With the Bank of Canada's interest rate set at 0.25%, how is it that 1/3 of Canadians are struggling financially? What happens when interest rates double, and the cost of debt does as well?
Studies suggest that Canadians are wildly overly optimistic about their financial picture.
Why Canadians feel that they'll retire comfortably but can't verbalize or explain how that will happen...
Well I can answer why they feel this way. The government, banks, media and associations in this country keep telling Canadians that they're fine. In fact they brag about how financially responsible Canadians are to people around the world.
But here is the reality. We've been living a lie. We've been listening to interested groups of people who of course benefit from our inaction. The truth is we have been anything but financially prudent.
This is what Don and Steve will find:
CREDIT CARD BALANCES - 1999-2010
Credit card balances are up 458% in 11 years.
Credit Card Balances - Canada - 1999-2010
More Here..
I wonder if we'll here from those couple of Canadians who are always posting on here giving us a hard time about the state of affairs in the USA
ReplyDeleteNot !
Soon to realize that pretty much the entire damn globe is under water ( alot of it )
I'll tell you why -- because as bad as corporate run media is....state run media is even worse.
ReplyDeleteOk, here's one of those Canadians, but you'll get no BS from me. Our media is constantly telling us how well Canada is recovering, and soon we'll be stronger than we've ever been. Gee... I don't think even CNN would spout BS like that about the U.S. economy. On the eve of April fools day, my province (BC) has just announced a long list big tax increases, but it's no joke! They're raiding money from everywhere then can, closing schools, cutting services, you name it. Oh yeah, things are going just great up here.
ReplyDeleteWhile we, perhaps, fared a little better on the real estate front due to more regulated banking, it really doesn't matter in the end. This is a world event and we are not an economically self sufficient island. The U.S. is our major trading partner. If the U.S. is in trouble WE are in trouble. Much like our good neighbors to the South, there are some of us who know good and well the big SHTF event is coming soon, but many, many people cannot or will not see it coming. The media just continues with the all is well theme.
Here is a post from one of the Canadians regularly posting here. Every day I talk to my co-workers trying to explain what is going on and they don't seem to care. Some think I am delusional, some simply do not give a sh_t about what is going on. Yet, all of these dorks expect to get a pension when they retire and religiously contribute to their RRSP fund. The country it totally brain dead. Thieves with government help stole all the gold – we now have slightly more than Aruba: http://en.wikipedia.org/wiki/Gold_reserve down from 654 tonnes the country had in its reserves back in 1980. http://www.ratical.com/ratville/CAH/linkscopy/Cshift2euro.html
ReplyDeleteMessage to Greek people: Guys, do not buy this BS the EU mafia is trying to pull on you. You have nothing to loose by breaking away from the Union of Soviet Socialist States of Europe. Get back to you currency, show the bastards your collective middle finger. Bansters and corrupt governments stole our pensions and savings and now trying to convince us that we lived a life of plenty and now it's time to pay the bill. I can't remember doing it myself. Can you? The interesting thing is that for some f_cken reason they never get to pay the bills or go to jail.....
5:50.
ReplyDeleteWe used to be the good friends to the south. Now we are the United Communists of North America. Not such friendly skies now eh?
Muhahahaha! Better get some guys on the border because your country is just there for the taking now.
As long as the Canadian Govt keeps slapping tape over the holes in the hull of the ship most Canadians drink the kool aid and sing happy travellin songs.
ReplyDeleteMaybe 1% of the population see through the scam but the rest are content to zone out.
And the worst part is the greed. Still bidding wars going on and houses are at record high levels.
It's going to take major job loss in Canada to get these swine back to reality.
Nothing sticks until the shite hits home.
Our Governor in British Columbia (In Canada known as a Premier) likes our casino's...and is spending 1/2 billion on a giant casino in downtown Vancouver.
ReplyDeleteVANCOUVER — B.C. Premier Gordon Campbell confirmed Friday morning that a major entertainment complex is coming to Vancouver.
The new complex will include a 110,000-square-foot, 24-hour casino, two international hotels and five restaurants.
The project will cost $450-million and is expected to begin construction in early 2011.
Campbell made the announcement with BC Pavilion Corporation chairman David Podmore and several officials from Las Vegas-based Paragon Gaming at a news conference at BC Place.
Edgewater Casino, owned by Paragon, will close its location at the Plaza of Nations, essentially expanding into the new stadium-side location.
broken link...
ReplyDeleteI used to love Canada,Been to Newfoundland 4 times hunting the mighty moose. Four trips four moose but the last time I went think it was 2001 they charged me 100$ to register my rifle for 30 days.Pissed me off severely, after spending $5000+ times 3 of us for the hunt they had the gaul to make us register our guns and charge us for it.That was it I havent even been back over for dinner. I live 3 miles from the boarder. So the canadien gov't made 3 hundred bucks off us but it has cost them many thousands since. I look to Maine now for my moose meat Canada is being boycotted !
ReplyDeleteOntario is in worse shape than California (see Mish for the numbers) and at some point Canadian real estate prices will correct.
ReplyDeleteThat,s funny I used to hunt canada too. I quit because of their views of gun owners and they keep raising prices just because we would pay them.
ReplyDeleteVoting with our FEET is the only way we can change things....if we don't like what is going on...we have to stop giving it energy and focus on what we do want. Why come and kill our moose...eat your own? YES?
ReplyDeleteCanada is in the same boat as the US....we believe that the Bank of Canada is run by the government just like you guys believe the FED is FEDERAL...NADA...they are both run by big banks...and THEY are loaning money back to the government...which is us...at huge profits! We thing we are paying taxes to all these programs but most of it is going to pay the interest to the BIG BANKS that are really running the show!
LMAO, Americans are just angry that Canada is doing better. Canadians are always the butt of their jokes so they have to make themselves feel better now.
ReplyDelete