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this post was submitted on 18 Jul 2023
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But raising interest rates is the only way Bank of Canada knows how to decrease inflation. It's obvious that the citizens are causing inflation that is hurting businesses. /s
I'm not sure what the /s is for. The Bank of Canada controls interest rates and nothing else. Changing interest rates is essentially all they do. And citizens are definitely the ones causing inflation, unless you believe military personnel are responsible somehow.
Consumers aren't causing inflation. Corporations are causing it. The issue isn't Canadians spending too much money on luxuries, they are spending too much on rent, groceries, and other necessities. Bank of Canada is kicking Canadians who are already struggling. What a giant fuck you to consumers. You are right, the government is responsible for not doing something about the corporate profits.
Right, but OP said "citizens". Billionaires are citizens too. I messed up saying military because I read it a "civilians" at first. I agree it's corporate greed, but the Bank of Canada can't do anything about that.
In the most technical sense of the term, yes, billionaires several times over are citizens. But I'd argue that a citizen in the truest sense of the word contributes meaningfully to a community. By hoarding their billions and perpetuating (even exacerbating) exploitation in the pursuit of more billions negates them being true citizens. They reap from society and the environment more than they contribute.