Be Prepared For the Recession That Is Not Happening

For months, the robber-barons have denied that there was a recession, that inflation was not happening, or, if it were, it's not as bad as everyone thinks.

Now, the robber-barons are telling everyone to suck it up:

Former Bank of Canada governor Mark Carney says Canada is heading toward a recession and that fiscal discipline will be “imperative” as policy makers enter a period of challenging trade-offs between promoting economic growth and taming inflation.

In the near-term, rising interest rates and slowing global economic activity make “at least a few quarters of negative growth in Canada” likely, Mr. Carney told the Senate Committee on Banking, Commerce and the Economy on Thursday.

Looking further ahead, the world economy is entering an era that will be defined by higher interest rates, more persistent inflation and greater volatility in financial markets, he said. That means higher borrowing costs and less available capital for businesses, as well as trickier policy choices for governments and central bankers.

“Sound money and credible fiscal policy will be rewarded. But mistakes will be punished and no one’s really going to be exempt,” he said.

 

Except you, you @$$.