Because of the system built by the elites, the banks always seem to profit no matter what else is going on.
For most Canadians, these are tough economic times:
Wage growth in Canada has reached a 20 year low. Wages are now growing slower than inflation, which means most Canadians are now poorer in real terms.
And yet, despite growing fears over the housing market and recent credit rating downgrades, Canada’s big banks aren’t sharing in the financial struggles being experienced by millions of Canadians.
In the second quarter of 2017, Canada’s banks have posted huge profits.
Bank of Montreal’s profits are up 12%, Royal Bank’s profits are up 6% to $1.3 billion, TD Bank is up 18%, and CIBC is up 4%.
Many Canadians would be glad with even a 2% or 3% raise right about now. But while the banks rake it in, much of Canada faces stagnation, or worse.
Government serves the banks & foreign interests, not Canadians
There’s nothing inherently wrong with banks doing well. A strong banking sector is important. The problem is when the banking sector does well despite everything else that’s happening in the economy.
Canadian workers are more productive than ever before, but that productivity is not translating to better pay and opportunities. Instead, a very small elite is gobbling up all the benefits of what little growth exists in our economy, leaving scraps – or even less – for the rest of us. The political, corporate, and banking elites get great job security and financial freedom, while most Canadians get struggle and financial instability.
Regulations decimate entire regions and industries, while even massive evidence of corrupt conduct by the banks leads to no action at all by the government. And of course, those connected to the government are always spared the impact of those regulations.
The banks enjoy protected status – and the government even gave them the power to seize our money in the case of another financial crisis through what they call a bail-in.
The evidence of our rigged economic system is impossible to ignore
The elites who shaped our economic system have attempted to hide the truth behind deceptive talking points and manipulated statistics.
And yet, despite dominating the universities, the media, and the government, the lies of the elites are being exposed.
People are no longer as willing to accept the status quo without challenge. The pathetic talking points that attempt to hide the rigged system behind “helping the middle-class” – while the elites benefit from ripping off that very same middle class – are starting to fall on deaf ears.
As the truth continues to be revealed, more and more Canadians will turn against the corrupt and rigged system, and punish the elites who have used the government as a tool for their own enrichment, and the enrichment of their cronies.
The elites want to hide their many failures behind political correctness, deception, and manipulation. We need to push back and spread the truth.
That’s why I write.
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