Darned Money

Swear, I didn’t want to post anymore, but I got so annoyed.

Remember, I am Marxist and definitely biased towards the Working Class (and that, to me, means anyone worth under 10 million—we’re all in the same boat, no matter how semantically, euphemistically, they try to divide us).

This writes so weird.

So, technically, we’re in a Recession: white collared jobs that supposedly replaced blue collar ones are being replaced by AI. One day, I should write about Nividia and the Vector Institute. WE, Canadians, are really smart despite being Hoseheads, while being Hoseheads?

Anyhow

This galled me even though I think, generally, Mr. Schleich is right: https://ca.finance.yahoo.com/news/posthaste-bank-canada-lot-closer-130259411.html. To quote: His calculations include “problematic” shelter inflation. It grew 6.2 per cent in January, up from six per cent in December, according to Statistics Canada. Rents rose 7.8 per cent, compared to 7.5 per cent in December. Mortgage interest costs were up 27.4 per cent in January.

Problematic? It’s a big fckn deal when mortgage rates go up by almost 30%!

Wages have NOT gone up anywhere close.

In fact, again from the Financial Post, only yesterday:

‘Slack’ in the Economy means all those supposedly new Canadians have been absorbed into the economy, and some are now being laid off. Our employment numbers (relative to current population) are at pre-Pandemic levels.

Mr. Jean understands what he is saying? Canada got 3 Million new Canadians in 4 years, and everything is the way it was BEFORE (Pandemic and Immigration) everything started?

Plus, evidence the ‘persistence in wage increases will come down’ is evident.

I swear if wage increases have been persistent DESPITE all those New Canadians doesn’t that actually mean we didn’t get enough? I don’t have a problem with Immigrants, I’m a first generation Canadian, I just think they’re playing with the numbers.

Anyhow, if the idea is wages will come down despite an increase in mortgage fees by 30%, I suggest obvious recession is in play verging on Depression. I don’t see positives ahead because of the words concluding Mr. Schliech’s last comments: National (referring too the National Bank of Canada) is calling for the central bank to start cutting in June and said it’s “entirely reasonable” that bank officials could cut at every meeting in the second half of the year if the economy contracts and unemployment rises.

“We still have conviction the BoC can out-ease the Fed in 2024,” Schleich said.

First, note Interest Rate cuts, and lots of them, are expected after June. Possibly sooner if things get worse. Ya think?

I am desperate to see what the Consumer Price Index will be next week because if Inflation hasn’t dropped again, excepting Housing Costs, I really want to know who has money to spend and where.

And, a question

What does the Federal Reserve actually have to do with anything? This is when that Inflation Target nonsense established in 1991 comes into play.

And, Pierre Pollivere’s point about the BOC not being independent. Not, the liberals or anything, but the BOC adherence to an ideology in conflict with its Ethos.

The Bank of Canada is OURS: https://www.bankofcanada.ca/about/. It’s supposed to worry about the economic health of the nation. Not too good currently for Canadians, even most Businesses—availability of credit.

The Fed is a PRIVATE institution: https://www.federalreserve.gov/aboutthefed.htm, and one of its 5 principles: fosters payment and settlement system safety and efficiency through services to the banking industry and the U.S. government that facilitate U.S.-dollar transactions and payments. It might do a lot for Americans, its priority is American BANKS.

And, looking at the money Jamie Dimon made this morning, they are doing very well: https://www.bloomberg.com/news/articles/2024-02-23/dimon-sells-150-million-worth-of-jpmorgan-shares-in-first-sale?srnd=premium-canada.

Begging why OUR bank is worried about it?