Inflation 1.7% higher then bank predicted

Angstrom

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Inflation hits 8-year high, pressures Bank of Canada | Business | Reuters
Just a little proof that Canada is not in such a great position economically.

Canadian inflation rose to its highest level in more than eight years in May, boosting the Canadian dollar and raising the prospect the central bank will raise interest rates sooner than previously expected. Annual inflation hit 3.7 percent, well above expectations and far above the Bank of Canada's 2.0 percent target, according to Statistics Canada data on Wednesday.
 
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taxslave

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Note that the majority of the inflation was caused by theft at the pumps. If the government had the balls to ban speculation in gas futures there would be very little inflation. Raising interest rates would only help the idle rich and make life difficult for the rest of us.
 

Ron in Regina

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Yep, & it wasn’t this high, ‘cuz we had a PM at the helm who was an economist. The inflation at that time came on the heels of the ‘08-‘09’ Fanny May/Freddy Mack subprime housing thing that rippled through the global economy….& our PM at the time steered us through and passed the keys to the new guy (at the time) at the end of his term in early 2015 with a balanced budget….that didn’t even last ‘till the end of 2015.

(Harper studied economics, earning a bachelor's degree in 1985 and a master's degree in 1991.)

Then Canada has ran a significant deficit annually ever since under Justin Trudeau, & then COVID 19 hit in early 2020, and here we are today. Short summary of the last decade.

(Justin Trudeau is the first to be the child or other relative of a previous holder of the post, as the eldest son of Pierre Trudeau. Trudeau attended Collège Jean-de-Brébeuf, graduated from McGill University in 1994 with a Bachelor of Arts degree in literature, then in 1998 acquired a Bachelor of Education degree from the University of British Columbia. After graduating he taught French, humanities, math and drama at the secondary school level in Vancouver.)
 
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Tecumsehsbones

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So. . . your proposition is that if the chief executive (de facto) is an economist (a term often reserved for Ph.D.s), you won't have inflation? Or at least not as bad as when the chief executive (de facto) is a humanities and education major?

Interesting thesis.
 

Tecumsehsbones

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Ron in Regina

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So. . . your proposition is that if the chief executive (de facto) is an economist (a term often reserved for Ph.D.s), you won't have inflation? Or at least not as bad as when the chief executive (de facto) is a humanities and education major?

Interesting thesis.
I have no thesis. Just pointing things out as I see them, & personally I know I would be a whole lot more comfortable with Steven Harper running Canada at this point through Covid that I would be with our current PM.

After the global ripples felt from the 2008/2009 Sub prime mortgage fiasco Canada happen to have the right person at the right time in the right place to lead us through and come out the other side in a better financial position than any other country in the G20 at that point. Dude had to make a lot of tough calls in order to do it and he paid the price for doing so at the election early in 2015, but we as a nation where in a better place because of those tough calls (also in a minority parliament position). That’s my point, thesis or not, comparing apples to apples.
 
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petros

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I have no thesis. Just pointing things out as I see them, & personally I know I would be a whole lot more comfortable with Steven Harper running Canada at this point through Covid that I would be with our current PM.

After the global ripples felt from the 2008/2009 Sub prime mortgage fiasco Canada happen to have the right person at the right time in the right place to lead us through and come out the other side in a better financial position than any other country in the G20 at that point. Dude had to make a lot of tough calls in order to do it and he paid the price for doing so at the election early in 2015, but we as a nation where in a better place because of those tough calls (also in a minority parliament position). That’s my point, thesis or not, comparing apples to apples.
The same crash where we went on a shopping spree with a $1.10CAD? Canadian banks swooped in and bought big chunks of the US for 10% below US pennys on the US dollar.
 

pgs

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The same crash where we went on a shopping spree with a $1.10CAD? Canadian banks swooped in and bought big chunks of the US for 10% below US pennys on the US dollar.
Last I checked it was about $.76 CAD .