by Mish's Blog
"Canadians' household debt is about 140 per cent of disposable income, compared with about 150 per cent in Britain and almost 170 per cent in the United States. The level is about 90 per cent among the countries that use the euro.
Canada's consumer debt to GDP ratio is quite high but not as bad as in the US. However, 140% is much worse than in the Eurozone. The real measure of how bad things will get is the unemployment rate. I suggest things in Canada will get a lot worse, yet not as bad as in the US.
That said, I cannot avoid pointing out the complete silliness of the Bank of Canada's statement: 'On the whole, the country's banks and credit markets are as strong as could be expected amid the deepest global recession since the Second World War'."
No comments:
Post a Comment