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 Posted: Mon, 5th Jan 2009 17:43 Post subject: Anyone from canada or australia? |
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I was wondering if this global economical crysis is also affecting this 2 countries, and how...
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| Posted: Mon, 5th Jan 2009 22:57 Post subject: Re: Anyone from canada or australia? |
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| thenormal02 wrote: | | I was wondering if this global economical crysis is also affecting this 2 countries, and how... |
The new policies of nfohump is to ban people who call others for morons, idiots, wackjobs and are generally insulting. It's a very regrettable policy, I find, seeing as how much I enjoy telling some people exactly what I think about them.
Anyway, to constructively answer your question - Canadian and US economies are very closely related, because of proximity of these two countries. While Australia is indeed far away, it heavily relies on imports of manufactured goods and machinery from the ilk of USA.
When USA loses everyone loses. At first. I personally happen to think that this is a good depression, since it will decentralize European and Asian dependence on US of A. |
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| Posted: Mon, 5th Jan 2009 22:59 Post subject: Re: Anyone from canada or australia? |
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| thenormal02 wrote: | | I was wondering if this global economical crysis is also affecting this 2 countries, and how... |
wat
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| Posted: Mon, 5th Jan 2009 23:06 Post subject: |
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Yes Canada is effected as well. Housing prices for one and employment rates have fallen.
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nouseforaname
Über-VIP Member
Posts: 21306
Location: Toronto, Canada
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| Posted: Mon, 5th Jan 2009 23:09 Post subject: |
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The recession in Canada is not nearly as bad as in the US...
| Quote: | OTTAWA - Canada's economy will continue to contract until mid-2009, pushing the jobless rate above eight per cent and robbing Canadians of more than $50 billion in income, TD Bank projected Wednesday, abandoning a previously favoured more optimistic scenario.
"We are witnessing a rare instance in history of a synchronized global recession," it said in its grim forecast, issued in the wake of the Bank of Canada's acknowledgement this week that Canada is entering a recession. "At the heart of the global recession is the ongoing difficulties in credit markets, which know no borders."
The pessimistic forecast sees the U.S. economy suffering its severest recession since the the 1980s, shrinking by nearly two per cent next year, and the global economy expanding only 0.5 per cent, its weakest performance on records going back nearly half a century, it noted. |
http://www.canada.com/topics/news/national/story.html?id=1058543
Auto sales hadn't been declining until recently
http://www.bloomberg.com/apps/news?pid=20601082&sid=axyPdWcGwwp8&refer=canada
mortgage default rates are not nearly as high as the US
| Quote: | According to the latest figures compiled by the Canadian Bankers Association, the percentage of mortgages that have gone unpaid for at least three months as of September was 0.29 per cent, or 11,362 of about 3.9 million mortgages in the country.
Murphy believes those figures have not grown by very much in the past few months, when the financial crisis started to be felt more deeply across Canada.
Arrears in the U.S. are 6.5 times higher, according to the bank lobby group. |
http://www.google.com/hostednews/canadianpress/article/ALeqM5jbhZe3YqEN3FN4-w5cQw0q8UlkbA
Housing prices have dropped much less than in the US in the last year
http://www.thestar.com/Article/561207
Also don't forget we didn't have that whole sub-prime fiasco here as well.
I guess consumer confidence is also important...
| Quote: | Canadian consumer confidence slumps in late 2008
OTTAWA, Jan 2 (Reuters) - Consumer confidence in Canada slumped between August and December, but pessimism over the economy was countered by relatively positive personal sentiment, according to a Harris/Decima Investors Group survey released on Friday.
Pessimism about the economic outlook for the coming year increased, with 64 percent of respondents expecting bad times, double the rate in August. Canadian consumer confidence levels now match U.S. levels, as measured by a University of Michigan survey.
Belying that concern, the number of people who expect their personal financial situation to deteriorate remained largely stable at 18 percent, pollsters said.
The number of people who say they are worse off today than they were last year, jumped 4 points to 28 percent, but far more still say they are the same or better off than last year. |
http://www.reuters.com/article/marketsNews/idUSN0237578020090102
so really things aren't all that bad right now but probably could get much worse.
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| Posted: Tue, 6th Jan 2009 15:52 Post subject: Re: Anyone from canada or australia? |
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| PoorLeno wrote: | | thenormal02 wrote: | | I was wondering if this global economical crysis is also affecting this 2 countries, and how... |
While Australia is indeed far away, it heavily relies on imports of manufactured goods and machinery from the ilk of USA. |
We rely on China more so than the USA, as pointed out Australia use to manufacture most of our goods but as of late that industry is all most dead and now we rely on other countries to buy our raw materials so that they may turn it into something useful.
Conclusion: If countries stop making goods, then they stop buying our raw materials which = a lot of miners out of work, which therefore puts more pressure on the welfare system here (which is all ready filled with doll bludgers).
At the moment we haven't been hit hard, I have a friend in the mines who has had his hours reduced which shows demand has decreased. Mind you I can only really comment on the state of N.S.W
Hope this helps.
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| Posted: Tue, 6th Jan 2009 17:30 Post subject: Re: Anyone from canada or australia? |
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| PistolWhip wrote: | At the moment we haven't been hit hard, I have a friend in the mines who has had his hours reduced which shows demand has decreased. Mind you I can only really comment on the state of N.S.W
Hope this helps. |
Same deal over in W.A. The general cost of living has gone up a fair bit aswell. Overall we should be mostly OK though.
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nouseforaname
Über-VIP Member
Posts: 21306
Location: Toronto, Canada
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| Posted: Tue, 6th Jan 2009 18:25 Post subject: Re: Anyone from canada or australia? |
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| PistolWhip wrote: | | as of late that industry is all most dead and now we rely on other countries to buy our raw materials so that they may turn it into something useful. |
sadly this is the same thing that has happened in Canada. We don't manufacture fuck all anymore, just ship our raw materials elsewhere :/
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Phluxed
VIP Member
Posts: 4911
Location: Oakville, Ontario, Canada
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| Posted: Wed, 7th Jan 2009 12:49 Post subject: |
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FACT:
The Canadian economy was slowly falling because of the american economy but did not take an impact until people started SAYING it took an impact. The Canadian government cannot handle having a stronger economy than the Americans. They remove consumer confidence by telling everyone to save and stop putting money into the economy etc and to be scared.
Canada will be just fine, like the Americans. The problem here is all the idiots who bought houses are losing them and its big business taking a hit and stupid people losing houses. They should've rented or lived with family until they could own a home. It's no one's fault but their own. No politician wants to blame the people because they need to get re-elected. The WHOLE thing is fucking retarded.
I can pretty much assure you, the day the president elect is sworn in, you'll see a surge and then a turn around because of consumer confidence. Won't happen overnight, but people trust their new president.
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nouseforaname
Über-VIP Member
Posts: 21306
Location: Toronto, Canada
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| Posted: Wed, 7th Jan 2009 18:02 Post subject: |
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since we're on the subject ...
| Quote: | Economists predict more financial troubles for Canada in 2009, slow recovery
TORONTO - Canadians should brace themselves for another year of trouble in the domestic economy, and it could even be worse than last year.
That's according to some of the country's leading bank economists who are projecting that the global economic struggle will gain momentum in Canada during early 2009.
At a gathering of economic minds at the Economic Club of Canada in Toronto, TD Bank chief economist Don Drummond said challenges faced by the U.S. will start to be felt more keenly in Canada during the first quarter
The global economic meltdown will continue to affect the country for at least the first half of the year before it returns to growth, which will even then be lower than normal.
Bank of Montreal economist Sherry Cooper says she believes government policies and monetary stimulus will bring the country out of a recession.
"At the end of the day will have outperformed much of the rest of the world, certainly the rest of the G7," she said.
Critics have questioned whether Ottawa should cut taxes as part of a broader effort to stimulate the economy.
On Tuesday, Finance Minister Jim Flaherty made it clearer that a economic stimulus plan would likely include tax cuts to encourage retail and other spending.
"My hope is that if we do get a tax cut it is not just temporary," Drummond said, noting that temporary tax cuts just tend to shift the timeline on when Canadians decided to make big ticket purchases.
"If we're going to see any tax relief in the name of aiding the economy we have to see something permanent." |
http://ca.news.yahoo.com/s/capress/090107/national/economy
also not surprising to see that the best idea the CONservatives can come up with is tax cuts ... guess we'll see to whom the bulk of those cuts go. Hopefully those dumbasses will have some big infrastructure spending projects in the stimulus plan.
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| Posted: Thu, 8th Jan 2009 01:51 Post subject: |
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| Phluxed wrote: | | Canada will be just fine, like the Americans. The problem here is all the idiots who bought houses are losing them and its big business taking a hit and stupid people losing houses. They should've rented or lived with family until they could own a home. It's no one's fault but their own. No politician wants to blame the people because they need to get re-elected. The WHOLE thing is fucking retarded. |
So I'm a idiot eh? I guess its my fault I am currently at risk of losing my home even though at the time I could afford it but I sorta went to a not so nice place and bad things happened.
Those bad things made me go temporarily insane and despite my behavior no one took action until I attempted to take my life which landed me in a mental ward for about a month and a half.
Of course when these bad things happened I was relieved to know that I was going to be taken care of because that's what everyone says "if something does happen to you you will be taken care of" Guys in the same boat as me did so why should I doubt it? Except it never came. Maybe its because I am a atheist and my dog tags even said so and I was discriminated against ever since I swore in and was the only one who objected to use the word "god". (which I was presented with such a option before hand) which continued even to my last days. Maybe because I was a open liberal and the military "values" are anything but. Heck maybe they found out I knew several soldiers who were homosexuals and didn't sequel on them. Maybe its none of these or maybe its all but all I know I got fucked and will never get a dime from them.
But I guess its my fault.
I guess its also the guy who works at a company for more years than allot of us have been alive own fault when he is layed off and normally first because companies are making cut backs. Everywhere he goes hes told hes "over qualified". If he loses his house now its his fault too?
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| Posted: Thu, 8th Jan 2009 02:10 Post subject: |
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| NuclearShadow wrote: | | Phluxed wrote: | | Canada will be just fine, like the Americans. The problem here is all the idiots who bought houses are losing them and its big business taking a hit and stupid people losing houses. They should've rented or lived with family until they could own a home. It's no one's fault but their own. No politician wants to blame the people because they need to get re-elected. The WHOLE thing is fucking retarded. |
So I'm a idiot eh? I guess its my fault I am currently at risk of losing my home even though at the time I could afford it but I sorta went to a not so nice place and bad things happened.
Those bad things made me go temporarily insane and despite my behavior no one took action until I attempted to take my life which landed me in a mental ward for about a month and a half.
Of course when these bad things happened I was relieved to know that I was going to be taken care of because that's what everyone says "if something does happen to you you will be taken care of" Guys in the same boat as me did so why should I doubt it? Except it never came. Maybe its because I am a atheist and my dog tags even said so and I was discriminated against ever since I swore in and was the only one who objected to use the word "god". (which I was presented with such a option before hand) which continued even to my last days. Maybe because I was a open liberal and the military "values" are anything but. Heck maybe they found out I knew several soldiers who were homosexuals and didn't sequel on them. Maybe its none of these or maybe its all but all I know I got fucked and will never get a dime from them.
But I guess its my fault.
I guess its also the guy who works at a company for more years than allot of us have been alive own fault when he is layed off and normally first because companies are making cut backs. Everywhere he goes hes told hes "over qualified". If he loses his house now its his fault too? |
Man, that's fucked up. :/ Not that I'm suggesting anything but I would have probably tried to kill someone else, not myself.
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lhzr
Posts: 3902
Location: RO
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| Posted: Thu, 8th Jan 2009 10:15 Post subject: |
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| NuclearShadow wrote: | | Of course when these bad things happened I was relieved to know that I was going to be taken care of because that's what everyone says "if something does happen to you you will be taken care of" |
what's with this "i'm gonna be taken care of" thing? what does that even mean? why would anyone take care of you, unless they're your friend or a relative?
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nouseforaname
Über-VIP Member
Posts: 21306
Location: Toronto, Canada
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| Posted: Thu, 8th Jan 2009 17:18 Post subject: |
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| lhzr wrote: | | NuclearShadow wrote: | | Of course when these bad things happened I was relieved to know that I was going to be taken care of because that's what everyone says "if something does happen to you you will be taken care of" |
what's with this "i'm gonna be taken care of" thing? what does that even mean? why would anyone take care of you, unless they're your friend or a relative? |
I think he's referencing that he's a veteran of the Iraq war...
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| Posted: Thu, 8th Jan 2009 17:48 Post subject: |
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| lhzr wrote: | | NuclearShadow wrote: | | Of course when these bad things happened I was relieved to know that I was going to be taken care of because that's what everyone says "if something does happen to you you will be taken care of" |
what's with this "i'm gonna be taken care of" thing? what does that even mean? why would anyone take care of you, unless they're your friend or a relative? |
The military has its own disability so if something happens to the solider to the point where he/she cannot continue in the military the solider is suppose to collect disability and receive free health care for the rest of his/her life. There are course factors that change the amount received such as how disabled the solider is.
I honestly should easily be affording my mortgage right now and money shouldn't even be a concern. But instead its the complete opposite and I know its only a matter of time before I lose my home. I honestly don't care what happens to me anymore but I do worry about my wife and son.
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SycoShaman
VIP Master Jedi
Posts: 24468
Location: Toronto, Canada
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| Posted: Sat, 10th Jan 2009 22:14 Post subject: |
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I know nouse is well more versed in this subject...but compared to England and the US and other countries, Canada isnt in bad shape. We've taken some losses and what have you, but its not that bad. Our politicians like to exaggerate the problem.
Yes, unemployment is high and such but we have programs that offer free, high quality retraining for other professions. We have safeguards in place.
So yeah, Canada has been hit. But its not bad like it is in most countries around the world.
Recently, a UN group (cant remember the name) said that Canada (havent heard about the Aussie's) is in great shape considering the rest of the western and even eastern euro world.
So Im optimistic. Once the US gets it shit under control, thing will improve and Canada will be fine. I mean, we still rake in a surplus at the end of the year ya know?
Its not like we are 2 Trillion in debt like the US.
Plus, if things got bad, we have the 2nd largest (if I remember correctly) oil/oil reserves in the world. So if things got bad, we'd hold our oil for ourselves. Canada has a tremendous amount of natural resources.
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nouseforaname
Über-VIP Member
Posts: 21306
Location: Toronto, Canada
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| Posted: Sat, 10th Jan 2009 22:32 Post subject: |
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| SycoShaman wrote: | I know nouse is well more versed in this subject...but compared to England and the US and other countries, Canada isnt in bad shape. We've taken some losses and what have you, but its not that bad. Our politicians like to exaggerate the problem.
Yes, unemployment is high and such but we have programs that offer free, high quality retraining for other professions. We have safeguards in place.
So yeah, Canada has been hit. But its not bad like it is in most countries around the world.
Recently, a UN group (cant remember the name) said that Canada (havent heard about the Aussie's) is in great shape considering the rest of the western and even eastern euro world.
So Im optimistic. Once the US gets it shit under control, thing will improve and Canada will be fine. I mean, we still rake in a surplus at the end of the year ya know?
Its not like we are 2 Trillion in debt like the US.
Plus, if things got bad, we have the 2nd largest (if I remember correctly) oil/oil reserves in the world. So if things got bad, we'd hold our oil for ourselves. Canada has a tremendous amount of natural resources. |
a few comments...
1) I think media is worst than the govt at making things sound worse
2) retraining program exists in Ontario and is only very recent, but is definitely a great idea
3) UN study was about our banking system being the most financially sound in the world
4) we will have a deficit at the end of the year, and there is nothing wrong with investing money in jobs/infrastructure during a recession and going into deficit as long as we keep paying back when things are better (ie tax revenues are higher). Also keep in mind that interest on the federal debt drives it higher than spending -- when interest rates went to nearly 20% in the early 80s out deficit went through the roof since we stopped even paying off the interest portion of the debt...
5) we are getting close to the point where the oil in the tarsands isn't worth extracting ... somewhere around $35/barrel is the break-even point (right now oil is ~$40-45/barrel)
but hey, I think consumer confidence is really important .. it's good to keep a positive attitude and not alter your behavior unless you need to. I'm lucky in that my job is pretty much recession proof (we already have stable funding for the next 5 years), not that it would be hard to find another in my field anyways 
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SycoShaman
VIP Master Jedi
Posts: 24468
Location: Toronto, Canada
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| Posted: Sat, 10th Jan 2009 23:56 Post subject: |
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Sam here, my job is secure so Im safe.
Still, like you said, Canada is in way better condition than most western countries.
lol nouse, you and your graphics I do enjoy them tho my friend
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b0se
Banned
Posts: 5901
Location: Rapture
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| Posted: Sun, 11th Jan 2009 01:47 Post subject: Re: Anyone from canada or australia? |
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| FireMaster wrote: | | thenormal02 wrote: | | I was wondering if this global economical crysis is also affecting this 2 countries, and how... |
wat |
i think he meant "crisis" not crysis by crytek lmao
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Phluxed
VIP Member
Posts: 4911
Location: Oakville, Ontario, Canada
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| Posted: Sun, 11th Jan 2009 03:32 Post subject: |
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| NuclearShadow wrote: | | Phluxed wrote: | | Canada will be just fine, like the Americans. The problem here is all the idiots who bought houses are losing them and its big business taking a hit and stupid people losing houses. They should've rented or lived with family until they could own a home. It's no one's fault but their own. No politician wants to blame the people because they need to get re-elected. The WHOLE thing is fucking retarded. |
So I'm a idiot eh? I guess its my fault I am currently at risk of losing my home even though at the time I could afford it but I sorta went to a not so nice place and bad things happened.
Those bad things made me go temporarily insane and despite my behavior no one took action until I attempted to take my life which landed me in a mental ward for about a month and a half.
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Regardless of the economy, if that happened, you probably would be at risk of losing your house.
If you were unstable and bought a house, yes, you're an idiot, but you were unstable, so here's a sucker.
No sympathy.
Oh and before you ask. No I haven't ever served, No I don't plan on ever doing so, and yes I am a coward. |
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