Saturday, September 15, 2012
By: Yves Fortin
Carney is not much more than his master's voice. Carney and Flaherty have lunch once every week to coordinate their stories.
Since the James Coyne affair it is the Minister of Finance who has the last word. Carney cannot disagree with Flaherty publicly as he would be forced to resign.
In the last few weeks Carney echoed his master's voice at least twice with a two day delay.
Flaherty: The high level of the Canadian dollar does not only have negative impact it also has some good sides
Two days later. Carney: The high level of the Canadian dollar is not a problem and has some advantages,
Flaherty: Corporations are sitting on a huge pile of cash. They should invest more to create jobs and stimulate the economy.
Two days later. Carney: Corporations are sitting on a pile of cash they should either invest it or return it to shareholders as dividends to stimulate the economy.
Next. Watch the coming story about interest rates in the aftermath of the Fed pronouncement. Carney has been talking a lot in recent months about imminent interest rate increases. Very soon he will be effusive about keeping the rates very low for the foreseeable future.
Posted by Brent Fullard at 7:14 PM