Mike's Daily Comment
The weeks shocking stat begs the question – is COVID19 the most over-hyped in history or it there still a very long time to go before it’s over.
Despite rising risk Canadian governments pretended it was “business as usual” – it’s not. We will regret giving away tens of billions in government revenue while kissing much more in capital investment goodbye. Lance Roberts is brilliant talking about what’s next for stocks and bonds as fears over COVID19 grow. While Victor Adair talks about how to make money when interest rates inevitably go up.
They were wrong – the excessive deficit spending in good times robs us of the financial ammunition we need to offset the negative economic impact of the novel corona virus, which leaves us with one bullet – lower interest rates. And that won’t be near enough.
Somebody should tell the BoC to stop worrying about the economic impact of COVID19. After all, when Teck walked away from Frontier and 7,000 jobs and tens of billions in gov revenue Canadians shrugged it off. We’re so rich we can add $25 billion to federal debt in good times.
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It’s The Biggest Financial and Economic Challenge Since the Credit Crisis
Posted by Michael Campbell
on Monday, 9 March 2020 6:06
The collapse in oil prices combine with the economic impact of COVIDI9 is the most serious challenge to the Canadian economy in 12 years yet we are in a weaker financial position to weather the storm thanks to government actions.