Money can be printed forever!:
A Canadian-funded cellphone company in Kenya lost more than $25 million last year, according to new corporate filings. Taxpayers have not seen a penny in dividends though the firm had paid CEO Jesse Moore of Toronto a six-figure salary equal to $397,000 with stock options valued at $633,000: “Did any cabinet member approve?”
Oh, that's what they all say!:
A former governor of the Bank of Canada is bracing for the inflationary trends that central bankers are wrestling with around the world to last a little longer than some people might think.
"The word transitory sounds really short to people," said Stephen Poloz, who served as the central bank's governor from 2013 until 2020, in an interview Thursday.
"I think the big things that are affecting the view right now will take probably into next spring, say the next six to 12 months for them to work their way out."
Poloz indicated he is still of the view that current forces that pushed Canada's inflation rate in September to the highest level since 2013 will ultimately prove to be transitory.
Canada must end the “race to the bottom” on corporate tax cuts, Finance Minister Chrystia Freeland yesterday told reporters. The Liberal Party has proposed $4.2 billion a year in new taxes mainly on corporations: “Everyone else had to tighten their belt.”
Be prepared to decide between heating one's home and buying food:
Actual checkout prices on select foods at the grocery store far exceed the overall inflation rate, Statistics Canada said yesterday. Average yearly retail price increases for meats, produce and dairy items run as high as twenty to thirty percent in some provinces: “This affects Canadians’ pocketbooks.”
Don't be ridiculous. Canadians would get killed off putting on the overalls:
Everyone’s talking about South Korea’s massive consumer debt crisis. The topic, normally relegated to more niche economic and political circles, is suddenly a pop culture lightning rod thanks to Netflix’s mega hit Squid Game. For weeks, the South Korean horror series has been the most popular show in more than 90 countries and it’s set to be the most-viewed series in Netflix history.
Here’s what people aren’t talking about, though: Canada’s consumer debt crisis is much worse than South Korea’s by just about every measure. Moreover, we’re still in such high-level denial about it that, unlike in South Korea, our politicians and banks aren’t even trying to curb rising debt levels. Rather, many are doing the exact opposite. ...
And here’s where we differ. Many South Koreans know their nation has a crippling debt problem and are mad as hell about it while most Canadians are still blissfully and wilfully blind to ours. A Canadian version of Squid Game would never get made because it would be considered too outlandish, too depressing.
Yet here are the hard numbers. South Korea’s household debt is the highest in Asia at approximately $1.8 trillion CAD, which is about 104 per cent of its GDP. Canada’s household debt is approximately $2.5 trillion or over 110 per cent of our GDP. This is despite the fact we have a much smaller population than South Korea, which counts 51.78 million people. At just 38.01 million people in Canada, that’s a lot more debt per person.
There’s an effort in South Korea to clamp down on illegal private lenders and loan sharks who charge exorbitant interest rates. There, the maximum legal lending rate is 20 per cent, recently cut down from 24 per cent. In Canada, the maximum legal lending rate is a staggering 60 per cent, with many payday lenders and even big banks engaging in lending practices that would be considered loan sharking not just in South Korea, but in places like Australia, which caps lending rates at 48 per cent.
In fact, Canada’s payday lenders often legally charge more than 60 per cent interest thanks to a 2007 amendment that allows an exception if provinces bring in their own regulations for the industry.
It's no wonder that the electoral choices in this country have changed very little since 2015.
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