from The Daily Bell:
On thinning ice … Disappointing exports, stalled investment and fiscal austerity leave the overstretched consumer as Canada’s only hope for growth … WHEN the world financial system collapsed in 2007, triggering a global recession, Canada recovered faster than any of the other members of the G7 group of large developed countries. Its banks remained solid, while low interest rates encouraged consumers to borrow and spend. But five years on, consumers are showing signs of flagging. The economy is set to expand by a paltry 1.6% this year. So the authorities are casting around for another source of growth. The trouble is they cannot seem to find one. – Economist
Dominant Social Theme: Now it’s Canada’s turn to plunge into recession. This is not looking good. How did this happen?
Free-Market Analysis: So Canada, the bright light of Western industry along with Australia, is now showing signs of wavering. The Canadian miracle is growing long in the tooth.
We’ve already written about this but it occurs to us that the presentation of the impending collapse is being reported in the same way as all the Western economic collapses: with wide-eyed astonishment.
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