I support the lawsuit against the Bank Of Canada|Strikes meaningfully at the core of #neoliberalismfacebook.com/Support.lawsui… #cdnpoli #cdnecon
— Barry Cameron (@AppalledBC) December 2, 2012
Tag: Bank of Canada
The Progressive Economics Forum: Mark Carney’s tenure and the state of monetary policy
Mark Carney’s tenure as Governor of the Bank of Canada overlaps some challenging economy history. Appointed in early 2008 just as the US housing bubble was popping, Carney took the helm in time for a financial crisis that brought the global economy to its knees. We are still living that history in terms of a […]
Continue readingThe Progressive Economics Forum: Guest Blog: Selective Amnesia at Bank of Canada
The following is a guest blog from Marc Lavoie and Mario Seccareccia at the University of Ottawa: In a speech delivered on October 4th to the Winnipeg Chamber of Commerce (see: http://www.bankofcanada.ca/2012/10/speeches/a-measure-of-work/), the senior deputy governor of the Bank of Canada, Tiff Macklen, has offered some self-congratulatory remarks, by arguing
Continue readingAccidental Deliberations: Monday Morning Links
Miscellaneous material for your Monday reading. – Jim Stanford reviews the effect of NAFTA (and associated corporatist policy choices) on Canada’s economy: Quantity of exports: In the mid-1980s, before Brian Mulroney and Ronald Reagan inked their deal, Canada’s exports to the United States accounted for 19 per cent of Canadian
Continue readingThe Progressive Economics Forum: Selective Amnesia at the Bank of Canada
A guest blog from Marc Lavoie and Mario Seccareccia, Department of Economics, University of Ottawa In a speech delivered on October 4th to the Winnipeg Chamber of Commerce (see: http://www.bankofcanada.ca/2012/10/speeches/a-measure-of-work/), the senior deputy governor of the Bank of Canada, Tiff Macklen, has offered some self-congratulatory remarks, by arguing that the
Continue readingThe Progressive Economics Forum: Tax Cuts, Dead Money, and Lackluster Jobs Growth
Over the past year, the Canadian labour force has grown by 185,000 people, but we have only added 176,600 jobs. The population grew by 1.2%, but employment only grew by 1%. The unemployment rate has not budged, at 7.3%, a far cry from the pre-recession rate of 6%. For youth,
Continue readingThe Progressive Economics Forum: More Dead Money
The sector and financial-flow accounts released with today’s GDP figures indicate an expansion of the pool of dead money flagged by this blog and by Mark Carney. The National Balance Sheet Accounts have not yet been released for the second quarter, so we cannot update the accumulated total of $526
Continue readingThe Progressive Economics Forum: Spinning Mr. Carney
For novelty value if nothing else, Mark Carney’s appearance at the CAW convention last week was bound to spark lots of attention. After all, we could find no other historical example of a Bank of Canada Governor ever speaking to a union convention. That says something in and of itself,
Continue readingAccidental Deliberations: Friday Morning Links
Assorted content to end your week. – Yes, it’s alarming that the Cons are eliminating environmental assessments on a huge number of projects. But even more worrisome is the complete lack of a connection between the basis for the exclusion and the possible environmental impacts: Ottawa is also walking away
Continue readingThe Progressive Economics Forum: Dead Money
Kudos to Bank of Canada Governor Mark Carney for raising the profile of the over $500 billion Canadian corporations are holding in excess cash surpluses and not investing in the economy, which garnered front page coverage (and kudos to the CAW for inviting him to speak.) It’s not the first
Continue readingThe Disaffected Lib: Not White Enough for Canada
The new $100 bill featured the image of a woman peering into a microscope. That is until a focus group decided the woman looked, gasp, “Asian.” So, relax, you’re not going to be having any yellow women on your hard-earned huns. The Bank of Canada has laundered the bill, altering
Continue readingThe Progressive Economics Forum: Canada, the IMF and the G20
The Harper government decided to attack Thomas Mulcair on the issue of Canadian support for additional IMF resources to deal with the euro area crisis, implying that Canadian taxpayers should not be asked to “bail out” a rich area of the world. As recounted in Macleans here, on June 8,
Continue readingThe Progressive Economics Forum: Complete details of 2008-09 Bank Support
Readers of this blog will have hopefully read my report “The big banks big secret” which examines the $114 billion that Canada’s banks received during the 2008-09 financial crisis. Its major finding was that at some point three of Canada’s five big banks had received support worth more than their market capitalization,
Continue readingsomecanuckchick dot com: Out of the mouths of babes!
A very enlightened young lady, indeed!
Continue readingCuriosityCat: The London Whale: The Massive Gambles our Regulators and Banks are taking and why You will pay
We have all heard of the London Whale and his role in betting $100 billion (that’s $100,000,000,000)on derivatives and losing several billion for the proud and now humbled JPMorgan. And there’s one article you just have to read to understand why this can happen, has happened, and will happen, and
Continue readingsomecanuckchick dot com: New coins costing Canadians a lot of cash…
Last month, the Royal Canadian Mint put into circulation a new generation of loonies and toonies. The Royal Canadian Mint, however, did not give Canadian cities official notice of when the new coins would be distributed. Canada’s new loonies and toonies are costing Canadian cities, as well as retailers and
Continue readingCANADIAN PROGRESSIVE WORLD: Study exposes secret Canadian bank bailout
The Harper Conservatives are fond of touting Canadian banks as more stable than other countries’ big banks. They claim all the credit for Canada’s stability during the 2008-10 global financial crisis. And, we’re often told that our banks needed no … Continue reading →
Continue readingThe Progressive Economics Forum: The Big Banks’ Big Secret
The CCPA today released my report: “The Big Banks Big Secret” which provides the first public estimates of the emergency funds taken by Canadian banks. The report bases its estimates on publicly available data from CMHC, the Office of the Superintendent of Financial Institutions, US Federal Reserve, the Bank of
Continue readingThe Progressive Economics Forum: Quebec Tuition: Between a Rock and Hard Place?
In the context of student protests over Quebec tuition fees, my friend Luan Ngo has just written a very informative blog post on Quebec’s fiscal situation. While I encourage readers to read his full post, I do want to use the present space to make mention of three important points
Continue readingThe Progressive Economics Forum: A Bank for the Taxpayer’s Buck?
Hi all, I interrupt your regular blog viewing to bring you one of my infrequent posts, this time by a guest contributor — Alan Milner — who for reasons of job security, must remain anonymous. With no further ado: ******************************************************************* A Bank for the Taxpayer’s Buck? The Canadian tax system
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