Josh Sigurdson talks with author and economic analyst John Sneisen about the most recent news in Canadian debt.
Recently, Canadian budget watchdogs announced that the Liberal Party is unable to account for $2.5 billion.
$8 billion was supposed to be allocated to new infrastructure spending in the next 12 months. But parliamentary budget officer Jean-Denis Frechette says documents only show $5.5 billion.
This has led to a lot of speculation but no clear answers. This isn’t the first time this has happened. A little pocket money? We may never find out.
But this all happens as the Canadian deficit reaches catastrophic levels.
The Public Budget Office came out with numbers showing that this year there’s a projected deficit of $22.1 billion. That’s $4 billion more than the $18.1 billion deficit previously projected by the government.
The Bank For International Settlements recently warned that Canada along with two other economies (China and Hong Kong) are the most at risk in the world of a banking crisis.
Household debt reached $1.8 trillion recently.
Taxes are rising at an enormous rate as debt drags Canadians down. The crash will come. All fiat currency eventually reverts to its true value of zero. It always has, it always will going back to 1024 AD in China.
This is not sustainable. Whether we blame Trudeau who can hardly tie his own shoes or not, this is rooted in a far greater problem of centralization. The central planning of society makes a dependent populace of debt. Decentralization and self sustainability is key to breaking free from this massive global complex that’s working every day towards implementing an eventual cashless society through the SDR at the IMF. The story gets more and more dangerous the more one digs into it.
We will continue to cover this as it continues to elapse.