© Shannon Stapleton / Reuters
RT: Canada’s golden age is over
Canada has used up all of its gold reserves. For the first time since 1935 the country is out of gold.
The volume of gold reserves in Canada has declined steadily over the past 50 years. In the mid-1960s, Canada’s gold reserves exceeded 1,000 tons. By 1985, half had been sold. In 2015, the reserves were down to three tons and now the country has no gold left.
According to Finance Department data, Canada sold 41,106 ounces of gold coins in December and another 32,860 ounces of gold coins in January. The remaining 21,929 ounces were sold in February.
Read more ....
WNU Editor: And in its place the Canadian government is banking on this .... Ottawa headed for $150B in deficits over next 5 years: TD Bank forecast (Toronto Star).
Regular readers of this blog know that I have a friends in China who monitor economic/political trends, and over the years they have shared their info with me when it comes to Canada .... and I in turn share their information with you .... my readers (for those who may not know, I live in Canada) . A year ago these "experts" told me the following and which I posted in this blog .... the Canadian dollar would go down from $.92 to the U.S. dollar to around $.65 (it is around $.75 right now), there will be an NDP-socialist win in the oil rich province of Alberta (they were correct), and an NDP-socialist win in the federal election (they were wrong on the NDP win, but their assessment on why the Conservatives were going to lose was correct). Today .... when I read their executive summary on Canada for fiscal 2016 - 2017 .... they are predicting a deficit a deficit north of $200 billion (not $150 billion), a deficit that will be mostly structural, and a Canadian dollar near $.60.
Sighhh .... if this is correct ..... this is not going to end well for those of us who live in Canada .... especially since half the country are literally a few dollars away from not making ends meet .... 50% Of Canadians Say They Are Within $200/Month Of Being Unable To Pay Their Bills (Zero Hedge).
4 comments:
Editor,
It's like I said. The Grandkids are going to have to sort this $#'^ out. Chances are it won't be pretty.
The loss of gold has started before 1985.
The lowest ratio debt-on-GDP on G7 (good).
The highest household debt on G7 (not good).
Strange the curve of unemployment, what happen in 2008-2009?
I admit to not know well the situation of Canada. I remember that Canada has for many years attracted foreign investments (many medium-little enterprises) whit low taxation, low bureaucracy and high public founding for private (typical liberalist).
The rest what is?
Crude oil?
It seems that the money of the others is finished.
Young Communist,
Mining is a big industry in Canada and Canadian mining companies are big players globally. Believe it or not, we're also really good at making weapons, though admittedly, a good deal of this is done under the auspices of mainly U.S. branch plants. Canada was, thanks to the now defunct Auto and National policies, a decent producer of automobiles and parts. While that sector is still alive, it is not nearly what it was and a good deal of the work has moved away or is taken up by tier 2 or 3 manufacturers.
Once upon a time we had a decent textiles industry (Quebec), auto manufacturing (mainly Ontario), ship building (East coast), steel (Ontario and manitoba--still there but not what it was), and even aerospace. A Canadian could even buy televisions and washing machines made in the country.
But why make that stuff here when it can be made cheaper somewhere else?
And why make someone make it here when pushing through that "free trade" agreement, WTO membership, most favoured nation policy etc. is a pet pig of the rich for life reward for our "elected" leaders"?
But it's all OK YC, because one thing we're going to be really good at in Canada in a generation or two (maybe less) is hanging asswhoopin's on people who think the country is theirs to sell.
I hope everyday I'll live to see it.
Well they have Trudeau and socialized medicine.
I am continually told how great Canada is.
The Canadian currency is not a reserve currency so they can't get away with the complete shat that the American politicos get away with. So enjoy.
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