I have started to see a lot of articles lately from both international and national news about the potential of a banking crisis in Canada caused by the mountain of debt that the government and private sector has accumulated. I initially sounded the alarm back in late 2015 when I wrote a blog called Canada, The Greatest Economy In The World?
This article was the basis of my book that people wanted me to write about the Canadian economy.
I saw risks in Real Estate and government debt. Also, private credit card debt is very dangerous as well holding Canadians at the top of the world in consumer credit. Canada is also one of the highest in the world on Private sector debt. It is caused by 1. Inflation and 2. High Tax levels. Canadians are getting crushed as they are consuming a lot more than they make and this includes all governments. Especially local provincial governments.
In Manitoba, we have almost $1B deficit, but we also get $2.2B in transfer payments from Alberta's oil royalties. That leaves Manitoba with a "$3.2B" deficit as they depend heavily on the government to cover their healthcare funding shortfall.
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The governments have become big and bloated and are growing bigger every day! Another horrible example of debt is the province of Ontario had about $310B in debt with California in the US has $187B+. The problem is that California is three times bigger in population. The Ontario Government and many other Canadian local government are running deficits as well. It is a part of the Keynesian Economics that Bill Morneau our finance minister believes in that is destroying global economies.
Canada is on the brink of economic and banking collapse. I have covered the banking part, and in my book, I write about the economic problems and the potential outcomes and solutions.
The Canadian federal government is bankrupt. The housing bubble in GTA has popped and will soon pop in Vancouver. The NDP has taken over and is destroying the oil economy of Alberta with high taxes and trying to take away the oil from the economy. They are working hard to create welfare programs to make the people who lost their oil jobs then dependent on the state for support.
It is time for Canadian to take action. One way is to exit the banking system. The second is protect your wealth from the depreciating Canadian Dollar, and third is to get involved sharing the information to Canadians about the economy through sharing my many Canadian reports and buy my books. Share them with friends and family to wake them up to the coming reality of the bankruptcy and debt bubble of Canada coming to governments and people all across Canada!
Peace, Love and Voluntaryism,
John
All the said "neo-socialist" countries have to fail... they will try to blame capitalism, maybe succeed, things may get worse before they get better, but you can't fool an entire population forever. Freedom will have it's day.
Great content, I will follow you.
:)
LOL! Stealing that one :)
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I had heard rumblings about the housing sector but didn't know it was to this extent.
Thanks for the post, upvoted and followed.
That's why that I'm trying to convinced one of my friends that she shouldn't moved to Canada and lived that because of these huge debts but she insisted that the Canadian Government will take care of her and her boyfriend in case that they couldn't find work. She set up herself and her boyfriend for slaughter...
It's amazing how much debt the Canadians have. I always thought they were doing pretty good up there. However, these debt problems are not exclusive to canada. The US owes more money than there is in existance. The EU and Japan not only buy up their own government debt but private debt too. We're all running to the top of a burning building and the fire is catching up.
Also some central-banks in european countries move some debts from goverments that they then never pay back, basically printing more money.
Wow I didn't know Canada was in such debt. What are you spending all this money on, if atleast you have something to show for it (infrastructure, healthcare etc.) then there would be some logic in this.
I don't know what I'm looking at in the graphs but I know it's bad.
Resteemed!
I just got back from Anarchapulco where I was filming. Stay tuned. Thanks for this post. Right on the money, pardon the pun.