Bank of Canada says it missed the mark on inflation.

[Army Guy]

Now it seems the BOC governor Tiff Macklem, admits that the BOC missed the mark when it comes to inflation, what exactly does that mean... did PP have a point when he said he would fire the lot of them...correct me if i'm wrong but what is their mandate again, to keep our inflation rate below 2 %... Now it was established here on this forum, that Global inflation , global supply chain and many other factors are mostly to blame, and out of his control, and i agree with that statement, however how do we explain his comments below?  Is he falling on his sword or was PP right that the BOC failed in it's Job. 

Quote

In an interview with the newspaper, Governor Tiff Macklem said "that's a very big forecast error. So, yes, we have some explaining to do."

Bank of Canada missed the mark on rising inflation, says governor Tiff Macklem - Globe And Mail (msn.com)

[eyeball]

1 hour ago, Army Guy said:

Now it seems the BOC governor Tiff Macklem, admits that the BOC missed the mark when it comes to inflation, what exactly does that mean... did PP have a point when he said he would fire the lot of them...correct me if i'm wrong but what is their mandate again, to keep our inflation rate below 2 %... Now it was established here on this forum, that Global inflation , global supply chain and many other factors are mostly to blame, and out of his control, and i agree with that statement, however how do we explain his comments below?  Is he falling on his sword or was PP right that the BOC failed in it's Job. 

Bank of Canada missed the mark on rising inflation, says governor Tiff Macklem - Globe And Mail (msn.com)

He seems to be taking some responsibility at least for being mistaken.  The real proof in that pudding would be if he started dialling back the interest rate hikes if all they're really accomplishing is to make things tougher than they need to be and banks rich.

[Moonbox]

1 hour ago, Army Guy said:

Now it seems the BOC governor Tiff Macklem, admits that the BOC missed the mark when it comes to inflation, what exactly does that mean...

It means he got it wrong, and admitting it publicly is a good sign.  That's the sort of humility we should want and expect from our leaders, rather than the shameless denials we've seen elsewhere.  

1 hour ago, Army Guy said:

did PP have a point when he said he would fire the lot of them...correct me if i'm wrong but what is their mandate again, to keep our inflation rate below 2 %...

Your mandate is your objective.  As a military man, I imagine you could appreciate that not all objectives are achievable.  The central banks (and economists in general) had no playbook for what's occurred over the last couple of years, so whatever their estimates going into 2022 were best-guesses.  Beyond that, 2022 has been FUBAR, with no central banker anywhere anticipating things like the invasion of Ukraine.

1 hour ago, Army Guy said:

Now it was established here on this forum, that Global inflation , global supply chain and many other factors are mostly to blame, and out of his control, and i agree with that statement, however how do we explain his comments below?  Is he falling on his sword or was PP right that the BOC failed in it's Job. 

PP's criticism has been pure politicizing.  He's been echoing the rabble rather than offering clear and objective criticism.  I've brought this up before, and you ignore it every time, but inflation has been a global problem.  Until you can explain how Tiff Macklem caused global food, commodity and fuel prices to go up, you cannot pretend that this is primarily a Tiff Macklem or BoC problem.  It doesn't make sense.  

 

 

[West]

4 hours ago, Army Guy said:

Now it seems the BOC governor Tiff Macklem, admits that the BOC missed the mark when it comes to inflation, what exactly does that mean... did PP have a point when he said he would fire the lot of them...correct me if i'm wrong but what is their mandate again, to keep our inflation rate below 2 %... Now it was established here on this forum, that Global inflation , global supply chain and many other factors are mostly to blame, and out of his control, and i agree with that statement, however how do we explain his comments below?  Is he falling on his sword or was PP right that the BOC failed in it's Job. 

Bank of Canada missed the mark on rising inflation, says governor Tiff Macklem - Globe And Mail (msn.com)

I still blame the feds and to a certain extent the provinces for their disastrous covid policies.

[August1991]

7 hours ago, Army Guy said:

Now it seems the BOC governor Tiff Macklem, admits that the BOC missed the mark when it comes to inflation, what exactly does that mean...

 

Huh?

[Army Guy]

On 12/19/2022 at 3:08 PM, Moonbox said:

It means he got it wrong, and admitting it publicly is a good sign.  That's the sort of humility we should want and expect from our leaders, rather than the shameless denials we've seen elsewhere.  

Your mandate is your objective.  As a military man, I imagine you could appreciate that not all objectives are achievable.  The central banks (and economists in general) had no playbook for what's occurred over the last couple of years, so whatever their estimates going into 2022 were best-guesses.  Beyond that, 2022 has been FUBAR, with no central banker anywhere anticipating things like the invasion of Ukraine.

PP's criticism has been pure politicizing.  He's been echoing the rabble rather than offering clear and objective criticism.  I've brought this up before, and you ignore it every time, but inflation has been a global problem.  Until you can explain how Tiff Macklem caused global food, commodity and fuel prices to go up, you cannot pretend that this is primarily a Tiff Macklem or BoC problem.  It doesn't make sense.  

 

 

Yes he does deserve credit for admitting his failure, and you 100% right it should be standard practice in all levels of government.

 

All objectives are achievable, with the right plan, the trick is to have the right plan , or a back up plan , it is what we pay him for right. when a general fails to take an series of objectives then they look at replacing him. 

Unfortunately this was a perfect storm, pandemic, war, supply issues, Justin spending like a drunken sailor, all of which we have seen these type individual events and the plans to counter them are well tested and well thought out.

The enemy here was inflation , and despite the cause it all boils down to inflation and how to control it. The controlling part did not really start until this year. meaning our BoC was late out of the gates. That was a choice or BoC plan.

These guys are paid a lot of money to track and record our economy and make adjustments when needed. It is their mandate. one of the sole reasons for their existence.  

when every country out there is having different results , results that their own national Banks acted upon. it is another source that national banks do have effects on global inflation. 

PP entire job is criticism, for a political end. same as every politician in this case he was right . 

Does one fight national inflation the same as global ?, lets also keep in mind not every nations is have the same exact inflation problems some less some more, and that is becasue of action taken by their national banks or what ever they use to control their inflation. 

I'm not saying he caused inflation, but it is his job to control it or contain it.

We have proof that the BoC actions can and do influence global and national inflation, 

 

and if your saying that the BOC actions can not control inflation then why is he employed, why is it his mandate. His actions today are effecting Global inflation as it happens in Canada. Justins economic policies also are having an effect on Canada's inflation but we won't see him falling on his sword anytime soon.

 

 

[Army Guy]

On 12/19/2022 at 9:06 PM, August1991 said:

Huh?

In case you missed it we had a large post already on global inflation and the role the BoC has had in that. Now we find the head of the BoC admitting he dropped the ball. 

[Moonbox]

4 hours ago, Army Guy said:

All objectives are achievable, with the right plan, the trick is to have the right plan , or a back up plan , it is what we pay him for right. when a general fails to take an series of objectives then they look at replacing him. 

All objectives are not equal.  There are realistic objectives, and unrealistic objectives.  An unrealistic objective by its very nature is not achievable.  

4 hours ago, Army Guy said:

Does one fight national inflation the same as global ?

Absolutely not, because the tools of central banking policy generally have little/no impact on global inflation factors.  The BoC could have doubled the interest rate hikes and crushed inflation this year, but what would that have accomplished other than spiking our economy into the ground and putting people out of work?  It wouldn't have affected globally determined fuel and grocery prices, which would have remained high because of Ukraine, nor would it have made China open its economy back up and start sending the components and materials that are backing up production lines around the world.  

4 hours ago, Army Guy said:

lets also keep in mind not every nations is have the same exact inflation problems some less some more, and that is becasue of action taken by their national banks or what ever they use to control their inflation. 

Is that really the reason though?  

By your logic here, you should be tipping your hat to Tiff Macklem, because Canada's inflation is amongst the lowest in the G7, the G20 and the world.  

https://www.visualcapitalist.com/mapped-which-countries-have-the-highest-inflation/

With these numbers in front of you, we can assume you'll agree our national central bank governor is a hero and should be a model for the rest of the world?  ?

 

[Army Guy]

11 hours ago, Moonbox said:

All objectives are not equal.  There are realistic objectives, and unrealistic objectives.  An unrealistic objective by its very nature is not achievable.  

Absolutely not, because the tools of central banking policy generally have little/no impact on global inflation factors.  The BoC could have doubled the interest rate hikes and crushed inflation this year, but what would that have accomplished other than spiking our economy into the ground and putting people out of work?  It wouldn't have affected globally determined fuel and grocery prices, which would have remained high because of Ukraine, nor would it have made China open its economy back up and start sending the components and materials that are backing up production lines around the world.  

Is that really the reason though?  

By your logic here, you should be tipping your hat to Tiff Macklem, because Canada's inflation is amongst the lowest in the G7, the G20 and the world.  

https://www.visualcapitalist.com/mapped-which-countries-have-the-highest-inflation/

With these numbers in front of you, we can assume you'll agree our national central bank governor is a hero and should be a model for the rest of the world?  ?

 

I'm not saying all objectives are equal, what i said was all objectives are achievable, with the right amount of resources , and the right plan, Look at the landings at Dunkirk, which as a total failure due to the wrong plan, then look at beach landings of Normandy with the right plan. 

Fighting inflation is his mandate, it does not matter if it is global or national, it may require a different plan but it is still within his mandate. And if the numbers are correct national banks can influence global inflation within a individual nation.  

I'm also pretty sure his case was not helped by liberal economic policies and practices.

I'm not economical expert here , and i'm sure this whole post is not dependent on one piece of info like the one above, but rather on the info PP has made his decision from, and then there is Mr. Macklem testimony itself to take into account even you must admit it is pretty damning. So what are we missing here? Why would he fall on his sword? 

 

[RedDog]

Blah, blah, blah.

Both the Bank of CanaDUH and the Government of CanaDUH are lying about inflation chirping about 9 vs 11% as though anyone on earth believes them. My groceries for one are up 30%+ in a year.

[Moonbox]

2 hours ago, Army Guy said:

Fighting inflation is his mandate, it does not matter if it is global or national, it may require a different plan but it is still within his mandate. And if the numbers are correct national banks can influence global inflation within a individual nation.  

No.  The BoC's mandate is not to fight global fuel prices or food costs, nor is it even to keep interest rates at 2%.  I should have jumped on this earlier, but was trying to address one of your other points.  The 2% inflation is a target the BoC set for itself, based on their forecasts and the information they had at the time.  Their mandate is to maintain financial and economic stability.  

To meet the 2% inflation target they forecasted for the end of 2022, they would have had to pull market liquidity (cash in the system) and raise interest rates by so much that they'd have tanked us immediately into deep recession.  Because they have absolutely no control whatsoever on global oil costs or commodity prices, they'd have to drive everything else down so steeply that you'd probably put over a million Canadians out of work.  Is that what should have been done?

2 hours ago, Army Guy said:

I'm not economical expert here , and i'm sure this whole post is not dependent on one piece of info like the one above, but rather on the info PP has made his decision from,

PP's decision making has been based purely on what he thinks will play well with his base and his audience.  His commentary on the BoC and crypto has only made him look like a fool to anyone who knows anything about it.  Incredibly, he's managed to make himself less popular in Canada than Trudeau so far.  

2 hours ago, Army Guy said:

and then there is Mr. Macklem testimony itself to take into account even you must admit it is pretty damning. So what are we missing here? Why would he fall on his sword? 

No I don't.  He's explaining how his forecasts were wrong to his critics and being honest and forthcoming.  That's what good leaders do.  You already made up your mind on this long before, however, so I don't think what he said even matters to you.  

Let's go back to a military argument, because you at least can conceptualize this.  Say you're a commander assigned to  capture a strategically important bridge on the way to a theatre objective.  You've given a deadline to do so within the next 24 hours. You get there and upon probing the enemy's defenses, you discover that they're heavily entrenched.  You also discover there's a shallow fjord half a day's march to the south, which would allow you to circumvent the enemy's entrenched position and encircle them.  

A Russian bad commander, of course, would throw his men into the enemy's positions and take huge losses.  A good commander, on the other hand, would radio his superior, tell him he's adjusting the plan and that he's going to save lives and combat strength by maneuvering around the unforeseen obstacle and adapt to the new circumstances.   

You're suggesting that Tiff Macklem should have role-played a Russian army commander, and that the only thing that matter was the 2% inflation target (ie. the bridge capture in 24 hours).  

I'm suggesting that the 2% target isn't important, but rather the financial and economic stability of Canada is, (winning the war/theatre, rather than individual symbolic/tactical objectives).  

Edited December 22, 2022 by Moonbox

[Army Guy]

23 hours ago, Moonbox said:

1.... No.  The BoC's mandate is not to fight global fuel prices or food costs, nor is it even to keep interest rates at 2%.  I should have jumped on this earlier, but was trying to address one of your other points.  The 2% inflation is a target the BoC set for itself, based on their forecasts and the information they had at the time.  Their mandate is to maintain financial and economic stability.  

2.....To meet the 2% inflation target they forecasted for the end of 2022, they would have had to pull market liquidity (cash in the system) and raise interest rates by so much that they'd have tanked us immediately into deep recession.  Because they have absolutely no control whatsoever on global oil costs or commodity prices, they'd have to drive everything else down so steeply that you'd probably put over a million Canadians out of work.  Is that what should have been done?

3.....PP's decision making has been based purely on what he thinks will play well with his base and his audience.  His commentary on the BoC and crypto has only made him look like a fool to anyone who knows anything about it.  Incredibly, he's managed to make himself less popular in Canada than Trudeau so far.  

4....No I don't.  He's explaining how his forecasts were wrong to his critics and being honest and forthcoming.  That's what good leaders do.  You already made up your mind on this long before, however, so I don't think what he said even matters to you.  

Let's go back to a military argument, because you at least can conceptualize this.  Say you're a commander assigned to  capture a strategically important bridge on the way to a theatre objective.  You've given a deadline to do so within the next 24 hours. You get there and upon probing the enemy's defenses, you discover that they're heavily entrenched.  You also discover there's a shallow fjord half a day's march to the south, which would allow you to circumvent the enemy's entrenched position and encircle them.  

A Russian bad commander, of course, would throw his men into the enemy's positions and take huge losses.  A good commander, on the other hand, would radio his superior, tell him he's adjusting the plan and that he's going to save lives and combat strength by maneuvering around the unforeseen obstacle and adapt to the new circumstances.   

5.....You're suggesting that Tiff Macklem should have role-played a Russian army commander, and that the only thing that matter was the 2% inflation target (ie. the bridge capture in 24 hours).  

I'm suggesting that the 2% target isn't important, but rather the financial and economic stability of Canada is, (winning the war/theatre, rather than individual symbolic/tactical objectives).  

1.... No i did not say his job was to fight food prices etc, His job is to influence the effects of global inflation, and inflation within our country period. proof that it can happen is that not any contry hass the same inflation rate, becasue of the many different influences on the inflation numbers.

The sources i have say the mandate comes for the government, regardless of "who" set the mandate, it is THE mandate to which their business models wrap around. 

2....The main problem the media is stalking about is that they the Boc waited to long and were late getting the party started, and no one ever said suggested destroying the economy, or millions of jobs as you suggested. 

3.....Like any politician, would have done, it is in their DNA, not any of them are any different. Their only objective is to get elected or reelected anything else would be a lie. Justin has made an entire career saying and doing stupid shit, and yet a lot of Canadians stand by him becasue to them their is no other choice.   

4.... I did, and I'm not the only one, and his confession in the media is confirmation of that. Why would he say that on national media station he is either falling on his sword and taking the blame or taking one for the team as ordered by Justin.

If it was beyond his abilities to control why not just say that on national TV ?

I nor PP force him on the stage and steered his interview in that direction, he did all that, and until i read that article you had me convinced that this entire thing was beyond his control for the most part, many individuals had small parts to play in it. Shaping it into the big ball of shit we have today.  

[Moonbox]

On 12/23/2022 at 1:54 PM, Army Guy said:

1.... No i did not say his job was to fight food prices etc, His job is to influence the effects of global inflation, and inflation within our country period. proof that it can happen is that not any contry hass the same inflation rate, becasue of the many different influences on the inflation numbers.

That's not his job.  You're not even reading what I'm writing.  

On 12/23/2022 at 1:54 PM, Army Guy said:

The sources i have say the mandate comes for the government, regardless of "who" set the mandate, it is THE mandate to which their business models wrap around. 

Post your sources, rather than refer vaguely to them.  Your sources are wrong, but it would be interesting to see them nonetheless.  If you can't even acknowledge the basic facts of central banking after having them explained to you, I don't  think there's much point discussing the topic with you.  You've already made up your mind and settled on the narrative that appeals to you, and you're not addressing or responding to anything I say that conflicts with it.  ?‍♂️

[Army Guy]

3 hours ago, Moonbox said:

That's not his job.  You're not even reading what I'm writing.  

Post your sources, rather than refer vaguely to them.  Your sources are wrong, but it would be interesting to see them nonetheless.  If you can't even acknowledge the basic facts of central banking after having them explained to you, I don't  think there's much point discussing the topic with you.  You've already made up your mind and settled on the narrative that appeals to you, and you're not addressing or responding to anything I say that conflicts with it.  ?‍♂️

 

My sources are the BoC web site, 

This explanation has been posted on several news media sites for the last couple months, below is taken from the BoC web site, this policy is set by the BoC and the Federal Government as high lighted in red. 

With this objective or mandate as it was explained in other media sites, was to keep Canada's inflation rate in-between 1 and 3 percent. As explained below, How they do that is a mystery to me, and you. What i do know is the facts stated above and the fact during the BoC governor interview he stated he has lots of explaining to do, why does he admit failure in this interview ? if the whole inflation target thing is beyond his control, why not just tell Canadians that ?

I've asked that question 3 times, i thought 3 times was the charm. Surely you must admit his interview does not help his cause or point the blame on someone else. Or perhaps since he answers to the minster, he is falling on his sword to protect her.

Or maybe your right i do not understand the topic, which i have already admitted, perhaps it lies with my total lack of comprehension of reading the sources i have looked up. But I am trying to get a better understanding. Bare with me or let it go and move on.

Monetary policy - Bank of Canada

 

Quote

 

The objective

The objective of monetary policy is to preserve the value of money by keeping inflation low, stable and predictable. This allows Canadians to make spending and investment decisions with more confidence, encourages longer-term investment in Canada's economy, and contributes to sustained job creation and greater productivity. This in turn leads to improvements in our standard of living.

Canada’s monetary policy framework consists of two key components that work together: the inflation-control target and the flexible exchange rate. This framework helps make monetary policy actions readily understandable, and enables the Bank to demonstrate its accountability to Canadians.

The inflation-control target

At the heart of Canada’s monetary policy framework is the inflation-control target, which is two per cent, the midpoint of a 1 to 3 per cent target range. First introduced in 1991, the target is set jointly by the Bank of Canada and the federal government and reviewed every five years. However, the day-to-day conduct of monetary policy is the responsibility of the Bank’s Governing Council. The inflation-control target guides the Bank’s decisions on the appropriate setting for the policy interest rate, which is aimed at maintaining a stable price environment over the medium term. The Bank announces its policy rate settings on fixed announcement dates eight times a year.

 

 

Some more explanation on the government site.

Quote

 

WHEREAS it is desirable to establish a central bank in Canada to regulate credit and currency in the best interests of the economic life of the nation, to control and protect the external value of the national monetary unit and to mitigate by its influence fluctuations in the general level of production, trade, prices and employment, so far as may be possible within the scope of monetary action, and generally to promote the economic and financial welfare of Canada;

Bank of Canada Act (justice.gc.ca)

 

 

[Moonbox]

2 hours ago, Army Guy said:

My sources are the BoC web site, 

Where you can find:

2 hours ago, Army Guy said:

This explanation has been posted on several news media sites for the last couple months, below is taken from the BoC web site, this policy is set by the BoC and the Federal Government as high lighted in red. 

Right.  This references the long running 1-3% inflation target, which was renewed in 2021 and was pointedly explained as flexible:

So what do we know from this so far?

1)  The main role of the Bank of Canada is to promote the economic and financial welfare of Canada 

and

2) One of the ways they do that is by managing monetary policy and inflation targeting frameworks

3) The inflation-targeting framework is flexible, rather than set in stone. 

3 hours ago, Army Guy said:

Or maybe your right i do not understand the topic, which i have already admitted, perhaps it lies with my total lack of comprehension of reading the sources i have looked up. But I am trying to get a better understanding. Bare with me or let it go and move on.

You definitely don't understand this topic, but that's not really a failing considering 95% of people know just as little or less.  The fact that you even went to the Bank of Canada's website and looked stuff up puts you a step above most probably.   Your problem is that before you even looked, you adopted a popular narrative and you're very resistant to hearing anything that conflicts with it.  

You are even quoting some of the stuff I've been trying to tell you, but because it's not following the narrative you miss it or ignore it or something.  The last box you quoted literally explains the limited scope of monetary policy, and that monetary policy's core purpose is to promote the financial well-being of Canada.  

3 hours ago, Army Guy said:

I've asked that question 3 times, i thought 3 times was the charm. Surely you must admit his interview does not help his cause or point the blame on someone else. Or perhaps since he answers to the minster, he is falling on his sword to protect her.

I've answer that question several times already, and you've even acknowledged it.  I think it showed he is a good leader with, you know, honesty, integrity and accountability etc.  We already knew they didn't get things right for 2022, so I'm not sure what you were expecting him to say.  Should he have pretended they got everything right, and to tell you that inflation isn't as bad as you can clearly see?  ?

What was actually interesting is how he took the time to publicly explain what went wrong with their planning and how, but for some reason you think this is a real "AHA!" moment.  

I don't want to make this post any longer, but if there's to be any worthwhile debate or "learning" here, acknowledging my points 1-3 above are fundamental to even a remotely intelligent conversation about inflation or central banking in Canada.  If you can't even get yourself there, then you're not actually interested.

 

 

[Army Guy]

21 hours ago, Moonbox said:

Where you can find:

1....Right.  This references the long running 1-3% inflation target, which was renewed in 2021 and was pointedly explained as flexible:

2.....So what do we know from this so far?

1)  The main role of the Bank of Canada is to promote the economic and financial welfare of Canada 

and

2) One of the ways they do that is by managing monetary policy and inflation targeting frameworks

3) The inflation-targeting framework is flexible, rather than set in stone. 

You definitely don't understand this topic, but that's not really a failing considering 95% of people know just as little or less.  The fact that you even went to the Bank of Canada's website and looked stuff up puts you a step above most probably.   Your problem is that before you even looked, you adopted a popular narrative and you're very resistant to hearing anything that conflicts with it.  

You are even quoting some of the stuff I've been trying to tell you, but because it's not following the narrative you miss it or ignore it or something.  The last box you quoted literally explains the limited scope of monetary policy, and that monetary policy's core purpose is to promote the financial well-being of Canada.  

3.....I've answer that question several times already, and you've even acknowledged it.  I think it showed he is a good leader with, you know, honesty, integrity and accountability etc.  We already knew they didn't get things right for 2022, so I'm not sure what you were expecting him to say.  Should he have pretended they got everything right, and to tell you that inflation isn't as bad as you can clearly see?  ?

What was actually interesting is how he took the time to publicly explain what went wrong with their planning and how, but for some reason you think this is a real "AHA!" moment.  

I don't want to make this post any longer, but if there's to be any worthwhile debate or "learning" here, acknowledging my points 1-3 above are fundamental to even a remotely intelligent conversation about inflation or central banking in Canada.  If you can't even get yourself there, then you're not actually interested.

 

 

1...."Flexible" is a catch word that covers almost any situation if they happen to go over the target of 1-3%, which we blew by months ago.  

2....1, OK

       2, OK, but they are having only limited success as global inflation is the main actor here, which they have very little control over. 

     3....So it is not set in stone, ok, then why does he give a negative interview, throwing himself under the bus...You said 95 % of the population do not understand the topic at all, then he could have explained it the way you are right now, there is very little he can do to control inflation, that the mandate numbers are meant to be flexible, in these cases, When there was so many other options available to him. And for me it is not an AHA moment but one that totally confuses me to his motives. It does not put him in a positive light. and in Ottawa thats rare for anyone on the hill not to twist the story.

 

 

 

[Moonbox]

14 hours ago, Army Guy said:

1...."Flexible" is a catch word that covers almost any situation if they happen to go over the target of 1-3%, which we blew by months ago.  

Yes but the word is in there for good reason, which is to inform that the BoC isn't locked into any specific target and can adjust depending on circumstances outside their control if it better fits the overall goal.   

14 hours ago, Army Guy said:

2....1, OK

The main thing to take away from this is that monetary policy (things like keeping inflation low) is not the primary objective, but rather a strategic toolbox mean to support the financial well-being of Canada. 

14 hours ago, Army Guy said:

       2, OK, but they are having only limited success as global inflation is the main actor here, which they have very little control over. 

Right.  Global prices for commodities is not something that the BoC can meaningfully affect.  They could have brought overall inflation numbers down to 3-4% perhaps, but it would have required they take a sledgehammer to the economy and plunge us into deep recession, while doing little/nothing to change gas or food prices.  It's sort of the same reason why you don't use cluster munitions or saturation strikes near friendly positions under heavy attack.  Yes, you'll kill a lot of enemies, but you'll also kill your own dudes.  

14 hours ago, Army Guy said:

     3....So it is not set in stone, ok, then why does he give a negative interview, throwing himself under the bus...You said 95 % of the population do not understand the topic at all, then he could have explained it the way you are right now, there is very little he can do to control inflation, that the mandate numbers are meant to be flexible, in these cases, When there was so many other options available to him.

Because so much time and energy has been spent to undermine the Bank of Canada (or every other central bank around the world for that matter) that an honest and human conversation with Canadians was necessary.  Pierre Polievre and cynical BS artists like him have been amplifying the general anxiety of their base and to score cheap political points, painting the central banks as untrustworthy, politically motivated and compromised institutions by the DeEp StAtE, or whatever. 

14 hours ago, Army Guy said:

And for me it is not an AHA moment but one that totally confuses me to his motives. It does not put him in a positive light. and in Ottawa thats rare for anyone on the hill not to twist the story.

Because he's not a politician, or politically motivated.  You don't need to look deeply into his motives.  He wanted to show a human element to the BoC, acknowledge how Canadians are feeling, explain how and where things went wrong in 2022, and where they see things headed.  This was an attempt to dispel the myth that the central banks are faceless deep state institutions pulling strings in the background to screw everyone over.  

[Nationalist]

On 12/19/2022 at 4:44 PM, West said:

I still blame the feds and to a certain extent the provinces for their disastrous covid policies.

While you fine folks bicker about BOC policy...THIS happens to have kicked-off a coup of global proportions.

1. The Rona hits.

2. The world is essentially shut down...except for "essential" services including...big box corporate retail.

3. Biden comes to power and the southern border is flung open with a presidential invite no less...and a hardly tested vaccine is forced on the public.

4. Biden trashes the oil and gas industry.

5. Russia attacks Ukraine and the west responds by further aggravating an already bad energy situation.

The result? Wild inflation. Emense wealth transfer to the top. Emense power transfer to the political class.

Globally.

Gee...anyone else...smell a rat?

Edited December 29, 2022 by Nationalist