Amid growing criticism, Macklem says Bank of Canada's independence not under threat | Canada News Media
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Amid growing criticism, Macklem says Bank of Canada’s independence not under threat

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OTTAWA –

As criticism piles on from politicians, pundits and interest groups, Bank of Canada governor Tiff Macklem says he’s felt no threat to the institution’s independence.

“I do not have any concerns about the bank’s independence being under threat,” Macklem said in an interview with The Canadian Press on Wednesday.

Over the last year, the central bank has been under intense scrutiny for both its policy response to the COVID-19 pandemic and the extraordinary steps it has taken this year to clamp down on decades-high inflation.

“Yes, we’re getting lots of tough questions. People should be asking those tough questions. But I have felt no threat to our independence,” Macklem went on to say.

Since March, the Bank of Canada has raised its key interest rate six times consecutively, embarking on one of the fastest monetary policy tightening cycles in its history.

The rate hikes have been in response to inflation reaching levels not seen in nearly four decades. Canada’s annual inflation rate was 6.9 per cent in September. It has been steadily declining since reaching its highest rate this year of 8.1 per cent in June.

The ongoing rate hike cycle has sparked loud criticism from progressive voices concerned about the effect it is having on employment, as forecasters are increasingly expecting higher interest rates to trigger a recession.

In a letter addressed to Prime Minister Justin Trudeau on Oct. 21, NDP Leader Jagmeet Singh said that while he supports the central bank’s independence, he warned that another rate hike will have a “serious impact on families.”

When asked by reporters Tuesday about the letter, Finance Minister Chrystia Freeland acknowledged the economic pain Canadians are facing but noted that institutional stability is important during challenging economic times, with the Bank of Canada’s independence playing an important role in ensuring stability.

Singh’s criticism didn’t stop the Bank of Canada from announcing a half-percentage point rate hike on Wednesday and signalling it wasn’t done raising rates just yet.

During a news conference on Wednesday, Macklem said the Bank of Canada is facing tough decisions, and when decisions are difficult, the central bank’s independence becomes more important.

He later echoed that message in his interview with The Canadian Press.

“Lots of people are giving us advice on what we should do,” Macklem said.

However, there’s a reason why central banks are independent institutions, he added.

“The reason is that there are tough decisions to take, and you do have to look longer term. And it’s at times like this, that when it’s difficult, that you see the value of the independence of central banks.”

Criticism of the Bank of Canada in Ottawa most notably began with official Opposition Leader Pierre Poilievre, who has heavily criticized the central bank’s government bond purchase program at the start of the pandemic.

He’s claimed the bank printed money to enable federal spending, thereby fueling inflation. While running to be leader of the Conservative Party of Canada, Poilievre vowed to fire Macklem if he became prime minister, though he has not explained how he plans to get rid of the governor given the Bank of Canada Act would not give him that power.

Macklem was appointed by the bank’s board of directors with the approval of the governor in council for a seven-year period. His term runs to June 2027.

In response to claims that the Bank of Canada printed money, the central bank took to social media this summer to try to set the record straight, though that has not stopped members of the Conservative party from attacking the central bank.

Many economists and market watchers have criticized the Bank of Canada for not raising interest rates earlier, and the central bank itself has indicated that stimulus measures went on for too long.

Last month, Bank of Canada deputy governor Paul Beaudry said in hindsight, governments and central banks should have withdrawn stimulus measures earlier as economies recovered from the COVID-19 pandemic, which likely would have kept a lid on inflation.

Now, the Bank of Canada has swung in the other direction this year, raising rates aggressively and triggering new criticism.

In its latest monetary policy report, the Bank of Canada revised its economic projections, now accounting for a significant economic slowdown.

It expects economic growth to stall by the end of this year and in the first two quarters of 2023, with growth somewhere between zero and 0.5 per cent, before gaining ground in the second half of next year.

The Bank of Canada has indicated repeatedly that it intends to fulfill its mandate and that restoring price stability is its primary focus.

Singh’s recent letter to the prime minister is part of growing calls for the central bank to stop raising interest rates, or to at least take a more cautious approach with its rate hikes.

Labour groups in particular have been vocal on the issue.

“The Bank of Canada is determined to push the economy into a recession, no matter the impact on individual Canadians who could lose their jobs, their homes and their quality of life,” Bea Bruske, president of the Canadian Labour Congress, said in a statement after Wednesday’s rate decision.

“Canada’s unions are calling on the Bank of Canada to pause interest rate hikes until the impact of previous policy interventions is clear.”

Macklem said the central bank is aiming to balance the risks as it raises interest rates, but said if it’s half-hearted in its decisions, Canadians would suffer from high inflation for longer.

“I am acutely aware that the Bank of Canada, particularly right now, is having a lot of effect on the lives of Canadians. And that’s a big responsibility,” Macklem said.

With Canadians feeling anxious, the governor said the central bank has a responsibility to be transparent with the public and instill confidence that inflation will come down.

“I’d love to get there faster, but it’s going to take some time.”

This report by The Canadian Press was first published Oct. 30, 2022.

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1-800-GOT-JUNK? Reveals the Spooky Side of Decluttering This Halloween

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VANCOUVER, BC, OCTOBER 24, 2024// This Halloween, 1-800-GOT-JUNK? is spotlighting the strange and spooky items uncovered while helping customers declutter. Known for making junk disappear, the world’s largest junk removal service encounters all kinds of oddities—and during the Halloween season, some of those finds are downright eerie.

From forgotten family heirlooms to unusual antiques, the company’s friendly, professional teams have seen it all. Customers often joke about having skeletons in their closets, but with 1-800-GOT-JUNK?, it sometimes turns out to be true. To see the full list of the most unusual and spooky items visit their Spooky Junk blog.

Whether you have traditional junk items, or you’re looking to get rid of something slightly spooky, 1-800-GOT-JUNK? is committed to providing exceptional customer service every step of the way. With 35 years of experience, no junk is too scary for this industry leader to take. All you have to do is point.

 

1-800-GOT-JUNK? Spooky Junk

About 1-800-GOT-JUNK?

1-800-GOT-JUNK? pioneered an industry that brings people and businesses relief by making their junk disappear. Whether it’s a pile of household junk in the garage or a warehouse full of office furnishings, 1-800-GOT-JUNK? removes it for you. With the help of their friendly, uniformed team members, convenient services, and customer first philosophy, they make the ordinary business of junk removal exceptional. They also care about the environment, making sure to recycle the recyclables and donate the donatables when possible. 1-800-GOT-JUNK? was founded in 1989 and now operates in 180 locations throughout North America and Australia. For more information, visit www.1800gotjunk.com.

For more information:

1-800-GOT-JUNK?

pr@1800gotjunk.com

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Trudeau decried for immigration cuts which scapegoat migrants

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Halifax, Nova Scotia (October 24, 2024) – Today, the Trudeau government announced significant cuts to permanent resident targets for Canada over the next three years. For the first time, targets for temporary residents are also being included in their plan. This follows a series of announcements by the Trudeau government to reduce the number of temporary residents in Canada, including low-waged migrant workers.

In 2021, Prime Minister Trudeau made a mandate letter commitment to a regularization program for undocumented people and permanent resident status for migrant workers and students. Earlier this year, the United Nations Special Rapporteur on contemporary forms of slavery Tomoya Obokata called Canada’s Temporary Foreign Worker Program “a breeding ground for contemporary forms of slavery” and urged the Government of Canada to provide a clear pathway to permanent residency upon arrival for migrant workers. Instead, these recent changes will mean reduced access to permanent residence for migrants.

In an October 24, 2024 press release, the Government of Canada claims that their new plan “alleviates pressures on housing, infrastructure and social services.”

“These changes unfairly blame and punish migrants. Migrants build communities and bolster the economy. They fund services like healthcare through their taxes, and yet in places like Nova Scotia they are excluded from healthcare coverage. We need real solutions, not more smoke and mirrors,” said Stacey Gomez, Executive Director of the Centre for Migrant Worker Rights Nova Scotia, which is a member of the Migrant Rights Network.

Over 100 organizations have penned an open letter to Prime Minister Justin Trudeau warning the government that slashing permanent immigration will force more migrants into temporary and precarious situations, further entrenching their exploitation and worsening conditions for all workers. The letter, signed by nearly every major civil society group in Canada, shows that there is a unified consensus in Canada to expand, not reduce, permanent residency programs, abolish closed work permits and ensure regularization. Read the letter here.

The Migrant Rights Network and its allies are calling on the federal government to immediately reverse this decision and chart a new course that grants equal rights for all migrants. This includes ensuring permanent resident status for everyone, expanding protections for workers, and upholding human rights for all.

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Here is how to prepare your online accounts for when you die

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LONDON (AP) — Most people have accumulated a pile of data — selfies, emails, videos and more — on their social media and digital accounts over their lifetimes. What happens to it when we die?

It’s wise to draft a will spelling out who inherits your physical assets after you’re gone, but don’t forget to take care of your digital estate too. Friends and family might treasure files and posts you’ve left behind, but they could get lost in digital purgatory after you pass away unless you take some simple steps.

Here’s how you can prepare your digital life for your survivors:

Apple

The iPhone maker lets you nominate a “ legacy contact ” who can access your Apple account’s data after you die. The company says it’s a secure way to give trusted people access to photos, files and messages. To set it up you’ll need an Apple device with a fairly recent operating system — iPhones and iPads need iOS or iPadOS 15.2 and MacBooks needs macOS Monterey 12.1.

For iPhones, go to settings, tap Sign-in & Security and then Legacy Contact. You can name one or more people, and they don’t need an Apple ID or device.

You’ll have to share an access key with your contact. It can be a digital version sent electronically, or you can print a copy or save it as a screenshot or PDF.

Take note that there are some types of files you won’t be able to pass on — including digital rights-protected music, movies and passwords stored in Apple’s password manager. Legacy contacts can only access a deceased user’s account for three years before Apple deletes the account.

Google

Google takes a different approach with its Inactive Account Manager, which allows you to share your data with someone if it notices that you’ve stopped using your account.

When setting it up, you need to decide how long Google should wait — from three to 18 months — before considering your account inactive. Once that time is up, Google can notify up to 10 people.

You can write a message informing them you’ve stopped using the account, and, optionally, include a link to download your data. You can choose what types of data they can access — including emails, photos, calendar entries and YouTube videos.

There’s also an option to automatically delete your account after three months of inactivity, so your contacts will have to download any data before that deadline.

Facebook and Instagram

Some social media platforms can preserve accounts for people who have died so that friends and family can honor their memories.

When users of Facebook or Instagram die, parent company Meta says it can memorialize the account if it gets a “valid request” from a friend or family member. Requests can be submitted through an online form.

The social media company strongly recommends Facebook users add a legacy contact to look after their memorial accounts. Legacy contacts can do things like respond to new friend requests and update pinned posts, but they can’t read private messages or remove or alter previous posts. You can only choose one person, who also has to have a Facebook account.

You can also ask Facebook or Instagram to delete a deceased user’s account if you’re a close family member or an executor. You’ll need to send in documents like a death certificate.

TikTok

The video-sharing platform says that if a user has died, people can submit a request to memorialize the account through the settings menu. Go to the Report a Problem section, then Account and profile, then Manage account, where you can report a deceased user.

Once an account has been memorialized, it will be labeled “Remembering.” No one will be able to log into the account, which prevents anyone from editing the profile or using the account to post new content or send messages.

X

It’s not possible to nominate a legacy contact on Elon Musk’s social media site. But family members or an authorized person can submit a request to deactivate a deceased user’s account.

Passwords

Besides the major online services, you’ll probably have dozens if not hundreds of other digital accounts that your survivors might need to access. You could just write all your login credentials down in a notebook and put it somewhere safe. But making a physical copy presents its own vulnerabilities. What if you lose track of it? What if someone finds it?

Instead, consider a password manager that has an emergency access feature. Password managers are digital vaults that you can use to store all your credentials. Some, like Keeper,Bitwarden and NordPass, allow users to nominate one or more trusted contacts who can access their keys in case of an emergency such as a death.

But there are a few catches: Those contacts also need to use the same password manager and you might have to pay for the service.

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Is there a tech challenge you need help figuring out? Write to us at onetechtip@ap.org with your questions.

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