Something Strange is Happening with Canada's economy

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#Canada #Crisis #Economy

[@visualeconomiken]

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[@JP-zh6ss]

This video is ridiculous. Canada is overall one of the most indebted nation on earth, that's what feeds the economy, productivity is low, major crisis avoided only by piling on even more debt. Only a matter of time before this house of cards comes tumbling down.

[@franganr.e.searthra-macleo9214]

Well pointed man, I'm not Canadian but I do have mates who live and work there yet they just wish one thing is to go home (Scotland). For the first time in Canadian history more and more Canadians move abroad and less and less foreigners move in. Things apart, as a Scottish citizen, I also find that ridiculous that neither Visualpolitik nor visualecinomik did a video about Irish unity, Scottish independence and generally, British politics. In a nutshell, they trash Germany, Korea, middle eastern countries but not once they report about self determination. I start thinking that this channel isn't that independent, in fact, it is co-dependent on contents

[@jquest3329]

Yeah the video doesn't address the consequences of the oligopoly. It's difficult for entrepreneurs/SMEs to get loans (many ambitious Canadians who move to the US would tell you "I couldn't have pulled this off if I stayed home" because they couldn't find Canadian financing).

[@CouragesPusykat]

Canada had an economic crisis in the 80s caused by "Stop and Go" monetary policy in the 70s, under Pierre Trudeau and the BoC. Same thing has happened recently during the pandemic to quell unemployment and a stagnating economy. I don't know if Canada will have another economic crisis; as I've broken my crystal ball many moons ago, but we are certainly in the same position we were in at the beginning of the last economic crisis. Maybe this time will be different because (and I hope) they've learned from their previous mistakes, alas books about economic crisis have been titled "This Time its Different".

[@freddytang2128]

As a Canadian I don’t know if I should be amused or a little insulted when foreigners pretend we’re a fantasy land without severe economic problems. Our per capita gdp is going down 2% a year at this rate. Productivity is barely increasing. Only reason we’re not technically in recession is because of high immigration. Of course the economy get bigger if you add a million people a year

[@theracer6882]

Poilievre is coming

[@scottjohno.7335]

Sometimes we don't have to depend on government, we have to try and strive by ourselves to make things easier and better.

[@kevinfaith-oy5gh]

You're absolutely right, to be a successful in life required not only hard work but awareness and sometime opportunity at the moment, investment remains the best way to start.

[@johnsongeorge-tw4wu]

Problems coming everyday what we really need is to fine solution to all this.

[@michaelking4490]

yeah investment is the key to sustaining your financial longevity but venturing into any legit investment or business without a proper guidance of an expert can lead to great loss too.

[@elina6519]

Obviously talking about been successful, I know I am blessed if not I wouldn't have met someone who is as spectacular as Debra Barton

[@alonsohernandez-nb5xq]

I'm not here to converse for her but to testify just for what I'm sure of

[@adam872]

Similar story in Australia: a small number of banks, boring and highly regulated. There was some deregulation done in the 80's, which increased consumer choice, offered more products and also made it easier to borrow money. Very few of our banks have gone bust historically.

[@jquest3329]

You really gloss-over the impacts of the oligopoly. Essentially the "Big 5" banks all offer the exact same products (with a few occasional exceptions if they decide to focus on loans in a certain sector: they don't really compete, it's the same as Canada's telecom sector). A darker side of this (not economically, but socially) is de-banking; one can basically be "cancelled" in Canada because if one bank drops a client then all 5 follow suit. They all hide behind the excuse of "well ackshually we're private companies and technically it's not mandatory for a person to have a bank account" and there's no consumer protection laws for that.

[@MarceloNunesPOA]

There is one missing piece on this puzzle. Government of Canada gives A LOT of incentives for retirement accounts. IOW, if Canadians don’t have their savings in Retirement Accounts they pay a lot of extra taxes. So, Canadian banks can charge a significantly higher interest on these accounts, because it is still cheaper than giving this money to the government.

[@secnate]

How is that different from what the USA does? Don’t both 401k and RRSP plans both have similar tax incentives, for example?

[@tesac_182]

Meth or cocaine ? 😂

[@BillHimmel]

Great vid! These are the thought-provokers that make me love your channel!

[@curtisw0234]

What do you mean Canada has never had an economic crisis? Canada is always in crisis

[@Rainforestdelight]

“Canada never suffered during the Great Depression.” As a Canadian that is just insulting! Of course we suffered like the rest of the world at the time. I thought this channel would have better researchers and experts by now.

[@calebwilson4562]

No they definitely Do Not. It's not the first time either. They're biased and pushing a narrative they choose, not what it really is.

[@Guti3737]

Go through the transcript what you quoted was never said.

[@NeostormXLMAX]

This channel has always been loaded with propaganda, but only when they talk about yourself do people learn, its like REALLIFELORE talking about scotland

[@NeostormXLMAX]

For example this channel blatantly lies about things about china, russia or the global south, but you believed them, until they slipped up and talked about your country which you have experienced. To realise the once credible channel was alot of shit all along

[@jamesberry4514]

Things are about to change. Few countries are more poorly positioned from overspending, and dollar implosion than Canada.

[@petewilliamson2609]

Very, very interesting - thank you

[@user-cy5wn4xm2r]

thank you, VisualEconomik) very detailed and interesting videos. I would also love to see short videos explaining concepts like olygopoly separately. to educate your audience and attract less knowledgeable viewers. you explain everything in a clear way, so I'm sure that will work wonders.

[@iliketacos6067]

Thank you

[@scottastell9415]

Very interesting

[@franganr.e.searthra-macleo9214]

"god help England if she had no Scots to think for her" George Bernard Shaw, an Irish polemician, critic and playwright

[@thedrinkinggamemaker9749]

"Well I can't understand why you let someone else rule your land...cap in hand"

[@ArawnOfAnnwn]

Another Scottish independence referendum when? 🙃

[@franganr.e.searthra-macleo9214]

@@thedrinkinggamemaker9749 "bought and sold for English gold" Robert Burns, a Scottish writer

[@franganr.e.searthra-macleo9214]

@@ArawnOfAnnwn there won't be another referendum yet the option of a "de facto ref" through elections results is on the way. Begging for a section 30 order is useless, Wastemonster will keep declining it. Then the supreme court rejected the court of session call for an independence vote, which many in the international community declare it unlawful, someone like Robert MacCorquodale, a barrister and lawyer. That's the reason why the general elections are to happen latest. It'll be interesting

[@mktf5582]

OOOH looks like you are obsessed with south of Gretna eh,and Bernard Shaw obviously a world class BS LOL.

[@bonghead6621]

The GFC wasn't as severe here in Australia either.Our banking system sailed through also.

[@ArawnOfAnnwn]

Banking itself isn't a pillar of the Australian economy in the first place, as it isn't in Canada either. Both nations are basically resource economies, with everything else being a thin veneer on top of that.

[@Funktastico]

@@ArawnOfAnnwn True that. Without mining boom (thanks to China stimulus) , Australia would have had recession back then.

[@bonghead6621]

@@ArawnOfAnnwn Overly simplistic in the extreme.

[@djexpo6655]

Bank of China. But that too. I find banking in Australia and Canada similar.

[@schumanhuman]

Because house prices didn't correct much after 08, Canada, Australia and New Zealand will have amongst the worst crashes in the next GFC around 2026/7

[@LetsJamFunk]

Another puzzle piece in Canada (and, since several commenters mention it, Australia as well) is the strong pension fund system. Citizens are incentivised to put more than the bare minimum in pension funds, the pension funds are often tied to occupations (e.g. CDPQ and Ontario Teachers), and those funds actively invest in nation-building projects not only domestically but worldwide (e.g. infrastructure PPPs), which generate wealth in slow and steady ways.

[@jabberwockyiq]

As a Canadian living in Canada this is incorrect on so many levels

[@pjaworek6793]

Mind blowing stuff to look into, like shadow banking. Thanks

[@MyApps-uf1dz]

question to VisualEconomik: do you thing the prevalence of less-reliable banking systems, such as those of the US and other countries, will accelerate the transition from using money to a reason-based economy? you videos are great in terms of analysing how things are or were, but are not looking into the future or what will replace capitalism with all its side effects, such as environmental destruction, genocides and so on. I'd be curious if you've ever watched Zeitgeist: Moving Forward or Interrefections and would be willing to make some videos presenting Peter Joseph's philosophy

[@zeusvalentine3638]

I guess you haven't seen all the economic videos on Canada lately

[@aaronzwiebel202]

All the more reason to appreciate this one haha.

[@sunnygillstar8661]

Canada is broken buddy, what are you on? There are homeless tents everywhere, and regular people are all in huge debt. wages haven't kept up with the home prices and now the next generation is going belly up because they cant afford the cost of living.

[@annonygui5513]

Do you even understand English? This video is about the stability of Canadian banking sector.. nobody said Canada is a perfect country without issues. Learn to listen

[@MarceloNunesPOA]

Yes, we’re screwed. But ask the CEO of any of the Big Five (TD, CIBC, RBC, BMO or ScotiaBank) if they have anything to complain!

[@comptont23]

He’s talking about the banks, not the country, two different yet interconnected topics. I agree though, it’s hard to hear something positive when there is so much to be negative about.

[@freddytang2128]

@@annonygui5513it’s like a very unhealthy person saying “at least I haven’t had a heart attack or stroke yet”. Just because Canada haven’t bad a severe crisis yet, doesn’t mean all is good. Per capita gdp is going down, only reason we’re not technically in recession is because we add a million people a year

[@annonygui5513]

@@freddytang2128 read my comment above again.. where did I say Canada is immune from economic crises? The video was trying to say that Canadian banking sector is more stable compared to other developed countries. Banking sector is just one part of the economy, of course Canada can have a crisis. I think you need to learn to read and understand English

[@aseerih]

I like how you guys insist on using 1080p50 format across the pond.

[@sourabhmayekar3354]

Nice

[@robertewalt7789]

Even in the 1970’s, in NY State, the rule was a bank could only be in one county. In Chicago, the rule was only one office.

[@meferswift]

I read somewhere that people often forgot what makes something great or good

[@jerzyczajaszwajcer]

there is crysis cooking in canada and peeps have to resolve to tents ;)

[@Oneandbeast]

Stats lol, only thing that matters, not experience or feelings

[@john_doe_not_found]

Lots of folks in the comments are wrong. This video isn't about whether Canada has had crisis. Of course it has. The video is about the stability of the banking sector, and in that regard, it is correct. Canada has a very stable banking sector. Stable banking does not mean you do not have property inflation, unemployment, recessions and etc. It just means your banks are more likely than other banks to survive those troubled times.

[@comptont23]

Thank you 🙏🏻 people are just thinking; positive video + banks + Canada = does not compute, not as you correctly put looking at it as an assessment of our banking system. I’ve had family members consult for world governments with the ask always being “how do we make our banking system like Canada’s?”

[@freddytang2128]

At very least this is a clickbaity and highly misleading title for a video. Just say banking crisis instead of economic crisis then. It’s the content creator’s fault for conflating banking sector with the broader economy

[@margaretreefer1145]

Who cares if the banks have stability? Canadians deserve the same, we pay enough taxes and fees to the banks.

[@user__100]

Canada uses Newcomers to pay pensions of old Europeans through tax

[@margaretreefer1145]

Yes, somebody actually gets it! It's a Ponzi scheme. The pension age used to be 65 and now it's already 67. It's not just the pensions though, the government wastes so much money through globalist corruption ( for example financing the Ukraine's conflict with Russia and giving its refugees all kinds of perks when they get here) and useless government jobs. Our leaders are lazy and incompetent to say the least. They don't want to come up with innovative solutions to attract industry here, they just want to keep financially raping people. I wish I could give your comment a thousand likes.

[@seansalter1679]

Wrong, employers and employees fully fund Canada's pension plans. The federal government manages the plan . You're spreading a complete lie. Causing resentment towards older Canadian's by younger working Canadian's thinking their taxes are funding retired Canadian's pensions. You're also promoting racism, by stating your taxes are paying old Europeans pensions out of younger working Canadian's taxes. You're comments are bordering on hate speech.

[@kevinxiao4084]

Canada Bank vs US Bank is like a conservative boring old man vs a risk-taking young man.

[@egg174]

Canada: We're not the US! The US: We don't even think about you

[@o_o825]

Canadians would be orders of magnitude poorer without the world’s strongest economic and military power as their only neighbor. I buy Vermont maple syrup because of them. 😒

[@pollutingpenguin2146]

They are struggling like crazy now and have some bleak outlooks in the future as they basically stopped having kids 30 years ago

[@k123dev]

So did every western country, Canada still accepts immigrants though so the population is growing.

[@hieronymusbutts7349]

Canada has never had an economic crisis? Well, definitely time to unsubscribe, because that is one of the dumbest fucking things I've ever heard.

[@mswaffer]

Between credit unions, domestic and foreign banks, there are close to 300 different companies you could bank with. It's not such a small number.

[@Ynhockey]

Most of the things said about Canadian banks here can also be said about Israeli banks: they are ultra-conservative, very profitable, there are very few, and they weathered severe storms like the GFC with basically no damage. However, there is a downside to conservative banking: these banks compete on things like commissions and tiny differences in mortgage conditions. They don't compete on risky stuff like investment, or even if they do there are only a few banks to choose from. It's a good system for ordinary people, but not attractive for the wealthy international banking customers.

[@margaretreefer1145]

Israel is wrong this time. Not every Palestinian is a member of Hamas. Children do not deserve to be starved and bombed.

[@Ajibolaa]

Also, here in Canada, people know the banks makes so much money so they shamed the banks into increasing the interest rates that they pay on savings account. used to be 2% and increased to 4%

[@escomz]

It kind of sounds like Canada is having an economic crisis right now to be honest

[@zomgoose]

Tent Cities are popping up all over Canada. The economy is propped up on housing debt and now immigration. Healthcare is also declining. Canada is shaky right now.

[@j11smith]

You're maybe doing this using data from Canada? It's lagging data usually three months behind at least. It is also manipulated by the housing market gdp that is a propped up system built on need and greed

[@badluck5647]

Canada banking sector never has downs, because they never have ups. The US has outperformed Canada is both short and long term.

[@snackplissken8192]

It sounds like Canada has not treated its banks as a political tool the way politicians in America have gotten away with for over a century. It would be interesting to compare countries with relatively few and clear banking regulations and find out what the minimum rules are to ensure banking transparency and prevent fraud. I suspect many advanced countries have a large percentage of regulations that do more to help oligopolies maintain power than actually protect consumers. The more power banking regulators have, the more incentives banks have to plow money into lobbying for regulatory capture, after all.

[@sagmilling]

The Canadian banks were co-opted by the Canadian federal government to freeze accounts of people protesting against border restrictions. So yes, the banks of Canada are a political tool of the government to punish dissidents.

[@yutakago1736]

When you have financial sound policy, you will financially sound economy.

[@EncoreASMR]

What a poorly researched video

[@lucasglowacki4683]

A lot of Canadians still felt 2008, many retirement investments were tied to the US and global market. We also went on a reduced hours work share under employment insurance. We went to 6 hours a day..this was New Flyer bus contracts. When Chicago and Detroit went bankrupt they held back their bus orders🤷🏻‍♂️

[@MarceloNunesPOA]

I believe that is the missing point on this video. Canadian banks are doing very well but They used all our retirement savings to ensure banks don’t break.

[@mrlover4310]

This system can work in any country as long as the governments are not corrupt.

[@user-cario]

Hit 200k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with 7k in August 2023...

[@TouringTony]

Australia hasn't had a recession since 1992 So it's Oz not Canada that fits the headline of this video

[@sophiewanlin8612]

Once again, there's no such thing as the "Economic Nobel Prize". And saying that is very misleading. It doesn't exist. It's like the "Nobel Prize for Mathematics". It doesn't exist (but the Field Medal does). The price given each year, one month after the REAL Nobel Prizes, is the "Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel" or "The Economic Prize of the Swedish Bank". That's significantly less clickbait for the journalists and the public.

[@benvolman4976]

Well over 20 percent of the Canadian workforce works for the government with fat pensions and benefits. The remaining workers cannot pay enough tax to fund the government and pay all these ppl. Federal tax is now at 46 % of income on average. Personal indebtedness is second highest in the world. GDP per capital is amongst the lowest in G7. I could go on and on Canada is fkd

[@Seven.Heavenly.Sins.666]

Canada never suffers from an economic collapse because Canada doesn't have an economy to begin with.

[@k123dev]

This might be the stupidest thing on the internet. Do you even know what “an economy” is?

[@margaretreefer1145]

Our economy is a joke. We produce nothing of value. We have no real wealth. All people do here is create services for one another and charge ridiculous prices for them. We call it a service economy which is a total joke. It's just one set of people financially raping the other. The only wealth that comes into this country is from immigrants.

[@Elijah833]

this is a joke right😂😂😂

[@realitymatters8720]

No joke, just common use of language, they are saying immune to the worst effects of world economic crisis ! And the explanation is "regulation", not allowing neo liberal stupidity and greed to control to much of their economy !

[@dcseain]

Would it were.

[@zackfitz1033]

At this point I don't think it is, which only makes this worse

[@shocktnc]

So much of a joke that they are deleting the top comments

[@AdamEgret]

These guys'll say anything for a few clicks. Ask Canadians how it feels to be the most indebted citizens in the world.

[@MrTryAnotherOne]

No comparison to the EU?

[@jz12390]

It is right now..

[@Uneducatedopinion57]

Was the script AI generated?

[@davidlundquist]

It will probably come as a shock to most people who watch this video just how seriously destroyed Canada is right now this video really is out of date

[@k123dev]

Ah yes, I dodge the missile craters as I scrounge for food in the streets everyday… oh that’s right, Canada remains one of the most wealthy places to live on the planet. I visited 15 countries in the last year and spent the year prior living in Europe. If you think “Canada is destroyed”, you don’t have any understanding of the world at all.

[@davidlundquist]

@@k123dev yeah tell that to all the people living in tents

[@k123dev]

@@davidlundquist so if people are living in tents that means Canada is actually a war zone to you? This might be the stupidest bit of logic I've seen. Canada can be one of the wealthiest countries in the world and still have poverty. The claim that Canada is a great place to live does not equal "Canada is perfect in every single way". Are you saying there is no homeless problem in other countries?

[@davidlundquist]

@@k123dev when every small and large city and even rural areas have large tent encampments. 44,000 people in The Last 5 Years have died from drug overdoses. 1 and 10 people in Toronto now use the food bank. 2.5 million Canadians rely on the food bank. GDP per capita for the last 8 years has plunged every single year. 29% of Canadian mortgages are in Reverse amortization. Home ownership is now 12 times income. Average rentals are 1900 a month in small cities. 2500 a month in larger cities. Yes dude Canada is broken.

[@k123dev]

@@davidlundquist canada has fewer homeless as a percent of its population than Ireland, the US, Austria, the Netherlands, Israel, Germany, Sweden, Luxembourg, France, the UK, Australia, and New Zealand just to name a few. Poverty in Canada has fallen from 14.5% in 2015 to roughly 7.4% today. GDP per capita grew in 2017, 2018, 2021, 2022. At least make an attempt to get the facts right. You’ve gone from “how seriously destroyed Canada is” to “Canada is broken”. Canada has problems. Every country has problems. The problems were worse in the early 80’s and early 90’s. I’m not saying we don’t need to fix issues, but you’re hyperbole and parroting of politicians’ talking points is just silly. Get the facts straight and talk about actual policy and solution instead of just saying “everything is destroyed 😭”

[@WongFeiHung659]

As french Canadian, when I listen to La Bolduc music, I know this video is BS. Also, my parents told me a lot about financial crisis in the 70s.

[@gungan5822]

Canada is in an economic crisis. Wth are you smoking?

[@pepperonish]

Is it? How?

[@curtisw0234]

@@pepperonishtake a look at the TSX or GDP per capita graphs

[@comptont23]

TSX is not a reliable index to measure economic stability, most large Canadian companies operate on both US and Canadian stock exchanges. TSX is like Nasdaq it’s going to be volatile because of the companies in it, typically smaller, and in NASDAQ’s case more risky… as for GDP I don’t know where you’re seeing this shocking chart, but GDP per capita climbed 21% in 21, almost 5% in 22, and 23 numbers aren’t published yet but there’s evidence there was still growth just not by much, which happens regardless of macroeconomic trends, countries can fluctuate - at the end of the day, Canada absolutely has its fair share of problems, and challenges to face if we want to keep growing but it’s not nearly as bad as you’re making it out to be.

[@gungan5822]

@@comptont23 Who's using the TSX? Public sector employment share is the highest it has been since the 80's (the last crisis). There are places in this country where 1/3 people are government workers who produce no economic activity. Debt is out of control at 42.5% of gdp and forecasted to rise to 45% with the current incompetent government. That's something like 35% of the budget going to debt repayment alone. They're literally strangling us over here, while actively pushing high paying, high revenue industries out of business. I have already gotten my Canada-born kids their birthright passports back to my home country so they can leave Canada whenever the hell they want. PS. The growth you're quoting is just recovery from the pandemic to pre-pandemic levels.

[@AndrewNuttallWearsPants]

The claim that Canada is immune to economic chaos is wildly ignorant. We have the worst housing bubble in the world right now, homelessness is skyrocketing (in our icey cold climate), organized crime is off the charts, our national pension plan is on the verge of collapse, and our Prine Minister just passed a law requiring free tampons in all public men's washrooms.

[@k123dev]

The video doesn’t make that claim, the current housing bubble isn’t even the worst in Canadian history (early 80’s was worse), homeless is up slightly (poverty overall has roughly halved since 2012), organized crime is up from early 2000’s but still less than the 70’s through 90’s, pension plan is fine, and the thing you’re most concerned about is tampons? Spend less time on the internet, my man.

[@ionelcalinmicle6176]

Canadian economy isn't so good now, we have a recession and a housing crisis

[@innosam123]

Canada has never had an economic crisis because of sky high immigration 😂.

[@freddytang2128]

It’s like a cheat code for politicians. If you keep bringing in more and more people, you can brag that the economy is “growing”

[@joedyck5700]

Well, the Canadian Banks are going to do a Gigantic Belly Flop in the near future! A very substantial portion of their mortgages are the equivalent of "Subprime"! A large number of mortgages on huge amounts of debt are variable rate with a fixed payment that is less than the interest on the mortgage! Mortgages that are coming due are also facing Huge jumps in their payments due to the rise in interest rates. And only foreigners can afford houses, so either we keep letting in droves of wealthy foreigners or the housing market will collapse. Of course the CMHC (us the taxpayer) will be left holding the bag for the guaranteed mortgages. Wait until SHTF! Then all your bullshit will come home to roost!

[@MarceloNunesPOA]

I hope this video ages well… otherwise I’m scr&wed! 😅

[@DavidHalko]

Comparing the number of banks & number of bank failures between Canada 🇨🇦 and the US 🇺🇸 is silly, when there is an order of magnitude difference between the nations. Had you compared the percentages of bank failures between Canada 🇨🇦 & the US 🇺🇸- that would have been meaningful. Since the metrics were so skewed, I can not give you a thumbs up on this video. It should be redone with comparing percentages & then drawing conclusions.

[@appa609]

Canada is basically just poorer America.

[@jquest3329]

It's a poorer Australia (or like a resource-rich UK). Not as entrepreneurial or competitive as the US, but comfortably-dull because the resource wealth underpins everything (the most lucrative careers are in rent-seeking; people are concerned with administering and distributing economic output rather than growing it; the only growth comes from importing more settlers).

[@jjdtierney]

This video is out of touch with the current reality in Canada. The fact is that Canada has some of the most over leveraged banks in the developed world right now. Yes, Canada seemed to mostly dodge the worst of the 2008 subprime mortgage crises that crippled many economies around the world. But since then untill about last year or so the Bank of Canada artificially squashed down interest rates to near zero percent which had the effect of creating a massive housing bubble. This has become so severe now that the cost of a very average detached hone in the suburbia of Canada's top two cities easily surpasses six figure sums at sale. Meanwhile, the Canadian economy is becoming less and less productive as high rents and mortgages suck the oxgen out of the rest of the economy as people simply dont have money to start business or invest in improving existing enterprises with retooling or expansion. Indeed, people are so pinched that discretionary spending on non-essentails is way way down. Tragically, homeleasness has become normalised (which is awful anywhere, but particularly so in Canada where winter temperatures routinely drop below -20c. Hospitals are reporting steep rises in amputations due to frostbikte over the past two years incidentally). I personally think that all of this is coming to a head. Canada is failing and its the fault of its ventral bank, its greedy comercial banking oligarchy and its corrupt government. My only optimism is that things have gotten so bad that deep change are inevitably. Lets hope that these are for the better, because theres no reason Canada's citizens should live in poverty. This video would be much higher quality if it at least acknowledged the current state of Canadian economic mismanagemet.

[@arrjay2410]

I worked for a Canadian bank for about 15 years. I was always struck by the differences between Canadian and U.S. banks and how they did business. The U.S. banks always had a slightly 'out of control' feel

[@curtisw0234]

What do you mean by out of control?

[@rideausheep]

Our family have been in agriculture and business since 1800 and always have had a good steady growth because of these strong banks. So I can attest to what you are saying. Good report.

[@guedesri281]

Petrol

[@margaretreefer1145]

That's gas for us North Americans! King Trudeau doesn't believe in gas, he does not want to create jobs in western Canada and he wants to make sure that Canadians are all buying electric vehicles by 2030. He thinks he's saving the world in his own deluded little mind but in reality he is just creating more and more hardship for Canadians every day.

[@BlueBottle609]

Sometimes this channel just pushes out videos without research

[@ATW090]

hahaha, it is not recession proof. we are currently waiting for a delayed 2008 crisis plus the problems we created in since 2015

[@oliverclothesoff4142]

Canada will be in bad shape next time. The old finance minister died a few years ago. And the country is not run as good anymore and that’s an understatement and debt is through the roof. Canada is doomed ☕️

[@paranoidrodent]

As a Canadian, none of this is surprising. Our banking sector is notoriously conservative, staid and dull… which does indeed make it very stable. There’s basically 5 big banks (and one monster credit union in Quebec) and a small number of smaller ones, and the big 5 are pretty much everywhere in the country. A friend of mine worked at TD’s corporate headquarters and remembers how the brass there were actively proud of how cautious and conservative they were, especially after the banks weathered the 2008-2009 banking crisis so well (and I vaguely recall TD had the greatest exposure because of their American subsidiary… and even that was a blip). We in Canada felt that financial crisis due to the economic ripples from the US economic chaos but yeah, as usual our banks stayed boringly stable.

[@AST4EVER]

So how many times has the US paid for Canada's Default..?? *MANY*

[@k123dev]

Literally never… lol. The federal government of Canada has never defaulted in history…

[@YbotPoweredGaming]

I remember Canada’s conservative prime minister Stephen Harper complaining about all of Canada’s banking regulations in 2007 and saying we should be more like the US. Then in 2008 he was a champion of our banking regulations and said, rightfully so that they saved us from what happened in the US. I also remember the Canadian banks buying some US banks after the financial crisis too.

[@lenny5774]

don't believe the hype. it's just been staved off for awhile. and Prince Justin is trying his best to sink the ship.

[@amapparatistkwabena]

This is news to me….😵‍💫😵‍💫😵‍💫

[@cristianfamigliuolo]

Sorry guys 😂but destroying money is forbidden in Al the world's so how is that possible? Check this simple information and after that start to think at some other solutions and way to understand what really happened 😂😂

[@hieronymusbutts7349]

The average dollar bill minted by the Federal Reserve is in circulation for 1-2 years before being destroyed by the Federal Reserve.

[@imbarmstrong]

I see lots of people have fallen for the click bait title. The video isn't about the Canadian Economy, its about the Canadian Banking System...

[@FlamingBasketballClub]

Stop the 🧢😂

[@drewski-qu3co]

Its controversial, but the reason Canada survived 2008 so much better than other nation was that we had Stephen Harper as Prime Minister and Mark Carney as Governor of Bank of Canada. Stephen Harper has a Masters degree in economics, the results would been different under our current Prime Minister whos pre-political background was a substitute drama teacher.

[@Silver-Rays]

Actually we survived the 08 financial crash as well as we did in spite of Stephen Harper, not because of him. Harper was on record in the 1990s opposing much of Canada's bank regulations and wanting to adopt a much more loosely regulated system similar to the US. He also was in favour of allowing major bank mergers which were opposed by the Chretien/Martin Liberals and might have increased Canada's economic and financisl risk had one of the major Canadian banks actually failed. Harper ironically happened to benefit from the regulations he had previously opposed and then tried to take credit for the stability of Canada's banks despite the stability of our banks having nothing to do with him. Harper had some pretty hard right economic views (especially by Canadian standards) and was pretty anti-regulation for much of his career. He moderated a lot of his past positions probably because he realized he couldn't get into the PM's office if he actually complained on those ideas at the time.

[@Silver-Rays]

Spelling correction: *campaigned on those ideas at the time.

[@BrianG6891]

Canada is screwd. You’re so far off.

[@dtftoronto1402]

Where this Guy gather this information? Lol he dont know what happening in canada

[@XMG3]

canada is in a depression right now, trudeau destroyed the middle class, businesses are leaving canada like an exodus, do you even live here ? 😂

[@datigoturia1125]

Something about Canada without Indians, lesbians and gay flags? We must be talking about a different country.

[@margaretreefer1145]

I hate that they stole rainbows from children and my birth month. I was born in June and they want that whole month dedicated to Pride because I guess being gay is an accomplishment or something. 🙄

[@kattapp]

😂😂😂😂😂😂😂😅😅😅

[@Ram-eq4nd]

😂😂😂

[@timedone8502]

😂😂😂😂😂

[@userMB1]

As i understand it, this proves what socialists are saying for more than a century, namely that banks should primarily serve the public. That is their core function. That's why the Canadian banks are such a succes. The American banks and banks around the world also have banking opererations that are questionable whether they really have any real value at all for the real economy. Subprime mortgages that started the 2007 financial crisis comes to mind. Nobody understood those loan packages at all. I'm a dilettant at best in economy so take my opinion with a grain of salt but i've read numerous times from all kinds of economists that there are banking operations that don't really have any real value to the economy and public at all.

[@qake2021]

🤣🤣🤣 🥸🥸🥸✌️✌️✌️

[@KorialstraszD]

First!

[@guens01]

Fake news. 😂. This dude must have smoked something strong making this video.

[@therealbenjaminfranklin]

Is this video a joke?

[@moalnatee7809]

These guyz are a joke - stick to Comedy, even the quality of visualpolitick gone down

[@Ajibolaa]

Also, here in Canada, people know the banks makes so much money so they shamed the banks into increasing the interest rates that they pay on savings account. used to be 2% and increased to 4%

[@ikerdelpalacio5160]

First!