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Decentralized Democracy

House Hansard - 178

44th Parl. 1st Sess.
April 17, 2023 11:00AM
Context: House Hansard - 178 - Apr/17/23
Mr. Greg McLean
  • Apr/17/23 7:27:40 p.m.
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Madam Speaker, I do not know how much I have to beseech the members on the other side to actually read the report they are referring to here, because they will find the numbers somewhat instructive. However, let us go “déjà vu, all over again” because we can look at the 1980s for massive government deficits at the time that led to high inflation, just like today. The U.S. fought this with what is called the strong dollar policy, which means higher interest rates on its bonds all the way through the economy. This penalized the developing world because most of the developing world has to pay its debt in U.S. dollars and with U.S. interest rates. This led to a decade of economic stagnation in the developing world, and some economies actually went negative over the decade of the 1980s to the 1990s. Therefore, this was predominantly thrust upon the world's poor to address inflation. However, one issue that addressed inflation was the fact that there was cheap energy, because oil became less than $10 a barrel at the time. Let me ask the question again. These are costs. Will the minister take a lesson and acknowledge that she is on the wrong path?
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