Thursday, 14 November 2013

A Short History of Not That Long Ago: The Aftermath of Canada's Currency Crisis

Eight months ago, the Canadian dollar disappeared. Every cent in Canada was spent by people trying to win a lottery that never ended up having an outcome, making every ticket sold a loser and freezing the funds in an account that cannot be legally accessed by anyone. The lottery was run as a pool to pick the minute the Preacher Firestone would collapse and probably die, and the winners would split the prize pool without the Interprovincial Lottery Corporation taking a cut because the ILC figured the prize pool would be tiny, since Firestone's endurance would give out after a few days. As the weeks went on, more and more Canadians began pouring money into tickets, figuring that science said Firestone had to drop soon. The potential prize money was put into an account until a winner was decided, but that never happened, and Firestone still hasn't stopped his sermon. Everyone lost, with the exception of HSBC. With the money never to be claimed, the HSBC International Bank made out like a bandit who held up an entire country, and they were now free to invest all the money Canada had on the world's markets without having to worry about anyone coming to call for it. What the beginning of the crisis showed, aside from a harsh lesson in the gambler's fallacy, was that the Canadian Government wasn't willing to betray the trust put in the banking system by using the extraordinary circumstances to breach the account the winnings were stored in. Of course, by proving that they cared dearly for the stability of the banking system, the Canadian Government ended up tanking the economy that supported it, and ultimately ended up driving every bank in Canada out of the country.

While HSBC executives frolicked in the pile of money Canada willingly gave them, average citizens were faced with a very serious situation they had to quickly adapt to. Luckily one of the basic needs of human survival was already taken care of for many Canadians, as immediately before the currency crisis Canada's housing industry had been going the kind of manic that precedes a meltdown, so pretty much everyone who wanted a house had somewhere to live. With shelter taken care of, getting three squares became Canadians biggest priority in the new economy, particularly in regards to having enough food for a family to last the winter. “People had to learn what seasons are again,” local Recent-History expert Ovaltine Goose-Shredder says, “Suddenly people were losing their shit because it's November and you can't get peaches anymore, but that's what happens when your groceries are dependant on our local climate. It was amazing to realize how much local farming knowledge, how much natural, ancestral knowledge, had been spoiled by the fact that we were getting avocados shipped in for year round availability.” Despite Canadians being forced to scale back their groceries to the limits of their climate, people took to preserving with some vigour. With community leaders giving seminars on what keeps and what doesn't, experts are hopeful that a full famine will be avoided over the winter months.

In their death throes before the full on collapse, banks were screaming to find a way to collect mortgage payments. With a family in every house but without a currency, there was no way to quantify what a family could pay for their roof, and for six months after the currency crisis the banks tried every idea their executive boards could come up with. The first was to lobby the Canadian Government to replace the collapsed currency with anything official that could denote value, but the government rejected this idea, recognizing that since short term prospects were so horribly mangled that citizens were only focused on where their next meal was coming from, government economists could get away with taking the time for a measured response that would benefit the country in the long run. This was terrible news for the banks, who immediately went to the courts and tried to shoehorn some specious legal precedents into forcing the government to act, and when that failed, they tried to legally force delinquent debtors into indentured servitude, which also failed. At this point the banks would have sent collectors and assessors to jam their feet into people's doors like Jehova's, but over the months of legal battles they had been hemorrhaging employees because banks without currency produce absolutely nothing, and nothing don't pay the bills. When they finally accepted that everyone either gets by or they don't in the new economy, and there's no quantifying income beyond that, the banks did the last thing they could and tried to kick everyone in Canada out of their homes for non-payment of their mortgage. It turns out, trying to toss every homeowner out on the street is exactly what it takes to get under a country's bonnet, and there were protests. Big ones. Like too big for any earthbound institution to handle kind of big, and the government caved to the pressure from the citizens and told the banks to go fuck themselves, but before they could fuck themselves the banking system dissolved.

With many Canadians having difficulty raising themselves beyond a subsistence living, the thought of building a new house is completely out of the question for most citizens. A giddy supporter of Canada's new economic arrangement, Ovaltine Goose-Shredder is one of the few people living in a new house instead of squatting in an older one. Just trying to see if it could be done through barter, Goose-Shredder was able to get a house built because he is considered to be a wealthier citizen in the new economy. “My 8 part novel has really taken off,” Goose-Shredder explained, “It's a sexy supernatural thriller in the vein of Harry Potter and Twilight, and I combined the two with the Shopaholic series for a great twist. It's about a magic werewolf that really likes purses, and I've been trading copies for clothing, candles and foodstuffs. This freed me up to trade the bigger stuff I produce for things like bricks and lumber.” While he loves that he was able to complete the project, Goose-Shredder admitted that he had to scale back the size of his house to fit the new economy. “It's a 700 square foot house, which is a lot smaller than my last one, but there were a lot of challenges in getting this one built, and that's a lot more interesting to me than having enough space to never have to see my family.”

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