[burn0gas]

http://www.ctv.ca/servlet/ArticleNews/s ... TopStories

A new, optimistic forecast by the Bank of Canada suggests the recession is essentially over in this country as we bounce back at a rate twice as strong as the United States.

The bank, however, said it's still worried that the U.S. and European financial sectors could have some unpleasant surprises in store, which would hammer the global economy again.

[Blacksmith]

We're in Kansas Toto!

[eXpat]

Excellent!!!! someone needs to go to tell people in the tent cities though...

[Niagara]

Excellent!!!! someone needs to go to tell people in the tent cities though...

The article refers to the Canadian economy.

I've never seen a tent city here in this country.

In fact, not only is the recession over, it was frankly hard to tell we even had a recession to begin with.

Canada never had a sub-prime credit bubble fiasco. Our real estate market is red hot. In Toronto houses are selling in some case for $50-100,000 over ask in fierce bidding wars. Outside Toronto, house prices never really fell that much and are continuing to creep upward.

Yes, there have been job cuts but most folks are able to find suitable work elsewhere. For most it's been 'business as usual'.

[Tyler_JC]

Niagara is right. Canada's economy has faired better than America's over the past couple years.

The unemployment rate in Canada is a full percentage point lower than the US. Moreover, debt levels in Canada never approached US levels. Since the peak in 1996, the national debt of Canada has actually FALLEN by over C$100 billion from C$562Billion to C$460Billion.

The per capita federal debt of Canada is around $13,100/person compared to $37,835/person in the United States.

That gives the Canadians much more breathing room to enact fiscal stimulus and run budget deficits.

America, on the other hand, has been running substantial budget deficits over the past decade and now we are facing yet another decade of exploding debt.

With oil/commodity prices rebounding, Canada's economy should recover faster and stronger than its southern neighbor.

The Bank of Canada might be right. The recession in Canada has likely ended.

[hardtootell-2]

Niagara is right. Canada's economy has faired better than America's over the past couple years.

With oil/commodity prices rebounding, Canada's economy should recover faster and stronger than its southern neighbor.

The Bank of Canada might be right. The recession in Canada has likely ended.

I am not convinced. The US is Canada's largest trading partner by far and the US has generations worth of dept and mind boggling corruption that hasn't been nearly dealt with. Both countries have terrible demographics and face resource declines. The US has to also deal with the situation in Mexico that is upon them.

The Govt of Canada and the Bank of Canada have a terrible track record predicting the decline in the recent recession. Their previous, totally wrong Pollyanna predictions have already been forgotten.

[lordoverhack]

Well sweet, I guess that means I am wasting my time here. Credit cards here I come. mmmm.. debt

[Maddog78]

hardtootell2,

I also think the BoC is a little premature on calling this and they don't have a good track record on predictions.
I'm with you on everything in your post but this

and face resource declines.

Since we are mostly a resource exporting country, which ones are you referring to?

[rangerone314]

Niagara is right. Canada's economy has faired better than America's over the past couple years.

The unemployment rate in Canada is a full percentage point lower than the US. Moreover, debt levels in Canada never approached US levels. Since the peak in 1996, the national debt of Canada has actually FALLEN by over C$100 billion from C$562Billion to C$460Billion.

The per capita federal debt of Canada is around $13,100/person compared to $37,835/person in the United States.

That gives the Canadians much more breathing room to enact fiscal stimulus and run budget deficits.

America, on the other hand, has been running substantial budget deficits over the past decade and now we are facing yet another decade of exploding debt.

With oil/commodity prices rebounding, Canada's economy should recover faster and stronger than its southern neighbor.

The Bank of Canada might be right. The recession in Canada has likely ended.

I guess that is because they didn't have idiots like Bush or Obama running the economy in Canada. No Geithner either.

[hardtootell-2]

hardtootell2,

I also think the BoC is a little premature on calling this and they don't have a good track record on predictions.
I'm with you on everything in your post but this

and face resource declines.

Since we are mostly a resource exporting country, which ones are you referring to?

I have to admit to being stunned and amazed by this question. When the first whitemen arrived there was more timber, fish, buffalo, freshwater, arible land etc than anyone could imagine exploiting.

Canada has long since peaked on conventional oil. The fish stocks have collapsed on the grand banks. Timber in BC is devastated by global warming. The buffalo were nearly driven to extinction. The great lakes have a massive load of pollution.

The Energy rate of return on oil sands is bound to decline to 1:1 and leave a ghastly environmental legacy. Geologist David Hughes predicts that Canada will become a net importer of Natural gas w/in the next decade.(more please Mr Putin) Even if we were not past peak and had all the vast resources you imagine, there are 6.7 billion resource hungry humans outside of our undefended borders. Canada will export its resources in exchange for fiat currency and be left without what it needs.

[rangerone314]

hardtootell2,

I also think the BoC is a little premature on calling this and they don't have a good track record on predictions.
I'm with you on everything in your post but this

and face resource declines.

Since we are mostly a resource exporting country, which ones are you referring to?

I have to admit to being stunned and amazed by this question. When the first whitemen arrived there was more timber, fish, buffalo, freshwater, arible land etc than anyone could imagine exploiting.

Canada has long since peaked on conventional oil. The fish stocks have collapsed on the grand banks. Timber in BC is devastated by global warming. The buffalo were nearly driven to extinction. The great lakes have a massive load of pollution.

The Energy rate of return on oil sands is bound to decline to 1:1 and leave a ghastly environmental legacy. Geologist David Hughes predicts that Canada will become a net importer of Natural gas w/in the next decade.(more please Mr Putin) Even if we were not past peak and had all the vast resources you imagine, there are 6.7 billion resource hungry humans outside of our undefended borders. Canada will export its resources in exchange for fiat currency and be left without what it needs.

Welcome, Canada, to the Third World! Enjoy your vassal-hood!

[Maddog78]

Wow, just wow.
I'm not even going to start with this.

Haha, buffalo? Eaten a lot of buffalo earlier in your life have you?

[Bman4k1]

Excellent!!!! someone needs to go to tell people in the tent cities though...

I've never seen a tent city here in this country.

In.

Edmonton

[Maddog78]

http://www.cbc.ca/canada/edmonton/story/2007/07/18/tent-city.html

[hardtootell-2]

Wow, just wow.
I'm not even going to start with this.

Haha, buffalo? Eaten a lot of buffalo earlier in your life have you?

As a matter of fact-yes. It is sold throughout Western Canada.

Sounds like a little negative dissonance there Maddog.

maybe this site could help:

http://www.peakoilblues.com/reactions.php

Many people have a hard time admitting all the resource declines (and empire declines) are real and they have occurred visibly within just a few generations.

[Maddog78]

Me, too.

My father had over 400 head at one point.
Then the market price crashed.
He ended up giving his last 40 head away.
Yup, free.
Our family didn't consider that "a resource decline."
Just a matter of financial necessity. Cost more to feed them than you could sell them for.
I've certainly learned one thing on this site, never get between a doomer and his doom.

I'm off to enjoy some great weekend weather.
Have a good one.

[deMolay]

If this Expletive deleted. is true, then why is everyone out of work. Liars Figure and Figures Lie. I call Expletive deleted. here.

[hardtootell-2]

link This, in the province so rich it has NO dept. This is just the leading edge of the demographic. Plan on sponsoring a senior.

[Nickel]

This, in the province so rich it has NO dept.

Did you mean "debt" or "depth"?