In this video, I talk with author and economic analyst John Sneisen about the recent poll showing Canadians are dramatically cutting back their spending on extras AND essentials due to rising interest rates.
The online survey of 2,003 people by Manulife Bank shows that 27% cut back on entertainment such as movies and bars, 17% put more money into savings accounts, and 10% spent less on essential items such as groceries.
Canadians are facing vast regulations and taxes, the likes of which we've never seen before.
From income taxes to business taxes. Property taxes, capital gains taxes, business taxes, PST, GST, MST in some places. Eco taxes, fuel taxes and then the carbon tax which is basically a tax on everything and driving prices up across the board.
Then you have the regulations that are propping up massive corporations while pushing small businesses out of the market.
Then the hidden tax of inflation which causes the most damage, driving up the price of living on a regular basis all while the majority of Canadians are none-the-wiser to this scheme.
As central banks are desperate to manipulate the economy into further temporary prosperity, making the inevitable crash even worse, they are raising interest rates which is affecting basically every market in the country including the bubbled real estate markets in Vancouver and Toronto.
In order to avoid negative interest rates, we see the rates continuously propped up. The centralization begets more centralization, begets a massive crash.
All fiat currencies have eventually reverted to their true value of zero. They always have, they always will going back to 1024 AD in China. The fundamentals are off the table due to the level of manipulation in the monetary system as well as in the markets, so we cannot put a date on the crash, but we know it has to happen eventually and we know people are struggling while the government continues to take their money, spend it on terrible things inefficiently and drive us to revere our chains all the more in apathy to this massive centralized collective.
The pension shortfall is said to be around 400 trillion dollars world wide by the year 2050. The BIS recently claimed Canada is one of three economies most at risk of a banking crisis. Household debt recently hit 1.8 trillion dollars. This is no joke and precautions must be taken.
It comes down to self sustainability. Independence. Decentralization. It comes down to free individuals educating themselves and learning to be financially responsible rather than dependent on banks and government. It's all about due diligence and looking to oneself rather than a giant collective entity which benefits from the debt of the populace.