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Canadian Prime Minister Stephen Harper believes a depression is
COMING
The
Coming Depression
Wednesday, Dec 17, 2008
Canadian Prime Minister Stephen Harper believes a depression
is possible and says he's never seen such economic uncertainty.
Harper said the outlook for the Canadian economy is increasingly
hard to read.
"The truth is, I've never seen such uncertainty in terms
of looking forward to the future," Harper told CTV television
on Tuesday. "I'm very worried about the Canadian economy."
When asked whether a depression might be possible, Harper answered:
"It could be, but I think we've learned enough about depression;
we've learned enough from the 1930s to avoid some of the mistakes
that caused a recession in 1929 to become a depression in the
1930s."
(ARTICLE CONTINUES BELOW)
The credit crisis and a global sell-off of commodities have slowed
Canada's resource-rich economy. Alberta's once booming oil sands
sector has cooled as every major company has scrapped or delayed
some expansion plans.
The manufacturing sector in central Canada is also in trouble.
Canada could lose more than 580,000 jobs within five years if
Detroit's Big Three automakers go out of business, according to
an Ontario government-commissioned report.
The review, prepared for Ontario's Ministry of Economic Development
and released Tuesday, warns that the collapse of General Motors
Corp., Ford Motor Co. and Chrysler LLC would send lasting shock
waves through the economy.
Ontario Economic Development Minister Michael Bryant said Tuesday
a proposed 3.4 billion Canadian dollar ($2.8 billion) rescue package
is needed to avoid a "catastrophic" chain of events.
Harper said Canada will almost certainly be run a deficit in
2009 as the government spends billions to prop up the economy.
Opposition parties tried to topple Harper's Conservative government
earlier this month after his fiscal update didn't include a stimulus
package.
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INFOWARS:
BECAUSE THERE'S A WAR ON FOR YOUR MIND
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