This will reduce the real value of debts to the point where they can actually be serviced with higher rates, regardless of what happens to employment or consumer prices along the way.
“Once markets figure out that the Fed is all hat and no cattle when it comes to fighting inflation, the bottom should drop out of the dollar, consumer price increases could accelerate even faster, and the biggest bubble of them all, the one in U.S. Treasuries may finally be pricked. That is when the Fed’s nightmare scenario finally becomes everyone's reality,” he concluded.
- Peter Schiff: Here’s When The Fed’s Nightmare Becomes Reality, Finance.Yahoo.com, February 24, 2016.
2. The Conservatives are favoured to win two Calgary byelections, but they are “all hat and no cattle” in failing on pipeline approvals, Prime Minister Justin Trudeau said Wednesday as he rallied his local faithful.
Trudeau also said winning two seats in the city in the 2017 federal election shows there are no safe seats for the Conservatives.
“They’ve taken Albertans for granted for so long and will continue to ride on that,” the prime minister told reporters.
The ridings of Calgary Heritage and Calgary Midnapore were vacated by former prime minister Stephen Harper and current Alberta PC leadership candidate Jason Kenney, respectively.
Both political heavyweights won those seats in earlier years by taking about two-thirds of votes cast.
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