Central banks wrong? of course
We are all strange bunch.
Take the Bank Of Canada . they produce a statement that talks about an economic slow down.
Well, welcome to the reality, experts. Any person who reads the news could have told the bank that. You can’t see tens of billions of dollars of investment dry up in the oil and gas sector and massive new government regulatory measures and think this will not affect our economic growth. Not rocket science, just some common sense without the jargon.
Problem is we keep giving them headlines about another prediction while putting in small print the facts that they were wrong about the last one.
Kevin Carmichael of the Financial Post headline is "Doves back to roost as BOC holds on rates". Catchy but why does’t he call a spade a spade and headline "BOC predictions prove incorrect" or some such wording. He covers it but in the body of too-long an article.
Let’s look at it.
The BOC predicted that the GDP in the fourth quarter of last year would grow by an annual rate of 2.3 per cent. And said that in October of last year. Guess what, It was 0.4 per cent. Then they said the first quarter of 2019 would grow by 0.8 per cent . And it was 0.3.
So why talk concerning another BOC prediction without some honest criticism?
What was the introduction to the TV Show years ago Naked City? "There are many stories in the Naked City; this is just one of them."
We have many Institutions in this country that need a overhaul; the BOC is just one of them.