Rickards: Canada’s rate cut is yet another salvo in the currency wars
Bank of Canada governor Stephen Poloz said early on Wednesday that the drop in oil prices is unambiguously negative for the Canadian economy. As a result, the Bank of Canada unexpectedly cut interest rates by a quarter-percentage point to 0.75 percent, sending the Canadian dollar to a six-year low against the US dollar. In effect, the Bank of Canada is following the lead of the Swiss National Bank both in making an unannounced and unexpected policy decision and in noting that it expects US growth and US interest rates to remain higher than elsewhere in the developed world. Edward Harrison weighs in. Edward is joined by Jim Rickards – chief global strategist at West Shore Funds and author of "The Death of Money.” Jim gives us his take on the Canadian central bank’s moves and how it plays into his currency wars thesis. Jim also tells us what to expect from the ECB regarding quantitative easing.
After the break, Erin Ade is joined by Naomi Oreskes, a professor at Harvard and author of "Merchants of Doubt.” Naomi tells us how some climate change skeptics learned their tactics in the Tabacco Wars. She also gives us her take on how climate change should be incorporated into public policy.
And in The Big Deal, Edward and RT correspondent Ameera David discuss Google Glass and why it is running into difficulties. Take a look!
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