Josh Sigurdson talks with author and economic analyst John Sneisen about the massive debt bubble facing down Canadians across the board as credit quality continues to diminish and loans get crazier and crazier. The banks are feeling the results of this credit problem. Banks are already heavily insolvent considering their cash to deposit ratio is enormously low to begin with, but now on top of this earnings are taking a hit due to loan losses. The dependency on debt in Canada and basically everywhere else in the world is contributing to the massive “everything bubble”. Debt leads to dependency, dependency leads to servitude. It’s quite simple. The banks and governments of the world are pushing people into this realm of complacency to be more easily controlled and the populace must learn how to understand money, be independent and responsible. All fiat currencies throughout history have crashed and this time will not be any different. So as we approach the inevitable, individuals taking action and ensuring their own financial stability going forward is a must!
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