A new crisis is developing in Canada and it’s not the housing bubble.
A far more sinister one, that is taking the country by storm, as a new wave of fentanyl has washed up on the shores of Canada from an unknown origin most likely China, and has made it onto city streets.
To our friends in the business district of Toronto, be - careful what you sniff - it might contain fentanyl.
Here’s why:
There is a certain, and very tangible, irony in the central banks' response to the Global Financial Crisis, which was first and foremost the result of unprecedented amounts of debt: it was to unleash an even greater amount of debt, or as BofA's credit strategist Barnaby Martin says, "the irony in today's world is that central banks are maintaining loose monetary policies to generate inflation…in order to ease the pain of a debt "supercycle"…that itself was partly a result of too easy (and predictable) monetary policies in prior times."
That was quick.
Trump may have sensed that he appeared too conciliatory towards President Xi and China during his visit to Beijing, and so shortly after doubling down on his parting message to China by tweeting that "I don’t blame China, I blame the incompetence of past Admins for allowing China to take advantage of the U.S. on trade leading up to a point where the U.S. is losing $100's of billions. How can you blame China for taking advantage of people that had no clue? I would've done same!"...