One of the interesting things about the Great Recession was how Canada’s financial system sailed through it largely unscathed. Its banks were regulated wisely and behaved prudently, its citizens avoided the extreme stupidity of their credit-addicted neighbors to the south, and its government refrained from doubling its debt every eight years. It certainly looked like Canadians were smarter – or at least more emotionally mature – than we were.
But instead of Americans learning from Canada, Canadians appear to have concluded that we had it right after all. In the decade since the global financial system’s last near-death experience, Canadians have started to behave like turbo-charged Americans. A few recent examples:
Canadians Are Buying A Record Number Of New Cars, With A Record Amount Of Financing (Better Dwelling) – Sales of new motor vehicles across Canada rose to an all-time record for February.
This post was published at DollarCollapse on MAY 9, 2017.