Thursday, March 23, 2017

A Nation Of Serfs?

According to Wiki, serfdom is explained thus:

Serfs who occupied a plot of land were required to work for the lord of the manor who owned that land, and in return were entitled to protection, justice and the right to exploit certain fields within the manor to maintain their own subsistence. Serfs were often required not only to work on the lord's fields, but also his mines, forests and roads. The manor formed the basic unit of feudal society, and the lord of the manor and the villeins, and to a certain extent serfs, were bound legally by taxation in the case of the former and economically and socially in the latter.

Liberal Government's current deficit (remember what they 'thought' it would be?)

Canadian Federal and Provincial Debt (remember they have no money)

Budget deficits and increasing debt are key fiscal issues as the federal and provincial governments prepare to release their budgets this year. Combined federal and provincial net debt has increased from $834 billion in 2007/08 to a projected $1.3 trillion in 2015/16. This combined debt equals 64.8% of the economy or $35,827 for every man, woman, and child living in Canada.  From: Fraser Institute report for 2015/16, does not include 2017.

The Toronto Star reports Canadian consumer debt has set another all time high climbing to 167% of disposable household income. They report that total household credit market debt now totals a staggering $2.029 trillion in the final quarter last year. Mortgage debt accounts for 65.5% of that total.

The Financial Post reported that for the first time Canadian consumer debt is now bigger than our entire GDP. We now have the distinction of having the highest consumer debt of all G7 countries a debt which is described as a straitjacket to our economy. 

"Canada was the only developed country showing early signs of stress in its domestic banking system amid "unusually high" credit growth relative to GDP, the BIS said.

"This debt overhang represents one thing and one thing only: a pervasive constraint on Canada's economic growth potential," David Rosenberg, chief economist and strategist at Gluskin Sheff & Associates Inc. said by phone from Toronto. "When you get to levels on total debt that makes even the Italians blush, you know you're in a straitjacket."

It would appear while we may think we are free individuals we really are mere serfs toiling away giving up massive amounts of our income to support a grand illusion fueled by out of control government and consumer debt.


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