January 14, 2016

Financial storm coming: Liberal “Sunny Ways” no match for world wide economic forces

Brian LilleyRebel Co-Founder
 

Headlines about falling oil prices and a falling Loonie are stark and economic forecasts suggest the situation will only get worse. 

On Tuesday, the currency fell to 69.90 cents U.S., the lowest it’s been since May 2003. Crude meanwhile, fell to a 12-year low of $29.93 U.S. per barrel.

During the election, Harper’s opponents wanted you to believe that any economic problems were the fault of Stephen Harper due to lack of diversification of the economy (that was never the case). Since then, the price of oil has continued to fall in what is a world-wide phenomena.

But it seems they’d rather not talk about the spending side of their problems. They’ve promised deficits of ten billion per year and now they’re saying it will get higher and higher as they try to deal with what can only be described as a collapsing world economy.

What we’re dealing with now is an oil industry that is crashing and a government determined to grow the deficit.

Finance Minister Bill Morneau is traveling the country talking about the state of the economy and the upcoming budget.

I think Canadians are paying attention but one thing I know for sure is that we’re in for a bumpy ride and that, “Sunny Ways”, won’t overcome world wide economic forces.

Put simply, I don't have faith in the government to look after our tax dollars or the federal balance sheet. With what we’re seeing now, what the forecasters are predicting – it might be wise for all of us to reevaluate our own finances and get them in the best position we can to weather any coming storm.

 

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Comments
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commented 2016-01-16 03:44:45 -0500
Andrew, thanks for the answer.
commented 2016-01-15 14:23:56 -0500
Bill Elder said: “We are headed for a perfect storm in US/Canada/EU – inept reckless leadership and volatile markets/currency systems propped up with fiat credit and unrecoverable debt-trading instruments. Buy food, gold, land” Might I add, get access to land where you can grow your own food when it comes to that!
commented 2016-01-15 14:09:00 -0500
With apologies to Lighthouse:

Sitting stunned, looking out at my backyard
Asking myself, why did I work so hard
Building, and planning, for the days to come
Not wanting to be just a lazy bum

Sitting here, lookin’ at my last cheque
Notley got elected, I thought “what the heck,
Jobs will continue, they’ll just tax us more.”
Why was I so foolish in the days before?

Sunny ways,
Oh, sunny, sunny, sunny, ways
We’ll heal the planet without oil, you know,
That’s the kind of lying that brought us Trudeau

Sunny ways,
Oh, sunny, sunny, sunny, ways
budget deficits are good, you know,
That’s the kind of lying that brought us Trudeau

I really think there’s nothing quite so bad
‘Bout finding out that you’ve just become your dad
Remember how the NEP would make him yell
’Bout idiots in office dragging us to hell

Now the economy just fades away
My job is gone, and there’s still bills to pay
My years of working, taxed a tidy sum
But now, EI or welfare, I’ve become a bum.

Sunny ways,
Oh, sunny, sunny, sunny, ways
Destroy what works, diversify, you know,
That’s the kind of thinking that brought us Trudeau

Sunny ways,
Oh, sunny, sunny, sunny, ways
Equality of outcome is the best, you know,
That’s the kind of thinking that brought us Trudeau

Sunny ways,
Oh, sunny, sunny, sunny, ways
Teachers need to teach more sex than math, you know,
That’s the kind of thinking that brought us Trudeau

Sunny ways,
Oh, sunny, sunny, sunny, ways
It doesn’t matter who’s PM, you know,
That’s the kind of thinking that brought us Trudeau

Da da-da da-da da da da
Da da-da da-da da da da
Da da-da da-da da da da
Da-da da-da da-da da-da da
We’re so screwed
commented 2016-01-15 11:50:08 -0500
Bill Elder – commented
“Just like they believe they can control the weather – proving the most common element in the universe is not carbon, it’s stupidity.”

Bill you do have a way with words! And I agree, that the most common element now, is stupidity.
commented 2016-01-15 11:14:09 -0500
“Sam Young commented 15 hours ago
Can an oil expert answer this one for me? How low does oil and/or the Canadian dollar have to drop before it becomes unprofitable to sell oil out of Alberta? Please and thank you”

Suncor’s production costs are about $30 per barrel, and “Western Canada Select” trades at about a $10 discount to the West Texas Intermediate (WTI) prices are usually cited in. The break-even point, then, is WTI somewhere in the low 40s. In essence they haven’t made much money at it since late 2014, and since the summer lapsing into actual losses. Other companies are in even worse situations; Suncor is probably the strongest oilpatch operator.
commented 2016-01-15 11:00:32 -0500
Penson, it might do you some good to get out of Mom’s basement get a job and family responsibilities, then you can talk economics and taxation to the adults.

Watching my investments closely, pulled out of 3 this week as the Dow index cratered, and it is not done yet. China will soon be in a currency shortage and subsequent market meltdown, they are talking $10 barrel of crude and gold has taken off like an atlas missile as many analysts predict the derivatives bubble will burst taking multitudes of mutuals with it. But PM Sonnywaze and his lobotomized minions are certain “change” will fix everything because budgets and markets just take care of themselves donchano? , Just like they believe they can control the weather – proving the most common element in the universe is not carbon, it’s stupidity.

We are headed for a perfect storm in US/Canada/EU – inept reckless leadership and volatile markets/currency systems propped up with fiat credit and unrecoverable debt-trading instruments. Buy food, gold, land
commented 2016-01-15 10:01:36 -0500
Canadians voted for change, and that is what is happening. It will take time to raise funds and tax the rich and big business at a much more apprise rate, and redistribute their wealth. It the government’s job to create an economy and let the people keep some money. Raising the minimum wages and public sector pensions should help.
commented 2016-01-15 09:51:32 -0500
People keep going on about how stupid the Trudeau’s, Wynne’s, Notley’s, Obama’s and all the rest of the ‘people’ are who are running our various countries and economies – these people are not stupid, they know exactly what they’re doing. We’re on the edge of a chasm of hyperinflation and global financial collapse – which has been predicted for a while now. All the signs are there, all coordinated by the international banking cartel and other NGOs. A simple explanation of this and all the other ‘problems’ we’re all facing is, these ‘people’ are using the classic Cloward/Piven strategy to run our various countries and economies and social structures into the ground – they’re not stupid…they know exactly what they’re doing and they’re doing it to you and I and our children and their children…
As to the why of it…look to see who our ‘rescuers’ will be after the collapse. They will be the One Worlders, and their dreams and plans of a Totalitarian Global Fascist State will have been achieved…
commented 2016-01-15 09:06:41 -0500
Government creating economy..??? Morneau a real useless liberal, governments take money from taxpayers and redirect it to party money providers, crony capitalism the liberal way.
commented 2016-01-15 04:18:28 -0500
I rather like Cathy McNaughton’s beer metaphor… How about a new draft called “Jolly Justin”, as you watch it going down the drain?…
commented 2016-01-15 01:43:13 -0500
$C below 0.60 now. Hey Canada is back Liberal style. well that’s what Mr. T said, right.
commented 2016-01-14 21:36:52 -0500
Just a reminder, do not throw away your coffee receipts or bubblegum receipts, keep a copy of it for yourself & just submit it to the government so you can be reimbursed!
commented 2016-01-14 21:32:10 -0500
Let’s all go on an exotic vacation & send the bill to tax payers for our personal vacay & then yell Canada is in deficit! When do these people get off?! Next bus stop!
commented 2016-01-14 20:40:17 -0500
Oil prices are falling…..loonie is falling……my grocery bags are getting smaller & smaller but the price I paid is getting higher & higher, $8 asparagus, $7 broccoli, $5 tomatoes,etc, but hey bring on the refugees. Put them up in hotels, lease jumbo jets to fly them here, give them $61 a day for meals, clothe them, buy their medication that some seniors go without because they cannot afford them, hire more teachers to teach them English, etc, etc, etc,. Does that make any sense to anyone. Libs say the cupboard is bare & to me that would mean cut out what’s not needed & do all you can to save & reduce your costs, but to the Libs it simply means to spend more & I guess when you’re spending other people’s money, well what the heck,we’ll tax them some more. I can hardly stand it, I’m so p.o.
commented 2016-01-14 20:34:52 -0500
Can an oil expert answer this one for me? How low does oil and/or the Canadian dollar have to drop before it becomes unprofitable to sell oil out of Alberta? Please and thank you.
commented 2016-01-14 19:03:11 -0500
This is the perfect storm! An idiot at the helm with his hand on the purse.
I have no debt, no car payment etc so I’m ready
I used to get a new car every 2-3 years but no more. I even sold my big house with the big pool. Bring it on Trudeau!
commented 2016-01-14 18:31:20 -0500
Not only is Justin clueless, look at what Alberta has. Happy Unicorns everybody. Bend over. Sodomy for all. Peace.
commented 2016-01-14 18:18:51 -0500
Conservatives elect a government so they can tell it what to do. Liberals elect a government so it can tell them what to do.
commented 2016-01-14 18:14:44 -0500
Paul Taalman commented
“Justin Trudeau and company will not only save Toronto, Ontario and Canada but the world too! He’s our saviour! GO JT GO!”

And there you have it Ladies and Gentlemen a prime nominate for the Darwin Awards.
commented 2016-01-14 17:54:11 -0500
PAUL, you are in DARKNESS!! JT will never be “READY”. He is to Full of Himself! ALL HE KNOWS IS TO TAKESELFIES”. HE hasen’t a CLUE what to do with the economy! THE REST OF IS TEAM HAVEN’T A CLUE EITHER.
commented 2016-01-14 17:54:02 -0500
Here’s the difference between Liberals and Conservatives. Conservatives believe in low taxes and small government which allows consumers to spend their money which then creates jobs and tax revenues. Liberals believe that they can spend your money more effectively for you and end up wasting it on big, lazy, inefficient government…Ergo…themselves.
commented 2016-01-14 17:45:56 -0500
Peter. I like your comments. Let me try to ease your frustration with Andrew and his ilk. The Left are psychotic. One of the manifestations of that, is they can’t distinguish details. That Notley has caused serious harm – over and above the world problems, is not something he can comprehend – literally!!! The Lefty brain can’t process it. That’s why they’re always light-switch on, or light-switch off. There is no middle, no nuance, no subtleties. It like someone that needs glasses to see details and they’re not wearing them so they only see the larger images. Once you realize that, you find it less frustrating. Or at least, I do.
commented 2016-01-14 17:45:07 -0500
Justin Trudeau and company will not only save Toronto, Ontario and Canada but the world too! He’s our saviour! GO JT GO!
commented 2016-01-14 17:13:14 -0500
Andrew, conservatives are been saying that for ages, but boy was it a good excuse to blame Harper so you could elect you little twit.
commented 2016-01-14 17:10:12 -0500
I hope Harper is laughing in his beer right about now. The Liberal brand is going to be wearing the upcoming economic $hit storm..and the Trudeau name forever tied to it. Forward Liberal voters!
commented 2016-01-14 17:07:20 -0500
Nathan, you can go on about semantics,but the fact is that is exactly what they are doing, and they show signs of restraint. You say partisan because it hurts you fragile liberal ideas of Trudeau being a good leader, but really, it is simply a fact.
commented 2016-01-14 16:35:34 -0500
What does it mean to say that they are “a government determined to grow the deficit.”

Determined? Really? What a bunch of partisan garbage.

They are willing to run deficits. You are free to disagree. Discuss the merits of running deficits or not, based on current context.
commented 2016-01-14 16:02:05 -0500
what about the unicorns and rainbows?
commented 2016-01-14 16:01:53 -0500
I learnt years ago, that once the stock market plunges, it’s too late to get your money out. I’d rather not make anything, than to lose the principle.
commented 2016-01-14 15:26:49 -0500
There is none so blind as those who will not see !!!!