Canada’s central bank, that political creation established on the premise that central planners have the moral right to manage individual economic choices, is raising its key lending rate.
The move may ultimately affect rates paid on commercial loans as well as consumer interest rates for mortgages and other loans.
The reasoning supplied by central bankers is sometimes amusing and often confusing.
However on this occasion part of the rationale is stated to be concern that the US may pull out of NAFTA talks.
Such action may affect foreign investment in Canada and impact exports according to the Bank of Canada governor.
My advice is to forget all this malarkey and pre-empt the US and Mexico by unilaterally removing all trade barriers and announcing to all nations that Canada will no longer punish its residents for wanting to buy from producers outside Canada. Nor will government stand in the way of any investment in Canada.
There is no obligation to give the US or Mexican governments advance notice of this action. Like Canada these governments are negotiating over what they will allow respective citizens to do in the realm of trade.
This unilateral declaration of free trade would do more for Canadian prosperity and living standards than immoral measures like NAFTA.