Commodities and Resource

How China’s Problems Affect Canada10 min read

Comments (64)
  1. Brian D'Aoust says:

    Most Western Countries are living beyond their means….its the inevitable result of fiat currency, human nature, and corporate influence on the “democratic” process of decision making.

    1. Oslo says:

      its clear that the whole world is living in a credit bubble. spending is only the result of cheap credit

  2. Pro American says:

    Canada is not better than America but I have to admit your financial system is better. I live in America, and its amazing to see the lives we are living. Its very sad to see such high obesity rates and unemployment.

    but it sounds like Canada is well on its way to a downward fall

  3. Daniel says:

    Canada is better than America.

    Americans are all fat and uneducated. Their greed and banking system has already caused the collapse of many nations around the world.

    1. Derrick says:

      Every one is reading this piece all wrong. There is nothing in here that says Canada is better than America or vice versa.

      It simply says that Maclean’s published an article that gives us many reasons why Canada is better. I am sure there are many reasons why America is better as well.

      This piece was simply something to help Canadians open our eyes to the problems that lie ahead and to protect ourselves by paying off our debt because the economic outlook isn’t pretty.

      Many Canadians live as if nothing could ever go wrong. We need to open our eyes.

  4. Webgogs says:

    We are beginning to see what investing in ETF’s has done. If investors put their money in the underlying companies (etc) they are directly supporting that industry. When the money goes to an ETF the industry loses that support. Mining is just one example.

    Next, many investors have no idea what the impact of algo trading does to ETF’s. The three hedge fund managers on BNN skirted that issue this week but acknowledged the severity of the impact. They agreed that Canada is not telling the truth about our prospects and one manager is short REITs with Canadian properties while more bullish on Cad holding USA properties. In my opinion they were largely correct.

    Our government did what others did by injecting cash. The problem is that the shovel ready projects were a farce. The only ones shoveling cash were banks and oil companies. Very little actually hit the streets. Prince George, BC is an example. They are doubling the highway. 25 people are working and 30 pieces of machinery are on site. Guess where the money is going! Parked machinery. The jobs initiative is reminiscent of the BC NDP days. It’s a farce and we are being lied to.

    We gave 200 mining jobs away to China and a court challenge was defeated. The way Canadian were kept out is by language. The Chinese company was allowed to require Mandarin be spoke! Does this stink? Ya, I bet there was an aweful smell wafting out of that court room. Corruption is alive and well here. The government here aided in that. They also plan to do it again.

    The IT sector is not the only farce. Canada is bleeding jobs like crazy. We are selling out wholesale. Industries, jobs, taxes you name it. Makes you wonder what the hell is going on? As long as Canadians refuse to stand up for themselves this is just going to get a whole lot worse.

    1. timothy says:

      Canada is bleeding to US firms because we cant compete with our laws and taxes. Walmart, target are all taking over. even the BAY is now american owned.

    2. Kelly says:

      Very nice, webgogs

  5. NORMAND says:

    les titres d or abx. g. slw. etc est ce un bon endroit comment investissement ?

  6. Nelson says:

    Ivan, your comments are all interesting and useful, but the ones related to ETFs need a “however” added to them, and that is as follows. Whereas the value of the assets underlying ETFs is possible to assess, however muich iut is in decline, the value of the assets underlying the mortgage-backed securities in 2008 was impossible to assess. In nay cases, the value was zero.

    1. admin says:

      Nelson, you make a valid point. To that, I must ask, “What happens if physical delivery of asset-backed ETFs was mandatory?”

      Does the SPDR GLD, for example, actually have the amount of gold it claims it has available for trade?

  7. Stu says:

    Great article — gives one food for much thought. Current government and personal debt levels are simply unsustainable. But I might add, after an initial collapse of ALL markets I would speculate that the price of gold and silver would skyrocket upwards. After all, gold has no debt attached to it and is the only real worldwide currency.

    I look forward to your article next week on Canada’s over-inflated bubble called the housing market.

  8. John says:

    The only reason Canada’s banks did not collapse as some of their american counterparts was the policy of then minister of finance Paul Martin who did not let canadian baks merge with larger international institutions or between themselves. By doing so, he prevented risky and irresponsible management from entering the canadian banking system… if the bankers (reined in by Martin) would have had it their way, no doubt the financial demise in Canada would have been equal or greater (proportionaly) than in the US. It took a man of experience, wisdom and with balls in his pants to oppose big banks and their apocalyptic plans. Thank you Paul Martin ! As for our consumer habits, they are no different from the US, sooner or later, the housing and credit bubbles will burst here too

  9. mike says:

    So long as the Cdn Gov. is allowed to expand like Europe we will end up like Europe and it’s irreversible. You cannot steal from productive citizens and redistribute to non productive indefinitely. There’s got to be responsibility and accountability. Politicians have gone wild in search of votes to keep their jobs and fattening their wallets.

  10. Cathy says:

    Canada is being forced by Obama to bow to China instead of being like a god neighbor Obama rides on Warrens Oil Train and blames big oil. Seems that Big oil pays more in taxes than they make in profits. Warrens secretary has a tax problem or Warren said she paid to much which was a problem. He is the master of accounting and he brings big oil Companies there product at 10$ a barrel more . Plus makes the train oil tankers and big oil pays the taxes. go figure why there is no pipeline but wait for a train derail that will be who’s fault? Not Canada they are a god neighbor.

  11. noIMspartacus says:

    While all this “analyzing” of ETFs, CDSs, CDOs GDPs and “QEs” is all well and good – and often very revealing and fascinating – it is for the most part navel gazing, if not down right redundant.

    If anyone was paying any REAL attention since the late 50’s – and you didn’t need to be a “financial expert” or “academic” – it was, and is even more so today – painfully obvious that decisions AND CHOICES were made on how post war “development” and human economic activity and “progress” was to proceed.

    Regrettably, many of those that found themselves in charge of the means for all that development, also found all that power intoxicating – especially as they realized after they successfully diffused the brief revolt of the post war generation – that by “doping up” and “dumbing down” the restless sheeple, they were easily herded and made “comfortably numb” by the late 70’s.

    This then made it oh so easy to fleece the herds and opened the floodgates of deregulation of the “free market forces” which was really nothing more than devious schemes – or rather scams – to plunder the public wealth and assets in the 80’s.

    And yet despite all the various “crisis” around the world – starting with the first “oil crisis” in the mid 70’s and probably the biggest scam of all, the “petro dollar” – to the more recent “boom and busts” and criminal insanity of 2007/8, here we still are, picking lint out of our navels. Oh yes, and I wonder how many banksters, political lackeys, “experts”/pundits and presstitutes will say they didn’t see the next “crisis” coming… again…

    Oh, and by the way, it may also be wise for all those oil and mining “experts” – and the rest of us – to bloody well realize that Mother Nature does NOT do ‘bail outs’ and “QE”…

  12. who do you include when you say that the “average Canadian” owes $38,619,?

    1. James says:

      Anyone who pays taxes I assume.

  13. ManAboutDallas says:

    America has sadly devolved into a nation of ignorant, illiterate savages, consumed – just as was ancient Rome – by little more than an endless desire for “bread and circuses” (Juvenal). This will all end badly, of course, when the US$ begins its final collapse, and the repercussions of that will trigger the Second American Civil War. Unlike the first American Civil War, though, there will be no reunification, so you kind folks there in Canada better start preparing to either welcome an enormous stream of American refugees or start building a really stout fence along the Parallel, complete with attack dogs and machine gun towers, and don’t be afraid to use either, or both.

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