Somehow they missed “helicopters dropping money”;
Statistics Canada says the annual pace of inflation in October rose to 4.7 per cent.
The agency says it was the largest year-over-year gain in the consumer price index since February 2003.
The increase compared with a year-over-year increase in the consumer price index of 4.4 per cent in September.
Factors for rising inflation include snarls in supply chains, bumps in prices at the pump and comparisons to lows seen one year earlier.
Statistics Canada says gasoline prices rose 41.7 per cent compared with October 2020 for the fastest increase since this past May.
Paul Krugman, who (unlike a Dollar Store cashier) has a Nobel prize in economics: ‘I Got Inflation Wrong’
Remember when Paul Krugman thought the internet was a glorified fax machine?
CPI Stats are pure Horseshit. Because the single biggest expense for every citizen in Canada is the cost of Government.
Until they show that Taxes consume more of the family budget than the necessities of life, Food, Clothing and Shelter, CPI is useless.
A family sized roast of beef is almost a day’s wages for some one making minimum wage.
Solution less GOVERNMENT close programs and fire about 75% of all government employees
Yes. The sooner people realize that a bloated, wasteful, tyrannical government is the cause of almost every single problem in western civilizations the better.
Every household in Alberta should have a federal, provincial and municipal sunshine list posted on their refrigerator.
All taxes should be collected quarterly … direct from each taxpayer … not from their employer. Each taxpayer should have to write a check … each quarter.
Our government would shrink by half within a year.
If you run your own business you do this already. The government, ever so helpful, sends you advanced tax payments to make, and then charges you interest if you don’t cut them a cheque (I think it’s quarterly). You have to make sure you get the interest cancelled if you have a bad year, because the government is a hungry beast that needs feeding every hour.
I do write – under compulsion – a cheque to the taxman each quarter. It doesn’t seem to be helping.
From your keyboard to God’s PC.
Watcher…
Preachin to the Choir…!
Quite.
A carbon tax on everything one buys and inflation due to a spend-happy government.
But ask a Canadian if his taxes should be lowered for the healthcare he does not receive and hear what he says.
Canadians want poverty.
75%? You can do better, how about 90%? Might get most of the deadwood.
According to the Bank Of International Settlements (BIS), you know, the joint that Mark Carney used to be at, Canada has a higher risk of suffering a banking catastrophe than any of the developed economies in the world. The BIS has reported that Trudeauland has already tripped 4 out of 5 warning signs. The warning signs are more about non-financial institutions and private households taking on more debt relative to free cash flow. It doesn’t even factor a Trudeau government monetizing massive debt to pay for non-productive and/or corrupt-crony expenditure.
Let me reiterate, Canada has the highest likelihood of financial disaster in the world.
People (here) have repeatedly written that think that a financial collapse will somehow bring about a dissolution of the government and a fresh start for their own region. This has rarely ever been the case in the rest of the world. Governments routinely respond to catastrophe with ever more coercion and repression.
My opinion is Canada won’t tank until the US Fed lets it, either because it doesn’t want to intervene (anymore), or feels it can’t do anything about it. Before that happens, the Fed can continue to do massive currency swaps behind the scenes to keep the Canadian banking industry propped up. The Fed is starting to admit it’s got its hands full domestically, so I believe Canada’s runway is getting shorter by the month. If I had the wherewithal, I would make plans to leave the country for a less fragile jurisdiction. One that grows its own food, doesn’t have sophisticated infrastructure that requires a grid, a poorly organized government system, and has a robust self-sufficient population. In other words, a less “civilized” place. Probably some remote parts of Mexico where there’s no drug cartel, or perhaps even more rural parts of the US, like WV.
Ho-hum. Just a lot of white noise to be ignored by Canadians as long as beer is in the fridge and hockey on TV.
If (and probably when) the crisis happens, (“crisis” meaning the beer runs out, cable is off, and heat/power also go), ONLY THEN will Canadians run into the streets. Unlike the majority of opinion here, my guess is that Canadians won’t give politicians and bureaucrats the Mussolini treatment, rather, they will DEMAND that the government psychopaths take on EVEN MORE despotic power to “fix” things.
Wage and price controls, emergency government distribution centres, creation of a government credit system –> the combination of China’s social credit system with a central bank digital currency and “guaranteed government income”, restriction on movement and property ownership, confiscatory taxes on everything even unrealized “profits”…etc. etc. Government predations on an idiotic and compliant populace are infinite in the modern technocratic technocracy. Things are bound to get a lot worse, and no one is going to have your back.
If private debt “blows up” because service costs are unaffordable as rates rise and incomes fall, the banks will still make out like the bandits they are. In a deflationary crisis, banks will still be able to create currency out of thin air with which to buy all the assets that have become cheaper than ever, as blood runs in the streets.
As the video “monopoly: who owns the world” indicates, only a few private equity firms own all the major corporations in the western world, as well as owning the banks themselves. They will also own most of the government IOUs, i.e. bonds and securities. They’ll own EVERYTHING after a manufactured banking “crisis”, and the bitches they own in governments around the world will bend over backwards to enable it.
” Wage and price controls, emergency government distribution centres, creation of a government credit system –> the combination of China’s social credit system with a central bank digital currency and “guaranteed government income”, restriction on movement and property ownership, confiscatory taxes on everything even unrealized “profits”…etc. etc. ”
Already moving in that direction.
I have a friend on social assistance and the .gov is pushing him to take his monthly ” guaranteed government income ” in the form of a Visa Debit Card instead of direct deposit.
I am being pressured by my bank to get rid of my debit card for a Visa Debit Card tied to my chequing account.
I told them I don’t want Visa tied to my account as I already have a credit card.
Still they sent me a card.
Every time I log in or call in, there it is, coercion to take the card.
Like WTF ?
And like the jabba jabba , I AIN’T doing it.
Something is going on, cause my bullshite meter is all the way to the right.
Something is going on, cause my bullshite meter is all the way to the right
Rock on, brother. My only hope is that the good ones like you who still have the wits they were born with survive this tyranny we sense is approaching. If I allow myself some optimism*, perhaps the gene pool will be clarified and the world be become a better place.
*I am NOT an optimist ha!
Amen, Canadians, the most infantilized nation on the earth will just cry for more help from Mommy.
Huh. And who was in power in 2003 the last time this happened?
The Lieberals.
There is no such thing as a Nobel Prize in Economics.
It is as fake as the Pandemic.
No pb, “The Honourable” Crystia Freeland is (among other things, because she’s such a genius you know) Minister of Finance, so she will solve this, no worries.
The media is too busy covering Blackie in Washington, to worry about silly things like inflation. Oh look at the socks he is wearing today!
It’s going to get a whole lot worse. Most here called it last year. You cannot…YOU CANNOT pass out “free money” and spend like drunken sailors thinking that revving up the money printers at the BOC will make everything go away which is what they’re doing as we speak inevitably rendering our currency as useless as the Charter of Rights.
We’ll be looking at Greek level stuff by the end of next year and begging the IMF for help which I’m sure they’re licking their chops over.
Y’know, “build back better” and all that other Utopian bullshit.
I’m not a prepper…but they’re doing they’re damnedest to make me one.
Burton
It is being done 100% on purpose.
Destroy our buying power. (Massive Inflation) …See Weimar Republic 1930’s
Destroy our ability to purchase foods. (Covid Restrictions – BS Mandates – Vax ports etc.)
Destroy our ability to purchase any manufactured item (Supply Chain)
Destroy our ability to put fuel in our vehicles.
All to appease the Gods of Climate Change..which is just another front for the Build Back Better – Great Reset COMMUNIST Assholes.
They can’t “rebuild”, until it (AND US), are ALL destroyed. The Covid SCAM being the perfect vehicle to impose a BS Emergency that legitimizes their power…that and the 90+% of Main Stream Media cultivated DRONES living in this country.
The Kampfs will come…but not before I’ve taken out a few of their aparatchiks….
I think a Dollar Store cashier has more experience with economics than Krugman whose writings are just wishful thinking. Nobel prizes are decided by a committee of like minded thinkers. Economics was supposedly made a science when it became econometrics. At one small business I know of, this was long before bar codes, I was assured sales for an item were growing. But it was not sales it was theft, Such are the joys of self-serve.
Why is Krugman even remotely relevant?
The same could be asked of you……..
LMFAO.
Heh…
Why is nobel even remotely relevant????
Well because Obama brought world peace even before he became president. /sarc
Because he is a) always wrong and b) always trotted out by the left to explain all things economic and c) go to a).
The catastrophic infrastructure failures in BC will be like a wet dream for Keynesians. For those of us with a sensible understanding of economics, we know that this is a huge net loss to the economy. If you thought supply chain disruptions were bad prior to this, just wait a month.
Having the B of C raise interest rates is no solution. The manipulation of fiat currencies is always a lose-lose proposition.
“Having the B of C raise interest rates is no solution.”
The inflation was caused by a large increase in money supply coupled with decreased productivity. For examples check Weimar Germany and Mugabe’s Zimbabwe. We are in fine company. Real inflation is 20% or more. The reason they only acknowledge 4% is to increase taxes by not indexing tax deductions and pensions the full amount.
Raising interest rates is a Hail Mary solution but chilling the economy before it has recovered sounds like a really bad idea,
It’s too late scar – the cat is out of the bag. You can’t stuff the toothpaste back into the tube and you can’t stop inflation AFTER you have flooded the economy with cheap money.
you can’t stop inflation AFTER you have flooded the economy with cheap money
Minor quibble, Steve. I believe it IS possible in theory, but truly is it practically impossible.
A 20% government bond would sop up a lot of loose currency sloshing around. The short-term “revenue” this would bring in to the government coffers could be used to pay off outstanding principal on older debts, which would also be deflationary as in our monetary system debt that is paid off “disappears” as currency.
But a 20% bond rate, (or any rate higher than the real inflation rate), would mean governments would have to reduce themselves by 80% in order to “pay” the high interest charges on new debt. And the real economy would choke on higher interest costs. The currency would survive, but ultimately the economy wouldn’t so there’d be nothing to buy with the currency.
The long-term consequences of debt-based, non-reserve currency-creation that is monopolized by a government banking cartel are necessarily calamitous to the productive class of people creating goods and services in the real world of a voluntary and free market.
The great American Henry Ford once said: “If Americans understood how their money and banking system worked, there’d be a revolution.” Or words to that effect; I didn’t bother to look up the exact quotation.
Well, nowadays the internet is the magic portal into more knowledge than was contained in the famed library of Alexandria. Anyone who’s interested can find out how “modern monetary mechanics” works by doing some searches on Youtube. Even if the presenters are “amateurs”, they will quote and refer to official sources and citations. It’s never been easier to understand how the financial system works, in spite of the attempts by the financial plutocratic cabal to obfuscate the details.
The tragedy is that the corporations and the governments and their agencies and educational institutions, have bred generations of fat, unhealthy, stoopid, and complacent people
Unfortunately, modern society is a suicide pact, and even the non-normies are strapped in together with the morons and the explosive.
Inflation is not something that Justine cares about.
Not one Liberal, NDP and even many “Conservatives” actually care about inflation for one second.
They just don’t care about the citizens that they pretend to serve.
I will guarantee that it doesn’t cross their minds at all unless it begins to reflect in their internal polling.
Commies all.
+++++/\ Frank
Paul Krugman, who (unlike a Dollar Store cashier) has a Nobel prize in economics: ‘I Got Inflation Wrong’
Here’s the template I use:
XXX (expert in YYY): “I Got ZZZ Wrong”.
Yes, that’s why we don’t listen to you anymore…
Cut and paste as needed.
I actually got through the screen at our local crappy radio station (helps to suck up to the liberal host). It was about expertise, COVID, etc.
Smug Host: You don’t even know what an epidemiologist is, do you?
Me: (Who worked with the Chief Epidemiologist of my province): Pretty sure I…
(Smug Host cuts me off)
Smug Host: Well, go ahead, try your best!
Me: They’re like economists, sports forecasters and psychics, with, for some reason, a better reputation for even worse track records…
(Phone cuts off for some reason).
Quite right, they count bodies. But if the bodies are put onto the wrong piles their conclusions are wrong. For example, Covid 19 ….
They haven’t the faintest idea on how to attack a problem other than advocating stopping people from doing something. They’ve been doing that since John Snow and the London cholera epidemic rather than engineering out the root cause.
They haven’t the faintest idea on how to attack a problem other than advocating stopping people from doing something.
Dingdingdingdingdingding! We have a winnah!!!
These idiots are not problem solvers. They are patronage appointments who are clueless about life in general, let alone specializations like economics, foreign policy, trade, immigration, transportation, military, healthcare. I read recently an article that notes consulting fees for politicians have skyrocketed in recent years. Why? ‘Cause they don’t know shit from shinola! Let’s find bodies who actually know something about something & get them to run for office, instead of stacking the offices of parliament with brain dead idiots who checked off the most boxes on the approved virtue-signalling list.
And they are understating the rate of inflation in the grocery stores alone. My wife and I went to the store this morning, and the common inflation rate is 25% not 4%. A month ago, the cost of yams at Freshco was $1.00 a pound, today, it was $1.29. And there were lots of other households items that have gone up. You double the national debt by printing money with a decrease in economic output due to government’s stupid COVID policies (at all levels – pick one), the currency’s real value will fall, and prices will rise dramatically. And contrary to the juvenile Krugman, it doesn’t take a degree or prize in economics to figure out.
Interesting that the price of oil has been gradually sliding (was headed to $100 and now under $78) and the price of gold gradually climbing (was headed to $1,700 and now over $1850).
gold price discovery has been suppressed by the state-sponsored bullion banks. There are only a handful of those in the west; (Bank of Nova Scotia is one of them, believe it or not). Governments need to keep the price low while their central banks, (UK’s and Canada’s excepted), are busily acquiring the world’s historical reserve currency and “real” money. The largest gold depository in the world is supposedly the New York Federal Reserve. (Who knows what China and Russia’s horde is really). There has never been a full, independent audit of either the NY Fed’s or Fort Knox’s gold reserves, and if the integrity of the average government bankster is anything to go by, most of the “reserves” were re-hypothecated years ago. They probably do have lots of gold-plated tungsten bars though.
Yup.
Precious Metals are routinely Monkey Hammered.
Bank of Nova Scotia/Scotiabank is not surprising.
They were the premier place to get physical metals in the past, so they know what they are doing.
Used to have one of the largest vaults in Canada, Downtown Toronto on King Street West, used to go there to buy gold /silver from them in the 70’s and 80’s.
krugman got his prize by writing about an informal babysitting co-op in NYC.
Not exactly the same thing in the history of economics as Austrian School founder Carl Menger’s discovery/explanation of marginal utility.
I wouldn’t necessarily consider krugman as evil or malicious, although the effects of his out-sized influence are ultimately disastrous.
I think krugman reflects the current trend of sophisticated urban dumb-ass. They type of Dunning-Kruger moron whose ability to survive and thrive in the non-theoretical world is directly proportional to their saying things that wastrel, incompetent, and increasingly tyrannical governments want to hear. That is to say, they make a handsome living as “intellectual” retainers of state regime.
And while inflation is at 4.2% and rising, the “official” indexing done using the Consumer Price Index is going to be 2.4%. This is the way the government keeps costs down, by using a special fudge factor covered by the “official” Statistics Canada numbers. We all know, stats can be made to say what you want them to say, so here you go. Costs go up, but the pension never matches.
https://www.canada.ca/en/treasury-board-secretariat/services/pension-plan/retired-members/rate-pension.html
By reporting low inflation numbers the government can effectively reduce its obligations for cost of living increases.
Also they can reduce their debt obligation by having the Bank of Canada keep the lending rate artificially low as well. By this time the lending rates should be increasing, to get inflation under control. But that is being delayed, probably to our disadvantage as consumers.
It’s worse than that. The inflation rate over the last six months is the worst six month run since 1991. Lots of people alive today don’t remember the 1989-1991 economic situation. Or the decade before that. Or the decade before that. If inflation keeps running at >5% well into 2022 this will get very painful for a lot of people.
You gotta understand the politicians, they depend on inflation, it is a tool to collect vast amount of taxes.
As long as the tax rates are the same, with inflation that increases prices and then the catch up increases in wages for work.
They will collect way more taxes form the working stiff, by payroll or by sales taxes or by the producers and merchants.
The the way the politicians look at it, the damage is only peripheral to them, the damage to the population is real.
Remember they can vote themselves any money they want.
They are in the club and you are not.