Newfoundland Is In TROUBLE! – MASSIVE Debt Hits Province Where It Hurts

Josh Sigurdson talks with author and economic analyst John Sneisen about the multiple problems hitting Newfoundland and Labrador.
While the population of the province is just a third of Manitoba, it has a huge deficit and debt which is stemmed in several seriously deep rooted problems.
While there’s inflation hitting Canadians hard alongside the vast amount of taxes, regulations and legislation that always keeps people from succeeding, there is a massive dependency on a few industries in Newfoundland, most notably oil.
Exxon Mobil is planning to move out of downtown St.John’s next year.
This has lead to a climbing rate of office vacancies in places like St.John’s as surveyed by Turner Drake and Partners recently. This also affects employment. As with the United States, the Canadian government hides the true employment rate in the labor force participation rate allowing for the state to shape the numbers however they wish. However it may benefit them and misguide the populace.

Individuals are becoming subservient due to this collective dependency on certain industries alongside their dependence on the government and the banking system. This will not end well. The only solutions (and there are many) all come down to the individual. One must understand money and be self sustainable. They must prepare themselves. As the everything bubble begins to burst throughout the world affecting pensions, the auto industry, the oil industry, housing, derivatives and more, individuals must protect their purchasing power and escape the centralized debt based systems meant to keep them subservient.

Stay tuned for more from WAM!

Don’t forget to check out Mike Maloney’s GoldSilver at the following link:

Video edited by Josh Sigurdson

Josh Sigurdson
John Sneisen

Graphics by Bryan Foerster and Josh Sigurdson

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  • James

    Ok…. Newfie here and if anyone has been to downtown St. John’s there is almost no office space so it would not take a big amount of vacancies to make a difference. Newfoundland is not know for office jobs so this is not much news my friends. Most people in Newfoundland leave Newfoundland for work. It’s been like that for years. Yes a lot go out west to the oil patch and that has hurt but not in any amount that anyone can measure. Newfoundland is fine and will be…. very strong people.

  • Michael Zimmermann

    Poor people of Newfoundland, first they get lied to in order to have them join Canada in order to fight in the war and now thanks to the federal governments misdeeds they are left with a massive financial burden.
    Each province will learn that the federal government is a burden with no benefits. It sucks the life blood from all of us.

  • Ed Bouchard

    Good suggestion the government is the root of the problem, you suggested that government or civil servant should be drastically reduced
    and hand over a big part to private sector, than you will witness efficiency and cost drastically reduced. No government has ever run a business
    efficiently, look at the debt of every provinces. Amazingly when there is a opening in government administration postIng, such is kept secretly
    within the government and civil servants and more qualified people in the private sector are not informed or allowed to bid on the new postIng,such trend also exist in hospitals and other government run facilities. The government and civil servants are overly protective of
    their little and controlled cabal, making sure the public sector can’t wedge their way in and change their their archaic systems and, show
    how to run an organization and live within there budget. The way things are run now, I remember when I was working for government
    run department, when it came to submit their new budget if there was any money left over from the previous year, such department would have
    to spend the overage so that their department would show a shortfall, therefore asking for extra funds to cover their administrative shortfall.
    What a way to run a business, in the private sector one has to make ends meet,

  • J MacFadyen

    Newfoundland offshore oil is going to noticeably going to picking up. My dealers supply workwear and floatation to these companies that work offshore.

  • Christopher Chapman

    Lived in town for 2 years. I found newfies to be an inbred bunch of low IQ garbage that believes the rest of Canada owes them everything.
    Newfies also were instrumental in voting in Trudeau – just a small example of newfie stupidity.
    Canada made a big mistake taking them in when they begged to join Confederation.

  • Carlos Ayala

    Newfoundland would be better off been a US State instead…!!

    The Canadian Government is A JoKe….!!
    Trudeau has Destroyed Canada…!!

  • Joseph Stymest

    Oh let me guess……. most of the Newfoundlanders went west looking for work.
    But Trudy has a plan to fix that. He’s gonna import 350K welfare immigrants and put them in rural areas. Oh I’m sure the Newfies will pleased as plum pudding to watch new mosques being built in their small towns.

    That is why they took interest rates to zero. To destroy the pensions and savings of the people. It’s already happening in the US with pensions. All of them are underfunded.
    Every province in this Country is in trouble. Not one has a surplus.

    Look at Europe. See how fast they declined. We are only a few years away. The only question is, do we morph into a Sweden or France? I say get the revolution started.

  • Richard Henry

    Newfoundland should move for independence and break away from the rest of Canada they got a bad deal from the country and the election to have them join Canada was fixed it was not actually held it properly and they were irregularities they have a right to be free they have a right to be their own country it’s their oil it’s their land and they’re one of the greatest people in the world

    They should move toward Russia and China block

  • islanti

    Newfoundland is a nice place. Lots of culture and nice ocean front property. I think in the next 50 years all the seniors and fishermen will sell their houses and move into the city. Meanwhile immigrant and refugees will make up the majority population of newfoundland and buy up all those cheap houses in rural newfoundland

    Growing up we would always go out in boat fishing for the day then stop on an island, have a fire and a cook up. Last summer we went out in boat and seen a big muslim family out on an island. They had a really expensive boat. It was the weirdest thing ever

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