willheim on Nostr: So Bank of Canada just cut rates 50bps. Now down to 3.75%. They claim inflation is at ...
So Bank of Canada just cut rates 50bps. Now down to 3.75%. They claim inflation is at 1.6% but we all know the truth. Canada is toast. They could drop rates to 0 and it would take years to fix the mess we're in. The Moosesheckle is trash since the current leadership destroyed our oil and gas industry. CAD is now at 0.722/1USD.
As a trucker who crosses the border near daily we've seen over the past year it's fairly easy to get loads to the US but to get loads back to Canada (Canadian truckers can only deliver and return, they cannot do interstate loads in the US rightfully so) slim down dramatically. Why? Because Canada is broke. Canadians are broke. Anything imported from the US is instantly 40% more expensive (mossesheckle-wise than it should be) purely due to the weakening dollar. The dollar is weak because the demand for CAD dollars is non-existent. Our biggest industry and the only thing propping up the CAD is money laundering through corrupt banks and real estate.
I don't even know if there's a solution here that won't take decades to fix.
As a trucker who crosses the border near daily we've seen over the past year it's fairly easy to get loads to the US but to get loads back to Canada (Canadian truckers can only deliver and return, they cannot do interstate loads in the US rightfully so) slim down dramatically. Why? Because Canada is broke. Canadians are broke. Anything imported from the US is instantly 40% more expensive (mossesheckle-wise than it should be) purely due to the weakening dollar. The dollar is weak because the demand for CAD dollars is non-existent. Our biggest industry and the only thing propping up the CAD is money laundering through corrupt banks and real estate.
I don't even know if there's a solution here that won't take decades to fix.