Stephen Poloz says more rate hikes – and possibly faster than previously expected – are on the way.
A recent survey showed that a whopping 33% of Canadians fear going bankrupt if interest rates rise further.
The survey made it clear that the so-called ‘strong economy’ claimed by Justin Trudeau and the increasingly discredited Stats Canada manipulated numbers is nothing but a mirage, and the real economy is actually doing horribly for Canadians.
And yet, it seems that Stephen Poloz – the head of the Bank of Canada – is preparing to raise rates much higher.
As reported by BNN, “Bank of Canada governor Stephen Poloz wants Canadians to get used to the idea of three per cent interest rates as the new normal, now that the era of rock-bottom borrowing costs is gradually fading away.”
Unfortunately, Poloz is buying into the deceptive spin that claims the economy is somehow doing well:
“He sent signals that future hikes could arrive sooner than previously expected, in large part due to the economy’s resilience and the removal of some business uncertainty following the recent agreement on an updated North American trade pact.”
The problem is that Poloz and the ruling class appear to be far too focused on how the economy is doing for the elites, rather than focusing on the experience felt by most Canadians.
The reality is that endless tax hikes, the destructive carbon tax, the investment collapse, over-regulation, and our falling competitiveness, combined with world-record high household debt – all point to an economy that is in serious trouble, and can’t absorb higher interest rates unless there are massive tax cuts and massive reductions in regulations.
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