In addition to the oil price and Toronto Stock Exchange plunging from its high of 15700 points, now with the surprise rate cut by the Bank of Canada, the CAD dollar is taking a hit and along with that the Canadian Bond yields are going down too….Ouch.
The oil plunge will cause significant problems in western Canada, particularly Alberta which is now seeing huge layoffs in the oil fields and that will have ripple effects to be felt within 6 months.
In this Cambridge House lecture video Ned Goodman, one of Canada’s billionaires talks about how the U.S dollar is “backed by nothing” and the U.S dollar will lose its reserve currency status.
Nobody, wants U.S dollars today and we are heading into a stagflation then inflation period, and things are going to get ugly.
I’ve been watching the Canadian housing market for over the last decade now, and let me tell you have things been getting really frothy. In downtown Toronto, you can now get a one bedroom 700 square foot condo unit for $280,000 to $320,000. My wife and I decide earlier last month to walk our weekends in downtown Toronto to enjoy the scenery and restaurants and during those excursions I kept a mindful eye on all the condo construction and cranes that were all over.
Interac get your shit together!!!!
My wife went to receive money I sent her and guess what Interac Canada bank to bank money transfer not working…it’s down.
Interac bank to bank money transfer which allows you to send money by e-mail and then money from one Canadian bank account can be transferred to another Canadian bank account has been down now for almost 2 days.
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