‘There are other instruments in the government’s tool box to fight inflation.’ Readers see more options than interest rate hikes, plus other letters to the editor for Oct. 30
: Canada did not heed the lessons of the U.S. financial meltdown of 2007-08. Our central bank contributed low interest rates and expanded money supply, and our governments professed that increases in government spending didn’t matter because interest rates would stay low.
In seeking balance, the Bank of Canada has a major enemy in our governments. While private-sector businesses – construction, manufacturers, restaurants and so on – struggle to hire, our governments have engaged in massive expansions of hiring and spending. So governments’ commitments to productivity improvements are crucial, especially as there are still more investments needed in public sectors such as health care.
Many years ago, as I was completing a postgraduate degree at York University in Toronto, I took a course in money and banking that was taught by James. D. Gibson, who had been a member in the 1960s of the Royal Commission on Banking and Finance, known as the Porter Commission. A question on the final exam was: “Monetary policy is the refuge of a timid politician, comment.”
Now Mr. Ford is dodging appearing in Ottawa before the Emergencies Act inquiry . I guess the Ontario taxpayers will have to pay that lawyer bill now, too.
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