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Unread postPosted: January 4th, 2020, 1:19 pm 
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This worries me more about this country's future than our silly obsession with lowering our paltry 1.6% of global C02 emissions.

Household debt levels in Canada are the highest in the world, making the country more vulnerable to an economic shock, according to a new report.

The warning from the OECD came in a report on economic growth which highlighted concerns over the levels of household debt in both advanced and emerging economies.

Consumer debt tops 100% of GDP in Canada, while the level of debt expressed as a percentage of GDP stands at above 80% in both South Korea and the UK.

High levels of household debt prolonged the 2008 financial crisis, while the house-price bubble was a major contributing factor in the destabilization of the banking sector.

https://www.weforum.org/agenda/2017/12/ ... the-world/


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Unread postPosted: January 4th, 2020, 1:30 pm 
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Although it's not on this graph, South Korea is second to Canada in consumer debt.
Image


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Unread postPosted: January 4th, 2020, 1:34 pm 
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And it continues to rise.

Canadians' mountain of household debt is rising again

Household credit market debt to disposable income ticked up to 175.9 per cent in the three months ended September, according to data released Friday by Statistics Canada. That’s up from a revised 175.4 per cent in the previous quarter. Debt grew at an annualized pace of 1.2 per cent in the quarter, outstripping a 0.9 per cent gain in incomes.

https://business.financialpost.com/pers ... atio-rises


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Unread postPosted: January 4th, 2020, 1:38 pm 
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There is no future for the middle class in this country. The rich will continue to do well, and the government will throw some scraps to the really poor. But, if you work for a living in this country, you are screwed. If you can get out of this country, do it. In another fifteen years, progs will have decimated the middle class.

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Unread postPosted: January 4th, 2020, 2:28 pm 
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Fashionista wrote:
This worries me more about this country's future than our silly obsession with lowering our paltry 1.6% of global C02 emissions.

Household debt levels in Canada are the highest in the world, making the country more vulnerable to an economic shock, according to a new report.

The warning from the OECD came in a report on economic growth which highlighted concerns over the levels of household debt in both advanced and emerging economies.

Consumer debt tops 100% of GDP in Canada, while the level of debt expressed as a percentage of GDP stands at above 80% in both South Korea and the UK.

High levels of household debt prolonged the 2008 financial crisis, while the house-price bubble was a major contributing factor in the destabilization of the banking sector.

https://www.weforum.org/agenda/2017/12/ ... the-world/

While Canadian's debt levels are too high, this is somewhat skewed. In Canada, the US and the UK, consumer is overwhelmingly a mortgage. Koreans situation is much more serious as most of it is real consumer debt which has no tangible value.

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Unread postPosted: January 4th, 2020, 2:37 pm 
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seoulbro wrote:
Fashionista wrote:
This worries me more about this country's future than our silly obsession with lowering our paltry 1.6% of global C02 emissions.

Household debt levels in Canada are the highest in the world, making the country more vulnerable to an economic shock, according to a new report.

The warning from the OECD came in a report on economic growth which highlighted concerns over the levels of household debt in both advanced and emerging economies.

Consumer debt tops 100% of GDP in Canada, while the level of debt expressed as a percentage of GDP stands at above 80% in both South Korea and the UK.

High levels of household debt prolonged the 2008 financial crisis, while the house-price bubble was a major contributing factor in the destabilization of the banking sector.

https://www.weforum.org/agenda/2017/12/ ... the-world/

While Canadian's debt levels are too high, this is somewhat skewed. In Canada, the US and the UK, consumer is overwhelmingly a mortgage. Koreans situation is much more serious as most of it is real consumer debt which has no tangible value.

But, there's also a lot of credit card debt.


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Unread postPosted: January 4th, 2020, 2:52 pm 
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Fashionista wrote:
But, there's also a lot of credit card debt.

I am not denying that, as well as student debt and high interest vehicle debt. And don't get me wrong, the higher the debt levels of the population, the greater the risk of recession.

All I'm saying, is Korea's situation is worse because of the type of debt Koreans are carrying.

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Unread postPosted: January 4th, 2020, 3:14 pm 
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Seoul, look at this.

46% of Canadians $200 or less away from financial insolvency: poll

More than half of respondents say they're feeling the pinch of higher interest rates

The number of Canadians who are $200 or less away from financial insolvency at month-end has jumped to 46 per cent, up from 40 per cent in the previous quarter, as interest rates rise according to a new poll.

A survey conducted for insolvency firm MNP Ltd. in December also found that 31 per cent of Canadians say they don't make enough to cover their bills and debt payments, up seven per cent from the September poll.

The results released Monday also indicated that 51 per cent of respondents say they are feeling the pinch of interest rate increases, up from 45 per cent a quarter ago.

"Many have so little wiggle room that any increase in living costs or interest payments can tip them over the edge," said MNP's president Grant Bazian in a statement. "That's what we are seeing happen right now."

As well, 45 per cent of those surveyed say they will need to go further into debt to pay their living and family expenses.

https://www.cbc.ca/news/canada/calgary/ ... -1.4986586


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Unread postPosted: January 4th, 2020, 3:26 pm 
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^^It is very serious.

Unlike the US, which has lower consumer debt to GDP levels than Canada to begin with, we have a higher higher overall tax burden which pushes people closer to insolvency. And, on top of that we are making it harder for good jobs to be created which help lift people out of debt/poverty.

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A claim for equality of material position can be met only by a government with totalitarian powers. Friedrich August von Hayek


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Unread postPosted: January 4th, 2020, 5:09 pm 
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Fashionista wrote:
This worries me more about this country's future than our silly obsession with lowering our paltry 1.6% of global C02 emissions.

Household debt levels in Canada are the highest in the world, making the country more vulnerable to an economic shock, according to a new report.

The warning from the OECD came in a report on economic growth which highlighted concerns over the levels of household debt in both advanced and emerging economies.

Consumer debt tops 100% of GDP in Canada, while the level of debt expressed as a percentage of GDP stands at above 80% in both South Korea and the UK.

High levels of household debt prolonged the 2008 financial crisis, while the house-price bubble was a major contributing factor in the destabilization of the banking sector.

https://www.weforum.org/agenda/2017/12/ ... the-world/

Long term, Canada can expect lower growth because of higher taxes and anti resource development insanity. As good jobs continue to leave Canada for more pro development places in the world, people will try to maintain their living standards with debt.

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Unread postPosted: January 4th, 2020, 5:32 pm 
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Herman wrote:
Fashionista wrote:
This worries me more about this country's future than our silly obsession with lowering our paltry 1.6% of global C02 emissions.

Household debt levels in Canada are the highest in the world, making the country more vulnerable to an economic shock, according to a new report.

The warning from the OECD came in a report on economic growth which highlighted concerns over the levels of household debt in both advanced and emerging economies.

Consumer debt tops 100% of GDP in Canada, while the level of debt expressed as a percentage of GDP stands at above 80% in both South Korea and the UK.

High levels of household debt prolonged the 2008 financial crisis, while the house-price bubble was a major contributing factor in the destabilization of the banking sector.

https://www.weforum.org/agenda/2017/12/ ... the-world/

Long term, Canada can expect lower growth because of higher taxes and anti resource development insanity. As good jobs continue to leave Canada for more pro development places in the world, people will try to maintain their living standards with debt.

I wouldn't be surprised if that's what happens.


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