (@coloradotravis) November 30, 2021
This must be the commodity supercycle I've been hearing so much about.
Mike covers today’s Fed moron’s policy shift to “non transitory!” from Powell on the EXACT DAY it became transitory… could not have timed it WORSE!…. funny…
A rather good interview, in which former Bank of Canada gives a very nice definition of “transitory” and opines very intelligently on deflation.
ReplyDeleteI also insert the first part of the text report.
Marian Ruccius
Stimulus not the cause of Canada's inflation problem, says former Bank of Canada governor
Jordan Gowling Associate Producer, Question Period
Published Sunday, November 28, 2021 7:00AM EST Last Updated Sunday, November 28, 2021 7:07AM EST
OTTAWA -- Former Bank of Canada governor Stephen Poloz says government spending and stimulus are not to blame for increased inflation.
"I think that's not right," he said during an interview on CTV's Question Period airing Sunday. "In fact, what the stimulus did was to keep the economy from going into a deep hole in which we would have experienced persistent deflation."
Inflation has reached 4.7 per cent, according to the latest numbers released by Statistics Canada in October. The Bank of Canada expects it to peak at the end of this year and start to decline in the latter half of 2022.
"We have to accept the fact that policy [stimulus] response was in the right time, well intended and it did avert all the worst calls that people were making at that time," he said.
In response to affordability concerns, the federal government has repeatedly referenced their national childcare program, as a means to combat higher costs of living. Nine provincial and territorial governments have signed childcare deals with the federal government, while Ontario and New Brunswick have yet to sign on.
Families, Children and Social Development Minister Karina Gould said in a separate interview that the inflation problem is not a uniquely Canadian issue and can be attributed to global supply chain problems.
https://www.ctvnews.ca/politics/stimulus-not-the-cause-of-canada-s-inflation-problem-says-former-bank-of-canada-governor-1.5683699
Yellen disagrees
ReplyDeletehttps://twitter.com/rncresearch/status/1466135387882016774?s=21