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Discuss issues related to business, finance, taxes, investments, cost of living in different countries, etc.
9 posts • Page 1 of 1
The Bank of Canada has virtually no gold backing the Canadian dollar. Since 1980, Canada has sold 99.5% of it gold. Canada now has the 78th largest holding of gold of all countries. Countries such as Bolivia, Bangladesh, Cambodia and Macedonia have more gold than does the Bank of Canada. The Bank of Canada used to have 653 tonnes but today it only holds 3.4 tonnes. When the US dollar crashes Russian guys will be coming to Canada to find wives that's how poor the country will be.
I don't agree about Canada. During the 2008 financial crisis, the Canadian banks were the only ones that weren't in trouble due to their conservative lending practices. The panic was in the US and also spread to Europe who bought worthless paper from the Banksters. Read your history. And what does he mean by "capitalized"? The US FED is just backed by paper like all the other Central banks.
There were no mortgage companies in Canada that went bankrupt in 2008 so it was not affected by US mortgage meltdown. However, Canada did sell its gold in the 1980's a fact most Canadians will find out the hard way.
That's because the Canadian regulators didn't permit it. The US Banksters put up fraudulent mortgage companies with mortgage officers trained over the weekend to churn out worthless subprime mortgages. The Canadian still seem to have some discipline in their financial system. The Wallstreet Shysters control the US government and there is no limit to their fraud. There is no currency now backed by gold, including the Swiss Franc, or am I missing something? The US dollar is toast once the Chinese create an alternative reserve currency or the petrodollar scam comes to an end. I don't think any paper currency is secure. I don't think this guy's analysis is correct singling out the Canadian dollar. He sounds like a marketer.
I agree. There will be a collapse of all fiat currencies. Some might collapse before others but every fiat currency eventually collapses. Gold and silver coins would retain their value in a currency collapse. They might not always have the same fiat denominated value but they will always have their value.