CANADA IS DOOMED: Three Signs That The Country Up North Is Screwed Beyond All Recognition
June 17, 2013
You might be under the impression that everything is going pretty well in Canada, which had no banking collapse and only a mild recession in 2008-9.
You would be wrong.
The country is beset by political corruption scandals of the sort that people focus on when the economy is good. But it also has a massive ongoing housing bubble, and its economy is being propped up by a global commodities boom that now shows signs of slowing.
Let’s break down the three ominous signs.
First, the scandals:
Montreal Mayor Michael Applebaum got arrested this morning, charged with 14 counts including fraud and conspiracy. Applebaum was appointed to replace Gérald Tremblay, who resigned last year after getting caught up in a separate corruption scandal involving kickbacks from construction firms with alleged mafia links.