world economies

Canada, Recession and European Depression

Canada has announced in glorious fanfare (sic) that their economy is now tanking as badly as the United States.


The world’s eighth largest economy shrank at a 5.4 percent annualized pace in the first quarter, Statistics Canada said June 1, the most since 1991. Gross domestic product will shrink 3 percent this year, the central bank predicts. That would be the biggest drop since 1933, according to Statistics Canada.

The U.S. economy shrank at a 5.7 percent annual pace in the first quarter.

What is interesting, most reports on Canada is tout stability, banking sound, weathering out the crisis well and in economic recovery.

You must check out this blog, News from 1930.