A Quote by Linda McQuaig
For society to function some kind of reasonable balance has to be stuck between the competing interests of creditors and debtors. Although the mandate of the Bank of Canada was to maintain a delicate balance between encouraging growth and fighting inflation, the Bank opted to focus exclusively on fighting inflation. In doing so it came down heavily in favour of those with financial assets to protect, and against those whose primary need was employment.
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My position is that the rate should align with the level of economic development. Because it is always about a balance, a balance of interests, and it should reflect this balance. A balance between those who sell something across the border and those who benefit from a low rate, as well as a balance between the interests of those who buy, who need the rate to be higher. A balance between national producers, for example, agricultural producers who are interested in it.
I'm just opposed to a pure inflation-only mandate in which the only thing a central bank cares about is inflation and not employment.
The best way that a central bank can support growth on a durable basis is to ensure inflation is low, stable - there is financial stability - and that is the role that the central bank plays.
The essence of the problem is that the war against inflation is over, ... Ever since 1979 the Fed was fighting a war against inflation, and you always knew which way you wanted the inflation rate to go over the long run -- down.
My bottom line is that monetary policy should react to rising prices for houses or other assets only insofar as they affect the central bank's goal variables - output, employment, and inflation.
Those people who say that America is finite are some sense right. The environmental movement, for example, has a great wisdom to it: we need to protect, to preserve, to shelter as much as we need to develop. But I think this always has to be juxtaposed against the optimism of old, which is now represented in part by immigrants. I would like to see America achieve a kind of balance between optimism and tragedy, between possibility and skepticism.
Significant changes in the growth rate of money supply, even small ones, impact the financial markets first. Then, they impact changes in the real economy, usually in six to nine months, but in a range of three to 18 months. Usually in about two years in the US, they correlate with changes in the rate of inflation or deflation."
"The leads are long and variable, though the more inflation a society has experienced, history shows, the shorter the time lead will be between a change in money supply growth and the subsequent change in inflation.
The Federal Reserve has an official commitment to two different policies. One is to prevent inflation from getting too high. The second is to maintain high employment... the European Central Bank has only the first. It has no commitment to keep employment up.
the Federal Reserve, has an official commitment to two different policies. One is to prevent inflation from getting too high. The second is to maintain high employment... The European central bank has only the first. It has no commitment to keep employment up.
You have to maintain the balance between fast growth and smooth growth. It's like driving a car and knowing when to balance the gas pedal and the brake.
So: if the chronic inflation undergone by Americans, and in almost every other country, is caused by the continuing creation of new money, and if in each country its governmental "Central Bank" (in the United States, the Federal Reserve) is the sole monopoly source and creator of all money, who then is responsible for the blight of inflation? Who except the very institution that is solely empowered to create money, that is, the Fed (and the Bank of England, and the Bank of Italy, and other central banks) itself?
It has been shown that public participation can limit powerful interest groups, while competing interests can help find a reasonable balance between development and environmental protection.
Because food and energy prices are volatile, it is often helpful to look at inflation excluding those two categories - known as core inflation - which is typically a better indicator of future overall inflation than recent readings of headline inflation.
[Australian Reserve Bank] Governor MacFarlane said recently when Paul Volcker broke the back of American inflation it's regarded as the policy triumph of the Western world. When I broke the back of Australian inflation they say, "Oh, you're the fellow that put the interest rates up." Am I not the same fellow that gave them the 15 years of good growth and high wealth that came from it?
Models used to describe and predict inflation commonly distinguish between changes in food and energy prices - which enter into total inflation - and movements in the prices of other goods and services - that is, core inflation.
The difference between both is that social entrepreneurship has a much more financial transparency. There is no financial viability and that is where a corporate sector makes a difference because we maintain a balance between both the financial status and the social service.
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