Everyone knows that when interest rates are low, you lock in a long-term mortgage to protect against future rate hikes. Rates have never been this low and federal government borrowing has never been this high. The government can borrow at 0.28% per year for one to three years. It can even lock-in lending for 30 years at 1.1%—half the normal …Continue reading
Bill Morneau has told Parliament 20 times that the government’s “balance sheet” is strong. On May 13th, I asked the Finance Minister to tell us about the balance sheet’s three main parts: assets, liabilities and equity. What is the dollar value of the assets on the government’s balance sheet? No answer. How about liabilities? No answer. Equity? No luck. If …Continue reading
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