Saturday, March 9, 2013

Economic Forecast: Canada To See Years Of Stagnation, BMO Report Predicts

Deeply, dangerously indebted “consumers” (aka Canadian citizens) at a 156% debt to income ratio aggressively imposed upon us by banksters motivated by bottom line greed, an overpriced (by at least 10%) declining housing market with a potential bubble waiting to burst, the waning of a diversified export market and eroding commodity (read oil and minerals) prices, the absence of business (corporate or otherwise) investment plans, failing austerity and deficit reduction programs at all levels of government, an impoverishment of economic government policy and meaningful stimulus programs, stagnating wages necessitating the recessing of “consumer” spending* and the effect of that on demand, deepening income disparity and anti-union sentiment, the gradual disappearance of the middle class and the evil tenacity of the 1-10% plutocracy in clinging to their destructive neoliberal investor-oriented economic agenda - in short, we have a stagnating economy until at least all the oil runs out in 50 to 90 years and the inevitable forced shift to local economies the absence of that energy infrastructure will bring. Without a real revolution, we must wallow in this slough of despond for at least a generation unless global warming and climate change do us in first - which seems increasingly likely.
*“Canadian consumers were the linchpin of the economic recovery, contributing more than half of total GDP growth in 2010 and 2011,” the report says. “Unfortunately, a good chunk of that consumption was fuelled by debt, making it unsustainable.”
Note: Much of what I enumerate here applies to the U.S.. of course and other western capitalist countries.
 P.S. I sometimes like to think that moment of revolution is soon upon us with both the Canadian and global economies now settling into permanently stagnant conditions. An economic-social crisis would seem imminent. The complete and utter vacuousness of the neoliberal monster and all its evil tentacles will emerge of necessity from the dark pool of greed and avarice to be seen as the destructive horror it really is. And so every contribution to public discourse about this source of our all woe, this powerful engine of all our misery, helps - and that despite the embarrassing inadequacy of our Canadian media to deal with the matter in any meaningful way. How can they when they’re inscribed in the neoliberal myth as much as any true believer like the banksters, Flaherty, Harper, et al, though it's difficult not to wonder whether these last really know it’s fundamentally a  Ponzi scheme and always has been since at least 1970.

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