Business-as-usual is great until the wheels fall off the scam. This was the case for the American finance industry in the decades following Ronald Regan’s untethering of the finance industry in 1982. The Garn–St. Germain Depository Institutions Act of 1982, deregulated banks allowing a far wider range of loans and justifications for printing money, which the Federal Reserve proceeded to allow. Banks borrowed money from the expanded money supply at reduced interest rates. The lower interest rates spurred investment but also caused inflation as the amount of goods did not keep pace with the rising supply of dollars.
Debt skyrocketed and so did housing costs, banking and speculator profits.
This made financial collapses inevitable and it also enabled the massive transfer of wealth from productive people to the money printers.
Alan Greenspan, appointed in 1987 as the Chairman of the Federal Reserve, oversaw this process for 20 years. The “easy money” (unlimited money printing) policies during that period were the cause of the dot-com bubble and subprime mortgage crisis. See the movie “The Big Short” for an overview but when watching it, please keep in mind that no one, not the good guys or the bad guys, did one minute of productive work despite their hundreds of millions in profits.
Instead of channeling investment into productive efforts, Greenspan allowed printed money to go into speculation where the flood of money drove valuations higher and spurred ever higher speculation. Of course, real costs for most people went up and the profits from this dog-chasing-its-own-tail process went into the pockets of “bankers”.
As this process reached a frenzy, Greenspan termed it “irrational exuberance” instead of calling it what it was: a criminal enterprise of counterfeiting.
OOPS!
Then things went pop and 10 million Americans lost their houses while taxpayers chipped in $700 billion so the system could keep operating as usual and the finance cult could continue to collect millions in bonuses. Job well done!
To the finance cult reps like Greenspan, the system worked well and only became a problem when it failed.
Ditto Canadian Immigration policy.
Canada’s immigration policy has been a failure in terms of the well-being of Canadians, public services decline, ballooning deficits and the environmental impact, but it’s been a massive success for growth and those who profit from it. The failure of Canada’s mass immigration policy was plain for all to see decades ago but it took Trudeau’s incomprehensible incompetence and millions of immigrants to push the Globe to acknowledge the connection between disastrous outcomes and population growth.
Or was it simply a false flag strategy of pushing immigration to ridiculous levels, and then heed calls for reduction so, by comparison, a still ridiculous level appears to be responsible? Only the backroom boys know for sure but, what remains is an indefensible level of immigration, usurious housing costs and low wages. Plus, of course, the continued flow of money into the hands of the finance cult.
In fact, Canada’s low wages, low productivity, inequality and unaffordable housing are issues driven by mass immigration over 50 years. As well, Canadians have not wanted a larger population or a changed ethnic makeup since polls started. (full poll, What Canadians Want)
Mass immigration’s acceptance has been solely due to the success of the lobby driving it and this was in place in the ’70s. Control the media and control the narrative and thus policy. The math is very simple for those who control the media – lose millions running a media corporation and make hundreds of billions profiting from the asset inflation, money printing and low wages which are the sure results of the mass immigration policies their outlets advocate daily.
Despite cutbacks in levels, Canada’s immigration policy is still locked on the goal of tripling our population over the next century. The Globe and Mail simply covers this up with a whitewash of “temporary excess” story. Then it gets back to hosting Century Initiative meetings and supporting news coverage and editorials.
Nothing to See Here Folks, Just Getting Back to Normal!
Given the clearly disastrous outcomes of mass immigration over the past 40 years, only the most biased and brainwashed media could still be pushing the concept of growth.
Carolyn Rogers, the senior deputy governor of the Bank of Canada, feels Canadians are going to grow poorer. Canadians are going to have to sacrifice and we expect a lower standard of living because poor productivity and inflating costs.
Rogers – “Back in 1984, the Canadian economy was producing 88% of the value generated by the US economy per hour. That’s not great. But by 2022, Canadian productivity had fallen to just 71% of that of the United States. Over this same period of time, Canada also fell behind our G7 peers.”
Canada Does not Invest it its People, it "Invests" in Fleecing its People
She acknowledges Canada’s decline but makes no mention of the causes of mass immigration and outsourcing our best jobs through globalism. Also, no mention by Rogers or any politician of the immense transfer of wealth to elites.
Housing, shopping malls and expanding infrastructure do not increase productivity. Although classified by the government as “investment” they are really just long-term consumption.
Protecting industries, investing in equipment and training and replacing cheap labour jobs with more productive ones are policies which raise wages and equality and shrink deficits. There are positive policy alternatives but none include the possibility of continuing to enrich the parasitic elites which are plundering Canadians. Hence the fixation on growth.
Shrink Smart or Grow Stupid?
The Japanese are dealing with ageing – an inevitable outcome of population stabilization and decline – in positive ways.
Meanwhile, the media portray the Japanese economy as crumbling even as productivity and equality increase. They suggest Japans economy could benefit by following Canada’s example of mass immigration. Japan’s economy would certainly expand with mass immigration but the Japanese are neither that stupid nor that corrupt.
Exactly what is it that Canada is a good example of?
The Sheer Idiocy of attempting to fight or even reverse the ageing trend is covered here.
The Sheer Idiocy of Fighting Ageing
For a more complete overview of debt and its use as a mechanism of wealth transfer, please see this video: The History of debt
We have to understand the difference between growth and progress and the Globe’s article shilling mass immigration is a good illustration of why we don’t.