RE:Higher unemployment is the ultimate goal.Gangsterme wrote: Business controls the governments at all levels, this is an unarguable fact, in a capitalist country. They do this through funding at all levels, either through legal or illegal methods. More so in the USA but also in Canada and elsewhere.
Business does not want full employment as this leads to higher wages. See where this leads? Higher interest rates lead to unemployment and this is the ultimate goal in my estimation. Do not believe me? Why have so many jobs been moved to low wage countries?
Do you think many large company CEOs are worried about their mortgage or car payments? No they want to keep their bonuses. Have you noticed that many corporate profit have risen along with inflation?
First, corporate profits in most sectors (Banks, Insurance Companies, Telecomms, Railroads, etc.) were rising long before inflation became a problem. Secondly, even if, as you claim Gangsterme, business controls governments in Canada "less so" than in the USA, why did Trudeau recently slap a new tax on Banks and Insurance companies? Who thinks some of the largest companies in Canada that carry large amounts of debt due to the recurring nature of their cash flow (e.g., ENB, FTS) don't mind sizeable increases to interest rates and thus the interest payments they will have to make going forward? Who thinks companies like the big Canadian telecomms (BCE, RCI.B) which generate almost all their revenue from Canadians because they do not operate outside of Canada want to see the interest payments of their customers rise such that those customers are more frugal and cost-conscious about roaming charges, less-expensive monthly plans, etc. What about CNR and CP, the two giant Canadian railroads. They only operate railroads in Canada and the USA, so they can't outsource train engineers, track reparations, etc. to people living in India or Vietnam or China.
The above are some of the largest companies in Canada, and if businesses in this country have so much sway with the government, you'd think the these corporations would have the most influence given their size and wealth. So how exactly do higher interest rates help them more than hurt them....?