Canadian banking haven myth exposed

Canadian banking haven myth exposed

"One of the reasons that Canadians (and international commentators, other finance ministers and global financial institutions) buy this Canadian banking fairy tale is the way the government accounts for the money borrowed to support the banks." The sorry spectacle of Conservat

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Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your loans, guys and gals, because we are going into a high interest rate period. Very high. It will be the equivalent of going into the double digit interest rates we had in the 80s where many people threw their house keys at the bank and we had record numbers of ba

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E-cigarettes save lives, money

E-cigarettes save lives, money

"We know that cigarettes have thousands of chemicals in them and we know that they are killing us. They have been for over a hundred years. So now, the e-cig industry comes along with only one or two chemicals in their mixture and people are freaking out over these as well. Whe

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US inches closer to big bank charges

US inches closer to big bank charges

Federal prosecutors are nearing criminal charges against some of the world’s biggest banks, according to lawyers briefed on the matter, a development that could produce the first guilty plea from a major bank in more than two decades. In doing so, prosecutors are confronting

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Canada’s home sales top predictions; why a real estate crash is inevitable

Canada’s home sales top predictions; why a real estate crash is inevitable

“The assurance of relatively low borrowing costs has likely given home buyers confidence while rising home values have kept new listings at a healthy level. Stable employment has provided some assurance to owners and buyers alike.” Our website is back after many months of

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Comparing today’s recession/depression to the 1980 recession

Comparing today's recession/depression to the 1980 recession

"Much like today, Americans were concerned not only with high unemployment but increasing budget deficits in the early 1980s. A September 1983 Gallup poll found that three-fourths of the public agreed that the federal government's budget deficit was a great threat (42%) or some

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Why savers are getting screwed

Why savers are getting screwed

"Without the intervention of economic policymakers, interest rates would be naturally higher. That would increase the cost of borrowing for businesses and consumers, but there would be some offsetting economic benefits. Savers are getting screwed by the current monetary policy

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Geithner admits USA bankrupt to US Senate

Geithner admits USA bankrupt to US Senate

"Never in our history has Congress failed to increase the debt limit when necessary. Failure to raise the limit would precipitate a default by the United States. Default would effectively impose a significant and long-lasting tax on all Americans and all American businesses

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World economies on verge of currency revaluations to deal with debt

World economies on verge of currency revaluations to deal with debt

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." -- Henry Ford Basically what the world central banks are doing is increasing their money by devaluin

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Is Obama the next Mugabe of Zimbabwe?

Is Obama the next Mugabe of Zimbabwe?

"America, Britain, Japan, Germany, France, Sweden, Holland, Norway, Canada and Australia make up the Fishmongers Group and their meeting on Tuesday will deliberate on the state of the inclusive government, debt relief, public finance administration and the controversial economi

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US raiding foreign countries with dollars, not soldiers

US raiding foreign countries with dollars, not soldiers

""The United States is going to China and saying: we want you to commit economic suicide, just like Japan did. We want you to follow the same thing: we want you to revalue your currency, we want you to squeeze your companies, we want you to go bankrupt,” says Michael Hudson,

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FDIC wants your retirement cash to save banks: Bloomberg

FDIC wants your retirement cash to save banks: Bloomberg

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alberta oil production

“According to Statistics Canada, Alberta experienced the largest job losses in the country.”

Alberta, for the longest time, was touted as the economic savior and engine, or `the land of milk and honey`of Canada because of its vast tar sand reserves which were being heavily exploited by the rising price of oil around the globe. The bad news is that for the past year and half, the gas price dropped more than half from the astronomical rise which it once was. Experts knew the speculative prices were not sustainable, but the general media touted it as if it would last forever. This led many thousands of Canadians to flock out West with the families in search of riches that were promised them. The sad reality is that sustainability never shows itself in the form of natural resource extraction. It shows itself in the steady and balanced economy of a country that has manufacturing, innovation, and resource processing. Indeed, manufacturing is a mere 13 per cent of the Canadian economy today compared to the ball park range of 50 per cent but 30 years ago. Many people, however, are finding that the illusions are wearing thin and the ugly face of reality creeps up on you.

Sometimes being a handyman may be useful because employers are always looking for someone with a good work ethic who is committed and involved. A large percentage of Albertans are independent contractors who are out of work and the number of unemployed workers is unknown because these people do not count in the statistics of EI. A place to start is tax revenue coming in. The federal government has already recognized a huge drop in taxpayments with these workers in Alberta and businesses. The provincial government is desperate. We are not in a recession, they`ve moved into a depression.

Alberta shedding jobs at fastest rate in Canada
Unemployment rate rises to 7.5% in October
BY MARIO TONEGUZZI, CALGARY HERALDNOVEMBER 7, 2009

he jobless numbers in Alberta were brutal for October. They were the worst in the country, indicating the vicious impact of this year’s recession is still lingering in the economy.

According to Statistics Canada, Alberta experienced the largest job losses in the country. The federal agency reported Friday that employment in Alberta decreased by 15,000 last month, pushing the unemployment rate up 0.4 percentage points to 7.5 per cent, up from 7.1 per cent in September and 3.7 per cent a year ago.

Since October 2008, Alberta’s employment has fallen by 3.3 per cent, or 68,000 jobs, the steepest rate of decline among all provinces.

Calgarian James Edwards, 45, is fully aware of the current employment picture. He’s been looking for work since being laid off in February. His background is in strategic human resource management.

“As part of a corporate re-organization, I got laid off,” said Edwards, who worked for a big IT services company for about 12 years. “I’ve been looking for work since then. It’s been very difficult.

“I’ve seen a few more roles advertised recently. I still have a very strong sense that organizations are being very conservative about what they’re doing with hiring. I think there’s still a lot of reluctance to move ahead and start especially hiring back into support-type functions like human resources. . . . Generally what I hear out on the street is that probably the early part of next year is really when it’s going to pick up again.”

Calgary’s unemployment rate remained stable in October at 6.9 per cent, the same as the previous month, but up from 3.9 per cent a year ago.

In his 2010 Calgary Economic Outlook, released in early October, Adam Legge, vice-president and chief economist with Calgary Economic Development, said further job losses are expected the rest of this year and into the first quarter of 2010, particularly in the natural gas and services side of the energy sector.

“Continued slow activity in the natural gas sector is expected to exact further employment impacts in the Calgary region, pushing the unemployment rate to eight per cent by (the) end of 2009,” said Legge. “Throughout the winter, with limited work on the natural gas side, the unemployment rate is expected to rise slightly above eight per cent before it begins to move back down to approximately 7.4 per cent by (the) end of 2010.”

Economist Dan Sumner, with ATB Financial in Calgary, said the professional, scientific and technical services category accounted for the majority of the province’s job losses “as business apparently felt the need to lay off lawyers, accountants, engineers, architects and the like.”

“October’s unemployment report was undoubtedly more negative than expected, particularly at the provincial level,” said Sumner. “Still, with economies generally showing signs of stabilization, it is possible that Alberta and Canada are nearing their unemployment peaks.”

Hector Goudreau, the province’s minister of employment and immigration, said there are other economic indicators that are pointing to a “steady economic recovery.”

He pointed out that Alberta’s unemployment rate is also the third lowest in the country, behind only Saskatchewan’s 5.3 per cent and Manitoba’s 5.8 per cent.

You can read the rest of this article at The Calgary herald.

Alberta jobless rate rises
CHQR Newsroom
11/6/2009

Employment in Alberta decreased by 15,000 in October, pushing the unemployment rate up 0.4 percentage points to 7.5 per cent.
Since October 2008, Alberta’s employment has fallen more than three per cent – the steepest rate of decline among all provinces. Nationally, the jobless rate rose to 8.6 per cent in October, a surprise to economists who expected a gain. If there was good news, it was a marginal increase in full-time employment -most job losses came in the part-time category.

Calgary Food Bank sees demand skyrocket
Michael Judson | Sunday, November 8th, 2009 4:16 pm

The Calgary Food Bank is in the grips of a crisis as they try and deal with the greatest increase in demand for food in its 27-year history.

Food Banks CEO James McAra says they saw a 40 per cent increase in demand this year.

McAra tells the Calgary Herald Calgarians received almost 125,000 emergency food hampers in the 12 months ending this September.

Food banks across the city have reported a steady increase of patrons in need, and with more and more jobs being lost, they expect demand to keep growing.

Related posts:

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  2. Canada's stalled economy 'a shocker'By Gordon Isfeld and John Morrissy, Financial Post Statistics Canada said Wednesday that gross domestic product was unchanged during the month, following growth of 0.1 per cent in June, the...
  3. Business bankruptcies 20 year low; What about consumers?Business bankruptcies in Canada fell in August to their lowest level since January 1987, while personal bankruptcies soared during the same period, according to the Office of the Superintendent of...
  4. U.S.-Canada Regional Economic and Energy IntegrationBy Dana Gabriel of Borderfire Report Trilateral initiatives, such as NAFTA and the Security and Prosperity Partnership (SPP) have further advanced North American integration.  It is also at a state and...
  5. The Economic Recovery That Isn'tBy Peter Schiff on Howestreet Excerpt For those market boosters who are prattling on about the possibility of a “jobless recovery,” I offer an invitation to join me for a...
  6. World unemployment highest ever: UN ReportThe United Nations says that nearly 212 million people were unemployed in 2009. That is 6.6 per cent of the global workforce. According to a new report the situation in...

This entry was posted on Saturday, November 7th, 2009 at 5:57 pm and is filed under North America. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Comments

  1. November 8, 2009 @ 12:24 am


    I think you could help the unemployed even more by letting people know how useless Harpers economic action plan is.

    Feel free to link to this website http://www.fakeactionplan.com and send the link to all your friends too. I send the link to the PM yesterday

    PS: While your there check out Rick Mercers Youtube video too. The link in on the right just scroll down a ways

    Yes, if everybody knew how useless the Action Plan is maybe something would be get done.

    Ted 999

    Posted by Ted 999 Website

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