In the event of another recession, or a spike in interest rates, Canadians (and others) will find their massive levels of debt unmanageable. Years of ultra low interest rates has damaged the economy. Business and debt levels held by government and individuals are scary and unprecedented. Widespread social unrest and discontent are already just below the radar. In the event of a significant recession, they are going to become above the radar. Political violence and more talk about separation are the likely outcomes.

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