Is History About To Repeat?
HTML-код
- Опубликовано: 26 сен 2024
- Business Inquiries: info@wellbuiltwealth.ca
Well Built Wealth: www.wellbuiltw...
Links:
- Andex Chart: www.td.com/ca/...
- Government Spending by Prime Minister: www.fraserinst...
- Debt Clock: www.debtclock.ca/
- CPI in 2022: www150.statcan...
- The Big Picture: www.investment...
- The Muppets - Popcorn: • The Muppets - Popcorn
-------------
DISCLAIMER: All videos on this channel (including this one) are for educational or entertainment purposes only. They are not (and are not intended to be) financial, investment or legal advice. It is our firm position that everyone has a unique situation and should seek professional advice on how best to navigate it. Rhys Martell is a Chartered Investment Manager (CIM), a Fellow of the Canadian Securities Industry (FCSI), a Qualified Associate Financial Planner (QAFP) and more. However, he is not registered to provide investment advice and, therefore, does not provide specific investment recommendations. Those looking for specific investment advice should seek out a registered professional.
Hello friends. I’ve noticed a number of comments noting, essentially, that this is an over-simplistic explanation of why we have had and are having high inflation and high interest rates. They are correct.
Under the hood there is and was a ton going on. Absolutely agreed.
This video is not meant to be a treatise on causes of inflation and high interest rates, but rather an admittance that I’ve lost trust in the “talking heads.” While not perfect, I find it more reliable to look at history for parallels and for clues as to how things could play out this round. Cheers 🤓
Yes - its a 10 minute video that identifies some concerns and point us to history that may be relevant . Not meant to be a graduate course in economics. For 10 minutes, I think its very well done. Thank you. I would love to see you do a video on how a retiree could access the wealth built-up in their primary residence. Thats going to be an important consideration for my retirement. I hate to say it... "reverse mortgage"
@@FromSamsara Thank you! And yes, this topic is in my queue. Interestingly enough, the day you posted this I had a meeting with Home Equity Bank to discuss this very thing. It's not for everyone, but it will be a legitimate option for many people. Very worth knowing about. Both the pros and the cons.
@@wellbuiltwealth Hoping that many who are watching these videos have the option of downsizing mid-way in their retirement years. When planned ahead during your working years, this strategy serves as another way of investing with a solid return for valuable influx of tax-free cash for the ‘’last stretch’’.
Is it just me, or is this guy pretty cool? I like him, and he is intelligent.
Well! That deserves an enormous “aw shucks!”
Thanks :)
I bought my first house in the late 70’s and paid 10% mortgage interest rate. In early 80’s people walked away from their house or selling their house for a dollar just to have someone to take over their mortgage. I lived in Alberta at the time and the Alberta government had stepped up and helped to pay the interest payment for Albertan whose mortgage was over 12.5%.
When Justin Trudeau was elected, I said to myself ‘OMG’.
BTW, you just got a new subscriber for your channel.
You are ignoring a couple of things.
#1 Government spending remained out of control for 10 years after the high inflation/high interest period ended in the early 80s. The deficits under the next government were staggering.
#2 High inflation was and is not confined to Canada, so we can't reasonably blame it only on our own government. Canada is a dinghy in the world economic ocean, so we get blown around badly by the global economic winds.
So yes, high inflation is a very big problem and an extended period of it is a major danger, but blaming it all on current and past PM's from a certain family is just playing politics.
We built in 1981 ( Alberta) and rates remained high ( 18 percent plus) well past 1981.
People walked out of newly built houses that they put sweat equity into. Walked away from newly built homes because the houses were were valued at less than mortgage owing. It was a disaster for many.
Actually Mulroney cut the deficit, rather significantly too (in real dollar terms).
Your unable to accept that Trudeau and his government has been a colossal failure
I don't have any knowledge of #1 (was living in another country). I've seen enough now that I can for sure agree with #2.
Absolutely agree. I am apolitical and frankly in my 50 yrs on this earth, this has been a problem people have always bitched about and will continue to do so. The only thing that changes is the scapegoat.
Gives me piece of mind that the world isn’t ending…yet.
Love the shout out to the Swedish chef. 😊
Prepare for the worst, hope for the best. Maybe its time to invest now too. Ride that next growth wave.
Do I remember 1981? We had our very first house built that year. A happy young(er) couple moving into their new home. Years later our capital owed had barely moved down a notch. BRUTAL!
This analysis is a bit simplistic in that rising inflation and interest rates are not simply the result of domestic fiscal and monetary policy, or any one PM or President (I’m looking at you Jimmy.). I was a teenager in the late ‘70s and early ‘80s so did not have the same economic role in society. Then I had a steady job outside of school so was a saver. I had no debt. Nor did my parents whose mortgage was long since paid off. I did well and my parents did OK. However, during the ‘70s we lived through the oil crisis which was followed by the Iran hostage crisis. (Now we have the war in Gaza…sound familiar?) It was one crisis after another. Fast forward 40 years, I am a saver once again in 2023 and with my mortgage paid off am debt free.) I agree the BoC was late to recognise that the most recent bout of inflation was not transitory and was slow to act. And that the government spent millions. Does anyone remember COVID, the worst public health crisis since 1918? How soon we forget. And did the BoC governor see the war in Ukraine in his crystal ball? I think not. And the wildfires and droughts? Hardly. And the most recent bout of inflation…it is a Canada only phenomenon? Not the last time I checked. Shame on us for not understanding that following lockdown after lockdown with consumers flush with savings and wanting to spend there were not pent up savings resulting in major supply chain issues fuelling an imbalance between demand and supply. So while history may not repeat itself, it does rhyme and to blame Trudeau senior and junior alone is incorrect. The problem with politicians is the people they govern. People want simplistic solutions to complex problems and cannot handle the truth. They also want scapegoats for their own problems and blame Government for the weather. When people cannot handle the truth, politicians give them what they can deal with, obfuscations, half truths etc.
Exactly. Very well stated.
The analysis may be simplistic, but it is very accurate. Yes, we faced a peculiar, human-made pandemic, but the response by the government was inadequate. Last time I checked Trudeau called for an election in the middle of it, because he thought that he had a majority in the pocket, while literally spending billions of dollars we did not have. The countries that dealt the best with the pandemic did not spent their way out of it, we should had done the same, but we did not, and now we taxpayers are stuck with the government bill once again :(
@@luisfigueroa2721 Covid deaths in the UK are 240% higher per capita than Canada.
Murray, we need to get you and Rhys on a podcast together.
@@luisfigueroa2721 Last time I checked, the federal government stepped up during the pandemic and supported many Canadians through necessary programs. I'm not a fan of Trudeau (too smarmy for me, almost as bad as the conservative leader), but it's wrong to say that the government response to the pandemic was inadequate.
It is so nice to hear the truth. We lost our literal farm in the late 70's. I feel bad for that subscriber who doesn't understand that your financial future is 100% tired to politics.
I’m a gen x. My parents lost the family home in 1982 because of a truck loan. By that,I mean the vehicle loan on top of the house mortgage tipped the scale and dumped my family into poverty. My family was just one of dozens of families that I personally know lost everything back then. Government overspending Is absolutely 100% the biggest driver of inflation. How smug miss Freeland was when declaring that her insanity spending was “prudent” and “thoughtful” because interest rates are SOOO low we can afford that TRILLION DOLLAR DEBT. I won’t get started on Trudeau jr. 🤬 how’s that workin out for Canadians now!?! Political ideology= POLICY= economic EFFECT. Anyone who doesn’t understand THAT…is not using their noggin for good.
The problem with any government trying to reduce debt, is that there will be a notable portion of Canadians who have to give something up. Our political parties can't agree with how to do that, Canadian's themselves can't agree with how to do that. We are stuck on a leaky boat and nobody is giving up a seat.
So true!
Here's a clue as to who will have to give something up - "austerity". And the meaning? "Making the least well-off in society pay the price of getting the train back on the tracks while the wealthy blame the poor for being poor because there is this unfounded idea that there's an even playing field".
@@unclemick-synths "austerity" is one of the most evil words for many British people who've lived through 13 years of Tory austerity. Nothing good has come from it!
The UK has been living under Tory rule for 13 years - it's in a terrible state. The health service is failing, schools are literally crumbling, and millions are having to choose between heating or eating. Also, Covid deaths in the UK are 240% higher per capita than Canada. Like my portfolio, I want balance. I want to live in a country where there's some balance between the haves and the have nots. Yep, it means I have to pay higher taxes, but I'm okay with that.
I have never doubted my emigration to Canada in 25 years. For the last 13 years I have never been more convinced that it was absolutely the right choice. The Tories have destroyed and sold-off the UK. And the Brextwits go one about "sovereignty" - what "sovereignty"? And just like the Tories in Ontario the carpetbaggers are being handed the jewels by the bucketful - especially land and healthcare. However, Dodgy Doug is still better than any of the British Tory prime ministers because at least he pretends to care.
Always look forward to your opinion…thanks
I gotta say, the political commentary and over simplification of the current high interest rate environment was unwarranted.
You must be a Liberal.
Let's blame Trudeau for high inflation in the US and UK while we are at it. A pandemic, 2 wars, changing distribution of goods (deglobalzation) have nothing to do with it, right? This is a worldwide issue. Wake up.
I would like to know hoow many people are disappointed that there was a safety net during the pandemic. I didn't benefit- I kept working- but I am glad we didn’t resort to mass evictions and homelessness.
One of the biggest issues is our desire for everything now, but now pay later. Upsizing houses, cars, trips, etc. I look at people with too much house and multiple cars in the driveway and shake my head. How about a little bit of grown up responsibility?
That safety net was taken advantage of hugely.... a bit hardship just may have been what the national psyche needed. Instead we had money being thrown out all over.
Sorry, no debt. High-Interest rates work for me
Yep.
To reduce debt, the housing industry for one needs to be brought under control (yes, I'm looking at you banks and realtors). There are three ways of sucking people's futures - long mortgages predicated on two wage earners per household, student loans, and the incoming sucking of boomer retirement savings by the long-term care homes and senior residences. We shouldn't count on parents leaving us much. Even now, the cost of care for seniors is eye-watering (one has to wonder if a suite at the Chateau Laurier and a full-time nurse would be cheaper) - and the money is definitely not going into the wages of the people washing the butts of the elderly! This is why the people who killed seniors during COVID (and thankfully outed by the military) are still in the business!
I was thinking that Canada did not have a king. I'm pretty sure it is an oversimplification to lay the inflation rate at the feet of one person i.e. Trudeau when im pretty sure the BoC is in charge of setting interest rates. I think it could be fair to show the political party in power, but a larger world context is required. Canada, no matter what we think, is not rhe center of the universe. Having lived overseas for 20 years i can say that Canada is looking pretty darn good to me.
Further, there's no point in finger-pointing here. All we can do as small investors is ride the waves as they happen and not necessarily try to anticipate them. If we coild anticipate the financial future we would all be eich and none of us would be commenting on this video.
Trudeau has special monetary superpowers that overrule every country and bank in world. Canadians blame Trudeau for all their personal problems including poor money management.
Priceless.
LOL.. Looks like you have been living under a rock. Canada is now 3 rd world standard. Look at the Healthcare , Infrastructure and no new business creation. More homeless people per Capita than USA...LOL..!! Most of the people are invested in only in the Ponzi housing scheme. We are paying taxes almost 50% and 1 million people in BC doesn't even have a family doctor. Go to the emergency and wait 48 hours to see a doctor. This is a pretty damn bad place with the current PM in power. It's a Joke..!!!! Thanks @Well Build Wealth only few Canadians to tell the truth...!!
To the complainers on here that think this doesn’t involve politics, you are naive. BoC sets your interest rates and the Feds set your taxes. If you stick your head in the sand, you may want to consider hiring someone else to manage your money. Learning about trends IS looking at history
History? Look at present day! Every 8 minutes... a family is evicted from their home in the UK. The UK is richer and has stronger GDP than Canada.
Look around the entire world! It's a financial mess. Climate disasters obliterating homes, businesses, agriculture... Of course this economic instability flows everywhere and to listen to boo hoo's of I'm not making enough with my financial portfolio? Remember the quote: "Fasten your seatbelts, it's going to be a bumpy night!".
Pandora's Box HAS been opened... wide. Remember what was the only thing remaining in the bottom of the box was? I'll let you research it.
Tuesday, the BoC Governor told the feds that removing the carbon tax could reduce inflation by as much as 15%.
The BoC uses interest rates to try and curb inflation, hence the climbing rates. This BS is totally on the Liberals
When the Swedish Chef came on to make interest rates clear I ended up laughing out loud. I hear your pain at higher mortgage rates. As long as you can still laugh you are not yet down for the count. Kudoos to the Chef!
Max
My first mortgage was in the 80's. After paying the mortgage, we could only afford the basics to live and work. Fortunately we had locked in for five years, which got us through the worst of the rises. I recall our peak rate on renewal was around 14%. We were in the UK at the time.
I'm absolutely certain I'm the only person in the world who did this in 1981. I was 17 years old and lived in northern BC. I was living at home with my parents and had a great job in a grocery store while in high school. I just had to have the brand new truck at 10K and my dad co signed (after a great deal of my nagging) a personal loan for $5,500 at the Royal Bank. The interest rate was, .... gulp, 23.25%. A year later I couldn't work as my appendix ruptured. An incredible lesson I've carried with me throughout my life. And here we are. The interest rate pendulum has swung fully to the other side.
Come on.....really....you are supposed to be a professional in personal finance and you are blaming the BOC for your choice of a variable rate interest. You SHOULD know if inflation arrives, rates will go up, you SHOULD know that mortgage rates were at a HISTORIC LOW and had no where to go but up. I am not a professional and I knew these things and locked in my mortgage for those exact reasons, I actually broke my mortgage to lock in at the lowest rates in history. Professional don't blame others for decision they make, they take responsibility for their own actions.
Great Video and Links!
Bought my 1st house in 1984 when builders were begging us to buy their spec homes after the housing collapse. Used the huge windfall from GICs at 18% for 5 years prior to the purchase, plus the 1st time home buyers grant from the Feds. Those were good times. I'm debt free again with a bunch of cash, currently held short term in a TFSA at 6%. Can we go to 12%. We shall see. Will home prices crash again. I guess I will just have to wait to find out. Oh and my scooter gets 82mpg in town, so I don't care how high gas prices go. A $0.50 hike would cost me an extra $6 to fill up. West Coast livin'. My buddy in New Zealand says Petrol is $3+ per litre. I rode a scooter 30,000km all over New Zealand in the 6 years prior to Covid. Living within my means...means no debt. Great video Rhys, love your passion. And no F bombs, cool.
This is your best video to date.
Good video, we do need to reduce debt.
Great presentation. This is a must see for young people. I went through that period. It was miserable. Both of my parents lost their jobs 2 wks apart. The only reason we made it through those trying times was because the house was paid off. My parents divested their mutual funds at the very bottom because they had no choice.
Nic, Interesting story. My wife and I had savings at 18% in the 1980s. We took 3 months leave from government jobs in the middle of 1983 during the recession and travelled around New Zealand and Australia. Came home & bought a new spec home off a desperate builder in the middle of 1984 and then started a family in 1986. All positive as I remember it. Interestingly I spent 6 years (3 winter months each) scootering around New Zealand prior to Covid and now interest rates are climbing again. Deja Vu? There won't be any kids from me this time but I am really enjoying the grandkids though.
Boy thats a wonderful story. I am happy to see that the government is there for the common man.
I like your way of saying "I don't know" 🙂
🤓
Excellent word, thanks!
I had a one year GIC for 20% in 1980. It didn't last to long. If you want high interest rates go to South America. It happened I think because oil prices ballooned then?
Eddy, I got a 5yr GIC at 18% back then. The only sad thing was there weren't any TFSAs back then but I'm ready for round 2. Bring on the high rates.
just discovered your videos last few days. i like them. you're doing a good job. re the Andex Chart. would like to see those returns inflation adjusted for the 60's-80's
they will look wildly different. stocks, bonds didn't bottom until 1982 on an inflation adjusted basis. important to look at alternative investments during this period. commodities/gold, oil, etc even real estate did better than stocks/bonds.
Thanks! And yes, returns of 20% don’t mean much if inflation was 18%…
Alas, you are an optimist. You say that they did whatever they needed to do to make it through. Sometimes this still just isn't enough and the boat goes down taking all deckhands to the bottom of the deep blue sea...... permanently. I tend to keep my eyes on the rats. When they jump overboard and start swimming, so do I.
Max
How do you explain that high inflation is not only a Canadian phenomena but a world wide problem- does our prime minister have that much power that he can impact inflation all over the world 😂
He does mention that these poor choices are not limited to Canada only. Thats doesn't negate the fact that we've come to this point thru the poor choices though.
Good video. Love it
The same high interest made many people I know lucrative in their Savings Account, today's Savings Account are pretty useless these day in terms of the interest rate the bank gives us...
Oh definitely! High interest rates mean great returns for savers.
If you’re getting a useless interest rate at your bank, you should consider switching banks. These days, the interest rates you can earn are outstripping inflation.
JGSL, Tangerine Bank(Scotia Bank) is offering 6% for the next 5 months in a TFSA or a HISA. $1k tax free in 5 months, helps take the sting out of inflation. This year I have bounced from RBC to VanCity to Tangerine. We shall see what is offered next spring. Time to start Googling my Friend. I made out like a bandit in 1980s and I'm primed to do the same now.
Canada will be so much better off when Trudope gets the boot.
LOL No matter who is in charge, I will bet your life will still be the same and you will find something else to complain about to blame on the 'new guy'.
I've built a chart, it shows that the eligibility age for OAS and GIS went up to age 67 in 2012 (effective 2023). At the time, the Conservatives happened to be in power. Then, in 2016 the eligibility age was reduced back to 65. At that time, the Liberals happened to be in power. With an election on the horizon, I'm wondering if history is about to repeat!
I renewed my mortgage a year or so ago and my big 5 bank was pushing a variable rate mortgage. Thankfully, i ignored their "advice" and got a 5 year fixed at 3.19%. Do i trust the banks...no. Do i own bank stocks....darn tootin'! Our current governments at all levels seem to have no concept of the debt hole they are digging, or more likely, they don't care because they won't be around when it comes time to pay the debt off. Personally I would start by winding up all government DB pension plans and changing to a DC pension like the majority of private sector workers in Canada have (if they are lucky enough to have any pension at all).
Why would we not want every worker to eventually have the option to put into a db plan , or eventually migrating to a more realistic CPP plan ? As long as it reflects the income saved away into it ?
Hello Reese, you knocked this one out of the park. This video is definitely one of the top three I have seen from you. It is remarkable to think about the similarities between the 80s and today, and remarkable that politicians do not learn from the mistakes of their predecessors. After all, they are just focused on getting reelected, independently of the cost of the "freebies" they offer to people to get reelected. I am disgusted at the way the government treats us. Just this week, offering to "postpone" the carbon tax to Atlantic Canadians, clearly because they need their votes to get reelected. Do they really think that we are that naive not to notice? Do they think they can print billions of dollars out of thin air, and that all this currency will not push prices up one day or another? And then have the audacity to blame anyone else (consumers, producers, manufacturers, supply chains, stores) but themselves for the inflation that they caused with their unbalanced spending? Shame on them!!!
Keep up the great work!
Thank you. I appreciate the support :)
Great video!!
Thanks!
Bravo...very well done , Video and many Thanks for creating a Top-rated video with great facts , data & information...!!!
Thanks for saying what we've been discussing in our household for 3 years. This is not sustainable. I'm glad we weren't the only ones that got into a variable rate mortgage in 2021 at 2%; our rate is now 6.25%. Luckily, like you, our mortgage isn't extravagant so we stretched out the amortization (to keep payments lower), and make double principal payments and lump sums as often as possible. It is worrisome to think what will happen in the next 2-4 years when mortgage renewals happen. It's times like these that the government should be implementing policies like the US with partial interest payment write offs on principal residences. They are lucky to hold their rates for the entire term of the mortgage; this 5-10 year renewal business is about to crack the economy. Thanks for saying what no one else is saying, with facts, not false narratives that we see coming from the government and BoC.
What a great video!
Another awesome video Rhys! Bang on as usual.
I am particularly fascinated on how Bitcoin will fair in the upcoming period, it has never faced these environments. My bet is UP like previous market performances.
What I find interesting is that inflation was low with Trudeau for 6 years and then started to increase - across the world to be fair and with Biden so I don't quite get the correlation of the inflation with Trudeau - may a little too right wing view point. Pierre Poilievre would be much much worse.
Financial advisors should keep politics out of their videos. I trusted Reece’s advice in videos before this one but will be more careful in the future.
Governments monetary policies affects personal finances.
Rhys is referencing facts from a chart that is in every single investment managers office - this is Rhys's opinion based on trends, which is his job. He is also giving a glimpse into a very real possibility that maybe a lot of people don't see coming. People need to prepare for history to repeat itself - its financially responsible.
@jwarnstarsmile this exactly. I was a kid the first time. But I remember very well what happened to our family during that time. Having to rely on charities pay your bills and provide food hampers kind of sticks with you. I really feel for the families currently going through that hell.
11% would have me bricked up like nothing else. Imagine still having a mortgage these days lol.
TRUE
Investment channel turning into a political mouthpiece? I get you're not happy with the government, but this not why I subscribed.
You should unsubscribe plz!
This is absolutely why I like your channel. It looks pretty straight forward to me. 40 years apart the same family exploded the deficit and set fire to the powder keg ! It will take a non partisan approach to bring every thing back to normal.
You forgot that a Trudeau was leading Canada during the 70's to early 80's. Is it a coincidence?
This is idiotic. Inflation spiked in the 73 when OPEC raised the price of oil by 400% within a matter of days. This affected the entire world. This current round of inflation is also global, and linked to the a basket of factors.. pent up demand after covid, supply chain issues and a scarcity of supply, and gouging by most corporations trying to recoup their covid losses. To pin it on the Trudeaus is the kind of simplistic, small minded 'analysis' we've come to expect from the Toronto Sun. Stick to what you're good at. Unsubscribed.
Subscribed
Great video and you hit the nail on the head. You may upset the liberal supporters haha
Thank you :)
I’m genuinely not trying to upset anyone. Just is what it is.
Politics? So what... Sticking your head in the sand is not an option. I prefer to hear people out, and form my own opinion.
You lost me at 2:25.
These are simply not intelligent remarks, because interest rates are global and not unique to one country. The major problem of that time was the OPEC problem after Nixon took the American dollar off the gold standard.
A competent reading of the history of the times will reveal to you that the Arabs were NOT HAPPY about having their assets so drastically devalued by Nixon and OPEC retaliated by "shutting off the taps" which resulted in line ups at American gas stations and difficult politics for the incumbent American president.
ALSO because the price of a barrel of oil became more expensive, then a booming oil industry became viable in Alberta. Fortunately, Alberta voters had dumped its stupid 8th-grader fundamentalist preacher of a premier named Ernest Manning and replaced him with progressive Peter Lougheed, MBA, who knew how to take advantage of the situation and set Alberta up for success.
The interest rate issues of that decade can be simplified to this: OPEC taking control of global oil production and pricing and destabilizing the world economy (rather than the post-war stability of America's "Seven Sisters" set of oil companies).
As for this time in 2023.
It so happens that Canada has the best, most stable economy in the world and the lowest interest rates in the G7. Canada is one of two countries that survived the pandemic economic stress with the top credit rating. etc etc etc
If your weath-making is failing, it IS NOT Canada, any prime minister, politics or Canada's excellent economy that is the problem. Don't let Poilievere deceive you that Canada is broken. (Though the idiotic conservative premiers are hell-bent on trying to break Canada via housing, cultural warfare and ridiculous threats of separation and stealing pensions, etc)
It's YOU (collectively) that's broken in the head for believing self-serving Poilievre's crap.
If you want to do simple-minded political attacks and troll false political messaging on behalf of Poilievre the Liar, make another account/niche or find another platform.
If you want to look for "coincidences" I think you'll find Reagan and Thatcher were in power when interest rates really ratched up.
A breath of fresh air, this comment.
Clear you aren't playing attention to international events in each case. It was an International Issue not a national issue. Look at forest not tree.
That is bull crap. Pierre well overspent, big man on campus just like Justin. I suppose divorce & mental illness are international problems as well. I lived it & paid for it.
Are you only watching Toronto Star for information? Lol. Completely clueless, just fyi, our Canadian dollar has plummeted and we almost dropped out of the top 10 in GDP growth all within the last 10 years as an economy.
Sorry buddy I was coming to your channel for financial advice not political commentary. You’ve lost me as a subscriber. I see too much political commentary on RUclips as it is. Sigh…
This wasn’t political at all…he’s comparing trends in two different eras. It just so happens that the party in power (and the last name of their leader) happened to be the same.
@@AlainBissonnette-h8l Right below Trudeau was Nixon, who is in a different political party than Biden, and the exact trends occurred and are occurring in the U.S. Maybe the reason "a lot of people are not talking about" it is that there is nothing to talk about if viewed outside of a political lens.
@@michaelbodalski again, outside of a very quick observation of who is/was in “power” all he is doing is pointing out where this might be headed and what the past is telling us…I have no idea why that is offending anyone.
@@AlainBissonnette-h8l Okay surrrrrre! 👍🏻 Exhibit A, Title of Video “A History Our Government Does NOT Want You To Know.” I subscribed to this channel for RRSP, TFSA, CPP advice etc. Not for content I would find on Rebel News. There is enough of that crap on RUclips already. Oh and for the record I have no political allegiances but I am sick and tired of all the tribal political commentary permeating RUclips from all sides. I thought I would be immune from it here but I was wrong. Too bad because I enjoyed RC’s videos but this nonsense I have no time for and it frankly insults my intelligence.
@@AlainBissonnette-h8l That part has been discussed at length. Our current monetary system was built on lessons learned during that era. Drawing a comparison between political leaders during two eras at best exposes a huge lack of historical understanding in a area that I would assume someone giving advice would understand, and at worst indicates a political-based blind spot.
The mind blowing part of this video is Tiff still has a job.
Over simplifcation. Political opinion nonsense. Thought you were better than this.
Exactly. I was starting to enjoy his advice and videos too. 😢
Please stay agnostic to politics. Not your cup of tea in my view. The 70’s and 80’s crisis was world wide and caused by the Oil crisis and the geopolitical situation with Arab countries NOT by government overspending. This was actually more an attempt to mitigate the situation. The conservative gouvernement that followed (Mulroney) did not reduce de dept but the following Liberal gouvernement (Cretien/ Martin) did with much force. When you say « them » as to amalgamate the Trudeau Gouvernent and the Bank of Canada it is misleading. Bank of Canada is a non-political indépendant institution. So I respect and appreciate your views on retirement where you definitely come though as an expert but to my knowledge you are not an economists, so I would restrain from taking that kind of stance in the future as you will cast a shadow on your true expertise.
Trudeau JR is quoted as saying he doesn't think about monetary policy....and here we are.
Link?
@@dangal9366 ruclips.net/video/G7VOLChLKG4/видео.html&si=YlJFRWgQYDbzspJh
@@dangal9366 ruclips.net/video/G7VOLChLKG4/видео.htmlsi=20cnAjTEVx9SkK0l
Newsflash…monetary policy is the responsibility of the BoC. Trudeau can think about it all he wants, or not, but cannot control it.
Actual quote and link from a vetted news report?
The 'problem' is that government spending is only a fraction of the factors which contribute to inflationary pressures. The cause and effect between Prime Minister and inflation is not a result of any apparent correlation between a name and a period of inflation. It is simply not that simply a concept, and commenting on it should be left to those with a least a post-secondary minor in economics. Government spending is funded by taxation and borrowing on the open market; none of which is 'printing money.' For the record, printing money will get you inflation which is why no sophisticated, modern monetary policy takes part in it. Overall, not much content but some form of propaganda. True to contemporary Conservative form, propaganda that actually goes nowhere. The government did not advise you to take on debt. Inflationary pressures are the greatest economic destructive factor and the economy will likely to contract to keep inflationary pressures under the control. In the current context, y'all got used to spending the stuff with that 'helicopter money' - low, low interest rate. What might have been expected under those conditions may not exist for at least the medium term. It is generally a quality program the fellow puts together here, but...
A succinct, accurate and informative take on the situation. History might not repeat but it rhymes and it will hurt many.
Possibly hurt the foolish and benefit the wise? Living within my means on $48k gross per year. Effective tax rate 11.4%. Not feelin' the pain or angst yet.
Thank you so much for this. Incredibly helpful.