Canada’s inflation just rose to 3%. Before somebody slaps Mark Carney’s name on it, we might want to look at what is actually happening outside Canada.
Apparently memories are short or not many people were taught what caused the massive recession in the 70’s from 1973 to 1975.
That recession was caused by the 1973 Arab-Israeli war which led OPEC to place an oil embargo on the US and other western nations. Due to the US and other western nations supporting Israel.
That caused global oil prices to quadruple which consequently drove up the cost of EVERYTHING ELSE world wide.
Then in 1979 the Iranian revolution which overthrew the Shah reduced oil production again, and that sparked a second major energy crisis, that worsened inflation and prolonged the economic stagnation.
Plus the US Federal Reserve had allowed large monetary expansions which then in turn again fuelled what became known as the GREAT INFLATION.
Nixon attempting to control the problems implemented wage and price controls to curb inflation but instead caused widespread supply shortages long gas lines and disrupted market production and THAT caused STAGFLATION.
And then there was the 80’s recession which was caused by the US and Canada rying to bring inflation under control, by aggressively hiking bank interest rates to fight double digit inflation but that choked off borrowing and consumer spending and brought interest rates to a high of 22%.
When oil supply is interrupted the whole world pays the price of that in reduced employment, stagnant economic growth and high inflation, and for most of my life every recession or slow down that has impacted Canada and the rest of the world has ALWAYS led back to the USA!
Pollievre is such a whiney POS with no solutions . I always remember him posting in the airport " Justin... I'm waiting for my flight ..." freeken useless twit who loves to say " the easterners" while wearing his tough boy cowboy hat or "woke" emulating his hero Trump. USELESS like his buddy Michael Chong ...
Poilievre consistently illustrates everything that’s wrong with conservative thinking. They latch onto one piece of anything they see as negative, the three word slogan around it, and for them, that’s all they need to know. And they think they know everything there is to know. And they vote. Not even in a four year cycle - really only in a one or two day MSM cycle. Yeesh!
Yes, many economists are flashing the caution light on the US debt and economy. Given the economy has been very interconnected globally since the Thatcher/Reagan/Mulroney policy days, if the US economy tanks it will have broad impact. Watch the sale of US Bonds ...
Apparently memories are short or not many people were taught what caused the massive recession in the 70’s from 1973 to 1975.
That recession was caused by the 1973 Arab-Israeli war which led OPEC to place an oil embargo on the US and other western nations. Due to the US and other western nations supporting Israel.
That caused global oil prices to quadruple which consequently drove up the cost of EVERYTHING ELSE world wide.
Then in 1979 the Iranian revolution which overthrew the Shah reduced oil production again, and that sparked a second major energy crisis, that worsened inflation and prolonged the economic stagnation.
Plus the US Federal Reserve had allowed large monetary expansions which then in turn again fuelled what became known as the GREAT INFLATION.
Nixon attempting to control the problems implemented wage and price controls to curb inflation but instead caused widespread supply shortages long gas lines and disrupted market production and THAT caused STAGFLATION.
And then there was the 80’s recession which was caused by the US and Canada rying to bring inflation under control, by aggressively hiking bank interest rates to fight double digit inflation but that choked off borrowing and consumer spending and brought interest rates to a high of 22%.
When oil supply is interrupted the whole world pays the price of that in reduced employment, stagnant economic growth and high inflation, and for most of my life every recession or slow down that has impacted Canada and the rest of the world has ALWAYS led back to the USA!
Pollievre is such a whiney POS with no solutions . I always remember him posting in the airport " Justin... I'm waiting for my flight ..." freeken useless twit who loves to say " the easterners" while wearing his tough boy cowboy hat or "woke" emulating his hero Trump. USELESS like his buddy Michael Chong ...
Poilievre consistently illustrates everything that’s wrong with conservative thinking. They latch onto one piece of anything they see as negative, the three word slogan around it, and for them, that’s all they need to know. And they think they know everything there is to know. And they vote. Not even in a four year cycle - really only in a one or two day MSM cycle. Yeesh!
Another home run article, Fred! It must be magical writing on Vancouver Island!
Yes, many economists are flashing the caution light on the US debt and economy. Given the economy has been very interconnected globally since the Thatcher/Reagan/Mulroney policy days, if the US economy tanks it will have broad impact. Watch the sale of US Bonds ...