{"id":11098,"date":"2015-08-16T07:44:31","date_gmt":"2015-08-16T12:44:31","guid":{"rendered":"http:\/\/olduvai.ca\/?p=11098"},"modified":"2015-08-16T07:44:31","modified_gmt":"2015-08-16T12:44:31","slug":"the-crisis-is-spreading-china-australia-brazil-canada-sweden","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=11098","title":{"rendered":"The Crisis Is Spreading: China, Australia, Brazil, Canada, Sweden…"},"content":{"rendered":"

The Crisis Is Spreading: China, Australia, Brazil, Canada, Sweden…<\/a><\/h3>\n

Earlier today,\u00a0we posted an excerpt\u00a0<\/a>from IceCap Asset Management’s latest letter to investors focusing on the farce that is the Greek bailout #3, which can be summarized simply by the following table…<\/p>\n

\"\"<\/a><\/p>\n

… and Keith Dicker’s assessment which was that “for Greece, it\u2019s mathematically impossible to repay its debt” and that the Greek “economy continues to plummet to deeper depths and is now -33% less than where it was in 2008.”<\/p>\n

But the truth is that for all the endless drama, Dicker continues, “the Greek debt crisis isn\u2019t THE crisis. Rather it is simply a symptom of a much larger global debt crisis.”<\/p>\n

The problem is that the “larger global debt crisis” is finally metastasizing and spreading to more places, all of which are large enough that they cannot\u00a0<\/em>be simply swept under the rug, like Greece.<\/p>\n

* * *<\/p>\n

IceCap’s Keith Dicker continues:<\/em><\/p>\n

We\u2019ve written before that governments all around the world have borrowed too much money and the weight of these debts are choking economic growth.<\/p>\n

And to make matters worse \u2013 these very same governments and their central banks have implemented various plans that have only made matters worse.<\/p>\n

Our view has not changed \u2013 the global debt crisis has escalated to a point where the government bond bubble has inflated itself to become the mother of all bubbles. It\u2019s going to burst, and when it does it wont be pretty.<\/p>\n

Further evidence to support our view is as follows:<\/p>\n

Canada\u00a0<\/strong>\u2013 the collapse in oil and commodity markets has pushed the country into recession and the Canadian Dollar to decline to levels lower than that reached during the 2008 crisis.<\/p>\n

Oil dependent provinces Alberta and Newfoundland remain in deep denial. Since everyone in these provinces have only ever experienced a booming oil market, many naively believe things will bounce back \u2013 and quickly.<\/p>\n

Meanwhile, both Toronto and Vancouver housing markets also remain in denial as they continue to go gangbusters. Buyers today are likely buying at all-time highs.<\/p>\n

 <\/p>\n

 <\/p>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

The Crisis Is Spreading: China, Australia, Brazil, Canada, Sweden… Earlier today,\u00a0we posted an excerpt\u00a0from IceCap Asset Management’s latest letter to investors focusing on the farce that is the Greek bailout #3, which can be summarized simply by the following table… … and Keith Dicker’s assessment which was that “for Greece, it\u2019s mathematically impossible to repay […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[41,3085,1719,90,103,1861,124,130,285,366,1167,1701,8146,1264,4318],"class_list":["post-11098","post","type-post","status-publish","format-standard","hentry","category-economics","tag-australia","tag-australian-dollar","tag-bond","tag-brazil","tag-canada","tag-canadian-dollar","tag-central-banks","tag-china","tag-eurozone","tag-global-economy","tag-greece","tag-icecap-asset-management","tag-keith-dicker","tag-recession","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/11098","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11098"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/11098\/revisions"}],"predecessor-version":[{"id":11099,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/11098\/revisions\/11099"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}