Canadian banks and insurance companies Court Ordered By Liberal Government to hold electronic annual meetings – March 20, 2020,
So, a thing to remember about the Justin Trudeau cabinet is that he spent Canadas rainy day fund while times were good. Prior to Justin Trudeau assuming power, the problems in the Canadian economy were primarily the potentiality of a housing market crash and a credit collapse. Under Trudeau, those problems still exist, but now Canada has a whole new set of problems which include, an energy market problem, an immigration problem, a larger deficit spending problem, security problems at the border, blockades on Canadian railways, private sector energy projects being canceled, investments into the Canadian economy drying up and a lot of other public and private sector problems that with the deficit spending have exploded.
Now, that there’s an actual emergency, the cupboards are bare and it appears to me that Justin Trudeau and the Liberal Party of Canada are looking for someone or something else to blame. The Coronavirus is basically using in what I think many socialist politicians are confusing with full-blown socialism. I’m even noticing this with the Trump administration that Governments all over the world are spending and borrowing as if there will be no repercussions by the market when things get back to normal.
500,000 Jobless Claims Send Canada’s Labor Market Into Freefall | bloomberg.com
A fool and their money are soon parted, now, no offense to those of you spending like it’s the Christmas holidays, but a lot of the items you’re buying have little to no value when things get back to normal, you won’t get much money back for what you’re buying now at retail prices and missing mortgages payments doesn’t mean that you won’t have to pay those mortgage payments later, although this doesn’t seem like a big deal now, the bill will come due for all of this very soon.
The Aussie dollar is crashing because of their reliance on imports, Canada although in a better situation geographically, actually has more economic problems than Australia, luckily for Canada that often don’t even have to defend or borders or worry as much about wildfires, unlike Australia who is reliant on China, Canada is bordered with the United States, yet and still we found a way to run up our deficits and what I’m reading from the Trudeau Liberals is that they don’t see anything wrong with their economic policies, what they think will solve the problem is printing more money.
The difference with America in comparison to Canada is that they don’t have equalization payments in America, meaning that when a U.S State makes bad choices, then that U.S State and its public sector feel the immediate effect, in Canada, we have no such thing, when one Province in Canad has a badly run Public sector, then that Province is rewarded with equalization payments, this has the inconvenient effect of making the Canadian economy look in better shape than it is.
Now, Western Canada under Trudeau is starving of investment and oddly enough Saudi Arabia is causing oil prices to deflate all the while Canada’s energy sectors are already uncompetitive, printing money can’t solve these problems, what printing money is going to do is prop up other industries, like possibly the retail sector and I’d like to remind the reader that less than 1 month has passed since the Coronavirus epidemic and Canadians are already asking for a Mortgage bailout! What does that tell you? It screams that Canadians have NO SAVINGS! Does this not sound like a currency crisis to you?
Now, say what you want about Americans, most people in the world save U.S dollars, people outside of the United States save U.S dollars, you can go anywhere on the planet and find people saving U.S dollars. The same can be said for the Swiss Franc, even with negative interest rates people save Swiss Francs. As Australia is finding out, people hoard Aussie dollars when they have a reason too! Trudeau has given the world a lot of reasons why they shouldn’t accumulate Canadian dollars and well… I’ll leave it there. Let’s hope for the best!
For the record, I’d like to make it clear that Canada’s insurance companies or Banks should be held responsible for Justin Trudeau’s economic incompetence! Canada has some good regulations in place in which Justin Trudeau has been undermining since he came into power, Justin Trudeau and the Liberal Party of Canada are basically holding a gun to the heads of Canad’s Insurance companies and Banks, and I get that many Canadians want that free cash money, but I warn you there could be consequences! I see what I think is obvious, but I could be wrong, so I’ll leave it there! Let’s hope for the best!
Banks and insurance companies get court order to hold electronic annual meetings | ctvnews.ca
Interesting times ahead!