The immediate trigger for this latest spat over the elite’s eliteness is the admission of Richard Tiffany (Tiff) Macklem, the governor of the Bank of Canada with a blue-chip bio, including a spell as dean of the Rotman School of Management after he was passed over for governor in 2014 (we should all have such snits), that he and his fellow sages had been wrong about inflation.
It’s not a state secret, or shouldn’t be. Way back in 2020, the governor predicted inflation would “remain less than two per cent.” A mere two weeks ago, the BoC’s “Monetary Policy Report” said it would top out at 5.8 per cent in the second quarter of 2022. It’s now 6.7 per cent and rising
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