Happy Monday Morning! The Trudeau liberals shuffled the deck this past week, replacing several key cabinet positions. Amongst those moves was a change of the housing minister. Ahmed Hussen is out, which should not come as a surprise given house prices have doubled under the current government, with an election not far away. Hussen’s track record since he took the job in 2021 has been uneventful to say the least, and his tone-deaf op-ed a few weeks ago was the final nail in the coffin.
Only traditional economists would accept that higher immigration would push up interest rates. Interest rates are set by the BoC not demand. Demand pushing up interest rates is part of the loanable funds mythology.
And they are set higher in order to transfer more assets from ordinary people to the wealthy. Inequality -- increasing the gap between rich and poor or the rest of us and the rich -- seems to be public policy.
Only traditional economists would accept that higher immigration would push up interest rates. Interest rates are set by the BoC not demand. Demand pushing up interest rates is part of the loanable funds mythology.
And they are set higher in order to transfer more assets from ordinary people to the wealthy. Inequality -- increasing the gap between rich and poor or the rest of us and the rich -- seems to be public policy.