Bad News For The CRASHING Canadian Economy! - Inflation & Interest Rates Rise
Josh Sigurdson talks with author and economic analyst John Sneisen about the most recent news regarding the Canadian economy as inflation hit its highest level since 2011, interest rates skyrocket and Bank of Canada Governor Stephen Poloz gives excuses.
Poloz claims the recent inflation is just transitory and that he saw it coming. Well, in the end, we're comparing one fiat currency, the Canadian Dollar to another fiat currency, the US Dollar. Both are falling. One just takes turns falling faster.
Inflation will continue to go up in Canada. There's no escaping it. There's no scarcity, it's a centrally planned currency and many of the banks in Canada are taking part in fractional reserve lending. The same banks are insolvent as their cash to deposit ratio clearly shows. Meanwhile, there's a massive bubble in real estate in Toronto and Vancouver. There's a massive pension shortfall. There's a massive bubble at the Toronto Stock Exchange. There's a global derivatives bubble. The price of living is going up. There are countless taxes plaguing people like the income tax, property tax, business tax, capital gains tax, eco-tax, PST, GST, MST and of course among many more, the carbon tax. People are in poverty and the government feels the populace needs more of the thing that causes the problem in the first place to fix it... Government.
Regulations are restricting the market from competing. There's no incentive for innovation and competition in the markets when government monopolizes massive corporations.
All fiat currencies eventually revert to their true value of zero. They always have, they always will going back to 1024AD in China. This time is no different though the fundamentals are off the table due to the level of manipulation in the monetary system and the markets, so one cannot put a date on the crash, we just know that it will indeed happen.
So getting prepared is crucial. One must look towards decetralization, independence, self sustainability. People must be financially educated and responsible. Individual responsibility is the hallmark of freedom itself after all.
Gold, silver and cryptocurrencies are great. Of course this is our opinion, not investment advice, but gold and silver aren't investments anyways. They're wealth insurance. They have been for many centuries. Cryptocurrencies are great ways to decentralize and get out of the banking and governmental systems.
Stay tuned for more as we continue to cover this story as it elapses.
Video edited by Josh Sigurdson
Graphics by Bryan Foerster and Josh Sigurdson
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