Canadians Panic As Food Prices Soar On Collapsing Currency

[ROB]

From that bastion of well reasoned centrist economic thinking that so many flaggers circle jerk over, Zero Hedge:

It was just yesterday when we documented the continuing slide in the loonie, which is suffering mightily in the face of oil’s inexorable decline.

As regular readers are no doubt acutely aware, Canada is struggling through a dramatic economic adjustment, especially in Alberta, the heart of the country’s oil patch. Amid the ongoing crude carnage the province has seen soaring property crime, rising food bank usage and, sadly, elevated suicide rates, as Albertans struggle to comprehend how things up north could have gone south (so to speak) so quickly.

The plunging loonie “can only serve to worsen the death of the 'Canadian Dream'" we said on Tuesday.

As it turns out, we were right.

The currency's decline is having a pronounced effect on Canadians' grocery bills.

As Bloomberg reminds us, Canada imports around 80% of its fresh fruits and vegetables. When the loonie slides, prices for those goods soar. "With lower-income households tending to spend a larger portion of income on food, this side effect of a soft currency brings them the most acute stress" Bloomberg continues.

Of course with the layoffs piling up, you can expect more households to fall into the "lower-income" category where they will have to fight to afford things like $3 cucumbers, $8 cauliflower, and $15 Frosted Flakes.

As Bloomberg notes, James Price, director of Capital Markets Products at Richardson GMP, recently joked during an interview on BloombergTV Canada that "we're going to be paying a buck a banana pretty soon."

Have a look at the following tweets which underscore just how bad it is in Canada's grocery aisles. And no, its not just Nunavut: it from coast to coast:

Continued: http://www.zerohedge.com/news/2016-01-1 ... g-currency

[friendlyskies]

Saudi Arabia is playing a dangerous game.

[MJK]

Thierry at Voltaire.net is saying that the US will let Salman and Son drive SA up on the rocks and it will break up into 5 pieces. He points out that most of the oil is under land occupied by Shia folks; once it is busted up the 5 groups will be easier to deal with and swindle out of their share. Seems to me I saw a white paper on this from a few years ago by the Stat Dept…or was it one of Hillary's emails?

Sounds like good telly to me.

[nowonmai]

From that bastion of well reasoned centrist economic thinking that so many flaggers

You lost me at that point.

[sparrow]

What a bunch of garbage. Those were all pictures of items in Nunavut where most things are flown in. Yes, it's expensive up there. Groceries have gone up but nothing like that. Our dollar has been here before.
Next.

[ROB]

From that bastion of well reasoned centrist economic thinking that so many flaggers

You lost me at that point.

You have no idea how much that keeps me up at night.

[ROB]

What a bunch of garbage. Those were all pictures of items in Nunavut where most things are flown in. Yes, it's expensive up there. Groceries have gone up but nothing like that. Our dollar has been here before.
Next.

I thought you'd like it. :)

[ROB]

Thierry at Voltaire.net is saying that the US will let Salman and Son drive SA up on the rocks and it will break up into 5 pieces. He points out that most of the oil is under land occupied by Shia folks; once it is busted up the 5 groups will be easier to deal with and swindle out of their share. Seems to me I saw a white paper on this from a few years ago by the Stat Dept…or was it one of Hillary's emails?

Sounds like good telly to me.

Would actually be genuinely interested in a source if you can dig it up.

[rickshaw92]

Mach award!

[MJK]

Thierry Mayyson's take on the fall of SA:

http://www.voltairenet.org/article189846.html

Maps showing the oil/gas and who's sitting on top of it:

https://theintercept.com/2016/01/06/one ... -conflict/

[snaark]

Mach award!

Can we bring Mach back? This place needs a dancing bear.

[coldharvest]

Mach award!

Can we bring Mach back? This place needs a dancing bear.

The center ring is never empty for long.

[ROB]

I can smell the panic from here. Don't lie.

[ROB]

Mach award!

Can we bring Mach back? This place needs a dancing bear.

The center ring is never empty for long.

What happened to executiveorrifice? His flame burned short but bright.

[coldharvest]

Mach award!

Can we bring Mach back? This place needs a dancing bear.

The center ring is never empty for long.

What happened to executiveorrifice? His flame burned short but bright.

Turds appear and then they're flushed.