Canada’s economy has not yet repaired the damage done by the pandemic. We are producing too little, not too much. Opinion by JimboStanford
There is an old cliché that inflation results from ‘too much money chasing too few goods.’ If the supply of goods and services doesn’t match the purchasing power of people who want to buy them, then prices will be bid up, causing inflation.
This fable is wrong on multiple grounds: most money in Canada is not printed, most is created by private banks , the supply of base money in Canada is, and the federal deficit has almost disappeared. So according to this theory, prices should be falling. Clearly they aren’t. Indeed, a large body of international research suggests that the post-COVID surge in global inflation mostly resulted from supply disruptions caused by the pandemic — that is, by too few goods, not too much money.
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