Yes, No, Maybe So Crystal Ball
According to a new REP (Real Estate Professional) blog they referenced that “The Bank of Canada, in its first policy announcement of 2019, said the recent drop in crude prices would result in slower-than-expected growth in an economy that has otherwise been performing well.
The bank is now projecting growth to be just 1.7% in 2019, down from its October forecast of 2.1% – but it remains optimistic the economy will begin to strengthen again as early as the second quarter of this year.
“The drop in global oil prices has a material impact on the Canadian outlook, resulting in lower terms of trade and national income,” the bank said in a statement.”
Give it 5 minutes, and it will change is a saying usually attributed to the weather.
This week we saw the oil prices are going through the roof; it is the largest daily and weekly increase since 2008. Why; https://www.cbsnews.com/news/oil-prices-rise-saudi-arabia-attack-blamed-by-us-on-iran-trump-strategic-petroleum-reserve-today-2019-09-16/
U.S. benchmark West Texas crude was up around 9%. Saturday’s attack on Saudi Arabia halted production of 5.7 million barrels of oil.
The Bank of Canada in early January 2019 revises its call from October 2018; a few short months ago. I guarantee the Bank of Canada will change its call again in a few days, and the outlook will be better.
The Bank of Canada’s insight is to help guide the average Canadian and help set our financial direction. We are paying these geniuses high salaries to guide us through the global economy, which Canada has very little economic influence.
As a homeowner or an investment real estate investor or an investor, we are impacted first by the policies of our governments; municipal, provincial, federal and globally.
As Canadians we need to stop being so wishy, washy and understand what we can control is very little in the grand scheme of the global economy and look at how we can get control of our financial health as a nation.
Tied at the Hip; Americans and Brits
With Donald Trump having a better than even chance of a second term and continuing his protectionist policies for the United States and Boris Johnson the new Prime Minister of Great Britain; who is also a protectionist it is time we got some Canadian Backbone and looked out for our nation.
OMG Rick, this is blasphemy and goes against our good-natured and get along with everyone character as Canadians.
I know as Canadians when we start taking better care of ourselves, we will take better care of others.
As Canadians, we are a nation built on the philosophy of a hand-up, and we need to do this from a Hand of Strenght.
Do I believe in a future where the primary fuel driving our vehicles is not fossil fuels? Absolutely.
Do I think this is going to happen tomorrow? Of course not.
If Not Now When
It is the time we as Canadians stopped supporting conflict oil and the recent attack on Saudi Arabia’s oil industry shows how volatility the conflict oil is.
Why are we continuing to bring oil on tankers from the Middle East and to fuel our Canadian vehicles when we can support our own country’s oil industry?
Folks we see oil prices rise and in turn, the Canadian economy will benefit in the short term, driven by conflict areas of the world and conflict oil.
Our Canadian character tested again, and it is time we stood up for our nation; supported our economy; build a hand of strength and show the conflict oil nations there is a better way to produce oil.
Until we as a world can come up with a cleaner, safer way to propel our vehicles in the future; let’s join Canada and be part of a cleaner, more reliable oil solution. It would be nice to see Canadian Oil tankers taking our oil to Saudia Arabia.
There is no question; as President Barack Obama said, “The World Needs More Canada.”
Listen to more views on the investment real estate market, and much of Rick’s philosophy on life listen to this guest podcast; EPISODE #38 – Guest Interview – Rick Harris – Ready, Set, Goal©; The Everyday Millionaire Podcast