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Re: Go Canada !!!!
Mark Carney warns of Canadians consuming too much now and going back into debt. But the message from Marc Carney and the Bank of Canada is that money is cheap, almost interest-free, so borrow to your hearts' content.
It is much the same as putting a chocolate cake in front of a child and then telling the child to not eat it. Then taking a fork and plate and putting them in front of the child. Then, pouring a glass of milk next to the plate, and then telling the child that eating chocolate cake might make them fat.
And then to think that we pay central bankers like Marc Carney for a monetary policy like this: free money forever, but don't borrow too much of it.
The outrage in this zero interest rate policy is that the saver is penalized for working and saving their entire life. The elderly are literally being told to die. -
Re: Go Canada !!!!
+1.Originally posted by Starving Steve View Post
"Canadians have too much personal debt and are overleveraged to real estate" out of one side of the BoC's mouth, and out of the other...all time record low mortgage rates.
What a game...Comment
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Re: Go Canada !!!!
It's probably a good thing that I wasn't in Toronto at the Empire Club.
I would most likely have thrown my shoe at the Goldman Sachs alumnus. No doubt I would have been arrested for Terrorism or Treason, given a taste of a Taser, and water-boarded for attempting to preach Economic Literacy and expose the true motivations of the man behind our curtain.
Notice how this is a cheer-leading speech for the G-20 Action Plan, which can be conveniently found here ...
http://www.whitehouse.gov/sites/defa...ction_plan.pdf
If you are in a G-20 Nation ... you should read that 7 page document and ask yourself ...
"What are the odds of any of these items actually being achieved?"
Carrot Dangling 100x100.gifComment
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Re: Go Canada !!!!
And this just in ...Originally posted by GRG55 View Post
[ATTACH]4183[/ATTACH]Bank of Canada names new special adviser
Evan Siddall has been named the new special adviser to Bank of Canada Governor Mark Carney.
Mr. Siddall was most recently a senior executive with Fort Reliance Co., the holding company of Irving Oil, but before that he ran Lazard’s Canadian operation and has worked at Goldman Sachs and BMO Nesbitt Burns.
Mr. Siddall, who starts his two-year term in January, will replace Tim Hodgson, who has been special adviser since September, 2010.
http://www.theglobeandmail.com/globe...rticle2274327/
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Re: Go Canada !!!!
Give him credit for giving a lucid speech which is certainly much better than anything coming from the Fed since Volker. Still, I get the criticism but would ask what do you the US response would be if he hiked their rates to even 3% to dampen consumer borrowing? The man don't operate in vacuum!Comment
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Re: Go Canada !!!!
"Prior to joining the public service, Mr. Carney had a thirteen-year career with Goldman Sachs in its London, Tokyo, New York and Toronto offices."
http://www.bankofcanada.ca/author/mark-carney/Comment
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