The economy continues to crumble
April 22, 2009
Yesterday, the Bank of Canada reduced its interest rates on loans to banks to a historic low of just 0.25 percent, and today the International Monetary Fund (IMF) released a new analysis predicting the Canadian and world economies will shrink much more this year than previously expected.
The first action ensures that the wealthy Canadian banks will be protected from the effects of the recession-cum-depression.
The second means things will continue to get much worse before they start to get better – if they ever start to get better.