Vincent J. Curtis
13 May 22
RE: Poilievre’s inflation disinformation. Spectator editorial 13 May 22.
Poilievre’s dangerous. He must be destroyed. “Too much money chasing too few goods” isn’t inflation in action; it’s “misinformation.” Say all that robotically.
It’s amazing watching the minds of the Arts Majors who editorialize for the Spectator turn. It pretends to expertise in economics it doesn’t have (just like in science!). It uses ‘misinformation’ and ‘disinformation’ interchangeably, as if they meant the same thing, when they don’t.
Poilievre’s expertise in economics is presented as sheer, uninformed arrogance, in another case of the Left accusing its enemies of doing the very thing they are doing.
Then, near the end of the editorial, comes the admission of unpleasant facts. The Bank was mistaken about inflation. The Bank did print $300 billion in two years to fund the government’s economy-destroying lockdown madness.
The Bank did not ‘shepherd’ us through the pandemic crisis, as the editorial rhapsodizes. There didn’t have to be a crisis. The disastrous lockdowns were completely self-inflected and unnecessary, as Sweden and Florida show. Those places came through none the worse for wear compared to anywhere else, and they didn’t lockdown. Voices here (ahem!) said repeatedly since May, 2020, the lockdowns did more harm than good. But they were dismissed as “misinformation” in concert with the progressive cancel-culture group think that only now is cracking.
If the Bank had sold $300 billion in government bonds on the open market to raise money in 2020-2021, interest rates would have shot sky high, a warning sign of things going wrong. Instead, the Bank of Canada printed the money, and now we have inflation. Surprised?
Poilievre wants to fire the governor for
incompetence, and that is not misinformation.
The Bank’s charter requires it to strive to achieve full employment and
stable prices. The governor failed, and
so he must go. A price needs to be paid
for incompetence.
-30-
No comments:
Post a Comment