It’s possible that I shall make an ass of myself. But in that case one can always get out of it with a little dialectic. I have, of course, so worded my proposition as to be right either way (K.Marx, Letter to F.Engels on the Indian Mutiny)
Sunday, September 19, 2021
Canadian Households Spend More Income On Debt Than Any Other G7 Country: BIS
Canadian households devote an astronomical amount of income just to carry their debt payments. Data from the Bank of International Settlements (BIS) shows Canadian households have a very high debt service ratio (DSR). The ratio dropped in Q4 2020 slightly, but it’s still much higher than any other G7 country. Not even the US housing bubble reached this level in 2008.
Canadians Spend 12.4% Of Their Income On Debt Payments
Canadians spend an astronomical share of their income on debt payments. The household DSR reached 12.4% in Q4 2020, down from 13.5% in 2019. It dropped, but this was entirely due to the fact interest costs have fallen. Household credit growth is still booming, and at a much faster rate than income.
Canadian Debt Payments Dwarf The US… Even In 2008
Contrasting with our neighbors to the South, we can see their DSR isn’t even close to Canada. US households had a DSR of 7.6% in Q4 2020, down from 7.9% in the same quarter a year before. They spend a third less of their income on servicing debt.
The US wasn’t always this low, and did at one point spend much more on servicing debt. During the 2008 housing bubble, the DSR reached 11.1% before the financial crisis. Carrying higher debt loads makes households less flexible. In an emergency, this tends to amplify the shock. That’s why it’s common to see highly indebted households when doing an autopsy on a bad recession.
Canadian Households Spend The Most Income On Debt In The G7
No other G7 country has households so highly leveraged, and paying this much towards debt. The UK is in second place with a household DSR of 9.0% in the fourth quarter of 2020, about 27.4% lower than Canadians. Excluding Canada, the average DSR for the G7 is just 6.9% — nearly half the size. It might seem like not all that much, but compared to other economies of similar size, it’s huge.
Household Debt Service Ratios Across The G7
The share of income households devote to making the required payments on debt, across the G7
Quarter
Canada
US
France
Italy
Germany
Japan
UK
Q1 1999
10.8
9.4
4.7
3
9.5
8.9
8.8
Q2 1999
10.7
9.5
4.8
2.9
9.6
8.7
8.7
Q3 1999
10.6
9.6
4.8
2.9
9.6
8.8
8.7
Q4 1999
10.6
9.7
4.8
3.2
9.6
8.9
8.9
Q1 2000
10.9
9.8
4.8
3.2
9.8
8.9
9
Q2 2000
11.1
9.9
4.8
3.4
9.8
8.8
9.1
Q3 2000
11.1
9.9
4.8
3.6
9.7
8.8
9.2
Q4 2000
11.2
9.9
4.7
3.7
9.8
8.9
9.2
Q1 2001
11
9.9
4.7
3.6
9.8
8.8
9.1
Q2 2001
10.9
9.9
4.7
3.6
9.7
8.8
9
Q3 2001
10.7
9.9
4.7
3.6
9.7
9
9
Q4 2001
10.4
9.9
4.7
3.5
9.6
9
9
Q1 2002
10.2
9.8
4.7
3.4
9.5
9
9
Q2 2002
10.2
9.7
4.7
3.5
9.5
8.9
9
Q3 2002
10.4
9.7
4.7
3.5
9.5
8.9
9.3
Q4 2002
10.5
9.7
4.7
3.5
9.5
8.9
9.4
Q1 2003
10.4
9.7
4.7
3.5
9.5
8.9
9.4
Q2 2003
10.5
9.8
4.7
3.5
9.5
8.8
9.5
Q3 2003
10.7
9.8
4.7
3.5
9.4
8.8
9.7
Q4 2003
10.7
9.8
4.7
3.6
9.3
8.8
9.9
Q1 2004
10.9
9.8
4.7
3.7
9.2
8.7
10.2
Q2 2004
10.9
9.8
4.7
3.9
9.2
8.6
10.4
Q3 2004
10.9
9.9
4.8
3.9
9.1
8.5
10.9
Q4 2004
10.9
10.1
4.8
4
9.1
8.5
11.1
Q1 2005
11.2
10.2
4.9
4
9
8.2
11.3
Q2 2005
11.3
10.4
5
4.1
8.9
8.1
11.4
Q3 2005
11.5
10.7
5.1
4.2
8.9
8.1
11.6
Q4 2005
11.5
10.8
5.1
4.3
8.8
8.1
11.6
Q1 2006
11.8
10.9
5.2
4.5
8.7
8
11.6
Q2 2006
12
11.1
5.3
4.6
8.7
7.9
11.7
Q3 2006
12.3
11.2
5.4
4.7
8.6
7.8
12.1
Q4 2006
12.4
11.3
5.4
4.9
8.5
7.8
12.3
Q1 2007
12.5
11.4
5.5
4.9
8.4
7.7
12.5
Q2 2007
12.7
11.5
5.6
4.9
8.3
7.7
12.6
Q3 2007
13
11.5
5.6
5.1
8.3
7.7
13
Q4 2007
13.2
11.5
5.8
5.2
8.2
7.7
12.9
Q1 2008
13.2
11.4
5.8
5.2
8.1
7.6
12.9
Q2 2008
13.2
11.2
5.9
5.2
8
7.6
12.7
Q3 2008
13.1
11.1
6
5.3
8
7.5
12.9
Q4 2008
12.8
10.8
6
5.2
8
7.5
12.6
Q1 2009
12.6
10.7
6.1
5
7.9
7.5
11.7
Q2 2009
12.5
10.6
6.1
5
7.9
7.4
11.3
Q3 2009
12.6
10.6
6.1
5
7.9
7.4
11.4
Q4 2009
12.7
10.5
6.2
5
7.9
7.3
11.3
Q1 2010
12.6
10.3
6.2
5.1
7.8
7.2
11
Q2 2010
12.7
10.1
6.2
5.1
7.8
7.2
10.9
Q3 2010
12.7
9.9
6.2
5.2
7.8
7.1
10.9
Q4 2010
12.7
9.8
6.3
5.2
7.7
7.2
10.8
Q1 2011
12.8
9.6
6.3
5.2
7.5
7.2
10.7
Q2 2011
12.7
9.4
6.3
5.3
7.5
7
10.6
Q3 2011
12.8
9.2
6.3
5.4
7.5
6.9
10.5
Q4 2011
12.8
9.1
6.4
5.4
7.4
6.9
10.5
Q1 2012
12.7
8.9
6.4
5.3
7.3
6.8
10.3
Q2 2012
12.7
8.8
6.4
5.3
7.2
6.8
10.2
Q3 2012
12.7
8.7
6.4
5.3
7.2
6.7
10.2
Q4 2012
12.6
8.5
6.4
5.2
7.2
6.8
10.2
Q1 2013
12.6
8.5
6.4
5.1
7.1
6.8
10.1
Q2 2013
12.6
8.4
6.5
4.9
7.1
6.8
10.1
Q3 2013
12.6
8.4
6.5
4.8
7
6.8
10
Q4 2013
12.5
8.5
6.5
4.8
7
6.8
9.9
Q1 2014
12.5
8.4
6.5
4.9
6.9
6.8
9.7
Q2 2014
12.5
8.4
6.4
4.8
6.8
6.9
9.6
Q3 2014
12.6
8.3
6.4
4.8
6.8
6.9
9.6
Q4 2014
12.6
8.2
6.4
4.7
6.7
6.9
9.5
Q1 2015
12.5
8.1
6.4
4.6
6.7
6.9
9.5
Q2 2015
12.4
8.1
6.4
4.5
6.6
6.9
9.3
Q3 2015
12.5
8.1
6.4
4.5
6.6
6.8
9.2
Q4 2015
12.5
8.1
6.4
4.5
6.5
6.8
9.1
Q1 2016
12.5
8
6.3
4.5
6.5
6.8
9.2
Q2 2016
12.8
8
6.3
4.5
6.4
6.7
9.1
Q3 2016
12.8
8
6.3
4.5
6.4
6.8
9.2
Q4 2016
12.9
8
6.3
4.5
6.3
6.8
9.2
Q1 2017
12.9
8
6.3
4.4
6.3
6.8
9.2
Q2 2017
13
8
6.2
4.4
6.3
6.8
9.3
Q3 2017
13
8
6.2
4.4
6.2
6.8
9.3
Q4 2017
13.1
8
6.3
4.3
6.2
6.9
9.2
Q1 2018
13
8
6.3
4.3
6.2
7
9.1
Q2 2018
13.2
8
6.2
4.3
6.1
7
9.1
Q3 2018
13.4
8
6.3
4.3
6.1
7
9.1
Q4 2018
13.6
7.9
6.3
4.2
6.1
7
9.1
Q1 2019
13.5
7.9
6.3
4.3
6.1
7.1
8.9
Q2 2019
13.6
7.9
6.3
4.3
6.1
7.1
9
Q3 2019
13.6
7.9
6.3
4.3
6.1
7.1
9
Q4 2019
13.5
7.9
6.4
4.2
6.1
7.1
9
Q1 2020
13.4
7.9
6.4
4.3
6.1
7.1
9
Q2 2020
12.8
7.6
6.5
4.3
6.1
7.4
8.9
Q3 2020
12.5
7.6
6.5
4.3
6.1
7.5
8.9
Q4 2020
12.4
7.6
6.6
4.3
6.2
7.6
9
Source: BIS; Better Dwelling.
Households and policymakers perpetuate what’s happening in Canada is normal, but it’s not. Households spend almost double the share of income on debt payments in the G7. Most of the debt is due to non-productive investment in things like housing. It was tapped to create an economic boom over the past few years, but puts households in a highly vulnerable position. The costs of which are often shared by those without much debt.
Who is to blame for aggressive coyotes in Stanley Park?
Fences around Stanley Park in September 2021 as conservation officers trap and kill dozens of coyotes.
Alissa Thibault CTV News Vancouver Multi-Media Journalist Published Sept. 17, 2021 8
VANCOUVER -
It’s now been two weeks since the Vancouver Park Board and provincial officials erected a bright orange fence around Stanley Park to try and deal with aggressive coyotes.
When the plan to cull the animals was first announced, B.C.'s Ministry of Forests said professional contractors would be trapping up to 35 coyotes in the park.
So far, four coyotes have been caught and euthanized. In an emailed statement Friday, the ministry said it's "possible there may be less coyotes in the park than anticipated.”
Edward Kroc is an assistant professor of measurement, evaluation and research methodology at the University of British Columbia, and specializes in urban ecology.
“I would put the majority of the blame directly on the park board,” he said. “Presumably they have resources, they have money. I don’t know what they’re using it for but they are clearly not using it to maintain a healthy park, in terms of a healthy ecosystem, at all. It's basically just been a garbage pit for people to play in.”
As far as the province is concerned, Kroc says it’s “absurd” that officials don’t know how many coyotes are in the park.
“The cull should be halted and they should actually go out and study the population that they’re killing,” he said.
CTV News asked the Vancouver Park Board how much money has been spent so far on the coyote management project. An emailed response had no firm figure but said “most of the costs (which are minimal at this point) have been incurred within the last few weeks."
As a comparison request, CTV News was also provided the cost of the temporary Stanley Park bike lane, which came to $815,000 for public surveys, consultation and implementation. The lane is set to be removed in October.
Board Commissioner John Coupar has long been against the temporary bike lane and said the money spent on it was “unnecessary” and “wasteful.”
Coupar is also critical of Park Board Chair Camille Dumont. Dumont put forward the bike lane motion, and Coupar said he has also failed to handle the coyote issue.
“I would suggest the chair of the park board, who’s a member of the Green-COPE alliance on the park board, should have been more visible to the media and more visible to the public,” he said.
CTV News reached out to Dumont for comment, but did not hear back by deadline.
When asked if the park board was responsible for the coyote situation getting to the point of the animals needing to be culled, Coupar said the province should have stepped in sooner.
“Our job isn’t wildlife management, that’s the province, and even the ticketing and all that, that’s the province wildlife officers,” he said. “It’s really not the mandate of the park board to control wildlife in Stanley Park, never has been.”
No on from the Ministry of Forests was available for an interview Friday. In its statement, the ministry said the coyote traps will be “locked down and de-activated” over the weekend due to the weather, adding more information will be coming early next week.
TORIES ADMIT LIBERALS DID SOMETHING THEY WOULD DO
Algoma Steel applauds Conservative endorsement of Liberal financial contribution
Party supports $420 million federal financial commitments to facilitate Algoma’s proposed transition to electric arc furnace steelmaking
2 days ago By: SooToday Staff
Algoma Steel Chief Executive Officer, Michael McQuade made remarks following a $420 million funding announcement by Prime Minister Justin Trudeau at Algoma Steel on Monday, July 5, 2021. Donna Hopper/SooToday
In a release issued today, Algoma Steel Inc. Chief Executive Officer Michael McQuade praised comments from Conservative candidate Sonny Spina that affirmed his party’s commitment to honour a $420 million financial contribution announced by the Liberal government this past July.
“The nation’s push to address climate change, regardless of political affiliation, includes facilitating investment in competitive green steel products direct from this community,” said McQuade in the release. “As such, we applaud their endorsement.”
Full text of the news release follows:
Algoma Steel Inc. today applauded recent statements by Sonny Spina, the Conservative candidate for Sault Ste. Marie, affirming the Conservative Party’s endorsement of the $420 million of federal financial commitments to facilitate Algoma Steel’s proposed transition to electric arc furnace (EAF) steelmaking.
The financial commitment, announced July 5, 2021 by the Liberal Government, is expected to support the Company’s transition to become Canada’s leading producer of green steel. The financial commitment is subject to the negotiation of definitive documentation, and a final investment decision with respect to the proposed EAF transition has not yet been made by Algoma.
Algoma Steel Chief Executive Officer, Michael McQuade commented, “It is not surprising that the Conservative Party would support a program that is designed to ensure the continuation of thousands of very good direct and indirect jobs in Sault Ste. Marie and the province of Ontario. It also stands to reason that the nation’s push to address climate change, regardless of political affiliation, includes facilitating investment in competitive green steel products direct from this community. As such, we applaud their endorsement.”
Added McQuade, “Algoma continues to do the necessary work to move this transition program forward. This includes active engagement with all stakeholders within the community and across our labour groups, including ongoing discussions with the United Steelworkers District 6 and Local 2724. There is tremendous opportunity embedded in the EAF transformation, with a focus on growth and long-term, multi-generational job creation, with support and retraining programs where applicable. We look forward to continuing our work and updating the community as we move forward.”
MACABRE This stop-motion short from 1933 is perfect nightmare fuel POPKIN 10:25 AM FRI SEP 17, 2021
The Peanut Vendor is a charming and unintentionally terrifying animation from 1933. This black and white, two-minute short, features a creepy monkey puppet who sings a song about the "peanut vendor."
One of the things that makes this puppet so eerie is its googly-eyes that keep rolling around, and its incredibly long and slender arms.
If someone re-created this puppet and put it on their lawn this October, it would surely top any store-bought halloween decorations.
Afghan journalist on his escape from Kabul and waiting to come to Canada
CTV National News London Bureau Chief Published Friday, September 17, 2021
NOW PLAYING Afghan journalist Akbar Shinwari says he escaped Afghanistan with the help of Qatar's ambassador. Paul Workman reports from Doha. Afghan evacuee shares his daring story
NOW PLAYING Afghan journalist Akbar Shinwari shares the daring story of how the Qatari ambassador to Afghanistan helped evacuate his family to Qatar.
TORONTO / DOHA -- An Afghan journalist, who is now in Qatar, is telling the story of his escape from Afghanistan and his expectations for his life once he reunites with family in Canada.
Akbar Shinwari told CTV National News he has been in an evacuation centre in Doha, Qatar’s capital, for the past month after being rescued by the Qatari ambassador on the ground in Afghanistan.
"He was the one who was helping all others, including me," Shinwari explained.
He said the Qatari ambassador helped rescue about 150 members of the journalist community in Kabul, as well as their families, by leading them to the airport in a convoy of busses.
"He was wearing local clothes with a local hat and he was talking to the Taliban at multiple checkpoints," Shinwari said.
He said the journey took about 45 minutes, but he began to relax once they reached Kabul's former Green Zone.
Shinwari said he called the ambassador the "angel of life" for helping them flee.
"He was the one who was saving our lives with not only my life, the life of our families and everyone, because safety was not there. If he was not leading the convoy… forget about to get into the airport," Shinwari said.
Shinwari, who previously did some work for the Canadian government and The Canadian Press, is waiting in Qatar with his family to come to Canada so they can be with their relatives.
"My aunt is there and I also have some of my media friends there, and they are very happy. They're treated very well. I'm looking forward to a journey there," he said.
However, Shinwari said if was difficult to leave behind their life in Afghanistan and see the country deteriorate under Taliban rule.
"It was really painful because all those achievements that we had in the last 20 years, that is gone," he said. "Education system, the banking, the progress, the women's rights, the all of the rights that we had."
Shinwari said he understand that transitioning to a new life in Canada will have its challenges, but hopes there will be opportunities for all Afghans coming to the country.
He added that he is most looking forward to sending his daughters back to school, who were previously studying at the university in Kabul.
"They'll have a brighter future and maybe for the future they'll be very useful for Canada and also for Afghanistan," Shinwari said.
With files from CTVNews.ca's Brooklyn Neustaeter
FILE - Afghans prepare to to be evacuated aboard a Qatari transport plane, at Hamid Karzai International Airport in Kabul, Afghanistan, August, 18, 2021. (Qatar Government Communications Office via AP)
