Beware Canada! Drop in oil prices can burst the property bubble, tank their 5 banks, drag us into depression

Note the oil's share in GDP. The keyword in this paragraph is PROPERTY

Energy made up 24.6% of Alberta’s gross domestic product last year, and all but a handful of Canadian oil and gas producing companies are headquartered in Calgary. The city, and the province, has seen long-term busts before. Dreadful ones. They can cause wounds in every corner of Alberta, from property values and employment to government finances.

Full article: http://ift.tt/1FgZaDE

Submitted October 18, 2014 at 08:56AM by GettaReddit http://ift.tt/1qOsPKJ