this post was submitted on 17 Sep 2023
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I don't understand. Why do they need to "take on the bank of canada"? As you said, Monetary policy isn't the only tool. Monetary policy is set by the bank of canada. The bank of canada is doing exactly what it is supposed to.
The government sets fiscal policy. Currently the government is in a spending frenzy, which is counter to the Monetary policy.
Indeed. Central banks in developed nations act independently of the government for good reasons. What the GP is suggesting, which is government interference on the central bank to lower interest rates, is the scenario that causes developing nations like Turkey to experience runaway inflation. It is a terrible idea with plenty of historical precedents.
Yes. I agree with you. I think that's an awful idea. It wasn't clear what the poster was suggesting, which is why i asked for clarification.
He asks whether the government will interfere with the BoC, but then says that is only one tool. Then suggests the BoC is incorrect with raising rates since housing prices are not dropping.
Again, the BoC is doing exactly what it is supposed to. The government is failing to address the other issues, which really isn't a BoC issue.
Yes, we are in agreement. I was supporting your thesis.
Speaking of that terrible idea: https://www.cnbc.com/2023/09/15/trump-bemoans-high-interest-rates-and-indicates-he-might-pressure-fed-to-lower.html
He's done it before and he promises to do it again. The absolute genius /s