Bank of Canada Governor Mark Carney recently voiced his opinion of the lack of investments that have been brought forth by Canadian businesses. According to the Toronto Star, Carney is mainly upset with the fact that he believes many of the larger businesses throughout the country are sitting on “dead money” rather than donating their finances to improve machinery and equipment in Canadian businesses.
While Carney said he understands part of the issue was once the recession, he told the source that more businesses need to start stepping up again or they will turn out like the United Kingdom.
“Here in Canada we are in a very different position than that in the United Kingdom,” Carney explained. “We don’t have large public and private indebtedness, we are not at zero (interest rates), we don’t have the problems in the financial sector that exist over there.”
Whether or not the public listens to him, Carney recently stated that Canada will most likely not stand a chance in a global currency war, and is urging businesses to reevaluate their decisions.
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