The Bank of Canada’s ballooning balance sheet has received lots of attention lately. From $120 billion in early March 2020 it grew over the next 12 months to $575 billion and it still stands at $414 billion today, more than three times what it was. That happened because in response to the pandemic the Bank purchased Government of Canada bonds from commercial banks. It added the bonds to the asset side of its balance sheet and paid for them by boosting “settlement balances” — basically, the commercial banks’ bank accounts with it — on the liability side. Voilà, a ballooned balance sheet.
Three factors suggest the Bank’s larger balance sheet may be with us for a while.
First, although in response to surging …
On Oct. 25, Ontario’s Ford government announced its More Homes Built Faster Act, which would allow the province to rewrite municipal plans, with the aim of allowing more land for development.
These and many more recent changes have been controversial. And more such plans are expected. Premier Doug Ford has been accused of trampling upon democracy and the environment.
But the bottom line is that Mr. Ford’s plans are going to have a substantial beneficial effect on prices for home buyers. Amid a housing crisis, this is what really matters, and Mr. Ford’s moves are necessary because, otherwise, Ontario cities won’t build up and out as much as needed on their own accord.
Some of the biggest changes in the act and…
« C’est seulement quand la marée se retire qu’on découvre qui nageait nu », a constaté Warren Buffett pendant la crise financière de 2008. Cette fois, des investisseurs sont surpris à poil par l’effondrement de la plateforme FTX, vedette de l’univers crypto.
Des institutionnels réputés ont perdu 1,9 milliard US dans le capital de FTX, dont Ontario Teachers, BlackRock, SoftBank, Temasek et Sequoia. La Caisse, qui a brûlé 150 millions dans Celsius, est en belle compagnie.
Pire est le sort d’un million de clients pris dans un trou de 8 milliards dans les liquidités. La faillite de la deuxième plus importante plateforme de cryptos projette une onde de choc qui fera d’autres victimes.
Voici l’histoire de Sam Bankman-…