# Haper and cronies warning against big Global meltdown



## carverman (Nov 8, 2010)

*Harper/Carney warning of possible big Global meltdown*

Watched a TV clip on CBC of Peter Mansbridge interviewing BOC Mark Carney.
His biggest concern is not the declining GDP in Canada, but about the EU economic crisis that can lead to a meltdown.... if at least 1.3 TRILLION! is not injected into the life blood economies of Spain, Portugal, Italy, Ireland, and their now "poster boy"..Greece. 

He feels that if the EU cannot come up with this money to bail out the banks of these economic basket cases, it can and probably will ripple into an
economic depression of unprecedented magnitude. 

I can't find the CBC clip (yet) on the interview..but here is a FP editorial about
his views on the global economic problems and our economy which is slowing
down more than predicted over the last few months.

http://opinion.financialpost.com/2011/09/20/mark-carney-—-the-euro-crisis-what-must-be-done/

PM Harper and finance minister Flaherty parroted some of his words on press
interviews and expressed that if the EU doesn't get their act together soon,
the "sky could fall" in the next few months into 2012.

Hmmm..maybe I should take my savings out and put them in a shoebox
under my bed? The banks tell us that our savings are protected by the Government's banking insurance scheme (CIDC), up to $100K, but how stable will our banks be if there is some kind of global meltdown?
http://www.cdic.ca/e/coveredornot/savings-chequing.html


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## andrewf (Mar 1, 2010)

There is no reason to doubt the CDIC guarantee. The government of Canada has an unlimited supply of Canadian dollars.


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## CanadianCapitalist (Mar 31, 2009)

carverman said:


> Hmmm..maybe I should take my savings out and put them in a shoebox
> under my bed? The banks tell us that our savings are protected by the Government's banking insurance scheme (CIDC), up to $100K, but how stable will our banks be if there is some kind of global meltdown?
> http://www.cdic.ca/e/coveredornot/savings-chequing.html


Keeping money in a shoebox isn't without risks either. Cash can get stolen or destroyed and home insurance will only cover a small amount.

I agree with Andrew. CDIC protection is about as strong as it gets and the Govt. of Canada will do everything in its power to maintain faith in deposit insurance.


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## carverman (Nov 8, 2010)

andrewf said:


> There is no reason to doubt the CDIC guarantee. The government of Canada has an unlimited supply of Canadian dollars.


I'm sure that it has with the Mint printing presses, but my bank is a virtual
bank (President's Choice -Loblaws), adminstered by CIBC.
Even if my savings are covered under the CDIC scheme, it is not a major bank
but certainly widespread now outside Ontario.

I guess, my concern about my savings was stemed from the bank failure(s) of a few years ago.
Mercantile bank in Mtl, and the Calgary based Northland, Edmonton based
Canadian Commercial bank. They were propped up, I believe.

http://www.time.com/time/magazine/article/0,9171,960167,00.html

So as long as the Canadian gov't (CDIC) tells me that my hard earned
life savings (or whats left of them), are protected, I can sleep at nights, regardless of what happens in the EU and the world banks in the next few
months.


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