One can assume that Canadians are in the same, or perhaps an even leakier, boat. These figures, by the way, do not include mortgage interest.
JUST IN: Personal interest payments in the US hit a record $506 BILLION in July.
During the first 7 months of 2023, Americans paid a total of $3.3 TRILLION in personal interest.
This is up a staggering 80% since 2021 and nearly above the entire 2022 total.
The worst part?… pic.twitter.com/VbQC0ANUbP
— The Kobeissi Letter (@KobeissiLetter) September 17, 2023
So many charts like this lately. Seems like everything is on the verge of collapsing all at once. Time to stock up on ramen again!
Oh and let’s phase out cash too as one Bank in Australia wants to do…
https://www.thegatewaypundit.com/2023/09/it-begins-australias-fifth-largest-bank-announces-digital/
All that expensive costs associated with handling of physical money from ordering it printed to the security of its handling…it’s incredibly expensive in today’s market.
Fed Chair, Powell has said interest rates may have to move higher, I do recall hearing that he meant over the next year. So if you’re holding up for relief from the fed, give up and find an untaxed side hustle to make ends meet.
I met a preacher here in Calgary who rebuilds a certain brand of bbq (I bought one) … he pockets a few thousand untaxed each summer, it pays for red meat, cheddar… do something, unless you work for the gov’t. if you work for the gov’t you should just starve, or get double jabbed this autumn and hope for the best.
https://www.forbes.com/sites/simonmoore/2023/08/25/powells-jackson-hole-speech-outlines-what-could-move-rates-higher/?sh=413ed9e1602a
Now if you want to tax somebody, tax those charging 30% interest and then make them reduce rates to somewhere lower than usury.
If they didn’t pay 30%, nobody would give them a loan because they are such lousy credit risks.
One of the few instances where you pay for your own mistakes.
Better to look at the Big Bank credit cards charging 20 plus % while giving zero % on deposits.
Everybody gets to pay for the bad credit risks if they don’t pay in full.
Big Banks are not your friend.
Nobody speaks for regular people. Those who purportedly do, do so with forked tongue.
The First*&^%$#@! Trudeau laughed that MPs were nobodies 100 yards from the Hill.
The Second *&^^%$#@! Trudeau laughs that MPs are nobodies on the Hill.
Your Canada.
Joke Constitution, Laughable Courts, Co-Opted Media, Broken Political System, Risible Education System, Docile Ignorant Population….
Nothing but Lies, Myths and Shibboleths.
Many years ago in my youth, similar conversations occurred.
Well, if you don’t like banks, own their shares, the divvies are good, and share values rise. Not a bad deal, better than low interest accounts.
On that note, there’s plenty of other options out there right now, to get between 5 and 6 percent on deposits. CDs, some daily savings accounts, and Blue Chip corporate bonds. We’ve moved funds into these recently, getting around 5.5%. The money is out there, you just gotta look for it.
20% – 30% pretty soon you’re talking real money.
Ohhhhhh … you mean “those” who incorporate in Delaware … where there are no usury laws? The State that Biden has “served” for 50+ years?
They would then charge 35% rates. Corporations don’t pay taxes, their customers do.
That’s true. But most corporations don’t make 30% on an investment either.
Once you struggle to pay your rent and grocery bill, you will be WEF’D, heavy on the EFF’d, then you will depend on the gubbermint for everything, and that is their plan. And you never Putiners, that is the whole intent of the “proxy” war in the Ukraine. You git it you brain dead A$$holes?
666
Experts said we’d be ok.
Experts really meant THEY’D be OK … as their coffers filled with usurious dollars.
But Chairman Justin says “the budget will balance itself”.
https://www.youtube.com/watch?v=5VgNEsWx9pI
Besides, he was a teacher so he knows how many genders there are today!
The problem is interest rates barely affect government spending, which is the culprit of inflation.
All the newspapers in the Maritimes are owned by ostensibly conservative Postmedia (the creation of the Postmedia Network effectively concentrates more than 90 percent of all Canadian dailies and weeklies in one company).
Kevin Libin and Postmedia should be mortified by his and their colossal CINO/RINO failure.
The local papers, like the rest of the Canadian Media, are as conservative as Mao’s Little Red Book; holding the Liberals to account with all the ferocity of those cute little white kittens on the TV tissue commercial.
No wonder the Conservatives win as often as the Leafs.
Even their “friends” are enemies.
And their supporters, such as they are, don’t even seem to realize they are in a war.
One with huge consequences. Which they are losing badly.
“In October 2018, it was reported that CEO Andrew MacLeod had declared the company “insufficiently conservative.” That resulted in Kevin Libin, who had played an active role in defeating a union drive at the paper earlier that year,[22] taking charge of all political reporting and analysis in Postmedia newspapers to ensure the newspapers became more “reliably conservative.”[23]In June 2019, Kevin Libin, the National Post and Financial Post comments editor and editorials editor and a founding editor of Western Standard, was assigned “executive editor of Postmedia politics”.[4] The role focuses on coverage for federal politics in the Post.
In November 2019, Postmedia announced[25] that 66% of its shares were now owned by Chatham Asset Management, an American media conglomerate which owns American Media, Inc., an is known for its close ties to the Republican party.[26] ” – wikipedia
Owned by the Americans and operated and funded by the Liberal Party.
Maybe Xavier or Hadrian can save us.
$3.3 trillion
340 million = US population
265 million = US population over 18
$3.3 trillion divided by 265 million = $12,450 for 7 months
Divide by 7 = $1779 per month (or $21,347 per year)
Not sure I trust the $3.3 trillion. Looks fishy.
Also, the article said it excluded mortgage interest, joe.
All I can think of that isn’t mortgage interest is consumer loans (autos, furniture, etc.) and credit card interest. Maybe home improvement loans that aren’t second mortgages are in there, too.
OTOH, rates have shot through the roof, and we may be thinking like it’s the past low interest years. Those easy years would make the $3.3 trillion seem suspect. But if the rates have shot up that much to increase interest due, then maybe there is going to be a lot of defaults and… good luck getting all of that $3.3 trillion, lenders.