When It's All Made Up...
Bias alert, I believe NOTHING I read or hear and all our institutions are discreditable because our country supports n$#@.
Basically, I am never going to agree with anything, and who would? Oh, and I have no problem with immigration and refugees. But, look at what’s being said. And, think money (cause we’re all hurting).
The government says we got a MILLION new Canadians last year, according to CBC:
https://www.cbc.ca/news/canada/canada-record-population-growth-migration-1.6787428
According to the government page, we got almost a MILLION and a HALF
https://www150.statcan.gc.ca/n1/daily-quotidien/221026/dq221026a-eng.htm
But, actually, that figure is the total Immigration over FIVE years, not in the news. And, it’s last year’s news. The post is from last November, 2022.
January of 3 2023, the government posted:
Apparently, last year, we ACTUALLY (?) got 431 645 new Canadians. A phenomenal number? But not quite the millions expected? No one noticed?
Except for the addition of Ukrainians. Sorry to pick on Ukrainians (but the whole n$#@ thing, I like the former, not the latter). Because of the conflict in Ukraine last year, 243 000 or 234 000 Ukrainian refugees were welcomed to Canada as Canadian immigrants. I can’t find the post anymore, Trudeau did go on about it in April, I think last year. So, half of the new Immigrants officially recognized came because of a time limited situation in their home country. And, inflated the numbers of actual Immigrants. Correspondingly, that means our numbers of new Immigrants is going down.
Take out the Ukrainians, we have fewer newcomers.
But, for sake of propaganda, let’s go with the 40 Million people as our new population number and the government’s latest selling point.
Thus, Wikipedia: https://en.wikipedia.org/wiki/Canada has our population in 2021 as 36 999 981 and population mid 2023 at 39 858 480. So, 3 almost 3 MILLION new Canadians in the past 2 years.
Confusing you think? Inconsistent perhaps?
Made up, you think?
So, let’s talk about money.
Let’s talk about numbers. Let’s talk about interest rates. Let’s talk about profiteering.
The Globe and Mail had this the other day:
https://www.theglobeandmail.com/business/article-profits-inflation-bank-of-canada/
The Financial Post had the same nonsense
https://financialpost.com/news/greedflation-not-to-blame-rising-prices-bank-of-canada-research
This is the Bank of Canada Report to which they refer:
https://www.bankofcanada.ca/wp-content/uploads/2023/08/san2023-12.pdf
Wherein, it says:
In the pursuit of profits, firms set prices above their marginal costs of production. In other words, they set a price that is the product of their marginal costs and their markup. Importantly, this implies that changes in firms’ prices—that is, inflation—can be broken down into the changes in their costs and changes in their markups. Hence, both increases in costs and increases in markups may be passed through to consumers in the form of higher prices and, thus, inflation. This relationship allows us to understand the dynamics of firms’ prices by looking at changes in their markups.
Forgive the rudeness, like we’re idiots.
Basically, inflation is caused by production cost increases (read Labour) and profit markups as a separate strands causing price increases. We pay only one price, so I don’t see the point.
And, profits have been out of control independent of anything to do with Labour. In fact, the supply chain crisis has been the excuse to raise prices exponentially.
A lot of people might remember images of crowded shipping ports in Los Angeles causing chaos during the pandemic. Source of the supply chain crisis rhetoric. Say, justifiable inflation? Maybe? Is delivery part of production costs or mark-ups?
The thing is our rate of interest rate increases began to gather steam in April 2022:
https://www.bankofcanada.ca/core-functions/monetary-policy/key-interest-rate/
When the supply chain crisis began to ebb:
https://www.jpmorgan.com/insights/research/global-supply-chain-issues
So, the interest rates increases were not reacting to it.
Does anyone remember the Bread price fixing? Chicken? Eggs? Milk?
Loblaws and Metro have been fined, but grocery store prices haven’t come down.
Interest rates have had nothing to do with it.
Oil prices are basically manipulated, nothing to do with supply, everything to do with market control and they have been increasing. So, causing inflation? But, isn’t inflation actually going down? Manipulation is a form of price control for profit, so profiteering? Either way interest rates have nothing to do with it.
Inflation has been caused by profiteering; wages, now, are only beginning to go up as inflation apparently reduces.
So, the Bank of Canada’s justification about raising interest rates in July is actually in conflict with reality:
https://www.bankofcanada.ca/2023/07/opening-statement-2023-07-12/
We are trying to balance the risks of under- and over-tightening monetary policy. If we don’t do enough now, we will likely have to do even more later. If we do too much, we risk making economic conditions unnecessarily painful for everybody.
Because whatever the BOC thinks it’s reacting to is not real.
Curiously, Bloomberg had this
Raising Labour Wages despite job losses? Shortage of people who can do things verses the white collar managerial crowd? Not that I celebrate anyone losing their job, but AI won’t be replacing Nursing Assistants anytime soon.
Canadian version of above:
https://financialpost.com/news/economy/canada-sheds-jobs-july
Canada lost 6 000 jobs which increased the NATIONAL unemployment rate to 5.5 %. Remember, in a country of 40 million people.
So, begs the question of those 3 MILLION new Canadians, were they (workers) ALL absorbed into the Canadian economy? Does that mean it’s running hot? Cold? Aren’t we still short Nurses? Construction Workers? Why are we getting IT people from the States?
And, begs the question why wages are increasing? Shortage of workers in a time of glut? Unless, the population figures really are made up.
And, the BOC reacting to propaganda rather than reality.
A story I happen to like
https://financialpost.com/news/economy/big-bank-of-canada-interest-rate-cuts-ahead
But, I swear everything is made up, and underscore when a country tanks its values chaos follows…