Sinister stagflation is coming Bank of Canada will be ineffective in fighting it

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Open this photo in gallery: Governor of the Bank of Canada Tiff Macklem, on July 12.Ashley Fraser/The Globe and Mail Todd Hirsch is a Calgary-based economist, author and public speaker. He is also the director of the Energy Transition Centre and the former chief economist of ATB Financial. The term “stagflation” started circulating back in the 1970s to describe the torturous concurrence of both a stagnant economy and high inflation. The phenomenon was eventually eradicated in the eighties and nineties, and economists had long thought it was finally and forever relegated to the history textbooks. But like a mutating virus,...