For the first time in history, the total private debt of the Canadian public has exceeded the total national Gross Domestic Product (GDP) after reaching 100.7%. This is significantly higher than in the United States, which has been declining since 2008. Household debt in the United States is now under 80% of GDP. Clearly, Canada’s private household debt is counter-trend.
Germany’s household debt has been declining longer than in the United States, reflecting the problem the central bank has had in trying to compel people to borrow. If they do not TRUST the future, they will not take on debt at any price level.
