September 24, 2012
U.S. Fed Declares War on Canada
Bruce Stewart, Winnipeg Free Press
Did you smile or cheer when U.S. Federal Reserve Chairman Ben Bernanke announced Quantitative Easing III (and the markets went up)? He just declared war on your job, and the whole Canadian economy. Of course, so did the European Central Bank, the central bank of the Peoples' Republic of China and others. All of them are engaged in the same practice. They're printing money. Gobs of it, in programs that have no end point. Some are doing it to apply stimulus to revive their economies. Some are doing it to play extend-and-pretend games to hold their banks together.
TAGGED: Canada, global economy, Ben Bernanke, Federal Reserve System