The jaws of many establishment Canadian economists dropped this morning when a new Statistics Canada report revealed that this country’s Gross Domestic Product (GDP) struggled to rise barely 0.1 percent in July.
The establishment politicians and economists – led by Bank of Canada governor Mark Carney – and the corporate mass media had been expecting a rise of at least 0.5 percent as they continued to issue tawdry public assurances that – for Canada, at least – the recession is over.
Nothing could be further from the truth.
But to recognize and acknowledge the economic reality would mean admitting that the guiding principles of capitalist economic theory are patently false.
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