"Don’t fight the Bank of Canada” is a takeoff on the more familiar “Don’t fight the Fed” (Federal Reserve in the United States). The Bank of Canada is Canada’s central bank and has the issuing authority of Canadian banknotes.
“‘Don’t fight the Bank of Canada’: stocks may get a boost following rate cut” by John Shmuel and David Pett was published in the Financial Post on July 15, 2015. “They say don’t fight the Fed, but don’t fight the Bank of Canada,” said Barry Schwartz, partner and chief investment officer at Baskin Wealth Management in Toronto.
However, some believe that “Don’t fight the Bank of Canada” is a weak imitation of the original saying. “‘Don’t fight the bank of Canada’ thats quite the statement. Canadian sellers on eBay don’t even sell in Cad$. Let that digest a bit” was cited on Twitter on July 29, 2015.
Wikipedia: Bank of Canada
The Bank of Canada, BoC (French: Banque du CanadaBank of Canada Act on July 3, 1934, as a privately-owned corporation. In 1938, the Bank was legally designated a federal Crown corporation, whose shares are owned by the Government of Canada, and executively administered by the Crown in Right of Canada through the Governor of the Bank of Canada. The Minister of Finance holds the entire share capital issued by the bank. “Ultimately, the [shares in the corporation comprising the] Bank [are] owned by the Minister of Finance on behalf of [the Crown] in Right of Canada.”
The essential role of the Bank, as Canada’s central Bank, is to “promote the economic and financial well-being of Canada.” More specifically, the responsibilities of the Bank are:
. the formulation of monetary policy;
. as the sole issuing authority of Canadian banknotes;
. the promotion of a safe, sound financial system within Canada; and
/ funds management and central banking services “for the federal government, the Bank and other clients.”
‘Don’t fight the Bank of Canada’: stocks may get a boost following rate cut
John Shmuel and David Pett | July 15, 2015 8:08 PM ET
“They say don’t fight the Fed, but don’t fight the Bank of Canada.”
(Barry Schwartz, partner and chief investment officer at Baskin Wealth Management in Toronto.—ed.)
‘Don’t fight the Bank of Canada’: stocks may get a boost following rate cut http://natpo.st/1LaVKqT
5:55 PM - 15 Jul 2015
CBC News (Canada)
Where to travel with the falling Canadian dollar
Loonie has lost 8 cents against the US$ in 2015 but is up compared to a few currencies, like Brazil’s
By Daniel Schwartz, CBC News Posted: Jul 29, 2015 6:17 PM ET Last Updated: Jul 29, 2015 6:53 PM ET
‘Don’t fight the Bank of Canada’
David Rosenberg, the much-followed chief economist and strategist at the Toronto wealth management firm Gluskin Sheff, also advises a trip to Europe for the currency-conscious Canadian traveller, though he is not as bearish on the European economy as the folks at Friedberg.
But he also cites the old adage, “Don’t fight the Bank of Canada.”
It’s a saying directed at currency traders, but when Bank of Canada governor Stephen Poloz announced his second quarter-point interest rate cut earlier this month, he also provided some travel advice of his own: “Try to get yourself a room somewhere in P.E.I. this summer,” he said.
@CBCNews “don’t fight the bank of Canada” thats quite the statement. Canadian sellers on eBay don’t even sell in Cad$. Let that digest a bit
11:04 PM - 29 Jul 2015
New York City • Banking/Finance/Insurance • Wednesday, July 29, 2015 • Permalink