Bank of Canada Throwing Canadians Into European Fires!
From the Toronto Star: In an effort to prevent a freeze-up in commercial bank credit of the kind that plunged the world into recession in 2008, the central banks said they will make it cheaper starting next Monday for financial institutions to obtain U.S. dollars outside of the United States.
The Bank of Canada said the coordinated strategy was intended to ensure that commercial banks could continue to provide the business and consumer loans needed to keep the global economy from heading into a tailspin.
“The purpose of these actions is to ease strains in financial markets and thereby mitigate the effects of such strains on the supply of credit to households and businesses and so help foster economic activity,” Carney’s office said in a statement.
The world banks (governments) are now writing each other IOUs for IOUs for IOUs.
Mr. Carney insults the intelligence of Canadians by including households his statement about
easing the strain on the supply of credit to foster economic development.
What complete and utter BULLSHIT! This is exactly what these idiots did the last time around and not three years later we’re right back to where we started. Flat lined growth outside of government sponsored programs, accelerating unemployment and under-employment Everyone is over leveraged well beyond the point of default and they continue to kick the can down an increasingly short DEAD-END road.