RIGGED: While Wages Stagnate, Banks Make Massive Profits

Because of the system built by the elites, the banks always seem to profit no matter what else is going on.

For most Canadians, these are tough economic times:

Wage growth in Canada has reached a 20 year low. Wages are now growing slower than inflation, which means most Canadians are now poorer in real terms.

And yet, despite growing fears over the housing market and recent credit rating downgrades, Canada’s big banks aren’t sharing in the financial struggles being experienced by millions of Canadians.

In the second quarter of 2017, Canada’s banks have posted huge profits.

Bank of Montreal’s profits are up 12%, Royal Bank’s profits are up 6% to $1.3 billion, TD Bank is up 18%, and CIBC is up 4%.

Many Canadians would be glad with even a 2% or 3% raise right about now. But while the banks rake it in, much of Canada faces stagnation, or worse.

Government serves the banks & foreign interests, not Canadians

There’s nothing inherently wrong with banks doing well. A strong banking sector is important. The problem is when the banking sector does well despite everything else that’s happening in the economy.

Canadian workers are more productive than ever before, but that productivity is not translating to better pay and opportunities. Instead, a very small elite is gobbling up all the benefits of what little growth exists in our economy, leaving scraps – or even less – for the rest of us. The political, corporate, and banking elites get great job security and financial freedom, while most Canadians get struggle and financial instability.

Regulations decimate entire regions and industries, while even massive evidence of corrupt conduct by the banks leads to no action at all by the government. And of course, those connected to the government are always spared the impact of those regulations.

The banks enjoy protected status – and the government even gave them the power to seize our money in the case of another financial crisis through what they call a bail-in.

The evidence of our rigged economic system is impossible to ignore

The elites who shaped our economic system have attempted to hide the truth behind deceptive talking points and manipulated statistics.

And yet, despite dominating the universities, the media, and the government, the lies of the elites are being exposed.

People are no longer as willing to accept the status quo without challenge. The pathetic talking points that attempt to hide the rigged system behind “helping the middle-class” – while the elites benefit from ripping off that very same middle class – are starting to fall on deaf ears.

As the truth continues to be revealed, more and more Canadians will turn against the corrupt and rigged system, and punish the elites who have used the government as a tool for their own enrichment, and the enrichment of their cronies.

Spencer Fernando

***

The elites want to hide their many failures behind political correctness, deception, and manipulation. We need to push back and spread the truth.

That’s why I write.

Building this website takes a lot of work, but it’s worth it, and there are two ways you can help:

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jack grandville
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jack grandville

I keep congratulating you, sir, but as long as you continue to inform Canadians as you do — and do so well — I must keep congratulating you. At this moment in our history, you are one ray of light at the end of a very long tunnel. That fact alone should give pause for reflection by most, but the reality is the vast majority of Canadians are saddled with ‘other things’ in their lives which effectively prevent them from participating in the political system or, in all-too-many instances, even staying abreast of the things that affect the governance of… Read more »

ninetyninepct
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ninetyninepct

I have questioned this very same thing with my Bank. Many of my mutual finds get 2, 3, 5% rate of return, but only AFTER the bank takes their 2 – 3% management fee. At the top 3% for the bank, my returns are then calculated on the remaining 97%. The Banks guarantee themselves a profit just like insurance companies. A few months ago Trudeau gave the Banks the power to seize our money in the case of another financial crisis through what they call a bail-in. In other words, he said the Banks could simply take our money and… Read more »

ninetyninepct
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ninetyninepct

This web site is amazing. Thank you for all your constant and hard work, Spencer. To anyone that discovers this site, create a link and forward to everyone, even people you don’t like. I no longer fact check much of what Spencer creates. No point in doing so.

I have donated to help. Freedom isn’t free.