Credit bubbles take an elevator up an escalator down. The escalator is now accelerating in Canada even as interest rates and unemployment remain near all-time lows. This suggests that our financial crunch is only getting started, and not just in Alberta.
Canada is on track this year to record the largest increase in consumer insolvency filings in a decade and the first increase in business insolvencies since 2001, says a national association of insolvency and restructuring professionals. Here is a direct video link.
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