Bank of Canada loads up on government debt

Government bomds and bills are 92,000 and other investments (loans to member banks) 600.

That is a huge asymmetry which Nick Rowe makes light of.  Note that all of the investment returns (minus operating  costs) go to government.  So, effectively the Bank of Canada is attempting to set long term rates to nearly a half point.  The government is only some 21% of the economy,  maybe 35% if we include provincial spending.  Yet the Bank of Canada thinks all the gains are coming from federal government.   If Canada gets out of its jam it will only be when the Bank of Canada decides the member banks matter. Under the current scenario, member banks will wait until government spending shows results, but the likelihood of that government outcome is nil. So Canada, like all or central banking economies, is in permanent wait mode until the central bank gives up and helicopters fly.