There are lots of variables to discuss, just to pick one:
We knew that a decade of zero interest rates provided by the central banks of the Western world was going to eventually hit a wall. Central banks are supposed to be independent of political policy, but they haven’t been. Western democracies have tilted left and provided socialist programs that can’t be self funded from the insufficient surplus the economy generates.
Therefore the central banks in cahoots with the politicians, printed money to pay for programs, that otherwise made no fiscal sense .
Monetary policy was used to hide the incompetence of fiscal policy.
We are now paying the price for that incompetence.
We need to have an open debate on how to prevent that from happening again.
Michael, thanks for your reply. Don't you think that a Central Bank Digital Currency is a superior way to control the public and the economy? Its disastrous for democracy and human rights but great for political dictators. It allows far more controls than the current analogue currency. For example, you could allow people with a basic level of social credit score to have certain privileges such as the ability to travel, own pets, comment on social media, visit foreign country websites similar to the Chinese model. It's a way to micro-manage the behavior of each citizen. Since the WEF seems to have most of the global power and they want a one world, Chinese style capitalist dictatorship to manage the sheeple, doesn't a CBDC seem inevitable? The central banksters that meet regularly in Basil, Switzerland seem to think so. To me this artificially low interest rate environment we've enjoyed for the past decade seemed like a ploy to load people and governments up with cheap debt like a noose around their necks and then raise interest rates beyond their ability to pay and making them insolvent, then the Word Bank would come to the rescue like they did with Greece to bail everyone out. The debtors would be so grateful for the help, they would agree to give up some or most of their sovereign rights which would pave the way for a one world government, something the globalists have been attempting since they started WW1 and WW2. With this strategy, countries would welcome being taken over and no military force is required.
A CBDC would be a disaster despite its support by many State governments. I think the WEF wants a global authoritarian socialist government, not a capitalist one, although the Chinese model of communism recognizes the value of some capitalist elements. If it gathers momentum among left wing leaders (which it well might) the Canada I grew up in will disappear and my children and grandchildren will suffer. It is a good time to stock up on canned food, bottled water and ammunition.
Michael, judging by all of the Canadian jobs that have gone to China and Mexico and the big gap between the wealthy and middle class, (it now takes both husband and wife working overtime to produce the inflation adjusted income that the average father used to make in the 70's) and all the crazy Woke culture, I think the Canada you and I grew in has been gone for over a decade. By the way, Ron Charko who told me about you, says hi :)
Michael, I've been enjoying your insights over the past year. Thanks for all your good work. Regarding the current banking crises, have you considered that this may be a controlled demolition of the legacy banking system to make way for the new Central Bank Digital Currency? If you didn't like the current regional central banking system, you like the new, centralized, one world central bank even less.By the way, Ron Charko, who first told me about you says hi :)
I have seen that "conspiracy theory" written about and it may emerge as a reality rather than a "theory" if the WEF continues to have influence. I attribute the current banking crisis to institutional stupidity. As the old saying goes, never attribute to conspiracy anything adequately explained by stupidity. I think the whole "digital currency" movement will die on the vine much as the Dutch tulip fiasco did in the 1600's. Many disagree with me.
I suggest you change the typo for the start of the Great Depression to 1930, from the 1920 in the article.
And perhaps put in an aside in for US readers that indicates there really is evidence that the US lost the War of 1812 (and it was not exactly the current "Canada" that won, no matter how much you enjoyed saying it). Given Canada is now only a well-behaved US satellite, it is interesting to note that all the old forts... face south.
So you ignore the "Roaring 20s"... I will read up. Thanks.
But was there a 2020 Depression during the Pandemic Yr. 1?
I was under the impression that the economic decline did not have sufficient length/severity to reach the Depression category (but I can see there can be infinite number of operational definitions for "Depression").
There are lots of variables to discuss, just to pick one:
We knew that a decade of zero interest rates provided by the central banks of the Western world was going to eventually hit a wall. Central banks are supposed to be independent of political policy, but they haven’t been. Western democracies have tilted left and provided socialist programs that can’t be self funded from the insufficient surplus the economy generates.
Therefore the central banks in cahoots with the politicians, printed money to pay for programs, that otherwise made no fiscal sense .
Monetary policy was used to hide the incompetence of fiscal policy.
We are now paying the price for that incompetence.
We need to have an open debate on how to prevent that from happening again.
Michael, thanks for your reply. Don't you think that a Central Bank Digital Currency is a superior way to control the public and the economy? Its disastrous for democracy and human rights but great for political dictators. It allows far more controls than the current analogue currency. For example, you could allow people with a basic level of social credit score to have certain privileges such as the ability to travel, own pets, comment on social media, visit foreign country websites similar to the Chinese model. It's a way to micro-manage the behavior of each citizen. Since the WEF seems to have most of the global power and they want a one world, Chinese style capitalist dictatorship to manage the sheeple, doesn't a CBDC seem inevitable? The central banksters that meet regularly in Basil, Switzerland seem to think so. To me this artificially low interest rate environment we've enjoyed for the past decade seemed like a ploy to load people and governments up with cheap debt like a noose around their necks and then raise interest rates beyond their ability to pay and making them insolvent, then the Word Bank would come to the rescue like they did with Greece to bail everyone out. The debtors would be so grateful for the help, they would agree to give up some or most of their sovereign rights which would pave the way for a one world government, something the globalists have been attempting since they started WW1 and WW2. With this strategy, countries would welcome being taken over and no military force is required.
A CBDC would be a disaster despite its support by many State governments. I think the WEF wants a global authoritarian socialist government, not a capitalist one, although the Chinese model of communism recognizes the value of some capitalist elements. If it gathers momentum among left wing leaders (which it well might) the Canada I grew up in will disappear and my children and grandchildren will suffer. It is a good time to stock up on canned food, bottled water and ammunition.
Michael, judging by all of the Canadian jobs that have gone to China and Mexico and the big gap between the wealthy and middle class, (it now takes both husband and wife working overtime to produce the inflation adjusted income that the average father used to make in the 70's) and all the crazy Woke culture, I think the Canada you and I grew in has been gone for over a decade. By the way, Ron Charko who told me about you, says hi :)
Michael, I've been enjoying your insights over the past year. Thanks for all your good work. Regarding the current banking crises, have you considered that this may be a controlled demolition of the legacy banking system to make way for the new Central Bank Digital Currency? If you didn't like the current regional central banking system, you like the new, centralized, one world central bank even less.By the way, Ron Charko, who first told me about you says hi :)
I have seen that "conspiracy theory" written about and it may emerge as a reality rather than a "theory" if the WEF continues to have influence. I attribute the current banking crisis to institutional stupidity. As the old saying goes, never attribute to conspiracy anything adequately explained by stupidity. I think the whole "digital currency" movement will die on the vine much as the Dutch tulip fiasco did in the 1600's. Many disagree with me.
Very interesting, as usual.
I suggest you change the typo for the start of the Great Depression to 1930, from the 1920 in the article.
And perhaps put in an aside in for US readers that indicates there really is evidence that the US lost the War of 1812 (and it was not exactly the current "Canada" that won, no matter how much you enjoyed saying it). Given Canada is now only a well-behaved US satellite, it is interesting to note that all the old forts... face south.
Actually, I trace the 1929 crash and ensuing Great Depression to the 2020 Depression which preceded it. It is often ignored by historians but its impact was severe and should not be ignored. https://fee.org/articles/the-depression-of-1920-1921-why-historians-and-economists-often-overlook-it/
So you ignore the "Roaring 20s"... I will read up. Thanks.
But was there a 2020 Depression during the Pandemic Yr. 1?
I was under the impression that the economic decline did not have sufficient length/severity to reach the Depression category (but I can see there can be infinite number of operational definitions for "Depression").
On reflection, I think your view is more accurate and have corrected the article.