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

“The FDIC is constantly looking at structures where we can get the greatest opportunity to tap into capital that we have not had the success reaching through previous disposition methods,” FDIC spokeswoman Michele Heller said in an e-mailed statement. “We welcome and work

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Content By: The Coming Depression Editorial Staff (dates cited below)
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obama clunker

“.. J.D. Power predicted the retail selling rate — sales through dealerships, as opposed to the less lucrative fleet business — dropped to 8.9 million light vehicles from 9.2 million in July. “The economy is the big cause,” said J.D. Power forecasting director Jeff Schuster.”

When I see so many vehicles on a dealership lot, of many different types, I often wonder who’s paying for all this inventory, surely not the owner, I have always thought the manufacturers sent the cars to them on consignment, to sell them if they can. Every so often I see trailer trucks off- loading cars when there are still hundreds on the lot yet to be sold.

Indeed, it would be nice if we actually made something. When was the last time you bought something made in USA. With the US devaluing their currency, Canada is following suit. We are making the same errors as were made in the great depression. Canadian banks hold US treasury bonds as debt. Since the bond is rapidly becoming junk we must dump the US bond at a huge financial cost to us. Money in our pockets won’t buy us very much when it is worth very little. It’s just paper that has value because they say it does and that’s it.

obama king

Hopefully Canada wises up and converts their currency into gold, precious metals and agriculture. They will need that to compete with the rest of the world as they will soon dump the paper dollar(it just makes sense). Canada has large surpluses of gold ore which could run short as the dollar prevents exploration being cost effective. Gold will probably go up to over 2000.00/ounce.

Keep an eye on how the Canadian dollar does in the world markets – it won’t be pretty. The sad thing about it their government is making huge mistakes for now. It is obvious the Bank of Canada is telling us the truth from what is out in the media. They will stop propping up paper currency as soon as the creditor nations stop. Keep your fingers crossed.

Auto sales rebound sputters Christine Tierney / The Detroit News

A recovery in auto sales in the past year seems to be losing steam, with forecasters expecting August sales to show a continuation of the uncertain trend seen since March.

Compared with last August, when the government’s cash for clunkers program fueled a spike in demand, monthly sales are likely to be down sharply.

But some forecasters believe the selling pace may have slowed even since July, when the seasonally adjusted annualized rate of sales totaled 11.54 million cars and light trucks.

August sales estimates range from as high as 11.8 million light vehicles to fewer than 11 million.

The selling pace for the first seven months of the year is 11.2 million light vehicles — on the low end of industry estimates.

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Some forecasters are now trimming their annual sales estimates amid growing concerns that the economic recovery is slowing.

Paul Taylor, an economist at the National Automobile Dealers Association, said the weak housing market is holding back the recovery in auto sales. Many people figure that if they were going to lose their jobs, they would have lost them by now, he said.

But homeowners aren’t confident that the housing market is recovering. “We need it to be solidly flat or up,” Taylor said. “That’s not happening.”

Related posts:

  1. New car sales slump after 'cash for clunkers' endsOriginal article at LATimes September auto sales drop 23% from a year earlier. GM’s plunge 45% and Chrysler’s fall 43%; Honda and Toyota also report double-digit slides. Kia and Hyundai...
  2. Automakers see worst sales in 30 years; will they ever recover?In a speech this month at the Los Angeles auto show, Robert A. Lutz, GM’s vice chairman for marketing, said, “The automobile industry simply can no longer rely on oil...
  3. Cash For Clunkers Program Was FailureBy Mira Oberman (AFP) CHICAGO — US auto sales plunged 22.7 percent in September after the end of the popular “Cash for Clunkers” program left cautious consumers with few reasons...
  4. September retail sales as slow as molassesRetail sales are an important economic indicator because consumer spending fuels a large part of first world economies. Inded, think of all persons and companies involved in the production, distribution...
  5. Canadian government admits recovery never happened“Not only did their stimulus fail to create the jobs of tomorrow, it also failed to protect the jobs of today,” Scott Brison, the opposition Liberal Party’s spokesman for finance...
  6. Thousands of auto dealership jobs on the chopping blockIt would really be surprising if this bailout does not place atop the list of all time poor public expenditure policies. There are just so many reasons the bail out...

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