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Canadian headlines: Olympic medals, Bank of Canada rate stays, Stockwell Day to Treasury

Today, January 19, 2010, economists are predicting Canada's medal haul, holding the key Bank rate, and getting a new boss.

Colorado economics prof says five gold medals for Canada

Olympic predictions:  Canadian-born Colorado economics professor Daniel Johnson says Canada will win 27 medals, including five gold.

Toronto Sun:  "Canada to top medal standings: Economics prof.  Moose Jaw native crunches the Olympic numbers", by Bob Mackin, QMI Agency

Forbes:  "The Man Who Predicts The Medals: Economist Daniel Johnson says Canada will be the big winner at the Vancouver Games. He's been right before," by William Heuslein

Bank of Canada rate stays at 0.25 percent

Another branch of economics, a little more serious, involves running the Bank of Canada and setting interest rates.  Mark Carney announced that the Bank's lending rate will stay low, at 0.25 percent.  Canada's economy is dampened by the U.S. slowdown, while the high Canadian dollar hurts our exports.  Low interest rates are one way of helping the private sector drive economic growth.

The Globe and Mail:  "Bank of Canada Governor relying on business to pick up the slack:  Mark Carney kept the central bank's benchmark interest rate unchanged but warned that next year the onus will be on business to steer the economy," by Jeremy Torobin and Kevin Carmichael

Fiscal belt-tightener Stockwell Day to Treasury Board

Today's federal cabinet shuffle has Stockwell Day moving into the job of President of the Treasury Board.  Day's appointment signals a move toward fiscal restraint.  Day is a former Alberta provincial finance minister where, among other things, he introduced Canada's first flat income tax rate.

Stockwell Day's profile as Minister of International Trade, his position before today.

The Globe and Mail:  "PM taps Day to put a lid on spending: Stephen Harper uses cabinet shuffle to signal a tightening of deficit spending," by Steven Chase and Bill Curry

 

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