this post was submitted on 07 Jul 2023
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High inflation is far worse for most workers than higher interest rates.
Say that to the people who will eventual default on their mortgages and lose their homes. Economics is the only social science that behaves as if it were a natural science where everything is self-evident. That's not to say that low interest rate are inherently good but that the mechanism itself that is used to combat any form of inflation is a very limited tool.
I agree that it’s unfortunate the central bank can only change interest rates. At the same time, fiscal policy often runs in the opposite direction. I wouldn’t be opposed to giving BoC some control over taxation, within a limited margin. It would give them one more tool so to speak.
We need less people controlling the money printers and interest mechanisms in my personal opinion. Some of these changes is reactionary to the USA devauling their own currency through exsesive monintary sepending, which is now uncapped till 2025(since being uncapped their national debt has increased by 1trillion dollars now ~32 trillion). And since our economy and most of the world is tied up with the USD its now causing problems. There is sestemic issues in the central banking systems that we use today(fractional reserve banking) and they(the issues) have been exploited for too long. I believe the next viable solution is a decenterilized finacial system and to take lobbying for policy influnce out of our societies. Seperate note billionaires need to pay taxes, they sequester more wealth then smog from lord of the rings and pay less tax then you reading this. Any got to head back to my behind wendys shift, want to see even more under the stock markets fuckery visit whydrs.org or drsgme.org(warning rabbit whole)