Canada among 7 countries most vulnerable to debt crisis: economist

Canada is among the seven countries most likely to suffer a debt crisis in the next one to three years, according to economist Steve Keen.

The countries most at risk of a debt crisis, in order of “likely severity” are China, Australia, Sweden, Hong Kong, Korea, Canada and Norway, according to Keen’s report which appeared in Forbes.

  • truepeers

    Steve Keen cheered on the Trudeau thug’s election. What scares Keen is the level of private debt, not public though he recognises that a large trade deficit makes even public debt untenable in the long run.

    • That is why we have to remind ourselves that economics is a social science;)

    • Maurice Miner

      Steve Keen is right about most things, except for the fact that he is a mad keen (excuse the pun) MMT pundit, who are really the worst form of Keynesians imaginable.

      MMT says “forget debt, just Print, Baby, Print!” MMT differs from pure Keynesian economics by proposing that the Government itself issue currency, rather than going through the borrowings/interest/bond purchase round robin.

      Bill Still is yet another example of this MMT (Monetary Mental Trauma) phenomenon, someone who is glaringly correct in most of his economic philosophy, and then suddenly goes completely off the rails by positing that if the Government had the absolute power to print money, it would do so responsibly, because that open ended power to print is self limiting as too much printing would lead to runaway inflation!!

      I kid you not – these idiots expect Government to act responsibly if given complete control of the printing press!!!

      Although given that hoodrats are now being paid $1,000 per month if they DON’T shoot anyone, anything is possible down this particular rabbit hole.

  • Spatchcocked

    It’s all about leadership of course but the most important quality…..the essential quality is vision.
    People await the “great man “who as history shows inevitably arrives when the zeitgeist seems the bleakest imaginable. Grim forecasts…..attenuated anxieties seep into the common consciousness and shareholders in the general commonweal look about for a “chief” to lead them out of a wilderness worthy of a Carlyle.
    We blessed Canadians ….we fortunate earths minority have reaped the rewards of the sober sensible century old second sight of the Liberal Party of Canada.
    I for one am always ready to bow my head and feel our destiny is secure knowing the country’s future is under the firm but wise tenure of PM Justin Trudeau.

    Thank you very much I’ll be here all week try the poutine…..

    • Let’s hope Canada doesn’t have a second spasm of stupidity and re-elect him.

  • Waffle

    Here’s what really scares me about Canada’s impending financial demise — we have no gold reserves to back our dollarettes. Now, I’m no economist and I have trouble trying to understand monetary policy and events, but while the rest of the world is quietly hoarding gold — especially China — and apparently the US has lots of gold in both Fort Knox and West Point which it really doesn’t talk about or bring attention to — we are blithely throwing our doubloons to the wind at bargain-basement levels. I have been a gold-watcher for 40 years. I watch it on a daily basis and from time to time I have traded it in its various forms — as commodity futures, bullion bars and gold mining stocks — and every fibre in my aging body is screaming that it is the verge of an explosion. While one can make big $$ if on the right side, it is also very scary for our way of life.

  • Spatchcocked

    I long I hunger for collapse social and economic….it is the only purgative with the potential to drag the general common boorish vulgar intellect back to the eternal verities.
    Let them vomit over the basin let their sodden bowels void over a cracked and leaking toilet…
    ….their dinner a salad of declined credit cards drizzled with the stale dregs of a designer bottle of extra virgin olive oil.

    Failing that I’ll take a general revolt in Europe against the Liberal madness infecting the West.
    Blood to be sure…enough anarchy to put the fear of Christ in the elites.

    • V10_Rob

      I love poetry in my economics.

      • Maggat

        He certainly paints a colorful pictures with words.

  • dance…dancetotheradio

    Here’s what you guys don’t know
    Or maybe you do
    The CMHC has liabilities in excess of the national debt.
    And only five percent reserves to fight it off.
    Once those reserves run out there will be a cascade of deflation in house prices and everything else as people seek to get whatever they can to pay their debts.

    • canminuteman

      It will be a grand time for those without debts.

  • dance…dancetotheradio

    Actually, I can’t wait until the house comes burning down.

  • Brett_McS

    Steve Keen is a nutter.

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