In this video, I talk with author and economic analyst John Sneisen about the Canadian Federal Deficit which has reached $5.9 billion half way through the fiscal year.
As John goes into, Canada's private debt to GDP has reached 266.89% in 2016 (the 2017 numbers are yet to be released and are likely to be much higher). The Canadian private debt to GDP is the highest in the world according to Trading Economics.
Currently, Canada's consumer credit is third in the world at 594,551 CAD Million.
This system HAS to come down. The fundamentals are off the table due to the level of manipulation in both the monetary system and the markets. We know it's going to happen we just cannot call the crash by the day or even month.
The markets and economy in Canada are incredibly unsustainable. This is why people need to prepare themselves.
While the media continues to make claims that the markets and economy are doing better under Trudeau, the truth is the dollar appears to be climbing compared to an even further devaluing US dollar. The markets are overheated and the debt accumulation is astronomical.
From housing markets in Vancouver and Toronto to vast fiat printing at the Bank of Canada, a pension crisis, a stock market crisis and a tiny labor force participation rate, when this comes down alongside global economies and markets, it will be like nothing the world has ever seen.
So people need to solve this issue independently because the state and banking system depends on debt. So people should look towards over preparing in the worst case scenario which is certainly better than not being prepared at all.
Food, water, shelter, defence, gold, silver, Bitcoin, decentralized assets, all of the above can be crucial to insuring wealth and surviving a crash that will make 2008 and the Great Depression look like nothing.
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It boggles my mind how much debt the average person has. My wife and I have an aversion to debt. We don't have any credit card debt or other consumer debt but we did decide to borrow for a vehicle and some homestead land.
With interest rates so low it is almost stupid to not borrow for real estate and even a vehicle. By the time you save up the money you need, prices will be significantly higher. You just have to be careful not to overdo it and to make sure you have some money in the bank as a buffer in case of a job loss or some unexpected expenses.
It would be nice to say live without debt but I don't think it is realistic in this effed up economy.
I’m watching the video already. I’m amazed how many of my fellow Canadians are asleep at the wheel on this. Our debt is hilariously unsustainable. I came across a progressive liberal on twitter a while back who was trying to tell me Canada isn’t overtaxed. How clueless can you be?!?!?
Such a huge figure in deficit is indeed dangerous for the good people of Canada. Thanks for sharing!
Great article. This is the result of socialist programs such as government funded healthcare. Many in the United States are trying to follow them right down the drain. Moving toward a free market system without government regulation (and bailouts) could get the economy back on the right track. Question is, will it happen before or after a total economic collapse?
It’s kind of ironic to read this article for me. My cousin who is an American citizen (born in Las Vegas, Nevada) recently married to a Canadian citizen, and lives in Canada full time;seems to think that Canada is so much better. Why..... “because they pay for all our medical, and they give us money back on our utilities.” My argument for her is this... someone is paying for it. Their taxes are higher (for everything) their job prospects are nil, their housing is unattainable, and their employees pay is absurdly low given what the real cost of living is. “But they have free healthcare!”
If only the American model of hard work, taking risks, and putting in real sweat to something you really wanted was applied everywhere; I feel things would be so much better, given this growing form of I’m here so I’m entitled to it. Also this growing form of greed seems to be the more systemic risk of toppling down everything.
A little long winded, but I hope I made my point.
B
america is utterly broke, the entire west is crushed by debts. I have a blog about it: Black Friday Is An Industry Trick Designed To Spend Ourselves Into Oblivion
You can say the West is crushed by debt all you want, but the hard reality is our economy is still better than every other countries, why?. Because our military is the strongest. Almost how people on here are constantly begging for votes from people just because they have “stronger steem power.” “An industry trick” I hate to tell you this because you probably think we are fooled, but we are not.
Believe it or not if you are looking for something specific, Black Friday is typically the day in the year when you can find it at its lowest price.for most items though, it’s alwas better to shop for it in the beginning of the 3rd quarter. Also Black Friday is fun! Hater.
Also no one is forcing anyone to purchase anything. If you dont want to spend yourself into oblivion, then don’t, BUT if you do then do. Your financial responsibilities are yours & yours alone.
umum... thanks to the taxpayers financing globalist wars ... how much? 600billion/year? the war budget is too crushing americans.., no way out...
what financial responsibility? 78% of american live paycheck to paycheck. Thats reality
I wrote something about the canadian economy 2 days ago... in: Black Friday Is An Industry Trick Designed To Spend Ourselves Into Oblivion