There are so many massive mistakes in the paper on monetary finance published by the Bank of Canada that I cannot understand how it was published.

The authors simply have no grasp of their subject whatsoever. They have no idea what they are talking about, and what is worse, they have no idea that they have no idea.

Basic facts and centuries of history are ignored in favour of textbook theory based on thought experiments.

Everything in the paper is completely invalidated by the history and actions of the Bank of Canada itself.