David Rosenberg Is Absolutely Right Essay

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When this fact is analyzed, it becomes apparent that caution is necessary. (ibid) What he criticizes is what he suggests is the backward looking nature of the monetary policy of the Central Bank and they need to start looking at what will happen in the future. As he points out, the U.S. Federal Reserve has already made this realization and that they have pledged not to touch rates at the present time. Canada's economy does not operate in a total vacuum. Canada is an integrated piece of the world economy as the world economic recession indicated graphically in 2008. The Fed was advocating this specifically due to the deflationary shock of the European debt crisis. They know the fragile nature of the present economic situation. What Rosenberg hopes is the Bank of Canada does not make the same mistake that it did in 2002 when a premature tightening hobbled the Canadian economy (ibid).

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This of course brings us back to the exchange rate, which is a key component of the problem. The strong Canadian dollar is making Canadian exports more expensive and hindering their shipment to overseas markets. This puts a damper on Canada's ability to export its way out of the recession at a time when this ability is desperately needed. That is why this author feels that David Rosenberg is absolutely right in the opinions that he expressed in his article. The Central Bank of Canada definitely needs to hold its fire on upping interest rates at this critical time when export is necessary and when the credit money needed to make it possible are most needed.

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