{"id":10844,"date":"2015-08-09T17:10:16","date_gmt":"2015-08-09T22:10:16","guid":{"rendered":"http:\/\/olduvai.ca\/?p=10844"},"modified":"2015-08-09T17:10:16","modified_gmt":"2015-08-09T22:10:16","slug":"qe-is-not-on-the-table-says-joe-oliver","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=10844","title":{"rendered":"QE is \u201cNot on the Table,\u201d says Joe Oliver"},"content":{"rendered":"<h3><span class=\"blue\"><a href=\"http:\/\/mises.ca\/posts\/blog\/qe-is-not-on-the-table-says-joe-oliver\/\" target=\"_blank\">QE is \u201cNot on the Table,\u201d says Joe Oliver<\/a><\/span><\/h3>\n<p><a href=\"http:\/\/mises.ca\/wp-content\/uploads\/2015\/08\/image.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-12256\" src=\"http:\/\/mises.ca\/wp-content\/uploads\/2015\/08\/image-300x168.jpg\" alt=\"image\" width=\"300\" height=\"168\" \/><\/a>In a world where central banks are given free rein over the supply of money and credit, and where any examination of these secretive institutions is considered interference with their \u201cindependence,\u201d Finance Minister Joe Oliver\u2019s comments about QE have not gone unnoticed. The other week Oliver was quoted as saying that quantitative easing was \u201cnot on the table\u201d as a tool to combat the \u201ceconomic downturn.\u201d<\/p>\n<p><span lang=\"en-US\">Economic professors and commentators around the country criticized the Finance Minister, saying that he overstepped his power. I<a class=\"western\" href=\"http:\/\/www.huffingtonpost.ca\/2015\/07\/27\/finance-minister-overstepped-by-wading-into-central-bank-s-domain-expert_n_7875560.html\">an Lee of Carelton\u2019s University\u2019s Sprott School of Business said,<\/a>\u00a0\u201c<\/span><span lang=\"en-US\">You may think that, you may privately say that, but that\u2019s not the sort of thing I think the minister of finance should be saying.\u201d\u00a0<\/span><span lang=\"en-US\">Stephen Gordon, an econ professor at Laval University, agreed, calling the comments \u201c<\/span><span lang=\"en-US\">worrisome.\u201d<\/span><\/p>\n<p>Because, you know, the Finance Minister is not supposed to comment on the country\u2019s finances. Especially when the federal government is the sole shareholder of the Bank of Canada.<\/p>\n<p>In October 2013, the late Jim Flaherty told reporters something similar. He did not support the US Fed\u2019s bond-buying program known as QE. At the time, Flaherty\u2019s stance was at odds with Bank of Canada Governor Stephen Poloz\u2019s. However, Poloz has stated that a QE decision would be a joint-effort between the Bank and the federal government\u2019s finance ministry.<\/p>\n<p>Quantitative easing, for those who don\u2019t know, is when the central bank prints money and then uses the fiat to purchase government bonds. The new money, once circulating in the economy, appears as a liability on the central bank\u2019s balance sheet, whereas the new bonds are supposed to resemble interest-earning assets. Central bankers do this when they can\u2019t push interest rates any lower. Often it\u2019s after a solid hour of head-scratching when they decide that the problem is that they simply haven\u2019t created enough inflation.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>QE is \u201cNot on the Table,\u201d says Joe Oliver In a world where central banks are given free rein over the supply of money and credit, and where any examination of these secretive institutions is considered interference with their \u201cindependence,\u201d Finance Minister Joe Oliver\u2019s comments about QE have not gone unnoticed. The other week Oliver [&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":[942,103,7941,124,303,305,1154,2285,7200,661,662,943],"class_list":["post-10844","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bank-of-canada","tag-canada","tag-canadian-finance-minister","tag-central-banks","tag-fed","tag-federal-reserve","tag-interest-rate-policy","tag-joe-oliver","tag-mises-canada","tag-qe","tag-quantitative-easing","tag-stephen-poloz"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10844","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=10844"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10844\/revisions"}],"predecessor-version":[{"id":10845,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10844\/revisions\/10845"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}