Monday, 31 December 2018

Elizabeth Warren takes big step toward launching 2020 presidential run

https://twitter.com/DavidRayAmos/with_replies




 
Replying to and  49 others
Methinks everybody knows that I consider Warren to be just another corrupt Yankee lawyer N'esy Pas?


 



https://www.cbc.ca/news/world/elizabeth-warren-2020-presidential-run-1.4962137





Elizabeth Warren takes big step toward launching 2020 presidential run




1714 Comments
Commenting is now closed for this story.



Roderick Wilson 
Roderick Wilson
Based on the information she provide, Elizabeth Warren was named as the “first woman of colour” to be a Professor at Harvard Law in 1997. A distinction she wore proudly. - I guess with the progressives race is now like gender, science, DNA, physiology are to be ignored, just claim to be whatever you want.


Angus Campbell
Angus Campbell
@Roderick Wilson
and again is this all you can come up with?

Cal Mett
Cal Mett
@Angus Campbell That is all.

Roderick Wilson
Roderick Wilson
@Angus Campbell - That would start a half a million strong protest march if she were a Republican.

Jeff Laidlaw
Jeff Laidlaw
@Roderick Wilson Yeah, those poor Republicans. Always the victims.

Roderick Wilson
Roderick Wilson
@Jeff Laidlaw As oppoded to Democrats whose racism and me too faults are deemed “irrelevant” by other Democrats.

Erin Wilson
Erin Wilson
@Roderick Wilson

Nice up vote software.

Steve Smith
Steve Smith
@Roderick Wilson
The color is pasty white with a touch of old lady grandmother.

Steve Smith
Steve Smith
@Angus Campbell
Sorry, he's not making it up it's the truth. You could actually look it up if you wanted to.

David Amos
David Amos
@Roderick Wilson Methinks that Iggy and many other Canadain politicians know that Elizabeth Warren and all her cohorts in Harvard Law knew why I sued Cardinal Bernard Francis Law, 3 US Treasury Agents, many Yankee lawyers and their Attorney General long before I ran in the election of the 38th Parliament N'esy Pas?

David Amos
David Amos
@David Amos These documents and many more have been in many people's files and in several court dockets since June of 2004

https://www.scribd.com/document/2619437/CROSS-BORDER

Billie-Bob Brown
Billie-Bob Brown
@Roderick Wilson
Trump said "I will give you a million dollars to your favorite charity, paid for by Trump, if you take the test and it shows you're an Indian," Trump said. "I have a feeling she will say no but hold it for the debates.".

Warren had the test done and it confirm that she had a Native American ancestor.

Trump refused to not honor his offer (even claimed he never made it).

No surprise. Trump has proven himself to be a dishonorable President.

Yet his loyal fans continue to believe things he makes up.


Sara Shepard
Sara Shepard
@Roderick Wilson - She never pretended to be Native American to get into Harvard, but Trump pretended to have bone spurs to get out of something.

Art Rowe
Art Rowe
@Billie-Bob Brown
Forget the "president" part, he is simply dishonorable!









  
john carter
john carter
I'd give Warren, odds of let's say one in one thousand and twenty four, of becoming President.
 
john carter
I'd give Warren, odds of let's say one in one thousand and twenty four, of becoming President.


Roger Deveries
Roger Deveries
@john carter

Carlos Bustamante, a prominent Stanford University geneticist and MacArthur fellow, led the analysis, so it’s far more likely to be accurate than direct-to-consumer DNA tests that sometimes botch results. He concludes that though Warren is mostly European, “the results strongly support the existence of an unadmixed Native American ancestor” six to 10 generations ago. This could support Warren’s claims, though if her ancestor is fully 10 generations back, she would be only 1/1024th Native American, a fact that critics would love to emphasize.


Mark Johnston
Mark Johnston
@john carter - Well since 1900 a sitting president has only 5 times for reelection. So the odds are in your favour for sure. But I've learned after the last US election predicting outcomes aren't that easy. Do some research, she's pretty intelligent.

Mark Johnston
Mark Johnston
@Roger Deveries - What does that matter? How cares? Did she say she was 100% native American did she say she wasn't? Don't let this derail important topics. That's the job of the media.

Mark Johnston
Mark Johnston
*has only (lost) 5 times for reelection.

Mark Johnston
Mark Johnston
^*who cares

Fred Ashlton
Fred Ashlton
@Roger Deveries
Sheeesh Putin probably has a higher percentage than she does

Fred Ashlton
Fred Ashlton
@Mark Johnston
If she was intelligent - she wouldn't have let Hilarity run for Pres

Mark Johnston
Mark Johnston
@Fred Ashlton - Honestly Hilary was the Democrats best chance at winning. If she didn't run people would have said "we would have won if Hilary was in the race"

Roderick Wilson
Roderick Wilson
@Mark Johnston - She listed herself as Native American with Harvard. She did the same with many other organizations. When tests prove she is 0.03% Native American then her claims are clearly false.

david mccaig
david mccaig
@john carter

46 year old Texas Democrat upstart Beto O'Rourke, the guy that reminds us so much odd Bobby Kennedy, raised 62 million dollars in his run to defeat incumbent Ted Cruz and he nearly did it, plus his youthful enthusiasm helped democrats win hard core Texas Republican jurisdictions. He's the ONLY democratic presidential candidate that could deliver the South and a massive 3 house presidential win.

david mccaig
david mccaig
@david mccaig

And Beto O'Rourke is a hard core social liberal, which for Americans means universal healthcare, free public college education, the restoration of all the government protection agencies devastated by the radical right wing suits standing behind Trump. And meaningful significant climate action and green energy ushering out planet harming oil industry.

Stanley Baird
Stanley Baird
@david mccaig I doubt a majority of US voters would support this agenda - do you? World wide there is currently push back to most climat change policies,

William Perry
William Perry
@john carter
You are most probably correct unfortunately . Elizabeth Warren and Bernie Sanders want what's best for ALL Americans like Medicare for all with preexisting conditions covered. We are very lucky to live in a country with a health plan that is not 100% perfect but covers all of us. Americans in general do not want what we already have in the way of medical care. The young think that they are invincible right up until they find out that they are not.

Art Rowe
Art Rowe
@john carter
However the BIG BIG question remains unanswered, ""What are your thoughts on walls or fences""?
Seriously, just kidding.

David Amos
Content disabled.
David Amos
@john carter Methinks everybody knows that I consider Warren to be just another corrupt Yankee lawyer N'esy Pas?





Elizabeth Warren takes big step toward launching 2020 presidential run

Outgoing Maryland Rep. John Delaney is only Democrat so far to have formally announced campaign


U.S. Democratic Senator Elizabeth Warren says she has formed an exploratory committee to run for president in 2020. (Brian Snyder/Reuters)

Sen. Elizabeth Warren on Monday took the first major step toward launching a widely anticipated campaign for the U.S. presidency, hoping her reputation as a populist fighter will help her navigate a Democratic field that could include nearly two dozen candidates.

"No matter what our differences, most of us want the same thing," the 69-year-old Massachusetts Democrat said in a video that highlights her family's history in Oklahoma. "To be able to work hard, play by the same set of rules and take care of the people we love. That's what I'm fighting for and that's why today I'm launching an exploratory committee for president."


She elaborated on the theme to reporters outside her Massachusetts home.

"America's middle class is getting hollowed out and opportunity for too many of our young people is shrinking," she said. "So I'm in this fight all the way. Right now Washington works great for the wealthy and the well-connected. It's just not working for anyone else."

Warren burst onto the national scene a decade ago during the financial crisis with calls for greater consumer protections. She quickly became one of the party's more prominent liberals even as she sometimes fought with Obama administration officials over their response to the market turmoil.

Now, as a likely presidential contender, she is making an appeal to the party's base. Her video notes the economic challenges facing people of colour along with images of a women's march and Warren's participation at an LGBT event.

In an email to supporters, Warren said she would announce a campaign plan more formally in early 2019.
Warren is the most prominent Democrat yet to make a move toward a presidential bid and has long been a favourite target of U.S. President Donald Trump.

In mid-December, former Obama housing chief Julian Castro also announced a presidential exploratory committee, which legally allows potential candidates to begin raising money. Outgoing Maryland Rep. John Delaney is the only Democrat so far to have formally announced a presidential campaign.

But that's likely to change quickly in the new year as other leading Democrats take steps toward White House runs.

Sanders eyeing run


Warren aims to enter a Democratic field that's shaping up as the most crowded in decades, with many of her Senate colleagues openly weighing their own campaigns, as well as governors, mayors and other prominent citizens. One of her most significant competitors could be Sen. Bernie Sanders, a Vermont independent who is eyeing another presidential run harnessing the same populist rhetoric.

She must also move past a widely panned October release of a DNA test meant to bolster her claim to native American heritage. The move was intended to rebut Trump's taunts of Warren as "Pocahontas." Instead, her use of a genetic test to prove ethnicity spurred controversy that seemed to blunt any argument she sought to make. There was no direct mention of it in the video released Monday.
Warren has the benefit of higher name recognition than many others in the Democratic mix for 2020, thanks to her years as a prominent critic of Wall Street who originally conceived of what became the government's Consumer Financial Protection Bureau.

She now faces an arduous battle to raise money and capture Democratic primary voters' attention before Iowa casts its first vote in more than a year. She has an advantage in the $12.5 million US left over from her 2018 re-election campaign that she could use for a presidential run.

Warren's campaign is likely to revolve around the same theme she has woven into speeches and policy proposals in recent years: battling special interests, paying mind to the nexus between racial and economic inequities.

"America's middle class is under attack," Warren said in the video. "How did we get here? Billionaires and big corporations decided they wanted more of the pie. And they enlisted politicians to cut them a fatter slice."
With files from Reuters

CBC's Journalistic Standards and Practices



Saturday, 29 December 2018

Stanley Fischer says U.S. president is challenging Federal Reserve's independence

https://twitter.com/DavidRayAmos/with_replies




 
Replying to and  49 others
Methinks even Trump knows that only a fool would trust what a former governor of the Bank of Israel has to say about anything N'esy Pas?


 https://davidraymondamos3.blogspot.com/2018/12/facebook-twitter-reddit-linkedin-email.html



 


https://www.cbc.ca/radio/thecurrent/the-current-for-december-28-2018-1.4953902/don-t-do-it-trump-s-criticism-of-central-bank-could-backfire-warns-former-vice-chair-1.4959918




'Don't do it': Trump's criticism of central bank could backfire, warns former vice-chair




141 Comments



David R. Amos 
David R. Amos
Methinks even Trump knows that only a fool would trust what a former governor of the Bank of Israel has to say about anything N'esy Pas?










Joseph Cluster 
Joseph Cluster
Stanley Fischer has been counting beans for a longtime and has a track record that Mr. Trump should listen to.


Adam Karab
Adam Karab
@Joseph Cluster He also works for the interests of Israel.

David R. Amos
David R. Amos
@Joseph Cluster Nope

David R. Amos
David R. Amos
@Adam Karab YUP




John Bouy
John Bouy
@Joseph Cluster fischer is part of the cabal that bankrupted the planet - I'm sure he knows what he's doing

John Bouy
John Bouy
@Joseph Cluster ya Fischer is a real serious person as he advises us that the fed would raise interest rates because Trump upset the money masters at the fed. This type of talk is knee-jerk bs from an unaccountable person at the top of the financial heap essentially threatening every american with retaliation from the fed! demonstrating the feds adversaria relationship with people at large

John Bouy
John Bouy
@Joseph Cluster funny hearing Fischer call an 'independent' central bank to be part of what is passed off as democracy. You know who those European and Central American countries are.








 Adam Karab 
keith stanley
Amazing that American fed rate policy doesn't get more comments . like it or not their interest rate policy directly affects Canadians .Our Bank rate will have to go up unless Powell reverses from tightening to easing


David R. Amos
David R. Amos
@keith stanley Methinks everybody knows why dudes such as Frank McKenna love this guy N'esy Pas?


John Bouy
John Bouy
@David R. Amos because he's a corrupt, greedy, unethical, capitalist exploiter?



'Don't do it': Trump's criticism of central bank could backfire, warns former vice-chair

Stanley Fischer says U.S. president is challenging Federal Reserve's independence


Stanley Fischer worked as vice-chair of the U.S. Federal Reserve under presidents Barack Obama and Donald Trump, from 2014-2017. He was previously governor of the Bank of Israel. (Sebastian Scheiner/Associated Press)


Listen19:50


When it comes to U.S. President Donald Trump's criticism of the Federal Reserve for hiking interest rates this year, a former vice-chair of the central bank has one message for him: "Don't do it."

Trump's remarks could backfire on him by encouraging a further rise in interest rates, rather than a decline, Stanley Fischer told The Current's guest host Piya Chattopadhyay

"When you criticize the Fed in the way you do, you challenge its independence," said Fischer. "And when you challenge its independence, it has to demonstrate its independence."

Trump, who personally selected Jerome Powell as chairman of the Fed, has repeatedly lambasted Powell and the central bank this year, at one point calling the Fed "my biggest threat."


U.S. President Donald Trump isn't happy with the central bank. He claims its hurting the stock market. (Jacquelyn Martin/Associated Press)
The president argues rising interest rates could hurt the stock market, and some investors have been equally wary.
But Fischer said if Trump continues to attack Powell, the head of the central bank will have to find a way to demonstrate "he will not be shaken by the president."

"We know full well that if if inflation gets out of control, the Fed will be blamed," Fischer said. "And that is one of the things that it has to take into account."

To learn more about the role of the Federal Reserve in the U.S. economy and central banks in general, Chattopadhyay spoke to:
  • Stanley Fischer, former vice-chair of the Federal Reserve from 2014-2017, and former governor of the Bank of Israel.​
  • Livio Di Matteo, professor of economics at Lakehead University.
Click 'listen' near the top of the page to hear the full story.

Written by Kirsten Fenn. With files from CBC News. Produced by Richard Raycraft and Sarah-Joyce Battersby.




The Current Transcript for December 28, 2018

Host: Piya Chattopadhyay

STORIES FROM THIS EPISODE

Prologue

[Music: Theme]
Back To Top »

'Don't do it': Trump's criticism of central bank could backfire, warns former vice-chair

Guests: Stanley Fischer, Livio Di Matteo

PIYA CHATTOPADHYAY: Hi I'm Piya Chattopadhyay and this is the Friday edition of The Current. 

SOUNDCLIP

TRUMP: I think the Fed is making a mistake. They are so tight. I think the Fed has gone crazy. 

TRUMP: My biggest threat is the Fed, because the Fed is raising rates too fast. 

TRUMP: But I think the Fed is far too stringent and they're making a mistake and it's not right. And it's despite that we're doing very well, but it's not necessary, in my opinion. And I think I know about it better than they do. Believe me. 

PC: The U.S. president has been taking runs at the head of the U.S. Federal Reserve. Blaming the Fed for bad economic news has come in handy for Donald Trump. The Federal Reserve has raised interest rates four times this year and the president is complaining those hikes are too high and are coming too fast. Like the Bank of Canada, the U.S. Federal Reserve is independent from the government in deciding the interest rate and money supply. But President Trump has publicly criticized Fed Chair, Jerome Powell, and privately mused about firing the man he nominated to lead the American Central Bank. And that sparked a legal debate about whether a president can even remove a Federal Reserve Chair. Stanley Fischer is watching all of this unfold from a unique vantage point. He was vice-chair of the Federal Reserve from 2014 to 2017, serving under presidents Barack Obama and Donald Trump. Before that he was governor of the Bank of Israel. And we've reached Stanley Fischer in New York City. Hello to you. 

STANLEY FISCHER: Hi, how are you?

PC: I'm okay. When you hear President Trump say those things about the Federal Reserve what do you want to say to him? 

STANLEY FISCHER: You're making a mistake. When you criticize the Fed in the way you do, you challenge its independence, and when you challenge its independence, it has to demonstrate its independence. And that may lead to the interest rate being higher, rather than lower, as a result of the criticisms you make. Don't do it. First of all you don't know. Secondly, it's not the Fed that is the cause of everything that's going on. The fact that you are overthrowing a world order that has existed successfully on average, since the end of World War II, is fundamental to what is going on now. The Canadians would know that NAFTA suddenly disappeared to be replaced by something else that is close to NAFTA and this sort of thing is going on all over the place. And if we get ourselves into the world - which we seem to be doing - in which it is okay to impose tariffs on everything, to give subsidies everywhere, we will be in a world of the 1960s and 70s in which we were struggling to get out of the aftermath of World War II and the Great Depression. 

PC: Okay so clearly you're clearly not on side with the president's assessment of what's really going on in the U.S. economy. But let me put this to you. You know he does have his defenders and they say look raising interest rates, the Fed doing that, is putting stress on lower and middle class Americans. So how does the Fed justify the increases would be the question. 

STANLEY FISCHER: The Fed justifies the increase is because it's defined in law is to keep the economy-- is to maintain full employment and to end low inflation. We are in that situation now as a result of the policies pursued since the great financial crisis. And the problem with his arguments are he assumes that monetary policy works immediately. It doesn't. It takes time. So they've got to ask themselves where - if the economy continues on the path most people think it will - where will we be six months to a year to a bit later from now, if we don't take action now to deal with the fact that the economy is very strong. And that's the problem. With due respect people from the real estate sector always think interest rates are too high. 

PC: And so the Federal Reserve, like all central banks, plays a long game when it comes to setting policy, right. It isn't tied to a circle of elections and re-election and all those things. It's looking long game. So how do you think this particular team at the Fed is doing right now?

STANLEY FISCHER: I think they are doing well under difficult circumstances. When the president decides to attack you ,for some reason or the other, you are placed before a dilemma; do you do the right thing professionally or do you try and make peace with the powers that be? You have to do the right things professionally. That is what they are doing. 

PC: There are some reports that the head of the Fed, Jerome, Powell may be seeing the president, the U.S. President in January, that meeting may take place and that of course raises the question of the independence of the Federal Reserve which it is built in to the infrastructure that the central bank is independent. Do you think that that kind of meeting might at least send the wrong message at least perception wise?

STANLEY FISCHER: Well the president will of course expect that interest rates come down immediately afterwards. They won't. They'll be kept on a course that has been discussed for a long time and has been talked about within the Fed at every single meeting of the Fed since certainly when I was there, a year and a half ago and is part of the way the Fed does business. It looks ahead and asks what it ought to do. So it's not going to change the polls very much. J. Powell is a very good banker. He's a very reasonable person. And whenever I've read or listen to what he has to say, I say well that makes sense. And I think this is making sense now. And that meeting could go very badly from the viewpoint of the president. If he attacks Powell in the meeting in the way he's attacked others in meetings, Powell is going to have to find some way of demonstrating that he is continuing down the professional road that he's on right now, and that he will not be shaken by the president. Because we know full well that if inflation gets out of control the Fed will be blamed. And that is one of the things that it has to take into account. 

PC: You worked at the Fed under this president, Donald Trump, and the previous one, Barack Obama. What differences did you see from the inside in terms of these administration, in terms of how central bankers were expected to go about their jobs? 

STANLEY FISCHER: Oh I think that what you see is a remarkably professional organization. I found it amazing when I joined the Fed that it very rarely was necessary for me, if I needed to understand effect to understand something that was happening in the economy, to go beyond the professional stuff we had. Of course we listened to the everybody who was talking about the economy, discussed what they had to say. But it is an outstanding group of people. And the interesting thing is that this board of the Fed, the monetary policymaking group, is actually very strong. And this is a board that was appointed by the president. He may feel unhappy about it now, but his initial choice was the right one. 

PC: And so given what you've just said, what is the optimal balance, the relationship between politics and economics in the Central Bank?

STANLEY FISCHER: The Fed can't cannot look at the political situation and say this will make us popular. It's got to figure out what is the right thing to do. It's got the law defines its goals, its goals to maintain full employment and [unintelligible] stable prices. And I think you and Canada have roughly similar goals. And that's what they have to do and that's what they do and that's what the discussion is about. I didn't hear any politics going on. I'd heard about criticisms but I didn't hear anybody saying, "Well we've got to really take that into account". Many many a politician has learnt a lesson that if you attack the Fed, you get yourself into a big problem because you'll be getting inflation down the road if what you want is low interest rates. And when you get that somebody is going to ask, "Well whose idea was that?" The answer will be whoever was pushing and succeeding perhaps, not in this case they weren't succeeding, to push the Fed, the interest rate sitting group in a direction it didn't want to take. It shouldn't do that.
PC: Just to put the America
n situation in context. When you look around the world, do you see other countries where the central bank is being criticized by its leader or a high level politician and vulnerable to volatile politics?

STANLEY FISCHER: Yes I think when you look, there is a set of countries - I'm not going to get into this in detail - but there's a set of countries in the world who are behaving now according to assumptions and principles that essentially reject the world to which we've evolved or which we had evolved, in the previous American administration and in most of the industrialized world. And those countries which do not follow principles in which they allow the central bank to be independent--.
PC: Like which countries? 

STANLEY FISCHER: I am not going to get into, as former Fed person, criticizing which countries. But you know who I'm talking about. Some of them are in Europe. Many of them once were Latin America. They are not there now. They have given central banks independence. And in other countries in the world. So that is a sign of a weak and non-democratic government. That's what's going on.
PC: Stanley Fischer we'll have to leave it there. Thank you very much. 


STANLEY FISCHER: Thank you very much.
PC: Stanley Fischer is a former vice chair of the U.S. Federal Reserve and he's also the former governor of the Bank of Israel. We reached him in New York City. Well heated debate over the central bank in America isn't exactly new in the United States. A fight from 1790 is being revived now on stage in the hit Broadway musical Hamilton. 

SOUNDCLIP

Ladies and gentlemen
You coulda been anywhere in the world tonight
But you're here with us in New York City
Are you ready for a cabinet meeting?
The issue on the table
Secretary Hamilton's plan
To assume state debt
And establish a national bank
Secretary Jefferson, you have the floor, sir
Life, liberty and the pursuit of happiness
We fought for these ideals
We shouldn't settle for less
These are wise words
Enterprising men quote 'em
Don't act surprised, you guys, cuz I wrote 'em

PC: In Cabinet Battle Number One founding father Thomas Jefferson argues against Alexander Hamilton's proposal for a central bank. That battle is one of many colorful stories in the history of central banks. And fill us in, I'm joined by Livio Di Matteo he's a professor of economics at Lakehead University in Thunder Bay. Hello. 

LIVIO DI MATTEO: Good morning to you. 

PC: Let us start with those days of Hamilton What were the conditions that led to the debate over the creation of a U.S. central bank? 

LIVIO DI MATTEO: Well this was in the aftermath of the birth of the American republic. There was a lot of Revolutionary War debt. And there was also a debate between those who wanted I guess a stronger federal and more central government - I guess federalists - and the other side which I guess you would term anti federalists, by the standards of the time. So if you look at the debate between Jefferson and Hamilton, Alexander Hamilton basically wanted a bank of the United States, a central bank to consolidate the debt and issue a national currency. And the reason he wanted that was to create financial stability which in turn would lead to investment and economic growth Foster manufacturing development, etc. On the other side you had Thomas Jefferson. He basically thought a central bank in a sense would favor Eastern banks and creditors and that would basically create a concentration of financial power and Jefferson was more of a de centralist. You know his vision of the republic in the ultimate sense was a sort of a nation of Stout Yeoman in decentralization. And so the debate in the sense also outlined the powers under the Constitution. So I mean a central bank wasn't specifically enumerated in the U.S. Constitution. And so much of the debate was whether the creation of a central bank was implied under something called the necessary and proper clause. And I don't want to get into too much detail. I'm not a U.S. constitutional expert. But in the end the bank was created but it was tenuous. The first bank was created about 1791. The second one in 1816 and after that in the 1930s, interestingly enough a populist president Andrew Jackson under his tenure the bank ended. And so you had basically a more free banking so to speak until the creation of the Federal Reserve in 1913. And the Federal Reserve in the end its creation also sort of reflected that tension between centralization and decentralization and distrust of Eastern banking interests. Because in the end they went to sort of regional system as opposed to the I guess the decaying system where you have one central bank. They have a Federal Reserve System. 

PC: So I'm glad you mentioned Canada because when and why did we get our central bank?

LIVIO DI MATTEO: We were late comers. The first central banks actually start to emerge as market economies start to develop although interesting enough the reason they developed was to finance government war expenditures and war debt, and act as sort of marketers of that debt. So you know the first banks, central banks, are the Swedish central bank 1668, the British banks 1694. Then in the 19th century you get a number of them and France. The Bank of Japan, the Bank of Italy the Reichsbank. Canada is rather late. We emerge during the Great Depression in 1935. And so we come about sort of at the tail end of the 20th century and our bank sort of comes about under the rubric of price stability and maintaining full employment. There is a responsibility for the money supply and the credit system currency, and it's bankers bank also, the bank for the federal government. 

PC: I want to ask you about - because we're talking about you know tensions between politicians and central banks - and we've talked to both the U.S. and its president butting on monetary policy. What's the situation like in Canada? Like have we had a dispute between the government and the central bank?

LIVIO DI MATTEO: Well our banks since the late 1960s has been an independent central bank. Day to day operations are free of political influence. However that role in a sense is legislated by the government. I mean the Bank of Canada is created by an act of parliament. So in a sense the independence has been granted by politicians and as defined by the political system. So our central bank like many Central Banks are independent in government but are not independent of government right. So it's a fine line that governments have have to play. Now in our case the major incident that we had is late 1950s early 1960s in which the then governor of the Bank of Canada, James Coyne, began speaking out on government fiscal policy. And so his argument was that the government of the day which is the Diefenbaker government, also by Canadian standards I guess an early populist government in some respects, was running deficits and spending too much and that this would fuel inflation. And so that was resented by the prime minister of the day. And so there was also pressure on the Bank of Canada to basically not raise interest rates. The Bank of Canada wanted to keep its interest rates given policy. So in the end what happened there-- there was also a bit of a personality conflict I believe between the two gentlemen. But in the end the House basically declared the Bank of governors a position vacant. The Conservatives had a majority declare position vacant. The Senate basically turned that down. However once the government of the day has expressed a sort of lack of confidence in the office of the governor of the Bank of Canada he resigned. The aftermath of that was the 67 Bank Act basically laid down the rules in that the central bank is independent on a day to day basis. But the ultimate responsibility for monetary policy and direction does lie with the government. However that's the ultimate responsibility on a day to day basis and even over the longer term. The Bank of Canada has a pretty free rein to basically set long term policy, and that's how it should be and that governments benefit from that. I mean politicians benefit from having an independent central bank because when unpopular actions are taken such as raising interest rates to tame inflation they can point at the bank and say well we're not doing it the bank is independent. But I mean most politicians often [unintelligible] both ways. Then if there's some type of downturn they would like the bank to stimulate the economy and they said you don't mind if the bank lowers interest rates to stimulate the economy during a downturn. But then when the economy improves and inflation starts to pick up they're probably not keen when the bank raises interest rates in order to restrain inflation. 

PC: Okay. Livio Di Matteo, we'll have to leave it there. Thank you very much. 

LIVIO DI MATTEO: Oh you're quite welcome. 

PC: Livio Di Matteo is an economics professor at Lakehead university and we reached him in Thunder Bay, Ontario.





Friday, 28 December 2018

Brian Gallant quits as leader of Liberal Party

https://twitter.com/DavidRayAmos/with_replies




 
Replying to and  49 others
Surprise Surprise Surprise


 


https://www.cbc.ca/news/canada/new-brunswick/brian-gallant-politics-future-1.4960442




Brian Gallant quits as leader of Liberal Party





271 Comments
Commenting is now closed for this story.



  


David R. Amos
David R. Amos
Surprise Surprise Surprise




David R. Amos 
David R. Amos
Methinks some folks should find it interesting that when Gallant calls a news conference and gives us no news whatsoever his words generate far more comments than the big year end interview of Mr Higgs N'esy Pas?

https://www.cbc.ca/news/canada/new-brunswick/blaine-higgs-new-brunswick-premier-2019-1.4957015

  

mo bennett
mo bennett
@David R. Amos one day you will figure it out that this is what politicians do best! it's them damn genes.

David R. Amos
David R. Amos
@mo bennett YO MO Methinks even you must know why I have enjoyed running against 6 times thus far N'esy Pas?


mo bennett
mo bennett
@David R. Amos is it yer head and that brick wall thingy?

David R. Amos
David R. Amos
@mo bennett YO MO Methinks you are just another brick in the wall N'esy Pas?










mo bennett 
mo bennett
why wait for spring, do it now.


David R. Amos
David R. Amos
@mo bennett YO MO Methinks the cat must have your tongue N'esy Pas?








mo bennett
mo bennett
this is exactly why the "top story" voters want something new is absolutely hillaryous! I can't get no, satisfaction should be voters new theme song.


David R. Amos
David R. Amos
@mo bennett YO MO Methinks you know I first crossed paths with Mr Gallant when he ran against Bernie Lord in 2006 while I ran in Saint John Harbour while intervening in the NEB Hearing about the Emera Pipeline Project for the benefit of the the Irving Clan N'esy Pas?



David R. Amos
David R. Amos
@mo bennett YO MO Methinks you know that as soon as Mr Gallant became our Premier he could have had Bernie Lord's illegal barring of me from legislative properties removed but instead he waited for me to sue the Crown. Then to make matters worse he had his old law professor Mr Rouselle write me a letter falsely claiming that I needed his permission to sue the Queen after the matter was already underway in Federal Court. Now that was truly funny N'esy Pas?











mo bennett 
mo bennett
this was like watching an episode of Mr. Know-It-All.


David R. Amos
David R. Amos
@mo bennett YO MO Never mind watching try listening

Methinks Mr Gallant and Mr Higgs finally got around to listening to a hearing I had December 14th, 2015 with Justice Bell the first judge Harper ever appointed to the bench after he ran two election campaigns for him in New Brunswick N'esy Pas?

https://archive.org/details/BahHumbug


mo bennett
mo bennett
@David R. Amos so, what yer sayin' is they watch Rocky and Bullwinkle too?

David R. Amos
David R. Amos
@mo bennett YO MO Methinks you don't read very well I said listen not watch N'esy Pas?


mo bennett
mo bennett
@David R. Amos and just how wood they know what to say without watchin' first? you do remember they're politicians, right!!



mo bennett
mo bennett
@David R. Amos and you just have to know Bullwinkle was the smart one in the room.

David R. Amos
David R. Amos
@mo bennett YO MO Methinks I certainly know who is trying hard to play dumb in this thread N'esy Pas?








Emilien Forest
Emilien Forest
Me thinks I smell a rat...


David R. Amos
David R. Amos
@Emilien Forest Me too









Emilien Forest 
Matthew Locke
Wise decision. Hopefully the Liberals will never again darken the doorstep of the great little province of NB.


David R. Amos
David R. Amos
@Matthew Locke Dream on




Lesley Juniper
Lesley Juniper
@David Allan How come the popular vote only matters when liberals lose?

David R. Amos
Content disabled.
David R. Amos
@Lesley Juniper Methinks that tally only matters to the losers no matter the colour to their coat N'esy Pas?


Dave white
Dave white
@Matthew Locke It is SO amazing that all of a sudden there are so many brand new posters commenting about a Liberal in little NB . Nothing like a coordinated campaign to spread false impressions on the internet.

Troy Mann
Troy Mann
@Matthew Locke

We said basically the same when we voted out conservative Hatfield back in the day.

David R. Amos
David R. Amos
@David R. Amos Hmmm

David R. Amos
David R. Amos
@Troy Mann Methinks your buddy quit because too many people listened to the links I posted N'esy Pas?

https://www.cbc.ca/news/canada/new-brunswick/blaine-higgs-new-brunswick-premier-2019-1.4957015







Emilien Forest 
Kyle Doherty
He can have coffee dates with Wynne every day now and tell tales of scandals and duping their provinces into bankruptcy with social programs.


David R. Amos
David R. Amos
@Kyle Doherty Methinks many would agree that Mr Higgs and Mr Ford should join them N'esy Pas?




Phil K'Mee
Phil K'Mee
@David R. Amos

Mais non.










 Emilien Forest 
Lucas Williams
"..Don't let the .... you know the rest....

Justin, are you taking notes? This will be you after your devastating defeat that will be handed to you by Andrew Scheer's winning Conservative government next October.


David R. Amos
David R. Amos
@Lucas Williams "Andrew Scheer's winning Conservative government next October"

Methinks it would not be wise to bet the farm on Harper 2.0 pulling anything out of the bag N'esy Pas?.










 Emilien Forest 
reg jones
.. Trudeau"s canary in the coal mine.


David R. Amos
David R. Amos
@reg jones Methinks many would agree that provincial politicking is irrelevant to the Feds Trudeau the Younger's overseers are no doubt is banking on the NDP collapse and the sneaky lawyer Maxime splitting the vote on the right N'esy Pas?











 Emilien Forest 
Luke Armstrong
I guess NB'ers will never know the truth about the Gallant Gov. property tax scandal.


Mack Leigh
Mack Leigh
@Luke Armstrong : Wonder if we will ever find out the truth about the Francophonie Game scandal... Smells of collusion and corruption..

David R. Amos
David R. Amos
@Luke Armstrong Methinks the Irving Clan will make certain that never happens N'esy Pas?

David R. Amos
David R. Amos
@Mack Leigh Methinks the will be no Francophonie Game scandal if Higgs puts stop to it N'esy Pas?











 Emilien Forest 
Jerome Smith
See ya Never Brian - you were terrible


Colin Seeley
Colin Seeley
@Jerome Smith

So is and was gray owl.

Perhaps Snow White Will now show up after she leaves Dopey in Ottawa.

David Allan
David Allan
@Jerome Smith

He's a sitting MPP.
Try to keep up.

Jerome Smith
Jerome Smith
@David Allan
I’m up to date with his recent loss - try and keep up

David R. Amos
David R. Amos
@Jerome Smith Dopey lost his seat??? Oh My My Methinks its news to many folks not just me N'esy Pas?











Duncan Hunter

Robert Laberge
Trudeau next please.

Duncan Hunter
Duncan Hunter
@Robert Laberge

LOL...Not with Trump stateside & Trump Queens Park who even confounded my total train wreck in one year predictions by doing it in spades in under 6 months

David R. Amos
David R. Amos
@Duncan Hunter Methinks the best part is that Gallant and his buddies Rouselle, McKee, Byrne and Hoyt are still lawyers and officers of the court N'esy Pas?












 Emilien Forest 
Mario Doucet
Bye Brian SANB has spoken, now Higgs needs to start an investigation to find out where the millions already spent on the games went.


David R. Amos
David R. Amos
@Mario Doucet Methinks the SANB spin doctors are slow on the draw today N'esy Pas?









Emilien Forest
david kirby
Justin--I can only hope that this is catching


David R. Amos
David R. Amos
@david kirby Methinks Mr Gallant should agree that Trudeau The Younger and his buddy Minister Leblanc have been the ringmasters of this circus N'esy Pas?











 Emilien Forest 
Cameron James
Great news. Let’s hope Trudeau is the next liberal to step down.


Paul Bourgoin
Paul Bourgoin
@Cameron James
Too early to predict!!! but if he doesn't, Trudeau is going to get another MANDATE!!!

Jeff LeBlanc
Jeff LeBlanc
@Paul Bourgoin agreed, when Scheer is the best the Con's got, that means another 4 years of JT.

David Allan
David Allan
@Paul Bourgoin

Learn what a mandate is.
Mulroney was the last PM to have one.


David R. Amos
David R. Amos
@David Allan Methinks Harper won a mandate in 2011 N'esy Pas?










David Allan 
Shirley Witt
I found it strange how he was bent on staying in power even though he was one seat behind, he should have been more honourable!


Jack Forester
Jack Forester
@Shirley Witt There is no honor among thieves.

David R. Amos
David R. Amos
@Shirley Witt Methinks Gallant like all lawyers know when it comes to politicking or anything else honour is not an issue N'esy Pas?












David Allan 
Mario Doucet
Key player in the francophonie games scam.


David R. Amos
David R. Amos
@Mario Doucet Methinks Dominic Leblanc is every bit a player in the francophonie games that Gallant was N'esy Pas?














Mack Leigh
Guillermo Maletero
PEI , NB and NS should merge as 1 Province....only a million people live there …...way over governed...
less people than a couple of burbs on TO or Vancouver....cut the fat
definitely a region where the neck ( taxpayers) can't support the head ( govt)…. time to move on leave the old ways of pork behind


David R. Amos
David R. Amos
@Guillermo Maletero "PEI , NB and NS should merge as 1 Province"

Methinks the Crown subdivided Nova Scotia for good reasons in 1784 However the "Powers That Be" forgot to give New Brunswick a constitution hence we must defer to the federal one N'esy Pas?








Mack Leigh
Peter Olsen
The guy was a bum anyway. No loss.


Marguerite Deschamps
Marguerite Deschamps
@Peter Olsen, as I am sure all the criticisers on here are not.

David R. Amos
David R. Amos
@Marguerite Deschamps Cry me a river











Mack Leigh
Shawn Tabor
This French,Acadian and even Indigenous bashing has to stop. Sad to read on here that this still exists. All these folks are good people. How do I know, because I run the roads with them, partied with them and even worked with them. All good people. We are all in this together. Has nothing to do with language, just a small amount of folks making decisions, good or bad for this little province that is our home. Don’t believe me, runs the roads in Winnipeg or the B.C. areas.


David R. Amos
David R. Amos
@Shawn Tabor I agree











Mack Leigh 
Shawn Tabor
Oh I forgot, travel by yourself and run the roads of Halifax, Montreal, Toronto, Thunderbay, Regina, Saskatoon, Nfld st George street esp. and the fine cities of Alberta. But travel by your self.


David R. Amos
David R. Amos
@Shawn Tabor You know I do






Brian Gallant quits as leader of Liberal Party

Former premier says he'll step down at next caucus meeting


Brian Gallant has announced he'll quit as leader of the Liberal Party rather than wait until a new leader is chosen. 



Former premier Brian Gallant says he'll step down as leader of the Liberal Party earlier than planned.
He made the announcement Friday afternoon at a news conference at the Hampton Inn in Moncton. ​

Gallant said he will resign at the party's next caucus meeting, when an interim leader will be chosen.

But he said he will stay on as MLA for Shediac Bay-Dieppe. He wouldn't say if he would stay on as an MLA until the next election.

Gallant said he will stay neutral on who should be the next Liberal leader.

Gallant, who tried to form a minority government after the Sept. 24 election, already announced his intention to resign when his government was defeated in the legislature and the Progressive Conservatives took over.

At the time, he said he would stay on as leader until the party found a replacement, which it hasn't done.

In a prepared statement Friday, Gallant suggested he was stepping up his departure as leader to nudge the party into arranging to elect a new leader.

Premier Blaine Higgs appears to be governing as if he has a majority, Gallant said, and as a result, the PC government might fall over its first budget.

"It is therefore, that much more important that I make it clear to the Liberal Party that I will not be reoffering," he said in the statement.

No plans yet


At the news conference, Gallant thanked New Brunswickers for the opportunity to serve the province.

He said he will continue to contribute to the betterment of the province but in other ways.
He has "no plans at the moment."

Gallant became Liberal leader in 2012. He won a majority government in 2014, defeating David Alward's Progressive Conservatives.

About the Author

 


Shane Magee
Reporter
Shane Magee is a Moncton-based reporter for CBC. 


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