Warm Greetings from Calgary!
I hope you are keeping well and looking forward to the summer.
I'm still expecting the North American money markets to go down to pay for our expensive and erratic responses to Covid. It would be very different if our governments had billions stored in reserve—like the vast amounts of resources the ancient Egyptian government stored during the seven years of plenty, which preceded seven years of famine. Not so for Canada or the USA; our spending was all debt-driven. Our bills will come. When? I don't know. To put things in perspective, when Justin Trudeau debated Stephen Harper back in 2015, Trudeau forecast an annual government overspending of about $10 Billion. The latest projection for 2020-21 is about $350 Billion. (35 times higher!) Of course, no one foresaw the pandemic. Nonetheless, we must deal with its financial consequences sooner or later. Let's remember the big picture.