Bank of Canada insovent.?

[shtferbrains]

From the Globe and Mail

The Bank of Canada reported a $522-million third-quarter loss on Tuesday, the first time the central bank has lost money in its 87-year history.

"The normally profitable Crown corporation has been caught in a loss-making bind in recent months. After massively expanding its balance sheet during the pandemic, then racing to increase interest rates to fight inflation, the central bank is now paying more interest on its liabilities than it’s earnings on it's assets."

"This is the first in what is expected to be a stretch of quarterly losses, as the bank does not anticipate returning to profitability until 2024 or 2025."

Maybe Tiff won't make it till the next election?

[shtferbrains]

[biglentil]

From the Globe and Mail

The Bank of Canada reported a $522-million third-quarter loss on Tuesday, the first time the central bank has lost money in its 87-year history.

"The normally profitable Crown corporation has been caught in a loss-making bind in recent months. After massively expanding its balance sheet during the pandemic, then racing to increase interest rates to fight inflation, the central bank is now paying more interest on its liabilities than it’s earnings on it's assets."

"This is the first in what is expected to be a stretch of quarterly losses, as the bank does not anticipate returning to profitability until 2024 or 2025."

Maybe Tiff won't make it till the next election?

Just semantics, they can monetize (print) as much as they wish. The private shareholders of the BoC hide under the cloak of a 'special rights' crown corp. Whats more concerning is the heavy advertising of the so called loses. Almost like they are priming the public for the bankruptcy of Canada.

[biglentil]

Just recently, In a Financial Post article titled, “Tiff Macklem Says He Won’t Settle for Anything Less Than a 2% Inflation Rate,” Kevin Carmichael interviewed the bank chief, who re-affirmed his commitment to lower inflation even if it takes more interest rate hikes.

If they were actually committed to reducing inflation they would cut printing dollars at the fastest rate ever. Of course raising rates drains liquidity out of the market, however since M2 money supply is growing around 14% CPI won't fall to 2% no way no how.

[chuckChuck]

Dont worry if Crypto Polly becomes Prime Minister and it's a big if, Polly is going to make the former head of FTX, Sam Bankman-Fried the new Bank of Canada Governor! LOL

[blackpowder]

Stick to carbon green stuff.
You know even less about greenbacks.

[chuckChuck]

Current Canada credit ratings

Moody's affirms Canada's Aaa rating; maintains stable outlook

[jazz]

Current Canada credit ratings

Moody's affirms Canada's Aaa rating; maintains stable outlook

Haha like they rated mortgage bonds back in 2008.

Guys don’t tell chuck the CPP is also insolvent as are 8 out of 10 provinces. His Marxist fairy tale hanging by a thread now.

[biglentil]

Current Canada credit ratings

Moody's affirms Canada's Aaa rating; maintains stable outlook

Just like the 'fact checkers', bought and paid for.

[WiltonRanch]

Current Canada credit ratings

Moody's affirms Canada's Aaa rating; maintains stable outlook

Yeah as reliable as Snopes