MOST PEOPLE DO NOT PLAN TO FAIL-BUT FAIL TO PLAN.

That was the underlying message in tuesday nights presentation by Deane Gurney,Who when not doing Rotary Business is a Trustee in Bankruptcy with Sands and Associates. 

In his presentation Deane brought together details of all the key economic forces around the world that affect life in Canada. The European Union has not solved its problems.China,owns major resource assets and reduced imports(Canada an Exporter of Natural resources). Russia is stable. The US has a slow economy and high debt reducing imports from Canada. Japan has its first trade deficit. He compared Canada to Sweden high household debt 173% of GDP and Canada is now at 164%.  All of these factors add to the increases in Bankruptcy filings. 

Surprising demographic that has shown the greatest increase are the over 55 year olds. Factors involved are lack of Pension plans.Shrinking economy with job loss and retirement forced earlier than anticipated.People have been living on credit and not setting aside funds to cover their retirement needs.

A good discussion of the subject followed with many questions being handled by Deane.An interesting and depressing program for us oldsters watching our investments shrink as the World economy stalls.

Sylvia Kahlon thanks Deane for his presentation.