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One of the “features” of the modern world is the possibility for mistaken policies to be perpetuated for a long-time without the true consequences being felt. This is a combination of rapid increases in technology – which creates many opportunities for alternate economic activity to circumvent government restriction – and the coordinated actions of central banks to tacitly encourage rapid increases in debt. Central banks have simply decided that they will enable continued government deficits with policies that do not allow interest rates to rise as they would be expected, given the circumstances. As a result of these circumstances, the Trudeau government has been able to simultaneously increase Canada’s debt while implementing anti-growth policies without the severe damage from that combination from being felt as aggressively would otherwise be the case. However, reality can only be evaded for so long.

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