The Single Most Important Thing We Can do to Address Canada’s Economic Challenges

Welcome to our first podcast! Sorry about any issues with audio quality. This is the audio version of our first printed article - The Single Most Important Thing We Can do to Address Canada’s Economic Challenges, in podcast format for your convenience. While some economic indicators in Canada are ripping higher, the struggles Canadians are facing are undeniable, and the current policies of the Bank of Canada massively adding stress to Canadian businesses and families alike, in the name of fighting inflation.The Bank of Canada is punishing Canadian borrowers who are being crushed by inflation that’s being driven by international factors like energy and supply chains, as well as by an asset bubble and a domestic debt crisis here in Canada.One of the first steps we need to take to deal with the issue is to immediately reform of the Bank of Canada’s monetary policy, because the current practice of cranking interest rates up and down is not only ineffective, it is actively harmful.It's this policy - more than two decades worth - that is driving Canada's economic turmoil and housing crisis. Unwinding it is a massive challenge - but it starts with taking White's advice, and having central banks change their monetary policy. Here's William White's Paper from August, 2023: https://www.ineteconomics.org/uploads/papers/WP_210-White-Monetary-Policy.pdfHere's Edward Chancellor, in 2022, saying «It Will Turn Out to be Largely Impossible to Normalize Interest Rates Without Collapsing the Economy»https://themarket.ch/interview/edward-chancellor-central-banks-delayed-the-day-of-reckoning-ld.7051Here's the story of how William White predicted the Global Financial Crisis - and was ignored. https://www.spiegel.de/international/business/the-man-nobody-wanted-to-hear-global-banking-economist-warned-of-coming-crisis-a-635051.htmlHere's Paul Romer's blistering critique of macroeconomics from 2016 https://paulromer.net/the-trouble-with-macro/WP-Trouble.pdf Get full access to Dougald Lamont’s Substack at dougaldlamont.substack.com/subscribe