Ending badly

FOCUS modified

Ontario’s about to bring in climate change legislation. Alberta unveiled its plan Sunday. And, soon, the feds. That’s altruistic, responsible and forward-thinking. Evidence abounds the world is hooped without human action. We’ve already managed to harvest 70% of the fish and eliminate half the animals in the time I’ve been married to Dorothy. Since I was born the global population has doubled. This will end badly.

But the economic costs are huge, and you’re probably not being told what to expect. In Ontario, for example, a carbon-pricing regime will add about 4 cents to a litre of gasoline, increase home heating costs, electricity and the cost of almost everything you buy. In Alberta, the bill will be $500 per family per year, including a 7-cent gas hit. This is all intended to reduce consumption and inhibit economic expansion through higher charges. You either consume less or pay more. The toads and butterflies love you, but your finances don’t.

As a former director of the Sierra Legal Defence Fund (now Ecojustice), which gives money to lawyers to litigate for environmental protection, I don’t consider myself to be a dino when it comes to such issues. We’re wanton wasters of the world. But I also think folks should stay focused on what’s coming when we elect a bunch of progressives who (as our federal government self-avows) say climate change trumps the economy.

For Canadians, this zeal could hardly come at a worse moment. Oil has careened to the $40 range and shows no sign of recovery. Household debt has bloated higher again, with $75 billion in new mortgage borrowing in the last year. Wage growth is anemic, unemployment’s stuck and layoffs seem everywhere. The economy spent half the year in recession and our dollar sank to 75 cents after the central bank was forced to cut rates to stave off deflation. On Friday we found the last federal government not only left the cupboard bare, but burned it to keep the lights on. The new guys propose to increase spending and debt, tax those who the most taxed, increase family levies and pension premiums plus reduce the ability of everyone else to save. And rescue the planet.

If this sounds vaguely scary, you get it.

The economy needs greater investing activity, leading to jobs. Not bigger government, more debt and higher overhead. But it’s too late to moan now. People wanted a hot anti-Harper with nice hair, tats and groupies. So that’s what we have. No judgment there. But preserving and building wealth is about to become more challenging.

Unless the oil sands are exempted, a carbon tax, cap-and-trade or any other climate-guarding regime will kill them. It will also reduce cash flow for most households, since they carry an historic debt load, and add to inflation – exacerbated now by a low dollar. As the US moves to raise rates for the first time in a decade (next month), the dollar will fall more. So, as Ontario, Alberta and Ottawa shift onto a climate-change agenda over the next few years, it’s reasonable to expect slower economic growth, higher costs and reduced job creation.

How should you invest in this kind of world?

First, reduce your Canadian exposure. Big time. If your financial guy is old-school and has stuck you in a bunch of ‘high-quality, blue-chip’ Canada stocks, then run. The TSX in the last year has underperformed the S&P 500 by almost 10%, and European markets by about 25%. The Canadian market is overweighted in energy and resource issues, plus the financials that support them – and there’s no light at the end of the tunnel.

Second, that means at least two-thirds of the growth assets you own should be US or international. They should be broadly diversified, which suggests using index exchange-traded funds, spread between large-cap and smaller companies. It’s also wise to hedge against the loonie, so having about 20% of your portfolio in US$ is smart – in fact, this saved the butt of many investors over the past year.

In a recent report on the connection between investing and climate change, Mercer had this to say:

“UK, Australian, and Canadian equities to be more sensitive given the higher exposure of these regional equity markets to carbon-intensive sectors. UK and European equities to be less vulnerable to climate change policy shocks given existing policy and commitments in place. We expect these markets to be better prepared for additional climate-related policy given the relative transparency regarding the direction of future policy. We expect the US to continue to drive global equity markets in the near term. Therefore, we would expect any significant policy developments in the US to impact global equities to a greater extent than developments in other regions.”

Third, do not discount the value of balance, having 40% or so of your portfolio in safe stuff – like government, corporate, high-yield and real return bonds, plus preferred shares which will benefit as rates rise. This is called ‘fixed income’ and it gives a modest yield regardless of where stock markets head. Remember to keep bond durations short, as they will be minimally impacted when the cost of money increases. Also consider a small weighting in commercial real estate, through REITs, since they are not correlated with equities. Rents continue to be paid, collected and passed through to investors.

Fourth, reduce your Canadian residential real estate exposure. A slower economy, higher consumer costs, augmenting taxes and swelling mortgage rates are not supportive of housing. Already most markets are in neutral or decline with falling sales and stalled prices. If the bulk of your net worth is in this one asset, you’re seriously at risk.

We may not have much of a choice in dealing with climate change. Inaction means trouble. But this will be neither cheap nor painless. Unless you’re Al Gore.

278 comments ↓

#1 TurnerNation on 11.22.15 at 3:27 pm

Is refugee a new term for permanent foreign workers (PFW).
(Just another word for nothing left to lose.)

In the near future borders will be electronic (eg no fly list).

#2 fyi only on 11.22.15 at 3:36 pm

On Nov 17/15 the Real Estate Council of BC upheld the cancellation of a prominent Victoria realtor’s license:

http://www.recbc.ca/2015/11/financial-services-tribunal-appeal-decision-james-sidney-parsons/

Background:
http://www.cbc.ca/news/canada/british-columbia/james-sidney-parsons-victoria-realtor-accused-of-conduct-unbecoming-1.3079354

#3 polecat on 11.22.15 at 3:45 pm

Couldn’t we shift our manufacturing to green tech and start deploying it in the country? Add solar panels to homes, creating jobs building and installing them. Same as wind turbines. No magic bullet but one small part. We have a lot of smart people here at the universities and national research council. We will always need oil but should start thinking outside the box now that it’s in the toilet. And start teaching the kids in school about finances and investing/taxes/retirement. My teenager looks at with glaze when I try to explain it. Mom and Dad won’t be here forever. Thank’s for the work here Garth.

#4 crowdedelevatorfartz on 11.22.15 at 3:49 pm

……..and on top of all this Canadians are still piling on record levels of debt.

This weeks Economist ‘”rich world recessions are preceeded by unusually rapid bank credit growth followed by weaker recoveries…….the larger the increases in credit on the upswing were correlated with deeper recessions and slower recoveries……credit booms are the most reliable signal that trouble is brewing…..”

Cant wait to see what 2016 brings in the Lower Mainland Real estate ponzi mortgage “boom”.

#5 MEANWHILE IN FRANCE on 11.22.15 at 3:57 pm

I mentioned this before, but the biggest lesson learnt during my time in Europe is the difference between needs and wants.

Lululemon what???

#6 A Canadian Abroad on 11.22.15 at 3:58 pm

“carbon tax, cap-and-trade or any other climate-guarding regime ”

Well that’s pleasant. I’ve always considered these to be incredible tax scams. Create pollution in Canada and buy tax credits from some small African country to “export” it to doesn’t make the smog go away.

Why not put CO2 collars on everyone and charge for 5c per fart as a carbon tax?

Australia was considering carbon tax collars for their sheep/cattle.

#7 Scumop on 11.22.15 at 4:00 pm

So all this carbon tax funnels, ongoing, $$$ by the carbon megatonne into government coffers.

From there, it will be spent on palaces, junkets, and empire building. At least the palace building will keep a few construction workers employed.

Debt interest will be financed by more debt, although maybe some gets paid off through the new taxes.

Doing it right (if your intent is reduce CO2 output a.o.t. palaces &c, and gifting friends who own windmill companies) would mean using a large chunk of that cash to build nuclear power plants. These run 24-7 365, unlike windmills.

The uselessness of building windmills is they are only productive 30 to 40 percent of the time. For the rest, you must pump power with coal, oil, water, natural gas, or nuclear.

With heat plants (coal, oil, ng), those plants need to be operating at near 100% capacity so when the wind stops, the switchover is smooth. Keep in mind, turning on a heat plant is NOT like flicking on a light switch. In can take days to come up to full power, so these backups must run in hot standby mode.

The outcome is that while the wind is blowing, you are still burning almost as much fossil fuel as when it is not. And you had to pay for the windmills. Can anyone say of windmills anything other than “suckers bet”?

A few people will say “grid will balance” low/high wind areas. Except it won’t, because the so-called grid has only a tiny fraction of the capacity needed to do that.

But don’t worry. Windmills boost the economy as they must be trucked from ports in Vancouver to Ontario and other destinations, ensuring truck drivers and mechanics remain employed. Windmills, like so much else, are made in China. Theres an index fund for that.

#8 juno on 11.22.15 at 4:04 pm

Been moving all assets to the US for the last five years.
Now waiting in the caves, in a holding pattern, collecting dividents from my diversed portfolio.

This is only a chink in the armor. Once people realize the system is cracked, they will be heading to the exit doors
and the final stages will be fear and the lost of all hope

Without hope things will start looking dire. But that is the time to get back in because once the weak gets weeded out a new generation will arise from the ashes.

It will be fun but once the ball gets rolling it will become a runaway train.

…This will be fun to watch from my perch!

#9 Milenial on 11.22.15 at 4:04 pm

Hey Garth,

Maybe somebody posted this already, but did you hear the Fed is holding an “expedited” and “closed” meeting tomorrow. The matter considered: interest rates.

http://www.federalreserve.gov/aboutthefed/boardmeetings/20151123advexp.htm

Apparently this is somewhat unusual. Looks like the feds might actually pull the trigger this time.

Here’s what’s going to happen:
(1) Feds announce in December interest rate hike program, but it’ll be a lot slower of a rise than in the past.
(2) Christmas retail sales absolutely tank. (BTW, they’re gonna be poor with or without fed interest rate movement).
(3) People will come on your blog and say this was predictable: economy never recovered, we’re doomed. You’re gonna argue that crappy retail sales are on account of online shopping but you’ll be wrong.
(4) BOTH stock and bond markets start to take a dive in January/February, starts slow but escalates quickly into crisis.
(5) Fed announces cancelling interest rate hike program for now, “economy not as strong as we though”, quantitative easing under a different name is implemented, possible negative interest rates.

Your welcome.

#10 Working Man on 11.22.15 at 4:06 pm

Garth. just wondering about the safe stuff. Real Return Bonds. Would you buy a Reit for these like ZRR or actual goverment/corporate issues.
Thank you

#11 NoOneOfConsequence on 11.22.15 at 4:08 pm

To exempt the oil sands from any carbon tax scheme would be the ultimate hypocrisy.

What about fat tax incentives for clean energy research and development? Like a moratorium…no income tax or taxes on dividends for 20 years?

#12 dosouth on 11.22.15 at 4:11 pm

It is a dream world to think the West can really make a difference in the carbon footprint thingy.

We just ship it overseas and feel better about ourselves. You can tax all you want but you cannot legislate common sense. I’d like to think that us being taxed is going to make a difference, it is not,

Global warming tax is just that…..

How about asbestos and pcbs?

or

Air pollution in Asia Pacific

or

Global river pollution

#13 For those about to flop... on 11.22.15 at 4:16 pm

We’ve already managed to harvest 70% of the fish and eliminate half the animals in the time I’ve been married to Dorothy. Since I was born the global population has doubled.-Garth .

///////////////////////////////////////////
Uh boss, I thought Dorothy was supposed to turn you into an animal!

#14 BobC on 11.22.15 at 4:18 pm

I believe in climate change. Been going on for millions of years before humans and will go on for millions of years after humans. Lush areas turn to deserts and back. I get that.
What I don’t get is why they (government) have to keep hurting the hard working tax paying family guy that’s trying to do everything right.
Four cents more for gas? So what. I deduct it and in my tax bracket that’s almost a 40% discount. I’m talking about young families.
I know most of your liberal followers don’t get it but corporations don’t pay taxes, they collect them. The tax is passed on in higher selling prices until they can’t raise prices anymore and still compete with the foreign companies protected by the trade deals so they go out of business.
Why not use environmental laws and only fine (tax) the guilty companies? Why do the liberals have to tax ALL companies other then to make a few at the top rich?
It’s all bull$hit. Just another scam thrown on the heap everybody already has to pay for.

#15 For those about to flop... on 11.22.15 at 4:27 pm

My Australian equities portfolio has pumped out double digit returns the last 3 years ,but as in the article I think a cooling period is about to unfold due to the slowdown in China.I thought I was going to be a hassle and pointless with a global market but having a portfolio in each hemisphere is growing on me.

#16 Ed on 11.22.15 at 4:28 pm

We bust our economy while China opens a new dirty coal power plant every week for the next 10 years.

#17 KarenE on 11.22.15 at 4:30 pm

Tripled, actually — the population in 1950 was somewhere between 2.1 and 2.5 billion, and now it’s 7.4 billion: https://en.wikipedia.org/wiki/World_population_estimates

#18 rk usa on 11.22.15 at 4:31 pm

re: Unless the oil sands are exempted, a carbon tax, cap-and-trade or any other climate-guarding regime will kill them.

good

even former Bank of Canada Governor Carney has said the same they will likely have to stay in the ground so time to come up with a new game plan Canada and Alberta

the benefits to the overall Canadian economy were debatable, feds essentially just got taxes from income from what was essentially a huge construction project, it takes very few people to run a plant once finished

besides it was being undertaken in such an environmentally irresponsible way, and who will end up paying for cleaning up all the leaking tailings ponds as the mackenzie river basin is slowly polluted and emptys into the arctic ocean

disgusting

time to sell you monster trucks and abandon your chipboard houses and move home kids

we need to reduce our footprint and that means everyone rich and poor which means no monster trucks or gas guzzling SUV’s, corporate jets and other forms of conspicuous consumption

you should not be able to buy your way out of environmental responsibility just because you are rich

#19 Roasted nutz on 11.22.15 at 4:32 pm

So, what do the Sierra folks think when you pull up in the hummer?

It’s painted green. — Garth

#20 TurnerNation on 11.22.15 at 4:35 pm

Let’s hope the CAD will recover in 15-20 years (or sooner) when I’ll be retired and consider getting out of this madhouse 2nd World country.

Never thought I’d say that but it’s coming:
“threats” told to us then instant lock downs and curfews, emergency suspension of democracy. No rights to anything. (How to control 7 billion people.)

Will keep an eye out for places. Bermuda? Bahamas?
Oh I wanna take you.

In the mean time I’m happy in my “Agenda 21” approved 500 sq foot rented skybox (with granite, natch) – owned by a REIT, I’m living in my investment – where I can walk or streetcar from work sooner than Track 6’ers train arrival.

#21 Shawn on 11.22.15 at 4:39 pm

Another great post.

#22 Gulf Breeze on 11.22.15 at 4:39 pm

#3 Pole Cat,

We’re facing an economic reset around climate change. This is a battle for survival, on many different fronts. And…as was the case in WW2, taxes on the wealthy, go through the roof. The wealthy understand that their own lives depend on winning the war, so are much more amenable to tax increases.

Climate change has to be realistically portrayed as exactly what it is, a necessary battle for survival.

So yes, all the green programs you mention, will be implemented.

#23 Alberta Ed on 11.22.15 at 4:52 pm

We’re seeing a triumph of ideology over sound science. Nutley’s carbon tax will do exactly nothing to affect climate change, but it will dig into everyone’s pocket, just like a sales tax. That won’t stop the Green Shaft, though.

#24 The Other Chris on 11.22.15 at 4:54 pm

Garth is one of the few sane voices in the media.

I think it’s crazy that Trudeau and Notley and crew have been complaining about the evils of austerity in a time of recession, and then they simultaneously plan to take a huge chunk of money out of the economy through these new taxes. Notley’s scheme alone is about $7 billion a year in additional taxes, in a province that’s already facing the fastest and sharpest economic decline we’ve seen since the 1970s. Then add on whatever nonsense Trudeau and Butts are cooking up on top of that. It’s economic suicide, pure and simple.

I’m all for trying to grow cleantech jobs, but Ontario has been trying to do that since the GEA, and it hasn’t offset the job losses the GEA created. (Wynne did a campaign appearance at Toronto’s “Ecobee” startup, for example, as an example of how this industry is growing, but Ecobee only has 70 employees, many of whom are in China, where the Ecobee thermostats are manufactured.)

#25 Randy on 11.22.15 at 4:57 pm

Garth, Thanx for your advice as to how to deal with Canadian Cultural Marxism.

#26 Vanecdotal on 11.22.15 at 5:07 pm

Great coles notes post on weathering the storm. Saw the writing on the wall few years back and made a career change to get paid in USD. Anyone who has the opportunity to do this, or can create an opportunity, should, given the current trajectory.

#27 JSS on 11.22.15 at 5:09 pm

Some Canadian blue chip stocks DO have exposure to the US market – banks, railroads, utilities, insurance companies – to name a few. So be careful what you reduce, since some of these Canadian blue chippies will still make money regardless, and pay a nice dividend (and tax credit) + modest dividend growth.

#28 pinstripe on 11.22.15 at 5:21 pm

the old geezers met for brunch today and the mood was an uplift to everyone. Hope is far superior to Fear Mongering.

The biggest mission accomplished to date is that the geezers are getting more comfortable by the day that Harpo is Gone from the fed scene, and the CPC mouthpieces left behind are not able to make a decision on their own thinking. The alberta PC are DEAD. The WRA is worse than the CPC when harpo was around.

Rachel in alberta is moving forward at a good pace and bringing some sanity to get the O&G industry to get in line to the move forward. We are going to do BETTER.

Many snowbirds are settled in the southern US sunspots and their news on the ground is not painting a favourable picture of the US economy. Many businesses are shuttering and many US retiree full time RV people are working at whatever job can be had. Big changes from even the last year.

The old geezers are in total agreement that the QE experiment was a total failure. What ever happened to the carnage guy these days? The debt load held by all levels of government is mind boggling. The feds will be forced to raise interest rates. Those with CASH and NO debt will do well.

#29 Washed Up Lawyer on 11.22.15 at 5:23 pm

Finally a nice story emerges from Ottawa. Now, with luck, Smilin’ Hank can become a Canadian citizen. Luv the guy. Being a temporary foreign worker impairs your immigration file. His citizenship should be fast tracked.

http://www.cbc.ca/news/canada/ottawa/henry-burris-cfl-quarterback-to-receive-citizenship-help-1.3021688

#30 gladiator on 11.22.15 at 5:24 pm

My kids (6yo and 9yo) said that they liked Justin Trudeau because “he’s going to save the oceans”.
Well then, he comes to power and one of the first thing he (his cabinet) does is allow dumping of billions of gallons of raw sewage into the oceans.

It looks like his view of “saving the oceans” is through taxing us more.

Kumbaya, save the whales and stuff. Oh yeah, and give us more of your money.

#31 Hockey Schtick on 11.22.15 at 5:26 pm

Global Warming, now called climate change because there is no proof of warming, is a scam that makes Al Gore rich and enables him to have a giant carbon footprint.
Canada contributes less than 1% to global CO2 emissions. China and India are coal powered economies and they are not going to slow down or buy into the Climate change propaganda. Germany discontinued subsidizing Green energy not because it was so successful, but because it was a bottomless pit.
Invest overseas in countries that are not going to destroy their economies with nonsensical carbon taxing, while Canada, Ontario and Alberta commit suicide by calling a tax grab something that May do some good 100 years from now? Something’s wrong with this picture
Need to use our critical thinking skills, though it appears to be too late for that

#32 Thebarold on 11.22.15 at 5:27 pm

The common theme here is we need to consume less. Less resources of the planet, less consumable goods that don’t add to our productive capabilities. Smaller, more efficient homes and cars. Less packaged lives. But that’s hard and we don’t like doing things that are hard.

#33 Mark on 11.22.15 at 5:29 pm

“First, reduce your Canadian exposure. Big time. If your financial guy is old-school and has stuck you in a bunch of ‘high-quality, blue-chip’ Canada stocks, then run. The TSX in the last year has underperformed the S&P 500 by almost 10%, and European markets by about 25%. “

True. However, the time to buy assets is when they have been going down or underperforming for a significant period of time. Not when they’ve outperformed. Strategies such as the “dogs of the Dow”, or simply buying the previous year’s worst asset class, have been proven to deliver higher returns than piling into the asset classes that have returned so well in the previous years.

As it stands, you can buy the Canadian markets (ie: the TSX, by way of the XIU ETF) for less than 15X earnings. With most of those ‘earnings’ closer to their cyclical lows (ie: mining companies, O&G firms, etc.) than their cyclical highs. And a cash dividend yield north of 3%. Contrast this with the US stock market (ie: the S&P500) which trades at 20X earnings, with most of its components (especially in the social media tech sector and healthcare) trading closer to cyclical highs, than cyclical lows.

So the argument that Canada should be sold, and more expensive foreign investments be bought really doesn’t make a lot of sense to me. If anything, the cheap TSX (basically at 2009 levels, adjusted for retained earnings and share buybacks over the past 6 years) is presenting yet another generational buying opportunity for quality long-term assets with good positive correlation to rising long-term interest rates and negative correlation to long-term bond prices. The dirt cheap Canadian dollar is likely also a great buy on account of voracious future demand for it to repay consumer debt, particularly in the RE sector, and the general deflationary trend that is likely to be present in the Canadian economy for a considerable period to come on account of the collapsing RE sector.

#34 Love my Kia on 11.22.15 at 5:30 pm

Garth, you are the only Conservative I would ever vote for. Everyone else who runs for the party it seems is in it for ‘the get’ as evidenced by the high number of scandals under the Harperites. Lefties are not immune either, but successful leftists do have more social conscience.

That being said, seeing a high number of deletions due to racism here lately, this one’s for you.

http://changethegame.ca/2015/11/19/even-so-im-not-giving-up-on-you/

#35 gladiator on 11.22.15 at 5:35 pm

One thing I am really interested about: how long will humans tolerate their rulers squeeeezing them for more and more and more money?
A family cannot afford a decent-sized dwelling if only one of them is working. Inflation reduces the value of our hard-earned money every year, which hits those on fixed incomes the hardest. Package sizes in grocery stores keep shrinking. Governments keep increasing taxes, create new taxes and tax us on after-tax money (paying HST with after-tax money), and even tax stuff that already has tax included in price (gasoline, alcohol), and what a wonderful feeling I get when I pay HST on a debt retirement charge to Toronto Hydro – and it’s not even my debt!
How long are we going to take it in the (insert your favorite organ here) and keep mum? A reduction in the purchasing power of 2% or 3% every year doesn’t seem much, until you fully understand the power of compounding. Then you freak out and feel fukked. And can’t do anything about it!

Aux armes, citoyens?

#36 Mark on 11.22.15 at 5:45 pm

“With heat plants (coal, oil, ng), those plants need to be operating at near 100% capacity so when the wind stops, the switchover is smooth.”

That’s not entirely the case. “Spinning reserve” can be ramped up fairly quickly in many cases, particularly with water (hydroelectric) or gas turbine units. And the wind doesn’t exactly just stop blowing suddenly either nor do those massive turbine blades just stop quickly either.

With ‘smart grid’ technologies, a lot of demand side management can be performed. Lights can automatically and rapidly dim. Power used in processes such as HVAC can be reduced temporarily through variable frequency drives. Internet server farms can rapidly (as in, within milliseconds), reduce (or ramp up) their power utilization in response to grid signals. And electric cars (ie: Teslas) can vary their rate of charging. So with improvements in demand side management, and passing on market signals to end-consumers, the grid can accommodate more variable sources than previously possible with the (mostly) “dumb” grid.

#37 JO on 11.22.15 at 5:45 pm

These morons are not going to stop until they have taken all of your money and destroyed the economy
Cap and trade and carbon taxes are just a scheme to tax more under false pretenses
Just this week in climate depot .com three of the worlds top climate experts publicly admitted climate change is being exaggerated by politicians to pass this junk legislation
The climate has changed since the start of time and like everything else it goes in cycles
There’s no evidence to suggest man made pollution or cows farting are major contributors to the change
The politicians and bankers are salvitating at the prospect of taxing more and the fees and bonuses to be earned as growing cap and trade markets lead to new derivatives and other products

It will further reduce the discretionary income we are lucky to have
Complete and total fraud

#38 ROCK BEATS PAPER on 11.22.15 at 5:49 pm

“Unless the oil sands are exempted, a carbon tax, cap-and-trade or any other climate-guarding regime will kill them.”

Ironically, cheap oil is bad for alternative energy investment as well. The big beneficiary is likely to be Nat Gas given coals’ nastiness.

The bigger ironly will develop if the pole inversion accelerates. The odds are low that it happens in the next few decades, but if it does we will have wished we produced much more green house emmissions.

http://www.cbc.ca/natureofthings/episodes/when-north-goes-south

#39 Frank on 11.22.15 at 5:55 pm

Actually now is the best time for carbon taxes. The point is to make burning fossil fuels undesirable which is hard when they are so cheap. High gas prices are their own climate change plan.

That said I argee in this ‘climate over the economy’ schtick. Why can’t they both be important?

#40 Economics 101 on 11.22.15 at 5:58 pm

@ #6 A Canadian Abroad

“Create pollution in Canada and buy tax credits from some small African country to “export” it to doesn’t make the smog go away.”

Sure it does. The point of trading carbon credits is to create a stored value. This will create an incentive for industry to use them more efficiently. That encourages alternate energy sources since companies will want to sell their unused credits. It’s a smart strategy designed to not kill the economy while actively encouraging alternative energy development. Economics 101.

#41 Love my Kia on 11.22.15 at 6:00 pm

#12 do south
It is a dream world to think the West can really make a difference in the carbon footprint thingy.

We just ship it overseas and feel better about ourselves. You can tax all you want but you cannot legislate common sense. I’d like to think that us being taxed is going to make a difference, it is not,
***********************************
You’ve actually hit on a great idea!

Carbon tax forces up the cost of imported goods from countries with poor environmental laws. No need to tear up free trade agreements. Carbon tax gives Canada back its competitiveness from those countries that lag in this area, and as a result we might see some jobs come back here.

#42 Ontario's Left Coast on 11.22.15 at 6:02 pm

Finally, the long-promised blog post full of rainbows and unicorns. So much too look forward to!

#43 Freedom First on 11.22.15 at 6:07 pm

Encouraging Post today. For people who are not all in the highly leveraged one asset strategy of a house. Hey, I have noticed the arguments against Garth on this topic have noticeably dwindled. And right at the peak of home ownership in Canada. Liquidity and mobility really do rock! Who knew. The minority, as usual.

Moving to a cleaner world is good. As Garth mentioned, the exploding human populations, disappearing species, and global pollution proliferation has been horrific, and ignored by the majority of people and their world leaders. Mocked and ridiculed on top of it even. Humans are smart, but the species is retarded.

We need China, the U.S., everybody to clean up their environments, or we are facing an unimaginable $hitstorm. Can we do it?

I have no kids, no grandkids, and am amazed at the ignorance and apathy world wide of all the people who do. I am very glad to be my age, but I feel for the people born today. Think it’s bad now, they’re gonna really hate their elders.

#44 OXI in GREECE on 11.22.15 at 6:07 pm

Ontario’s about to bring in climate change legislation. Alberta, too. And the feds. That’s altruistic, responsible and forward-thinking. Evidence abounds the world is hooped without human action. We’ve already managed to harvest 70% of the fish and eliminate half the animals in the time I’ve been married to Dorothy. Since I was born the global population has doubled. This will end badly.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

As many many including myself have said…..Climate Change is about TAXING the public in order to fund large bloated inefficient govt. CO2 HELPS green plants to create more food. I learned this in grade 3. But this little tid bit is always “removed” from the phoney global warming discussion.

Should be get tough on the slaughter of plant and animal life? Of course. Should we stop POLLUTING as in heavy metals, acid rain, ozone depleting products? No brainer.

But Climate Change tax is just that…at TAX…..how else is are gigantic govt worker pensions going to be funded once these govt wrinklies start to retire?

#45 OXI in GREECE on 11.22.15 at 6:12 pm

Oh one more thing Kevin O’Leary, Canada’s Donald Trump. Neither of them are deeply connected with reality or the truth. A couple of useless windbags that are great at self promotion but not much else.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Kevin O’Leary is NOT Canada’s Donald Trump. Trump actually makes money. Mr O’Leary only loses it…..

#46 Chad on 11.22.15 at 6:14 pm

polecat the Green economy of solar and wind has not worked anywhere and it will not for the foreseeable future. It has been tried in a bunch of European countries with predictable disastrous results. Unless they were doing something drastically wrong that you can point to there is no need for Canada to follow their example. Expensive interment energy that is wind and solar are job destroyer and creates a new type of poverty, energy poverty.

Solar and wind are supplemental energy sources that need both a back up baseline source for when they are not working as well as massive upgrades to the power grid to handle the dynamic input nature.

https://www.aei.org/publication/the-myth-of-green-energy-jobs-the-european-experience/

#47 Fuzzy Camel on 11.22.15 at 6:14 pm

These taxes do not resolve the issue, uncontrolled population growth is the problem.

Now Canada and many other developed countries are doing their part, by having birth rates of 1.3, our populations are shrinking, thus reducing our environmental burden. Most electricity in Canada is hydro-electric or nuclear, both are carbon free.

So with a declining population, we reduce our environmental impact, we need less fishing, less of everything!

But wait, we can’t do that! Let’s open the flood gates of immigration, thus bringing in millions each year. So instead of our child adverse culture balancing out with nature, we import cultures whose favourite past time is breeding, not uncommon to see 6-8 kids per women. That is there culture, I’m not judging, don’t want the PC police after me, however, 6-8 kids per women is ‘green’ or sustainable.

So we were well on our way to a sustainable, greener country, then we opened the flood gates, now we are bulldozing all our agricultural land for condos and mcmansions, clogging the roads with heavily polluting trucks, and so on.

My point? Don’t expect me to cut back on my consumption until population growth is addressed in this country. Because if I cut back 50% on my water use, and they bring in 1 million people who will consume the same amount of water, the whole cutting back idea is nullified!

#48 pinstripe on 11.22.15 at 6:16 pm

Rachel is taking the role of a Leader.

http://www.cbc.ca/news/canada/edmonton/alberta-climate-change-newser-1.3330153

#49 Muttley O'Toole on 11.22.15 at 6:16 pm

#6 A Canadian Abroad on 11.22.15 at 3:58 pm
#7 Scumop on 11.22.15 at 4:00 pm
Well, at least two Canucks have a brain – I reckon that clever son of Canada now resident in the good ol’ U.S.of A
Mark Steyn has truck loads of commonsense, too.
Does anyone of consequence in Canada read the W.U.W.T.
blog?

#50 Pac Man on 11.22.15 at 6:17 pm

If you go to the Prime Minister’s website and click on Cabinet, you get every cabinet minister’s pic. Clicking on any of them gets you a brief bio AND a link to the MINISTERIAL MANDATE LETTER sent by Trudeau to them.
http://pm.gc.ca/eng/cabinet

Finance Minister Morneau’s mandate letter is an interesting read.
http://pm.gc.ca/eng/minister-finance-mandate-letter

Apart from the general sense of excitement that one gets from such an open and transparent government, there was no SPECIFIC mention of rolling back the TFSA under his priority list. Priority Item #3 did mention “Cancel income splitting and other unfairly targeted tax breaks, while retaining income splitting of pensions for seniors”. Hope that the 2016 TFSA CAD 10,000 limit doesn’t qualify as an unfairly targeted tax break.

Guys and gals, do take a look at the Ministerial Mandate letters. If nothing else, I suspect that even the most pro-Harpo might feel some exhiliration/excitement at seeing how open and transparent this government appears to be. Sure they will have some secrets, but compared to the previous 9 years this is terrific stuff.

Cheers

#51 Ole Doberman on 11.22.15 at 6:17 pm

Gartho what about the big debt burden the US carries for social programs like midecare/obama care – then pension obligations which is in the trillions, how are they going to service this as baby boomers come up for retirement?

#52 common sense on 11.22.15 at 6:19 pm

#9 Milenial

Could not agree more.

Invest money to create jobs…excellent idea? What and for the 40th time with a tapped out consumer who is going to buy and pay for the stuff the investment is paying for?

Until there is a major reset, people slowly get out of debt, gov’t stop trying to control natural supply/demand markets and disposable capital is available to more vs the 1% worldwide..we are toast.

If ANYONE can provide a solution, I’d love to hear it as would most of the world’s population.

#53 JacqueShellacque on 11.22.15 at 6:19 pm

I’m surprised at you, Garth, for swallowing this “global warming (whoops, I mean “climate change”) stuff. Of course the climate’s changing. It has been for 4 billion years. The planet will be fine. It’s the people we need to worry about. And the very decisions, investments, and economic activity that will be inhibited by these bogus carbon taxes is pretty much the only thing that has moved our species forward the last 300 years or so. And this is even before one considers the dubious uses to which much of this carbon-tax revenue will be put. The planet can survive “climate change”. But humanity will be hard pressed to thrive the under this ideology.

#54 Trojan House on 11.22.15 at 6:25 pm

In the last 40 odd years, it has been called global cooling, climate change, global warming and now back to climate change again. Why? Because there is no such thing as man-made climate change.

We as humans are arrogant to think we can change (in the last one hundred years or so) the climate of a planet that has been around for millions and millions of years and has undergone much more NATURAL climate change.

For governments, the climate change hoax is about one thing – raising more taxes to pay for their stupid promises that don’t make one difference.

#55 family beagle on 11.22.15 at 6:29 pm

Battle against species decimation… Count me in. I’m on the side of bio diversity and limiting human consumption. But I don’t feel your audience/Canadians are the biggest culprits at all. We just have a keener sense of obligation. Mantras of shame and goody twoshoes feelings won’t cut it. Increased taxes will do nothing. Big users will write off the expense. The result will be lower and middle classes in tents while gov and corps prance around on the never ending world tour. I invested in an eco-preserve, I’m a vegetarian, I don’t commute, I climb in creeks to clean out muck, and I don’t buy into governments being part of the solution one bit, nada, pipe dream. Our gov will penalize us so their foreign and corporate friends can pump smog and trawl oceans without recompense. No offense, but the hipocrisy of the ‘green wave’… the poisons created from electric cars… the penalty taxes going to finance general revenue entitlements… They’re blowing smoke. If you are keen, then you already know what must be done, and it’s not by moving cash to corporate America just to save one’s own @ss from the economic pinch here. I am part of the future and the lip service paid to nature by environmental lobbyists is an annoyance. They don’t know how to stop human impact, nor do they know how it will play out. People like me and others, who are ‘boots on the ground’ with shovels and decontamination processes don’t make news. I’ll pay higher taxes, but take the money, get on your high horse and take it to the rapists. Now, I have a crap load of recyling to deal with. Good day.

#56 Mark on 11.22.15 at 6:29 pm

“What about fat tax incentives for clean energy research and development? Like a moratorium…no income tax or taxes on dividends for 20 years?”

Although more R&D would be nice in the sector, I’m not so sure that the ‘heavy lifting’ of significant CO2 emmissions reductions is something that can be accomplished through R&D and the implementation of such alone.

We already have a significant portion of the technological underpinnings available to reduce CO2. The key is to incent industry to actually make the investments and actually use the technology available, rather than creating more of it.

For instance, there are large numbers of people who commute an hour or two each day to jobs that largely involve pushing paper. Jobs that could be done out of home offices. Yet we have employers that, on account of fairly cheap transportation costs, and relatively cheap labour, see no business incentive to working with their staff on such options.

Likewise, we know that railways are a dramatically lower carbon form of transportation. But we have an infrastructure deficit in the railway sector exceeding $100B in Canada that would sustain the railways and turn them into entities which could provide transportation on time frames similar to the trucking industry.

These problems of economics won’t be fixed in someone’s lab somewhere doing R&D. They require big investments by the ‘old iron’ sectors of the economy. And the only way that those investments are going to occur is if government acts in such a manner to decrease the cost of capital to practices which are environmentally ‘friendly’ relative to practices which are less friendly. In the case of railways, stopping the huge government subsidies to highway transportation would be a good start (the railways, in contrast, build/maintain their own infrastructure!).

Carbon taxes might accomplish some of the same, but there’s industries that are inherently carbon intensive and unavoidable (such as oil extraction). And there’s some sectors where big gains can be made. That’s why a ‘one-size-fits all’ flamethrower approach of carbon taxation is terrifying.

#57 Ab Boxster on 11.22.15 at 6:30 pm

Ode To Alberta

Fare thee well, sweet Alberta
Take heart and show Faith
For thine EI is coming
And the climate is safe

Though your castle be worthless
And your children lack food
Have trust in your leaders
And to BC soon move

#58 Retired WI Boomer on 11.22.15 at 6:32 pm

OK- Let us think really outside ‘the Box’ on this.

Before your new glam leader embarks on new taxes for carbon… let us tax the things that tend to use stuff that leaves carbon.

1st we are all carbon based – tax that. Have a kid we tax 1 we tax 2 by 1.5 times the tax of one. have 3 you pay 2.5 times the tax on one. Not a deduction a flipping TAX.

Let’s face it, the tax ideas where we give a “tax break” to have kids is sort of, well backwards.

I can see 1 ‘replacement kid’ at no tax. 2 kids you pay an additional tax, 3 or more the tax is heavier for each additional brat. Yes, this would peeve some, but so be it.

As for ‘choices’ in vehicle. A hybrid should be price neutral. A gas, or diesel would have a penalty. The crappier the city mileage rate, the higher the tax. Hey, the smog & pollution is NOT in the hinterlands. This TAX on the vehicle when new, and for EACH resale. What made the 1st choice bad, will make EACH resale just as bad.

RE How about an ‘energy efficiency’ tax. That old dump built in 1932 is probably not as well insulated, or efficiently plumbed, unless rented correctly. TAX it’s ‘energy loss ratio’ payable each year to the current, or future owners. That gets present owners to make the places as energy efficient as possible, or….

How about an ‘inadequate returns tax’ on GIC’s or annuities, etc when their returns fall below the 3 year averages of a 50% total stock index, and 50% total bound index? When that balanced portfolio averages 2% higher than your GIC’s or Annuity, you pay a 50% ‘inadequate return tax’ or, more commonly known as the ‘dumb ass tax’ because you would have earned more, and paid no tax in a balanced portfolio.

Just trying to give ideas on how WELL people can be screwed when their governments haven’t even been thinking about how to turn the real screws on the sheeple.
-your welcome-

#59 BS on 11.22.15 at 6:34 pm

Couldn’t we shift our manufacturing to green tech and start deploying it in the country? Add solar panels to homes, creating jobs building and installing them. Same as wind turbines. No magic bullet but one small part. We have a lot of smart people here at the universities and national research council. We will always need oil but should start thinking outside the box now that it’s in the toilet.

Until green energy is cheaper than oil, green energy will not take over for fossil fuels or other energy sources. With $40 oil and $2 natural gas that makes green energy much less attractive going forward, not more attractive. We can put up all the solar panels and wind mills in Canada we want but it is not about what Canada does, it is about what the developing nations do. Developing nations will always go with the cheapest energy source and they will never tax energy like the lefties want. Taxing energy more in Canada will just make us poor and do nothing other than make the lefties feel warm and fuzzy. A population of 30 million is a drop in the bucket of the world.

#60 omg the original on 11.22.15 at 6:35 pm

HOT INVESTMENT TIP

GUARANTEED 50-100% ANNUAL RETURN – RISK FREE

So while we are talking Green Economy.

A lot of people do not realize that LED bulbs have come down to the point were they pay for themselves in high use areas within one or two years.

So go through your house and replace any light that is on for more than a couple hour per day. 40 and 60 watt bulbs are very affordable. Wait a year or two for 100 watt bulbs – still very pricey. Funky, specialty bulbs are still outrageous so you may have to wait a few years before you replace them.

Buy “warm” coloured bulbs – nice coloured light and better than CFLs. Do not buy “daylight” bulbs unless you are growing plants or want that “laboratory” look to your house.

If you are renting and expect to move in the next year or two, keep your old incandescent/CFLs to swap back into the fixtures when you move.

Plus you won’t have to change the LED bulbs until 2025 or later.

#61 Love my Kia on 11.22.15 at 6:57 pm

#25 JacqueShelac
I’m surprised at you, Garth, for swallowing this “global warming (whoops, I mean “climate change”) stuff. Of course the climate’s changing. It has been for 4 billion years. The planet will be fine. It’s the people we need to worry about. And the very decisions, investments, and economic activity that will be inhibited by these bogus carbon taxes is pretty much the only thing that has moved our species forward the last 300 years or so. And this is even before one considers the dubious uses to which much of this carbon-tax revenue will be put. The planet can survive “climate change”. But humanity will be hard pressed to thrive the under this ideology.
****************************

Climate change argument notwithstanding, if you are content inhaling known carcinogens from a smoke stack, or eating fish from a polluted river, well knock yourself out!

#62 Smoking Man on 11.22.15 at 7:05 pm

Sober Again

Let’s rock!!!

What annoys the shit out of me, Dumb Bull shitters, Very dumb people attempting to bull shitting me.

Guess I’m rather sensitive to that seeing I’m a humongous bull shitter myself and I can spot one 69 miles away.

Man made global warming is a complete fraud.

In a second letter in less than a week to Commerce Secretary Penny Pritzker, Smith urged her to pressure NOAA to comply with his subpoena for internal communications. Smith says whistleblowers have come forward with new information on the climate study’s path to publication in June. The study refuted claims that global warming had “paused” or slowed over the past decade, undercutting a popular argument used by those who refute the scientific consensus that man-made pollution is behind global warming.

Read more:

http://www.climatedepot.com/2015/11/19/whistleblowers-claim-noaa-rushed-contentious-pause-buster-study-despite-reservations/

No increase in temps for 18 years 9 months.

http://www.climatedepot.com/2015/11/04/no-global-warming-at-all-for-18-years-9-months-a-new-record-the-pause-lengthens-again-just-in-time-for-un-summit-in-paris/

Gartho is right.

The cultural Marxist, academia and all those parasitic pick pockets who’ve never owned a lemon aid stand, want the glorious life without ever taken risk. They want to ship champagne on outer peoples sweat and blood. There will be hell to pay.

As far as to many people on earth, complete hog wash. You can fit every man woman and child and dog in the world in lake Ontario each with 20 sq/ft separating them.

This is all communism, teet suckers who’s thrust is never satisfied.

Bet accordingly

#63 Terry on 11.22.15 at 7:07 pm

“Ontario’s about to bring in climate change legislation. Alberta, too. And the feds. That’s altruistic, responsible and forward-thinking.”

“And rescue the planet.”

More idiotic backward-thinking here in my opinion. People piling on with what is trending or popular with society and politics. The planet is fine and weather changes in cycles. Humans have nothing to do with it and will never be able to change it. The earth will look after itself. We can’t control what backward-thinking environmental legislation gets approved and brought in but we can adapt and reposition our investments and wealth to continue to profit in other ways. They can change the rules……but they will never stop the game!

Capitalism rules!

#64 Spiltbongwater on 11.22.15 at 7:07 pm

BC has had Carbon tax for awhile. Didn’t ruin the province, but has also done SFA to reduce our carbon output. Pay carbon tax to fly Yvr to Kelowna, but fly YVR to LHR and it is exempt. That is government logic for us all.

#65 The Other Chris on 11.22.15 at 7:11 pm

@27 gladiator on 11.22.15 at 5:35 pm

I agree with you. I think we’re close to the breaking point where average income earners can no longer afford to live given the continual ratcheting up of taxes and fees and surcharges on everything.

You’re starting to see that now in rural Ontario. At 22-24 cents/kWh of electricity (including base cost+delivery+transmission+other fees+taxes), it’s getting to the point where some families probably are having to decide whether to heat their homes or eat.

Same thing in urban Toronto at the current set of TTC fare meetings. They’ve finally realized that fares can’t keep going up way faster than inflation without making it impossible for the poor to ride public transit. The whole point of public transit is to make it possible for the poor to get around!

Government is too expensive at all levels, and I don’t know how much longer we can carry it.

(That doesn’t mean I’m not still trying to get hired with the government. I’ll do what I can to feed my family.)

#66 BC Guy on 11.22.15 at 7:12 pm

” … a former director of the Sierra Legal Defense Fund …”

I nearly fell off my chair. Who knew our former Progressive Conservative, Hummer-drivin’, 1%-lovin’ Boomer is an environmentalist at heart.

Mind blown.

#67 ALBERTASTROPHE on 11.22.15 at 7:14 pm

I said to Albertans last month that the time was upon them to list and sell quickly at a reasonable price.

Today is November 22. (RIP JFK)

For Albertans who have not sold their vastly overpriced homes………

It is now too late to get a half-decent price.

Winter is upon us and will only further deaden the market here. People are getting more scared by the week.

Prices are sticky, but the disaster we face will still have prices down 30% by springtime.

At least 45% by 2017.

Probably 60% by 2018.

Notley, Trudeau, the rest of us, we really have no choice in addressing climate change. Paris, just days away now, will make that clear.

But in the province of some of the greatest fools……..

….we’ll be heating our homes with denial this winter, one last time.

It’s too late.

#68 SHIRLEY GIVENS on 11.22.15 at 7:14 pm

Alberta Communists plan to raise 3 billion a year from a tax grab that ensures the unemployment of 50% of the AB population…..and say that ‘fossil fuels’ will be eliminated by 2030….BWAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

DON’T FORGET PEOPLE…OBAMA IS GONE IN A FEW MONTHS AND WITH HIM ALL THE CRAZY BROO-HAHAHA—HAHAHAH ABOUT ‘CLIMATE CHANGE’.

BUY HIS BOOKS….AND A SEAT AT HIS SPEAKING TOURS….THATS ALL HE GIVES A CRAP ABOUT.

NOT SURPRISING….THE BONEHEAD LIBERALS AND NDP FELL HOOK LINE AND SINKER FOR THE GLOBAL COOLING…GLOBAL WARMING…CLIMATE CHANGE…SELL A BOOK…RAISE A BILLION….WAHAHAHAHAHAHAHAHAHA ….IDIOTS.

#69 Investx on 11.22.15 at 7:14 pm

Yeah, let’s blame the climate change of the Ice Age on humans too. LOL

#70 RayofLight on 11.22.15 at 7:16 pm

Many people who purchase cars like the Prius believe they are doing the environment a big favour. Some are almost smug that they are more environmentally “with it”, better than the Neanderthals that drive ordinary pickup trucks. Many do not have any notion that these type of vehicles contain 40 kilos or more, of “Rare Earths”, and that the mining of these minerals involves saturating acres of ground with sulphuric acid. These mining techniques, however, are done in China, so who cares? I mean, that’s not our environment, is it?

#71 BC Guy on 11.22.15 at 7:20 pm

Hey, if you want to cut down carbon emissions, start with the recreational use of fossil fuels:

– ATVs used for joyriding
– skidoos
– motor boats on lakes (in BC in the summer, the highways are clogged with Ford F150s and Dodge RAMs with Alberta licence plates carrying ATVs, jet skis and motor boats driving like aholes)
– the hated jet skis
– heli-tourism, heli-skiing, heli-hiking, heli-fishing
– leaf blowers: Worst. Invention. Ever.
– NASCAR, Indy 500, Motorcross
– air shows

Replace with walking, swimming, canoeing, row boating, sailing, hiking, biking. We’d all be a lot healthier and happier. It can be done. Just need to reprogram our gas-guzzlin’ instincts.

#72 bram on 11.22.15 at 7:29 pm

Carbon Tax does not have to be just a burden to the economy. If you play it smart, it can be the biggest opportunity in our lifetimes.

How rich, do you think, will the company be that first manages to make a power plant with a fusion reactor? Especially if patented, this will be the largest source of wealth in the 21st century. If you think AAPL is rich, you haven’t seen anything yet. The company to crack this will have a market cap of TRILLION$, not billions.

Even if we can’t crack that one, there will be a lot of money in other eco tech. Electric bicycles, light weight cars made of carbon fiber, solar panels, wind turbines, tidal turbines, hydrogen combustion engines: so much opportunity.

#73 Harbour on 11.22.15 at 7:35 pm

The National Energy Board has ordered Nova Gas Transmission Ltd. to immediately stop drilling activity under the Athabasca River following four releases of drilling fluid and one slope failure.

In an inspection officer order announced Friday, the board ordered a halt of all further horizontal and directional drilling under the river at the company’s McDermott Extension natural gas pipeline project, about 75 kilometres north of Fort McMurray.

The order follows four separate incidents in which drilling resulted in the unintended release of drilling fluid into the Athabasca River. One slope failure was also recorded. The NEB said it responded immediately and continues to investigate the incidents. It’s evaluating the composition of the drilling mud and how much was released.

“The NEB confirms that (Nova) is currently in non-compliance with NEB regulations for its failure to adhere to the NEB-approved Environmental Protection Plan,” the agency said.

http://edmontonjournal.com/business/energy/nova-ordered-to-cease-drilling-at-northern-alberta-river-site

#74 DON on 11.22.15 at 7:37 pm

#9 Milenial on 11.22.15 at 4:04 pm
Hey Garth,

Maybe somebody posted this already, but did you hear the Fed is holding an “expedited” and “closed” meeting tomorrow. The matter considered: interest rates.

http://www.federalreserve.gov/aboutthefed/boardmeetings/20151123advexp.htm

Apparently this is somewhat unusual. Looks like the feds might actually pull the trigger this time.

Here’s what’s going to happen:
(1) Feds announce in December interest rate hike program, but it’ll be a lot slower of a rise than in the past.
(2) Christmas retail sales absolutely tank. (BTW, they’re gonna be poor with or without fed interest rate movement).
(3) People will come on your blog and say this was predictable: economy never recovered, we’re doomed. You’re gonna argue that crappy retail sales are on account of online shopping but you’ll be wrong.
(4) BOTH stock and bond markets start to take a dive in January/February, starts slow but escalates quickly into crisis.
(5) Fed announces cancelling interest rate hike program for now, “economy not as strong as we though”, quantitative easing under a different name is implemented, possible negative interest rates.

Your welcome.
*********************

Did you account for human nature (ego) in your prediction? Just wondering.

#75 saskatoon on 11.22.15 at 7:38 pm

garth,

seriously?

quoting the mercer report?

itself sponsored by the “department of climate change”?

go figure: the dept. of climate change propagandizes climate change!

shocking!

that being said, said report does have some nice pics of forests and birds.

“…the U.S. Government Accounting Office can’t figure out what benefits taxpayers are getting from those many billions of dollars spent each year on policies that are purportedly aimed at addressing climate change.”

“A recent analysis by Dr, Craig Idso of the Center for the Study of Carbon Dioxide and Global Change estimates that over the past 50 years, the value of global food production has increased by $3.2 trillion as a result of CO2 emissions. This suggests that if anything, social cost estimates should actually be negative.”

http://www.forbes.com/sites/larrybell/2013/11/03/blood-and-gore-making-a-killing-on-anti-carbon-investment-hype/2/

stop.
fear.
mongering.

The issue is not whether climate change is a human threat. Rather it’s what governments are about to enact in its name. Surely you are not that thick, even for a redneck. — Garth

#76 Goldie on 11.22.15 at 7:46 pm

I consider myself to be a moderate to high moderate environmentalist and I always tell anyone who cares to listen that “carbon taxes” are bad. They have not been proven to reduce consumption in any place in which they have been implemented. They make the poor more poor, and are subsidized away in some cases for business, but most importantly they hurt the movement because they make enemies of people who might otherwise have been sympathetic but now see it as just a big money grab by the government.

#77 Sam the Sham on 11.22.15 at 8:02 pm

“…carbon tax, cap-and-trade or any other climate-guarding regime…”

This has to be one the biggest tax scams ever invented. But it’s a perfect scam for the oligarchs of this world because the burden will be borne by the peasants(that’s you and me).

I remember back in the 1970s that it had gotten colder for a few decades and the climate “scientists” were screaming that we were headed for an ice age. Now it has gotten warmer for a few decades and now we’re going to burn to a crisp! The only way to get research money if you’re a climate “scientist” is to promote global warming. These climate “scientists” are bought and sold like crack whores. What a scam!

#78 Mark on 11.22.15 at 8:03 pm

what about the big debt burden the US carries for social programs like midecare/obama care – then pension obligations which is in the trillions, how are they going to service this as baby boomers come up for retirement?”

I believe there will be a ruthless push for cost reduction in the healthcare system sooner or later. Probably correlated with the rising interest rate environment in which government faces much higher finance costs.

It logically follows that there are some dramatically mispriced assets in the US economy. Particularly those in the healthcare sector. Not just stocks, but also the value of the healthcare professionals’ careers.

#79 Suede on 11.22.15 at 8:09 pm

The climate changed from fall to winter this year.

Crazy

#80 Bobs ur uncle on 11.22.15 at 8:11 pm

So many posters say that climate change is a complete non-issue, but in the next breath firmly state that a carbon tax is basically THE END OF THE WORLD AS WE KNOW IT!!!

Funny.

#81 Greyhelm on 11.22.15 at 8:13 pm

Don’t worry. The TPP will save us It will make us all more competitive. The Mexicans will now have to compete with poor nations in southeast Asia for what’s left of our auto industry.

#82 randy on 11.22.15 at 8:15 pm

Cheap oil and gas makes it easy to run my diesel generator with my transfer switch about 24 hours a day to control my costs from Hydro One. My neighbours’ aren’t happy but they voted Liberal, so screw ’em.

#83 John in Mtl on 11.22.15 at 8:22 pm

#71 bram on 11.22.15 at 7:29 pm:
…”there will be a lot of money in other eco tech. Electric bicycles, light weight cars made of carbon fiber, solar panels, wind turbines, tidal turbines, hydrogen combustion engines: so much opportunity.”

Yes, so much opportunity. And just how do you propose to build these technologies without using fossil fuels?

At the moment, there aren’t any batteries big & powerful enough to power those massive excavators needed to extract the raw materials needed to build the green products. Then raw materials need to be transported to a factory and the factory itself needs energy to run. How do you propose to smelt, refine and shape the metals required to build the green products if you don’t have a massive source of heat, usually provided by some form of fossil fuel? And all the other parts (electric, electronic, cabling, mechanicals, etc.) that need raw materials themselves so we can make those parts?

In other words, the world still needs lots & lots of fossil fuels to be able to transition to other forms of energies and this problem has never been properly adressed and long-term plans haven’t been implemented anywhere on this earth.

At the moment, without a massive shift in thinking and resource allocation, there’s no way “green energy” can enable us to transition from fossil fuel dependency, let alone sustain our current way of life. Look around you; billions of cars to convert to electric, hundreds of thousands of gas stations to convert, millions of buildings to convert HVAC. And what do you replace pavement with? Electric grids with millions of kilometers of copper wire to upgrade or add – how do you make the copper & steel required? I could go on and on…

Is it already too late? Dunno. Depending on who you listen to, maybe-yes, maybe-no. We should have started years ago. Thorium reactors: they’ve been at it for dozens of years, no solution in sight. Maybe war will lower the population enough. Because that’s another big problem: too many people consuming too much.

Eventually, if we don’t change our ways, as the saying goes around here: “this will end badly”.

#84 Dominoes Lining Up on 11.22.15 at 8:25 pm

Between 36 and 57% of amazon tree species may be in danger of extinction within the next 35 years.

http://www.thestar.com/news/world/2015/11/20/half-of-the-amazons-tree-species-could-be-headed-to-extinction.html

The Paris climate conference will echo loudly, one huge domino about to crash down, sending shudders around the globe.

We have no choice.

The best scientists in Canada, and around the world, are meeting this week through December, here and abroad to try to plot a course.

Refugees, terrorism, damaging storms, failing medicines and healthcare will still wipe out millions before we might possibly get it under control, perhaps a century from now.

That will be the new normal, even assuming we do the right things now.

If we don’t, then the doomers can truly talk about some endgame scenarios.

The ignorant, illiterate denialists are irrelevant now.

#85 DON on 11.22.15 at 8:26 pm

#45 Chad on 11.22.15 at 6:14 pm
polecat the Green economy of solar and wind has not worked anywhere and it will not for the foreseeable future. It has been tried in a bunch of European countries with predictable disastrous results. Unless they were doing something drastically wrong that you can point to there is no need for Canada to follow their example. Expensive interment energy that is wind and solar are job destroyer and creates a new type of poverty, energy poverty.

Solar and wind are supplemental energy sources that need both a back up baseline source for when they are not working as well as massive upgrades to the power grid to handle the dynamic input nature.
***********************

As the technology inches forward it will be more sustainable and widely implemented. Also, as the younger generations come into themselves, change will occur. Human nature seems to have a stickiness to the status quo even though we live in constant change.

We are starting to enter the hang over phase, the party was long and extravagant. Now comes the regrets and confusion. I really hope I don’t hear this in the future, “But my realtor guaranteed us that houses only rise in value”….

#86 John in Mtl on 11.22.15 at 8:27 pm

For the electric grid, even if you abandon the centralized production and distribution in favor of local production and “smart” grids, load balancing, etc. you still need to build all this stuff. That still requires some raw materials or salvaging existing pieces and repurposing them; and all the energy needed to accomplish this.

#87 Daisy Mae on 11.22.15 at 8:30 pm

“People wanted a hot anti-Harper with nice hair, tats and groupies….”

****************

We wanted change. Pure and simple.

#88 kommykim on 11.22.15 at 8:34 pm

RE:

#32 Mark on 11.22.15 at 5:29 pm
The dirt cheap Canadian dollar is likely also a great buy on account of voracious future demand for it to repay consumer debt, particularly in the RE sector

Considering that both sides of the Canadian RE debt balance sheet are internal, and thus BOTH held in Canadian dollars, your point has no validity.
Now if the majority of Canada’s RE was held by foreigners, who had big mortgages with Canadian banks, then you would be correct.

#89 warren- The lagging indicator on 11.22.15 at 8:39 pm

Suede – ”

Two questions.

1. How do I make killer money on this Climate Change / Global Warming hysteria?

2. How do I make killer money on environmentalists and protests?”

1 win the x-prize for developing carbon capture technology.
2 steal their gas guzzlers while they are out protesting.

#90 Doug t on 11.22.15 at 8:39 pm

With 6 billion peeps on the rock and growing -” carbon credits become unicorns shittin skittles – the warm fuzzy programs that governments dream up and citizens with too much time on their hands do ZILCH – take all cars off the roads – shutter all coal energy plants world wide – ground all jet airliners – remove half the population worldwide and maaaaayyyyy be may be it will have an impact on this marble and since that’s not gonna happen just try to relax and stop worrying about idling cars and your carbon foot print LOL LMAO WTF

#91 RayofLight on 11.22.15 at 8:46 pm

If the gov’t was really serious about climate change, why wouldn’t they tax the consumption of red meat? The methane produced by cattle, pigs and sheep is harder on the environment than the CO2 produced by autos and trucks. Producing a kilo of beef requires require over 125 times the amount of water consumption than a kilo of grain. 40% of all farming land is used to feed cattle to produce red meat. But no gov’t wants to take on this issue, it just isn’t Politically Correct to do so. The Libs really don’t give a Rat’s A$$ about the environment. They just want a palatable tax, they just want the money!!

#92 palebird on 11.22.15 at 8:47 pm

#70 BC Guy : Hey, if you want to cut down carbon emissions, start with the recreational use of fossil fuels:

Exactly.

#93 palebird on 11.22.15 at 8:48 pm

#55 Mark

Hey Mark what ever happened to buying the Canadian dollar, it is going to be sooo strong, hoping your having fun with that..

#94 kommykim on 11.22.15 at 8:51 pm

RE:

#46 Fuzzy Camel on 11.22.15 at 6:14 pm
Because if I cut back 50% on my water use, and they bring in 1 million people who will consume the same amount of water, the whole cutting back idea is nullified!

The CRD (Crappy Regional District) here in Victoria BC brought in water restrictions a few years ago. After years of brown lawns and an overflowing reservoir, they had to jack up water rates because the lowered consumption reduced the revenue needed to maintain our water supply infrastructure. So now we get to pay more for using less water while it simply overflows in early winter and the developers keep building.

#95 Herf on 11.22.15 at 8:51 pm

#41 Ontario’s Left Coast

Did somebody say “rainbows”? The Leftist Express is about to depart. All aboard! :

https://www.youtube.com/watch?v=XQmBXEZEYtg

#96 Roasted nutz on 11.22.15 at 8:53 pm

#18 Roasted nutz on 11.22.15 at 4:32 pm
So, what do the Sierra folks think when you pull up in the hummer?

It’s painted green. — Garth

———
If I Had $1000000 (If I Had $1000000)
I’d buy you a green dress (but not a real green dress, that’s cruel)

#97 Entrepreneur on 11.22.15 at 8:55 pm

Good for Notley! I will have to read in detail at another time. Hope the Carbon Tax goes to something useful. Change came, it is a start, a good one.

It takes a generation for a family from another country to adapt and intermingle but the children will conform quicker, parents slower.

#98 For those about to flop... on 11.22.15 at 8:56 pm

Hey Doug t @89 you might want to check this out.
What’s 1.3 Billion between friends.

http://www.worldometers.info/world-population/

#99 stage1dave on 11.22.15 at 8:57 pm

#70 B. C. guy

“leaf blowers…worst. invention. ever.”

Agreed…the maintenance crew at our building is out every weekend morning with these despicable contraptions. They need to be introduced to a shovel, rake, & wheelbarrow.

(the shovel should be introduced directly to the side of the head, btw; at moderate speed & force)

Can’t think of another invention that is more symbolic of the idiotic character of this “civilization”.

#100 Mark on 11.22.15 at 8:58 pm

“Considering that both sides of the Canadian RE debt balance sheet are internal, and thus BOTH held in Canadian dollars, your point has no validity.
Now if the majority of Canada’s RE was held by foreigners, who had big mortgages with Canadian banks, then you would be correct.”.

Guess what happens when people are concentrated on paying back debt? They slow their consumption dramatically. And a good chunk of the Canadian consumption basket, particularly the discretionary stuff, is imported.

So domestic RE-led demand for CAD$ and deflation does impact the currency by severely truncating imports while potentially increasing exports.

Of course, if every country around the world is in a similar state, then you get currency wars. Canada’s economy, a chronic long-term net exporter with a surplus of export capacity, is unlikely to win a ‘currency war’ of competitive devaluations. Losers are likely to be the long-term chronic net importers.

#101 Mark on 11.22.15 at 9:02 pm

“Canada’s economy, a chronic long-term net exporter with a surplus of export capacity, is unlikely to win a ‘currency war’ of competitive devaluations. Losers are likely to be the long-term chronic net importers.”

Just to clarify my bad grammar just in case I caused some confusion. Chronic long-term net importers are likely to experience lower currencies over the long term. Chronic long-term net exporters are likely to experience the opposite — higher currency over the long term.

No single country can perpetually be a net importer, nor a net exporter over the long term. Market forces will eventually force exporters to be importers, and importers to be exporters so as to balance out trade to net out at zero.

#102 Frustrated Kiwi on 11.22.15 at 9:05 pm

#53 Trojan House
Why on earth do you think we can’t affect our planet? CFCs created the ozone hole, which has been nicely closing since an international accord banning CFCs was brought in. As someone who lives near the ozone hole I certainly appreciate the world’s action on that. Sure there is natural climate change – significant research suggests that in the natural cycle we are supposed to be heading into an ice age but due to the increased CO2 we are actually warming. I suggest you read more on this issue and start here:

http://www.theguardian.com/environment/2014/oct/31/ipcc-report-six-graphs-that-show-how-were-changing-the-worlds-climate

#103 Timmy on 11.22.15 at 9:08 pm

“The economy needs greater investing activity, leading to jobs. Not bigger government, more debt and higher overhead.”

We waited and waited for the private sector to invest and create jobs, interest rates a lifetime lows and the Govenor of the Bank of Canada finally criticized the business for sitting on cash and not doing anything with it. The Cons were too stupid to demand higher royalty rates for US corporations in Alberta during boom times when they were making money hand over fist. At least the Liberals will stimulate jobs with much needed infrastructure development.

#104 OXI in GREECE on 11.22.15 at 9:09 pm

#93 kommykim on 11.22.15 at 8:51 pm
RE:
#46 Fuzzy Camel on 11.22.15 at 6:14 pm
Because if I cut back 50% on my water use, and they bring in 1 million people who will consume the same amount of water, the whole cutting back idea is nullified!
The CRD (Crappy Regional District) here in Victoria BC brought in water restrictions a few years ago. After years of brown lawns and an overflowing reservoir, they had to jack up water rates because the lowered consumption reduced the revenue needed to maintain our water supply infrastructure. So now we get to pay more for using less water while it simply overflows in early winter and the developers keep building.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Yes imagine that. Those bozos in Translink did the same thing in the GVRD. They said “Drive less. Take the bus” So everyone started doing this…..so then revenues dropped from less gas taxes and they complain now about not having any money….and jacked up the phoney carbon tax of course….

Govt. Dumbest organization anywhere on the planet…..

#105 Smoking Man on 11.22.15 at 9:11 pm

#92 palebird on 11.22.15 at 8:48 pm
#55 Mark

Hey Mark what ever happened to buying the Canadian dollar, it is going to be sooo strong, hoping your having fun with that..
…..

Guy has two degrees..what did expect..

Never bet against the Smoking Man.

#106 Gray Man on 11.22.15 at 9:16 pm

Carbon is life , no carbon no life simple as that.
Climate change hoax has been around a long time
Its all about the money
http://investmentwatchblog.com/prominent-scientists-declare-climate-claims-ahead-of-un-summit-irrational-based-on-nonsense-leading-us-down-a-false-path/

#107 Mark on 11.22.15 at 9:16 pm

“#55 Mark

Hey Mark what ever happened to buying the Canadian dollar, it is going to be sooo strong, hoping your having fun with that..

Give it a few years. I remember folks screaming 63 cent dollar in 2009 as well, but guess what — a mere couple years later things were once again above par. What we have today is an excellent buying opportunity on a longer-term path towards a much higher CAD$ long-term equilibrium with the USD$ on account of the trade surpluses Canada runs with the US over the long term.

For the electric grid, even if you abandon the centralized production and distribution in favor of local production and “smart” grids, load balancing, etc. you still need to build all this stuff. That still requires some raw materials or salvaging existing pieces and repurposing them; and all the energy needed to accomplish this.

A grid of distributed generation may actually require fewer resources and induce fewer line losses, than that of one of a significant number of single sources geographically widely dispersed from load centers.

Some of the numbers for line losses associated with electric power transmission can be staggering.

Distributed generation may also allow for improved heat recovery and cogeneration opportunities. For instance, one university I am familiar with has a large central steam heating plant (and absorption chilling) for the entire campus, as well as significant on-site electrical load. Yet literally right across the river (on the other side), there is a natural gas turbine fired power plant which dumps 30-40% of its energy output into the river as waste heat. Rationally the University would have gotten together with the electric utility and constructed a plant to combine both electrical generation and steam generation for the campus with sale of the surplus to the grid — but for some inexplicable reason, this did not happen! Governments need to create policy and economic incentives which will highly incent these logical implementations of distributed and co-generation technologies. All off the shelf stuff, BTW, not rocket science.

#108 Shirley Valentine on 11.22.15 at 9:17 pm

#104 Smoking Man on 11.22.15 at 9:11 pm

#92 palebird on 11.22.15 at 8:48 pm
#55 Mark

Hey Mark what ever happened to buying the Canadian dollar, it is going to be sooo strong, hoping your having fun with that..
…..

Guy has two degrees..what did expect..

Never bet against the Smoking Man.
———————-
So how’s the long oil bet working out….??.. putin, ww3 on the way

But yeah Mark’s an idiot.

#109 JacqueShellacque on 11.22.15 at 9:17 pm

Smokie says:

“The cultural Marxist, academia and all those parasitic pick pockets who’ve never owned a lemon aid stand, want the glorious life without ever taken risk. They want to ship champagne on outer peoples sweat and blood. There will be hell to pay.”

Exactly. It’s bad enough that use of oil is already a transfer from the productive world (G7, BRICs) to the unproductive world (Arab oil producers, Iran, Russia). The carbon tax fraud is just a further spin on that, with bureaucrats from the developed world and kleptocrats from the developing world teaming up to skim off the top of what will be declining productive activity. Anyone who thinks this will save the tigers or the krill or the oceans is fooling themselves. Or trying to fool you. Sure, let’s get off oil. But let’s do so the way humanity has always advanced: with ingenuity.

#110 Bobs ur uncle on 11.22.15 at 9:19 pm

#90 RayofLight

Careful what you wish for – James Cameron is already starting to advocate for a meat and dairy-free diet to fight climate change:

http://fortune.com/2015/09/14/james-cameron-sustainable-food/?p=1304402?p=1304402

#111 Shelly Givens on 11.22.15 at 9:19 pm

“The issue is not whether climate change is a human threat. Rather it’s what governments are about to enact in its name. Surely you are not that thick, even for a redneck. — Garth”

The only planet where ‘climate change’ has been proven is Mars. Earth’s climate has been changing for billions of years…..there is no human cause or control of cosmic events.

The funding of ‘sustainable development’ has led to the torture of statistics that originate in small countries voting for ‘economic change’ on the floor of the farcical United Nations…people…do your homework !!

#112 BS on 11.22.15 at 9:20 pm

The only way to get research money if you’re a climate “scientist” is to promote global warming. These climate “scientists” are bought and sold like crack whores. What a scam!

It is always about the money. Scientists such as David Suzuki who are part of the richest 1/10th of 1% in income and wealth get richer as the fear ramps up. If he practiced what he preaches would he own 4 houses for a family of 2?

Green sage David Suzuki has some expensive tastes for someone who wants to shut down the carbon economy within a generation.

QMI Agency has learned that Suzuki, who’s made a name for himself fighting for the environment and against development, owns four homes, including one property he co-owns with a fossil fuels company.

His primary abode is a sprawling mansion in the Kitsilano neighbourhood of Vancouver, worth approximately $8.2 million.

http://www.ottawasun.com/2013/10/10/david-suzuki-a-man-of-property

#113 Freedom First on 11.22.15 at 9:28 pm

Great pic Garth! How true. A picture is worth a thousand words.

#114 Retired WI Boomer on 11.22.15 at 9:28 pm

Quite the disgruntled group of posters here tonight.

Unfortunately, mostly bitching, though some ideas like eliminating fossil fuels for recreation DO have (some) merit.

Guess where the carbon tax ideas end up is anyone’s guess. Remember the general warning:

“When it comes to government if you let them, they will grab it – your money – that it.”

What has been stated about fishery depletion, species elimination are true. Warming planet, or greedy stupid people?

I vote greedy stupid.

Don’t do a dam thing…how much time we got then?

#115 Herf on 11.22.15 at 9:30 pm

#70 BC Guy

“Hey, if you want to cut down carbon emissions, start with the recreational use of fossil fuels . . . “

I think the real solution is to seal shut the mouths and rear ends of every politician to contain the CO2 and H20 vapor they emit every time they open them.

#116 Victor V on 11.22.15 at 9:30 pm

Alberta introduces economy-wide carbon tax

http://www.theglobeandmail.com/news/alberta/alberta-to-release-climate-change-policy-at-edmonton-science-centre/article27433002/?service=mobile

#117 Basil Fawlty on 11.22.15 at 9:31 pm

One has to wonder where global warming deniers are getting their information. The concentration CO2 in the atmosphere is close to 400PPM and mean temperature is up 1 degree. Many of the climate scientists disparaged by the deniers are actually conservative in their findings. For example, they tend to ignore self reinforcing feedback loops, such as the release of arctic methane, which increases temperature, which increases methane releases and so on.
The science is ongoing and the information coming out lately is frightening, since the big topic now is climate change, but abrupt climate change.

#118 Millmech on 11.22.15 at 9:35 pm

Quick easy fix to high CO2 levels,plant more trees as they scrub the carbon out of the atmosphere,won’t cost a lot,but it’s probably way too simple and no real money to be made of it.
As for over population,in China they have a bacteria resistant to all forms of antibiotics that has now jumped across to the homosapien species.This should clear the slate of a couple billion people once it gets going through the population.

#119 Estrella on 11.22.15 at 9:37 pm

My opinion is that yes each should do their part, however do we really need more government bureaucracy to take more money from the public? How much money will be pushed around just creating more government jobs in order to oversee this tax, and with, if any, money left over, what do they intend to do with it.

Also with Canadian at a time in history where our population is now older than younger, won`t the reduction in population automatically resolve this issue.

Is it not in fact that the world should be seeking more concessions from China, and India in order to save the future?

#120 VICTORIA TEA PARTY on 11.22.15 at 9:37 pm

OUR “NEW NORMAL”…

…is gonna hurt like Hell for more than just those who did not vote Liberal in the recent federal election.

Everyone will get whacked, even the never-mistaken Leftist elites now in charge. They want to turn our economy on its head, just because it’s “gotta” happen for the sake of our environment!

We probably all saw this coming during the recent election campaign and the Liberal victory following.

One instance: in recent weeks, some overly primped up environmentalist was yammering away on CBC-TV saying that his goal is to leave “tar sands”…”safely in the ground.”

To which useful Canadian environmental idiots everywhere shouted: “Right on!”

And today, the new darling of the all-knowing Left in Canada, Alberta premier Rachael Notley, announced changes that will sweep away coal fired plants (and mining no doubt) to be replaced by unnumbered new wind power propellers.

No mention was made of the potential migrating bird kill here.

Why? Because left-wingers are always right and IF mistakes occur it’s always some “corporate” malevolence that caused the upset, not the ever well-meaning “us”.

See #7 scumop for a truly accurate picture of what’s about to happen to us, and others: #53 and #62…etc.

St. Garth of “we’re about to be screwed and tattooed,” is right, alright.

Changes into a “non-carborn economy” will worsen Canada’s already recession-blighted situation as impending winter turns into next spring. The new Parliamentary session, and budget, will see already- stressed food banks battling one another over fewer and fewer donations as just one example. This is not good. No winners here. Not even Rachael N.

I believe the current powers-that-be have drunk the kool-aid offered by Big American Environmentalists, who want our hydrocarbons kept “safely in the ground”.

Why?

Not to help to “solve” global warming.

Oh no. It is to make Canada a glorified “energy bank” where our hydrocarbons are kept “safely stored in the ground” for future American use, NOT for our use, after they’ve plundered all THEIR oil and natty gas first.

Of course, the new elites will pour scorn on that idea simply because they know that’s what’s gonna happen, but they don’t care. They’re on a mission to save the planet!

“Regular” Canadians (the powerless majority) will have to fight back hard on this one. It’ll be tough, but it can be done.

Prediction: the upcoming Paris climate summit will be a flop. I JUST can’t see the Middle Eastern “empires”, Russia and so on, going along with any effort to cut back on hydrocarbon exploitation!

#121 common sense on 11.22.15 at 9:38 pm

Saving the planet and financial wisdom come down to the same thing…

Save more than you spend. Diversify your investments. Stay debt free.

Waste not want not. Live life in balance. Live simply.

If THIS was taught to everyone at a young age and if a majority of the population practiced this, I doubt we’d have the problems now facing us.

So freakin simple yet so hard for 95% of the earth’s population to understand.

#122 Julie K. on 11.22.15 at 9:39 pm

Wondering what came first, Climate Change or Agenda 21?

Then again, I wonder about a lot of things.

And, just like Garth teaches, it would be prudent for us all to have our own Smart Plan.

#123 Smoking Man on 11.22.15 at 9:42 pm

#107 Shirley Valentine on 11.22.15 at 9:17 pm
#104 Smoking Man on 11.22.15 at 9:11 pm

#92 palebird on 11.22.15 at 8:48 pm
#55 Mark

Hey Mark what ever happened to buying the Canadian dollar, it is going to be sooo strong, hoping your having fun with that..
…..

Guy has two degrees..what did expect..

Never bet against the Smoking Man.
———————-
So how’s the long oil bet working out….??.. putin, ww3 on the way

But yeah Mark’s an idiot.
…..

The oil bet is hedge, lock in profit Of my USDCAD Bet

I was expecting the middle east to go nuts, didn’t realize at the time Obama secretly working with Putin..

Right now whispers of Russia going to wip ass Saudi Arabia, and Qautar…

Those bad little buggers, bomb in plane seams to have been some of their doing, and if not why not stir it up anyway….

Only thing that will reserect the price of oil.

#124 Gulf Breeze on 11.22.15 at 9:43 pm

As far as man made climate change goes, I have to stand with those who can spell and construct grammatically correct sentences.

Also, I am casting my vote with those who refrain from delivering their invective through their gallbladders. Bile is bile.

It’s fun to witness the end of the oil age illustrated by climate change deniers, struggling in the tar pits of rudimentary English, completely overwhelmed by common sense.

#125 Drill Baby Drill on 11.22.15 at 9:45 pm

Climate Change Taxes let’s analyse ;
1) Tax the living hell out of us and then blow it on other political projects or worse.
2) China produces 70% of the worlds CO2 emissions and yet are exempt from the upcoming climate change talks. By the way Canada produces 2% of the world’s CO2 in a country of a tremendous size.
3) Canada needs international investment because we are hewers of wood and drawers of water. This investment will not be forthcoming due to the heavy tax burden which is about to descend on us.
4) We have had to watch over the decades the degradation of the great lakes water quality due to heavy pollution and photo chemical smog over the large eastern Canadian cities.

What could possibly go wrong for this new Liberal government with their new found liberal friends in Europe ?

#126 Smoking Man on 11.22.15 at 9:57 pm

#123 Gulf Breeze on 11.22.15 at 9:43 pm
As far as man made climate change goes, I have to stand with those who can spell and construct grammatically correct sentences.

Also, I am casting my vote with those who refrain from delivering their invective through their gallbladders. Bile is bile.

It’s fun to witness the end of the oil age illustrated by climate change deniers, struggling in the tar pits of rudimentary English, completely overwhelmed by common sense.
….

Big woop, so your vocabulary is exquisite.. doesn’t mean your smart..

Fun to watch huh…

Talk to me in four year when your digging through recycling binds looking for breakfast…

#127 Harbour on 11.22.15 at 9:58 pm

Oil companies brace for big wave of debt defaults

http://finance.yahoo.com/news/oil-companies-brace-big-wave-220000867.html

#128 Smoking Man on 11.22.15 at 10:10 pm

#120 common sense on 11.22.15 at 9:38 pm
Saving the planet and financial wisdom come down to the same thing…

Save more than you spend. Diversify your investments. Stay debt free.

Waste not want not. Live life in balance. Live simply.

If THIS was taught to everyone at a young age and if a majority of the population practiced this, I doubt we’d have the problems now facing us.

So freakin simple yet so hard for 95% of the earth’s population to understand.
……

More evidence your over schooled..

Stay debt free….that’s ridiculous..

Say you own a wee bungalow out right. Worth slightly under a million

You mortgage it to the nines and buy very safe commercial syndicated mortgages.

Cost you 3% for a return of 8-10 %..

Why would anyone let the money not go to work for them..

Common sense huh..?

#129 kommykim on 11.22.15 at 10:16 pm

RE:

#105 Gray Man on 11.22.15 at 9:16 pm
Carbon is life , no carbon no life simple as that.

Too much oxygen will kill you just as too much CO2 will kill you. The Earth, like your portfolio, needs balance.

#130 Nemesis on 11.22.15 at 10:20 pm

#There’sNoCarbonTax… #OnFuryRoad…

https://youtu.be/aje9S-ty2dQ

#131 Mark on 11.22.15 at 10:22 pm

“Oil companies brace for big wave of debt defaults”

Somewhat of a misleading headline. Its the banks that should be bracing for the defaults. And the Federal Reserve which will likely have yet additional deflationary pressures added to its policy decision in the coming weeks to raise or not to raise the Fed Funds policy rate.

Debt defaulting is so highly inherently inflationary as it destroys capital that is used, within the banking system, to back additional loans. So $250B of debt going bad, at the typical 10X leverage used by US banks, would create a $2.5T hole in lending.

An awfully big hole to fill, and who knows what other contagion such defaults would trigger. If I were a FOMC member trying to make the case for raising interest rates at this point, I’d be soiling my pants.

#132 Dwilly on 11.22.15 at 10:22 pm

I’m interested that this issue is always presented as an exclusive or. It’s either the economy or the climate. Each at the expense of the other.

Is this really true? We’re smart people, can we not find a way to do both here? Anyone have thoughts on this? In the past, moving to a new energy paradigm (wind to coal, coal to oil, etc) has often resulted in more growth. Not less?

#133 RayofLight on 11.22.15 at 10:25 pm

The big irony with Canada’s Lib Gov’t push to reduce global warming through reducing CO2 emissions is Canada is one of the countries positioned to gain the most from this warming. The US agriculture could be devastated due to drought migrating northward. Canada currently has vast regions of land that cannot be used for growing grains because of the short growing season. Global warming will allow these areas to be used, and the increased concentration of CO2 in the atmosphere will also enhance the yields. Canada could be the super bread basket of the world, and it would be because of increased CO2 concentrations in the atmosphere. Got to love unintended consequences.

#134 common sense on 11.22.15 at 10:27 pm

#127 Smoking Man

Over schooled and under educated.

#135 kommykim on 11.22.15 at 10:28 pm

RE:

#99 Mark on 11.22.15 at 8:58 pm
Guess what happens when people are concentrated on paying back debt? They slow their consumption dramatically. And a good chunk of the Canadian consumption basket, particularly the discretionary stuff, is imported.

If this was the case then we would have had massive inflation in Canada in the last 5 years as our dollar dropped 25% against the USD and 36% against the Chinese Yuan.

#136 how canada can help decrease client change on 11.22.15 at 10:29 pm

Garth, it’s like you said, world population has doubled…
How can Canada help minimize client impact? Decrease the number of immigrants.
Before you delete me and call me a racist, realize I mean all immigrants from any where. Third world, second world or first world. Between making a living, by digging holes in the ground, pumping oil or cutting down trees, importing most manufactured goods from the opposite side of the world, running around in oversized automobiles and heating 2000+ sq ft houses, my guest is Canadians have a worst effect on the environment than any other nationality and each “new” Canadian incrementally damages the world’s environment more than if they were living any where else.
Oh but that’s so anti PC, it will never happen.

And has for so called refugees. Why is it that places such as Luxembourg, Singapore or Hong Kong, each with out the benefits of any natural resources but a substantially greater GNP per capital, won’t be taking any. Is it just they’re better ran than Canada, as suggested by their relative wealth.

#137 gtrz4peace on 11.22.15 at 10:30 pm

Hi everyone!

Nice to hear Garth say he believes in climate change, because believe it this is all real. It is a survival issue. I love reading the blog but get sad seeing all the science deniers with their “faux” science. Hopefully TPTB will realize that no amount of greed is worth what we sacrifice by doing nothing. Exxon’s decades of denial has cost us dearly but at least we do not have to lie there with our heads on the track waiting for the train.

This will indeed be tough on Canada — thanks to the fossil fuel industry minion Stephen Harper and the years of harm he has done. The rising right wing extremism in the US should also be a concern to anyone here who can read. Because that is real too.

Canada can lead in transitioning to renewables, but we have to get rid of more of “Harperette” Christry Clark in BC. And kill the TPP which is NOT a “trade treaty” but an exercise in corporate greed like the world has never seen.

To everyone on this blog who understands real science and knows “It’s time” — Thank you from the rest of us who want to see our kids survive the mess we’ve made.

#138 Mark on 11.22.15 at 10:36 pm

“If this was the case then we would have had massive inflation in Canada in the last 5 years as our dollar dropped 25% against the USD and 36% against the Chinese Yuan.”

The reason inflation hasn’t appeared in Canada is that, on account of the falling RE market we’ve seen over the past 2-2.5 years, consumer demand is falling enough to counteract the decline in the CAD$/USD$ pair. Likewise, USD$ and CNY$ export prices are also falling on account of deflation occurring in their own economies.

The point I was trying to make there is that as the Canadian RE market starts falling far more visibly (ie: in such a way that the RE board “frankennumbers” can no longer cover up), consumers are likely to get very afraid and start saving a lot more than they’re spending. We already are seeing a lot of this at the margin in Alberta where RV and car sales have fallen off a cliff. And it is spreading throughout Canada.

Anecdotally I’ve noticed the price of foreign air travel has fallen off a cliff, far more than just the drop in crude oil would imply (crude is ~35% of the cost of a ticket!). Foreign air travel is an import highly sensitive to discretionary consumer demand.

#139 Nagraj on 11.22.15 at 10:41 pm

The reason the guy in the photo got no shirt on has nothing to do with sex.

The picture was taken in the future, and it’s so hot everybody runs around naked. It’s too hot even for sarongs, dhotis or loincloths. (Never mind fruit-of-the-loom.)

The young lady has just rushed home from the hospital where she’s a nurse, threw her gas mask aside (air pollution everywhere) so as to quickly kiss her beloved hello. BUT the phone rings! Another truckload of half-dead heatstroke victims brought into EM and she has to go back right away.

No clothes also comes in handy because of all the flooding. South of Bloor Street people just swim from one building to another. (Keeps ’em in shape.)

Note that the young nurse’s right hand is quite tanned as opposed to her left. That’s because the window at the nurse’s station is to her right and the sun is hotter. The young man is rather pale because he works from home and rarely goes outside.

They’re particularly affectionate with one another because they’re behind on their mortgage payment and the condo fee just went up again.

Still, Canada remains the preferred destination of climate refugees – what’s left of ’em. Half of China woke up dead one morning. Yep, just like that. And all of India south of Amritsar starved to death. They ran out of water in Rio, and all the sewers in Mexico City boom blew up at once.

PRESENTLY I have my own environmental problems here: I had to stop on Middlebrook Rd three times on Friday night for deer.
Because of the snow the blue jays is squawkin’ for food already – I feed at least two dozen. And somehow an owl got into the mud room! Turned the lights off and opened all the doors and windows – finally it flew out (had to lock up the over-excited cat).

#140 Basil Fawlty on 11.22.15 at 10:44 pm

Holy smokes we have one BS #111, telling us that climate scientists are bought and sold like crack whores. Imagine spending 10 years getting a Phd and becoming a crack whore.
Contrary to the BS, scientists tend to the conservative side, one reason being the avoidance of controversy, for the politicians.
Speaking of bought and sold there is an interview with ex Greenpeacer and climate denial darling Patrick Watson on Youtube, where he tells the French interviewer that Roundup is safe to drink, so the interviewer offers him a glass. It is a funny interview and a good example of being bought off. Just search On Youtube for Patrick Moore Monsanto.

#141 Fine Roasted Nutz on 11.22.15 at 10:55 pm

128 kommykim on 11.22.15 at 10:16 pm

RE:

#105 Gray Man on 11.22.15 at 9:16 pm
Carbon is life , no carbon no life simple as that.

Too much oxygen will kill you just as too much CO2 will kill you. The Earth, like your portfolio, needs balance.

_ _ _ …..
Especially if you spark one up!

#142 Bobs ur uncle on 11.22.15 at 10:58 pm

#124 Drill Baby Drill

Climate Change Taxes let’s analyse ;

2) China produces 70% of the worlds CO2 emissions and yet are exempt from the upcoming climate change talks.

******

Hmmm…methinks your analysis could use some work. China is nowhere near 70% of emissions. Highest worldwide yes, but not 70%:

http://www.statista.com/statistics/271748/the-largest-emitters-of-co2-in-the-world/

Nor is China “exempt” from the Paris talks:

“China will aim to cut its greenhouse gas emissions per unit of gross domestic product by 60-65% from 2005 levels under a plan submitted to the United Nations ahead of crucial climate change talks in Paris later this year.”

http://www.theguardian.com/environment/2015/jun/30/china-carbon-emissions-2030-premier-li-keqiang-un-paris-climate-change-summit

#143 TurnerNation on 11.22.15 at 11:02 pm

We are not to get any of our tax dollars! Period.
I was in Montreal recently, shocked at its state of 2nd world decay. Roads are a mess. Decades of mob and corruption.

Kanada as a whole is not be a producing country – get that out of your heads now. It’s not in the plan being rolled out country by country. Next 6 months is going be a h-ll of a time. New laws upon laws passed without debate. Crackdown on our freedom of travel.

Dow to 16k, TSX to 12km, imo.

goodbye:

“Montreal anti-radicalization centre officially launches
CBC.ca – 3 hours ago
Montreal’s anti-radicalization centre was officially inaugurated on Sunday, eight months after it was first announced and with 93 interventions already under its belt.
Quebec gives $1M to anti-radicalization centre CTV News”

#144 Leo Trollstoy on 11.22.15 at 11:03 pm

If we hit 70 cents I’ll be happy.

#145 Leo Trollstoy on 11.22.15 at 11:05 pm

When are Toronto real estate prices going to come down?

http://www.chpc.biz/toronto-housing.html

I’m getting ancy over here.

#146 TurnerNation on 11.22.15 at 11:09 pm

More War On Transportation. You drive to a TTC parking lot as its reach is so pathetic, soon to be taxed more – so the union sunshiners/Party Elite working their jobs for life will be fine.

You paya more money or else. Be extracted:

“He plans to introduce a motion at Monday’s meeting of the Toronto Transit Commission board looking for ways to extract more revenue from the parking lots, which now charge $3 to $6 a day.”

http://www.theglobeandmail.com/news/toronto/ttc-chair-looks-to-boost-parking-revenue/article27435035/

#147 Leo Trollstoy on 11.22.15 at 11:10 pm

#92 palebird on 11.22.15 at 8:48 pm

Hey Mark what ever happened to buying the Canadian dollar, it is going to be sooo strong, hoping your having fun with that..

A lot of people made this mistake. He wasn’t the first and he won’t be the last.

Don’t bet against Garth or the Smoking Man.

Always bet against the guy with 2 degrees who was unemployed for most of a decade. That’s a sure thing.

#148 Smoking Man on 11.22.15 at 11:11 pm

#135 gtrz4peace on 11.22.15 at 10:30 pm
Hi everyone!

Nice to hear Garth say he believes in climate change, because believe it this is all real. It is a survival issue. I love reading the blog but get sad seeing all the science deniers with their “faux” science. Hopefully TPTB will realize that no amount of greed is worth what we sacrifice by doing nothing. Exxon’s decades of denial has cost us dearly but at least we do not have to lie there with our heads on the track waiting for the train.

This will indeed be tough on Canada — thanks to the fossil fuel industry minion Stephen Harper and the years of harm he has done. The rising right wing extremism in the US should also be a concern to anyone here who can read. Because that is real too.

Canada can lead in transitioning to renewables, but we have to get rid of more of “Harperette” Christry Clark in BC. And kill the TPP which is NOT a “trade treaty” but an exercise in corporate greed like the world has never seen.

To everyone on this blog who understands real science and knows “It’s time” — Thank you from the rest of us who want to see our kids survive the mess we’ve made.
….

Just amazing how easy it is to control someones mind,

Take you for example, all the years you spent in school, going through the motions Thinking your are being educated rather than a target of behavior modelling..

Trained to beilive that anyone with a higher level obdiance certificate is always right…

Never question the teacher.

The weather has not changed since I was a little boy..

Yet.you can’t see the obvious. Ask your grandfather.
Polar ice caps are setting records of frezzing.

Your generation is so disarmed, you are going to take up the arss and will say thank you.

#149 HJD on 11.22.15 at 11:16 pm

It’s time we all faced reality. In order to save the environment for ourselves and future generations we must reduce our wasteful and extravagant standard of living. There will be a cost, but the alternative is grim.

#150 John in Mtl on 11.22.15 at 11:20 pm

106 Mark on 11.22.15 at 9:16 pm:
… “A grid of distributed generation may actually require fewer resources and induce fewer line losses, than that of one of a significant number of single sources geographically widely dispersed from load centers.

Some of the numbers for line losses associated with electric power transmission can be staggering.

Yes, I know about line losses. What I’m saying is you still need massive resources or transformation/recycling of the older stuff to make the new stuff. You need lots of energy for recycling, say, all the thousand kilometers of copper and steel cabling in order to make it available for making wind turbines, batteries, induction coils, magnets, etc. And you need a lot of energy and raw matter to build new stuff that you need to make it all happen: small distribution panels, fuses, inverters, voltage regulators, capacitors, chargers, load balancers, computers (brains) to regulate all this stuff, and so forth.

To run a typical North American home (say, 2 adults & 1 kid), you need a serious amount of KiloWatts for the year. This requires serious power generation, regulation, storage and electronics to make it all work. Its cost is quite prohibitive, for the time being. And this stuff breaks down and wears out like anything else, requiring its periodic replacement. Imagine what it would cost for a small town or medium-size city?

I would hope that a carbon tax would be used to start investing in alternate forms of energy, energy use education, new infrastructure or repurposing the old existing stuff. But I know, I’m dreaming. Most likely the story will end up like poster # 7 Scumop tells it above.

#151 Patrick on 11.22.15 at 11:20 pm

“It will also reduce cash flow for most households, since they carry an historic debt load, and add to inflation – exacerbated now by a low dollar”

Everyone I know who bought in the last year still isn’t worried. One of them even lost their job, still nothing.

Just off first glances, this seems like the one thing that people agree on here. Hopefully, carbon tax is political suicide. Not for Trudeau though, a beautiful little deke from Butts means this might be passed off to the provinces.

You gotta give Butts credit though. His job is to make sure one man gets a very high profile job. He is very good at that. Making sure the rest of us earn a living? Well that’s not really his strong point.

#152 JimmyPage on 11.22.15 at 11:26 pm

wattsupwiththat.com

#153 Carbon-Tax Change (ALWAYS Increasing) on 11.22.15 at 11:33 pm

Climate Change Timeline: 1895 – 2009

There is most certainly a pattern to climate change … but it’s not what you may think: For at least 114 years, climate “scientists” have been claiming that the climate was going to kill us … but they have kept switching whether it was a coming ice age, or global warming.

http://butnowyouknow.net/those-who-fail-to-learn-from-history/climate-change-timeline/

————

Corrupt politicians will carbon-tax us to death long before climate change will kill us off.

#154 Gulf Breeze on 11.22.15 at 11:34 pm

#125 smoking man,

“Doesn’t mean your smart.”

That’s you’re, not your. Big woop, should be spelled, whoop.

Recycling bins, not binds. Bins are receptacles. Binds means someone or something is being bound.

You can be bound to a tree, in physical space, for example, or bound to a contract, or even bound to antiquated ways of thinking, that have been refuted by science.

#155 jane 24 on 11.22.15 at 11:38 pm

If you visit places like China, Vietnam and the UAE, places that are undergoing a fast industrialisation, you will realise that whatever climate changes a country like Canada makes will just be piddle in a vast ocean of climate changing sins.

Visit Hanoi for example and admire a vast ocean of never ending, exhaust spewing motorbikes with families of four on them. Effectively twenty lanes of traffic on city roads.The CO2 produced by Canada in a year probably equals that of Ho Chi ing City in one day. Lovely place to visit but you will need breathing apparatus.

It is not Canada that needs to change energy practices.

Trudeau risks shutting down the Canadian economy while the third world booms.

#156 turn of the tide on 11.22.15 at 11:41 pm

Hey Mr. Turner,

“Remember to keep bond durations short” – How does one accomplish this via ETFs? Looks like VAB is a combination of several maturity dates, is this bad?

“Canada Housing Trust No 1 1.70 14-12-2017
Canadian Government Bond 1.25 31-07-2017
Canadian Government Bond 5.00 31-05-2037
Canadian Government Bond 3.50 30-11-2045
Canadian Government Bond 5.75 31-05-2033
Canadian Government Bond 4.00 31-05-2041
Canadian Government Bond 5.75 31-05-2029
Canadian Government Bond 1.50 31-01-2017
Canadian Government Bond 1.00 31-10-2016
Canadian Government Bond 3.75 31-05-2019”

Safe to assume that if I have 1/2 of my investments in USD, I should follow similar breakdown of US bonds, prefs and global-ish ETFs? Or better place to put USD?

Thanks for helping Canadians help themselves! These are my favourite types of posts, choke-full of actionable information and lots of learning opportunities. Finding your blog was a huge BLESSING! I’ve shared it with many fools :)

#157 David on 11.22.15 at 11:55 pm

If Canada becomes Carbon zero then the carbon tax will be redundant. There were wild ideas of Alberta producing a theoretical 5 millions bbl per day of carbon rich bitumen per day not too many years ago. James Hansen is trained in atmospheric physics and the planet is now at 403 according to the recording station in Mauna Loa Hawaii. Too much more carbon in the atmosphere and Calgary will have the same climate as Las Cruces New Mexico by 2060.Winnipeg will have the same climate as Victoria Texas. I checked it one time a while back just for fun.
And no the Liberals are not by any stretch of the imagination progressives.

#158 gut check on 11.23.15 at 12:00 am

So… In Canada wine is expensive, heat is expensive, and the culture is aimed at …. wait, there is no culture.

I know the exchange rate is punishing in many places, and I would have to learn another language, but I think it’d be insane not to move somewhere where the culture is wise and beautiful, the wine flows inexpensively and the heat is free.

Why does anyone stay here?
I’m not kidding.
WHY?

#159 David on 11.23.15 at 12:05 am

Putting a price on cghg emissions is sensible.

http://www.scientificamerican.com/article/meeting-a-global-carbon-limit-is-cheaper-than-avoiding-one/

#160 Bmc on 11.23.15 at 12:06 am

Cap and trade = a much higher cost of living across the board, for almost everything. The results will be a shock to indebted households, who now will pay so much more to heat and power their Mcmansions, property taxes will increase as municipalities spend to comply with carbon regulations, the value of smaller homes will increase, larger homes will be less desirable, harder to sell, many households will struggle to stay afloat.

It’s too bad they didn’t see it coming, it’s not like the government hasn’t been bleating on about carbon taxes the last few years, not like there haven’t been blogs like this one warning of the coming carnage
Fortunately for me I did see it coming, I sold my GTA home 2 years ago, bought a brand new 1100 sq foot bungalow in Fort Erie for 235 k , rented a bachelor apt in sw toronto for 800 per month were I stay from Mon to Thurs for work. Now I have no mortgage, 2700 per year property taxes, I installed a gas stove and gas clothes dryer as there is no time of use billing for gas (yet) average yearly electrical bill is 600, average gas bill is 450, oh and did I mention I invested 400kleft over from the sale of my GTA home, and when carbon taxation drives prices skyhigh, I am a10 minute drive into Buffalo where even a75 cent CAD gets you more bang for your buck

Am I the only enlightened one, no siree, most people we meet down here are from the GTA, some rent in TO like me, some commute, we are a happy bunch of campers down here, and wealthier for it. Save yourself get out now, before the Go train to Niagara starts in 2020

#161 Yanniel on 11.23.15 at 12:10 am

Garth, in other posts you have suggested for the fixed income portion of the portfolio a 20% allocation in bonds and a 20% in preferreds.

For the bonds portion you have suggested a combination of government, corporate, high-yield and real return bonds.

Could you share a word about what percentages should be allocated in these 4 types of bonds? What percentages of the overall portfolio should be used in government bonds, corporate bonds, high-yield bonds and real return bonds?

A word about this is greatly appreciated. Thank you.

#162 nonplused on 11.23.15 at 12:12 am

Ugh. So much to comment on tonight.

First, carbon taxes. The earth knows how to handle carbon and it is not the worst thing we are doing to the planet. Sure, it’s a concern, but it is not the most pressing worry. And it’s a classic case of “the tragedy of the commons”. We can tax the heck out of it China will just burn more. So we are shooting off our nose to spite our face with carbon taxes. We will accomplish nothing but higher taxes which will not be spent on anything meaningful.

Second, the environment. The number one threat to life on the planet right now is not carbon and it won’t be ever, we can’t get enough out of the ground to cause a long term problem the planet doesn’t no how to handle. The number one threat is nuclear waste, and there is already enough of it sitting in unprotected swimming pools (called cooling pools or something in the industry but really they are long term storage pools) to sterilize the planet, and we are doing nothing about it!

The number 2 threat is nuclear war, which could sterilize the planet on it’s own but because it will certainly free most of the spent waste nuclear materials it’s a double whammy that will certainly end even microbe life on this planet for millions of years and life would have to re-evolve from whatever happened the first go-round.

The third biggest threat is probably over-harvesting but I’m not sure it’s worse than number 4. So still with number 3, over-fishing, over-logging, over-tilling, over-population, all of the “overs” are a big problem. Once you kill a fishery it’s hard to fix. Once you cut down a forest is doesn’t recover for generations. Once you let all your topsoil blow away it doesn’t come back in any useful time frame.

The 4th or maybe 3rd biggest risk is chemical and biological. It’s the combination of developing novel chemicals to kill things we don’t like and then genetically modifying plants and fish we do like to survive the chemical applications. So far they have done some pretty neat things, but the indications are there are severe unintended consequences. For example it remains the most likely scenario that pesticides used in farming are killing all the bees. And why wouldn’t they? The bees may not be considered pests but they are insects just like the pests and subject to the same biology. And they fly around from plant to plant all day many of the plants sprayed with pesticides.

Then we have another long list of problems more threatening than carbon including “third wave” feminism, the education system, government bloat, terrorism, financialization, automation, automatic weapons, AI, mass refugees, religion, orthodox religion, the MSN, and the Kardashians. All of these are much bigger problems than carbon and need to be addressed now.

On to the financial side I reviewed my accounts the other day and you know what as a Canadian gold still worked up in Canadian dollars even though it got killed in US dollars. That’s what happens when you dollar collapses. I guess it’s only 25-30% down so Garth might call it a “soft landing” but the dollar is down huge. What killed me was exposure to XGD (the miners) so that gave me a slightly negative year but we are going to get rid of that and reallocate. CEF was up in CAD.

#163 common sense on 11.23.15 at 12:12 am

#153 BMC

Welcome to town!

#164 Sunny RE Bono on 11.23.15 at 12:40 am

#3 polecat on 11.22.15 at 3:45 pm
Couldn’t we shift our manufacturing to green tech and start deploying it in the country? Add solar panels to homes, creating jobs building and installing them. Same as wind turbines.
..”

Great idea, keep the YVR RE party going by making installation of solar panels mandatory on all mega-homes purchased by HAM…..when they ask in September where the sun is, watch their jaws drop as they are informed that the sun will appear during the west coast summer, 2nd week of July. But quickly remind them that the solar panels are waterproof to handle the 10 months of rain…..

#165 Sunny RE Bono on 11.23.15 at 12:42 am

All of this environmental nonsense is what happens in a post-industrial society where factory production has dwindled, wages are too high, RE is the main activity and 50% the population has university degrees…..sit back and watch these great environmental measures decimate the Canuck economy, while places like India, China, and others surge to the front of the pack….

#166 Sunny RE Bono on 11.23.15 at 12:44 am

Garth

Just curious why you never mention going long USD/CAD as a currency hedge, or is this considered to be too exotic…..also what are the tax implications on gains/losses resulting from such a hedge?

#167 Karl hungus on 11.23.15 at 12:46 am

Tsx is cheap so don’t buy it? Yup makes sense. I guess we’ll wait till it jumps up and then buy?

#168 Bcweatherman on 11.23.15 at 12:46 am

Glad to see you put Global Warming front and centre. Inconvenient, but true.

#169 Capt. Obvious on 11.23.15 at 12:46 am

I don’t see a point to Canada reducing emissions if China and other developing countries are not on board. A global problem requires a global response, not a backwater country bludgeoning itself for principles. Sure, show up to the Paris talks with a plan, but if everyone else is waffling then it’s time to walk away. It’s wonderful that there are politicians in Canada who realize the issues climate change brings, but Canada on its own cannot solve this problem. MANY other countries need to participate.

#170 Tony on 11.23.15 at 12:49 am

For anyone that ever owned Netflix here was the first company with the original idea formed way back in 1986 on the Vancouver stock exchange. They were right but at the wrong time. Bandwidth was extremely expensive. They were the first to stream videos online from an online database.

Usa Video Interactive Corp

Just like them I was right but at the wrong time.

#171 Bby604 on 11.23.15 at 1:03 am

#71 BC Guy on 11.22.15 at 7:20 pm
Hey, if you want to cut down carbon emissions, start with the recreational use of fossil fuels:

– ATVs used for joyriding
– skidoos
– motor boats on lakes (in BC in the summer, the highways are clogged with Ford F150s and Dodge RAMs with Alberta licence plates carrying ATVs, jet skis and motor boats driving like aholes)
– the hated jet skis
– heli-tourism, heli-skiing, heli-hiking, heli-fishing
– leaf blowers: Worst. Invention. Ever.
– NASCAR, Indy 500, Motorcross
– air shows

Replace with walking, swimming, canoeing, row boating, sailing, hiking, biking. We’d all be a lot healthier and happier. It can be done. Just need to reprogram our gas-guzzlin’ instincts.
————-
Get bent and go munch some granola….. Your argument is ignorant and without factual base

#172 OXI in GREECE on 11.23.15 at 1:07 am

#158 gut check on 11.23.15 at 12:00 am
So… In Canada wine is expensive, heat is expensive, and the culture is aimed at …. wait, there is no culture.

I know the exchange rate is punishing in many places, and I would have to learn another language, but I think it’d be insane not to move somewhere where the culture is wise and beautiful, the wine flows inexpensively and the heat is free.

Why does anyone stay here?
I’m not kidding.
WHY?
????????????????????????????????????????????????????

Much less bullets and bombs. Confirmed to me by many an international businessman. Other than that…..Canada is becoming more and more of an embarrassment as a “1st world” country.

#173 Spaccone on 11.23.15 at 1:33 am

#143 TurnerNation on 11.22.15 at 11:02 pm

Dow to 16k, TSX to 12km, imo.

-======—===-=-=-=-=-=-=-=-=-=-=

Per NBF Oct 28 forecast for end of 2016: TSX to 15,000 (currently 13,433) and S&P to 2,200 (currently 2,089)

#174 Ex-Cowtown on 11.23.15 at 1:33 am

Carbon tax.

There’s just not a good way to do something foolish, useless and destructive.

We’ll all be heading down the road to meet Germany, where millions of people are now thrust into poverty due to energy costs, industry is abandoning the country, the greenies have carte blanche to disfigure the environment with massive windmill farms.

All this for a meaningless social experiment that will ultimately demonstrate how scientifically ignorant our political leaders are.

I’m surprised at your support of this silliness Garth. It takes all of about 5 minutes of critical thought to realize that Al Gore, Barack Obama, Notley, Wynne, May and T2 are buck naked Emperors admiring their new wardrobes.

We’ll all be paying for their invisible wardrobes. Big Time.

Foolish, foolish people all. Neville Chamberlain was Einstein compared to these idiots.

#175 Bob Santarossa on 11.23.15 at 1:36 am

CO2 News Flash:

It is the result of warming – long time now Gore’s idiocy on polar ice core samples proven incorrect. The warmer the global temperature, the greater will natural decomposition processes be; thus, resulting in CO2 levels rising.

We have no clue about how bad global warming will be:

Google

Holocene Climatic Optimum

where temperatures were much, MUCH higher than they are today, we did not do it as we were just entering the Bronze Age, there were a total of 30 million or so humans alive then and the Polar Bear’s got thru it without our help (i.e., polar regions 5 to 7 deg. C warmer than they are today, if today 1.5 deg C warmer than average).

If the Halocene does not convince you that we haven’t a clue about global warming or cooling for that matter (i.e., we cannot predict or explain either), then Google:

Medieval Warming Period followed on its heels by the Little Ice Age

Both lasting a few hundred years, both + or – in the same amount as being measured today where we are being told that we should be greatly alarmed.

To add insult to accident, post WWII developed nation economies were revved up and it was expected that global warming would occur as a result…instead we had the:

1940 to 1970 Cooling Period.

So do we have a clue about global warming or cooling for that matter?

No, not even close. Take those “future predicting” models and determine if they could have predicted the Halocene, Medieval Warming back to back with the Little Ice Age and the 1940-1970 Cooling…unlikely.

Should we as a species act responsibly and do all we can so as not to contribute to global climate warming or cooling?

YES, YES,YES. We should err on the conservative side now and not be sorry later that we may have ended up making our climate worse.

_________________

Aside:

Smoking Man…too funny today, you made me roar in laughter a couple of times (in a good way), yet again plus you made it past 163 Comments without getting Deleted once by Garth.

#176 cynically on 11.23.15 at 1:57 am

#68 SHIRLEY GIVENS – You must be a blonde. Just kidding but wish you were too because you are so wrong.

#177 Blacksheep on 11.23.15 at 2:09 am

Told ya so….

Glen was under the dumpster.

#178 jessica Lang on 11.23.15 at 2:16 am

Watched a CBC doc about climate change….they had produced a slide show of all kinds of climate disasters from flood to drought…just a series of emotive scary images…without context…as if they were all happening at once. The fact is that this is all propaganda and there is no honest media to counter the BS.

Climate Change was invented in 1895 and is all about raising tax dollars to send to third world dictators…nothing about climate whatsoever. Can’t believe how stupid people are to believe this tsunami of BS…..people that say 90% of scientists agree…and yet can’t name a single one…or have ever read a single paper….outside of the TO Star and other such wacko rags.

Get a brain dummies…you’re being suckered. Carbon taxes were invented as a way to fund the transfer of wealth these wacko’s envisioned.

https://en.wikipedia.org/wiki/Brundtland_Commission

#179 jessica Lang on 11.23.15 at 2:17 am

Sorry…that’s 1985 not 1895…woops…fat fingers.

#180 Cyclist on 11.23.15 at 2:20 am

71 BCG – my other bicycle is an F150. But I dont use any of the other things listed for recreation, and I dont generally
get motorsports. So I guess I am agreeing with you. Doesnt usually happen.

#181 OXI in GREECE on 11.23.15 at 2:29 am

http://wattsupwiththat.com/climate-fail-files/list-of-excuses-for-the-pause-in-global-warming/

52 reasons for the “pause” in Global Warming AKA

Climate Change AKA

WE ARE GOING TO TAX YOU TO DEATH

#182 don't have embeZzled money on 11.23.15 at 2:54 am

The case highlights the nation’s struggle to control capital outflows that have helped to send real-estate prices soaring from Vancouver to Sydney

http://www.bloomberg.com/news/articles/2015-11-20/china-cracks-64-billion-underground-bank-moving-money-abroad

#183 Blacksheep on 11.23.15 at 3:06 am

“Ontario’s about to bring in climate change legislation. Alberta unveiled its plan Sunday. And, soon, the feds. That’s altruistic, responsible and forward-thinking. Evidence abounds the world is hooped without human action.”
————————————
Lots of capitulation on taxing the Cattle over climate change. How bout we calm down and have a look at some basic math.

The following is from: M. A. Kominz, Western Michigan University, 2001.

http://curry.eas.gatech.edu/Courses/6140/ency/Chapter10/Ency_Oceans/Sea_Level_Variations.pdf
————————————–
Quote from Kominz pdf:

“For example, about 20 000 years ago, great ice sheets covered northern North America and Europe. The volume of ice in these glaciers removed enough water from the oceans to expose most continental shelves. Since then there has been a sea level rise (actually from about 20 000 to about 11 000 years ago) of about 120 m.”
—————————————
OK, the math.

Glaciers melted raising the sea level 120 M (393 ft) within the last 20,000 years.

120,000 millimetres (120m) divided by 20,000 years = 6 MM rise in sea level, per year.

Here is why.

https://en.wikipedia.org/wiki/Milankovitch_cycles
—————————————————-
Quote from Kominz pdf:

“This is just the most recent of many, large changes in sea level caused by glaciers, These variations in climate and subsequent sea level changes have been tied to quasi-periodic variations in the Earth’s orbit and the tilt of the Earth’s spin
axis.”
—————————————————-
Is climate change real? Of course. Is it a cyclical natural event that last occurred 2,000 to 20,000 years ago, without mankind emitting, any Co2.

There are clearly many people here, that will disagree with the above statements.

Can somebody please explain why:

If MAN is influencing the climate at such an alarming rate as to require immediate global action to avoid certain doom, why the sea level is not rising at a rate anywhere near, 6MM per year?

Anybody?

#184 TRT on 11.23.15 at 3:28 am

Leo Trollstoy on 11.22.15 at 11:03 pm

If we hit 70 cents I’ll be happy.
—————————————————————

I’d be happier if it hit 25 cents!! Then you get 4X your money if you moved to USD at PAR…thats without leverage.

Hope this country has an economic meltdown.

#185 BillyBob on 11.23.15 at 5:08 am

#154 Gulf Breeze on 11.22.15 at 11:34 pm
#125 smoking man,

“Doesn’t mean your smart.”

That’s you’re, not your. Big woop, should be spelled, whoop.

Recycling bins, not binds. Bins are receptacles. Binds means someone or something is being bound.

You can be bound to a tree, in physical space, for example, or bound to a contract, or even bound to antiquated ways of thinking, that have been refuted by science.

====================================

Ugh. Humourless pedants are almost too much of a stereotype to even mock. I read Gulf Breeze and I picture the guy who played the husband on Sensitive Skin (the Canadian version).

Being a crashing bore is a far worse crime than incorrect grammar.

#186 LowRent of Arabia on 11.23.15 at 5:36 am

GT – You should impose a carbon tax per word in the comments section.
Some of these comments are mini-blogs and don’t say much.

#187 earthboundmisfit on 11.23.15 at 7:40 am

@#186 – Hint: only read the ones to which Mr. T. offers a response.

#188 Randy on 11.23.15 at 7:46 am

Glad to see that soo many comments are by people who know the truth about the global warming climate change scam. There is no question humans are doing irreparable damage to mother earth in the form of the Gulf oil spill, pollution, tar sands, and Fukishima(its still in melt down and the pacific ocean is toast)
Our banking overlords are simply trying to sell the idea of CO2 causing climate change so that they can introduce a world tax on EVERY citizen on the planet. That tax is now upon us. All so they can further control economies and people through carbon credit trading and tax. Keep up the good fight- do not accept this tax. Any doubt on the issue watch this- Lord Moncton kills it.
https://www.youtube.com/watch?v=4zOXmJ4jd-8

#189 The real Kip on 11.23.15 at 7:48 am

Just heard on the news that Canadian Immigration is cherry picking the 800,000 Syrians in Europe. Justin Trudeau has a good shot at looking like a genius if he grabs 25,000 of the best and brightest of the migrants.

Out of the 800,000 people I’ll bet there are 25,000 very smart people who will benefit Canada. They are saying already that they expect many to be mobile within a month of arrival.

#190 Smoking Man on 11.23.15 at 8:15 am

Paris climate science based on non sence

http://www.climatedepot.com/2015/11/19/scientists-declare-un-climate-summit-goals-irrational-based-on-nonsense-leading-us-down-a-false-path/

#191 Coho on 11.23.15 at 8:20 am

Throwing money at climate change will not affect its progression one iota. We get sold these bills of goods time and again. It’s yet another a cash grab by the ruling elite and diminishes our country as a sovereign nation to boot. Bravo. When will we ever learn.

The sponsors of these carbon trading schemes are the same ones who foster and support the business of never ending wars under the guise promoting freedom and democracy. They tout that war brings peace and such BS. Giving money to ‘fight’ climate change is like giving money to the Clinton Foundation and expecting good things to happen with it. Forget it. The ruling elite care not for peace, people, or the climate. It is money they want and the power and control it brings. Average people chase it. The ruling elite have it.

#192 Smoking Man on 11.23.15 at 8:35 am

Looks like Saudi Arabia is taken the whispers seriously, the Putin-ator was comming for them..especially after they started stealing market share from China.

Perhaps my oil hedge was smart.

http://www.zerohedge.com/node/516900

#193 pbrasseur on 11.23.15 at 8:39 am

What we’re seeing with Trudeau is just more of the same, that is politicians killing growth in this country.

Given our natural resources and our proximity to the US we should be easily the wealthiest country in the world.

But we’re not and it’s going to get worse. Only one reason for this: Too much politics and too much politician interventions.

#194 TurnerNation on 11.23.15 at 9:05 am

jane24’s post loaded with info:

“If you visit places like China, Vietnam and the UAE, places that are undergoing a fast industrialisation,”

“Trudeau risks shutting down the Canadian economy while the third world booms.”

*That decision has already been made! It was not his. This was all decided and planned years ago. He’s but an Instagram distraction. As some people make note we are entering a technological/control age and out of industrial age.
Countries, like suicide bombers, are an illusion. But it’s what we are sold. Latter point is beyond scope of this blog but we never heard about them till 2001…

#195 MF on 11.23.15 at 9:37 am

Great discussion here today. I used to believe in man made climate change but now I am on the fence. Actually, more and more in agreement with Smoking Man on the issue.

Like lots of people I watched Inconvenient Truth and lots of David Suzuki documentaries and assumed we had screwed ourselves. How could I not when they all contained that same 3 second clip of flood-drought-cars on asphalt series of emotional images? (great post at #178 that mentioned that)

The co2 theory made sense, but everything started to get muddied when I started hearing about the carbon tax, and how other countries with 20x our population were not pulling their weight on the issue.

Someone else also mentioned the irony that here in Canada, a warming (man made or not) would allow us to cultivate the huge swaths on tundra in our geography for growing crops (before it gets converted to overpriced condos, of course).

Gotta say again, it’s looking more and more like a cash grab.

MF

#196 Herb on 11.23.15 at 9:45 am

We know boo’all, but do we ever have firm opinions!

Didn’t know that the brain was totally divided into Left and Right hemispheres, with only one ever in use, depending on where your economic or political interests lie.

I’ll go with Confucius: “… after having discarded all of which you are not certain, speak circumspectly about the rest.” He continues with “Therein lies good pay”, but Confucius obviously did not foreseen the internet.

#197 MF on 11.23.15 at 9:57 am

#194 TurnerNation on 11.23.15 at 9:05 am

TurnerNation, I enjoy your posts but lately you are sounding more and more paranoid.

“*That decision has already been made! It was not his. This was all decided and planned years ago. He’s but an Instagram distraction. As some people make note we are entering a technological/control age and out of industrial age.
Countries, like suicide bombers, are an illusion. But it’s what we are sold. Latter point is beyond scope of this blog but we never heard about them till 2001…”

-Beirut barracks suicide bombing in 1983?
-Japanese soldiers and civilians blowing themselves up during ww2?

Lots of other examples but you can use Google.

The world as a whole has acknowledged it, realized the horror, and is trying to deal with it while allowing life to continue as best as it can.

You on the other hand sound like you are running around paranoid of your shadow.

Suicide bombings aren’t real. Give me a break.

MF

#198 Holy Crap Wheres The Tylenol on 11.23.15 at 10:02 am

#62 Smoking Man on 11.22.15 at 7:05 pm
Sober Again
Let’s rock!!!
_______________________________________
Now that is truly an oxymoron!
Best laugh I had all weekend.

#199 Julia on 11.23.15 at 10:09 am

Interesting stories here about 2 shady mortgage brokerage firms.

http://us8.campaign-archive2.com/?u=a3e2039936cbf8a31bda45ab3&id=36ae706295

Curious to hear your thoughts.

#200 Holy Crap Wheres The Tylenol on 11.23.15 at 10:30 am

I’m fed up with all of these scumbag politicians coming out claiming that they are the second coming of Jesus with their idea of a carbon tax to save the planet. Its bullshit, pure unadulterated bullshit. They will not save the planet and the planet does not need saving by them. Politicians are for the most useless tools, failed business types or ex professional university students that have never earned an honest dollar. They all want their name in perpetuity as the person who saved the world. A carbon tax is just another name for a pollution tax. Okay, so start with China, USA, India, Russia, Indonesia, Brazil, Japan. Get them to start controlling their pollution first. Then come and see Canada. If these politicians really want to prove themselves worthy of saving the world take the carbon fight to these countries first. You really think the Chinese, Russians and the Americans are going to tax themselves into a corner that makes them noncompetitive? Give your head a shake, nobody would commit economic suicide.
So here is the next question, who is in charge of carbon tax collected? For gods sake don’t let the government be in charge of it. They can’t even take a piss without dribbling on their shoes. They are the most incapable bunch of assholes in the world. That is akin to putting the fox in charge of the hen-house. You all know that the greedy little bastards will raid it for something stupid. I don’t even have to explain stupid as we all know everything they touch gets f$%ked up. Good luck all you happy tree hugger idiots. Have fun when you’re dumpster diving after you loose your job. Your not going to get a job that pays well after its all done, well perhaps you can be a tree planter, ya I hear that one pays well. Now its 82 degrees Ive got my AC on, I’m going to drive to the market get some fresh fruit, rum and beer. Then I’m going for a boat ride, a long boat ride. Hell I might just sit there all day with the motor idling just for shits and giggles. Go ahead tax me asshole!

#201 pbrasseur on 11.23.15 at 10:34 am

IMO CAD is going to revisit its previous low of 62 cents

If you don’t think it’s possible then you’re a fool.

#202 What about CMHC? on 11.23.15 at 10:40 am

http://youtu.be/7WsR6CFlvHY
Watch this timeless speech from Charlie Chaplin which couldn’t be more relevant today. Taken from his 1940 movie The Great Dictator, Charlie delivers a hair raising speech that we should all take a moment to think about! The man famous for not speaking, comes up with one of the greatest speeches ever.

#203 Freeman on 11.23.15 at 10:44 am

FOR ANYONE WHO DOES NOT BELIEVE That we are currently experiencing GLOBAL WARMING, then please pull you stupid head out of the sand and look at these following 2 pages and the charts that you will read will SIMPLY BLOW YOU AWAY ! :

http://www.planetforlife.com/co2history/

http://www.theguardian.com/environment/2015/may/06/global-carbon-dioxide-levels-break-400ppm-milestone

At the current rate of rise of atmospheric CO2 we are all going to Hell in a hand-basket.

#204 K4 Class Pacific on 11.23.15 at 10:45 am

Garth –

Interesting column, but as prophecy, not so good. T2 proposes driving up the cost of everything, raising taxes and, as a bonus, shutting down the oil sands? It’s not gonna happen. And these guys want to spend, what, 1.2 BILLION over six years on 25,000 Syrian refugees, giving them welfare and medicare and EI while screwing all the taxpayers in the name of ‘climate justice’? As if.

One thing about Liberals, and governments generally – they want to get re-elected. Perhaps the government-employed hipsters on Bloor St. W support all this climate change bumf, but the average taxpayer on seeing the bill will demur, thank you very much. And no government, including one led by a hot, tattooed (really?) photogenic moptop will willingly commit hara-kiri.

#205 Canadian on 11.23.15 at 11:02 am

Carbon tax in Alberta. Good bye oilsands. $20 per ton of carbon, the oil and gas industry in this province is D-E-A-D.

#206 Smoking Man on 11.23.15 at 11:20 am

#200 Holy Crap Wheres The Tylenol on 11.23.15 at 10:30 am
I’m fed up with all of these scumbag politicians coming out claiming that they are the second coming of Jesus with their idea of a carbon tax to save the planet. Its bullshit, pure unadulterated bullshit. They will not save the planet and the planet does not need saving by them. Politicians are for the most useless tools, failed business types or ex professional university students that have never earned an honest dollar. They all want their name in perpetuity as the person who saved the world. A carbon tax is just another name for a pollution tax. Okay, so start with China, USA, India, Russia, Indonesia, Brazil, Japan. Get them to start controlling their pollution first. Then come and see Canada. If these politicians really want to prove themselves worthy of saving the world take the carbon fight to these countries first. You really think the Chinese, Russians and the Americans are going to tax themselves into a corner that makes them noncompetitive? Give your head a shake, nobody would commit economic suicide.
So here is the next question, who is in charge of carbon tax collected? For gods sake don’t let the government be in charge of it. They can’t even take a piss without dribbling on their shoes. They are the most incapable bunch of assholes in the world. That is akin to putting the fox in charge of the hen-house. You all know that the greedy little bastards will raid it for something stupid. I don’t even have to explain stupid as we all know everything they touch gets f$%ked up. Good luck all you happy tree hugger idiots. Have fun when you’re dumpster diving after you loose your job. Your not going to get a job that pays well after its all done, well perhaps you can be a tree planter, ya I hear that one pays well. Now its 82 degrees Ive got my AC on, I’m going to drive to the market get some fresh fruit, rum and beer. Then I’m going for a boat ride, a long boat ride. Hell I might just sit there all day with the motor idling just for shits and giggles. Go ahead tax me asshole!
……………..

Ya baby….Best rant of the year. Well said.

Wynne and Tru-Doe have the keys to the vault.

Enough said.

#207 jb on 11.23.15 at 11:35 am

REITS have a correlation to MSCI ACWI of roughly 0.90, they are highly correlated. Also, High Yield doesn’t count as safe stuff, it’s driven by credit risk, not duration and has a correlation of 0.8 to equities and 0.2 to bonds

#208 Mike in Edm on 11.23.15 at 11:39 am

NOTley’s carbon tax is the biggest crock of garbage i’ve ever heard. So $0.07/liter extra in taxes is going to somehow diversify our economy and ween us off oil? How? All that’s going to do (best case scenario) is get a FEW people to trade their big SUV’s for something slightly smaller, maybe sell a few more VW TDI’s. That’s it. Oh yeah, and hurt the economy even more than she already has. The extra tax i’m now going to pay at the pumps means I personally won’t be eating out or going for drinks with friends as much as I used to, probably cut back on the odd movie and stay at home to Netflix and chill with the wife more, and probably downsize the Christmas gifts a little. All of which means there’ll be less tax collected from me in other areas and business owners. What a complete idiot Notley is. Her ideologies are going to ruin Alberta for the next 3.5yrs and it’s going to take the rights a couple of decades to repair the damage.

#209 IHCTD9 on 11.23.15 at 11:40 am

“The new carbon tax is expected to raise $3-billion annually by 2018, but the [Alberta] government will not be cutting any provincial taxes. Some of the new revenue will be spent on technology to fight climate change and the NDP has committed to helping the lower-earning 60 per cent of households cope with some of the increased transportation and heating costs through an “adjustment fund”. ”

Hmm, so money is flying all over the place. Leaving basically every Citizen and Corporate wallet, then some going back to “poor people”, some going back to “climate fighting technology”, and the rest to places unknown.

Don’t see anything there at all that will cut C02 emissions one bit. I noted the Nat Gas companies are rubbing their hands together in anticipation of the Coal plant closures, they know they will be supplying the new NG turbine generators that will need to be built to cover the base load.

Reading over Notley’s plan, one can only come to the conclusion that it is about bringing money into the government bank account, and then controlling where it goes from there.

#210 TinMan on 11.23.15 at 11:42 am

Dorothy?? We’re not in Kansas anymore. Just HELL!

#211 liquidincalgary on 11.23.15 at 11:47 am

rk usa on 11.22.15 at 4:31 pm

re: Unless the oil sands are exempted, a carbon tax, cap-and-trade or any other climate-guarding regime will kill them.

good

===============================================

the oilsands will be capped at 100megatons/year. 40% more than they currently emit.

too bad about that chip on your shoulder.

#212 Retired WI Boomer on 11.23.15 at 11:47 am

Let us just just work on pollution. Ending water, air, ground and maybe even ‘blog pollution’ is a worthy goal.

We need the biggest populations in there to effect much change. China, India etc. the BIG population dense countries. Big polluters per capita like the US, and dare I include Canada.

Whether this affects climate change, I don’t care. I just want to thee the world less crapped upon by the acts of man.

The clean water, and clean air acts of the Nixon administration did a lot to help the rivers here, and the great lakes. No, not perfect, but a lot less nasty than they were in the late 1960’s.

Pollution – an idea we can all work for limiting it.

The rest is, well….balloon juice.

#213 IHCTD9 on 11.23.15 at 11:56 am

Good luck Alberta, have you got smart meters over
there yet?

If you are brave enough to want to know what is coming for you – have a look at Ontario’s Green Energy debacle. Very soon in Ontario, it’s going to actually be cheaper to set up a Solar Array for household power if you can set your household consumption for it, and do the install yourself.

Here in Ontario, we have already seen “conservation” cited as a reason for hydro price increases. That’s right, Ontario did well at cutting their power usage to the point where the Province was not taking in enough to pay their essentially fixed production costs.

Meanwhile, McGuinty was paying up to .80/KWH to solar producers through his boneheaded Feed in Tariff scheme. Pay attention Alberta, we’re swimming in generation capacity over here, so much that we are PAYING the US northern states to take it off our hands. At the same time our hydro rates have doubled in 10 years, we now have time of use billing and a big smart meter install bill to pay.

On to of all that, our bills have now been restructured so that actual hydro consumption is just a small portion of your two page bill, with the balance of the charges essentially being fixed.

The result is that now, if you cut your hydro usage clean in half, your $200.00 bill might drop to 175.00, IMHO; this was done to control revenue losses from conservation efforts. You can’t really cut your hydro costs in Ontario any more, you either pay, or get off the grid entirely.

In my jurisdiction, I am subject to a $40.00 minimum billing – that’s right, use zero KWH and still pay for hydro. 10 years ago that amount represented almost half of my monthly hydro bill.

All you Albertans had best hang on to your asses, undoing what Notley is doing will cost Billions after commitments to industry have been made.

#214 Ralph Cramdown on 11.23.15 at 12:05 pm

Remedial Economics for Morons, Lesson 1

Government taxation is not “taking money out of the economy.”

Governments tax, and they spend. Usually, they spend about as much as they tax — budgets are within a few % of balance. Most of the money is spent in the same community of people as the taxes are collected from. Government spending is private sector income. To the extent that government taxation and spending is redistributive, taking more from the rich who have a lower marginal propensity to spend, and giving to the poorer who tend to spend most or all of their income, economic activity increases.

Exceptions include paying interest to foreign bondholders, buying imported goods (often military equipment), and paying pensions to citizens living abroad.

Don’t be one of those people who claims that taxes suck money out of the economy. When you read somebody else claiming that, you can quickly dismiss him as a moron and move on to more informed commenters.

#215 For those about to flop... on 11.23.15 at 12:06 pm

#189 The real Kip on 11.23.15 at 7:48 am
Just heard on the news that Canadian Immigration is cherry picking the 800,000 Syrians in Europe. Justin Trudeau has a good shot at looking like a genius if he grabs 25,000 of the best and brightest of the migrants.

Out of the 800,000 people I’ll bet there are 25,000 very smart people who will benefit Canada. They are saying already that they expect many to be mobile within a month of arrival.

/////////////////////////////////////////////
That’s the way it should be.
Which country is asking for 25k losers that are going to suck on the government teat?

#216 Sally Ride on 11.23.15 at 12:17 pm

This is a classic case of ‘climate panic’ created by the leftist sustainable development mob of dictators who run the UN.

“At the current rate of rise of atmospheric CO2 we are all going to Hell in a hand-basket.

The guy is likely a bus driver or janitor…but believes fervently whatever the CBC says….because the CBC says it over and over again……mass hypnosis.

Then we have a holes like Obama saying climate change is the cause for the refugee crisis…when we know darn well that it is his feckless foreign policy that gave rise to ISIS….he even armed them. Those pictures of dead babies on the beach….they didn’t get there because of climate change…they got there because Obama suddenly pulled the line of soldiers guarding innocent civilians and let the wolves rush in and feast.

Bwahahahahahaah Dumbo Prince Charles….on cue….saying the same thing to the UK press…..everything he see’s is related to climate change…..but can’t explain the thousand year droughts or ice ages that happened hundreds of thousands and billions of years ago.

Wake up dummies…..it’s a tax scam….benefiting only those liberals who wake up with white privilege every day and the third world dictators who want bigger yaichts.

#217 Ex-Cowtown on 11.23.15 at 12:17 pm

Holy Crap Where’s the Tylenol said:

“A carbon tax is just another name for a pollution tax. ”
+++++++++++++++++++++++++++++++++++++

CO2 is not a pollutant. It is the byproduct of life. The Green Blob was able to use propaganda to change public perceptions to CO2 in with things like mercury, heavy metals etc.

There is no scientific basis to make this jump whatsoever. A similar view of the shenanigans of the Green Blob would be to define fresh water as a pollutant because if you have too much around you drown.

Green Blob + stupid politicians = irrational fear + useless taxes

#218 crowdedelevatorfartz on 11.23.15 at 12:24 pm

@#45 Oxi in Greek
“Kevin O’Leary is NOT Canada’s Donald Trump. Trump actually makes money. Mr O’Leary only loses it…..”
+++++++++++++++++++++++++++++++++++

“The Donald” was born with a silver spoon in his mouth. Daddy was a real estate developer.

https://www.google.ca/url?sa=t&rct=j&q=&esrc=s&frm=1&source=web&cd=19&cad=rja&uact=8&ved=0ahUKEwjMiej2-abJAhWImYgKHYCqB4QQFgiCATAS&url=https%3A%2F%2Fwww.quora.com%2FDid-Donald-Trump-inherit-a-lot-of-money-and-then-increase-his-net-worth-at-an-unremarkable-rate&usg=AFQjCNE9or1BJpnHUkRxFAnZsmmWXtnY9w&sig2=TpVmA8Bakh9_hvWcM51u2g

But I will agree that they’re both obnoxious.

#219 crowdedelevatorfartz on 11.23.15 at 12:29 pm

@#145 Leo Trolstoy
“I’m getting ancy over here”
+++++++++++++++++++++++++++++++++++
No ants in your pants?
I’m getting antsy too but patience grasshopper, it shall arrive soon enough.

#220 Holy Crap Wheres The Tylenol on 11.23.15 at 12:33 pm

#203 Freeman on 11.23.15 at 10:44 am
FOR ANYONE WHO DOES NOT BELIEVE That we are currently experiencing GLOBAL WARMING, then please pull you stupid head out of the sand and look at these following 2 pages and the charts that you will read will SIMPLY BLOW YOU AWAY ! :
http://www.planetforlife.com/co2history/

http://www.theguardian.com/environment/2015/may/06/global-carbon-dioxide-levels-break-400ppm-milestone
At the current rate of rise of atmospheric CO2 we are all going to Hell in a hand-basket.
_________________________________________
Really don’t care at all until everyone is on board! BTW been to hell already it was called Vietnam.

#221 Holy Crap Wheres The Tylenol on 11.23.15 at 12:37 pm

#189 The real Kip on 11.23.15 at 7:48 am

Just heard on the news that Canadian Immigration is cherry picking the 800,000 Syrians in Europe. Justin Trudeau has a good shot at looking like a genius if he grabs 25,000 of the best and brightest of the migrants.

Out of the 800,000 people I’ll bet there are 25,000 very smart people who will benefit Canada. They are saying already that they expect many to be mobile within a month of arrival.
__________________________________________
Give you head a shake, when did anyone bright say lets migrate to Canada?
They all want to go to the USA!

#222 crowdedelevatorfartz on 11.23.15 at 12:38 pm

@#185 BillyBob
“Being a crashing bore is a far worse crime than incorrect grammar….’
++++++++++++++++++++++++++++++++++++
I somewhat agree but when too many people rely on spell check. Things can become either confusing or amusing…..take your pick.

A crashing boar could ruin your crops as opposed to a crashing bore that could ruin your party.

If you can tune a piano can you tuna fish?

I’d say that at the rate society seems to be “progressing” we all should be phonetically challenged illiterates long before the planet heats up to a toasty, ice free, heated, polluted, swimming pool full of radioactive jellyfish…..
Our legacy to our great grandchildren.

#223 Smoking Man on 11.23.15 at 12:39 pm

#203 Freeman on 11.23.15 at 10:44 am
FOR ANYONE WHO DOES NOT BELIEVE That we are currently experiencing GLOBAL WARMING, then please pull you stupid head out of the sand and look at these following 2 pages and the charts that you will read will SIMPLY BLOW YOU AWAY ! :

http://www.planetforlife.com/co2history/

http://www.theguardian.com/environment/2015/may/06/global-carbon-dioxide-levels-break-400ppm-milestone

At the current rate of rise of atmospheric CO2 we are all going to Hell in a hand-basket.
………………………

You’ve been had.Your must be right about the charts, so its official. Because it came from some pulpit of authority that you have been trained to worship. It’s got to be true. Right?

Bahahaha

Get a financial adviser, do not dare trying to invest by yourself.

How about trying to actually walk outside. Talk to old people, hey are the winters and summers roughly the same as they where 50 years ago.

Logic like this to primitive for the schooled.

Get your head out of your ass.

http://www.climatedepo.com

#224 CHERRY BLOSOM on 11.23.15 at 12:42 pm

Keep the TSFA contribution at $10,000 for everyone who does not work for the government . The government employees get a pension already paid for with our taxes.

I better not see any government employee getting a raise or better benefits now that we are on the eve of a depression.

But hey lets spend a billion dollars (not costed out at the election) on bringing in 25,000 refugees

#225 Smoking Man on 11.23.15 at 12:44 pm

This is what some of climate alarmists are saying..

This guy should be in a loony bin.
…………………..

‘Links Fascism with Weather’ – United Press (UP) – March 27, 1941 – The Mason City Globe-Gazette (Mason City, Iowa)

UP: ‘Increasingly warmer temperatures throughout the world may produce a trend toward dictatorial governments, in the opinion of Dr. Clarence A. Mills, professor of experimental medicine at the University of Cincinnati.

In fact, Dr. Mills believes that the rise to power of Adolf Hitler in German and Benito Mussolini in Italy may be due in part to the gradually warming temperature of the world. People are more docile and easily led in warm weather than in cold, Dr. Mills insists.

Dr. Mills is author of a theory that climate has a marked effect on human growth, stature, sex development and disease resistance.”

#226 IHCTD9 on 11.23.15 at 12:55 pm

I am a cost cutter much more so than an investor, there are probably others like me here, so I will relate my plans that have been in place for 2 years. This work is ongoing to minimize my taxability. Not everyone can do, or would want to do what I am doing, but there would be a bloody huge impact on government revenues if many did. They would certainly have to relook at their policies, or enact draconian legislation to counter this effect.

1. TAX AVOIDANCE – Start a small business (or contract job) primarily for tax savings purposes, and make a little money here and there. Contribute to RRSP’s. Done on both counts.

2. TAX AVOIDANCE – I buy used off of Kijiji using cash. Tools, equipment, building materials, firewood, auto parts, just about anything short of a vehicle can be had here tax free at an already great price. Never been easier to avoid retail than it is now thanks to the internet. Seriously, I’d bet if your toaster blew up this am, there is one not too far from you on KIJIJI that is brand new, never been out of the box for half price. Have Canpar ship it to you for like 10.00.

3. TAX AVOIDANCE – I Barter: No cash ever changes hands, no paper, no signatures, don’t think trading your labour for someone else’s is illegal yet. Could be wrong on that, (don’t care either way as if it is illegal, it is surely near impossible to enforce).

4. AVOID CONVENTIONAL ENERGY – I plan to get off the grid and produce heat at the same time with a cogen powered by a straw/hay fuelled gasifier of my own design. I am just getting on this one, and it will be a major undertaking. If it all works out as planned, I might even have something folks [in Ontario for sure] might pay for to have one too. :)

6. AVOID CONVENTIONAL ENERGY – I will probably be buying an old diesel smart car for the daily grind. This in conjunction with an old 3/4-1 ton pick up (400.00/yr for insurance, prior to 87 to avoid e-test) will have my needs covered. It depends how extreme one wants to get, if you are hardcore, it is possible to leave conventional transportation fuels behind entirely.

7. REDUCTION OF CONSUMER SPENDING/CONSUMPTION – No work for me here, I buy used, I live modest, and I am sufficiently amused by my little projects such that I do not yearn for tropical vacations or expensive toys etc…

The result of these changes have/will result in thousands saved in costs and taxes. This is really all a guy can do to reduce taxation these days (other than lobby the Gov, and protest for lower taxes LOL). It get’s fun pretty quickly, and there are many other things a guy can do – almost all of it enabled, or inspired by others online. Have to love the internet :).

#227 IHCTD9 on 11.23.15 at 1:00 pm

#200 Holy Crap Wheres The Tylenol on 11.23.15 at 10:30 am
I’m fed up with all of these scumbag politicians coming out claiming that they are the second coming of Jesus with their idea of a carbon tax to save the planet. Its bullshit, pure unadulterated bullshit. They will not save the planet and the planet does not need saving by them. Politicians are for the most useless tools, failed business types or ex professional university students that have never earned an honest dollar. They all want their name in perpetuity as the person who saved the world. A carbon tax is just another name for a pollution tax. Okay, so start with China, USA, India, Russia, Indonesia, Brazil, Japan. Get them to start controlling their pollution first. Then come and see Canada. If these politicians really want to prove themselves worthy of saving the world take the carbon fight to these countries first. You really think the Chinese, Russians and the Americans are going to tax themselves into a corner that makes them noncompetitive? Give your head a shake, nobody would commit economic suicide.
So here is the next question, who is in charge of carbon tax collected? For gods sake don’t let the government be in charge of it. They can’t even take a piss without dribbling on their shoes. They are the most incapable bunch of assholes in the world. That is akin to putting the fox in charge of the hen-house. You all know that the greedy little bastards will raid it for something stupid. I don’t even have to explain stupid as we all know everything they touch gets f$%ked up. Good luck all you happy tree hugger idiots. Have fun when you’re dumpster diving after you loose your job. Your not going to get a job that pays well after its all done, well perhaps you can be a tree planter, ya I hear that one pays well. Now its 82 degrees Ive got my AC on, I’m going to drive to the market get some fresh fruit, rum and beer. Then I’m going for a boat ride, a long boat ride. Hell I might just sit there all day with the motor idling just for shits and giggles. Go ahead tax me asshole!
____________________________________________

I agree with all of this. Stop paying them, it’s that simple. You’ve got options, some may go further than others :).

#228 Leo Trollstoy on 11.23.15 at 1:01 pm

#201 pbrasseur on 11.23.15 at 10:34 am

That’s an insane call but I applaud your chutzpah

#229 crowdedelevatorfartz on 11.23.15 at 1:03 pm

@#200 Holy Crap
“Then I’m going for a boat ride, a long boat ride. Hell I might just sit there all day with the motor idling just for shits and giggles. Go ahead tax me asshole!!”
++++++++++++++++++++++++++++++++++++

They already did.

http://www.google.ca/url?sa=t&rct=j&q=&esrc=s&frm=1&source=web&cd=1&cad=rja&uact=8&ved=0ahUKEwiy1cH7gqfJAhUK0WMKHVEmC-QQFggbMAA&url=http%3A%2F%2Fretail.petro-canada.ca%2Fen%2Ffuelsavings%2F2139.aspx&usg=AFQjCNEMdJ9xFdSYH5qSqptqwpaWlR8eIw&sig2=_ygCChPo8FQqAwhjlo0tgA

#230 SWL1976 on 11.23.15 at 1:09 pm

Wow, nothing turns this comments section into toilet stew faster then a debate about climate change.

SM – I’m surprised you of all people have not figured out that the big money is funding both sides of the debate.

The one argument perpetuates their oil machine and the control they have over all things oil. While the other side supports taxing us to oblivion ushering in the final demise to the middle class. All this while keeping the herd distracted and throwing poop at one another like the controlable primates we are.

It is a classic case of funding both sides is a clear win win

And if you haven’t noticed a change in the climate and weather patterns then you definitely need to put down the JD and step out of the casino.

For all others who suggest the planet is not rapidly warming I suggest you spend some time in the north to see for yourself

#231 TurnerNation on 11.23.15 at 1:09 pm

Mf did you read the mainstream news last week? Apparently, fingerprints (on hands) always remain after that deed allegedly is done. Some will always believe in the bogeyman.

#232 Doug in London on 11.23.15 at 1:14 pm

Yes, making the transition from the world we live in now to one with much lower greenhouse gas emissions will require a lot of capital investment and ultimately everyone will have to pay in one way or another. If at all successful, it will be one of the biggest if not THE biggest project taken on by humankind. So Garth, if YOU were in charge, what would you suggest we do to tackle this nagging problem?

#233 Doug in London on 11.23.15 at 1:19 pm

No need to worry, it won’t be all bad news. The perpetually booming real estate markets in Toronto and Vancouver will keep Canada’s economy afloat!

#234 Holy Crap Wheres The Tylenol on 11.23.15 at 1:28 pm

#229 crowdedelevatorfartz on 11.23.15 at 1:03 pm

@#200 Holy Crap
“Then I’m going for a boat ride, a long boat ride. Hell I might just sit there all day with the motor idling just for shits and giggles. Go ahead tax me asshole!!”
++++++++++++++++++++++++++++++++++++

They already did.

http://www.google.ca/url?sa=t&rct=j&q=&esrc=s&frm=1&source=web&cd=1&cad=rja&uact=8&ved=0ahUKEwiy1cH7gqfJAhUK0WMKHVEmC-QQFggbMAA&url=http%3A%2F%2Fretail.petro-canada.ca%2Fen%2Ffuelsavings%2F2139.aspx&usg=AFQjCNEMdJ9xFdSYH5qSqptqwpaWlR8eIw&sig2=_ygCChPo8FQqAwhjlo0tgA
____________________________________________
They will have to tax me when I get back from the Bahamas in the spring. But in the mean time rumble, rumble, rumble, rumble……that’s the sound of my 300 HP power boat idling in the Ocean. Oh shit it looks like rain, dam I just put the top on the boat. Still idling…………………………………..

#235 Mike in Edm on 11.23.15 at 1:35 pm

Edmonton home builders are getting creative (and desperate) to sell growing stockpile of new homes… http://edmontonjournal.com/life/homes/crystal-clear-incentive-crystal-creek-offers-new-homebuyers-250000-draw

#236 Smartalox on 11.23.15 at 1:49 pm

@ the real Kip #189:

Actually the CBC is confirming that the 25 000 refugees are to be made up mostly of women and children, and will come from refugee camps in Lebanon. Very few unaccompanied men, given how single young men are the most likely to be security risks.

http://www.cbc.ca/beta/news/politics/canada-refugee-plan-women-children-families-1.3330185

#237 Cici on 11.23.15 at 1:52 pm

Uh, oh:

Mortgage broker goes under with $122 million owed to 240 investors

http://calgaryherald.com/business/energy/mortgage-broker-goes-under-with-122-million-owed-to-240-investors?ref=yfp

#238 IHCTD9 on 11.23.15 at 1:54 pm

Oh look, Notley’s so called revenue neutral carbon tax isn’t revenue neutral. Details are oh-so slim, questions abound, and everyone’s making their best guess. But, 2.8 Billion goes back to the big polluters as a subsidy (LOL!), and 2.6 Billion goes to “other programs” and General Revenue?!?

What about the trees?

What about the whales?

Big surprise? Every right winger sans slivers imbedded in his/her chest called this the minute Notley got her majority.

Come on Leftwingnutnbartreehuggers, let’s hear the #@!%*&# outrage!!!

http://www.cbc.ca/news/business/carbon-tax-impact-consumers-business-1.3330391

BILLIONS slung around everywhere except places that could possibly improve the climate change situation. Good night Alberta.

#239 Gregor Samsa on 11.23.15 at 1:54 pm

All the idiots in here crowing about the AB carbon tax are proof that propaganda works. The so called tax actually allows for the continued expansion of the oilsands. It essentially does nothing other than make a few people feel better about themselves.

The proof is in the fact that every single smirking oil CEO in Alberta supports the plan. They are down with the game, even if you may not be. They realize that if they can market their product as being more green, they will be able to sell more. The key word there being “market,” with no necessary attachment to reality.

Wake me up when they do something the oil CEOs don’t like. That might look like real change.

#240 Ponzius Pilatus on 11.23.15 at 2:12 pm

I’d say:
Tax the hell out of Carbon, whoever that is.
As long as they leave me alone.

#241 jess on 11.23.15 at 2:17 pm

interesting pictures

Detroit’s Creative Enterprises Engage With Miles of Vacant Land
Friday, November 20, 2015, by Patrick Sisson
http://curbed.com/archives/2015/11/20/detroit-abandoned-lots-vacant-artists-urban-farming-business-development.php

…”Detroit also faces an historic foreclosure crisis: 26,406 properties were affected by tax foreclosures last year, according to D3, more than three times the number recorded during 2009.”

#242 IHCTD9 on 11.23.15 at 2:21 pm

#232 Doug in London on 11.23.15 at 1:14 pm
Yes, making the transition from the world we live in now to one with much lower greenhouse gas emissions will require a lot of capital investment and ultimately everyone will have to pay in one way or another. If at all successful, it will be one of the biggest if not THE biggest project taken on by humankind. So Garth, if YOU were in charge, what would you suggest we do to tackle this nagging problem?
____________________________________________

How about nothing?

At least until the other 6,963,000,000 on this planet show some results?

If China reduced their GHG emissions just 10%, just this 10% slice alone would exceed our entire GHG emissions for an entire year.

I cannot for the life of me understand why any Canadian would want to enlist a elitist collection of cementhead politicians to suck even more money out of our dying economy for an unstated, no promises given reduction of GHG’s.

If we are lucky, we may carve 5% off our total GHG emissions at huge expense, which amounts to approx. one one-thousandths of one percent off total Global GHG output (reduction of .001%).

ie. Let’s throw 10-20 Billion at it, cross out fingers, and hope for the best…

Either that, or it’s not really about the environment, rather – it’s about money.

#243 pbrasseur on 11.23.15 at 2:24 pm

#228 Leo Trollstoy

It took only five years for CAD to go from its 2002 low of 0.62 to the 2007 high of 1.10, goes to show things can change in a hurry…

I believe CAD true value to be around 0.80 but markets tend to overshoot + Canada is in for some rather painful economic adjustments.

So I don’t think my «call» (I would call it more of a guess) is that bold.

#244 Smoking Man on 11.23.15 at 2:26 pm

It begins, source financial post

FKing commies. Kick a dead pick up truck when it’s down.

In four years, you will not see a liberal or dipper anywhere.

CALGARY – Anyone with a carbon footprint in Alberta — whether it’s consumers or businesses — will soon have to pay greenhouse gas taxes, under a sweeping new climate change policy Premier Rachel Notley announced Sunday.

The wide-ranging set of policies set emissions limits of 100 megatonnes in the oilsands, force coal-fired power plants to emit zero greenhouse gasses by 2030, and will make Albertans who drive cars or have natural gas-fired furnaces in their homes pay in 2017.

Previously, Alberta charged a levy only for large emitters — companies that produce more than 100,000 tonnes of carbon per year. Now, anyone any emitters will pay $20 per tonne in 2017, rising to $30 per tonne in 2018.

The new carbon levy will apply to anybody who drives a car or truck, translating to an additional five cents per litre on gasoline beginning next year, rising to seven cents per litre in 2018. The levy will also boost the cost of running a natural gas-fired furnace by $1.12 per gigajoule in 2017, rising to $1.62 per gigajoule in 2018.

#245 jess on 11.23.15 at 2:27 pm

Welbeck Solutions ‘tax avoidance factory’ snared City bankers with spam and cold calls, whistleblower reveals
Company used actresses including former Alan Partridge star to bombard financial sector workers with cold calls

…using their drama school training to persuade Britain’s richest men and women to come in for consultations. ”

http://www.independent.co.uk/news/business/news/welbeck-solutions-whistleblower-exposes-secretive-city-firm-at-the-heart-of-a-vast-tax-avoidance-a6742846.html

#246 For those about to flop... on 11.23.15 at 2:42 pm

CNN reporting that the U.S government is looking at revoking passports of anyone owing more than 50k in back taxes.

#247 Nagraj on 11.23.15 at 2:46 pm

GT: “The [Canadian] economy needs greater investment activity, leading to jobs.”

Well, duh.

Even if Ottawa goes successfully ahead with its planned deficit-spending stimulus make-work, the effect on GDP will probably be only tangential. And monetary policy, however twisted it may get, cannot substitute for healthy economic growth. I suggest that if Bay Street is looking to either fiscal or monetary policy to provide profit, Bay Street is into desperate thinking.

Insofar as the Canadian consumer is cash-poor, NOTHING will up sales. Other than a falling unemployment rate and rising wages. The lack of “greater investment activity leading to jobs” speaks for itself: Bay Street is understandably not willing to risk money in a clearly failing economy.

The degree of failure will be determined by how the OIL CREEP and MORTGAGE CREEP morph into GALLOPING phenomena.

#248 Trees Eat Carbon on 11.23.15 at 2:56 pm

Trees extract carbon from the atmosphere. And if there’s one thing this country has got – it’s trees. So if we’re going to get taxed for emitting carbon then someone should look into how much carbon is being extracted by the 2,500 bazillion trees in this country. Who knows maybe they owe us money!

#249 joblo on 11.23.15 at 3:02 pm

I say it again….
The Guberment is my PIMP!

#250 TurnerNation on 11.23.15 at 3:07 pm

Market’s rank here boys. Fed must have leaked
out ;-)

#251 Peter on 11.23.15 at 3:09 pm

#244 Smoking Man on 11.23.15 at 2:26 pm

It begins, source financial post

FKing commies. Kick a dead pick up truck when it’s down.

In four years, you will not see a liberal or dipper anywhere.

CALGARY – Anyone with a carbon footprint in Alberta — whether it’s consumers or businesses — will soon have to pay greenhouse gas taxes, under a sweeping new climate change policy Premier Rachel Notley announced Sunday.

The wide-ranging set of policies set emissions limits of 100 megatonnes in the oilsands, force coal-fired power plants to emit zero greenhouse gasses by 2030, and will make Albertans who drive cars or have natural gas-fired furnaces in their homes pay in 2017.

Previously, Alberta charged a levy only for large emitters — companies that produce more than 100,000 tonnes of carbon per year. Now, anyone any emitters will pay $20 per tonne in 2017, rising to $30 per tonne in 2018.

The new carbon levy will apply to anybody who drives a car or truck, translating to an additional five cents per litre on gasoline beginning next year, rising to seven cents per litre in 2018. The levy will also boost the cost of running a natural gas-fired furnace by $1.12 per gigajoule in 2017, rising to $1.62 per gigajoule in 2018.

Dear SM
How would you suggest that The Alberta Government fund part of their budget shortfall???

#252 MF on 11.23.15 at 3:22 pm

#231 TurnerNation on 11.23.15 at 1:09 pm

*warning to all. A little morbid*

Listen, I don’t want to get graphic but the Israelis faced so much terror of this nature during the second Intifada that there was a dedicated group responsible for separating innocent victims from the terrorist so that the victims could be buried according to religious law.

They developed techniques that I won’t get into to ensure this (because it’s inappropriate for the blog, not relevant, and graphic).

This knowledge was then disseminated to other countries who are dealing with this horror (like France).

I’m sorry but this is a part of the war these sickos are waging on everyone. Denying it is wrong and is not the answer.

Again, apologies to the blog dogs for this post.

MF

#253 Doug in London on 11.23.15 at 3:25 pm

@IHCTD9, post #242:
I cannot for the life of me understand why any Canadian would want to enlist a elitist collection of cementhead politicians to suck even more money out of our dying economy for an unstated, no promises given reduction of GHG’s.
————————————————————-
Because we are stuck in a gridlock situation where, whenever we in the more developed countries approach emerging market countries like china about reducing emissions they counter with the question: What are YOU doing to reduce emissions? To make matters worse, they point out that most of that extra carbon dioxide up there in the atmosphere was put there by US (including you and I) in the more developed countries which, whether you like it or not, includes Canada. They’re looking for leadership from US, and so far we’ve been doing a lousy job of demonstrating it.
The narrow minded assumption is made that transitioning to a lower carbon economy will be all bad news for the economy. Did it ever occur to anyone that it could create many NEW JOBS in the renewable energy sector? These new jobs would be taken by people who PAY TAXES, BUY GOODS AND SERVICES, and contribute to building the new economy.

#254 Lorne on 11.23.15 at 3:26 pm

155 jane 24
If you visit places like China, Vietnam and the UAE, places that are undergoing a fast industrialisation, you will realise that whatever climate changes a country like Canada makes will just be piddle in a vast ocean of climate changing sins.

Visit Hanoi for example and admire a vast ocean of never ending, exhaust spewing motorbikes with families of four on them. Effectively twenty lanes of traffic on city roads.The CO2 produced by Canada in a year probably equals that of Ho Chi Minh City in one day. Lovely place to visit but you will need breathing apparatus.

It is not Canada that needs to change energy practices.

Trudeau risks shutting down the Canadian economy while the third world booms.
……
Of course, you are correct…I have been to Ho Chi Minh city and know what you mean…though the number of cars and trucks on the road is far less. However, to not do anything because others are causing MORE of the problem is similar to following the others jumping off the bridge. You do what you can do, and encourage (and maybe sometimes “force”) others to follow. Putting you head in the sand, while having your hand available for more $, is not the way to handle the situation!

#255 MF on 11.23.15 at 3:33 pm

#242 IHCTD9 on 11.23.15 at 2:21 pm

Ouch IHCTD9 is on fire today.

That was the angle that proved to me that this is a money grab more than a save the earth initiative.

A billion Chinese industrializing at a fast rate far eclipses any emissions Canada may produce.

It’s also easy to implement these tax schemes because it appeals to your basic emotions of survival.

#44 OXI in GREECE on 11.22.15 at 6:07 pm

Lol it was actually grade 5 in our tax payer funded Ontario education system I attended!

This is also an interesting angle. Isn’t excess carbon GOOD for plants? I mean photosynthesis requires CO2. The plants should be enjoying this excess carbon in the atmosphere and giving us delicious O2 to breath in.

MF

#256 COTW on 11.23.15 at 3:47 pm

“You either consume less or pay more.”

If only this were true. In ON, we have time of use billing for electricity to try and force consumers to consume less. We have and yet we still pay more.

In Ottawa, we have water meters on our homes so we pay for what we consume. It worked. Water consumption dropped over 30% and City Hall screamed, “foul – water revenues are down and we need to increase rates to pay for expensive infrastructure upgrades.”

Our reward for consuming less is to always pay more as gov’ts at all levels have shown that they cannot deliver a budget in which they consume less.

You truly are the greater fool if you believe that if you consume less that you will pay less.

#257 For those about to flop... on 11.23.15 at 3:51 pm

Some people say that there is a big slowdown in mining but all the people I know are still being mined by the government.

#258 IHCTD9 on 11.23.15 at 3:58 pm

#222 crowdedelevatorfartz on 11.23.15 at 12:38 pm
@#185 BillyBob
“Being a crashing bore is a far worse crime than incorrect grammar….’
++++++++++++++++++++++++++++++++++++
I somewhat agree but when too many people rely on spell check. Things can become either confusing or amusing…..take your pick.

A crashing boar could ruin your crops as opposed to a crashing bore that could ruin your party.

If you can tune a piano can you tuna fish?

I’d say that at the rate society seems to be “progressing” we all should be phonetically challenged illiterates long before the planet heats up to a toasty, ice free, heated, polluted, swimming pool full of radioactive jellyfish…..
Our legacy to our great grandchildren.
____________________________________________

Went to a spelling bee the last two years in a row where my kiddies were competing. Both times, Ontario Public school kids did not even place.

1st – Private School
2nd – Home School
3rd – Home School

Same exact thing this past year, probably again in the spring 2016. Also went to awards ceremony for various contests put on by the Legion, again Private and Home schooled kids cleaned up.

I suspect Wynne will eventually prevent Colleges from handing out awards, or from even having academic competitions altogether. If it weren’t for all the [probably] immigrant Asians in Toronto, I’d probably see the same thing in the Gauss Contests as well.

At least we can import brainpower from other countries if we can’t make it happen with our own Canadian kids…

#259 Keith in Calgary on 11.23.15 at 4:00 pm

I’ve been in Grande Prairie, Alberta for the last 8 days with 5 more to go.

Anecdotes abound…………

Drive past any marine/watersports location and you’ll see boats and quads galore where there should be none. Every dealership has unsold trucks all over the place

Several people I have met are out of work. For example, a coupe of welders in the bar the other night said they called 30 of their regular long time customers and there is NOTHING for them to do. Absolutely nothing at all now, or in the foreseeable future. One guy is going BK and walking away from everything….going to move back to Nfld. Almost everyone here is a “contractor”……which means no EI payments and probably a huge quarterly or monthly tax bill that is probably past due.

Looks like they pissed it all away just like in 1980-83.

#260 IHCTD9 on 11.23.15 at 4:16 pm

#82 randy on 11.22.15 at 8:15 pm
Cheap oil and gas makes it easy to run my diesel generator with my transfer switch about 24 hours a day to control my costs from Hydro One. My neighbours’ aren’t happy but they voted Liberal, so screw ’em.
____________________________________________

LOL! I wonder how the numbers would look if you got a big battery bank together, and charged it with say a 5K genset running off NG off the street? Could you make 800KWH for about $200.00 in NG? How about $300.00 (by 2018 that’s probably about how much our bill will go up when Wynne is done)?

I’ll bet we’re getting pretty close to real lower cost options on home power generation compared to buying it off the pole.

What happens then? Will our government make it illegal to produce your own power under some BS guise? It’s happened in Europe, buy from the government or go to jail. I wish Wynne would just sell off 100% of HO or none at all. they way it is no is the worst of both worlds…

#261 Smoking Man on 11.23.15 at 4:27 pm

#250 TurnerNation on 11.23.15 at 3:07 pm
Market’s rank here boys. Fed must have leaked
out ;-)

I knew you ment Tank LOL

#262 IHCTD9 on 11.23.15 at 4:28 pm

I think Canada, especially Alberta and Ontario are set to get a lesson on the Laffer curve. Big taxes coming down on an economically oppressed people. Folks are going to start working harder at keeping what little they have left from here on in. By Folks I mean the poor and middle class, the ones impacted most by Boneheaded Trudeau/Wynne/Notley policy, the 200K and up crowd will pay their increases and carry on – unless they are a business owner – that may end differently.

Revenues may not be as strong as they are hoping for – watch consumer spending…

#263 Freedom First on 11.23.15 at 4:30 pm

#192 Smoking Man

Yes. You are right. I posted here last year when oil peaked that I sold. I also posted here recently when oil bottomed I bought the ETF ZEO. Bargain time. Just nibbled. Watching the Paris climate talks and will re-evaluate. Possibly buy 2-3x more oil to be re-balanced. Oil and gas, and all petroleum products are a long way from being replaced. I like to buy things when they are out of favor. And I never hold enough in any asset to hurt me. That includes the properties I owned to live in. Renting is a financial bargain of epic proportions today for me.

#264 Blacksheep on 11.23.15 at 4:43 pm

ALBERTASTROPHE, # 67,

“Today is November 22. (RIP JFK)”
———————————–
Reminds me of this should be, famous, speech:

“For we are opposed around the world by a monolithic and ruthless conspiracy that relies primarily on covert means for expanding its sphere of influence – on infiltration instead of invasion, on subversion instead of elections, on intimidation instead of free choice, on guerrillas by night instead of armies by day.

It is a system which has conscripted vast human and material resources into the building of a tightly knit, highly efficient machine that combines military, diplomatic, intelligence, economic, scientific and political operations. Its preparations are concealed, not published. Its mistakes are buried not headlined. Its dissenters are silenced, not praised. No expenditure is questioned, no rumor is printed, no secret is revealed.”

John F. Kennedy, April 27, 1961

Relevance: Global taxation appears to be a primary goal of the deep state.

#265 Smoking Man on 11.23.15 at 4:49 pm

#252 MF on 11.23.15 at 3:22 pm
#231 TurnerNation on 11.23.15 at 1:09 pm

*warning to all. A little morbid*

Listen, I don’t want to get graphic but the Israelis faced so much terror of this nature during the second Intifada that there was a dedicated group responsible for separating innocent victims from the terrorist so that the victims could be buried according to religious law.

They developed techniques that I won’t get into to ensure this (because it’s inappropriate for the blog, not relevant, and graphic).

This knowledge was then disseminated to other countries who are dealing with this horror (like France).

I’m sorry but this is a part of the war these sickos are waging on everyone. Denying it is wrong and is not the answer.

Again, apologies to the blog dogs for this post.

MF
……

You ever ask yourself why these random Palestinian kids facing curtain death are attacking civilians and armed cops with knives…

I know the desert heat can make people go coco, been to Vegas many times myself, but Not coco enough to start stabing people with guns..

Something else is at play..

Never been, nor ever what to go to that spastic part of the world. So I can’t really comment on shit I haven’t seen.

#266 crowdedelevatorfartz on 11.23.15 at 5:08 pm

@#259 IHCTD9
“At least we can import brainpower from other countries if we can’t make it happen with our own Canadian kids…”
++++++++++++++++++++++++++++++++++++
Total agreement.
Our ‘learned post secondary institutions” ( insert “cash grab”0 seem to be more focused on politically correct indoctrination than the real world.
Case in point. A female professor in Ontario couldnt use the word “rape” in discussions with her students about domestic violence as it made some of them “uncomfortable”. She was censured after numerous complaints.
The emergence of “agression free zones” in universitys has reached the point in western universitys where it stifles debate of any kind….all because “icky” topics make students feel “uncomfortable”.

Asking an asian student or a student with an accent “Where were you born?” is now considered “microaggression” and can result in a warning…….

http://www.google.ca/url?sa=t&rct=j&q=&esrc=s&frm=1&source=web&cd=1&cad=rja&uact=8&sqi=2&ved=0ahUKEwjYgdmzuafJAhUM3mMKHdogB-QQFggbMAA&url=http%3A%2F%2Fwww.theatlantic.com%2Fmagazine%2Farchive%2F2015%2F09%2Fthe-coddling-of-the-american-mind%2F399356%2F&usg=AFQjCNHhD1lh2QCarNrCA5sVVv5HecEpIA&sig2=E8LCxf3a333IXaWFUIiEHQ&bvm=bv.108194040,d.cGc

Actually, truth be known.
I’m kind of enjoying the “pc blacklash” since it was created by the self same “educated” elite that now must suffer through it…

#267 Sally Ride on 11.23.15 at 5:09 pm

BWAHAHAHAHAHAHAHA… Obama is now saying he was ‘misled by the State departments security information briefings’…. “I was misled into not understanding how strong ISIL forces were”….he’s now vowing to get to the ‘bottom of it”.

BWAHAHAHAHAHAHAHAHA… So Obama caused the refugee crisis…not his fault? The kids washing up on the beach…not his fault…he was ‘misled’. ( Yes that’s the exact word he’s using).

The entire time he’s been in office he’s been operating under a false assumption that nothing was going on….and he expects us to believe that any bonehead with a television could see a religious war and an entire region in conflagration? He didn’t know? The crisis isn’t his fault?

What is going to happen when the lid is off the box and Obamacare costs are finally made public. The ‘misled president’ has been mired in propaganda and the press has reported on gross irregularity even mass fraud….but is that going to be ‘not my fault too”?

What’s going to happen when the whole scam of climate change being nothing more than a plank in his ‘legacy’ to be shown off in his billion dollar ‘library’. Against all the facts this misled moron has used the bully pulpit to ravage the economies of almost a hundred countries around the world. When the facts come out…will our Trudeau stand up and say “I was misled”? Will he excuse himself and say “Obama made me do it”?

With Obama now speaking for Canada…and admitting he’s an uninformed goof…..will our Liberals continue to follow the fool off the cliff?

Which leaders in Europe will have the guts to say “We were misled”….now that the religious wars of the Middle East are ravaging their neighborhoods after millions of people said “This can only lead to disaster”.

Who will take responsibility for the first murders in Canada? Haven’t we seen what small groups like the Toronto 18 are willing to do? Will Wynne say she sorry to the parents of murdered children? Will it be Trudeau?

When is it OK for a politician to admit when they’re wrong? Millions have died due to Obama’s arrogance. How many will die in Europe before Merkel is forced to take the stand? Will Trudeau’s trial be as sensational as the Duffy Trial?

#268 Ralph Cramdown on 11.23.15 at 5:10 pm

#254 Lorne — “The CO2 produced by Canada in a year probably equals that of Ho Chi Minh City in one day.”

Vietnam refined petroleum products consumption 471k bbl/day population 90mm. Canada refined petroleum products consumption 2.41mm bbl/day population 35mm. So 0.005 bbl/person/day vs. 0.07 bbl/person/day. Don’t confuse soot and smog-forming pollutants with CO2. Or a 50cc scooter with a 5L V8.

#269 crowdedelevatorfartz on 11.23.15 at 5:11 pm

Just so long as our education helps us to be able to make scents…….cents…….sense of what we are reading or writing.
Thats the main thing.

#270 zeeman1 on 11.23.15 at 5:13 pm

Good Christ Garth, it looks like all the Liberal paid Astroturf’s showed up early trying to convince us higher taxes and a slowly declining standard of living are good things we should be thankful for.

My prediction stands: In 4 years there will barely be any Liberals in power after we experience the start of what’s coming. Even the parasites have limits to being bent over and being told it’s for their own good.

Man, China, Asia and Russia are laughing at us silly westerners.

#271 Pho King Great on 11.23.15 at 5:24 pm

20% plunge in one year.

http://business.financialpost.com/news/energy/the-average-house-in-fort-mcmurray-has-lost-117000-or-20-of-its-in-value-in-one-year

#272 saskatoon on 11.23.15 at 5:32 pm

#75 saskatoon

of course the issue is about whether or not climate change is a human threat.

if it’s not a threat, then there is no need for government “intervention”.

#258 IHCTD9

in addition to dumbing young people down…public schools are also sociopath factories.

#273 straight six on 11.23.15 at 6:39 pm

The Fix.
Greenhouse gasses..
The solution is simple.

Repeat after me.. ‘Less-is-More!’
All you gotta do is re-program
(if you really care).

Expect less!
but don’t go without
Waste not!
That’s what I’m talking about
Consume less!
Do you need that much?
Drive less!
What’s all the fuss..
Jet less!
Do you need to go?
Flush less!
save your dough

wear a sweater, grow some hair!
explore your own backyard
It’s all right there..

But it ain’t gonna happen
Because CONSUMPTION is such a rushhhh!!!!

#274 Herf on 11.23.15 at 7:02 pm

#203 Freeman

Your posted links all show graphs by NOAA whose credibility has been called into question. They’ve been fudging the measured data. See links:

https://stevengoddard.wordpress.com/2015/07/27/mind-blowing-temperature-fraud-at-noaa/

http://www.foxnews.com/science/2015/06/10/climate-scientists-criticize-government-paper-that-erases-pause-in-warming.html

http://news.investors.com/ibd-editorials/060515-756055-noaa-says-there-is-no-global-warming-hiatus.htm

#275 EINSTEIN on 11.23.15 at 7:13 pm

Garth>
most people are assuming that climate change is CAUSED by HUMANS. wrong assumption. nothing we do here us humans will affect anything.
cheers,

#276 Bottoms_Up on 11.23.15 at 7:19 pm

#270 zeeman1 on 11.23.15 at 5:13 pm
——————————–
Actually, the Chinese commitment to battling CC is more robust than what Alberta just proposed.

#277 jess on 11.23.15 at 7:21 pm

http://blog.ucsusa.org/andrew-rosenberg/rep-lamar-smith-versus-science-the-department-of-commerce-and-noaa-respond

The American Meteorological Society today issued a strongly-worded letter condemning House Science Committee Chairman Lamar Smith’s ongoing harassment of government climate scientists.

====

Have you heard about the group that has abused open records laws to harass climate scientists across the United States? The organization behind North Carolina’s ban on using sea level science to inform coastal planning? The institution attacking renewable energy targets?

http://www.theguardian.com/science/political-science/2015/aug/28/digging-into-big-coals-climate-connections

Giant Coal Company Bankruptcy Reveals Secret Ties to Climate Denial, GOP Dark Money Groups
Lee Fang

Aug. 25 2015, 1:34 p.m.

=========
public schools are sociopath factories ….how about the kill factories

https://theintercept.com/drone-papers/the-assassination-complex/

#278 j on 11.25.15 at 4:50 pm

First time commenter, longer time reader:

You say a carbon tax/cap and trade scheme would kill the tar sands.

Would it really? They already run at a loss when oil is under $80-$100 per barrel, no?

I suspect that if excess pollution up stream developing these resources was costly, the companies doing the extraction/processing would figure out a way to waste less energy doing so.

Right now one unit of natural gas is burned up to provide 3 units of oil. That’s crazy. If wasting natural gas was costly, the companies would have to find a much more efficient way to process the bitumen.

It wouldn’t be game over and the investment needed to reduce waste would create jobs.

I don’t think a carbon tax/cap and trade scheme is the answer – to the contrary it would just be a nuisance, a extra burden too small to make a difference; something implemented to score political brownie points.

Just saying that it’s a myth that regulating pollution from the energy sector will kill it. It’s like saying that mandating catalytic converters, seat belts, and air bags in cars could only kill the automotive industry. It did not!