by Peter Diekmeyer, Sprott Money:
More controversy is emerging at the Bank of Canada, where Governor Stephen Poloz has been trying to slip away after his low interest rate policies fostered trillions of dollars in new debts at the expense of ordinary Canadians.
New data released by Statistics Canada indicates that Canadian individuals, businesses, banks, and governments owed $8.6 trillion at the end of the third quarter of 2019.
That’s an increase of 4.9% in just one year and 44.8% in the seven years since Poloz took office.
The average Canadian is now responsible for $227,927 in debts or $911,702 per family of four.