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Bank of Canada confirms inflation is here for a while

BOC Governor Tiff Macklem says the high cost of living has exceeded federal targets and is proving “more complicated” than thought.

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Tell us something we don’t know, Bank of Canada.

BOC Governor Tiff Macklem says the high cost of living has exceeded federal targets and is proving “more complicated” than thought.

“We are acutely aware Canadians are paying higher prices,” Macklem told reporters.

“What is your message to the average Canadian?” asked a reporter.

“I want to assure Canadians we have heard what they have to say,” replied Macklem.

“They like low, predictable inflation. They manage their home budgets closely. Rising prices impinge on that. I do want to assure Canadians they can be confident we can control inflation.”

Blacklock’s Reporter said the benchmark Consumer Price Index is currently running at 4.1% year over year.

Weekly average retail gas prices nationwide that averaged as low as $1.08 per litre in January are at $1.46, a 35% increase, according the Department of Natural Resources.

“We’re conscious that inflation has been above our target range for a few months,” said Macklem.

“We expect it will be there through to at least the end of the year. Our margin of error on inflation is diminished.”

Macklem blamed higher costs in part on “disruptions to the supply chain, the shipping bottlenecks” that “could be more persistent than we previously thought.”

“I will say they are proving to be more complicated and they could last a little longer,” Macklem said.

“Our job as the central bank is to make sure that one-off increase in prices doesn’t become ongoing inflation, and there are a few things we are really watching. What we’re really looking for is to see any signs of spreading. We’re following measures of expected inflation very closely.”

Former BOC governor Stephen Poloz on June 3, 2020 predicted “persistent downward pressure” on the cost of living.

“Inflation will stay low,” Poloz repeated Nov. 17, 2020.

“That’s a natural conclusion to reach.”

Poloz in testimony last May 18 at the Commons finance committee acknowledged price spikes had confounded his forecast, but said he was sure they would not last.

“I hope you’re right,” said Conservative MP Ed Fast (Abbotsford, B.C.). “I hope so too,” replied Poloz.

“You said there would be no inflation and here we are,” said then-Conservative MP Tamara Jansen (Cloverdale-Langley City, B.C.).

“Unfortunately your prediction was wrong. So why should we believe you when you suggest inflation won’t last?”

“I hope you don’t mind if I take exception to the question,” replied Poloz.

“When we went through a shock the size that we did, a lot of prices fell.

“For instance I went down to Toronto back in November to do a televised thing and I stayed at the Sheraton in Toronto for $169. I’d been there only back in the spring and it was $469. What would we call this? That is deflation, correct.”

“When the price of the hotel room goes back up to $269 or whatever it goes up to, you would call it inflation. But I am saying it’s just a return to more normal pricing. It measures as inflation and it’s transitory because when prices go up, unless they go up, up, up, up, up, up year after year, it’s not inflation. All it is is a return of price to normal.”

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5 Comments

5 Comments

  1. Chuck Guyitt

    October 12, 2021 at 6:35 am

    Look I really find the article to be entertaining to read but it is Junior that you should be sharing the article with. He is just carrying on were Senior Trudeau left off. So by the time the liberals spend the other 78 billion I would think he will be proud of himself achieving on what his father hadn’t been able to accomplish.

  2. Left Coast

    October 11, 2021 at 4:58 pm

    In the last 6 Years our Crime Minister & his feckless minions have blown through almost a TRILLION Dollars that we didn’t have . . . and Poloz & Macklem didn’t think that would drive Inflation?

    Sure did in the 70s when Trudope Sr. was breaking the bank . . . took us from almost Debt free to 100s of Billions of Debt back then . . . when a $$ was actually worth something.

    Factor in all the stupid regulations & taxes which make Canada far less competitive in the real world . . . and the Economy is going to look like a Slow Motion Train Wreck.

  3. Tony

    October 11, 2021 at 2:13 pm

    Fiat currency in the hands of politicians is corrosive to a free and properous society. Read the work of Mises, Hayek and Rothbard. We are experiencing a modern day version of the Roman Emperors melting down the silver coinage and recasting them mixed with lead. Sound money is as important for social cooperation and peace as a Charter of Rights….but that is in tatters too these days.

  4. John Lankers

    October 11, 2021 at 1:27 pm

    Economy 101
    When a government recklessly increases the amount of money in an economy, like they have been doing for some time now, without increasing the amount of goods and services produced it will lead to an out of control rate of inflation.
    When an economy heavily relies on imports, like Canada is, it becomes vulnerable to disruptions in the supply chain and is also exposed to currency fluctuations. By importing oil from overseas we cripple our own energy sector, reduce tax revenue and are forced to pay for the imported product in foreign currency (US$), why is Canada exporting raw materials to China and elsewhere only to buy the refined product back at inflated prices plus the out of control shipping charges etc.?
    This is the reason why we’re in such a mess!

  5. Barry Williams

    October 11, 2021 at 12:39 pm

    I’m pretty sure if we can control the temperature of our planet, inflation shouldn’t be that big of a problem. Like the guy says, we can control inflation and he’s wearing a suit and tie so please…

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Trudeau’s beach denier demoted

Trudeau was photographed twice on a beach in Tofino after deciding to skip the first day of a holiday he created — the National Day of Truth and Reconciliation on September 30.

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The Justin Trudeau spokesman who told reporters the prime minister “wasn’t on a beach” when he was, has been demoted, says Blacklock’s Reporter.

Trudeau was photographed twice on a beach in Tofino after deciding to skip the first day of a holiday he created — the National Day of Truth and Reconciliation on September 30.

Trudeau had promised to “set a higher bar for openness and transparency in government.”

Alex Wellstead will be “taking on new challenges” as press secretary to the industry minister, the Prime Minister’s Office said yesterday.  

Wellstead. Courtesy Twitter

Wellstead in a statement called it “a very difficult decision to make.” He had worked as Trudeau’s official spokesman for 20 months.

Wellstead on September 30 issued misleading statements to conceal the fact Trudeau spent the National Day for Truth and Reconciliation at a beach resort in Tofino, B.C.

“He wasn’t on a beach,” Wellstead told The Canadian Press at the time. Global News and the weekly Chilliwack Progress photographed Trudeau strolling on the beach and enjoying a glass of beer on a beachfront patio.

The Prime Minister’s Office claimed Trudeau was in private meetings in Ottawa. Staff flew an Indian Residential School “survivors’ flag” and issued a solemn statement in Trudeau’s name.

“We remember the children who never made it home,” it said.

Wellstead did not explain his conduct.

“You as a communicator need to understand everything,” Wellstead said in a March 30 interview with public relations students at Sheridan College in Oakville, Ont.

The prime minister in 2015 Ministerial Mandate letters said officials must be truthful and transparent.

“Members of the Parliamentary Press Gallery, indeed all journalists in Canada and abroad, are professionals who by asking necessary questions contribute in an important way to the democratic process,” wrote Trudeau.

“Your professionalism and engagement with them is essential.

“We have committed to set a higher bar for openness and transparency in government. It is time to shine more light on government to ensure it remains focused on the people it serves.

“Government and its information should be open by default. If we want Canadians to trust their government, we need a government that trusts Canadians.

“It is important that we acknowledge mistakes when we make them. Canadians do not expect us to be perfect. They expect us to be honest, open and sincere in our efforts to serve the public interest.”

Trudeau on October 6 apologized for the Tofino holiday.

“Traveling on September 30 was a mistake and I regret it,” the prime minister told reporters.

“What made you decide to take a personal trip on a day your government set aside to honour the victims and survivors of residential schools?” asked a reporter.

“Like I said, it was a mistake,” replied Trudeau.

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News

Feds threaten regulated businesses with COVID fines

The labour department in a statement said it would rewrite the Canada Labour Code to mandate vaccination for some 955,000 private sector employees in federally regulated sectors like air transportation, banking, broadcasting, grain milling, marine shipping, railways and interprovincial trucking.

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If they don’t mandate vaccination of workers, the Labour department is threatening to levy cash fines against airports, banks, radio stations and other federally-regulated employers, says Blacklock’s Reporter.

But the Liberals stopped short of repeating an earlier threat to strip workers of legal rights to challenge vaccine orders.

“It is time to move on,” said Government House Leader Mark Holland.

“Get vaccinated. That’s what Canadians expect to have happen.

“I think the country understands we have now 90% of Canadians who have had their first injection, over 86% with their second. All workplaces across the country” should promote vaccinations, he added.

The labour department in a statement said it would rewrite the Canada Labour Code to mandate vaccination for some 955,000 private sector employees in federally regulated sectors like air transportation, banking, broadcasting, grain milling, marine shipping, railways and interprovincial trucking.

First Nations businesses will be exempt.

“Employers who do not comply with their obligations under the Canada Labour Code may be subject to compliance and enforcement measures including administrative monetary penalties,” the notice said.

“The government will consult with key stakeholders, including representatives of small and medium-sized employers, as it works expeditiously to finalize the new regulations which would come into force in early 2022. The government will also develop resources to help federally regulated workplaces implement the COVID-19 vaccination requirements.”

The notice made no reference to a liability shield proposed by Prime Minister Justin Trudeau during the election campaign. Trudeau on September 1 said a re-elected Liberal cabinet would shield employers from any legal challenge of vaccination orders.

“We’ll stand firm on our commitment,” said Trudeau, adding: “We’ll protect businesses that mandate vaccinations from unjustified lawsuits.”

Canadians who declined a COVID-19 shot were “more than just wrong, because everyone’s entitled to their opinion, they are putting at risk their own kids and they’re putting at risk our kids as well,” said Trudeau.

“What about my choice to keep my kids safe? What about our choices to make sure we’re getting through this pandemic as quickly as we can?”

The Liberal Party in its September 1 campaign platform stated: “A re-elected Liberal government will table legislation to ensure every business and organization that decides to require proof of vaccination from employees and customers can do so without fear of a legal challenge.”

Compulsory vaccination breaches federal law, according to a May 19 statement by Privacy Commissioner Daniel Therrien and 1996 National Immunization Report by the Department of Health.

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News

Firearms lobby group shoots down Liberal move to decriminalize gun laws

The Liberal government is moving again to eliminate the mandatory minimum prison (MMPs) times handed to people convicted of some gun crimes.

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The Liberal’s move to decriminalize numerous firearms laws show they are only interested in punishing legal gun owners, says the executive director of the Canadian Shooting Sports Association.

“It must seem obvious to anyone that the Liberal’s real agenda is to persecute and punish lawful firearms owners — by definition, the people that don’t break the law. Every time a new Liberal gun control measure is announced, it is directed at the law-abiding while the punishments for real criminals are lessened,” Tony Bernardo told the Western Standard.

The Liberal government is moving again to eliminate the mandatory minimum prison (MMPs) times handed to people convicted of some gun crimes.

A proposed Liberal bill would affect 14 Criminal Code sections and six drug-related offences.

The gun offences that would see MMPs dropped include possessing a restricted firearm with ammunition, weapons trafficking, discharging a firearm while committing an offence, reckless discharge of a firearm, and extortion and robbery with a firearm.

It follows a similar bill the party introduced in February that died without being passed when the election was called in August.

It would remove MMPs from 13 firearms offences and one for a tobacco offence.

MMPs would remain for murder, treason, impaired driving and sexual offences, as well as a some firearms offences.

“The Liberal’s C-5 has nothing to do with helping marginalized Canadians and everything to do with protecting the predators of our society,” said Bernardo.

“Yet, they are willing to spend billions to take competition rifles from sportspersons under the guise of making us safer. Where are the promised protections to the urban Canadians that have their neighbourhoods ravaged every week by drugs, gangs, and violence?

“Why has this government forsaken the people in rural areas that have their hard-earned property stolen with impunity? Where are the safe streets these political carpetbaggers sell every election? Where is the outrage from Canadians as the Liberals lie their way through another mandate?”

Dave Naylor is the News Editor of the Western Standard
dnaylor@westernstandardonline.com
Twitter.com/nobby7694

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