{"id":10564,"date":"2015-07-31T06:57:54","date_gmt":"2015-07-31T11:57:54","guid":{"rendered":"http:\/\/olduvai.ca\/?p=10564"},"modified":"2015-07-31T06:57:54","modified_gmt":"2015-07-31T11:57:54","slug":"dont-call-it-a-recession","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=10564","title":{"rendered":"Don\u2019t Call it a Recession!"},"content":{"rendered":"<blockquote>\n<p align=\"left\"><a href=\"http:\/\/mises.ca\/wp-content\/uploads\/2015\/07\/0506carneypoloz.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-12202\" src=\"http:\/\/mises.ca\/wp-content\/uploads\/2015\/07\/0506carneypoloz-300x225.jpg\" alt=\"0506carneypoloz\" width=\"300\" height=\"225\" \/><\/a><\/p>\n<\/blockquote>\n<h3><span class=\"blue\"><a href=\"http:\/\/mises.ca\/posts\/blog\/dont-call-it-a-recession\/\" target=\"_blank\">Don\u2019t Call it a Recession!<\/a><\/span><\/h3>\n<blockquote>\n<p align=\"left\">\u201cBut pretty soon the word \u201crecession\u201d also became too harsh for the delicate sensibilities of the American public. It now seems that we had our last recession in 1957\u201358. For since then, we have only had \u201cdownturns,\u201d or, even better, \u201cslowdowns,\u201d or \u201csidewise movements.\u201d So be of good cheer; from now on, depressions and even recessions have been outlawed by the semantic fiat of economists; from now on, the worst that can possibly happen to us are \u201cslowdowns.\u201d Such are the wonders of the \u201cNew Economics.\u201d \u2014 Murray Rothbard,\u00a0<i>Economic Depressions: Their Cause and Cure<\/i><\/p>\n<\/blockquote>\n<p align=\"left\">Forty-six years later and Bank of Canada Governor Stephen Poloz has jumped on the semantic fiat bandwagon, calling the \u201cr\u201d word unhelpful. What Canada experienced in the early months of 2015 with the drop in oil prices and its subsequent effects was merely a \u201cmild contraction.\u201d<\/p>\n<p align=\"left\">Okay folks, show\u2019s over, nothing to see here.<\/p>\n<p align=\"left\">\u201cI just find the discussion quite unhelpful,\u201d Poloz told the press, \u201cIt\u2019s especially unhelpful when what has happened to the economy is very narrowly defined.\u201d<\/p>\n<p align=\"left\">Yes, narrowly defined to the oil and gas sectors. The other 80% of the economy is doing just fine thank you very much. All those service sector jobs and real-estate related industries, like construction and banking and insurance. Nothing to worry about! Never-mind the fact that energy is a major export and that without these exports there are no imports. Imports that facilitate the real estate, construction, and service sector.<\/p>\n<p align=\"left\">Now Poloz isn\u2019t that clueless. He did mention the \u201coutsize effect\u201d where the oil and gas industry slow-downs start to affect the broader economy. But, remaining in a state of Keynesian ignorance, Poloz felt bold enough to proclaim: \u201cThe Canadian economy is undergoing a complex and significant adjustment.\u201d<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Don\u2019t Call it a Recession! \u201cBut pretty soon the word \u201crecession\u201d also became too harsh for the delicate sensibilities of the American public. It now seems that we had our last recession in 1957\u201358. For since then, we have only had \u201cdownturns,\u201d or, even better, \u201cslowdowns,\u201d or \u201csidewise movements.\u201d So be of good cheer; from [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[942,103,467,7200,1264,943],"class_list":["post-10564","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bank-of-canada","tag-canada","tag-keynesian-economics","tag-mises-canada","tag-recession","tag-stephen-poloz"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10564","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10564"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10564\/revisions"}],"predecessor-version":[{"id":10565,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10564\/revisions\/10565"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10564"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10564"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}