Ever since the Trudeau government came to power in Canada things are deteriorating faster than you can say deficit.
Recently the Public Budget Office came out with numbers showing this year (2018/19), the projected a deficit of $22.1 billion—$4 billion more than the $18.1 billion deficit projected by the government. It is not new as I wrote in my book Canada, The Greatest Economy In The World? The Canadian government would keep on accumulating mass amounts of new debt as its trying to grow way past the sustainable size.
The question is who is buying all the Canadian debt. The Bank Of Canada is purchasing some, but many other countries and of course their government pension funds like OMERS and CPP. It is, of course, the only investors as few find it smart to buy Canadian government debt as it will never be paid off as the deficit is ever increasing and there is no Gold to protect their Canadian Dollar.
These pension funds have stopped putting a lot of money into bonds as there is no return to get from bonds. So who is holding the most Canadian debt? In 1960, 4% of the Canadian government debt was owned by foreign investors.
From 2009-2010 to 2013-2014, the amount of the Canadian's debt held by foreign investors passed from 15% to 27% with a peak at 30% in 2012-2013. Even if growing, this level is still lower than most G7 countries in 2013-2014 (France, 64%, Germany, 62%, United States, 48%, Italy, 33%, United Kingdom, 29% and Japan, 8%).
It means that most Canadians will get hurt by their own government's debt binge. I believe the Canadian Dollar will fail and the Canadian government will eventually default on its debt together with a significant amount of the population.
Back to Trudeau's campaign promises:
and here are some best of comments from the prime minister from the Great White North :)
You can also check out many of our videos at World Alternative Media where we have made dozens of videos about the troubled Canadian Economy.
The debt bubble is massive in Canada, and it is not just the government, but the private sector has followed suit as the Bank of Canada has given out free monetary heroin.
Check out my book on the Canadian Economy as I have predicted this since 2014.
Peace, Love and Voluntaryism,
John