Bank of Canada Babble.

This past Tuesday, Bank of Canada governor Mike Carney, made the statement that "the economy is in good shape to weather a global recession, although growth will be anemic for the next six months."

What a breathtaking statement to make, when in fact a steadily increasing number of the world's most knowledgeable financial analysts and economists are making a solid case for a total world-wide economic meltdown and collapse. This is a far cry from a recession!

What insight, based on the present and anticipated continuing future financial crises, does Mr. Carney have that would lead him to be speaking in terms of a recession rather than a full-blown depression?

I would argue that Canada's economy will not be strong enough to weather the coming "perfect financial storm." I will address this in my next series of posts.

Perhaps Mr. Carney would care to let us know just how Canada will survive the anticipated imminent implosion of what, in investment circles, is now being dubbed as "The Quadrillion Dollar Derivatives Deathstar" which when it blows, its toxicity will send every major economy into the abyss.

By the way, prior to Mr. Carney's appointment, he had a 13 year career with Goldman Sachs (remember them) eventually becoming a Managing Director of the firm.

I, for one, am not drinking any of Mr. Carney's Kool-Aid anytime soon!