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Gurus of high finance  have castigated Canadians for borrowing too much, warning this will lead to financial disaster for the individual and for the country.

Yet, the Bank of Canada has done just about everything to ensure the flow of borrowed money into our hands so we can continue the out of control spending binge.

The dilemma is this: If we don't spend, the economy dives, more people will be without jobs and income.

If we keep spending, like the seasonal deluge of advertisements urging us to do and go with the flow of the Christmas "customs" and shop until we drop or max our credit cards, that temporarily helps the economy.

That is until we have to pay the bills. Then we slow down our often reckless spending and the economy slows down too.

The inescapable conclusion is that Canadians enabled to stimulate the economy through debt-financed spending.

However, if Europe digs itself deeper into a financial abyss or China goes off the rail, then we may be faced with the consequences of our seemingly out of control spending and all the jingling and loud commercials will not drive us to the stores to indulge in one of our favourite activity; Spending.