They were wrong – the excessive deficit spending in good times robs us of the financial ammunition we need to offset the negative economic impact of the novel corona virus, which leaves us with one bullet – lower interest rates. And that won’t be near enough.

Somebody should tell the BoC to stop worrying about the economic impact of COVID19. After all, when Teck walked away from Frontier and 7,000 jobs and tens of billions in gov revenue Canadians shrugged it off. We’re so rich we can add $25 billion to federal debt in good times.

“Don’t panic” is the prudent advice when investment markets drop dramatically but somehow when it comes to issues like climate change we’re surrounded by people telling us to do the opposite  – after all, it’s an “emergency.”

Not too many people know why when economies stall and markets drop, our only option is to hope central bankers drop interest rates despite the probability that it won’t do much good.