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Forget China: This Extremely "Developed" Country Just Suffered Its Biggest Money Outflow Ever
While understandably all eyes have been fixed on every monthly capital outflow update from China (even the ones that the Politburo is clearly massaging), few have noticed that one of the biggest total outflows currently in the global developed economy is taking place right in America's own back yard.
According to BofA's Kamal Sharma, Canada’s basic balance - a combination of the capital and the current account: a measure of national accounts that spans everything from trade to financial-market flows - swung from a surplus of 4.2% of GDP to a deficit of 7.9% in the 12 months ending in June. That’s the fastest one-year deterioration among 10 major developed nations.
Citing Sharma's data Bloomberg writes that "money is flooding out of Canada at the fastest pace in the developed world as the nation’s decade-long oil boom comes to an end and little else looks ready to take the industry’s place as an economic driver." In fact, based on the chart below, the outflow is the fastest on record.
"This is Canadian investors that are pushing money abroad," said Alvise Marino, a foreign-exchange strategist at Credit Suisse Group AG in New York. "The policy in Canada the last 10 years has greatly favored investments in energy. Now the drop in oil prices made all that investment unprofitable."
The reasons for the accelerating otflows are familiar, or mostly one reason: the collapse in crude oil, among the nation’s biggest exports, has dropped to half of its 2014 peak. "The slump has derailed projects this year in Canada’s oil sands - one of the world’s most expensive crude-producing regions. Royal Dutch Shell Plc’s decision to put its Carmon Creek drilling project on ice last week lengthened that list to 18, according to ARC Financial Corp."
Worse, there does not appear to be any improvement, despite the recent stabilization in Brent prices:
More recent data on where companies and mutual-fund investors are putting their money show the trend extended into the second half of the year, suggesting demand for the Canadian dollar and the country’s assets is still ebbing. The currency is already down 11 percent this year, after touching an 11-year low against the U.S. dollar in September.
Where is all this capital going? Canadian companies have been looking abroad for acquisitions. Royal Bank of Canada is expected to close its $5.4 billion purchase of Los Angeles-based City National Corp. Monday, its biggest-ever takeover. It’s part of a net outflow of C$73 billion this year for mergers and acquisitions, both completed and announced, according to Credit Suisse data.
Canada's stock market confirms this trend: nine of the 10 best-performing companies on the country’s benchmark stock index in the past two years have favored buying growth abroad rather than expanding at home.
Individuals are following suit.
"While international appetite for Canadian financial securities has held steady this year, domestic mutual-fund investors have pulled money from Canada-focused funds and plowed it into global choices for six straight months, the longest streak in two years, according to Investment Funds Institute of Canada data compiled by Bank of Montreal."
Bloomberg calculates that more weakness for the CAD, and more capital outflows, are on deck as the Canadian dollar has to get cheaper to make Canadian businesses outside of the oil industry competitive enough with foreign peers to make them worth investing in, according to Benjamin Reitzes, an economist at Bank of Montreal.
Canada's economic weakness was recently confirmed when it reported two months ago that it had entered its first recession since the financial crisis.
Earlier today, Canada's manufacturing sector got even more bad news when the latest RBC Canadian Manufacturing PMI survey dropped to a record low in October, with output, new orders and employment all declining since the previous month. Moreover, new export sales dropped for the first time since April, with survey respondents noting that weaker global economic conditions had weighed on new business volumes.
In other words, not even the tumbling loonie is helping boost exports: a bedrock assumption of modern monetary policy.
Meanwhile, input costs rose at a sharp and accelerated pace in October, which placed pressure on operating margins and contributed to a further slight increase in factory gate charges.
Finally, the country is expected to post its 12th straight merchandise trade deficit this week, according to every economist in a Bloomberg survey.
Perhaps it is ironic: a year after we predicted the death of the petrodollar would cripple Emerging Markets around the globe (something which was confirmed in the China devaluation/EM debt crisis of 2015) the nation most impacted by the collapse in oil is neither China, nor - as many had expected - Russia, but what to many is a bedrock of economic stability: the AAA rated Canada.
How long until not Putin but Harper's successor is seen in the White House, begging Obama to put an end to QE so that the US shale sector, thanks to infinite junk bond refills courtesy of the Federal Reserve and "investors" allocating other people's money, will mercifully die and prevent Canada's economy from sliding from recession into an outright depression?
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In France, a hot dog is called a chien chaud. In Quebec, it's called an 'ot dog; which sounds more like english?
we're socialist because we have tax payer financed medicare and speak fucked up french? this coming from a bunch of Obama phone, ebt, obamacare, medicade fuck sticks that speak fucked up spanish and talk in rap...orangegeek go fuck yourself
Our tax payer based medical system keeps the system affordable, no crony .gov assholes that force you to purchase something from a private company that will always, always increase the price of it.
Yeah it's great until you need healthcare. You'll end up dying before you get an appointment.
There's gratitude for decades of preventing the Russians from invading your shitty country from the north.
Oil, mining, trees, dialect french that no one speaks and a new homosexual president (or whatever the fuck they call the leader picked by the Queen of England) that will be blowing a lot of Congressional cock to stave off financial ruin.
Behave of your ass will get droned.
orangegeek - mange le merde. Suce moi.
You know exactly jack shit diddly doo waa waa about Canada, the Canadian economy, or Canadians in general.
Oil has tanked before, and will tank again, for sure.
Canada will continue to do just fine - all they have to do is same thing the USA has to do - destroy the unholy alliance of banks, stock market, industry, and politicians all boot fucking the countries of the world and their citizens into the poor house for their own enrichment.
Bacon, Red Greene, hockey, maple syrup and girls with real tits and no " work " done on them will save the day.
Since when ignorance and arrogance are virtues?
Alberta (mostly) and Ottawa (in part) had economic strategies based on oil. Ontario and Quebec, representing more than 60% of Canada's economy are not oil producers, they are mainly in services and manufacturing.
Oh, and by the way, the french I speak does not seem to bother the workers and students coming from France in my workplace, so I'm guessing the mother tongue passed unto me by my most modest but still as honorable parents is not that bad all. After all, we write exactlly the same since we share a comon vocabulary and grammar. That's what we call empirical evidence.
dhemaius
Not to be rude my friend but isn't the largest industry by far in Ontario and Quebec- Government ?
You must be from Montreal. The french I've heard in Gaspé is as far from there as Sidney is from London. Gaspé french is like Newfie english. nothing else like it anywhere on earth...lol.
The most oil volume exported is Western Canadian Select (WCS) and it was trading under $30 USD last time I looked.
Not entirely true.
Don't forget that oil is sold in US $ so that means oil companies in CA are selling barrels $25% more than WTI.
It is slightly more complicated than that based on product and refining, but you get the idea.
So $38/barrel becomes $50/barrel.
Most of the production in Alberta is between $10 and $30/barrel in $CA.
There are some producers higher, and they will either consolidate or shut down here.
57-71
Not to get too picky here. WCS is by far the largest type of Western Canadian Oil exported to the U.S. It is a combination of bitumen, dilbit, and light oil.
It trades around $30USD/ $40CDN. It is the backbone of the Alberta economy. While the lifting costs can be around $20USD average, the capital costs to build the mines or the SAGD operations are in the multi-billions.
The write-downs on recent operations are staggering and those that haven't shelved new projects are bleeding huge cash. Ask Total and Teck what it is like to invest $2billion in cash to book an asset at $500 million.
The smart ones, like Shell, simply said, "I'm oughta here."
orangegeek: you are living proof of 'murican exceptionalism
Time for the Québécois to break away....
I would not mind! Centralized, and centralizing, so called "confederation" is an anvil around the neck of provinces.
If Quebec does finally separate, like they've been threatening to do since the first Trudeau PM, will any country accept those red passports as legitimate?
That outflow of cash is from Hillary's mystery pact in Canada to the Clinton Foundation in the US
Proceed$ from more tainted blood sales.
"BofA's Kamal Sharma"
That would be "Samal Kharma."
Perfect timing to elect a socialist. Canadians love their free shit and believe they're entitled to it! This is gonna get bloody.
The capital outflow should reach record levels with the Socialists now in charge.
I don't know about you, but my governments are not giving me anything for free. I get all those withholdings on my paychecks to remind me of that fact.
But if you were talking about corporate socialism with all those free subsidies and effectively low to inexistant corporate taxation rates, then we can come to an agreement.
Seems that yet another well-to-do country is about to get trashed by the Neo-Feudal Globalists, so they can pick up the pieces for free.
Canada needs to follow it's own LAW that says they can issue CAD for FED GOV uses .. .and not BORROW IT!! it's on the books but they ignore it...
It makes no sense that nations like Canada have to borrow from Goldman... zero
We need to make these changes now... then other nations will follow... no more BS banks lending to NATIONS...
FED lends money to USA... what a joke... SCAM... FED buys US bonds... scam... FED has only the money that it sucked from USA... This banking BS has to stop.
FED never really lent a cent... only stole and stole and took control of US gold.
It is not possible for banks or individuals to have more money or credit power than major nations. The whole thing is Shit.
When are we going to say ENOUGH!!
Ponzi schemes are a top down construct .... Canada is pretty high up the food chain .... but, they don't get to counterfeit the Ponzi .... c'mon, get real ?
Not just for the federal level, but for the provinces too. How strange for a Parliament to effectively abandon its power to create and manage debt-free money supply so that the banksters and capitalist elites can enjoy their wall to wall debt-as-money, sky is the limit, sandbox. Billions have been siphoned up through taxation just to repay the compound interest. I know, the banks just know better than every one else just how much new money debt is good for everyone. Just don't forget to bail the system out from time to time...
dhemaius
Starving criminal bankers from the skim is one thing, but letting governments print instead of borrow- you're fucked either way.
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Following this issue. Very important to the country.
http://www.globalresearch.ca/the-case-to-reinstate-the-bank-of-canada/54...
http://www.thestar.com/news/canada/2015/03/23/rocco-galati-in-court-to-c...
We’ll see…
•?•
V-V
YES. That is the COMER lawsuit that is wading it's way through courts.
You are precisely right. And if law is still law it will win. Matter of fact it was Trudeau SR. who made the deal with money printing, I do not know why. In around the Nixon sellout.
This is happening as we speak.
The Case to “Reinstate” the Bank of Canada | Global ...
COMER — Committee on Monetary and Economic Reform
http://www.cbc.ca/player/News/Business/ID/2666703865/
In fact it was Justin treudeau's father that stopped using the BoC's almost zero interest and started borrowing from the banks....in 1974
See ya later housing bubble.
Canada if you throw away all the cities down near the USA is pretty nice.. always tip your waitress with American Bucks.. that why she knows why you were such a weirdo...
Soviet Kanukistan? Why never!
We have 3 times the population of Canada .... the permafrost unemployed .... not to mention the nigs, the natives, the illegals, the white trash .... they should be a low overhead socialist economy .... where does all the money go ?
Canada got undone in 1974, when it converted Bank of Canada to a debt spreading institution, at the Behest of BIS (bank of international settlements). Canada's Parliament was bribed as well during this period.
Prior to this Canada had a very robust economy and little debt.
From 38 to 74 BOC spent debt free into the commons at behest of MOF (ministry of finance). BOC was a crown bank, whose shares were held in trust to MOF.
So, BOC was a banking corporation, but not really as it was wholly owned by MOF.
Canada needs to print and retire all federal debt.
"Canada needs to print and retire all federal debt."
Wow ! You can print money to retire all government debt- now why didn't someone think of that before ? Oh yeah, they did- and they called that wonderland Weimar.
Time for your nap, maybe ?>
Yes
I would just add that the current Prime Minister elect Justin Trudeau is the son of Pierre Trudeau, the Prime Minister in 1974 that sold the country down the river
Fun times ahead
The Bank of Canada is owned by the people of Canada.
The Canadian Finance minister released these stats in 1993;
In 1993 -87% of Canadas debt consisted of compund interest alone...
Today I would imagine it to be 99.9%
Good to see Harper went all in on central bank money printing......the long term strategic thinker that is Harper has stewarded Canada to the lowest gold holdings of any G8 nation....basically taking a shit on Canadas rich mining heritage....way to arm your nation for the coming storm fuckface....
So, the peoples gold is in the ground .... beware Canadian mining stocks ?
yes their money is in the ground but its called 'Crown land" up there....not shitting you....some old english broad owns it...
Not all crown land. Maybe 40%? I know back in the dirty 30's the gov't offered farmers to buy the mineral rights, which many accepted, too bad. So I'm guessing around 40% but that's just Saskatchewan.
100% of Canada is crown land but 9.3% is "land in fee simple".
"All physical land in Canada is the property of the Crown, Queen Elisabeth II. There is no provision in the Canada Act, or in the Constitution Act 1982 which amends it, for any Canadian to own any physical land in Canada. All that Canadians may hold, in conformity with medieval and feudal law, is “an interest in an estate in land in fee simple”."
http://www.whoownstheworld.com/canada/
So the Queen of England owns Canada but we're allowed to use it if we pay the tax. The crown takes the land back when they want to, this old guy lost the farm that was given to his ancestor in 1798 by King George III.
http://globalnews.ca/news/996982/elderly-farmer-fights-for-215-yr-old-la...
It was Brian Mulroney who sold all of our gold.
Hard landing coming. The new Liberal government will have it's hands tied which will be a good thing, perhaps they'll not borrow and spend our kid's futures away.
Trueadu promised 130 billion in infrastructure spending.
IF the money is actually spent on infrastructure and not padded bribes maybe?
I think aquiring debt applied to acutal infrastructure is far better applied than QE 1,2,2.1, 3 and 4 spent on stuffing Wall ST, while bridges are collapsing. Or better spent than funding Central Bank private banking deals that stuff corporations with 0% cash to accomplish phantom accounting and stock buybacks, to write off political bribery on every level.
Maybe infrastructure spending may actually provide a real job somewhere and repair a pothole.
Not like US policy, Bribe everyone in sight.
Infrastructure spending is preferable to all the rest, but unfortunately most of that requires physical labor.....construction work, which at least in America, most would prefer not to do. SO...we must import cheap foreign labor.
It all seems to ultimately advance the same agenda, and we ain't in it.
WTF. The examples set by the US and China are not reasons enough to warn Canadians away from the chimerical trap of infrastructure splurging?
We may have finally resolved the issue of who has the world's dumbest government.
True Dough .... should be Sour Dough ?
Canada needs to print debt free: get rid of US banks, not all any retirement money to go into US ponzi schemes - mostly Wall St
and put this money into
developing it's gold mines and spew out the gold... fill the coffers... and create jobs, gold backed Canada bonds... no banks in the middle. DIRECT TO CUSTOMER GOLD BACKED BONDS.
Physical gold market... no shorting
Physical commodities market.. no US BS banks involved
Keep it's oil and sell it lower than market within Canada.
DIRECT OIL BACKED BONDS
Develop more hydro power and offer it cheap to manufacturers - or near zero cost. more jobs..
Make education free from debt free money and have the most educated workforce and then stop buying US Cars, airplanes ...
Look at Russia!! same GDP as Canada and look at all the nice stuff they make.. better military equipment than USA!!
Canada needs more of that and less of US Bankers... deport all US banks...
Some interesting ideas, but what made me stop and think is "Look at Russia!! same GDP as Canada and look at all the nice stuff they make.. better military equipment than USA!! ". We can argue on better, but we can't argue that we seem to be underachieving with our economy.
The Canadian economy have mostly been running for the benefits of foreign entities ever since la Nouvelle-France colony.
If that nitwit Montcalm had stayed behind the palisades and potted Wolfe with grapeshot while the irregulars and Indians hit them from the woods, their asses would have smoothed out the cliff-face skedaddling back to their ships and all of Canada would be speaking French today.
Unfortunately, for my Jarret Noir antecedents, the Brits were far more proactive about their colonial possessions than King Louis.
Traded for a bucket of sugar. What a shame.
Music to my "United Empire Loyalist" ears!! :D
I don't think we employ enough people to add value to our resources before we sell them out from under everybody in Canada...Why would we sell a log when we can sell milled lumber?! ...I know, I know, the fucking unions...just sayin'!
Yeah, look at Russia. Same GDP as Canada with 4-5 times the population. If you really want to cut your salary by 80%, you go right ahead and let the Canadian government start building ICBMs with all the money that should have been yours.
"Look at Russia!! same GDP as Canada and look at all the nice stuff they make."
The following hot stuff is made in Canada and is better than what Russia can make in same categories:
Ski doos
Bombardier trains and planes
Lululemon (hot for more than one reason)
Most of the worlds french friesand the best cymbals (Sabian) come from New Brunswick
Most of the worlds potash fertilizer and lentils come from Saskatchewan
Most of the best maple wood baseball bats come from Canada
Most of the Halls throat lozenges are made in Canada
The Canadian mmint mints coins for 60 countries
Canada mines most of the world's uranium...for those narcisstic Tesla owners to pretend their cars are cleaner with!
The best racing bikes (Cervelo) are made in Toronto
Most scratch cards (eg scratch and win lottery cards) come from Canada
A Kelowna, BC company makes most of the world's water slides
A Canadian company is the best plane customizer
A BC company makes the most conmsumer submarines
Baseball bats are made of ash, not maple. Painted bats have poor wood grain structure which is why the good bats are all clear finish. Never buy a hammer with a painted handle, the grain in the wooden handle is bad for serious "hammering". Furniture is made from maple wood. I don't think even bowling alleys are made from maple, they're all ash.
I used a maple bat for a while. Seemed to be that maple bats were popular when Bonds used one.
I just ran for Parliament here in Canada on a "stop creating money as an instrument of debt" platform...this was the public's reaction:
*cricket cricket*cricket cricket*cricket cricket*
To combat ZIRP I had an idea to require TSX listed companies to pay a monthly dividend. Don't care how big, just pay it out. CCP money could go to be invested in these kind of investments rather than just be redistributed by the government and be a victim of currency debasement forever.
Compete for investment dollars.
People would be richer and more involved in the economy...good idea, no?
We should do all of these things. Of course the Zionists to the South of us would ensure we had a large dockyard explosion immediately.
What the hell?
Why would they buy USA assets when we are printing money through QE programs?
What the hell?
Why would they buy USA assets when we are printing money through QE programs?
Shoulda kept that RE investment visa program (progrom) in place.
Suck it, eh!
We don't need to convert CDN to USD unless we are travelling. A chicken burger at A&W is 3 dollars. Yes it's a promo but that's still only 2.25 USD. Many things here are cheaper than in the USA now.
that's true.. most things in USA cost more in US dollars than things in Canada in CAD. so who is really getting scammed?
a $10 steak in US is a $10 steak in Canada at the market.
Unless every Canadian magically received a 25% raise to cover the CAD$ devaluation, that $3 chicken burger still costs more when paying in loonies, unless you're earning U$. So no, everything is more expensive for Canadians, aside from oil.
In theory Canada is worth more than USA.
more stuff in the ground, more food, more water, more fish, more wood, more gold, less people to want free stuff.
This is a play for Goldman to steal Canada's resources,
Canada should not allow the dollar to float... fuck bankers and speculators, fuck the rigged markets. Cdn gov should work with patriotic Canadian firms and partner on developments and kick out foreign money...
Royal Bank is insane... this is scam deal.. soon they will go bankrupt buying debt loaded US banks... Americans cannot pay their loans either..
Floating exchange rates based on hypothecated credit money, is mirage of a mirage. Only the criminal minded could have dreamed up this world wide scam scheme.
Actually, all international trade is only barter. TRADE IS ONLY BARTER!
Barter is really goods and services transacting across borders. When you have a large swing in outflows of money, then one knows that is unreal, as exchanging goods and services is fairly cyclical and consistent.
An unreal money system will have dislocations and cause issues; those issues will blow up somewhere else or in future. This blow up is guaranteed, and often whole populations are ripped off.
The world needs to transition to a bancor system, where goods and services are marked with an accounting unit. Notice I didn't say money, I said accounting unit. Keynes Bancor system can be updated to the modern world.
This accounting unit marks goods and services that are exchanged outside of country borders.
In this way, you don't need FX, and other countries and banksters cannot jack with your national exchange medium (money). Remember how Russia's ruble has been attacked?
All countries are sovereign, and they should have sovereign money.
If you don't have your own money, your own borders, and your own culture - you are not a country.
www.sovereignmoney.eu
Under NAFTA and various other trade agreements Canada has given up and will continue to give up her sovereinty until the final big crash. That is when Big Brother offers us a helping hand as the the whole world is enslaved by NWO. The alternative is smash the FED now.
Here are some signs of a coming recession.
1. Business loans for M&A not CAPEX.
http://www.zerohedge.com/news/2015-10-15/there-goes-final-pillar-us-recovery-loan-growth-paradox-explained
2. Factory orders continue to drop
http://www.zerohedge.com/news/2015-10-02/us-factory-orders-flash-recession-warning-drop-yoy-10th-month-row
3. Default risk spikes
http://www.zerohedge.com/news/2015-10-02/us-financials-default-risk-spikes-2-year-high
4. M&A set record
http://michaelekelley.com/2015/05/29/mergers-and-acquisitions-set-record/
5. Fed sees 2 bubbles
http://michaelekelley.com/2015/02/20/fed-warns-of-two-bubbles/
Here is how to prepare.
http://michaelekelley.com/2014/10/16/8-things-to-do-when-recession-happens/
Here is how to get your mind off this stuff.
http://michaelekelley.com/category/humor/
Good luck!
you just quote your own blog, don't you have any objective data? We are here for info, not for propaganda.
In the past, Canada's hedge against a fall in the price of oil was an increase in auto exports precipitated by a falling currency but that isn't there this time around as automakers have headed to the southern US and Mexico.
The unions are in total denial about their role in the demise of the auto industry and so is the Ontario government who adopted a Green energy strategy resulting in sky-high electricity costs.
New left wing governments in both Alberta, the oil capital where personal, corporate and carbon taxes have increased considerably, and Ottawa, the nations captial, will not help Canada's out look.
Canada should be the first nation to reject US ponzi scheme money.. this is not "investment" They create it from NOTHING
Any nation that had QE - their money is not worth having. These nations are BANKRUPT.
Japan, USA, EU
No US dollars accepted in Canada. Only REAL money... Gold and silver for exchange to Canadian dollars.
After all these years of observation, The Samson Option does seem to include more than setting our world off like a Chinese Firecracker after election of the wrong guy. Payback comes in many forms.
US is biggest import of Canadian goods and may be one of the top exportors into Canada...let's remain friends ffs.
Americans must storn the FED and Wall St and DC and take back the nation... if not, the end results are not looking good.
you are seriously O.D.'ing here, calm down. Canada has always been a don't give a shit country: got nickel, sell it all to Brazil. Got copper, sell it all, kill the cent coin, etc. Got vastly overpriced real estate and banking laws that really let the banks run the country? Let it RIP! The Vancouver Stock Exchange has been a huge ongoing fraud for brokers, just let it RIP. I love Canada, I wish it weren't a worse clown show than the USA, but in many respects it is.
Hmmmm. Just one tiny little problem. Whereas the US FED is capitalized at about 1.27%, the wise and frugal Canuck's central bank is capped even less. So, Canadian dollars ain't worth gold or silver anymore than ours, QE notwithstanding. More like buffalo chips. We be mired in this cesspool together, bro.
"Canadian" investors. You mean, Chinese with Canadian papers? LMFAO.
The Zioconomist Harper didn't even understand the basic accounting. He transferred the assets from emergency reserve funds and assets like car manufacturers shares to the income side of the balance sheet without subtracting them from the other side of the balance sheet thus creating an illusion of the account balance. He has a lot to answer for.
Dutch elm disease under neo liberal practices has come home to roost.
People here are dumb as dirt. I sold my shack, pocketed a quarter million, and started renting when I saw the collapse in crude. People here are paying $500k in small towns with little to no high paying jobs, for a townhouse. A crappy house in the boonies with 1 acre of land, goes for $1.2 million. The crazy part is there is no shortage of land, we have one of the largest land masses in the world with a sparse 35 million people.
Canada is USA without a housing correction like the US in 2008. Double the boom double the bust!
"...we have one of the largest land masses in the world with a sparse 35 million people"
"Hello, Europe here, Europe here, come in please. That's perfect. We'll send over a coupla million refugees from the Middle East for yer to entertain." ;-)
"Over"
Already been done, it's called Brampton and Mississauga, millions of muzzies driving around with their wives in the back seat like second class citizens.
All they do is collect welfare while working cash jobs under the table, eat burger king and complain about how shitty Canada is. Our cigarettes suck, the women are whores, taxes are bullshit, too many jews, no good jobs, no bidets in public washrooms are their main beefs.
I'm hoping this whole country goes sour soon, I want my farm in the boonies, and I want it for pennies on the dollar so I can retire or take up an easy gig like dog catcher to pay the property taxes in butt fuck nowhere.
Muzzies don't like the boonies, so all the white people have left the cities and all live in these crappy suburbs outside what we call the 'immigrant apocolypse' zones.
Lots of farms out in Sask here. And other than shithole regina, you won't see many muzzies 'round here.
We're from Toronto. Your mosquitos terrify the hell outta us.
I understand the problem. Much the same is happening all over Western developed countries. In the UK we have whole cities up north where English is the 2nd language or not spoken at all by Pakis, muzzies and the like. Pakis running prostitute gangs of white girls. In Berlin the Turks fight local German gangs, smash up gay bars/shops and in Eastern Paris, the muzzies idea of a good Saturday night out are riots and setting fire to cars. In Frankfurt they drag keys along the sides of Mercs and BMWs.
The secret plan to convert global society into half-cast is marching.
US now will try and come in and buy up assets for cheap..
REJECT US DOLLAR... IT IS EVIL .. US dollar is the anti christ.
Hit Goldman with cruise missiles.
Not yet and not US but the global elites. Australia in greater dependence on China is a far better put.
America is a parasite megalomaniac financial tyranny that is dying faster than CANADA, BuckO.
CANADA is in full blown D E P R E S S I O N.
America is past DEAD if CANADA is in the GREATER Depression!
Up yours, Greenspan, you scumsucking slimebucket douchebag.
:)
It is not the Americans who are upset with election results. Zionists are playing Monopoly and no holds are barred.
Trudeau is legitimate whereas Steven Harper was not. Harper got into power via fraud. Trudeau was elected by a majority, and I doubt that the Liberal Party rigged the election as much as Steven Harper did when he was in power. The Zionists can manipulate everything to their hearts content, but they are collectively defunct since March 10th 2008 just like Ponzi Casino Crony Capitalism has been since that date. Oil per barrel was bound to fall to rock bottom since March 10th 2008, but they royally fucked up by holding the price high for the last seven years. Only recently did they lower the pump price of gas just a bit. Pump prices should be around $0.50 per litre IMHO.
Think you're about right. Hard to figure pump prices because of the taxes piled on. Where I'm from it's $.52 per liter before taxes, and $.42 ex-taxes. That is in a low tax state of USA.
You know, Harper won three elections, each time only garnering <40% of the popular vote.
The people cried foul, but Trudeau was elected with <40% too. 39.5% to be exact:
http://www.cbc.ca/news/politics/canada-election-2015-numbers-1.3281210
Part of the reason that Treadeau did so well may be due to a campaign that was Canada wide, whereas polls were taken to see who or which candidate had the best chance of defeating the conservatives in each riding, and we were encouraged to vote for this candidate to ensure that Harper was defeated.
So once again reverse democracy... We dont vote politicians into to power, we vote them out!
Canadian manufacturers are leaving $50K on the table for $200K orders. It's absolutely idiotic!
What the f*ck is wrong with youse guys?
You elect 2 back to back worst presidents in history.
Applies to both Canadians and Americans equally. I am an American and dont apreciate all the negative comments about Canadians. They and the Australians have been our best allies even though we have had dipshits as leaders. Remember--we are the dipshits that elected the dipshits.
Its not becuase of Oil. It's becuase of the lefty-loon that was just elected
Ur prolly correct. Same thing happened in US when leftyloons started taking over congress 2 years before Obama got elected. Everybody knows what happens next after they take power. Hide your money.
Canada and Austrailia need to cut the strings of US rule... and finally get away from UK no more Queen on the dollar... no more colonist mentalitiy.
Canada only makes what Canada is allowed to do.
no cars designed, no planes, not allowed to compete with you know who...Canada and Aus are just colonist lands for the raping.
But we now have a PM lonely cat ladies marking time till retirement in Hull can think about while using their Hitachi at night.
So that's all right then.
By the way? Nobody shed a tear on Bay Street for Harper. His belated stand against barbaric cultural practices popular in Saudi Arabia was the last straw.
HSBC, among others, is lining up for their chance to finance Justin's rewards to the FSA for services rendered.
Still like ther Molson gold beer.Eh
Labatt Blue is a headache in a bottle. The Belgians can make beer apparently but not the French or French-Canadians.
And they just love that fucking crap out east.
Canadians are just Mexicans with sweaters, eh?
drinking Molson instead of Dos Equis
This is news? Who fucking cares about Canada...it's <2% contribution to world GDP and a statistically insignificant population. China and India are by far the more important ones to worry about. Shit, the city of Shanghai probably has a larger population and GDP than those stupid Canucks.
C'mon ZH...a little editorial oversight here...it's like declaring "oh I got a DRD from Miley!" Tell us something meaningful next time...
Who cares about Canada?
Americans do! Every time they travel to points overseas and wear a Canadian flag or Maple leaf so they don't get fuckin' shived by some 3rd world victim of the American Way.
You'd better care about Canada if you live in the US. It's the United States' largest trading partner as Yellen has been careful to mention in past Fed statements. If the Canadian economy tanks, the US will head into a recession with it.
Hard to iimagine things in USA will get worse, but they will.
You mean, USA will head into an even bigger recession than it already is in?
A helluva lot bigger than Greece and look at the shitstorm that created.
Geographically speaking, we look down on the US. Well, intellectually too, but who cares? There are so many funny and ridiculous comments here I can hardly type for laughing... thank goodness we love to hate each other. Let's roll a big fatty, get a 2-4 and go quadding!
It is hard not to look down upon a people who don't know that India is in Asia and who believe that a balanced meal is a hot dog in each hand. But, that's USA for ya!
Canada is hardly a petro state as most of you dumb-assed Americans assume. In fact, mining, quarrying and oil and gas extraction accounted for slightly over 8% of Canadian GDP in 2014. Our much ballyhooed housing market is being fuelled by low interest rates and Chinese immigrant buying in Vancouver and Toronto which won't end any time soon unless interest rates rise unexpectedly. Canada is not in a recession and in fact manufacturers and other non-energy exporters have benefited greatly from the slump in the Canadian dollar over the past year. GDP is down just 0.04 per cent since the end of 2014. Hardly sounds like a country that's going down the tubes!
Canada is hardly a petro state as most of you dumb-assed Americans assume. In fact, mining, quarrying and oil and gas extraction accounted for slightly over 8% of Canadian GDP in 2014. Our much ballyhooed housing market is being fuelled by low interest rates and Chinese immigrant buying in Vancouver and Toronto which won't end any time soon unless interest rates rise unexpectedly. Canada is not in a recession and in fact manufacturers and other non-energy exporters have benefited greatly from the slump in the Canadian dollar over the past year. GDP is down just 0.04 per cent since the end of 2014. Hardly sounds like a country that's going down the tubes!
What paralell universe are you making your analysis from??
Canada lost most of manufacturing due to NAFTA
Housing bubble all over Canada
CAD is manipulated by the same zios who do it all over the world and then come and steal assets for pennies.
Russia has same GDP as Canada - Russia is a super power. Canada is a vassal state - colony... gas tank and mineral reserve for USA.
Canada is not allowed to be free to make things like planes or cars, or anything good. It's a resource and recreation land.
Every sanction the US levied against Russian only served to hurt us more than it did Russia! Russia sort of viewed this as sort of an act of war...so, what is this for Canada??
I don't see why Canada is still talking to the US. Harper was up the US corps asses, no surprise how we got here. Trudeau is a fucking Nancy Boy and has handlers pulling the strings because he won the election on the strength of his name...so, pro'ly worse than Harper could have ever been!!
We're basically fucked.
Canada is in trouble, our housing market is unaffordable by every metric, we lost 63k jobs last month, all our economy is anymore is bringing in immigrants and building them shitty subdivision housing at $600k a unit, financed via sub-prime lending and fully insured by the Canadian tax-payer.
If our housing market tanks, Canada will collapse like a deck of cards.
Also, a lot of the women here are hardline feminist socialist loonies, so the entire country is socialist.
Let's not forget our 'free' drug dealing healthcare system. It's common for retarded women here to take their kid with a cough to the ER because they don't feel like phoning for an appointment at the doctors office.
Yes the feminist, greener, no government is big enough just put the stupidest man in Canada in power. The next five years will be a shit storm of tax, spend, and destroy the private sector.
No. I live in Vancouver and work in finance. Its a shit storm. Many brokers out of work, many companies cant raise financings, many people from finance out of work.
As for housing, local realtors and real estate developers wont touch Vancouver West side, West Vancouver and Edgemont Village (in North Vancouver) because the Chinese had been propping up prices but now they cant get their money out and closings are failing.
No, Canada is definitel;y in recession.
Excellent comment. Thank you.
Canada has all-but slammed the doors on wealth immigration and that is how most of the Chinese were coming in. You bet there is going to be trouble and ethnic trouble as well.
Plenty of petro states could say the same. Saudi arabia's GDP is several times bigger than its oil industry, and so is Venezuela's. It all consists of made up segments that would not exist without the oil such as "retail", "healthcare", "government services" or even "transportation".
Take out that 10% and the 90% crashes.
Just like any town that owes its existance to some local resource or a factory. You would see plenty of bakeries, car dealerships and assorted service joints, and they all vanish when the factory closes or the resource dries up, no matter how small its contribution was.
A lot has to do with the balance of trade and the % of exports an industry represents, more than its share of total GDP.
I sold my house in the oilpatch at the end of July...made 62% for 9 years of ownership. Took all the money and bought gold...raw mine production at a 5% discount to spot (Cdn$1440's) Price today is Cdn$1480'ish.
I'm back working in the goldfields rather than the oilpatch and can live cheaply overseas, just haven't jumped on a plane yet but I'm thinking Nicaragua.
I still have Cdn$15,000.oo to deploy...I'm thinking about going all in on Bitcoin...thoughts??!
not bit coin.. that's crap...
look for gold in canada, in Nic you'll get offed.
Pan for gold with your 15k and stake a claim
I'm already mining for gold in the Yukon in the summer!!
...and I don't think I'l get offed in Nic...I'm a Canadian, eh!! Everyone loves us!! ;)
until they dont...
That sounds like a good move Reichstag. Houses are seriously overpriced still and PMs are very underpriced.
what kind of coin do you make in the summer? I want to come too! What company?
Maybe buy a big tasty slice of Sliver Wheaton?! I wish their trend would reverse...any technical traders like TSX:SLW? Just under Cdn$18.oo today. When is it going to turn around?? I only own 4ozT of Ag! :(
Sounds like you are in good shape, get out of everything Canadian, especially it's toilet paper money. Trudeau and Wynne will steal every last penny to keep their socialist fantasy land going.
Meanwhile, you keep paying $1k per month of your disposable income to obamacare, oh you have a co-pay? And a $5k deductible?
What can I say, wish I had your fascist system? not.
Yes! And don't go Americano either. Try to get out of North America entirely.
Forget gambling on Bitcoin, deekra (dear), just grab your dough and get the hell out of North America. The whole continent is headed to hell in a handbasket.
I suggest Panama or Ecuador if you want to stay in the Western Hemisphere. If not, then Spain, Thailand, etc. are great to live in. You can easily get a "retirement" visa in Thailand and live your life happily there.
@reichstag. you could rent a small apartment and just about last a year on Cdn$ 15k. You'd eat and drink well. If you like walking, do some of the the Camino Santiagos, say Sevilla to Santiago. 20 km a day. Take you a few months if you want to explore a bit. Very inexpensive as it caters for pilgrims - not necessarily what you think. Meet interesting people. Get all the cobwebs out of your system. You'll get very fit along the way. Unbelievable scenery.
http://www.santiago-compostela.net/vdlp/index_cv_en.html
Just take a look at Canada's Debt Clock.Harper lied to Canadians and threw $150 billion onto the overall deficit.The Federal Government and every Province is going to go into massive deficit spending on this infrastructure spending idea.If oil stays low really long,watchout.They use the excuse that debt to GDP is low.Looks like Keynesian philosophy to me and Canada will end up joining the NIRP crowd very soon in order to support the housing bubble.If that bursts,she's a long ways down.
FYI Harper is a Conservative.
Harper's Conservative government was more left wing than the Socialists from 30 years ago.
SOURCE PLEASE
Experience.
Even the least conservative movement offered less redistributive policies (Money) prior to 1980, than what conservative governments offer now. The strength of the unions (not just trades) - public sector - now have never been stronger. At no time has the public sector suffered to any large meausre, either layoffs, or pay freezes. And even when there has been a pay freeze, it is compensated for with a 15% increase 2 or 3 years later. Or the increase is retroactive to the date the old contract expired. The size and scope of government has never been wider than under conservative leadership. We may have experienced more tax increases under a Liberal government, however, those have been a result of conservative profligate spending that has forced, almost on every rotation, burgeoning deficits of which Liberals have had to reprioritize spending and institute increased tax measures. And I want to make it clear that I'm not a Liberal - far from it. But, based on what I've experienced Liberals have been no worse stewards of the tax payers money (arguably Paul Martin was one of the best finance ministers the country ever had) than the conservatives. Presently, there is no government in Canada, I would argue, sitting or otherwise, that is right of center - save the Wildrose Party in Alberta.
And it never used to be like this prior to the 80's.
Well, he has created bigger gagged gov but I don't see how any conservative would fit your pie in the sky expectations. You don't like what they do, call them socialist. Rinse and repeat.
Doing fine here in Sask, the ONLY province to actually pay down any debt in the last 3 years
Ontario has a bigger deficit than the federal government and all other provinces put together. Ontario has created more debt than the federal government in the last ten years. Ontario has the largest debt for a non country than anyone in the world...bigger than California. Ontario being the industrial base for Canada has driven investment away with it's high tax base, high green energy program.
Ontario is the problem. You think Harper's $150 billion debt , created after the 2008 world economic crash was bad...wait and see what Jr's debt will be trying to bail Ontario's Liberals out of the sewer.
Yep - the unions vote for the Liberals, and put millions of dollars into anti-Tory attack ads during the elections, and then hold the Liberals to ransom once they are elected. We're seeing it everywhere - nurses, doctors, teachers, "public servants" (yeah, I laughed too) - they all want their piece of the pie.
Ontario is completely f****d after 15 years of Liberal gov't. Wonder how long it's going to take the Dauphin to do the same to the country?