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Canada: You Are Living A Massive Media Economic Lie |
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Written by Administrator
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Wednesday, 31 March 2010 21:33 |
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After an email conversation with Australian economist Steve Keen, I had the impression that he might be involved in this task force as well. He's got a good head on his shoulders. These are the questions he'll be pondering:
With the Bank of Canada's interest rate set at 0.25%, how is it that 1/3 of Canadians are
struggling financially? What happens when interest rates double, and the cost of debt does as well?
Studies suggest that Canadians are wildly overly optimistic about their financial picture.
Why Canadians feel that they'll retire comfortably but can't verbalize or explain how that will happen...
Well I can answer why they feel this way. The government, banks, media and associations in this country keep telling Canadians that they're fine. In fact they brag about how financially responsible Canadians are to people around the world.
But here is the reality. We've been living a lie. We've been listening to interested groups of people who of course benefit from our inaction. The truth is we have been anything but financially prudent.
This is what Don and Steve will find:
CREDIT CARD BALANCES - 1999-2010
Credit card balances are up 458% in 11 years.
Credit Card Balances - Canada - 1999-2010
More Here..
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Last Updated on Wednesday, 31 March 2010 21:33 |
