March 5 (Bloomberg) -- Bank of Canada Deputy Governor Pierre Duguay said solutions to the global credit crunch must be found at the international level, and central bankers worldwide are discussing ways to improve markets.
Commentary: Why don't we just get rid of central banking and the distortions it creates in the market?
“Because the crisis we are facing is global in nature and began outside our borders, most solutions must be found at the international level,” Duguay said today in an opening statement to the House of Commons Finance Committee in Ottawa. “We are taking part in discussions with our international colleagues on ways to strengthen financial stability globally.”
Commentary: Central bankers are always on duty.....
The central bank said it would release details on how it might use “credit and quantitative easing” on April 23.
Duguay told lawmakers it was “premature” to give further details today of how such extraordinary policies would work.
Duguay told lawmakers it was “premature” to give further details today of how such extraordinary policies would work.
Translation: What you don't know is good for us (I mean you).
The country’s recession can be moderated by getting government spending into the economy fast, Duguay said.
Commentary: Yes, it has worked wonders so far. M3 is rocketing upward and the total debt is growing again. You just gotta love fiat currencies, need more money, print more money.
The Bank of Canada will ensure that the economic stimulus doesn’t lead to a burst of inflation, Duguay said.
Commentary: Don't worry, be happy. The all powerful, all knowing, Government (or is that Godverment?) will fix all these problems. After all, they created them in the first place.
I'm starting to think Einstein was right all along.
Insanity: doing the same thing over and over again and expecting different results. Albert Einstein
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