July 12, 2023 Interest Rates Hiked… Again

The Bank of Canada hiked interest rates again. This is truly the definition of insanity. For the past year, they have increased the prime lending rate in Canada by over double what it was. And inflation keeps rising. Part of the inflation that has been rising is caused by interest rate hikes.

Can someone please tell these elite bastards that the rate increases are only hurting the working people?

There are so many people on a bubble of barely holding onto their homes because they are on a variable interest rate or using their line of credit to live. Every time they increase the rate it hurts those people the most.

And homelessness continues to increase.

But the Bank Of Canada keeps hiking rates. Even though nothing is changing. The rich keep getting richer and the rest keep paying more. It has been a perfect storm of increasing debt and increasing costs. Maybe they should do the opposite and bring rates down, I wonder if inflation will drop too. If borrowing money costs less then people might actually be able to afford the ridiculous increase in grocery prices. 

But in the heat of the summer, the pencil necks at the Banks don’t care. They only care about the record profits they keep raking in. 

One day it will have to give. Before it’s too late.

Rant over…