Imagine a high-stakes financial game where the U.S. and Canada, post-pandemic, are still splurging as if their economies were in deep freeze. Imagine if they were borrowing to splurge at near 20-year high interest rates? Now… wake up… that’s our reality. Unlike over the past 15 years of cheap money and skyrocketing asset values, today’s high interest rates and large deficit spending amidst weak economic growth (or recession in Canada’s case) is truly unsustainable. According to a November 13th MarketWatch article by Greg Robb, "Interest paid on the [US] national debt almost doubled compared with the prior year. The Treasury paid $88.9 billion in interest [for October], up from $47.6 billion in the same month last year." |