Mark Carney: double-speak economist
February 5, 2010 · By Charles Anthony
More nonsense from Mark Carney, the Governor of the Bank of Canada:
“For some Canadian businesses, the recovery may prove as challenging as the downturn,” he said.
Is recession a dirty word?
“While the bank does not entirely understand why productivity growth has been as slow as it has been, we do understand the consequences,” Mr. Carney said, repeating a warning last month that economic growth could be limited to no more than 2% for much of this decade. This will be due to slower productivity growth and an ageing population.
… and ultimately due to the printing of money.
Printing money creates a false economic indicator. As a result, it aggravates business cycles. That is what we are witnessing right now. Thank you, all you money printers and credit expansionists!
This is one small business owner who is hoping for tax breaks at the provincial and federal levels in the near future, downturn or upturn or no turn.
Alas, with the NDP in power in NS and the neo-Con/Keynesians in power in Ottawa, my hope is probably against hope itself.
What is the alternative to printing money? The gold standard?
One alternative is to stop printing money. Period.
The money supply can be left to be determined by the market instead of by civil servants who fly around the country talking hot air.