GrumpyCatFace wrote:Smitty-48 wrote:GrumpyCatFace wrote:
How’d that work for you in 2007? Was Canada standing alone atop the global financial system, squeaky clean?
We were in much better shape than you, I never even felt a bump from the 2008 financial crisis, didn't effect me at all, and in terms of equity, I ended up making money not losing.
I wouldn’t count on that being the case anymore.
http://m.huffingtonpost.ca/2016/10/14/c ... 93592.html
Household debt > nominal GDP = fuuuuuuuuicked.
In the event of, our GDP would switch to our gold and natural resources, so, collectively, at the national level, we'd be rich not poor, because we have a massive amount of both, for a comparatively tiny population. Bear in mind, back when there was a gold standard, the Canadian dollar was worth more than the US dollar, for a reason, if the Fed flood goes away, you're not necessarily richer than us after all, not per capita at least.
The debt would just be written off, the Crown would bail the country out, which, with our resource to population ratio, would be very doable, unlike you, where the lifeboats would be swamped.
You're a typical American panic monkey, but that would be your undoing not your salvation, whereas we here, would not panic, keep calm and carry on, hardships do not deter us, debt write downs ain't no thing, if that's your big doomsday, that's laughable, whoopie fuckin' do.
When you invoke a crisis on the scale you are, the rules change, the bailouts and cram downs happen, because there is no other option, if the government allows everyone to be thrown to the wolves, they're going to have a revolution on their hands, so they won't allow that, national mobilization is about more than just the military, in the event of, the Crown would step in, and make the rules to suit the situation.
Yes, the Crown would need a lot of money, but lucky for the Crown, that they are sitting on an exponential motherlode of precious metals and natural resources, in a monarchy, where ultimately, the Crown owns it all.
The six big banks here, who hold all the mortgages, answer to the Crown, the Crown would have to bail them out, then the Crown becomes the lender of last resort, the mortgages would get crammed down, as for the credit cards and whatnot, the Crown would just write that off.
The big downside would be that we would go to full on socialism, with wartime levels of central planning for awhile, but whatever it took for the Crown to stabilize the situation, it would be done, there wouldn't even be a debate, they'd just do it.