Analysis by Letters To The Beast
Canada’s state broadcaster continues to dumb down its already dumbed-down audience and readership as it reports on the heroic effort of the central banksters to save us all from impending doom.
https://www.cbc.ca/news/business/federal-reserve-interest-rate-1.6786857
What the CBC (as with the rest of the world’s corporate media) failed to report is what the central bankisters – the “federal” “reserve” and the Bank of Canada included – all know: When the International Monetary Fund (the I.M.F-ers) go into other countries and “rescue” their people and their economy, they demand that the central bank of that country increase its interest rate to nominally above the prevailing rate of inflation.
Financial commentator Gerald Celente often explains this in his Trends Journal (www.TrendsJournal.com) and on his various podcasts and broadcast appearances.
While the stenographers at the state broadcaster will never admit to their remaining, dwindling audience that, with the official rate of inflation claimed to be about 6% in the United States (and, as the aforementioned Gerald Celente would say, that’s an “official piece of shit), this means interest rates should be closer to 7% or 8%.
It is also insightful to note that, while the CBC’s article had to do with interest rates in the United States, nowhere in the text of that article does it even mention what the current rate even is. This fact is only admitted in the accompanying graphic.
Canada, the United States and other countries have seen higher inflation, interest rates and unemployment in the distant past.
https://www.lowestrates.ca/resource-centre/mortgage/historical-mortgage-rates-averages-trends
In the early 1980s, home mortgage rates were well over 20%, with inflation and unemployment rates not far behind. The difference between 1983 and 2023 is, in 1983 the average single home price in most big Canadian cities (notably, Montreal, Toronto and Vancouver) wasn’t over C$1-million.
Unlike the United States, in Canada long-term mortgages are not available. While we, here in the U.S., might take out a mortgage with a fixed-rate over a term of 15 or 20 or 25 years (even 30), Canadian mortgages are different. While the payments may be amortized over a similar length of time, Canadian mortgage terms rarely exceed a few years (usually five years).
At the end of that term, homeowners must go through a process of “renewing” their mortgage just to stay in their own home. And that new mortgage will be at the prevailing interest rate, not the rate that existed when they purchased their home.
It’s even worse for Canadians whose credit has slipped. This would not be uncommon as millions of Canadians and hundreds of millions of people worldwide were deemed by their own governments to be “non-essential” starting in March of 2020. Those unfortunate Canadians may not be able to renew their mortgage at any price and will be removed from their homes.
And let us not forget Chrystia Freehand, Canada’s psychopathic deputy prime minister and minister of finance. In 2022, she ordered Canadian banks, credit unions and even check-cashing shops to cease doing business to customers who, in the government’s opinion, were “linked” to the trucker protests. Those people also saw their ability to obtain or renew a mortgage taken away.
If corporate media were to report the truth that the central banksters’ only course of action to try and reverse the damage that they have done is to increase interest rates to a level not only a level above the prevailing legitimate rate of inflation but above anybody’s ability to pay in order to suck back the money they have recklessly printed, citizens might just start going after their elected “officials.”
Henry Ford said it best:
“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”
Or, to give you the bumper sticker version:
Regardless of the CBC willful lies of omission and the rest of their deception, many in the comments (which were, inexplicably for the CBC, enabled), got it.
The fact is, there is no fixing this. The system has to collapse. It is inevitable. It’s not a question of how a collapse is bad and why it shouldn’t happen. That’s irrelevant. The damage is already done. And for Canadians, the collapse will be even more catastrophic.
To use a Star Trek analogy, in the Next Generation episode, “Timescape,” where time aboard the Enterprise slows to an infinitesimal rate, Mr. Data detects a breach in the warp core.
Captain Picard asks Data if there is anything they can do to stop it. Data replies, “It is no longer a question of stopping it, sir. The explosion has already occurred. The fact that it is moving slowly changes nothing.”
History shows us that when banksters screw up, they take us to war.. Unfortunately, the only war big enough to fix this screw up is one in which they, along with the psychopathic billionaires and their must trusted politicians and bureaucrats scramble for the nearest luxury bunker while the rest of us are turned into radioactive dust.
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