Even the Bank of Canada and US Federal Reserve have openly said that’s not true.

Bank of Canada, December 2020. “In short, quantitative easing helps us achieve our 2 percent inflation target.”

https://www.bankofcanada.ca/2020/12/understanding-quantitative-easing/

https://parlvu.parl.gc.ca/Harmony/en/PowerBrowser/PowerBrowserV2?fk=11569135

I LOVE you <3. This is the way that we need to be talking about monetary policy at this point. Stop giving oxygen to the mental gymnastics, word salads, and excuses of late-stage capitalists (including and especially politicians, of course!), and just call it what it is: naked greed and corruption.

Current inflation is caused by supply chain issues and not by QE which did not cause inflation in Japan. Instead of blaming QE and low interest rates, we need to regulate mortgage lending and housing speculation, and substantially increase the amount of non-market housing.

Are you from Toronto? I feel like they’re still confused about what’s happening and where Vancouver was about 5 years ago.

Stephen identified the exact gang money laundering and said it’s going through the casinos almost a full year before Canadian intelligence did. Marc Cohodes joked about him being called a racist on Twitter the other day for pointing it out.

Peter German thanks him in the Dirty Money Report, Cullen Commission used his work as evidence, and my favorite — he argued with Adam Vaughan when he was one of the housing ministers on Twitter, and Vaughan dropped a Transparency International report and says something along the line of, money laundering is the problem in Canada. Was crying with laughter when he points out he helped with the report, and it was written two years before they noticed. ,

He’s a national treasure. You can tell the outsized scale of his impact by the share of people in the development industry (often who don’t disclose they are), who spend most of their day attacking him. If he was just some random person, they would ignore him. He’s pushing the buttons too close to home though, so they devote a crap load of resources to try and attack him on baseless grounds, and it looks hella desperate.

You’re right, and I bet Stephen agrees. At one point an MP aggressively tries to point out the BOC research written by staff isn’t the BOC’s opinion, and Stephen quips, “…basic economics also agrees with that fact.” LOL!

Would love to see someone with a solid understanding of economics in an elected capacity. Hasn’t really happened since Flaherty.

Would be a great point, but we’re seeing the inflation so it’s not the same point. It’s not a warning that QE will result in high inflation, but we’ve already seen QE produce high inflation.

Japan also used QE to soften the crash in property prices and resulted in decades of futile existence for its young people. Canada used QE while it had the best economy ever to try and prevent prices from falling when they thought it was possible that people would stop buying a home.

“When QE was first introduced in Japan in the 1990s, mainstream economists rushed to predict that the massive expansion in central bank reserves would be inflationary.

Students in every mainstream macroeconomics class, and that means almost all students, would have predicted, based on the nonsense they were learning, that the high deficits and high public debt ratios in Japan at the time, should have driven interest rates sky high, that bond markets should have stopped buying government bonds, that the government should have run out of money, and all the time that these disasters were unfolding, that inflation should have been be galloping towards hyperinflation.

Nothing like that happened.

Neo-liberal economists wrote off their mistakes by claiming that Japan is ‘so strange’ that it is a ‘special case’ and therefore not generally applicable.

Their ad hoc defense was convenient because the Japanese experience with sustained high fiscal deficits, the world’s largest public debt to GDP ratio, close to zero interest rates, and deflation, was totally at odds with their economic theories.

It was a mind-boggling failure to explain reality.”