2008 - The Great Depression

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I believe that the depression in Canada will be felt next fall.
There's a kind of lag between US and Canada.
 
Maybe I should move to canada till then, eh? Might save some money.

First my stocks began to hurt, then my savings account began to hurt, and then my checking account began to hurt! Now my head hurts :(
 
Canada will be dragged down a bit as a result of other economies, however your fundamentals are better than most. Your government did not allow the purchase of a home without either substantial money down or insurance on the loans, therefore you are unlikely to see the large volumes of bad mortgages. Your banks also stayed rather clear of purchasing bundled blocks of mortgage debt (CDOs) and credit default swaps. You have true production and export in energy and metals instead of a 70% portion of your gross domestic product being consumer spending like in the US. The massive change you have seen in the exchange rate to the dollar (Sept 26 $103.00-Oct 26th $127.00) is artificial. The US dollar and the Japanese Yen are going up as both Countries are repatriating their currency from emerging economy investments. The dollar is also being supported by flight to safety to US treasuries, and the Yen is unwinding the Yen carry trade on interest rates.

All said you will be affected by all this but your country has some of the best fundamentals to be found in the world right now.

I would be interested in hearing about what you and your neighbors are seeing as residents.
 
I'm from Canada, and haven't noticed much effect yet except the price of gas. It went back down a bit when oil went down recently, but not enough. It's still almost 1.20 a litre.
But for some reason I don't understand, our dollar is going way down in value compared to the American dollar. It must be getting manipulated. Perhaps the powers that be don't want us to buy american things.
Interest rates went down as well, but the local banks didn't lower their interest rates as much, so they must be anticipating some financial strain.
BC got a bit of an income tax reduction.. Although a 'carbon' tax was put on gasoline.
 
$1.20 a liter... lets see thats $4.54/gal CAN, so thats $3.55 USD/gal. wow. It's $2.65/gal here now. You're still paying more than us.
 
I think it's $2.27 a gallon by my house, probably 2.19 USD/gal by my friend's place (always cheaper there!).


It's interesting to see these fuel prices just drop like rocks. I wonder...
 
Food for thought, it is only big money boys that trade in oil due to the large dollar contract sizes. The continued drop in oil even after OPEC announced production cuts of 1.5 million barrels a day is a reflection of just how bad global economies, hence demand is expected to get in their opinion.

OPEC as a whole cannot cut production by this much, but that is another story.
 
Europe and Japan pay through the nose for gas but their vehicles get eighty miles to the gallon. That's a governmental mandate there. We'll drive gas hogs till we the people MAKE the same mandate about fuel efficiancy. That's also why are vehicles don't sell to well anymore. Detroit is sleeping through this one.
 
80mpg! Now why in hell don't they sell those here?
Oh nevermind, I just remembered the north american rule: Its all about the benjamins.
 
I'll take survivability over mileage any day. There are many video examples of just this type of test results.

http://uk.youtube.com/watch?v=4Swzbt76wBM

I could not find the video of the 4 door sedan that crumbled to the rear wheels at 36 mph.

Careful what you wish for.
 
I'll take mileage and just not ride in the crash tests. Well, mileage and a couple air bags. I'd be fine with that.
 
Many of these videos show the token air bags deploying.

This was the video I was looking for.

Body bags should be standard equipment.

http://www.videos.es/reproductor/chinacrashtest-(BOFIt9iw1Fs

Body bags and a mop.
 
It's a minor point. Well taken. Safety is a big factor. It does get me to the claim sites. And to the yard sales for metal scraping. I'll ride out this economic down side and have precious metals when it's all over. How about all of you? Get the lead out...ooopppsss, I mean get the precious metals.
 
This is primarily for Noxx and OMG and my earlier reply to them in this thread about Canada’s fundamentals. Enjoy it guys! Your country has been more fiscally responsible than most and you are rich in natural resources.

Oz


Canadian Dollar Gains the Most Since at Least 1971 on Oil, Gold

Oct. 29 (Bloomberg) -- The Canadian dollar gained the most in at least 37 years as its U.S. counterpart weakened versus most of the world's major currencies and commodities including oil, natural gas, copper and gold increased.
Canada's dollar rose the most since at least 1971, when Bloomberg records begin. It has strengthened 4.1 percent since Oct. 24, after declining during four straight weeks. Crude oil accounts for 21 percent of the weighting in the Bank of Canada Commodity Price Index, the largest component.
``There is a glimmer of hope now that the doom and gloom reflected in investor flows was overdone,'' said Samarjit Shankar, director of global strategy for the foreign-exchange group in Boston at Bank of New York Mellon. ``Investors are getting back into assets and currencies, like Canada's, that were strongly sold off recently.''
The Canadian dollar increased as much as 5 percent to C$1.2126 per U.S. dollar, from C$1.2732 yesterday. The currency traded at C$1.2205 at 3:20 p.m. in Toronto. One Canadian dollar buys 81.98 U.S. cents.
Crude oil for December delivery gained as much as $6.18, or 9.9 percent, to $68.91 a barrel. It reached a record $147.27 on July 11.
`Rebounding a Bit'
``The sight of oil prices rebounding a bit is giving the Canadian dollar a little bit of attraction,'' said Shaun Osborne, chief currency strategist at TD Securities Inc. in Toronto. ``The U.S. dollar is also looking a little bit weaker overall, and we expect to see some volatility here over the next day or two.''
Gold increased $13.50, or 1.8 percent, to $754 an ounce. Natural gas rose 5.6 percent while copper gained 12 percent. Wheat futures for December delivery rose 60 cents, or 12 percent, to $5.74 a bushel.
The loonie, as Canada's currency is known because of the aquatic bird on the one-dollar coin, strengthened against 15 of the 16 most-actively traded currencies today.
 

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