COVID-19 Deaths in Canada as of March 13, 2020, = 1: Bank of Canada cuts rate target to 0.75 percent in response to COVID-19? – March 14, 2020,
I read an article in which the writer used, GDP as their basis for stating that Canada has a rainy day fund, I can’t find the article right now, but it’s out there. I won’t be wasting much time writing this post because in case Canadians aren’t paying attention COVID-19 is going to provide a perfect excuse s to why the economy might crash. Sure the truth will be Socialist policies because the response to COVID-19 would have been easier if politics didn’t divide us, but since it does and people can opt to use the force of Government to micro-manage health care it’s best practice for governments worldwide to use this COVID-19 to stimulate an economy, which doesn’t appear to want to be indebted anymore
Send in the trolls: Canada braces for an online disinformation assault on COVID-19 | CBC
So, these fear tactics n case you haven’t been paying attention has caused people to max out their credit limits. Don’t assume those long grocery lines are filled with people who aren’t already in debt, no people who are usually out of debt, already have their emergency measures handled. People paying down debt via COVID-19 just found an excuse to get in much more debt and to add flame to the fire, the best the Bank of Canada could do is lower interest rates from 1.25 – 0.75%?
Bank of Canada cuts rate target to 0.75 per cent in response to COVID-19 | cp24.com
Are you not paying attention? The Canadian dollar has already been in freefall next to the U.S dollar, recently USMCA, the new NAFTA was approved, no offense to the people who signed it, but they didn’t have to sign it first of all and secondly, Canada is not better off for signing it, but what’s done is done and being that Canada under Trudeau no longer has a regulatory advantage over the United States, which helped us when we devalued our currency, this new USMCA deal, is going to create a whole problem, that thankfully we won’t have to worry about for a few more years.
Ottawa lawmakers approve USMCA as Canada considers border closure over coronavirus concerns | financialpost.com
OTTAWA — Prime Minister Justin Trudeau says Canada is exploring whether to close the Canada-U.S. border to slow the spread of COVID-19.Canada on Friday formally approved the United States-Mexico-Canada Agreement (USMCA), taking the last legislative step to implementation of the deal to replace the 25-year-old North American Free Trade Agreement (NAFTA).
All that aside, you’d be wise to watch the Canadian dollar because currently, The Federal Reserve rate is 1.0% to 1.25%, there is an expectation of some that the Federal Reserve will cut rates to 0%, I’ll wait to see if that happens. The problem is during times of crisis, people trust the U.S dollar. Sure the United States can severe that trust in the future, but as long as this fear-mongering lasts, understand that people will be spending money in Canada as if the world is about to end.
If it turns out that COVID-19 is basically a different strain of the flu and simply something humans will have to live with, well, then things will eventually return back to normal and what will be left is economic destruction created by the panic. Because what I see that could happen is rapid acceleration in bankruptcies in Canada. Sure right now COVID-19 is dictating humanity but a few months down the road, it might be the butt of late-night TV comedic jokes.
If your entire economic situation turned dire because you stocked up on essential items you didn’t need to buy with money you borrowed? There comes a time when you have to work to pay back that money, even if we can imagine paying back money with 0% interest, the money still has to be paid back with what could be devalued Canadian dollars in an environment of inflationary consumer prices! COVID-19 thankfully has killed only one person in Canada, COVID-19 also appears to be targeting the elderly, it’s not as deadly as SARS, which killed you despite your how old you were! Just something you may want to be aware of!
The latest numbers of COVID-19 cases in Canada as of March 13, 2020 | nationalpost.com
Interesting times ahead!