Well I did call the GBP like a pro don't you think? Long before the
news I knew this pattern as I have seen it over and over. It did
exactly what I said it would do. Hope you rode it down after the trend
break. I did and I still have the trade going on.
As for Canadians. The BOC lowered it's interest rates down to 1%
over the past year and killed our people. We are now in as bad or
worse shape based on 2009 statistics as our US cousins. We have racked
up 1.4 Trillion in consumer debt. We are effectively dead in the water
with deflation just getting started. We are in trouble and I will
repeat this. So are the banks, although they don't know it yet.
When property values fall in about a year or two watch out below
as you are going to see an implosion unlike anything you have ever
seen before. You think it was bad in the US? Just wait. In about six
months short the banks ok. I mean short them but good. Their lending
models are about to blow up in their face. Consumers are now carrying
too much credit. Bankruptcies are beginning to sky rocket and you will
see falling housing prices after a brief boom once again. This is 2001
all over again in Canada. Remember when Greenspan lowered interest
rates to 1% in 2001 and what happened to the US people. Well we will
now surpass them. We actually had a chance here. The only way we could
have weathered this storm is if we saved. However our savings rates
have been abysmal since about 2000. You would have thought we learned
from the US consumer? Sadly we didn't. However the CAN dollar will be
debased along with the US dollar. Either that or they will have to
create a whole new currency system as this one is broken.
Remember you heard it here first. Our real estate is the only
thing holding this house of cards together. Once it collapses (like
the US market did) or if interest rates rise, we are in deep shit. We
already are although most don't kno wit yet other than they continue
to live pay check to pay check.
Good luck to North America, we're going to need it.
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