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Canada now has the largest deficit on earth - and it's still rising.


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1 hour ago, cannuck said:

Good for you, but nothing very good anywhere in this mess for taxpayers.  What Joe Lunchbucked doesn't understand (nor apparently does Joe Economist) is that expanding the money supply results in a DIRECT liability to the taxpayer.   All of those trillion$$$ pumping into the economy are either current or pent-up inflationary forces - expressed by increasing money supply.   And ( I hope ) you realize WHO is ultimately responsible for the results.

 

All true, but made moot by political forces and public/private objectives that must be satisfied in the short term.   Not much sympathy for taxpayers who are very much complicit in the scheme, driving the demand for more and more spending/entitlements/benefits.

 

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Well, Ontario was already in deep doo-doo even before the pandemic..being the world's largest sub-sovereign debtor at more than $300 billion and growing.    And the kicker is that for all this added d

Unfortunately, it works. Canadians have shown time and again their votes are for sale and they care nothing for how the money gets to them, where it comes from, or how it might eventually be paid back

Notice how more than 2  billion in bribe money brings total silence on this matter from the media.

2 minutes ago, bush_cheney2004 said:

All true, but made moot by political forces and public/private objectives that must be satisfied in the short term.   Not much sympathy for taxpayers who are very much complicit in the scheme, driving the demand for more and more spending/entitlements/benefits.

Sadly, that applies to either side of the 49th.

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On 1/24/2021 at 7:24 AM, bush_cheney2004 said:

 

Inflation has remained very modest by historical terms, and near zero interest conditions will persist for several more years.    Central banks actually strive to keep inflation in a 2% - 3% band as a matter of monetary policy.

 

And exactly how much longer do you expect the central banks to be able to keep pumping new money into the banking and finance systems before a critical mass is reached where too many people realize there is no way they will get full returns on investment?

Inflation wouldn't be low and shouldn't be low...we're talking permanent zero percent interest loans coming from the Federal Reserve banks in the US for christs sakes! 

Back when Japan went through their much smaller economic meltdown in 2000, their central bank went through to 'negative' value interest rates, and now the rest are doing it as well to try to keep priming the pump and keep the already richest men in the world earning more billions in undeserved riches. Either Japan was going rogue 20 years ago, or more likely -- they were set up to plot out this 'flood the markets with free money scheme,' since Japan didn't pay the economic price expected if they weren't a close US ally. Similar to when banks in Malta made a seizure of deposits to cover their debts. The 'great minds' who come up with economic schemes have a hard time in the transition from theory to practice, since people are unpredictable and they don't know exactly how the public will react. And that's why some, suspicious skeptics considered Malta a test run for asset seizure plans by the big players.

Similar reasoning led Bush/Obama administrations' cautious bank bailout announced in 08 to be careful not to let the first round of money creation go over the one trillion mark! It was seen as a psychological breakpoiint to just pull up a trillion....now no one has 2nd thoughts about it! And every time since then, when the stock market has faltered, even a bit, in comes Treasury with the money hose to flood the markets with and keep equities rising higher and higher for no valid reasons!  At some poiint.....and I don't know when...but likely real soon, the search for real value will lead to more than a few buying gold and crypto's and there will be a mass exodus out of the Dollar (both) and the Euro and all of the other fiat Dollar-linked currencies, and we will have the economic crash that should have been expected when it became clear that all future recessions would only hit the little people on so called "Main Street," while Wall Street and its Euro and other equivalents continue getting richer no matter what's going on in the real world.

*a little off the track, but I can't think of a greater example than Elon Musk winning the billionaire sweepstakes now! His electric car company that isn't worth a pot to piss in, keeps going up and up -- way beyond the values of companies actually making a significant number of automobiles....electric cars included! This shit lets you know the system is rigged!

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I for one would welcome much higher interest rates....reward the savers...punish the debtors.   My first home had a mortgage at 12.5%, and passive investment products paid much more handsomely than today.

Canada has already faced the abyss back in the 1990's (Canadian peso days) compared to U.S. dollar hegemony.  Chretien and Martin drastically cut spending...not politically possible under current circumstances.   Europe has also rejected post Great Recession "austerity" measures.

 

I would like to see interest rates rise also, at least a little! Since I'm retiring very soon and have no outstanding loans or debts to pay off. Aside from my pensions, I want to keep my savings in the careful, conservative investments like GIC's and not have to wade out into the market stream where it's impossible to judge stocks by earnings ratios any more!

So far, I have been ignoring everything I see about the "Great Reset" because it was coming from sources I have long considered suspect. But now that the Great Reset is being announced over in Davos as official international financial strategy, it's time to question what they have in store for younger people, and I mean aside from leaving us ageing out boomers as the last generation of humans who will not be debt serfs to our future overlords!

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Canada isn’t alone in its spending spree: The International Monetary Fund estimates governments around the world have doled out $12 trillion to minimize the economic damage from restrictions in place to halt transmission of Covid-19. Canada’s virus-related spending, the bulk of which originates with the federal government, has totaled about 382 billion Canadian dollars, the equivalent of $294 billion, and accounts for roughly 19% of Canada’s total economic output.

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11 minutes ago, Cannucklehead said:

Not to mention that everyone who got the covid relief benefit will be paying back a part of it to the government in taxes soon.  The taxes were not initially deducted.  

This man here works for a living, and never stopped. I am among those who are deemed too essential to stay home and be protected. Like my brethren who toil in a Metro store, or those heroes who make a steady stream of french fries daily, I venture into the world to carry out the vital tasks only I can provide.

Never got a nickel yet from the gubberment.

While you people party at home, smokin your dubies at 7 in the morning, I must rise and go forth, to make bread from the sweat of my brow. In the end it is me who pays for your excesses.

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8 minutes ago, OftenWrong said:

This man here works for a living, and never stopped. I am among those who are deemed too essential to stay home and be protected. Like my brethren who toil in a Metro store, or those heroes who make a steady stream of french fries daily, I venture into the world to carry out the vital tasks only I can provide.

Never got a nickel yet from the gubberment.

While you people party at home, smokin your dubies at 7 in the morning, I must rise and go forth, to make bread from the sweat of my brow. In the end it is me who pays for your excesses.

7 am is when I finish my shift.  😐

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On 10/22/2020 at 6:17 PM, Argus said:

Here’s another kicker. Spending by all levels of government in Canada is projected to hit 57.3 per cent of GDP in 2020. That’s more than at any time in our history, including both world wars.

Yeah, but there's only a 99.98% chance of survival if you get covid. 

Lockdowns must continue. CERB for everyone! Re-elect the doler of loot!

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You'd think with all of Junior's spending, we'd be able to produce our own vaccines.  Nope.  Or Canada's ICU capacity would be significantly expanded.  Nope.  But it goes to show how stupid and reckless his choice to run big deficits pre-pandemic.  

As debt rises, the cost of financing that debt rises.  Which means more money that could've been spent on health care, education, etc, now gets spent on paying interest on borrowed money.  What kind of retard thinks this is good policy?  Other than the Trudeau crotch-sniffers in this forum, and the other one.

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3 hours ago, Shady said:

You'd think with all of Junior's spending, we'd be able to produce our own vaccines.  Nope.  Or Canada's ICU capacity would be significantly expanded.  Nope.  But it goes to show how stupid and reckless his choice to run big deficits pre-pandemic.  

As debt rises, the cost of financing that debt rises.  Which means more money that could've been spent on health care, education, etc, now gets spent on paying interest on borrowed money.  What kind of retard thinks this is good policy?  Other than the Trudeau crotch-sniffers in this forum, and the other one.

Were you a Mulroney crotch sniffer back when he was the Prime Minister? 

Either that, or your rightwing brainwashing is so thorough, you have no awareness that it was the great Mulroo privatizing Connaught Labs for no good reason (suspicious minds like mine assume money changes had behind the scenes every time on privatization deals) Connaught Labs was privatized to private - for profit interests who would..........increase efficiency from 'wasteful' government management!

When Canada was a world leader in vaccine research and production

As the Trudeau government struggles to figure out how to get a coronavirus vaccine to Canadians, one thing is clear: this task would be a lot easier if the Mulroney government hadn’t privatized Connaught Labs three decades ago.

The sale of the remarkable Connaught Labs to foreign interests made no sense back then, and it makes even less sense today.

Its consequences loom over the country, with Prime Minister Justin Trudeau acknowledging last week that Canadians won’t get the coronavirus vaccine as soon as citizens in the U.S., Britain, Germany and other countries because we no longer have sufficient domestic vaccine capabilities.

 

This will be stunning news to anyone familiar with Connaught’s groundbreaking work in developing vaccines and other medical treatments over seven decades before its privatization.

Indeed, it’s ironic — and infuriating — that we find ourselves in a disadvantaged position regarding the coronavirus vaccine since Connaught was a world leader in vaccine development and production.

If Connaught Labs still existed today, its scientists would almost certainly be involved in the quest to come up with a coronavirus vaccine, working collaboratively with other researchers — just as they played a key role in helping U.S. virologist Jonas Salk develop the polio vaccine in the 1950s.

From the early part of the 20th century, Connaught created and produced high-quality medical treatments and vaccines for Canadians, including vaccines for smallpox, tetanus, diphtheria and whooping cough, as Canadian medical historian Christopher Rutty has documented.  

And the rest is at:  https://www.thestar.com/opinion/contributors/2020/11/30/when-canada-was-a-world-leader-in-vaccine-research-and-production.html

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4 hours ago, Shady said:

You'd think with all of Junior's spending, we'd be able to produce our own vaccines.  Nope.  Or Canada's ICU capacity would be significantly expanded.  Nope.  But it goes to show how stupid and reckless his choice to run big deficits pre-pandemic.  

As debt rises, the cost of financing that debt rises.  Which means more money that could've been spent on health care, education, etc, now gets spent on paying interest on borrowed money.  What kind of retard thinks this is good policy?  Other than the Trudeau crotch-sniffers in this forum, and the other one.

CBC. CTV. Global. 

They will never say a bad word about Trudeau, no matter what. Everything that he does is either "FANTABULOUS!" or it goes through a brief damage control period and gets buried.

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