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| February 01, 2009: Deflation knocking at the border... Bank of Canada, in effort to protect homeland financial security, is attempting to refuse to give it an entry permit... |
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As the CPI in the US has dropped below the zero mark recently, the "D"-Word (Deflation) is threatening economies around the globe. By the way, Wall Street starch-necks still collected "performance bonuses" that have now evoked the first words of displeasure from the new US president who lamented that same starch-necks did not deserve bonuses for a job well done after soaking the federal government for billions of tax-payer funded corporate welfare dollars.
Deflation increases debt levels and debt ratios, resulting with increased difficulties for households to consume and for leveraged businesses to invest. Purchases and investments are often deferred in expectation of lower prices bringing about a shrinking economy. Matters of financial stability that were the obsession of the pessimistic few are now a general concern for many. The UK is expected to be worst hit among economies of the developed world, while the Bob also continues to lose buoyancy against the Euro. If not too much bad news is good news, the Governor of the Bank of Canada predicted that there is only a remote possibility that the Canadian economy will suffer a sustained deflation. He attributed his optimistic remarks to the Canadian economy's resiliency with a strong and stable banking system, an independent monetary policy, and flexible labour and capital markets. While the US CPI has dipped into negative territory recently, Canada's inflation rate fell by 80 basis points - to 1.2% in December 2008 from 2.0% in November of the same year. E.&O.E. |
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