Jeff Fitchett: Canada is in for a very rude awakening. There is a big misconception, from Canadians, that we are somehow different and immune from the troubles that plague our world. I have argued for years that we are in much worse shape than people realize. This article highlights the vulnerabilities Canadians face. It's a worth a quick read.
"It was just last month when we profiled Canada’s “other problem”: record high household debt."
"Canada is struggling to cope with falling crude prices which have put enormous amounts of pressure on some parts of the country, most notably Alberta, where suicide rates are on the rise, as is property crime and foodbank usage."
"Amid the malaise, households are also being pressured by persistent CAD weakness - which is of course a symptom of falling crude. The currency’s decline has driven up prices for things like fresh fruits and vegetables, 75% of which Canada imports. That puts an extra burden on households that are already laboring under record debt."