Canada’s Housing Bubble Set to Burst
By MIKE WHITNEY - Counterpunch
Eventually Canada’s credit boom will end precipitating a severe drop-off in demand that will trigger an uptick in joblessness and a slowdown in economic activity...In the meantime, government receipts will plunge which will increase the deficits. That will lead to a call for slashing government programs for the poor, the sick and the elderly. Everywhere housing has crashed, we’ve seen this same scenario play out.