MASSIVE Debt In Canada! – Bankruptcy & The END Of The Middle Class As Country NEARS Recession
Josh Sigurdson talks with author and economic analyst John Sneisen about the vast amount of debt in Canada as Canadians are going broke!
HALF of Canadians polled claim they are just $200 away from bankruptcy. 26% of Canadians say they have no room to move at the end of the month. This problems is becoming more and more noticeable in Canada as more taxes and regulations affect the average person in their pocket book. It is becoming alarmingly difficult for people to afford anything as the middle class disappears.
As the carbon tax comes in, gas prices are skyrocketing, everything is going up in price essentially due to exports and imports being taxed by the carbon tax, then there’s the problem of inflation in the first place. The price of living is going to continuously climb at an unstable rate if currency is continuously printed. Interest rates are at a level that is completely unsustainable and will likely go negative, under -2% in the next recession. The recession is on the near horizon as is shown in the yield curve data where the 10 year is inverted with the 1 month.
The banks are bankrupt and interestingly, while Canadians themselves cannot afford to pay off their debts, the Canadian government cannot pay of its debts either! This is why taxes are being taken to pay off simply the interest on the debt! Does that sound like someone interested in actually paying off their debt? Of course not!
There are more solutions than there are problems, but first people must understand the problems so they can stop perpetuating them, especially by thinking another person in “power” is going to change anything. Trudeau is losing all support and this is a good thing, but that doesn’t mean some other figure is going to replace him and make things all better. It’s the function of the state to make people subservient. It is the function of the state to control the populace and people must understand that changing the person running the mechanism of control isn’t going to change the fact that they’re supporting the mechanism of control.
People must break free, be responsible and self sustainable. They must understand money and be prepared. It’s better to be over prepared than under prepared. All fiat currency eventually reverts to its true value of zero eventually.
In our opinion, gold, silver and crypto are the best ways to sustain what’s coming to us.
Stay tuned for more from WAM as we continue to cover this subject!
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Video edited by Josh Sigurdson
Graphics by Bryan Foerster and Josh Sigurdson
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