In this video, I talk with author and economic analyst John Sneisen about the recent findings following the quarterly MNP Consumer Debt Index Survey showing that 43% of Canadians say they're feeling the effects of higher interest rates.
47% of Canadians polled say they don't think they'll be able to cover their expenses in a year without going into further debt.
33% believe rising interest rates will push them into bankruptcy!
This happens as household debt reaches 1.8 trillion dollars, nearly $23,000 a person. The Bank For International Settlements just warned that Canada is one of three economies in the world most at risk of a banking crisis alongside China and Hong Kong.
The dollar is continuing to see vast manipulation to prop up that which should not be propped up. The Canadian dollar will crash one way or another. All fiat currencies eventually revert to their true value of zero. They always have, they always will going back to 1024AD in China. The fundamentals are off the table due to the level of manipulation in both the monetary system and the markets, so we cannot put a date on it, but we know it will indeed happen. Manipulation like we're seeing with the interest rates that the Bank of Canada is desperate to stop from dropping into negative territory.
The level of debt bestowed upon the populace is astronomical and exactly why individuals must be self sufficient and financially responsible. It has never been more important.
Canadians face vast regulations, taxes on basically everything, inflation, crazy laws and let's not forget that the banks are still insolvent and never recovered from the last recession which may not have hit Canada too hard, but will without a doubt be next to impossible to avoid next time around. As the crash is pushed off further, the inevitable crash becomes far more volatile and dangerous. The sooner, the better.