Tuesday, February 1, 2022

Canada's Total Debt as a Percentage of GDP is at 345% - On Par With Greece

 '...The Organization of the Petroleum Exporting Countries and Saudi Arabia couldn’t be happier to come to the rescue by flooding American and Canadian coastal ports with their supertankers filled with so-called ESG-compliant crude oil.

The second problem with the western world’s Build Back Better strategy is that it has until recently been funded by central bank money printing that is about to come to an end.

Rather than reduce the pace of spending, governments such as Trudeau’s continue to go all in on their agendas, making them incredibly susceptible to rapidly rising debt-servicing costs.

For some perspective, our debt situation is so bad that total credit as a percentage of gross domestic product is at a whopping 345 per cent, which puts us neck and neck with Greece.

"...The average U.S. household is nowhere as levered as Canadian ones and Trudeau is still spending as if there is no economic recovery while internal pressures within the Democrat party are restricting Biden’s pace of spending.

...Beyond owning more U.S. dollars, why not dip your toes into the Canadian oil and gas sector, which is generating record amounts of cash and getting paid in U.S. dollars while its costs are in Canadian dollars...."

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