Category: Fake News

The Deep State Meat Grinder In Need Of Constant Feeding

It should be apparent to an ever growing number of people right now, that the people who run our societies in the West do not have our best interests at heart.

I’m not talking about the people you vote for, I’m talking about the people who really run things and direct policy across the entire spectrum of western liberal democracies; common policies that effect all our societies regardless of individual circumstance.

Open door immigration policies are a good example of this: waves of destabilizing migration that no one voted for and no one was consulted on before quiet introduction. These engineered coercive programmes  are common to all western liberal societies regardless of their individual circumstances. And nothing creates a heavy flow of migrants better than regime change and war. In this department, our shadow globalist governments clearly have a healthier appetite for the steady flow of of middle east regime change, most their populations find increasingly hard to stomach.

That’s where their remoras in the deep state media come in; CNN; MSNBC & the NY Times et al. were all onboard, and if you aren’t yet, there’s something wrong with you; you’re a fascist or conspiracy theorist or something (delete as appropriate). The only person you could find railing against this harried & questionable action into potential war with a nuclear power was Tucker Carlson.

During this current headlong lunge into war in Syria, it should be acutely obvious to anyone with a modicum of awareness, that public opinion is being massaged into accepting yet another toppling of a middle east strongman in order to transform what was a relatively stable society into a jihadi playground.

Regime change equals power vacuums, regional instability, and Islam rushing in to fill the void. Libya Iraq & Syria all stand as testaments to this.

The globalist deep state governments of the west also have an unhealthy relationship with Islamic terror & extremism. It’s relationship of mutual interests that goes back to the 1980’s of Zbigniew Brzezniski & the Afghan Mujahedin (his daughter, Mika Brzezinski btw, currently cheerleads for deep state media outlet MSNBC). Whilst ISIS were only defeated after Trump turned off the cash and equipment tap that Obama had running for them.

Currently, the U.S. is supporting ‘moderate rebel groups’ in Syria that also happen to be Islamic extremists, who have vowed to eradicate the Christian & Alawite populations if they get the opportunity. Assad is the only thing sitting between them and the genocide of these ancient Christian & Alawite communities of Syria.

Of course the deep state governments of the west don’t care about that. They will stand back and watch these minority groups be wiped out; refusing to grant them legitimate refugee status, whilst welcoming back unmolested, the fighters who had been engaging in their genocide, as was recently the case in Canada.

Chemical Weapons Attack Staged by Islamic Jihadi Propagandists

The conflict threatening to unfold in Syria has little to do with chemical weapons; abhorrent regimes or decency; if it did, they would be bombing Saudi Arabia for the famine in Yemen they are perpetuating.

No. This has everything to do with the shopping list of regime change General Wesley Clarke spoke of soon after the 9/11 attacks, and everything to do with being the latest battlefront in the war between deep state globalists and the nation state nationalists.

The tipping point for buying their exhausted narrative and being able to look at oneself in the mirror, has been reached. Everyone needs spend more time listening to the little voice inside and less time suckling on the sweet milk of deep state propaganda being provided by mainstream media cheerleaders like Mika Brzezinski and Steven Colbert.

Tucker Carlson Challenges Steven Colbert on Warmongering for Syria Attack

Terrorism in Canada: A Tale of Two Cities

A rather bizarre, but none-the-less, serious terror incident unfolded last month in Ontario. It involved an Egyptian man wearing a suicide vest, who took a bank full of hostages and demanded to speak to Donald Trump.

However, you would be excused if you had not heard about it, as the public broadcaster, CBC failed to honestly inform the public of these details, despite being the recipient of $1.2 billion of tax payers money per year to do just that.

Here’s how the Toronto Sun reported the incident:

Vaughan hostage taker wore suicide vest, demanded to speak with Trump

‘Demanding to talk to United States President Donald Trump, the 25-year-old man had nine bombs strapped to a suicide vest, a detonator in one hand and a gun in the other.

And he was threatening to use his entire arsenal inside an RBC branch — at the corner of Major MacKenzie Dr. and Dufferin St. in Vaughan — where he had up to 13 hostages Wednesday.’   Read Full Story

Contrast that with CBC’s report on the incident:

Hostage situation at Vaughan, Ont., bank ends after police fatally shoot armed man

‘The province’s police watchdog is now investigating after York Regional Police officers shot and killed an armed man who entered a bank in Vaughan, Ont. Wednesday and took more than a dozen hostages.

The Special Investigations Unit (SIU) is called in whenever someone is killed or injured during an interaction with the police.’   Read More

The first noteworthy observation is the very specific details included in the Toronto Sun version of this story; details which are essential in drawing a comprehensive picture and crucial to determining motive: this individual wore a suicide vest; was originally from Egypt and demanded to speak to U.S. President, Donald Trump.

Rule #1: Ideological motivation equals terrorism. That last detail in itself suggests a political motivation, mentally illness not-with-standing.

The other point to make, is that ommission of such important details follows a pattern already well established by CBC, in which they consistently don’t report details that may lead to suggest the Muslim identity of a criminal, or their motivation when Islam was a factor.

Instead, CBC from the opening line of their article chose to make this story all about the potential for a police shooting investigation and in doind so, chose to ignore the real story.

Most of the details missing from the CBC version were already confirmed by police. So why would CBC chose to play down and omit important details that mislead the public and frame the event in a dishonest and unrepresentative angle?

To find the answer to these questions, Canadians need to stop seeing CBC as a journalistic organization devoting to exposing the truth for their consumers, and instead start seeing them as a state funded propaganda apparatus engaged in a progressive re-education program; in which, a story about an Eyptian man with a suicide vest and a bank full of hostages demanding to speak with the President of the United States, becomes a story about the process of internal investigation after a police shooting.

BLM & Left Not Interested In Libyan Slave Markets

If Black Lives Matter were really interested in black lives and the legacy of slavery, surely reports of Libyan slave markets where sub-Saharan Africans can be purchased for $200-400 each, would have them mobilizing for a cause worthy of their title.

The fact that the salve markets in Libya are being run by Muslim traders and that Islam has enjoyed an unchallenged relationship with slavery for the past 1400 years is yet another indicator that Black Lives Matter aren’t really about black lives, but more about being a globalist tool in the assault on Western liberal democracy.

Libya is the gateway to Europe for Sub-Saharan African migrants. Under Ghaddafi, the route was closed; after the U.S, France, Britain & Saudi Arabia dethroned Ghaddafi in 2011 transforming the naton into a Jihadi playground full of warlords and ISIS, the flow of migrants trying to get to Europe have been both used as a weapon of war Read More and a source of live meat for slave traders.

Libya’s Slave Auctions And African Genocide: What Hillary Knew

Reports of sub-Saharan Africans being captured and sold in slave markets started emerging almost a year ago. No one on the left or in the MSM were very interested then because criticism of Islamic slavery is not part of their brief, only the western legacy. And that’s because Islam is at the top of the progressive pyramid when it comes to the damage it can inflict on a target culture or society.

However, this summer CNN were given footage of slave markets in Libya, and a subsequent investigation has provided the issue renewed broader attention.

Given the current climate of zero tolerance towards even the legacy of slavery in the West, reports that modern operational slave markets exist today in a country that we destroyed, should have the full attention of those who spent the summer tearing down statues of anyone who supported slavery 150 years ago.

Black Lives Matter & the Left don’t really care about black lives. If they did, they would have something to say about this, or addressing the slow genocide of Chicago’s black on black gun crime that takes over a thousand black lives a year.

Bannon: Winter Is Coming

Democratic Deep State Ramoras & Propaganda Media to face the White Walker

The departure of Steve Bannon from the White House last week was by far the most significant from the Trump team thus far. No one embodied the Trump victory or philosophy more than his cheif strategist.

Earlier on this year there had been speculation that Bannon had been sidelined during an internal power struggle between himself and chief advisor, Jared Kuschner & Ivanka Trump. If so, then more worringly for the Trump administration and its credibility, this would signal the compromising of his administration by the establishment forces he stood against last November.

Unlike many on the Alt-Right, we have always maintained that Trump is merely a figurehead for a larger movement. He is not a god and if he stops doing what got him elected, he will be discarded by those who put him there. The momentum is bigger than the man, and no one encapsulates the spirit of that movement more than Steve Bannon.

By far the most astute and revealing observations made thus far on the departure of Bannon from the Trump team came from Conservative commentator, Ben Shapiro.

Ben Shapiro: Steve Bannon Will Now Become a White Walker

Shapiro believes that Bannon will now become a White Walker; an angel of death destroying all before him; foes and former allies alike.

I feel jacked up. Now I’ve got my hands back on my weapons

Within hours of leaving the White House, Bannon declared:

“The Trump presidency that we fought for, and won, is over,” he told the Weekly Standard, a right-wing newspaper   “We still have a huge movement, and we will make something of this Trump presidency,” he continued.

“But that presidency is over. It’ll be something else. And there’ll be all kinds of fights, and there’ll be good days and bad days, but that presidency is over.”  

He added: “I feel jacked up. Now I’ve got my hands back on my weapons,” he added as he vowed “Bannon the barbarian” would crush the opposition.  

“There’s no doubt. I built a —–ng machine at Breitbart.  And now I’m about to go back, knowing what I know, and we’re about to rev that machine up. And rev it up we will do.”  Read Full Article

Much as it was a shocking disappointment to see Bannon leave the White House, it may well transpire that, free of the restrictive membership of government, and back in a comfortable role, Bannon will become a formidable foe to those who have assailed this presidency without mercy.

One of the options being considered by Bannon is the development of a television news network which will fill a niche being created to the right of Fox News.

Former White House chief strategist Steve Bannon has told allies he hopes to expand Breitbart’s video capabilities, potentially even creating an alternate television network to rival Fox News.

Axios reported last week that Bannon has told friends that he sees an opportunity for a new network that could occupy an ideological space to the right of Fox News, an idea encouraged by ousted chairman and CEO Roger Ailes before his death earlier this year.

Read Full Article

Rather than seeing Bannon’s departure as a loss, we invite those faithful to the philosophy that got Trump elected to see his departure as a liberation of it’s greatest asset.

Bannon outside of the White House will immediately become a more amorphous and opaque target; he will be able to choose when and where he fights, and with which weapons. He will in short become a guerilla operative, using the tactics and skills the left has trademarked over the last 70 years against them.

The rules of engagement have changed since Charlottesville, and no one understands this, or is better prepared to lead the next phase of the war than Steve Bannon.

 

Islamic Terror: Reaping the Whirlwind

So, up until this point those who find themselves steering the Islamic- Progressive alliance were under the impression that they could operate policies, within which, Islamic terrorists could mount an increasing number of terror attacks on the host society, whilst the guardians of the progressive narrative would deflect responsibility and maintain victim status for Muslims.

This new norm of accepting terror incidents as ‘part and parcel of living in a modern society’ suited both parties in their shared ultimate goal – the destruction of the traditional societal model. However, this model is not to be applied in the case of blowback from the target society.

Like the boiled frog, the domestic population were to be kept inactive by an ideologically subversive narrative and coercively silenced whilst the temperature of the water was slowly increased.

However, there comes a point where some of the frogs slowly being boiled realize what is happening and try to save themselves.

In 1942, British Air Chief Marshall, Arthur ‘Bomber’ Harris referenced a biblical quote (Hosea 8:7) when he made a radio broadcast to announce the RAF’s first thousand bomber raid on Germany.

“The Nazis entered this war under the rather childish delusion that they were going to bomb everybody else, and nobody was going to bomb them. After Rotterdam, London, Warsaw, and half a hundred other places, they have put that rather naive theory into operation. They sowed the wind, and now they are going to reap the whirlwind.”

Up until this one response to now countless Islamic terror attacks across Europe, the permitted response has been to employ hashtags; wash our profile pictures & offer instantly discardable thoughts and prayers.

Now there has been an attack on a group, who had until this point had been dolling out almost relentless violence, that response is suddenly no longer enough. Now we need to ‘crush the poison narrative’; we need sweeping laws to protect Muslims, so that they can continue to ideologically support extremists without interference or fear for their safety.

Today, Julie Lenarz in the relatively sober Telegraph argues that Failing to confront far-right terrorism will only embolden the other barbarians among us. Er, no Julie, confronting and tackling Islamic extremism is where we need to focus our energy. Scores of attacks across Europe, and we need to tackle the mindset behind one response? That is some perverse logic you’re afflicted with there.

There is no attempt to understand why something like this happened; no attempt to disassociate the actions of one from a broader group; no mercy in their words this morning for those they see has holding unacceptable views; views they clearly find more disturbing than the ideology behind the frequency of Islamic terror attacks we are now being asked to accept as ‘normal.’

Meanwhile, in the real world of actions and consequences, as if treating the host society to near relentless terror attacks was ever going to play out well for a group that makes up 5% of the population.

Not all Muslims are extremists or support such actions, but a significant minority believe things that are incompatible with a functioning liberal democracy.

I lived in Finsbury Park for many years. Finsbury Park mosque was notorious a hornet’s nest of extremism & then home to hate preacher, Abu Hamsa before his extradition to the U.S. on terror charges.

It was so infamous, that visiting football fans being escorted to the nearby Arsenal ground of Highbury would shout abuse at the intimidating group who would hold prayers on the pavement under the watchful eye of Hamsa.

Abu Hamsa leading prayers outside Finsbury Park mosque

It’s very hard to feel sory for such people. And Finsbury Park mosque could be considered a high value target. However, the mosque that was attacked was across the street, and so the suspicion is that the attacker confused the two.

London mayor Sadiq Khan & Labour’s Diane Abbott were declaring it a ‘terrorist attack’ within hours; something for which ideological motive needs to be present; something they were both very reluctant to do when the assailants were from the religion of special needs.

The speed with which they have declared intent and aportioned blame to Islamafauxbia should be noted. We would be very interested to know what sort of phobia Islamic terrorist suffer from. Of course, I am being disingenuous, Islamic terrorists are not treated to the same ideological vilification by the left.

None of this should come as any surprise. Once again we see the same alliance – Islam & the left sharing the same narrative; actively targeting any resistence to the now endless orgy of Islamic violence across Europe, and ultimately sharing the same goal: the undermining of structured and functioning Western societies.

‘As the traditions of the nation fade and lose meaning, so does its will to defend itself to survive’

W. August Mayer

Islamic Jihad, Cultural Marxism and the Transformation of the West

Islamic Terror: Let Loose The Dogs of War

When I was about 11, there was a novel published entitled, The Churchill Commando. It was the late 1970’s, IRA terrorism was at its height and football violence had become engrained within the fabric of society.

When it was released, the Churchill Commando, which centred around the activities of a right wing death squad, was pawed with by the tabloid press as a fantasy panacea to the ills of the day.

The Churchill Commando by Ted Willis

As someone who lived in the U.K. through the full span of The Troubles as they became affectionately known, our current battle with Islamic terror is so much more serious and concerning. Because unlike the Irish nationalists, there is no political solution we can offer these people; nothing will satisfy them short of complete subjugation under an Islamic Caliphate. But also more worringly, Western societies no longer possess the resolve or means by which to defend themselves, never mind defeat such an enemy. Modern politicians and societies have been left ideological demoralized and all but defenceless due to decades of exposure to cultural Marxism.

Cultural Marxism has left us defenceless to Islam

In the 1970’s the British government fought a brutal and messy war against Republican terrorists both in Ireland and on the mainland. It was a protracted clandestine war of terror which included political assassinations; pub bombing; snipers and IED’s.

The British army operated an offensive front in N. Ireland via special forces units and through Unionist organizations such as the Ulster Voulenteer Force (UVF) & Ulster Defence Association (UDA). These units would be fed intelligence on Republican operatives & would be supplemented with army personnel, which would then target and assassinate active IRA members. For a number of years the British government also operate an internment policy, whereby nationalist operatives and activists could be detained on the basis of intelligence alone.

This is the sort of war we will need to fight against domestic Islamic extremism in order to defeat it and erradicate it from our societies. However, things have changed since the 1970’s; our societies are a perfect reflection of the hang-wringing cucked man-bitches they seem determined to produce, and so you have to wonder whether we are capable of winning such a fight?

An Enemy Within

It turns out that the Manchester Arena suicide bomber attended a radical local moque where his brother was a preacher; his dad was a fundraiser and Al Qaeda affiliate, and the family had just returned from a holiday to the jihadi playground formerly known as Libya. This family, who were first offered a home in Britain as they fled Gaddafi’s regime, not only betrayed every law of hospitality and gratitude, but they all should have been well on the radar of the security services.

Last night’s Islamic terror attack in South London, employed the more crude methods already hallmarked by ISIS operatives – vehicles and knives, but no doubt they will have been nurtured in communities that shared their ideology and received support from others not yet identified.

A recent ICM poll revealled that a staggering 66% of British Muslims would not inform the authorities of a terror plot. Which raises another issue: these bombers do not exist in isolation; statistics show that the communities they come from support them in alarming numbers on a series of issues associated with Islamic radicalization.

66% of British Muslims wouldn’t tell authorities about a terror plot. 

Why the ICM poll shows we need to defend our values more than ever.

These operatives, like any other military set up, are merely the business end supported by other extremists who share their ideology of intolerance and subjugation of host societies through violence.

Islam is rotten with violence, from the teachings and example set by the Prophet during his life, to the action of the South London attackers.

So we should not be surprised then these things happen. We have invited in a killer to dine with our family, whilst our politicians lie about the nature and intention of our guest.

Crossing The Rubicon

At this stage, a political will is required to defend & save our societies.

It’s either targeted hits, internment & deportation, as we saw in Northern Ireland in the 1970’s, or it’s Bosnia 2.0 for our children’s generation.

There is something galling about the prospect of sending your children to war to save the society of people who continue to support Islamic immigration despite all the evidence that it will eventually kill them.

Conversely, Islamists in Britain fail to appreciate how bad this could get for their communities very quickly. At approximately 4% of the population, any civil conflict is certain eradication. They are afforded a sense of immunity and safety by an ideologically imposed culture of seemingly infinate tolerance.

Just under the surface, however, is a tribal culture of brutality and a military wing that perfected paramilitary warfare during the 30 year war against the IRA. They know who they are, and they know where they live. That’s all they need. This is how business is done once you get to this level.

Theresa May now needs to let the dogs off the chain and give these guys a mauling, otherwise nationalist paramilitary warfare awaits.

Cultural Marxism Explained

Anyone who suggests that Cultural Marxism is a fabrication of the right, needs to see this film made in 1985, in which ex-KGB officer, Yuri Bezmenov details the strategy and methods behind what he describes as ‘Ideological Subversion.’

You have to wonder what Bezemov would make of the death spiral Western culture now finds itself in, with slut walks; gender pro nouns; race as a construct and ‘Islamaphobia.’

And whilst our Western liberal democracies are no longer capable of defending themselves due to the ideological rot which Cultural Marxism has spawned (a rot almost entirely epitomized by the world view of Canada’s Justin Trudeau), former Soviet Bloc European leaders have no problem identifying and resisting the utter lunacy of such thinking.

If Islamic terror attacks serve one purpose, it is to highlight what a pathetic specimen Western civilization has become after decades of cultural Marxism & political correctness have ground us down to a pith of emasculated self-loathing and insecurity.

The sum total of our permissible response to yet another attack from an enemy within, and whom we continue to welcome onto our shores in increasing numbers, is to wash our social media profile picture with the relevant flag and speak of our surprise & non-specific sadness at another act of predictable violence at the hands of an enemy whose name cannot be uttered.

For anyone outside of this paradigm, this borders upon a collective mental illness of cult proportions. Our inability to even identify the threat means that we have little chance of addressing it, and absolutely no chance of defeating it. Which in turn inevitably leads to a state of resignation, as we have to admit that after decades of dismantling our societies from within, cultural Marxism & political correctness have left our societies unable to respond, let alone defend a civilization that has been crafted with blood and reason over a thousand years to provide a societal model that others have sought to adopt and emulate.

It’s truly appalling what we have become, but it was by design, not accident.

Cultural Marxism Has Left Us Defenceless To Islam

MSM & Dems Suck Deep State Cock

After over six months of pimping their alternate reality in an attempt to undermine & unseat Trump, the Democrats’ Russian narrative has managed to reach terminal velocity without any fuel. It is quite a feat really when you think about it.

Narratives without evidence are propaganda; lies brought to life and given credibility merely through the act of repeating them, as we have seen Demococrats and the MSM do incessantly for the past 6 months.

In fact, the blanket coverage CNN continues to provide this story should be embarrasing; they are not journalists at this stage, they are errand boys whose diet seems to now exclusively consist of burgers, soda & Deep State sperm.

Opposition to this assertion is not helped by a recent Harvard University report into Media bias over the Trump  campaign and subsequent presidency. The figures are truly shocking and led Tucker Carlson to declare that there was more diversity of press opinion in Ceauscescu’s Romania. (Ouch)

Harvard Study Reveals Huge Extent Of Anti-Trump Media Bias

20170519_bias1.jpg

“Repeat a lie often enough and it becomes the truth”, is a law of propaganda often attributed to the Nazi Joseph Goebbels. Among psychologists something like this known as the “illusion of truth” effect. Read More

In contrast, last night on Carlson’s Show, Davis Hanson soberly laid out what we know for sure: that he Trump Russian narrative was created during the nomination process by Never Trump Republicans, who commissioned a report compliled by a British ex-intelligence agent. After Trump got the nomination, it was passed on to the Clinton campaign and forgotten about… until she lost that is. Then it was resurrected and employed as an excuse, after which, it somehow ended up in the hands of the FBI Director and leaked to media sources. Et voila: Trump is a Russian agent.

Canada’s Looming Housing Collapse

Over recent months, Zerohedge have been running an increasing number of article dedicated to the overheated Canadian real estate market and the sureal conditions such temperatures have created.

Feb 2017 Vancouver Home Sales Crash 40%, As Toronto Home Prices Soar 22%

Apr 2017 Attention Turns To Toronto’s Subprime Debt Time Bomb

Well, last week the alarm bells started ringing as it was announced that Home Capital Group, Canada’s largest independant mortgage provider, was in trouble and required a bail out of $2 billion. This news resulted in a one day drop in the share value of a staggering 60%, and 71% overall.

Canada’s Housing Bubble Explodes As Its Biggest Alternative Mortgage Lender Crashes Most In History

Home Capital Group cratered by over 60%, its biggest drop on record, after the company disclosed that it struck an emergency liquidity arrangement for a C$2 billion ($1.5 billion) credit line to counter evaporating deposits at terms that will leave the alternative mortgage lender unable to meet financial targets, and worse, may leave it insolvent in very short notice.

And they weren’t alone…

So where did this $2 billion bailout come from? This is where it gets interesting.

One day later, it emerged that the lender behind HCG’s (pre-petition) rescue loan was none other than the Healthcare of Ontario Pension Plan (HOOPP). As Bloomberg reported, the Toronto-based pension plan – which represented more than 321,000 healthcare workers in Ontario – gave the struggling Canadian mortgage lender the loan to shore up liquidity as it faces a run on deposits amid a probe by the provincial securities regulator. Home Capital had also retained RBC Capital Markets and BMO Capital Markets to advise on “strategic options” after it secured the loan.

Why did HOOPP put itself, or rather its constituents in the precarious position of funding what is a very rapidly melting ice cube? The answer to that emerged when we learned that HOOPP President and CEO Jim Keohane also sits on Home Capital’s board and is also a shareholder.

But it got worse for HCG:

On Thursday we observed that as concerns about HCG’s viability mounted, depositors were quietly pulling their funding from from savings accounts at subsidiary Home Trust. By Wednesday, when Home Capital revealed it was seeking a $2-billion loan to backstop its sinking savings deposits, shareholders ran for the exits, driving down the company’s share price by 65 per cent on Wednesday alone, and heightening the sense of panic.

On Friday, the company revealed that high-interest savings account balances fell another 36% to $521-million by Friday morning, down by a whopping $293 million from $814-million Thursday and more than $2-billion a month ago.

Panic Bank Run Leaves Canada’s Largest Alternative Mortgage Lender On Edge Of Collapse

Considering the lack of reporting on any of this in the MSM, you’d be forgiven for thinking that this was all taking place in an alternate dimension.

But don’t expect CBC or CTV to share this news with you any time soon; they will keep this boat afloat and the illusion of stability going as long as they can.

But there is another concerning aspect to this story: Canadian household debt

A whopping 31% of respondents said they already don’t make enough to meet all their financial obligations.

Half Of Canadians Have $200 Or Less In Savings

It would appear that in order to afford their increasingly expensive standard of living, Canadians have been forced to take on an unprecedented level of debt, with little understanding of how it really works.

Roughly 60 per cent of respondants said they don’t have a firm grasp of how interest rates affect debt repayments. 

Well, let us explain:

A decision by the BoC to start lifting its key policy rate from historic lows would raise the cost of carrying debt across the country. A one percentage point rise in the BoC’s key interest rate would likely push up variable mortgage rates by a similar amount. A variable mortgage rate that’s currently set at 3 per cent, for example, would go up to 4 per cent, which represents a 33 per cent increase in interest payments for the mortgage holder. That’s an extra $83 a month for every $100,000 in outstanding mortgage debt.

It would appear that many Canadaians are so highly leveraged, that even a modest hike in interest rates would shake many of those hands from the tree. And this combination of household debt and an overheated housing market leaves the Canadian economy on the verge of a housing and debt crisis, the likes of which we last saw south of the border in 2008.

 

Update

May 11:  Moody’s downgrades Canadian banks: Beginning of the end for the housing market?

Credit ratings agency Moody’s Investors Service downgraded Canada’s big six banks on Wednesday evening, citing concerns about soaring household debt and housing prices.