Zero Hedge: "Canadians Should Be Concerned" As Energy Sector Job Losses Spike To 100,000 This Year
It's grim up north... and getting grimmer. Amid soaring suicide rates, Canada's once-booming oil patch is rapidly accelerating its downward trajectory. "Canadians should be concerned in times like these," warned Tim McMillan, president and chief executive of the Canadian Association of Petroleum Producers, noting that the oil and gas sector will see 100,000 job losses by the end of this year. Even if oil prices rise early and fast next year, Financial Post reports, it may take a while for Canadian oilsands to rebound as the industry has mothballed a number of long-term projects.
Over the past year, we have extensively chronicled the tragic story of Alberta - Canada's once booming oilpatch - disintegrate slowly at first, then very fast, into an economic and financial wasteland:
WNU Editor: I have many friends who work in Alberta's oil patch .... and they are all telling me the same thing. Hard times are now. In my own case .... I live in the province of Quebec .... and everyone that I know who has a business here are all telling me the same thing .... they are (at best) breaking even. With more Federal and Provincial taxes on the way .... many are not sure on how they will survive. My prediction .... I have seen this all before in Russia when the Soviet Union broke apart .... too much personal and corporate debt coupled with governments wanting to take more has always ended badly .... and in the case of Canada .... I give it one to two years .... doubly so if the U.S. starts to raise interest rates 2016, and Canada then follows to protect its own collapsing dollar.
9 comments:
WNU Editor,
The Global Recession never ended. Cheap money covered up the liquidity crisis, and that, coupled with austerity, allowed a limited Wall Street recovery,
But Main Street never recovered, and China and Russia have been dragged down too.
It's not just oil and gas, it's copper, lead, zinc, steel, coal , timber, pulp, beef, pork, chicken, wheat, oats, barley,.......
U.S. growth has been revised downwards to 2%, again, and if you pull Financials and Securities out of the equation, it's another 4% contraction of the "real" economy.
but, but free trade was supposed to end all this. "Lift all boats" they said.
And the Canadian Government DID lower taxes. For the rich; over the last 2.5 decades corporate taxes have dropped, labour laws were changed to bring "efficiency, flexibility and competition" to the "set the market free". Meanwhile wages, benefits and working conditions made little to no improvement, and in a good many cases went lower. Government services were cut and people borrowed to make up thr difference. Oh I know, they all "lived beyond their means" while banks were given a license to print money and industries such as mining and manufacturing were fed troughs full.
It's all a bunch of BS.
A whole economic system run on theft, coersion, extortion, and bankrupt (literally) ideology.
Something new is needed.
RRH,
It started off as a policy of "mining the poor" in the mid '70's.
The poor were done for by the mid '90's, so it became a policy of "mining the middle class", who are almost done for.
The key to survival in such an economy, is to "eat the Rich", after all, they are low fat, fed on organic and are generally healthier than other meats. They also taste like pork, so the "blandness" of the meat is very versatile. Cold smoked, they are delicious, more Louisiana sauce, ( vinigar) than Chicago sauce, ( sugar).
: )
hmmmmmmmm, suddenly, I'm quite hungry.
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"The poor were done for by the mid '90's, so it became a policy of "mining the middle class", who are almost done for."
but heh, at least they aren't "Victims of Communism"!
High debt levels and high taxes there can only be one outcome, I dont know how bad it will get but I don't have much confidence this will be handled well.
There are a multiplicity of reasons why Western economies are sinking and Canada is NO exception. We have a false economy manipulated by the elites. How can Canada lose 36,000 permanent jobs in a month and it's stock market still seems to rise, not drop by 1000+ points???? A lot of rigging taking place. Bad demographics, coupled with social welfare costs will be the demise of many Western nations. Eh Voila, you get socialist/communist politicians that don't have the panacea but they sound so good. It's good to hurt when the TRUTH finally comes out. Merry Christmas to all.
The DJIA might have a down year when it closes at the end of December.
I don't think Obummer can cover it up.
Zero Hedge had graphs that showed every time the Fed flooded money into the economy the stock market went up in tandem. The stock market did not reflect real growth, but look on the bright side. Obozo got another 4 years.
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