by JOHN MEYER
Mass Immigration is the most profitable business in Canada and the greatest driver of debt and inequality in the Western world.
Profitized growth sees the number and size of mortgages determining how much banks can make. The more there are and the bigger they are, the more banks rake in. Mass immigration is key to driving both bigger mortgages, through housing cost increases, and more mortgages via a bigger and always growing population.
Notice a trend? The top 2 categories are occupied by mass immigration profiteers. Banks and landlord had double the profits of the 8 productive industries on the list. Note also that the critical sectors of manufacturing and food production aren’t in the top 10. This reflects a rigged economy with the stability of a house-of-cards.
Mass immigration drives the demand for more mortgages and, at the same time, inflates housing costs and mortgage sizes.
The math of massive banking profits:
# of mortgages x the size of mortgages = size of profit
Welfare of Canadians? It isn’t in this equation.
The immense growth in mortgage debt as a consequence of immigration-driven population growth has followed the same pattern in many western countries, with Canada and Australia having the highest rates of population growth. The American experience, and likely that of the UK, Europe, and Australia, mirrors that of Canada, as they all have the same elites and growth-before-all-else economic policies.
How to Kiss an Egalitarian Society Goodbye
Housing inflation does not generate wealth. It drives a transfer of wealth from those who produce it to those who accumulate it. In effect, it is very much a tax – a cost one cannot avoid. But instead of being funneled into public services and infrastructure, this money goes into the pockets of a very small elite. Taxation without representation or even acknowledgement that there is a tax.
The scale is unprecedented to the tune of hundreds of billions of dollars annually in Canada and trillions of dollars over several decades. Bank profits are around $4000 per year per Canadian not including developer and speculator costs. This invisible tax funds unproductive wealthy domestic and foreign speculators.
Bernie Sanders makes this point in his short video on the $50 trillion Americans have lost to parasitic overhead.
- https://www.instagram.com/berniesanders/reel/DDIQuLqyXaK/
- https://www.youtube.com/watch?v=SC4JpV-rW1M
As well, an article by Paul Constant “The wealthiest 1% has taken $50 trillion from working Americans” and redistributed it”, details the results from a study on housing inflation in the US and its effect on income distribution.
Why can’t young people get ahead and afford a house? Look no further than the impact of mass immigration. Canada’s cheap labour policy undermines productivity increases and real wage increases.
The combination of cheap labour and inflated housing costs is the perfect generator of inequality. Unsurprisingly, as the developed country with the highest rate of population growth over the past 5 decades, Canada’s equality level, once the second highest in the world, has plummeted to the mid-30s.
How does real estate inflation and debt suck the money from productive people even if they carry no debt? In just about every way imaginable.
The Inflation Tax: it isn’t just on housing
Margrit Kennedy’s research of several decades ago illustrates how the costs of debt and printed money spread out and permeate every aspect of our lives. How much this adds to inflation and inequality levels in different countries richly deserves to be made public with up-to-date analysis.
Sustainable Society for more