The Canadian economy is barely treading water. It’s a dead shark, and there is very little chance it is going to be resuscitated anytime soon, especially with Prime Minister Justin Trudeau’s carbon tax on the horizon.
Canada’s economy is leaving behind average citizens. How so? Take a look at this fact: bankruptcy filings are on the rise.
According to Bloomberg, citing figures from the Office of the Superintendent of Bankruptcy, 5.1 percent of consumers, or 11,320, sought debt relief in November.
If you combine October and November’s numbers, then this surges to just under 23,000, which is the biggest since 2011.
It is no secret that rising interest rates, no matter how gradually, is impacting typical Canadians. The average Canadian has thousands in credit card, student loan, and auto loan debt, in addition to living paycheck to paycheck and/or maintaining a monster mortgage.
Life is tough in the Great White North, and local banks are reportedly starting to feel the pinch.
As part of their first quarter numbers, TD Bank and CIBC posted higher provisions for loan losses, something that greatly contributed to missed analyst expectations. TD reported its provision for loan losses to $850 million, a 23 percent jump from 2018, and CIBC saw its jump 36 percent.
Riaz Ahmed, TD’s CFO, told the business news network that bankruptcies are becoming a major problem for Canada.
“The fourth quarter and the first quarter of the year always tend to have elevated provisions because of the holiday spending season, so we tend to see that seasonality in cards and auto. In Canada, bankruptcies are up a little bit and we do see a little bit of rise in delinquency in our retail cards in the U.S. None of them would rise to the level of being of particular concern for us.”
Perhaps consumers believed Prime Minister Trudeau when he said budgets balance themselves.
Some Americans may have felt uneasy 35 years ago when DUI laws, DWI checkpoints, seatbelt laws, and car liability insurance laws were started, but most people felt that the experts must be right.
Pro-police state shows like “COPS” and “America’s Most Wanted” were then aired, neighborhood watch groups were formed, “get tough on crime” candidates were elected, and laws allowing mandatory minimums, IMBRA, 3 strikes laws, curfews, police militarization, teen boot camps, school metal detectors, private prisons, and chain gangs were enacted.
Nanny state smoking laws then started appearing.
When 9/11 happened, the Patriot Act was passed, NSA wiretapping, no knock raids, take down notices, no fly lists, terror watch lists, Constitution free zones, stop and frisk, kill switches, National Security Letters, DNA databases, kill lists, FBAR, FATCA, Operation Chokepoint, TSA groping, civil forfeiture, CIA torture, NDAA indefinite detention, secret FISA courts, FEMA camps, laws requiring passports for domestic travel, IRS laws denying passports for tax debts, gun and ammo stockpiles, laws outlawing protesting, Jade Helm, sneak and peek warrants, policing for profit, no refusal blood checkpoints, license plate readers, redlight cameras, speed cameras, FBI facial and voice recognition, tattoo databases, gun bans, the end to the right to silence, free speech bans, searches without warrants, CISPA, SOPA, private prison quotas, supermax prisons, FOSTA, sex offender registration laws, and sex offender restriction laws were allowed.
Now that the USA is a total police state, Americans are finding out that changing anything is impossible and that freedom is lost forever.
You are correct and the sad thing is that the people that were elected to office and swore to protect and defend the U. S. Constitution were the first to break their oath for political power and wealth.
We live in a Police State, there are 18,000 police agencies, Tribal, Local, State, and Federal in the United Socialist States of America, today.
If you do not believe it, read the USSR Constitution, it looks just as good as the U. S. Constitution on paper, and we all know how bad that countries citizens were abused by their government.
Just remember – John Emerich Edward Dalberg Acton, first Baron Acton (1834–1902). The historian and moralist, who was otherwise known simply as Lord Acton, expressed this opinion in a letter to Bishop Mandell Creighton in 1887:
“Power tends to corrupt, and absolute power corrupts absolutely. Great men are almost always bad men.”