Don Pittis

People keep predicting that each wave of new technology will mean humans can put their feet up. It hasn’t happened yet. Some economists and anthropologists who study the subject say even with the arrival of artificial intelligence, humans will remain integral to making the world go round.

As China’s property market goes through another meltdown, critics warn China’s form of “despotic capitalism” could be facing its Minsky moment. But can Beijing’s leadership put the economy back on track? Or will Xi Jinping have to resort to harsher methods?

New inflation and house price data out this week could be a crucial sign of whether the Bank of Canada will give borrowers a break from constantly rising interest rates. But they could also signal troubling economic weakness as the world puts on the brakes.

From loan defaults to deflation in China, there are early clues the inflationary trend could be reaching a turning point. The Bank of Canada is wary of increasing rates too much, but immigration, a housing shortage and Canadians with deep pockets may be blunting the effects of 10 rate hikes.

The market model for Canadian media is failing. News is essential to our political system, but it’s not cheap. Can markets be left to fix it, or should we follow the European method of regulating, taxing and spending on quality news?

The latest data shows the Bank of Canada has inflation almost beat. So why doesn’t the central bank just back off and give borrowers a break? The trouble is, prices keep rising.

Many Canadian borrowers find the concept of real versus nominal interest rates hard to grasp, but one of Canada’s top experts in central banking says rising real rates will make paying off a mortgage even more painful as it cuts into people’s “raw purchasing power.”

Canadian banks set aside new cash for bad loans, as the Bank of Canada and the CMHC warn on the risks of growing debt. Yet consumer confidence is rising. Are we just not listening?

Even as Canadians choke on orange smoke, the parliamentary budget officer says there is no way to add the benefits of fighting climate change to the national books. The World Meteorological Association says we are heading for the dreaded 1.5 degrees of warming in five years but the value of stopping it doesn’t show up in public accounts.

Ejection of a Chinese diplomat who interfered in Canada’s internal affairs has led to a tit for tat expulsion. It’s only the latest skid toward “global fragmentation” that economists fear will damage trade and impede co-operation on important issues including climate and artificial intelligence.

Voices worried about an AI takeover were thin on the ground a few years ago. But despite a recent flood of calls for restraint as the technology improves by leaps and bounds, AI’s money-making and defence potential appears irresistible.

Like the computer industry before it, Tesla’s move to drop EV prices to the level of gas powered cars could be a watershed moment. Industry watchers say it’s part of a breakneck transportation revolution affecting everything, including possibly the value of your home.

The Bank of Canada is still worried about inflation even as it falls. Housing and jobs remain surprisingly strong. But as the effects of high interest rates continue to spread through the economy, some are still worried the recovery will not be a smooth one.

Critics have said wage hikes are not justified by productivity, but a report from Scotiabank says wages are likely to catch up to previous price rises even as headline inflation retreats.

If you’ve noticed the same goods in different stores at wildly different prices, you’re not alone. Experts in “price discrimination” or “the two-price system” say retailers use a well-known economic principle to maximize profit by charging as much as you are willing to pay.

Bank of Canada deputy governor says the collapse of giant bank Credit Suisse was a “wake up call” for regulators around the world, causing them to brush off their contingency plans.

No one wants to take responsibility for higher grocery prices. As some Canadians keep spending and businesses keep hiring, maybe the only solution is to squeeze the economy with higher interest rates. It will be a difficult decision that many Canadians won’t like.

This week’s inflation figures seem like a cause for optimism. But 5.9 per cent inflation is still high and groceries are up another 11.4 per cent. The Bank of Canada governor Tiff Macklem has warned that high inflation acts as camouflage for further unjustified price hikes.

Businesses have profited by owning the factories and machinery, but as artificial intelligence systems like ChatGPT strut their stuff, companies are rushing to own a sort of brain power too. Where does that leave the rest of us?

Not long ago it seemed that even as the economy slumped, owners of stocks, bonds and houses only got richer. But as central banks battle inflation and governments rein in stimulus spending, the rules have changed.