They what??

WHAT modified

Defying the odds, spitting in the eye of convention, shattering the predictions and expectations of financial markets across the entire globe, a slim majority of Britons voted last night to take their country out of the world’s biggest free trade zone. It was dramatic and unexpected by those who felt UK voters would not be myopic enough to opt for nationalism, protectionism and a new form of isolation. But they did.

Financial markets had made the opposite bet, so the reaction is pretty much what you’d expect. A knee-jerk move down for stocks, a surge up for safe haven assets like bonds, the US dollar and gold, plunging bond yields and a devastation of the British pound. The Canadian dollar sank as the greenback surged and oil prices toppled, in an immediate one-two blow for Canadians.

Politically, David Cameron is gone as UK prime minister, ushering in a new period of volatility and uncertainty there. Scotland, which voted to stay in the EU, is now grousing about a new independence vote. There’s talk an emboldened France may want out of the Euro zone for the same reason most Britons did – to control immigration. As such, it could conceivably lead to the eventual breakup of the whole thing, plunging 700 million people into an unexpected and potentially difficult reality. It certainly would thwart the efforts of institutions like the European central Bank to stave off deflation and fight the unemployment that’s plagued the region.

While stock, bond and currency markets will find their level again – likely posing some massive investment opportunities (as did 2008) – the economic and political fallout is something else. No doubt about it, people are in a mood. It’s anti-establishment, iconoclastic, pissy, defiant and visceral. This is the same sentiment which has propelled a talentless bombast like Donald Trump to the threshold of power in the States. Dangerous.

The celebration of the UK’s questionable decision here on this pathetic blog last night is astonishing. So many people see this not as the backward economic and financial step that it is, with global implications, but as revenge for the little guy – against forces they felt powerless to change. Until now. As a cowboy I understand this perfectly. As a financial guy, it’s insane.

Along with my two Portfolio Manager partners, we held a special Brexit conference call with all of our Turner Investments clients at 11 am EDT today, June 24th, to weigh the consequences. The recording of this call is posted below (in mp3 audio format):

Turner-Investments-Brexit-Call-June-24-2016.mp3

403 comments ↓

#1 David on 06.24.16 at 10:43 am

Get ready for a Donald Trump presidency. The same type of voters who passed Brexit will elect Trump.

#2 Fed-up on 06.24.16 at 10:51 am

It was dramatic and unexpected by those who felt UK voters would not be myopic enough to opt for nationalism, protectionism and a new form of isolation. But they did.
——————————————————————————————

You may want to consider that the UK is a 2000+ year old civilization with a glorious history and rapidly fading identity. Something that Canada will never have or even begin to understand.

This should not have surprised anyone that was using their noggin and France may be next.

#3 Rebel X on 06.24.16 at 10:53 am

The “common man” is determined to make changes. They’d rather hurt themselves then let whatever they consider the status-quo continue on…
Whether it be leaving Eurozone, voting in Trump, breaking away from NAFTA, the U.N., whatever… it doesn’t matter as long as there’s some kind of change.
The world is now ripe for the likes of those promising change (in any form).
History’s worst leaders usually step in right at this kind of moment. It is now likely that something evil this way comes…

#4 mishuko on 06.24.16 at 10:55 am

do you smell that? I smell a buy op and a time to rebalance.

#5 Cheese on 06.24.16 at 10:56 am

Sh*t just got real :(

#6 westcoaster on 06.24.16 at 11:00 am

“It’s anti-establishment, iconoclastic, pissy, defiant and visceral. This is the same sentiment which has propelled a talentless bombast like Donald Trump to the threshold of power in the States. Dangerous.”

Many of the moving parts are sobering/frightening, but the most shudderworthy is the global direction toward a new paradigm that includes protectionism, anti-immigration, overt racism and other sentiments for which “The Donald” is the poster child.
Is this just the beginning of a global trend?
Does this move the political needle toward Mr. Trump and his equivalents in France, Netherlands, Italy, etc.?
I don’t like the vote for its motivations never mind the economic fallout for Britain, the EU, us……

#7 Say What? on 06.24.16 at 11:00 am

This obviously means lower rates and a search for asset safety. So, I think this puts more upward pressure on RE. Especially Vancouver. So much for predictions of lower rates and lower RE prices. Not in our lifetimes.

#8 LowRent of Arabia on 06.24.16 at 11:02 am

Had coffee with a Brit on my patio over here in the desert and we watched the GBPUSD sink live on DailyFX.

He was a lot more poor after only one coffee.

He was a Brexiter. The euphoria wears off quickly.

Steep price to pay because you don’t like Poles working in your pubs but oh well. Rule Britannia and all that…

#9 Justin on 06.24.16 at 11:02 am

This is not such a big deal. Life will go on and the Brits will negotiate a different trade pack with the EU. They just want more control of their country. It might take a couple months for markets to go back to normal, but they will. This is not the end of the world. Don’t sell. In fact, I’m going to be buying in a couple of weeks.

#10 Say What? on 06.24.16 at 11:03 am

Maybe we should get ready for negative interest rates?

#11 ROTFL on 06.24.16 at 11:04 am

“So many people see this not as the backward economic and financial step that it is, with global implications, but as revenge for the little guy – against forces they felt powerless to change.”

I’m having trouble understanding your viewpoint. Do you think the economic circumstances of the “little guys” have been improving, but they don’t recognize it? Not improving, but due to exogenous forces like free trade and free immigration, which national governments are powerless to stop? Not improving, but they’d be WORSE without free trade and immigration? The little guys apparently don’t believe any of these, so they must believe something else.

“It certainly would thwart the efforts of institutions like the European central Bank to stave off deflation and fight the unemployment that’s plagued the region.”

With respect, the ECB knows how to create inflation, as does every central banker. If levels are below target, it’s because they’re not trying. I’ve come to believe that most of today’s central bankers worry far less about missing inflation targets on the low side than on the high side. How could you look at the data and their actions and believe anything else?

#12 pathcontrolmonk on 06.24.16 at 11:05 am

UK’s decision to leave EU makes sense if you watch Brexit The Movie. Garth, I would have thought the libertarian in you would approve? The EU bureaucracy is a bloated basketcase dominated by elitist francophones.

#13 Cdn Mom on 06.24.16 at 11:05 am

The further the controlling elite get from the common man, the more anti-establishment the common man becomes.

Well done, UK.

Next up, USA. Better mind your Ps and Qs there, Mr. Trudeau, Ms. Wynne. This is global.

Checked the portfolio, portfolio said, “Meh. Whatever.”

#14 Capt. Serious on 06.24.16 at 11:07 am

Well, lawyers are going to be happy. Lots of paperwork to effect an exit. Lots of trade agreements will need to be renegotiated.

#15 YVR next? on 06.24.16 at 11:07 am

I’ll bet some folks in Vancouver wouldnt mind a certain kind of home buyer makes an exit ?

Your turn Morneau…

#16 Say What? on 06.24.16 at 11:08 am

“This is the same sentiment which has propelled a talentless bombast like Donald Trump to the threshold of power in the States.” – Garth

———————————————————–

Whereas Hillary Clinton is talented and wise. She gets paid $200 thousand to dispense words of great wisdom at her speaking engagements.

#17 Jetboy on 06.24.16 at 11:09 am

Now watch Russia…Putin will surprise everyone too busy reacting to this mess. I hope I’m wrong….something evil this way comes.

#18 Freedom First on 06.24.16 at 11:12 am

Alberta is next! We can make it on our own. Happy Alberta day everyone!

#19 Ex-Cowtown on 06.24.16 at 11:18 am

Brexit financial fears are overblown. It will be a yawner. The process to exit will take 2 years, so negotiations will remove the most onerous issues that the EU attempted to jam down everyone’s throats (naive socialist and progressive immigration policy) and will retain the issues of free trade.

People aren’t stupid and that cuts both ways, they understand the importance of free movement of goods and services, but they also understand the risks of the unfettered movement of people. Nobody was ever killed by a Mercedes Benz shooting up a night club.

#20 T.J.BONES on 06.24.16 at 11:21 am

Sir Garth:

Spain, wants Gibraltar back !!!!!!

#21 Doug T. on 06.24.16 at 11:27 am

I love it when the people actually grow a pair :)

#22 YorkshireWhisky on 06.24.16 at 11:27 am

Please can we get this sorted once and for all, it’s not about immigration any more than the BC housing market is driven by people from Asia. It was about the ability to control, and vote for, our own government. Everything you have been told about the Brexit supporters and racism is wrong. Yesterday Britain voted to take back control of the country from Brussels, it was that simple.

#23 TurnerNation on 06.24.16 at 11:28 am

A New Order out of Chaos. Same old.
Everything must change is the plan.

What plan, only like 20 major countries have fallen. One per year. This told us Twitter did that.

#24 Julie K. on 06.24.16 at 11:30 am

Didn’t even sleep last night here on the coast.

When ~ 5% of the vote was in and it became apparent Brexit was actually going to materialize, I was riveted. All the implications of this leave vote racing through my head created no peace for sleep.

Perhaps the most insightful comment heard on CNN overnight (as CNN scrambled to cover the breaking news story); “Brexit was not a vote for or by British people rather a vote for and by ENGLISH people”.

Get the distinction?

#25 NoName on 06.24.16 at 11:31 am

#18 Freedom First on 06.24.16 at 11:12 am

Alberta is land locked UK isnt. how is that pipe line work ing our for you?

#26 Market Man on 06.24.16 at 11:38 am

Interested to see the “new changes” in RE
The new “downpayment” change did nothing – of course it really wasn’t a “change” most people put 7.5% on homes over 500K and I’m sure their stats supported that.
The only real change was not insuring home that sold over one million and did nothing to slow down that part of the market.

They need to tighten the credit market or raise mortgage rates.

#27 Life among the Stars on 06.24.16 at 11:41 am

Fordnation, Notley, Brexit, PM Boris, El presidente Trump….. there is indeed a pattern… people are pissed.

#28 tex on 06.24.16 at 11:43 am

#18 Freedom First on 06.24.16 at 11:12 am

Years of reading the steerage section and I agree with you for once.

#25 NoName on 06.24.16 at 11:31 am

Alberta is land locked UK isnt. how is that pipe line working our for you? …

Alberta’s pipelines are working great! Partly the reason North American energy companies want to build more. Rest assured- in the next provincial election, Alberta will swing hard right- and I wouldn’t be shocked to see talked of separation at all- particularly if the U.S comes-a-courting. Wouldn’t be bad for Alberta at all… the rest of Canada would suffer a bit economically, but would bounce back by continuing to trade houses to one another.

#29 f.dover on 06.24.16 at 11:44 am

Britain voted to get far far away from Mario Draghi. I wish we could vote to get far far away from Janet Yellen!

#30 powder_hound86 on 06.24.16 at 11:49 am

The reason these types of votes are gaining traction is because the central bloc has failed spectacularly at bringing prosperity to the middle class. They have managed to contribute to the worst inequality seen in generations though. People are starting to figure it out and are demanding change.

Firing up the printing presses and redistributing wealth towards the bean counters can only go on so long before the general populace beings to figure out they are getting the short end of the draw.

Most of the people voting yes are near destitute anyways, they don’t have a lot of money to loose in the markets, they don’t care if the markets crash.

#31 Vancouver Brit on 06.24.16 at 11:52 am

The EU had chance after chance after chance to listen to what the UK wanted. Renegotiation of our terms were necessary for us to remain yet all we ever got was dismissals of requests time and time again.

The EU’s utter arrogance created a hostile environment inside the UK and there is palpable frustration not just throughout the entire country but throughout Europe. This could be the demise of it all.

People in the UK with genuine concerns about immigration and sovereignty were bullied, harassed, called racists and threatened throughout the campaign and we’re sick of it! We have a right to be heard and be heard we shall! This was more an anti-establishment vote than an anti-EU vote. Remain’s constant scaremongering and threats arguably fired up the Out voters even more, who turned up en mass as a sign of defiance.

Whilst I do feel some angst at leaving with an uncertain future ahead, something had to be done and our hands were tied. Nobody would listen and it was the last chance we had to make the necessary changes.

#32 Future Expatriate on 06.24.16 at 11:56 am

Global financial collapse, anyone?

Say hello to President Trump and Vice President Palin.

Let the Apocalypse begin!

#33 46 and 2 on 06.24.16 at 11:57 am

I’m not surprised at all….the EU was flawed from the beginning and was doomed to fail. May as well get it over with now. Others will now follow, Greece, Portugal, Spain…etc.

#34 bill on 06.24.16 at 11:58 am

does anyone know of a british or european etf that is taking it on the chin but otherwise might be a decent investment ?
thanks in advance!

#35 leafsfaninyvr on 06.24.16 at 12:01 pm

Not sure why Garth won’t post any of my comments given some of the garbage that makes this forum, but maybe he’s grown weary by all of the misses on the predictions……that or he hates the Leafs.

#36 gladiator on 06.24.16 at 12:04 pm

Garth, it’s the celebration of freedom from being ruled by a group of bureaucrats who no one could vote for. People want to have their fate in their own hands and they said loudly and clearly that they want it back.
This is true democracy. Are we not to celebrate it?

The people have spoken.

#37 Future Expatriate on 06.24.16 at 12:08 pm

I believe the exact expression is “gobsmacked”?

#38 TnT on 06.24.16 at 12:09 pm

Shareholders & Technology are creating a global shift in Western Societies

“The Few” operate the levers of Free Markets and Immigration and then tell the “The Many” this is better.

Better for who?

#39 Newbie on 06.24.16 at 12:19 pm

here is the funny one )
https://www.washingtonpost.com/news/the-switch/wp/2016/06/24/the-british-are-frantically-googling-what-the-eu-is-hours-after-voting-to-leave-it/

#40 Newbie on 06.24.16 at 12:19 pm

*funnniest

#41 common sense on 06.24.16 at 12:21 pm

So what do you think?

As Steve Earle sang : “The revolution starts. Now.” Though a tad leery of how this will all play out over the next year, it just “feels” like the people have finally spoken.

Would just love to be a fly on the wall in the rooms of high power right now….

Well said #29 F. Dover

#42 46 and 2 on 06.24.16 at 12:25 pm

Some of you “preppers” in this group are hilarious.

#43 Capt. Serious on 06.24.16 at 12:25 pm

#34 bill
does anyone know of a british or european etf that is taking it on the chin but otherwise might be a decent investment ?
thanks in advance!

XIN
VEF
XEF

All down over 5% today.

#44 NoName on 06.24.16 at 12:26 pm

#28 tex on 06.24.16 at 11:43 am

we had 10 yrs of cons federally and 50 provincially, and no keystone.

Obama did everything he could to support and protect shale, do you honestly think that if Donny wins will favowor oil sands over shale?

i remember how desperate fed gov got when keystone got canned, and tryes to figure out how to sell oil to China.

what do you know that i dont?

#45 When Will They Raise Rates? on 06.24.16 at 12:27 pm

The underlying point of the EU is that it was constructed by the CIA (see recently declassified documents confirming this) to make it more convenient for the US to “manage” Europe. Easier to deal with one vassal than 28 separate vassals.

The EU is anti-democratic.

As exhibit 1, the European Commission is ruled by unelected Eurocrats who answer to nobody and over whom individual European nation states have NO control and cannot remove.

This is a great day for freedom.

#46 Capt. Serious on 06.24.16 at 12:27 pm

Also for pure Europe:

VE
XEU
XEH

All down big time.

#47 Basil Fawlty on 06.24.16 at 12:32 pm

Hopefully, the Brexit vote will help can the undemocratic and secret TPP.

#48 It's time on 06.24.16 at 12:36 pm

With gold surging, it is time to ask a simple question. Received a 1 oz gold coin (Canuck Mint) for present. Looking to unload it. How does one go about such things?

#49 jay on 06.24.16 at 12:37 pm

Remember The Charlottetown Accord, all of our elite’s said the same thing’s .This is just a buying opportunity for the 1%.

#50 Noel on 06.24.16 at 12:38 pm

Fully takes rate hike off the table for the Fed in July.

Won’t be a hike immediately before the election.

Pretty much takes the possibility of any Fed action right into 2017.

In fact, a rate cut by the Fed is now in play.

No normalizaion of interest rates in the near future = more asset inflation = house price appreciation.

#51 Marcus on 06.24.16 at 12:39 pm

England is free!! Now the heavy lifting begins. http://giphy.com/gifs/brexit-xT0GqwDubWpuCn6cX6

#52 VICTORIA TEA PARTY on 06.24.16 at 12:42 pm

BIG AL SPEAKS AND HE IS NOT A HAPPY CAMPER

CNBC’s chat this day with one-time Fed-head Alan Greenspan was one of those smacks cross the forehead with a two-by-four alright.

He told shell-shocked viewers, following the Brexit vote results, what drove those results and why:

–the EU project is doomed to failure because the chance of political union is non-existent (and Brits don’t want the UK dragged down with the EU “ship”. He cited Greece as another country that is doomed to leave the EU;

–throughout the industrialized world there is wage stagnation and workers are getting screwed in the result. “Real incomes are not going anywhere,” is one quote;

–he said sovereign debt everywhere is unsustainable and the outome cannot be good. He indicatd that he has never been more bleak about world economic prospects;

–and then there was this about the US economy and its so-called future:

http://www.cnbc.com/2016/06/24/alan-greenspan-says-british-break-from-eu-is-just-the-tip-of-the-iceberg.html

SUNSHINE AND LOLLYPOPS WITH THE T2 BRIGADE

One does not know the full extent of this earthquake-like vote but Mr. Trudeau was quoted thusly by the CBC:

“Trudeau says the Canadian economy is in a good position to weather the storm in the wake of Britain’s vote to leave the European Union.​

“Canada has tremendous economic fundamentals that we are strengthening with key investments in infrastructure and measures to grow our middle class”…”We are well positioned to weather global market uncertainty as we have done in the past…”

The US president and Vice-president offered similar emptinesses. And Hillary the US Entitlement Princess
in Chief dished out similar supportive ramblings sounding as if she is already the next US president!

Donald Trump, who landed in Scotland overnight — what coincidence (!) — spoke of voter rage over how establishment leaders in the UK, US and elsewhere else ignore this anger at their peril.

Talk about Interesting Times”.

#53 Joe2.0 on 06.24.16 at 12:43 pm

Is that a baby picture Garth?

Nice form letting all the “i told you so’s” get it out of their systems..

#54 Vera on 06.24.16 at 12:43 pm

Change brings further change. This will bolster the hopes of many more with pissy attitudes. How long until we start hearing about that western (bc, alta, sask) separatist vote? That’ll address the issue of inflated RE, and cowboy immigration policy.

Oh, already started.

#55 The Spectre on 06.24.16 at 12:45 pm

Garth,
it’s now time to reflect on your (partially-inflexible) opinions. You’ve been biased (and incorrect) towards a big number of points such as: FED rate hikes, housing crash (for a few years now), US (phony) Job numbers (all fake and manipulated by the federal stats), US economy recovery, S&P 500, just to name a few.

We are in a global historic transition that only the nectonites realize (thanks SM). Some of your opinions are also product of the brainwash of the gvt and the media.

BREXit was EXCELLENT! The Brits freed themselves from those COMUNIST EU LOSERS.

The world is changing. Trump is coming. And this is good news!

The system is rigged for so long and now, thanks to the disruptions in communications and (partially) free speech, people are waking up.

UNFORTUNATELY this will take a little longer in our Socialist-Unionized-Canada but it will come to us soon, liking or not.

Cheers!

#56 Randy on 06.24.16 at 12:48 pm

The Fed …..What rate Hike ?…haha

#57 westcdn on 06.24.16 at 12:48 pm

I am being off topic again. I have rabbits who like my front lawn. I have holes where they like to reside. I haven’t seen them for a while but they are busy doing rabbit things – I expect to see them again shortly as that is their pattern.

There was a Northern Flicker that was trapped in my garage. I like those birds. I opened the garage door but it insisted on trying to fly through the window. So I grabbed it – it was scared. I let it go in the back yard.

Now I have two crows that follow me around. I am sure it is a guy and a gal. The suspected guy craws at me all the time (I want to take a bat to it). The suspected gal just watches me. Do birds communicate?

#58 Randy on 06.24.16 at 12:49 pm

The Welfare State is incompatible with today’s Marxists and ISIS Migrants

#59 Eks dee sipal on 06.24.16 at 12:54 pm

David Cameron is an actor who also played Matthew Perry, that’s why he ran away, he is exposed to too many, Garth. When will you finally see this?

#60 Nemesis on 06.24.16 at 12:55 pm

#BrexitMischief…

https://youtu.be/8Nayyn6pXiw

#61 Dan Hassen on 06.24.16 at 12:56 pm

Listening to the audio Turner Investments report, all the bleeping is certainly being made by the stay side of BREXIT today.

#62 Alistair McLaughlin on 06.24.16 at 12:59 pm

Democracy, liberty, national sovereignty, and self-determination are messy, but far, far more important than the value of one’s investment portfolio. The Brits knew what they were doing, and they knew that the fallout could be severe (nobody really knows what will happen now), but they voted to leave anyway. This is neither reckless nor knee-jerk nor irresponsible. It’s admirable, honourable, and the right thing to do. If the only argument one can make against leaving a failing, supranational bureaucracy accountable to no one, is that it might be “bad for the economy”, then there is no argument at all. Countries have fought devastating wars to achieve far less than the UK did last night. And they did it in a peaceful, democratic vote. Good on them.

#63 jay on 06.24.16 at 1:00 pm

http://www.telegraph.co.uk/news/newstopics/eureferendum/12176663/EU-Facts-how-much-does-Britain-pay-to-the-EU-budget.html

#64 Burton on 06.24.16 at 1:02 pm

Perhaps this is in part a pushback against the globalist agenda that has been pushed down everybodies throats for the last twenty years. Was gonna be the best thing since sliced bread until all our jobs left. This to may explain Trump’s popularity.

#65 James on 06.24.16 at 1:03 pm

Watch this and you may understand why people said, “Enough.” Un-elected officials wanting to build an empire, who know more than the “little people”. Rubbish, and it’s clear everyday it doesn’t work. Look at the corruption in the financial markets supported by these un-elected people.

I believe the future is “local”. Subsidiarity vs. Globalism and consumerism. Hopefully this is a first step. And the first link blows away the cries of Brexit being “racist”.

https://www.youtube.com/watch?v=0gHLfMXb0Yg
https://www.youtube.com/watch?v=UTMxfAkxfQ0

Here’s hoping the EU “project” is on it’s way to the junk heap of history, where it belongs.

https://www.youtube.com/watch?v=c2Ralocq9uE

#66 Grantmi on 06.24.16 at 1:03 pm

Love your Podcast recording this morning Gartho… (and I know it’s free for all us BlogDogs this time)

But next time turn the dial in TONE login off next time.

All I could here was plooop… plooop…. plooop… lol

The platform used indicates when new callers are joining. Irritating, but deal with it. — Garth

#67 Smartalox on 06.24.16 at 1:05 pm

I wished that British author Douglas Adams were still alive, as I suspect that he’d have precisely the right words to summarize the situation.

Then I found this:

“The major problem—one of the major problems, for there are several—one of the many major problems with governing people is that of whom you get to do it; or rather of who manages to get people to let them do it to them.
To summarize: it is a well-known fact that those people who must want to rule people are, ipso facto, those least suited to do it.
To summarize the summary: anyone who is capable of getting themselves made President should on no account be allowed to do the job.”
― Douglas Adams, The Restaurant at the End of the Universe

#68 Life among the Stars on 06.24.16 at 1:09 pm

#57 westcdn on 06.24.16 at 12:48 pm

I am being off topic again. I have rabbits who like my front lawn. I have holes where they like to reside. I haven’t seen them for a while but they are busy doing rabbit things – I expect to see them again shortly as that is their pattern.

There was a Northern Flicker that was trapped in my garage. I like those birds. I opened the garage door but it insisted on trying to fly through the window. So I grabbed it – it was scared. I let it go in the back yard.

Now I have two crows that follow me around. I am sure it is a guy and a gal. The suspected guy craws at me all the time (I want to take a bat to it). The suspected gal just watches me. Do birds communicate?


Yup. Birds can definitely remember who was mean to them!.. and they tell this to each other. Recall some study on this.

#69 Eks dee sipal on 06.24.16 at 1:09 pm

Trump is just an actor. This actor also played Ron Masak. Check the spouse(s) and children for biometric confirmation. Hillary is also just an actor. This actor also played Shirley Jones. Again, check the spouse for biometric confirmation. You are not required by law to use your birth name to be nominated for public office. This is the loophole they are exploiting. Comprendez?

#70 White Crock BC on 06.24.16 at 1:10 pm

Capt. Serious on 06.24.16 at 12:25 pm

#34 bill

does anyone know of a british or european etf that is taking it on the chin but otherwise might be a decent investment ?
thanks in advance!

—————————

VGK down 10%

#71 Ponzius Pilatus on 06.24.16 at 1:14 pm

“When it starts to fall apart, it really falls apart”

#72 Smartalox on 06.24.16 at 1:16 pm

Still not the quote I was looking for, but for sure this very scene will soon to be playing out in Britain:

“If,” [“the management consultant”] said tersely, “we could for a moment move on to the subject of fiscal policy. . .”
“Fiscal policy!” whooped Ford Prefect. “Fiscal policy!”
The management consultant gave him a look that only a lungfish could have copied.
“Fiscal policy. . .” he repeated, “that is what I said.”
“How can you have money,” demanded Ford, “if none of you actually produces anything? It doesn’t grow on trees you know.”
“If you would allow me to continue.. .”
Ford nodded dejectedly.
“Thank you. Since we decided a few weeks ago to adopt the leaf as legal tender, we have, of course, all become immensely rich.”
Ford stared in disbelief at the crowd who were murmuring appreciatively at this and greedily fingering the wads of leaves with which their track suits were stuffed.
“But we have also,” continued the management consultant, “run into a small inflation problem on account of the high level of leaf availability, which means that, I gather, the current going rate has something like three deciduous forests buying one ship’s peanut.”
Murmurs of alarm came from the crowd. The management consultant waved them down.
“So in order to obviate this problem,” he continued, “and effectively revalue the leaf, we are about to embark on a massive defoliation campaign, and. . .er, burn down all the forests. I think you’ll all agree that’s a sensible move under the circumstances.”
The crowd seemed a little uncertain about this for a second or two until someone pointed out how much this would increase the value of the leaves in their pockets whereupon they let out whoops of delight and gave the management consultant a standing ovation. The accountants among them looked forward to a profitable autumn aloft and it got an appreciative round from the crowd.”
― Douglas Adams, The Restaurant at the End of the Universe

#73 ed on 06.24.16 at 1:20 pm

Referendums’s are just dumb–you cannot trust the common person’s decision making. Just look at what the average person believes–NASA coverups of Aliens, a PM who loves his own image is a good leader, and BREXIT.

#74 the Jaguar on 06.24.16 at 1:22 pm

I confess I agree with #2 Fed-Up comments. I also don’t think this will be last blow back on globalization. While it has advantages there are also valid and troubling concerns. Call it what you want, blame those you want to blame, name call, cry, whatever. Then remind yourself that the vote was democracy in action. Remember democracy? Both sides made their case before the public. ( and I suspect the No Brexit side had considerably more cash and resources and were counting on fear taking over the huddled masses). Britain voted its conscience and it is nobody’s business but theirs….you invest in those markets, you take your chances just like everywhere else.

#75 conan on 06.24.16 at 1:23 pm

RE #1 David on 06.24.16 at 10:43 am

Most people who voted for Brexit would also vote against Trump. British people were voting to get out of the EU. and what that meant to them personally as well as nationally.

So, Hillary for the win, a big one. Republicans to the wilderness for a decade. What happened recently in Canada is going to happen in America.

#76 Ponzius Pilatus on 06.24.16 at 1:24 pm

Here’s hoping that the Brits are starting to build cars again, and become a 1st class manufacturer of goods again.
There’s talk about the financial sector moving from London to Frankfurt.
Now that would be a strange twist.
After all, The Economist has always advised Germany to become more like Britain.

#77 BOOM! on 06.24.16 at 1:28 pm

The votes are in “BREXIT” is reality.

Now, their best course would be to sever the bonds with the EU as fast as possible to minimize the ‘tampering effects’ of the George Soros types who may aim to inflict pain on the people’s decision.

While I laud their decision, and notice their are four other EU members who are seeking a vote on continuance as well.

The “EU” should finally be recognized as the failed experiment is has turned out to be. Yes, a winner, or two, but ask Greece, Spain Portugal, or Italy how much ‘better off’ they are today… No, they are not blameless either. Every sovereign state must make the decisions painful, or not that need to be made, not an unelected, unaccountable tribunal.

Take heed America, with your recently crafted in secret trade agreements as well as potential signatory countries.
I would not necessarily ‘trust’ anything drafted in secret, voted in secret, removing dispute resolutions etc.

If you think it is a CIA plot, you could well be right – who would know?

At least the Brits can extricate themselves from the EU.

#78 Freedom First on 06.24.16 at 1:28 pm

#25 NoName on 06.24.16 at 11:31 am

#18 Freedom First on 06.24.16 at 11:12 am

Alberta is land locked UK isnt. how is that pipe line work ing our for you?

— —

We the mighty Alberta were made to rule. We can do it. We’ve got the stampede, what more do we need?

#79 };-) aka Devil's Advocate on 06.24.16 at 1:30 pm

“This is the same sentiment which has propelled a talentless bombast like Donald Trump to the threshold of power in the States. Dangerous.” Garth Turner

Like I said yesterday…

Brexit

Trump?

The world is a strange place with many surprises ahead.
Economics is the backstory to all history and it is demographics which is the backstory to all economics.

Again, as George Carlin said “Your average person is really quite stupid and half of them are dumber than that”.

As Samuel Clemens <cite)(Mark Twain) said “If voting made a difference they wouldn’t let us do it”.

#80 seeingitfrombothsides on 06.24.16 at 1:32 pm

Garth,
Gold and safe haven in the same sentence?? ;)

“….safe haven assets like bonds, the US dollar and gold,..”

#81 Ponzius Pilatus on 06.24.16 at 1:34 pm

While it is still early going, I think the 99%ers can chalk this down as a win.
Governments around the world will take notice who really calls the shots.
The pendulum has gone to far to one side and now it’s moving to the other side.
Trump will be the beneficiary. Or may be the catalyst.
Time to read some Hegel.

Really? Here is what Credit Suisse says: “In terms of the economic impact, we estimate trend growth in the UK could fall by 1/3rd over the next 5 years, with that being impacted by the treatment of the 5% of the UK workforce that are EU citizens but don’t qualify for UK visas & the nature of trade agreements. In terms of the broader European impact, we’d expect it to take 1% off growth both directly & indirectly.” Some win. — Garth

#82 conan on 06.24.16 at 1:35 pm

I do not think it will take 6 years for Britain to uncouple from the EU. Most of the required changes are revisions to previous agreements with creative amendments.

Canada has a unique opportunity to create a special trading relationship with Great Britain. We should seize it and put the European deal on the back burner.

Europe is going to get weird.

#83 Jenmick on 06.24.16 at 1:38 pm

Well no Fed rate hikes for the forseable future that’s a given fir now. ….so Garth you may need to start realizing that “things” are different now…that past economic models etc may very well not apply moving forward…that historic average interest rates are just that historic !!!
….and maybe, just maybe, the huge capital flight out of China found its way into the real estate markets of Canada and scewed the numbers for everyone !!
Interest rates are staying low for longer than anyone ever imagined and as such, your call on real estate will continue to be off for sometime to come ???

#84 Italexit on 06.24.16 at 1:39 pm

As a citizen of the EU, the demise of the European Union is welcome news! Watch, France and Italy will be next. Anyone who says otherwise really has no clue as to what is really happening in the EU trenches. This summer you will watch the whole show unravel. This was only going to be a matter of time.

#85 };-) aka Devil's Advocate on 06.24.16 at 1:40 pm

Five reasons Brexit could signal Trump winning the White House

#86 Sydneysider on 06.24.16 at 1:41 pm

O to be in England in the summertime.

That was a wild party, and while I regret some things that I might have said and done last night, I feel it has been a cathartic experience.

#87 Freedom First on 06.24.16 at 1:43 pm

#25 NoName on 06.24.16 at 11:31 am

#18 Freedom First on 06.24.16 at 11:12 am

Alberta is land locked UK isnt. how is that pipe line work ing our for you?

007

And “when” we separate, we’re taking Saskabush with us. So there!

#88 Don Jefe on 06.24.16 at 1:45 pm

How very British. Like the charge of the Light Brigade!!

#89 jane 24 on 06.24.16 at 1:45 pm

Yes Garth I voted LEAVE and so did hubby and mostly everyone we know. I want Britain to be a free and independent country like Canada, able to decide our own laws and set our own rates of tax that work for us. Able to decide who immigrants here and what welfare rates we pay migrants. Able to both elect and defeat our own government. Hey I guess I want to enjoy democracy.

Personal view may be somewhat coloured by the fact I was stuck at the Berlin airport yesterday for 24 hours due to French air traffic control strikes!!

Thank God for proxy votes!!

#90 David on 06.24.16 at 1:50 pm

It will take a great historian to figure out the Brexit.
Cameron survived the Scottish referendum and won office on the collapse of the the Labour party opposition in the last election. David Cameron is now done, so maybe the old saw about a week in politics is a long time applies.
Frustration is understandable, but empowering thoughtless demagogues hardly seems like a tonic.

https://newint.org/features/web-exclusive/2016/06/24/brexit-to-hell/

#91 Ace Goodheart on 06.24.16 at 1:52 pm

Bunch of sweet ETFs took a nice nose dive on this wonderful news. Helped myself to the pickings.

Bad news is good news for value investors.

#92 Ray Skunk on 06.24.16 at 2:07 pm

Nice one Jane24… thank God for proxy votes indeed – where you can vote to screw others over while you’re safely domiciled thousands of miles away, blissfully unaffected by the outcome on a day-to-day basis.

This UK citizen declined to vote; rather leaving it to those who it affects directly to make the call.

#93 rosie on 06.24.16 at 2:09 pm

The British are a fickle lot.

https://petition.parliament.uk/petitions/131215

#94 Sideshow Rob on 06.24.16 at 2:11 pm

This was the best outcome for the people of Britain. The EU needed them far more than Britain needs the EU. The EU is going to blow up anyways. Thinking people knew that for years. If the EU was an economic zone as advertised then staying would have been the smart thing to do. But somewhere along the way those arrogant, brain dead, unelected morons in Brussels decided to turn it into a political union. They have been interfering in every country’s elections and sovereign decisions. Brussels has ruled against Britain 93 out of 93 times Britain had a trade ruling complaint!! Did I mention they are unelected? You can’t allow a foreign invasion into other countries and then not stand for election to face the people. It was for reasons like this that Canada and the US struggled to become their own countries.
Frankly being publicly humiliated is the nicest thing those morons in Brussels could hope for. If they try to weasel out of this referendum result they may find themselves on the wrong end of a different outcome.

#95 bdwy sktrn on 06.24.16 at 2:12 pm

July May Be Back on the Table at the Fed — For a Rate Cut
Bloomberg By Luke Kawa
3 hours ago

July May Be Back on the Table at the Fed — For a Rate Cut .

MONEY MARKETS-As Brexit fears mount, traders see little chance of US rate hike until 2018 Reuters
Bond Market Wipes Out Fed Liftoff as Yields Tumble After Brexit Bloomberg
Odds for a July rate hike drop after Fed holds steady CNBC

The pricing on federal funds futures contracts currently imply a 10 percent probability that the Fed will reduce interest rates in July, with a zero percent chance of a hike. Zip. In fact, implied probabilities signal that all the way through February 2017, looser policy is more likely than a continuation of the central bank’s tightening phase.

#96 Bill Gable on 06.24.16 at 2:14 pm

“This is the worst period, I recall since I’ve been in public service,” Alan Greenspan said on “Squawk on the Street.”

“There’s nothing like it, including the crisis — remember October 19th, 1987, when the Dow went down by a record amount 23 percent? That I thought was the bottom of all potential problems. This has a corrosive effect that will not go away.”

Link: http://tinyurl.com/hfxo2wp

#97 Mixed Bag on 06.24.16 at 2:16 pm

Buying opportunity. Things will bounce back, as they always do.

#98 Balmuto on 06.24.16 at 2:18 pm

The biggest problem with the Leave result for the UK is it immediately puts wind in the sails of independence movements within its own borders. So it could lead to the breakup of the UK just as easily as it could lead to the breakup of the EU. And in fact, they’ve wasted no time:

http://www.aljazeera.com/news/2016/06/brexit-scotland-ireland-reconsider-ties-uk-160624130431341.html

For the rest, it seems like the EU as an institution has reached its limits and there will be a scale-back of its powers across Europe. It’s been heading in that direction for a long time. But that doesn’t mean no more free trade, for example. There will be new treaties that keep free trade agreements largely intact. Keeping the UK together will be their biggest worry.

#99 Mr. Monday Night on 06.24.16 at 2:20 pm

Ok, let’s get real here. The CAD/USD exchange did go against us by less than two cents in a day (we saw larger deltas when Poloz cut the rates last year). I’d have rather you made mention of the almost fourteen cent swing for CAD/GBP since yesterday. Now that’s worth tracking!

#100 I'm stupid on 06.24.16 at 2:27 pm

I’m eating my words… I never thought they had the guts to leave.

#101 Ace Goodheart on 06.24.16 at 2:31 pm

RE: Brexit, good or bad: Consider: In 1973 the UK joined the EU. For 43 years, everyone with UK citizenship has been able to work in any EU member state, without a work visa and has been able to live in each member state, hold property in each member state, as if they were citizens of that state.

I have UK citizenship and I have used this situation to live and work in Germany, so I can confirm that this EU membership thing is real, I really could go to Germany, purchase an apartment, obtain a full time job and settle down there, without ever having to leave or have a visa (as I have done so).

In October of this year, this will change. It is not clear how much, but likely all of the UK nationals living and working in EU member states, will now need work visas and will not be able to stay permanently. They may also be subject to foreign property ownership laws that they used to be exempt from.

How this benefits anyone in the UK is beyond my comprehension. This appears to have been a vote based on ignorance and racism, by uninformed people who did not know what they were doing, and were charged up by misplaced nationalism and ignorance.

At any rate, it remains to be seen what damage this will do to the UK. My prediction, is the damage will be substantial.

#102 Lee on 06.24.16 at 2:33 pm

Mr. Tal says no Fed rate increases in the U.S. this year. People predicting rate increases, no less two, this year got that one wrong.

It’s only June. Just wait and see what the data says. — Garth

#103 Globalist on 06.24.16 at 2:36 pm

Couple of years ago I had to edit a video interview with Jon Snow, a fanatic Pro Euro-blogger. My paid job was to make his dribble look reasonable / to shorten out parts too lengthy for publishing. I felt pretty bad doing it and I felt that this continue forever, that these vicious elitists cannot fool all the people all the time.
Therefore I feel very delighted today, on a personal level.

“Vicious elitists”? Certainly losing my tolerance for humanity today. Wise people are filled with doubts. Stupid people brim with confidence. — Garth

#104 Noel on 06.24.16 at 2:39 pm

Thoughts on rate normalization timeline Garth?

#105 Dmitry on 06.24.16 at 2:44 pm

“a slim majority of Britons” is not factually correct. With 72% participation there was over 1 million votes difference between “leave” and “remain”.

#106 conan on 06.24.16 at 2:45 pm

Wheels of the stay side bus started falling off because:

The Experts and VIP’s pleading for sanity were proven to all be in the pocket of the EU in some form or another.

The Stay side kept playing the xenophobic card. But, this was not about being xenophobic, and insults don’t win Referendums.

I think that is the big change going forward. People will no longer simply listen to expert political/economic/military direction unless they agree with it. Everything will now need to be explained as if you are talking to business equals.

The internet is making people smarter and more aware of realities on the ground. Propaganda strategies from the past are now in the past. I doubt G W Bush could flim-flam his way into Iraq if he had to do it today.

#107 Jakethesnake on 06.24.16 at 2:46 pm

Wow….German bund yield. Negative territory. Welcome to the new Europe.

#108 Jakethesnake on 06.24.16 at 2:48 pm

#96 there was never a swing that deep on any BOC rate announcement. I don’t know what you’re drinking, but it’s gotta be alcoholic.

#109 tex on 06.24.16 at 2:51 pm

@noname

Obama did everything he could to support and protect shale, do you honestly think that if Donny wins will favowor oil sands over shale?
what do you know that i dont?

That the U.S administration wants to protect U.S jobs and U.S corporate profit – it doesn’t care about the source. Many U.S jobs and U.S companies rely on the oilsands too, not just shale drilling – thinking otherwise is naiive.

If the rest of Canada continues sandbagging Albertan energy — who can say how they will react ? There are many Albertans who feel spurned by the economic elites in the East despite the supposed benefits of freedom of trade and movement through confederation. Sound familiar?

U.S.A would indeed entertain the idea of absorbing Alberta. What a boon for the land of the brave. Massive oil reserves with consistent delivery mechanisms already constructed in a safe region of shared cultural and socioeconomic norms. No military interference necessary. Win-win. Albrexit- coming to a ridiculous twitter campaign near you.

#110 TurnerNation on 06.24.16 at 2:59 pm

Yesterday’s dog unwrapped today.

Possible camel toe development intraday. Black Monday aversion. All targets hit why not.

#111 conan on 06.24.16 at 3:00 pm

Re: #103 tex on 06.24.16 at 2:51 pm

“U.S.A would indeed entertain the idea of absorbing Alberta. ”

Go ahead and make your Referendum plans then. Once people realize that the brains behind it are the Evangelical Reformacons it will die and hilarity will ensue. Thereby strengthening Canada further.

#112 ANON on 06.24.16 at 3:00 pm

Don’t beat yourself up, Garth. It is always the unwatched pot which blows first, then, as everyone tries to contain the mess, all pots become unwatched, and there’s a bunch of them. It could have been any other event, I’d thought a Malaysian default, or one of the more unusual suspects which are not prominent in MSM. Brexit was a contestant for an unwatched pot, but not high on the list.

#113 sue on 06.24.16 at 3:02 pm

#104 tex
Albrexit?
Im in! Could we bring Saskatchewan? Maybe Manitoba too? BC not so much.

#114 Etobicoke Pete on 06.24.16 at 3:03 pm

Gold and gold-backed ETFs going to the Moon!

#115 family beagle on 06.24.16 at 3:08 pm

#48 It’s time on 06.24.16 at 12:36 pm
With gold surging, it is time to ask a simple question. Received a 1 oz gold coin (Canuck Mint) for present. Looking to unload it. How does one go about such things?

JM Bullion, ebay, some banks, various coin shops, bullion retailers. Expect 3% below spot.

#57 westcdn on 06.24.16 at 12:48 pm
Now I have two crows that follow me around. I am sure it is a guy and a gal. The suspected guy craws at me all the time (I want to take a bat to it). The suspected gal just watches me. Do birds communicate?

Yes and they have a social hierarchy older than the human species. Throw some cat food or peanuts for them. They will stop nagging and work for you, warning if anything invades your space. You’re probably seeing an adult and juvenile. I keep three of the black caped watchers on payroll and reward them daily. I also encourage chickadees with a peanut or two.

Brexit… entertaining stuff. Following the volatility.

#116 Paul on 06.24.16 at 3:10 pm

Has anyone else noticed the similarity in the voting map of England (exclude Scotland and Ireland) with the voting map when Rob Ford was elected in Toronto. And just like when Ford was elected, no one seems to understand why. I honestly don’t think it is very hard to understand. As I believe someone else mentioned, sure there is an advantage for some to remain a part of the EU, and for the most part those people were located in London and London voted to stay. Those outside that area have been feeling left out, lack of control, seeing jobs moving out of Britain or wages dropping as people from the poorest locations in the EU came to Britain and worked for less. How hard is that to understand? Also like the time Ford was elected there is a lot of finger pointing at the people who voted to leave as uneducated people who don’t know any better and they should listen to those who are intelligent, educated, and know what is good for them.

Doesn’t this sound a lot like the nanny state we find ourselves here in Ontario? Are not the current governing Liberals telling us they know best, yes you need to give us your money to manage because you don’t know how to manage it and we do.

I see the advantage for businesses in having one union, makes it easier on them to for rules and regulations, it also gives them a larger pool of people for a working pool. However, we have survived before the EU and we will survive after the EU.

#117 not 1st on 06.24.16 at 3:13 pm

Garth maybe its hard to see things from your perch, but on the ground people know what they see.

The elite economists of the world promised if we make trade and political blocks (even between unlike minded people) to free the movement of capital, we will all become richer.

Except that didnt happen. Capital moved, jobs moved too and money concentrated too much in the hands of too few. In the same breath, other people moved into your country to fill the void.

A recession was always coming no matter the vote so lets have it and get on with life already.

Brexit = Y2k = yawn

#118 Dan on 06.24.16 at 3:15 pm

Everything is going to the pieces except Germany which is going strong and now left to be checked by weak France instead of strong Britain.
Be afraid, all you people who are ignorant of the world history…

#119 Freedom First on 06.24.16 at 3:16 pm

#28 tex

Sorry to disappoint you tex. #18 Freedom First is just another impostor, and member, of my growing fan club.

Many of the Posts under the name “Freedom First” are not mine. tex, my Posts are most likely the ones which you are unable to grasp the true meaning of.

FF007

#120 46 and 2 on 06.24.16 at 3:24 pm

#108 Conan

Alot of Albertans would rather roll the dice with the Americans than deal with idiot provincial leaders and the pro-Quebec fool in Ottawa.

At least with the USA you can typically move forward instead of constantly moving either sideways or backwards.

#121 Ole Doberman on 06.24.16 at 3:26 pm

It’s all Nigel Farage’s doing, he rallied the troops and went for the jugular of the establishment.

#122 Oot of the Hoos on 06.24.16 at 3:31 pm

I am struck by the intersection of different groups coming to the same Brexit vote for very different perceptions.

For example, I took note of #64 James, about subsidiarity, which is anti-communist, pro-family, pro-local. It does not mean oppose free trade. Also, I do not bash the rich like #79, with 99% rancor. I do bash Islam sharia and wage pressure from low skill immigration.

Yet we all vote Brexit.

http://www.acton.org/pub/religion-liberty/volume-6-number-4/principle-subsidiarity

Conclusion: Brexit voters would disagree on almost everything … except Brexit.

PS: I think it was not global trade, nor techology, but decades of central bank debt enabling of communist budgets (anti-subsidiarity) that has damaged Canada, USA, Britain, EU; ie. Liberal SAPs, semi-commie-athiest-perverse.

#123 rambirambo on 06.24.16 at 3:34 pm

#2 Fed-up on 06.24.16 at 10:51 am
It was dramatic and unexpected by those who felt UK voters would not be myopic enough to opt for nationalism, protectionism and a new form of isolation. But they did.
——————————————————————————————

You may want to consider that the UK is a 2000+ year old civilization with a glorious history and rapidly fading identity. Something that Canada will never have or even begin to understand”

Not sure the poor residents of Marseille would consider the Brit hooligans who trashed their city to be a part of civilization

#124 Brexit is the beginning on 06.24.16 at 3:39 pm

Was reading the city of London was 70% in favor of staying in. It was the outlier rural Britain that wanted out…. In Canada and USA it is the same…. I happen to live outside of the GTA in Ontario… The policies that are set by the provincial Government are mostly set by bureaucrats and politicians that live inside the GTA…. and they benefit the GTA and not the rest of Ontario… ie. Toronto Garbage is dumped out in the rural areas… Green energy…. eyesore windmills in rural ontario….. Cost of skyrocketing electricity is chasing away manufac turing etc. etc. etc…. Rural England has not been benefiting economically and is not wanting mass muslim migration to threaten their culture…. To be honest I wouldn’t want mass muslim migration in Canada. Businessman I know is Christian had a longterm lease and Muslim purchased building … Was told that no Christians are welcome in that building…. This is not too common in Canada. But very common in EU. This is the type of attack on Western culture that is real. Look at how welcoming Saudi, Afganistan, Pakistan is to jews, christian, and buddhists?
That Islam culture is looking to dominate the west. Geert Wilders will push Netherlands to take back control of immigration too.

#125 Smoking Man on 06.24.16 at 3:41 pm

Gatho I listend to your radio show.

Everyone got the brexit wrong.. Which does not suprize me.

They just the same old run of the mill Phd’s Economic types. Delta, Gamma, Vega bla bla bla
Or they would have got it right.

No one has a Dr Of Herdonomics on staff. :)

#126 family beagle on 06.24.16 at 3:48 pm

So globalists are having a hard time finding a landing strip for their schemes. Obama, Merkel, IMF, EU all in holding patterns. Cameron, running on fumes, ditches into the trees.

Next step…tax revolt. Halving governments, making bureaucrats and multinationals accountable. As we clean up our environment, let us clean out political leeches and corporate welfare. I have 0 debt, so no one is the boss of me…not the Feds, provs, or their faceless orks. I do my own deals with the EU, UK, and US customers with one click digital access to their markets.

#127 Clinton Foundation on 06.24.16 at 3:50 pm

Thank you so much for your support. Please send all your monies to us in a stomped self abused envelope. In the future simply indicate your support by stating “I’m with her” for faster service.
H

#128 domain on 06.24.16 at 3:53 pm

#48 It’s time

Just get a hold of a coin dealer, like BorderGold for example, there are many out there, but I suspect the phone lines will be ringing more than usual today. They will buy your coin from you at the price they have on their site.

If you were standing in front of me right now, I would hand you cash and relieve you of the stress of having that gold coin in your pocket on the spot. Then we both win.

Good day if you bet on HVU.TO yesterday, up almost 50% today alone.

Monday may surprise people even more than today once the tide goes out and the damage becomes more visible in the global markets. There will certainly be some casualties on Monday. Enjoy your weekend, especially if you made money this Friday :)

#129 Love my Kia on 06.24.16 at 3:53 pm

Janet Yellen has her excuse to not raise rates, won’t be surprised that she lowers them.

#130 Alistair on 06.24.16 at 3:54 pm

Ace Goodheart, if that’s the biggest concern of the Remain side, that they may no longer be able to traipse the Continent and live in multiple locations in Europe, then no wonder their side lost. The reality of most Brits isn’t concern over being able to purchase an apartment in Germany. Their concerns are a lot closer to home. And when they hear people like you whining about no longer having the luxury to purchase foreign property (that’s what it is – a luxury), then you can bet they are nodding their heads and telling themselves they made the right decision yesterday. No country should have to sacrifice its sovereignty to some supra-national body so that their elites can enjoy their lifestyles of global travel and foreign property ownership.

#131 not 1st on 06.24.16 at 3:54 pm

#108 conan on 06.24.16 at 3:00 pm

Go ahead and make your Referendum plans then.

—-

You bet. US would take AB/SK/MB/North in a heart beat. All of canada’s wealth and none of its BS.

#132 Dan Duran on 06.24.16 at 3:57 pm

Yeah, just as everybody was watching real estate ‘bubbles’, the biggest bubble of all was ignored by the ‘experts’. But if you followed EU events closely you’d understand there is no way things could go on like they were and there seemed to be no desire on part of the elites to reform it.. so pop it goes.

I understand your chagrin: your balanced portfolio, nicely diversified globally just took a hit while the Canadian real estate is poised to benefit (again!) from a flight of capital towards North America. Only gold and real estate (in select locations) are certain these days. And taxes, of course, even more of them in fact. The reason people celebrate is not because the ‘little guy’ is winning, but the common sense he is pushing for – note the word ‘common’, which the elites seem to ignore. EU is a prime example of the globalist excesses: incessant over-regulation, bloated and wasteful bureaucracy, disregard for the common man’s opinion (“wrong and stupid” as they are) and much more. And when it doesn’t work, the solution always seems to be more of the same. Get Ukraine in… Moldova, Serbia, Albania, Turkey all waiting in line.. all of them unprepared, largely undemocratic, bringing in more problems. It had to stop. Not since the days of the USSR have we seen anything like this.

#133 Pretentious Hipster Bicycles on 06.24.16 at 4:01 pm

“There’s talk an emboldened France may want out of the Euro zone for the same reason most Britons did – to control immigration”
———————————

Garth, I am disappointed that you have jumped on the media bandwagon that this is about race.

I am a proud Briton living in Canada and I am sick of listening to the UK and Canadian liberal media focusing on immigration and racism in order to paint those in favour of leaving the EU as small minded bigots.

This vote was about sovereignty, self determination and freedom form a corrupt system.

I for one and very proud that my fellow Brits have stood up for the right to govern themselves and saw through the fear mongering bile that the Western media were (and continue to be) spreading.

#134 NoName on 06.24.16 at 4:02 pm

#84 Freedom First on 06.24.16 at 1:43 pm

And “when” we separate, we’re taking Saskabush with us. So there!
——

You and Sasquatches are not going anywhere… sit tight we’ll figure something kut in notime, long hydrocarbons can used to make all kinds of stuff. ia not 100 percemt sure but of upi shave two extra atom of oxygen re arande few thinhs aroind amd you you get sugar or something like that…
i am pretty sure that you canake an aspirin out of long hydrocarbons. now days and in some forsiable future seems everyone will need one for headache. :)

#135 bdwy sktrn on 06.24.16 at 4:03 pm

#110 sue on 06.24.16 at 3:02 pm
#104 tex
Albrexit?
Im in! Could we bring Saskatchewan? Maybe Manitoba too? BC not so much.
—————————–

aaahhhhhhhhemmm. we are coming too.
love, BC.

#136 BG on 06.24.16 at 4:04 pm

Good for them.

The cold war is coming back as the US (with Trump) and Russia seem to be the only forces with the will and power to resist the politically correct submission to a massive immigration that don’t share their core values.

#137 common sense on 06.24.16 at 4:06 pm

#99 Garth: “Just wait and see what the data says.”

With all due respect, “Let us the FED spin ANY DATA to ensure we don’t raise rates at all in 2016 and likely 2017 as NO ONE can handle it because of our past mistakes the past 7 years.”

#138 NoName on 06.24.16 at 4:08 pm

sorry for the bad English sometimes it seems that cell phone kaybord has a mind of its own. making my bad English bader…

#139 pinstripe on 06.24.16 at 4:10 pm

http://www.cbc.ca/news/canada/edmonton/reform-alberta-new-party-1.3650296

today the geezers at the coffee shop were all talking at the same time. We were forced to leave the tables for the lunch crowd.

People are MAD because ALL the current politicians are LIARS.

In AB the Unite the Right is bringing back the REFORM party. The feds are devoting another SAVIOUR, Jason kennie, to do a rerun on what the apprentice screwed up.

In the meantime Rachel is being guaranteed many terms in the future.

The geezers in this area are forced to be political Independents. The search is getting serious in recruiting a Trump type of Leader. Screw the establishment.

Donald Trump will be the next POTUS.

#140 bdwy sktrn on 06.24.16 at 4:12 pm

#118 Ole Doberman on 06.24.16 at 3:26 pm
It’s all Nigel Farage’s doing, he rallied the troops and went for the jugular of the establishment.
———————
no discussion of farage’s comments last night, on the eve of the vote, admitting defeat?!? WTF?

was it a dumb, but honest mistake. Or a masterstroke used to drive out every last euroskeptic teadrinker.

is this a first in political history?

on my next shopping trip i will look for and purchase a bunch of uk produced items. i suggest any other leave supporters also offer their thanks for the defense of democracy by buying something british when possible , for awhile.

#141 A Yank in BC on 06.24.16 at 4:12 pm

I just love market overreactions. Like finding your favorite beer on-sale. Be thirsty my friends.

#142 gladiator on 06.24.16 at 4:24 pm

@137 bdwy sktrn:

Blue Stilton cheese paired with Hobgoblin ale.
Mmmmmmmmmm.

#143 conan on 06.24.16 at 4:26 pm

RE: #137 bdwy sktrn on 06.24.16 at 4:12 pm

I think he really meant it. He was worried that extensive government resources had been put into play.

I am sure they were, but the Leave side overcame that. Amazing result in the end.

Look at the last Federal election in Canada. The Conservatives used every dollar/trick available to try and win the election.

#144 Caught on 06.24.16 at 4:29 pm

Great podcast. It’s important to reinforce the importance of maintaining discipline & composure during market shocks like these. Hopefully it will be short lived.

#145 YorkshireWhisky on 06.24.16 at 4:39 pm

I think the UK will probably come out of this quite well.
The Commonwealth comprises 53 countries
Combined population of 2.1 billion
A third of the world population
21% of the total world land area
Combined gross domestic product of over $9 trillion
Not bad for a little island full of people with bad teeth!

#146 BOOM! on 06.24.16 at 4:43 pm

Well, it was a rather bloody day by the numbers on Wall St. About 3.6% on the S&P, a bit less on the narrower DOW.

Gets the cheap seats empty again. Bonds should rise with the fall in the price of money.

First day indigestion on the new reality in the EU. We will see what the new week brings forth Monday.

Good time to be debt free, with cash in the bank, though “CASH” isn’t worth much these days.

See a lot of companies buying back shares. Not impressed with that type of manipulation…. I look for this to continue until it once again banned, right after the next crash – whenever that may be.

Interesting Day out there

#147 Observer on 06.24.16 at 4:44 pm

Yeah, and the Swiss are cheering….they don’t bow to Brussels either….hail Brittania!

#148 Capt. Serious on 06.24.16 at 4:47 pm

People are forgetting the reason Britain was in the EU at all. Recall WWII wasn’t such a fun time. Following said war Europe needed to be re-built and nobody really wanted to go through THAT catastrophe again. Economic union makes it a heck of a lot less likely you’ll decide the apples on their trees are nicer than yours and that you’ll go get them regardless of how many orange trees you have to plow down. Or something like that.

#123 family beagle
I do my own deals with the EU, UK, and US customers with one click digital access to their markets.
Um, so you’re just not paying import duty? Very naughty. Ironically you actually argue for MORE economic integration so there are fewer tariffs and duties imposed between countries. On one hand you want less regulation, on the other hand you’re cheering people who are going to add more regulation. A bit schizo.

#149 Ole Doberman on 06.24.16 at 4:50 pm

DELETED

#150 LL on 06.24.16 at 4:52 pm

It was dramatic and unexpected by those who felt UK voters would not be myopic enough to opt for nationalism, protectionism and a new form of isolation. But they did.

…Brit are smart…………Knowing what’s mean sovereignty?

n. pl. sov·er·eign·ties

1. Supremacy of authority or rule as exercised by a sovereign or sovereign state.
2. Royal rank, authority, or power.
3. Complete independence and self-government.
4. A territory existing as an independent state.

#151 SunShowers on 06.24.16 at 4:55 pm

#130 Pretentious Hipster Bicycles on 06.24.16 at 4:01 pm

Garth, I am disappointed that you have jumped on the media bandwagon that this is about race.

This vote was about sovereignty, self determination and freedom form a corrupt system.

————————————————–

Yes, this vote was about retaking sovereignty in order to close national borders to people with a certain color skin.

http://www.greaterfool.ca/wp-content/uploads/2016/06/BREXIT-POSTER.jpg

Seriously, how did you miss this? Do you go about life wearing a blindfold with your fingers in your ears?

#152 Heisenberg on 06.24.16 at 5:01 pm

“…a surge up for safe haven assets like bonds, the US dollar and gold…”

You forgot to list Real Estate in your list of safe haven assets. You’re welcome. ;)

I knew Brexit would happen. Turns out Financial gurus and polls were wrong. So hard to believe! LOL.

The UK will be just fine and probably even better than before.

Speaking of a bubble that’s ready to pop, check out the historical charts on the S&P500, Dow and Nasdaq. Sitting at historically high levels, but flat or dropping in the last year or two. Holy, are those ever due for a big tanking as they do every 8 years or so. I’m selling off whatever little investments I have left in the stock markets.

Have a great weekend everyone!

#153 White Crock BC on 06.24.16 at 5:06 pm

BOOM! on 06.24.16 at 4:43 pm

Good time to be debt free, with cash in the bank, though “CASH” isn’t worth much these days.

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

At least you have the real stuff, not the plastic worthless stuff…cant even burn the stuff for heat..it melts.

#154 Aggregator on 06.24.16 at 5:08 pm

A rate hike is now off the table. This ain't no "blip" for the markets. This is clearly a turning point.

The question now is what happens when the unknowns become known. Make no mistake, there are many. Nobody knows the ramifications of Brexit and won't know for some time as exiting the Eurozone will take up to 2-3 years by some estimates. So this will drag on.

The real issue here is not the UK's trade (GDP) with the world, rather cross-border claims on the UK whose issued a sizable amount of debt denominated in USD. When your revenues are based in GBP (depreciating) and you're trying to pay debt in USD (rising), you've got a problem.

Are US bonds heading into negative territory? Not likely since 60% of world reserves are based in US dollars, meaning, if the Fed cut rates deep enough hoarding physical cash would post a positive return. If anything I see the Fed exploring more asset purchase programs if needed.

Despite today's turmoil, the next move to watch is from the Bank of Japan.

#155 Ed on 06.24.16 at 5:11 pm

Never underestimate the stupidity of the common man; just look at Canada and the belief housing is a safe bet. I think the only thing left to do, other than come to terms with the fact that humans probably are the stupidest of animals, is use such stupidity as investment opportunity and profit from the inbred, xenophobes though financial astuteness.

#156 NEVER GIVE UP on 06.24.16 at 5:12 pm

Bravo England! It’s not always about the money. Sometimes it’s just about how you want to live. You may make a little less money but you’ll be a lot happier.

Some of us understand what it is like to feel like a foreigner in your own country. When immigration is out of control the amount of disruption to some lives is intolerable.

#157 AGIC on 06.24.16 at 5:15 pm

DELETED

#158 NEVER GIVE UP on 06.24.16 at 5:25 pm

To further my comment on “Its not always about the money”
In Vancouver we could continue pumping real estate up to dizzying heights. But I for one am profoundly unhappy that our governments have thrown us under the bus on this issue.
The Federal and Provincial governments clearly are aware and tacitly encourage the laundering of money and the monetizing of our real estate markets for the shallow motivation of personal wealth and Political power. (High real estate prices keep incumbent governments in power).
My children will never be able to have their own homes in Vancouver unless this issue is addressed.
In addition to this there are 12500 dark houses in Vancouver. Unoccupied. While my children can compete with 25 others for the rental of a studio in downtown for $1400 per month.
If just 2000 dark houses were released to the rental market that would raise the rental availability to 3%.

Shame, (as in game of thrones) Shame, Shame.

“Release houses to the rental market”? Those are privately-owned, comrade. — Garth

#159 Keith in Calgary on 06.24.16 at 5:25 pm

Sitting in the Sheraton lounge at YYZ sipping a tasty adult beverge. Camping out here for the weekend before going to Niagara Falls for another week of work. Wonder Joe their RE market is down there ?

Congrats to the British !!!!! Here’s hoping Trump wins !!

Made $7700 on a forex bet in the last 24 hours betting the pound………..

Life is good. Freedom is awesome !!!

#160 Freedom First on 06.24.16 at 5:43 pm

#135 NoName

No wooies. We unnerstend.

We have a dyslexic PHD who taught us all how to read properly. I can read anything now.

#161 jess on 06.24.16 at 5:44 pm

Carney says the BOE will make £250bn of additional funds available through its normal market operations to stability markets, as needed.”
=================
…”under the EU’s e-commerce directive, online sellers are required to make their VAT numbers “easily, directly and permanently accessible” to customers.
https://www.theguardian.com/business/2016/jun/21/amazon-uk-reviews-chinese-traders-ahead-vat-clampdown

http://www.vatfraud.org/
David Gauke MP, Financial Secretary to the Treasury is quoted:

“This abuse has grown significantly and now accounts for £1-1.5bn of the total VAT gap. These overseas traders are unfairly undercutting all businesses trading in the UK, abusing the trust of UK consumers and depriving the government of significant revenue.”

http://www.europarl.europa.eu/news/en/news-room/20160621IPR33011/MEPs-call-for-tax-haven-black-list-patent-box-rules-CCCTB-and-more

#162 jess on 06.24.16 at 5:51 pm

B aires index ….

http://www.bloomberg.com/billionaires/2016-06-24/cya

#163 Brexit on 06.24.16 at 5:55 pm

http://www.bloomberg.com/news/articles/2016-06-24/world-s-400-richest-people-lose-127-billion-on-brexit-chart

No wonder these guys wanted the ‘Remain’ side to win…they wanted to get richer!

Brett is good for the working class! Lower immigration means higher wages, better trade deals, and lower house prices! A win! notice the fear mongering prior to the vote?? –> the British stock market fell the least…Germany, France, Spain, etc. got decimated.

#164 Philippe Mineau on 06.24.16 at 5:58 pm

Hey Garth, long-time lurker here,
Thanks a bunch for the audio piece! Much appreciated – gotta say though, you sound nothing like your picture! Long-gone now is the low gravelly voice I imagined as I read your work… Sigh.
Thanks for your insights!

#165 BOOM! on 06.24.16 at 5:58 pm

May numbers released on US durable goods orders for May 2016.
Down 2.2%

Yeah, June should be interesting…

#166 young & foolish on 06.24.16 at 5:59 pm

“See a lot of companies buying back shares. Not impressed with that type of manipulation….”

That’s what passes for “growth” these days. That and ROC. Kiss this decade good bye.

#167 betamax on 06.24.16 at 5:59 pm

The tinfoil-hat brigade are giddily out in force today.

Re. Brexit motivation: a nebulous desire for ‘freedom’ and outright racism are not mutually exclusive. Both are factors.

#168 young & foolish on 06.24.16 at 6:04 pm

“(Not simply a Russian but a Russian-Jew)”

Does anybody else see something wrong with this pronouncement?

Where is that stated? — Garth

#169 Fed-up on 06.24.16 at 6:06 pm

#120 rambirambo on 06.24.16 at 3:34 pm
#2 Fed-up on 06.24.16 at 10:51 am
It was dramatic and unexpected by those who felt UK voters would not be myopic enough to opt for nationalism, protectionism and a new form of isolation. But they did.
——————————————————————————————

You may want to consider that the UK is a 2000+ year old civilization with a glorious history and rapidly fading identity. Something that Canada will never have or even begin to understand”

Not sure the poor residents of Marseille would consider the Brit hooligans who trashed their city to be a part of civilization
—————————————————————————

I’m not entirely sure what that has to do with Brexit, but OK.

#170 Estrella on 06.24.16 at 6:16 pm

Betcha Carney didn’t factor this in when he signed up. Hopefully cooler heads will prevail, eu could potentially strengthen because they have to dust off some negativity. More stimulus, lower rates, let the party continue.

#171 and it's gone on 06.24.16 at 6:23 pm

https://www.youtube.com/watch?v=-DT7bX-B1Mg

another one of these crazy cycles…

#172 When Will They Raise Rates? on 06.24.16 at 6:24 pm

#165 young & foolish on 06.24.16 at 6:04 pm

“(Not simply a Russian but a Russian-Jew)”

Does anybody else see something wrong with this pronouncement?

Where is that stated? — Garth
———————————-
Over here, Garth:

#154 AGIC on 06.24.16 at 5:15 pm

And yes, I also found the statement bizarre…

Now gone. — Garth

#173 Freedom First on 06.24.16 at 6:27 pm

#131 NoName on 06.24.16 at 4:02 pm

#84 Freedom First on 06.24.16 at 1:43 pm

And “when” we separate, we’re taking Saskabush with us. So there!
——

You and Sasquatches are not going anywhere… sit tight we’ll figure something kut in notime, long hydrocarbons can used to make all kinds of stuff. ia not 100 percemt sure but of upi shave two extra atom of oxygen re arande few thinhs aroind amd you you get sugar or something like that…
i am pretty sure that you canake an aspirin out of long hydrocarbons. now days and in some forsiable future seems everyone will need one for headache. :)

**@88

You are just the type of person I need to help me lead the Alberta Freedom Party. We will put Alberta’s freedom first, if you know what I mean. Do you know any women who are willing to do menial tasks like cooking and cleaning at party functions? Albertans of the world…unite!

#174 Freeman on 06.24.16 at 6:30 pm

For those of you who want to open your eyes and not remain BLIND to the real reason why Britain voted to leave the E.U., watch this movie and you will learn :

“BREXIT THE MOVIE FULL FILM”

https://www.youtube.com/watch?v=UTMxfAkxfQ0

#175 f.dover on 06.24.16 at 6:32 pm

put on your tin foil hats for this: Mario Draghi, Goldman Alumnus was put in as head of the ECB to make sure it fail, so US fiat currency would remain the only world currency. Barry Oboma went over there two weeks ago to tell the undecided to vote ” stay”. As if he did not know that the undecided would not vote to defy him. Duped. Now the US currency has no potential rival. J.R. Ewing would be impressed with Barry’s craftsmanship!

#176 Don Derc on 06.24.16 at 6:32 pm

Pay attention to the brexit story Canada – we will be asked the same thing, with a small financial carrot and a huge financial stick hanging over our heads.

Like jolly ol’ England, we will be asked to join the NA Union – incorporating the amero as our new currency. Say no like the brits did, unless you want to partner up with financial losers like the USA and Mexico – they don’t have the wealth (water, coal, oil, lumber, etc) like we do.

Our NA Union question should kick in around 2025 – we are totally screwed n’est pas??

#177 Randy on 06.24.16 at 6:35 pm

Whats your advice? Buy gold? Safe haven- like all the gold nutbars and conspiracy kooks have been lipp’n you off about for 2 years now? Buy FN physical- because this was no accident. The brexit will be used as the excuse for the European meltdown that will move to north america in several weeks.

#178 steerage steward on 06.24.16 at 6:36 pm

Advice as Markets React to ‘Brexit’: Take Some Deep Breaths and Don’t Do a Thing

http://www.nytimes.com/2016/06/25/your-money/financial-advice-as-markets-react-to-brexit.html

#179 Steve Harvey on 06.24.16 at 6:37 pm

WAIT!

I made a horrible mistake. The Results Card reads… 52% REMAIN! Not Leave. My Bad (never too late to admit you’re wrong). But I take full responsibility… for what it’s worth, now.

Apologies,
Steve H.

#180 TRUMP on 06.24.16 at 6:42 pm

Marty Armstrong….Got it right again!!!!

#181 Goldie on 06.24.16 at 6:44 pm

Beautiful. After switching off local talk radio, where the guest was using racism as the reason why the Brits voted to leave, I only had to read 6 posts down into today’s comments in order to find someone who was willing to sink to the level of playing the race card. You people are nothing, if not predictable, and you obviously STILL DON’T GET IT.
As an anon with nothing to lose, I’m making the bold prediction that within 2 weeks, and providing no further events transpire, the markets will have recovered at least 90% of what they have lost over the last day.

#182 There will always be an England on 06.24.16 at 6:49 pm

Need to get Vera Lynn out .. still going strong at 99!!

https://www.youtube.com/watch?v=-GvkyKEYRnM

The sex pistols version may be more appropriate….

#183 TurnerNation on 06.24.16 at 6:50 pm

This is why Bandit should have a Facebook page.

Look at this action for W. Brett Wilson’s dog Cash

https://m.facebook.com/J-Cash-Wilson-242803479094316/

#184 The real Kip on 06.24.16 at 6:52 pm

I listened to Prime Minister Cameron speak last night and he has a great respect for democracy and he stepped up right across the board.

Brits have always had a stiff upper lip and it’s good to see they will move forward as Mark Carney also said last night. The electorate is always right.

Best of luck to the UK and God Save The Queen.

#185 James Kook on 06.24.16 at 6:52 pm

You may want to consider that the UK is a 2000+ year old civilization with a glorious history and rapidly fading identity. Something that Canada will never have or even begin to understand.
———————————————–

+1000
The gist here is preserving cultural identity.
Brits do not want to be dissolved in the wave of migration and globalization.

Really myopic is getting quick profit from globalization,
thus lowering level of life to 3rd world

#186 PeterfromCalgary on 06.24.16 at 6:54 pm

Brexit is bad for the UK’s economy and EU unity.

However, I think North American markets and Asia will recover soon because the UK is less then 3% of global GDP. Don’t make paper losses real by selling now.

#187 For those about to flop... on 06.24.16 at 6:58 pm

A lot of people have talked about foreigners working in the U.K but the other side of the coin is appropriate there is approximately 2million Britons working in Europe outside of the U.K.

There are richer people than me on the blog.
There are smarter people then me on the blog.
I don’t know if there are too many more honest people than me on the blog.

Yes Maxx ,I have the patent on the truth…

M42BC

#188 lanny on 06.24.16 at 7:01 pm

#65 Fortune Faded on 06.15.16 at 10:39 pm

Hey blog dogs,
Should you wish to hide the posts of certain users on this forum, I invite you to download my greasemonkey script from the url below. I have defaulted it to hide posts from Mark and Smoking Man, however you can extend it quite easily to include any posters you find annoying or rude. Enjoy!

github link
———–
#189 Steerage Bilge on 06.19.16 at 10:49 am

The delusion alien SM slayed by entrepreneurial code-smiths. Hilarious.
———-

Thanks for the SMexit info

#189 NEVER GIVE UP on 06.24.16 at 7:06 pm

There is talk of a tax for unoccupied homes in Vancouver. I’m all for it. I’m also for a secondary tax for anyone who owns a home that does not contribute significantly to Canadian income tax. Our homes are not for the purpose ofa Wild Futures Market in real estate.
It’s easy for those of you who have nice homes already you’re already in the Lifeboat and to hell the rest of us in the water.
Homes in the Lower Mainland have been made available 2 money laundering and flippers and anyone with a Futures Market mindset.
If an overseas investor purchases and number of Coal Harbour Condominiums and leaves them empty because it’s too much trouble to rent them. For every home that is taken out of the equation some were businessmen down on the street paying five times the residential property tax rate is losing one warm body that will spend several hundred dollars a day in Vancouver by living here and being here. So the tax burden goes out to all the living bodies that are actually occupying the space.At 50 to 75 thousand people per square mile. We are talking about a significant amount of money and punitive property tax on business to support services.
For those of you self-centered entitled free for all capitalists who believe just because you own the property means you have absolutely no regard to the community at Large. I say there is a big difference in paying $2,000 a year in property tax compared to spending 30 or $40,000 in the local community because you live here.
Does anyone deny that Vancouver young people are living in misery? And I’m not only referring to people who want to purchase a home. Renters are also being hit hard right now because of the Home Lottery we have created!

#190 AGIC on 06.24.16 at 7:14 pm

165 young & foolish on 06.24.16 at 6:04 pm
“(Not simply a Russian but a Russian-Jew)”

Does anybody else see something wrong with this pronouncement?

Where is that stated? — Garth
*********************************************
Over here, Garth:

#154 AGIC on 06.24.16 at 5:15 pm

And yes, I also found the statement bizarre…

Now gone. — Garth
********************
So much about nothing…

It was just an innocent rhime

#191 bill on 06.24.16 at 7:15 pm

#69 White Crock BC on 06.24.16 at 1:10 pm
Thank you again.
I will have a look!

#192 bill on 06.24.16 at 7:16 pm

#43 Capt. Serious on 06.24.16 at 12:25 pm
Thank you capt serious.

#193 bill on 06.24.16 at 7:20 pm

#71 Smartalox on 06.24.16 at 1:16 pm
looks like the telephone sanitizers and door cleaners got the vote eventually…
a huge goat was going to eat britain….

#194 It's ironic on 06.24.16 at 7:30 pm

It’s ironic and unfortunate that the majority of those that voted to leave are the very same people most likely to experience any of the negative repercussions. Or am I missing something?

#195 Dual Citizen In Canada on 06.24.16 at 7:33 pm

And to rub salt into the wound, Iceland will now make England leave the EURO.

#196 bill on 06.24.16 at 7:38 pm

#185 lanny on 06.24.16 at 7:01 pm

#65 Fortune Faded on 06.15.16 at 10:39 pm

Hey blog dogs,
Should you wish to hide the posts of certain users on this forum, I invite you to download my greasemonkey script from the url below. I have defaulted it to hide posts from Mark and Smoking Man, however you can extend it quite easily to include any posters you find annoying or rude. Enjoy!

github link
———–
#189 Steerage Bilge on 06.19.16 at 10:49 am

The delusion alien SM slayed by entrepreneurial code-smiths. Hilarious.
———-

Thanks for the SMexit info

—————-
me too -Thanks !!

#197 Joe2.0 on 06.24.16 at 7:40 pm

Google reports surge in U.K. searches for ‘move to Canada,’ ‘move to Gibraltar’

Google reports surge in U.S. searches for ‘move to Canada’ if Donald Trump wins Presidency.

That ought to throw more gas on Vancouvers housing market considering the loonie is continuing to drop.

#198 Andrew Woburn on 06.24.16 at 7:44 pm

#54 Vera on 06.24.16 at 12:43 pm
Change brings further change. This will bolster the hopes of many more with pissy attitudes. How long until we start hearing about that western (bc, alta, sask) separatist vote? That’ll address the issue of inflated RE, and cowboy immigration policy…. Oh, already started.
========================

Yup.

New political party pushing for province of Vancouver Island

http://www.cbc.ca/news/canada/british-columbia/new-political-party-pushing-for-province-of-vancouver-island-1.3647482

#199 Pretentious Hipster Bicycles on 06.24.16 at 7:46 pm

Yes, this vote was about retaking sovereignty in order to close national borders to people with a certain color skin.

http://www.greaterfool.ca/wp-content/uploads/2016/06/BREXIT-POSTER.jpg

Seriously, how did you miss this? Do you go about life wearing a blindfold with your fingers in your ears?
————————————————————–

If that’s what the people of Britain want then that’s up to them – it’s their country to determine what works for them, even if it insults your sensibilities.

Again why make this about Race? It’s not a skin colour issue – the Brits don’t want the whites from Eastern Europe either… it’s about having the power to allow in who you WANT and NEED i.e. skilled immigrants/labour that can contribute to the economy like the Jamaicans and the Indians that immigrated to Britain in the 50s and 60s in controlled numbers

#200 LL on 06.24.16 at 8:05 pm

# 173 Don

Our NA Union question should kick in around 2025 – we are totally screwed n’est pas??

“N’est ce pas?” Hope not…

#201 Marc in Montréal on 06.24.16 at 8:14 pm

@#45 When Will They Raise Rates?

“Euro-federalists financed by US spy chiefs”

http://www.telegraph.co.uk/news/worldnews/europe/1356047/Euro-federalists-financed-by-US-spy-chiefs.html

#202 For those about to flop... on 06.24.16 at 8:16 pm

As I stated yesterday apparently 46.5 million people registered to vote in the referendum.

Only 33 million took the chance.

Maybe some of the Stexit people thought that they had it in the bag and there was no need to get rained on…

M42BC

http://www.dailystar.co.uk/news/latest-news/525306/Brexit-EU-second-Referendum-European-Union-Immigration-David-Cameron-Boris-Johnson

#203 ROCK BEATS PAPER on 06.24.16 at 8:19 pm

It was dramatic and unexpected by those who felt UK voters would not be myopic enough to opt for nationalism, protectionism and a new form of isolation”

Remain voted to avoid nationalism, protectionism and isolation. In other words, fear. Leave voted to untangle themselves from oppression, bureaucracy, for freedom and individuality.

As for deflation, who the hell would ever want goods and services to go down in price? How can society possibly be better off without asset bubbles, intervention and distorted price discovery?

The economic fallout will not be known for years and decades, and if Europe is a sinking ship, Britain just launched the lifeboat.

#204 ROCK BEATS PAPER on 06.24.16 at 8:22 pm

Really? Here is what Credit Suisse says: “In terms of the economic impact, we estimate trend growth in the UK could fall by 1/3rd over the next 5 years, with that being impacted by the treatment of the 5% of the UK workforce that are EU citizens but don’t qualify for UK visas & the nature of trade agreements. In terms of the broader European impact, we’d expect it to take 1% off growth both directly & indirectly.” Some win. — Garth

Missing the point. Of course there could be some short term pain, mostly to the banks, but this is a clear exercise in democracy. In other words, its importance supersedes the strictly economic repercussions.

#205 Andrew Woburn on 06.24.16 at 8:24 pm

186 NEVER GIVE UP on 06.24.16 at 7:06 pm

Does anyone deny that Vancouver young people are living in misery? And I’m not only referring to people who want to purchase a home. Renters are also being hit hard right now because of the Home Lottery we have created!
===========================

When my ancestors found they were living in misery, they moved to the UK, Boston, Gibraltar, Australia etc. Something about potatoes, as I recall. People used to do that in response to what economists call “price signals”. Then they discovered entitlement and the warm embrace of big government.

#206 Rural Rick on 06.24.16 at 8:28 pm

#57 westcdn on 06.24.16 at 12:48 pm
Now I have two crows that follow me around. I am sure it is a guy and a gal. The suspected guy craws at me all the time (I want to take a bat to it). The suspected gal just watches me. Do birds communicate?
——————————————
You are doomed…
http://www.cbc.ca/news/technology/crows-share-intelligence-about-enemies-1.1014915

#207 John in Mtl on 06.24.16 at 8:29 pm

#181 The real Kip on 06.24.16 at 6:52 pm
“Best of luck to the UK and God Save The Queen.”

Speaking of the Queen, does anyone have a link to an article that has her point of view / what she thinks, of Brexit?

#208 TRON on 06.24.16 at 8:31 pm

Britain leaving the EU was a shock to the markets. Likely the market will bounce for a bit then settle back ’till the next country decides it’s not wanting to play follow the leaders.

Politicians, Bankers and media tried desperately to keep the party going by bombarding people with scare tactics but in the end democracy prevailed and the people voted.

This is the first knot to be untied from a tangled mess we still call an economy. Bankers, edge funds and reserves have screwed this thing up so bad that nothing is going to fix it.

Gold will be the best edge but not 10% but 25% of the portfolio IMO

#209 Zoe on 06.24.16 at 8:35 pm

I’m anti Brexit and anti Trump (obviously) but I can’t say I’m not enjoying the chaos a bit. Yes there are some voters that are motivated by racism or xenophobia but mostly this is the long-coming-fallout from the working classes getting totally screwed. Us blue collars sweat like hell for you yet we’re looked down on by the “educated” middle class and the elite and these sort of actions are are Samon-esque revenge.

We can’t get out jobs and decent lives back but we can use our power at the ballot box to kick down the Master’s House even it brings more hurt in the short term.

Change your views on us….or Expect more of this!

Working class men and women are the backs on which every accomplishment has been made. This has been forgotten at the peril of the all. I’m both scared by these changes and interested to see how these things play out.

– Zoe, raised in a single-income working family Oshawa, ON and now a high earner shaking her head.

#210 Life among the stars on 06.24.16 at 8:35 pm

#185 lanny on 06.24.16 at 7:01 pm
#65 Fortune Faded on 06.15.16 at 10:39 pm

Hey blog dogs,
Should you wish to hide the posts of certain users on this forum, I invite you to download my greasemonkey script from the url below. I have defaulted it to hide posts from Mark and Smoking Man, however you can extend it quite easily to include any posters you find annoying or rude. Enjoy!

github link
———–
#189 Steerage Bilge on 06.19.16 at 10:49 am

The delusion alien SM slayed by entrepreneurial code-smiths. Hilarious.
———-

Thanks for the SMexit info

You might want to read his stuff. He just made another gazillion it would seem.

#211 Andrew Woburn on 06.24.16 at 8:41 pm

I note that EU honchos are starting to demand that the UK exit as quickly as possible. This is a clear signal that they are panicking about the other potential leavers who are demanding change.

Technically Britain is still in the EU and has to give up to two years notice of leaving but doesn’t have to file divorce papers until it is ready. With a little foot-dragging, it could be a three-year process. If I were the new British prime minister, that is exactly what I would do, because there is a reasonable chance pressure from other EU members could force Brussels to concede meaningful changes in the EU/Euro structure that would persuade Britain to stay aboard.

Everyone agrees that controlled immigration is important for an aging Europe. Almost no one agrees that one should leave the front door open to anyone who walks in. There is a real difference between racism and simple common sense. Eventually Brussels will have to accept this or die.

If I were

#212 WUL on 06.24.16 at 8:51 pm

We ain’t seen nothing yet. You want to watch markets roil? You got it. The NHL draft and accompanying trades.

I am proud of those UK folks.

#213 White Crock BC on 06.24.16 at 8:54 pm

Don Derc on 06.24.16 at 6:32 pm

Pay attention to the brexit story Canada – we will be asked the same thing, with a small financial carrot and a huge financial stick hanging over our heads.

Like jolly ol’ England, we will be asked to join the NA Union – incorporating the amero as our new currency. Say no like the brits did, unless you want to partner up with financial losers like the USA and Mexico – they don’t have the wealth (water, coal, oil, lumber, etc) like we do.

Our NA Union question should kick in around 2025 – we are totally screwed n’est pas??

========

Hope you’re right.

Hope I live that long.

I WOULD vote to join the “Amero”

Very tired of Canada’s amateur politics/ economy.

Tired of following the CAD to see how much either my next vaca down south or my next head of cauliflower might cost me.

Fed up. Just so fed up.

#214 Interloper on 06.24.16 at 8:55 pm

“No doubt about it, people are in a mood. It’s anti-establishment, iconoclastic, pissy, defiant and visceral. This is the same sentiment which has propelled a talentless bombast like Donald Trump to the threshold of power in the States. Dangerous.”

Oh. And what sort of wisdom does Hillary aka “I Accidentally Deleted the Entire Server, Started a Genocidal Civil War in Syria and Ran a CIA Drone Assassination Program from my Blackberry” Clinton bestow upon us unwashed masses Gartho?

The Donald has at least operated in the real world and generated a profit. Hillary Clinton has not created a single dollar’s worth of GDP.

#215 For those about to flop... on 06.24.16 at 8:57 pm

O.k forget about Brexit for a minute.

This house has just been finished around the corner from where I live.

I thought in this bloated market they would try and get 1.8 ,but oh no they are going for 2.3 million.

Crack house rental next door.

Not gonna happen…

M42BC

http://tycampbell.com/r2083360-5318-st-catherines-street

#216 TRON on 06.24.16 at 9:08 pm

NEVER GIVE UP on 06.24.16 at 7:06 pm

^^^Great post^^^

The only thing I may disagree with is it has not been foreign money that has driven the prices exclusively but cheap money has played a huge role.

Nobody ever talks about how tough it is to have a retail business in Vancouver given the high ‘government costs’.

There are countries where you can buy real estate but with restrictions. As an example in Thailand a foreigner can by a condo outright as long as 50% of the units are owned by Thais. However, a foreigner is not permitted to buy property (dirt) and only Thais can own the land.

If these restrictions were not in place then Chinese investors would own most of the land given that China needs their good farmland, the climate and the proximity to China.

#217 family beagle on 06.24.16 at 9:12 pm

#145 Capt. Serious on 06.24.16 at 4:47 pm

#123 family beagle
I do my own deals with the EU, UK, and US customers with one click digital access to their markets.
Um, so you’re just not paying import duty? Very naughty. Ironically you actually argue for MORE economic integration so there are fewer tariffs and duties imposed between countries. On one hand you want less regulation, on the other hand you’re cheering people who are going to add more regulation. A bit schizo.

I am an exporter. My customers qualify themselves and the market regulates my output. I advocate self determination, therefore both nationalists and global influence peddlers are as annoying as some insinuations. If a nationalist movement now hamstrings the UK, the Brits maintain the means to change and negotiate.

#218 Long Branch Apprentice on 06.24.16 at 9:12 pm

There is two ways a bleeding heart lefty can debate someone who disagrees with them.

1) Mock the person’s educational credentials, as though having a degree means anything these days, besides the fact that you’re now $25K in debt for purchasing a piece of paper and learning how to not think for yourself. The intellectual hubris cannot be understated. A smug aroma wafts from many of these over schooled, under worked basement dwellers. Too bad the guy who took an apprenticeship wouldn’t get out of bed for the puny wages your degree gets you these days.

2) Brand the person a racist/homophobe/Islamophobe for not going along with the status quo. Comparisons to Hitler are so commonplace now they are simply meaningless. Disagree with a religion other than Christianity? Why you’re an Islamophobe. Question the merits of mass immigration? You racist POS.

See the trend here folks? No appeal to reason, just a blanket response and appeal to authority.

The way I see it, the real division exists between those who want power as close to the individual as possible, and those who want it concentrated in the hands of a few, far from the individual.

Liberal paternalism, we know what’s better for you than you do. That’s why we force you to give us your money so we can look after it.

I get it, when the state has coddled you your whole life, not only are you incapable of standing on your own two feet, you don’t want to. You are taught to despise the mere thought.

The 48% who voted to remain in the EU basically said please rule us unelected officials, please take our tax money without representation, please dictate our foreign policy.

Fear, it’s the most powerful motivator known to Man.

#219 Ace Goodheart on 06.24.16 at 9:19 pm

RE: #127 Alistair: “No country should have to sacrifice its sovereignty to some supra-national body so that their elites can enjoy their lifestyles of global travel and foreign property ownership.”

That’s the thing, though. These aren’t “elites”. They’re just regular folks, working in many of the 28 (now 27) member states, owning property, paying taxes, just like you and me. It would be similar to the USA and Canada having a “Northamerica-zone” so that people could move back and forth across the border, work in either country and not need visas or green cards. UK citizens have had that right for 43 years.

The people being most harmed by this are not elites. Elites know no nationality, have no restrictions on where they can and cannot work, and move freely as they please. The rest of us need Visas. Britons have screwed themselves with this one. The elites will not be harmed by this, middle class children will.

#220 GTA Observer on 06.24.16 at 9:19 pm

#1 Get ready for a Donald Trump presidency. The same type of voters who passed Brexit will elect Trump.


The US election is not a referendum-style vote. The Electoral College, imperfect as it is, does not always reflect the popular vote. To get this far in the process, DT got the votes of just less than 5% of the US electorate. Never say never, and there’s a fight ahead to discredit and weaken him and dampen the passion of his mob of supporters, but it’s still not the same as thumbs up/down referendum like the Brexit vote.

#221 Arfmooocat on 06.24.16 at 9:22 pm

In the aftermath of the U.K.’s shocking vote to leave the European Union for good, many dissatisfied Britons are now considering a Plan B: moving to Canada.

Data from Google Trends show a huge spike in Britons typing “move to Canada” into their search bar today, rising approximately 100-fold compared to the period 24 hours before.

https://www.washingtonpost.com/news/wonk/wp/2016/06/24/brexit-weary-britons-suddenly-want-to-run-away-to-canada-too/

#222 bigtowne on 06.24.16 at 9:25 pm

The rentals available in the Kingston and Ontario East area are replete with senior and boomers many from the GTA. One of the major property reits owning several buildings in Kingston where over 95% of the units are filled with seniors has a building with a pool but it has absolutely no ramp or access for people with walkers.

Here Ontario has a major co-hort of seniors or boomers making up close to a third of the demographics in Canada needing housing and after close to ten years of dirt cheap money they have not put up any affordable senior housing. There are some high end luxury senior rentals for the top 5% income earners but for the bulk of the working and middle class there has been no senior housing in the province.

For Trudeau and the Wynn team to tackle housing when they missed the biggest housing demographic within sight for the past 25 years should tell them all that is required about their knowlege or planning or excellence asfaras their ability to organize housing in Canada.

It surely was a wakeup call to view these buildings full of seniors and the total lack of care or awareness of senior needs to stay in the community. Now I understand why the suburbs of the GTA are full of 80 and 90 year olds in their bungalows refusing to move…like where is there any decent affordable and safe rentals for them?

The Ontario Municipal Board planned Green but it did not include GREY. In the states they have built senior and affordable housing in most areas without turning them into social or welfare housing so the best we can do here in Canada is ask the Americans as we have been to busy worrying about the Millineals and the immigrants and nowhere has there been mention about boomers or seniors.

#223 For those about to flop... on 06.24.16 at 9:29 pm

The people who wanted Brexit to happen will probably like this…

M42BC

http://imgur.com/aCW0uMm

#224 Linda on 06.24.16 at 9:31 pm

A million plus votes to exit is not what I’d call a slim majority, though the split was averaged out at 52% to leave vs 48% to stay. Keeping in mind the United Kingdom has never been fond of ‘foreigners’ & that for many, that meant people the next village over, never mind actual out of country immigrants. Plus the leave group did have a point, in that the EU could & did override the wishes of the voters in whatever country was under the microscope at the time. That having been said, there are many advantages to the EU, not least being the power of such a large economic voting block. Whether the United Kingdom will still be united in the days to come is another question.

#225 acdel on 06.24.16 at 9:45 pm

The people have decided; good, let us hope for the rest of us that they keep up the good fight. Our lives have been been slowly overtaken by a few. Yes, the argument will say do it for yourself; well, I guess the Brits just did that, respect their decision, it is only the start.

Good on you for voting for a change and control.

#226 BS on 06.24.16 at 9:55 pm

There’s talk an emboldened France may want out of the Euro zone for the same reason most Britons did – to control immigration.

As stated the risk is other EU countries have populations that want to exit due to uncontrolled immigration. That was 99% of the issue for the leave vote in Britain. It seems to me the simple solution is to put controls, restrictions or limits on immigration in the EU. At least implementing changes to immigration will delay or prevent other EU countries from exiting. Otherwise this will be the beginning of the end for the EU.

#227 Yuus bin Haad on 06.24.16 at 9:55 pm

Why not just do the referendum all over again?

#228 Capt. Serious on 06.24.16 at 10:11 pm

Brexit sounds like a cereal, as in Brexit Crunch. #kellog #opportunity

#229 Metaxa on 06.24.16 at 10:11 pm

All the above is well and good but all of you all miss the important point.

What will now happen to James Bond as he chases the bad guys?
Will he have to stop at border control and get his passport stamped?

#230 Toronto1 on 06.24.16 at 10:22 pm

Politucs is about emotion and the complex aruguments either for or against are usually drummed into a simple slogan or easily identifible ideaolgy. Just like marketing. Bush won the US election because he was against gay marriage.

UK will be fine, bit rocky at first but those visa agreements will remain, they will now control their own destiny. Own currency, immigration and trade deals. Not much will change. My guess is this came down to immigration more then anything else.

#231 michael on 06.24.16 at 10:23 pm

The loser on Brexit was the EU. The UK now can self-determine their own economic and immigration policies. Further this provides a path for others who grow tired of the negative interest rates of the from the ECB and nonsense dictates of the bureaucrats in Brussels. Garth you are the myopic one.

#232 Trojan House on 06.24.16 at 10:29 pm

“Really? Here is what Credit Suisse says: “In terms of the economic impact, we estimate trend growth in the UK could fall by 1/3rd over the next 5 years…”

Perhaps but also perhaps further scaremongering. Actually, since joining the EU in 1973, the UK’s economy has been in a steady decline. In fact, since 1973 there has been [paraphrasing] a number of negative outputs over the years and since 2008/09 the UK’s output is still 3.2% below it previous high, which in fact was 1973 [National Archives of the UK].

No, remaining in the EU when there are so many countries on the brink of bankruptcy is a bad idea. Better to get out when the getting is good.

#233 BS on 06.24.16 at 10:35 pm

#73 the Jaguar on 06.24.16 at 1:22 pm

I confess I agree with #2 Fed-Up comments. I also don’t think this will be last blow back on globalization. While it has advantages there are also valid and troubling concerns.

What most critics of globalization fail to realize is the choice is not the ‘status quo’ or join ‘globalization’. The choice is be shutout of trade or be part of it. The status quo is not an option. If you opt out then you are left out.

#234 For those about to flop... on 06.24.16 at 10:40 pm

O.k Brexit probably not gonna happen they will find a way to have another vote and get what they want.

Now back to the most important thing that is happening in Europe this summer Euro 2016.

Tomorrow the knockout stage starts ….good luck to the remaining contestants.
Below are tomorrow’s games.

Freedom First/ Switzerland vs Jimmy/ Poland

NoName/ Croatia vs Brazil expat / Portugal

Ace Goodheart / Wales. vs Gut check/ Northern Ireland.

The last one now has the extra implication of Wales wanted out of the EU and Nothern Ireland wanted to stay.

Things have to unfold yet but England and France are due to play each other if they advance past this round and that could happen next week with fresh Brexit blood on their shirts.

As some people will know the English Premier League is the most popular league in the world ,when and if they cut the cord some footballers are going to have to find a way to get work visas.

Sometimes players get held up just getting permission to play in Europe in a few years there will be an extra layer to go through…

M42BC

#235 Goodonegramps on 06.24.16 at 10:41 pm

#226 —
“All the above is well and good but all of you all miss the important point.

What will now happen to James Bond as he chases the bad guys?
Will he have to stop at border control and get his passport stamped?”

Sad that this comment passes for wit amoungst this dried up group of boomers; am I destine to make the same groaningly lame dad jokes some day as well? Maybe not, I had the Internet when I was young and haven’t ever had to ask someone how to change settings on electronics.

What did bond do his movies from the 50s? With the general quality of entertainment back then I wouldn’t be surprised if they literally filmed him stamping a passport.

#236 CMHC is the problem on 06.24.16 at 10:47 pm

Those who think people from Britain will come to Canada in big numbers are delusional. Those who think Americans will come to Canada in big numbers if Trump wins are even more delusional. To think Americas haven’t moved by the millions for free health care they will move because of trump? Lol realtor scum will say anything to make a sale. True scum.

#237 conan on 06.24.16 at 10:55 pm

RE: #117 46 and 2 on 06.24.16 at 3:24 pm

“At least with the USA you can typically move forward instead of constantly moving either sideways or backwards.”

Not so,

Keystone was a huge back stab. One set of American officials were saying “spend money and dig here.” Seven years of this later, Obama told Alberta Oil to go away.

It was a back stab worthy of Julies Caesar.

#238 Meech Lake on 06.24.16 at 11:03 pm

EU should have offered to make Britain a ‘Distinct Society’ within the EU. That always works….

#239 Sue on 06.24.16 at 11:14 pm

I like the funny “freedom first” Could you name yourself accordingly so i dont skip over your posts. Clever!

#240 Andrew Woburn on 06.24.16 at 11:20 pm

I am sure that one of the factors in Brexit that no one talks about is World War II. The elderly voters who voted against staying grew up as I did in the shadow of war. I walked to school every day past buildings bombed out by the “Germans”. We didn’t say “Nazis”. Everybody in my neighbourhood had a waterlogged bomb shelter in their backyard. We grew up knowing that Germans were bad people and we didn’t trust them.

I was viscerally appalled when people began buying German and Japanese cars in later decades and it took a long time to get over it. It sounds ridiculous today but it’s true. That early experience is deeply ingrained. I know Canadians made huge sacrifices to support Britain but its not the same as being bombed in your own house. My parents had close friends who came home from a party to find their house bombed to a smoking ruin and all their family dead.

History matters a great deal and I would be surprised if it didn’t have a significant role in the senior Brexit vote just like history is the background to the current efforts of the Chinese to control the South China Sea. Google the “Rape of Nanking” carried out during the Japanese invasion of China in the years immediately before WWII.

#241 Smoking Man on 06.24.16 at 11:21 pm

Been talking to Hunter S Thompson via the UCC, You never die dogs, the moment a your heart stops the electric universe is still going. Electrons, addicted to flying around the nucleolus frightened break orbit. These are his words not mine.

The Brexit.

Hunter
“It’s like the poor good brother, telling the rich brother, I’m not selling you my boat at a discount just because everyone is kiss your ass because you got lucky with a few bets.

You are just as much as scum sucker as I am, I know it, but you don’t. The minions that think if they kiss your golden ass there is a reward of sorts at the end of the rainbow you paint, they are all idiots. They deserve to be exploited.

Humans are animals with only too buttons, fear and loathing. ”

Smokey
” Alright ass hole, I’ve been looking for a book review from you for quite some time, Well?”
Hunter?, Hunter?, answer me.

Long pause…………………………..

Hunter
Seriously Smokey, your going to publish that, Ahhhhhhhhh, stick to being Garths pain in the ass.

Smokey
Hunter you’re an asshole.

#242 x-moose on 06.24.16 at 11:24 pm

#204 Speaking of the Queen, does anyone have a link to an article that has her point of view / what she thinks, of Brexit?

Sure, love, here:
http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/06/21/20161623_arms.jpg

#243 Smoking Man on 06.24.16 at 11:54 pm

Humans, They all want to be loved, but are shitty they way they go about it.

Nictonites give no shit. Hence a fail in Liberal arts.

Long Branch Apprentice

You get it

#244 Dr Oz on 06.25.16 at 12:09 am

#47 With gold surging, it is time to ask a simple question. Received a 1 oz gold coin (Canuck Mint) for present. Looking to unload it. How does one go about such things?
I will buy your coin for spot price less 5% ….Dr Oz

#245 Terry on 06.25.16 at 12:09 am

Cheers!!! Good Job Britain!

It’s not the vision of the central planners that matters it’s the will and vision of WHAT THE PEOPLE WANT!!!!

Again……Good Job Britain!

#246 WUL on 06.25.16 at 12:24 am

My final word on the triumph of Brexit.

D-I-V-O-R-C-E

Tammy Wynette

https://www.youtube.com/watch?v=S9J7XE-ctMU

Perhaps the big issue is “Who gets the kids?” (Scotland, Northern Ireland, Turkey etc.)

Damn. In nearly three decades of practicing law in Alberta, I only had 3 or 4 divorce/family/matrimonial/child custody litigation files. Had I been more diligent in those areas, I could now head to Brussels and have serious salad put in front of me and taxpayer funded swanky digs.

The Missus handled many of those kind of dreary lawsuits.

When we got married, we made a pact. Whoever left the matrimonial home first had to take the kids. That agreement kept us in sorta matrimonial bliss for 27 years.

#247 Maldroit Ape on 06.25.16 at 12:35 am

This notion some of you have that with the brexit vote the British have taken back control is a very strange one.

In reality they have lost complete control of their own economic destiny, they have two years to negotiate access to the Europe markets again. Failure to do so will doom the economy of the UK as the gears of a modern production of goods and services are extraordinarily sensitive to friction in the movement of resources and people, if there is a rise in the time it takes for a UK supplier to deliver due to increased paperwork, new regulatory compliance hurdles or just different standards then they will be more costly and business will simply source from within the EU.

Now their chances of scoring a trade agreement equal to what they have now are pretty slim. They will be negotiating with people whom they decry as being bureaucratic and inefficient and who no matter how think their skin have surely been prickled by the barbs of the brexit campaign and decades of british nationalistic hubris. Worse they are the first to the exit, and it will be very difficult for the EU to not make an example of them both as a warning to others and of course the purely cathartic exercise of exacting retribution.

Even if they could get a good deal its probably too late, any serious multi-national is going to hit pause on direct investment in Britain for the foreseeable future due to the uncertainty. Worse the only business Britain had was being the english speaking nation American banks could setup shop in to tap into the market of a billion or so people that the EU represented. That will surely move somewhere else most are already planning to do so (do you hear champaign corks popping in Dublin ?). The nascent tech sector that london had been developing … totally dead it was in trouble from the overreach of the snoops lead by Theresa May (who is now in the running to replace Cameron) now uncertain status of the immigrant European talent will be looking else where.

Then of course the Scots are agitating to leave, irish unification might be back on the table.

Take the above, mix in the fact that they were already facing serious economic headwinds as a nation of mostly pensioners with lots of debt with no natural resources, little manufacturing and almost no modern industry and its quite likely they will be seeking bailouts from the IMF or worldbank in the next decade.

#248 PeterfromCalgary on 06.25.16 at 12:39 am

Brexit

Any word that start with Bre-X can only be bad for investors.

#249 nonplused on 06.25.16 at 12:48 am

Oh come now Garth, almost everybody saw the Brexit vote coming except the MSM. Honest polls done before hand showed a bigger lead at times than actually occurred.

Anyway it’s not binding on parliament and it doesn’t matter anyway. The EU is nothing but a bunch of agreements which Britain and the other member countries can continue to honor if they like, sort of like when your lease expires and you go month to month. Besides Britain was never all the way in anyway, maintaining the pound and such.

And you should quit being so hard on the Donald. Ya, sure, he’s a windbag successful business man who is now dabbling in politics for what will probably be a brief time because he doesn’t fit the status quo. Who else do we know around here who fits that description? Anyone? Hmmm. Too bad you aren’t eligible or well enough known to be the Donald’s VP Garth, you’d make a good pair.

#250 Jim on 06.25.16 at 1:05 am

Me thinks the pzzn an moanin is just getting started, but the elite’s financial hissy fit we are about to observe will be short lived, short term pain for long term gain.

#251 steerage steward on 06.25.16 at 1:53 am

The electorate is often wrong, and history wields a well honed smoothing plane.

100 years from now it’s unlikely they will look back and say this choice based on fear and xenophobia was the right one.

#252 Freedom First on 06.25.16 at 2:29 am

#240 Smoking Man

Not all humans want to be loved. Well, not enough to give her the key to my place. Too high risk. Court backed.

#253 macroman on 06.25.16 at 3:00 am

#211 Interloper, good stuff but one bone of contention, Hillary has made a gazillion in GDP for Raytheon, Locheed, Boeing et al.

That sociopath is going to kill most of us if she is the Diebold default.

#254 macroman on 06.25.16 at 3:05 am

Looks like I gata take bets on the Smoking Man Hunter Thompson line again

Russ…??

SMHT 02/17…about a month after Hillary Inaugrigation

#255 nubbers on 06.25.16 at 4:48 am

On the positive side, I can think of some silver linings to the Brexit.

1. Maybe the EU might now be forced get its (multiple) houses in order before Russia sweeps across Europe.

2. The UK is free to rid itself of workers rights (especially about working hours and holiday) that hold back business.

3. A weaker pound will make it easier for service industries to sell those extra working hours abroad. This is especially important as the UK will have to compete against lower labour costs outside of the EU.

Mmmm. On re-reading that, maybe that does not sound so positive, after all. At least Putin is happy.

#256 Xenophobes on 06.25.16 at 5:05 am

Italeave headed by xenophobic racist Matteo Salvini? If you are not from Milan, he hates you. Like Italy will vote for him?

I have posted before about income inequality and concentration of wealth to the elites…well here is one result…Brexit.

To the fools posting that 2 years, no biggie, things will settle down etc.

Have you read Article 50? Looked at the exit map?

Enjoy the uncertainty for quite some time to come.

#257 earthboundmisfit on 06.25.16 at 5:24 am

Sadly, the triumph of xenophobia and small mindedness.

#258 Crazyfox on 06.25.16 at 6:45 am

Ah, Brexit. Smart money was on the sidelines (and still is) with this one. The ideological choices were simple: Vote to remain (free trade, open borders, loose immigration, access to better credit) or vote to leave (protectionism, closed borders, tight immigration, higher cost of borrowing, devalued currency creating higher import costs, political instability, shrinking GDP). There are winners and losers with either choice, but I can’t help but think there will be a lot more losers with the choice that was made to leave.

Its easy to see that remaining in the EU was the better choice financially. Open borders means more trade and commerce. More people traveling and using visas/passports in and out. Greater demand for a wider variety of goods. More business. Greater demand for real estate especially with increased immigration. Few of us can say this isn’t so and few of us can deny the impact new construction has on the health of any nation’s economy vs oversupply.

Unless the UK’s birthrate can make up for a drop in immigration, it doesn’t bode well for real estate long term. I can’t see how protectionism is going to work out for the U.K. when most of their trade is with Europe and I certainly can’t see how nationalistic pride laced with immigrant discrimination is going to put food on the table. That’s logic, not fear talking.

The Brexit debate isn’t just about free trade vs protectionism, travel freedom vs restriction and more or less immigration, its about equality vs inequality. Inclusive vs exclusive. Acceptance vs discrimination. Equality of human value, or inequality of human value based on discrimination and there are so many forms of it.

Quickly, we think of race, religion, gender, age when we think of discrimination… but then it keeps on going. We discriminate based on language. On another’s past, past offenses toward others, past drug use, past self abuse. We discriminate against others based on levels of education, levels of experience, on income, on material wealth or lack thereof. We discriminate based on looks. Hair. The size of someone’s nose. Or whatever else. Or health, physical, mental, emotional, spiritual and so on. And on and on and on and on and on it goes, pick a reason why someone wishes to be superior/inferior and we’ll do it… until we grow up and see the light.

Claim our birthright as children of God, of being stewards of souls meant for life beyond this plane, of knowing that potential is truly unlimited when one looks beyond. Until we see that light, see that amidst certain permanence everything is in a state of flux, changing, evolving… and thus forgivable, we practice foolish ideologies dangerously like parentless children and discriminate.

We’ll do it as individuals and we’ll do it as nations until we grow up.

I am reminded of what I was once told 15 years back that heaven is a big tent. Inclusive. Ironically, its not a place for those who discriminate. It was never a question of whether or not we are worthy. We are all worthy, hard though it may be for some to accept. Its a question of whether or not we are ready and when I see the percentages of those who practice discrimination in this world, I wonder just how many never will be ready.

#259 Chris on 06.25.16 at 7:28 am

People trying to get a mortgage in the US got an email yesterday from their prospective lenders that rates have been lowered due to Brexit. .125% for BOA. So there is your immediate impact on interest rate. Similar thing happened in Canada? If it does, won’t be good for cooling down the housing market. I don’t see this as bad. Markets react and will rebound. Did anyone watch the Brexit movie on Youtube? EU is not good. Too bureaucratic. The movie said 1 in 5 or 10,000 EU bureaucrats make more than the UK prime minister. That is insane. Power with accountability should not exist anywhere in the world. I think the EU demanding UK to exit quickly because they don’t want what is in the Brexit movie to play out publicly on the floor of British parliament and the media. To air arguments against the EU in the public would be very bad for themselves, wouldn’t it? But it is needed. About time some sunshine test applied to them.

#260 Herb on 06.25.16 at 8:37 am

#215 Long Branch Apprentice,

I hate throwing a bone to a troll, but when a troll negates itself, the urge is irresistible.

So a “bleeding heart lefty” debates opposing views by “No appeal to reason, just a blanket response and appeal to authority.” And then you state “The way I see it …”, which contains no reasoning whatsoever, only a “blanket” regurgitation of wingnut ideological verities, citing no authority whatsoever.

Love it. Well done. I’m sure SM will promote you from Apprentice to Journeyman.

#261 Fritz N Chipps on 06.25.16 at 8:53 am

Ohoh Garth…here’s the next trend for everyone to deny

https://ca.news.yahoo.com/britons-seek-move-canada-brexit-175549743.html

#262 Herb on 06.25.16 at 8:55 am

#142 YorkshireWhisky,

your hope in the might of the Commonwealth is touching.

An astute analyst of international relations, Walter Laqueur, once described the Warsaw Pact’s Comecon as “Seven lean cows on a field of red trying to milk each other.” Best of British luck trying to grow fat off those 53 countries, but at least you will still have your very own mini-Olympics.

#263 Fritz N Chipps on 06.25.16 at 8:58 am

#237 Andrew Woburn on 06.24.16 at 11:20 pm
My parents had close friends who came home from a party to find their house bombed to a smoking ruin and all their family dead.”

They were going to parties while there was a war going on?????Talk about fiddling while Rome burns!

#264 Herb on 06.25.16 at 9:11 am

And now for some much-needed British humour –

https://www.youtube.com/watch?v=37iHSwA1SwE

#265 M on 06.25.16 at 9:17 am

“It was dramatic and unexpected by those who felt UK voters would not be myopic enough to opt for nationalism, protectionism and a new form of isolation. But they did.”

– LOL.. Garth… you are so myopic. Norway ain’t in that great “union”…Switzerland is not in that either.. :)

Gartho baby,.. last time UK did the right thing was fighting Napoleon. This move was BRILLIANT !
Good for UK ! ..and all my respect for the Brits and Liz Windsor.

By the way.. my “kaching” went up 27% yesterday.
Remember: Brexit was not “the IT”…it was just a catalyst. Amongst other catalysts to come.

“Along with my two Portfolio Manager partners, we held a special Brexit conference call with all of our Turner Investments clients at 11 am EDT today, June 24th, to weigh the consequences.”

LOL…that one was HILLARIOUS :) I had a few beers and vodka martinis.

..u “gringos” (as mehico says you :) ) are so cute sometimes :)

#266 Md on 06.25.16 at 9:27 am

Best comment here so far was…
Something evil this way comes

#267 jess on 06.25.16 at 9:34 am

The top five tax implications Britain’s EU exit will have on businesses
24 June 2016 -David Brookes, tax partner at accountancy and business advisory firm BDO LLP, looks at the tax implications that leaving the EU has on UK businesses
http://economia.icaew.com/business/june-2016/eu-referendum-the-top-five-tax-implications-for-businesses-if-britain-leaves
=========================================
Guillotine clause refers to a contractual stipulation that an adoption of a contract package depends on the adoption of all of the individual treaties or contracts therein. If only one of the treaties is not accepted by an involved party, or it is canceled later, all of the contracts will be deemed not accepted or terminated.

The guillotine clause is used to prevent one party from cherry-picking the treaties of the contract package that they view as favorable, while at the same time it is essential for the other party that the contract package is enforced in its entirety.
https://en.wikipedia.org/wiki/Switzerland%E2%80%93European_Union_relations

http://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX:32002D0309
interesting thoughts on why not?
https://www.reddit.com/r/explainlikeimfive/comments/374qyn/eli5_why_is_switzerland_not_in_the_eu/

http://www.bloomberg.com/news/articles/2016-06-22/brexit-risks-losing-corporate-tax-break-worth-billions-in-u-k

#268 jess on 06.25.16 at 9:37 am

33 CMHC is the problem on 06.24.16 at 10:47 pm

perhaps you would enjoy this vanity fair article :

“a revenue number: it is not a profit and loss number.”… disclosures represented “projected future income”

“Declarations to the Federal Election Commission are subject to felony criminal statute called 18 U.S.C. 1001, which stipulates fines or prison terms of up to five years for anyone who knowingly and willfully “makes any materially false, fictitious, or fraudulent statement or representation.”
http://www.vanityfair.com/news/2016/06/the-great-trump-tax-mysteries

#269 Jackie Boom on 06.25.16 at 9:43 am

I agree with Britons taking their country back from the neo Liberal nazi’s. What I find hilarious is how the CBC has become a fear machine trying to tell Canadians we should never try such a thing here…..wait and see Trudy.

#270 Jane Storey on 06.25.16 at 9:45 am

We need more referendums because when we have them, democracy actually works. Democracy in action people. You can’t be mad at the results in any way, shape or form at all if you believe in democracy. And if you don’t believe in democracy, what do you choose in place of it?

#271 the Jaguar on 06.25.16 at 9:49 am

#73 the Jaguar on 06.24.16 at 1:22 pm

I confess I agree with #2 Fed-Up comments. I also don’t think this will be last blow back on globalization. While it has advantages there are also valid and troubling concerns.

What most critics of globalization fail to realize is the choice is not the ‘status quo’ or join ‘globalization’. The choice is be shutout of trade or be part of it. The status quo is not an option. If you opt out then you are left out.
#230 BS

I am no financial wizard and confess I have not followed all things related to the UK leaving the EU, but neither Norway or Switzerland are EU members and they are not economic wastelands. They chose not to become members of the EU. I also think the world economy is on the brink of change. Adidas opening a new robotic factory in Germany of all places….the need to manufacture overseas for cheaper labour costs might be turning around when robots come into the picture. The ‘experts’ have just been wrong on so many occasions lately. None saw what was coming with the price of oil. There is a lot of smoke and mirrors and statements that the Brexit is the end for the UK but they deserve more credit than that….

#272 M on 06.25.16 at 10:11 am

@ Julie K. on 06.24.16 at 11:30 am
” Didn’t even sleep last night here on the coast.”

.. I recommend sex. Leads one to the right conclusions by mid morning :)

#273 BG on 06.25.16 at 10:35 am

I’m all for a European Union, but this one tried to do too much too fast.
It’s due for a reset. 12 or 15 countries max. Each one with more freedom about their internal rules.

#274 For those about to flop... on 06.25.16 at 10:43 am

My Euro fund went down 9% yesterday.

It’s making my normal wild donkey, my Indian fund look
serene.

Those Cowboys at the Calgary Stampede are wasting their time, if you want a real wild ride strap on some buttless chaps and invest some money in the stock markets this summer.

Just gonna reach over here and put an extra bit of vodka on the Ol’ corn flakes.

Ahhhh, that’s it …nice and numb…

M42BC

#275 Penny Henny on 06.25.16 at 10:55 am

Back to things that really matter. Housing.
Houses prices in the Niagara region starting to soar.
Bidding wars in once undesireable places such as Niagara Falls and Welland.
My agent informs me that buyers from the GTA are pushing prices uppa, upppa, uppppa.
Anecdotal evidence here in Welland.
House 1- listed on Tuesday, sold on Thursday. Multiple offers and 8% over list.
House 2- listed for about a week. Multiple offers, 8% over list.
The locals complain that they are being outbid by Toronto refugees.

#276 Ronaldo on 06.25.16 at 11:38 am

#48 It’s Time

Most coins dealers will pay you par. JM in Vancouver is one of the better ones I have dealt with in the past. Certainly on Ebay you can get par or better for most coins

#277 Canada the Great on 06.25.16 at 12:02 pm

Canada must end its loose immigration policies.

Don’t let people who use the race/xenophobic card try to dissuade you. WE all know that is just a tactic to dissuade you.

Immigration is stable and amounts to 0.8% of the population, without which we would decline numerically and economically. — Garth

#278 AB Boxster on 06.25.16 at 12:04 pm

The EU experiment had potential when it focused on building stronger economic ties between European nations. The problem with ALL bureaucrats, is that economics is boring and does not further their ‘special’ view of he way they think the world should work.

Rather than focusing on improving economic ties, the bureaucrats view of the world is that there are no countries, there are no borders, there is no democracy, the will of the people means nothing, and only ‘we’ know what’s best for you, and expect you to foot the
bill for our righteous beliefs.

Oh, and if you disagree you must be xenophobic, racist, living in the past, a global warming denier, blah, blah , blah.

Exactly like the NDP government idiots in Alberta right now.
Lets see, oil is in the tank, hundreds of thousands have lost their jobs. Alberta is in recession and will be for another 2-5 years.

What is obviously really needed is a carbon tax for all.
What we must focus on is changing the school curriculum.
What we must do is massively increase small business and business property taxes for all.
Alberta really should have a new sales tax, to pay for all of the Alberta civil servants that must not be impacted by any downturn. I mean the public sector must not be impacted in any way.
What is needed is to focus on transgender issues.
We must move to a $15 an hour minimum wage regardless of current economic or business conditions.

Any real policies that might actually help business and workers in the province?
NDP- Nope, nothing we can think of.

Interesting that the Brits found the spine to tell the EU social justice warriors to go away.

The EU needed the British more than the British needed the EU. Cuz for every 6 Euros that the the British sold to the EU, the EU sold 10 Euros of goods to the British.
And the British were one of the few non-basket case countries in the EU.

Britain, being the world’s 3rd largest economy will continue to trade with every EU country just as it always has. Except that they will not have to deal with absurd EU bureaucratic interference and loss of control of their own government.

Sounds exactly like when the Yanks kicked the Brits out during the American revolution. That turned out pretty well for the Yanks.

BrExit will turn our very well for the Brits. And for any other country that decides that the stifling policies of the unelected and entitled EU bureaucracy is not worth the effort.

Especially when the other EU member countries, and their pesky voters, see that the benefits of stronger economic ties can still be achieved, without the unaccountable stupidity that the EU bureaucracy was peddling in their snake oil agreements.

#279 NEVER GIVE UP on 06.25.16 at 12:08 pm

Went for a walk on the coal harbor waterfront last night.
11:00 pm.
Took a picture of one of the high rise condo buildings.
Only 3 units with lights on as opposed to 80% of other buildings in west end.
Walked along and noticed several other almost completely dark high rises. These are already about 10 years old and have been used just to store wealth and make profit.
The businesses down on the seawall depend on people in the neighborhood to come down from their condos and support them or they die.
Too bad for them!
Too bad for the kids who can’t even rent a place downtown.
This is solely the doing of government policy and government malingering.
It burns me up just thinking about it.

Downtown Toronto condo buildings look the same. Lots of owners buy units to use periodically. I have one. Get over yourself. — Garth

#280 NEVER GIVE UP on 06.25.16 at 12:43 pm

#275 AB Boxster on 06.25.16 at 12:04 pm
Well said!

#281 45north on 06.25.16 at 12:45 pm

Freedom First: Alberta is next! We can make it on our own.

no you cannot

I suppose if you could actually move Alberta into the Pacific Ocean.

#282 For those about to flop... on 06.25.16 at 12:48 pm

Last night I showed you guys a new build around the corner from me in East Van that they want 2.3 million CAD.
Below is a link showing in the u.k a whole village is for sale for 1.5 million pounds.
Also, speaking of 1.5 million,that is apparently how many people have signed the petition already to have another referendum.
13.5 million people did not exercise their right to vote for various reasons and this is enough to change the next vote or confirm it if it happens.

M42BC

http://www.dailystar.co.uk/news/latest-news/525381/Stunning-village-16-homes-yours-for-1-5m

#283 Barb on 06.25.16 at 1:01 pm

Scotland reconsidering their independence vote.

All that’s missing now is to hear the stirrings of Quebec separatism.

#284 DON on 06.25.16 at 1:07 pm

So investors take a hit, the so called financial elite most likely will profit off the lows, dollar becomes a safe haven. Fear mongering…how old is the EU Union (not that old). Cameron back by a media mogul Murdock – less we forget. Cameron should have resigned after the Panama docs – useless talking mouth – so many of them around these days. The populace is pissed and were promised so much more when entering the EU. I see what free trade has done to our manufacturing, jobs etc. What’s wrong with sovereign states, local production and local jobs. So much senseless fear mongering – stop the blabbering and put your ear close to the ground and you may be able to discover sentiment.

Oh and stop the ‘Low rates will increase real estate’. People are in debt up to their eyeballs in real estate – sentiment can change overnight as it did in the US (not higher interest rates). The main problem: Short term memories and misreading the signs.

Everyone panicking as markets fall…but weren’t they over valued in the first place?? Hmmm wonder who is profiting from this – wonder if the financial elite hedged their bets on both sides.

In the age of the internet – people choose to remain somewhat uniformed. Truly mind boggling.

Once and for all: What crashed the US housing market…higher rates??

oh well human nature wins again.

#285 DON on 06.25.16 at 1:12 pm

Oh forgot…Putin was behind the Brexit results.

AND

backing Trump is nutty…but backing Hillary is pure insanity. Isn’t she being investigated and what about Libya. Her brother in law – cocaine kingpin?? (article in the paper lately).

The sun will rise tomorrow, if it doesn’t start to really worry.

#286 DON on 06.25.16 at 1:18 pm

#99 Lee on 06.24.16 at 2:33 pm

Mr. Tal says no Fed rate increases in the U.S. this year. People predicting rate increases, no less two, this year got that one wrong.

It’s only June. Just wait and see what the data says. — Garth
**************
Is it not plausible that Brexit will benefit the US, (dollar a current safe haven) bringing more capital to the US, better numbers and voila – increasing economic activity = future rate hike.

#287 ROTFL on 06.25.16 at 1:23 pm

“Xenophobia” says everyone.

I take a more nuanced definition of the word. It isn’t fear (or just plain dislike) of foreigners; it’s fear of the foreign or unknown. The UK is not unfamiliar with foreigners and global culture. It was, until recently, leader of a huge global empire. If London isn’t the most cosmopolitan, multicultural city on earth, then it must be #2. Even the UK’s secondary cities are plenty diverse. Curry long ago supplanted fish & chips as the national dish.

But here’s the thing. As a rich, english speaking country, you can either have a reasonable welfare state or open immigration, but you can’t have both. Merkel is welcoming swarms of refugees into Europe, but they haven’t spent thousands of hours watching German movies and TV. Their second language is more likely to be English than any other european country’s official language (maybe some French for some Syrians), and so lots of them may use unrestricted travel to try out the UK.

A welfare state or open borders, but not both. Recognizing this choice is hardly xenophobia.

Your phrase, “swarms of refugees” is offensive. Insects swarm. — Garth

#288 DON on 06.25.16 at 1:30 pm

#195 Andrew Woburn on 06.24.16 at 7:44 pm

#54 Vera on 06.24.16 at 12:43 pm
Change brings further change. This will bolster the hopes of many more with pissy attitudes. How long until we start hearing about that western (bc, alta, sask) separatist vote? That’ll address the issue of inflated RE, and cowboy immigration policy…. Oh, already started.
========================

Yup.

New political party pushing for province of Vancouver Island

http://www.cbc.ca/news/canada/british-columbia/new-political-party-pushing-for-province-of-vancouver-island-1.3647482
**********************

Trying to split the NDP vote as the current BC Liberals\HARPER conservatives are in trouble. Youth will vote against them (housing crisis). The leader of this new party is a Fraser Institute member (right wing think tank). Funny how this new party got prime time news, CBC, globe and mail.

#289 DON on 06.25.16 at 1:34 pm

#208 Andrew Woburn on 06.24.16 at 8:41 pm

I note that EU honchos are starting to demand that the UK exit as quickly as possible. This is a clear signal that they are panicking about the other potential leavers who are demanding change.

Technically Britain is still in the EU and has to give up to two years notice of leaving but doesn’t have to file divorce papers until it is ready. With a little foot-dragging, it could be a three-year process. If I were the new British prime minister, that is exactly what I would do, because there is a reasonable chance pressure from other EU members could force Brussels to concede meaningful changes in the EU/Euro structure that would persuade Britain to stay aboard.

Everyone agrees that controlled immigration is important for an aging Europe. Almost no one agrees that one should leave the front door open to anyone who walks in. There is a real difference between racism and simple common sense. Eventually Brussels will have to accept this or die.

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

Agreed: the EU officials are worried as the other countries will take Britain’s lead – the pendulum is swinging.

#290 DON on 06.25.16 at 1:38 pm

#220 For those about to flop… on 06.24.16 at 9:29 pm

The people who wanted Brexit to happen will probably like this…

M42BC

http://imgur.com/aCW0uMm
+++++++++++++
The bookies didn’t factor in…the current sentiment. People were simply pissed.

#291 conan on 06.25.16 at 1:50 pm

” They were going to parties while there was a war going on?????”

You better believe that people partied it up during WW2. Women from all countries were encouraged by their governments to be comfort people, especially to wounded soldiers. Zinger…deluxe, but it is true. Google is your friend.

When I was at university I had to take a course in “women studies” in order to fit a credit into my academic schedule. Anyway, 30 people in the class and only two males.

I delivered a report on the wide use of comfort people during times of war and …..they did not like it…….I started getting Machiavellian stares of impending doom. So I dropped out. I was going to get F’s on everything going forward.

#292 ROCK BEATS PAPER on 06.25.16 at 1:53 pm

#274 Canada the Great on 06.25.16 at 12:02 pm

Canada must end its loose immigration policies.

Don’t let people who use the race/xenophobic card try to dissuade you. WE all know that is just a tactic to dissuade you.

Immigration is stable and amounts to 0.8% of the population, without which we would decline numerically and economically. — Garth

I assume you are of First Nations, otherwise your are not only xenophobic, but a hypocrite as well.

#293 family beagle on 06.25.16 at 1:56 pm

#276 NEVER GIVE UP on 06.25.16 at 12:08 pm
Went for a walk on the coal harbor waterfront last night.
11:00 pm. Took a picture of one of the high rise condo buildings.
Only 3 units with lights on…

Downtown Toronto condo buildings look the same. Lots of owners buy units to use periodically. I have one. Get over yourself. — Garth

If it isn’t your primary residence and it’s sitting empty, Mr. G, prepare to pay urban density tax. This is a society, not a trophy case.

Many people, me included, use downtown residences for business reasons, paying the same property tax as everyone else. — Garth

#294 nubbers on 06.25.16 at 2:13 pm

Perhaps when the world sees what happens to the UK after taking the Brexit suicide pill, there will be less talk of leaving the EU in France and Holland.

#295 Canada the Great on 06.25.16 at 2:19 pm

#274 Canada the Great on 06.25.16 at 12:02 pm
Canada must end its loose immigration policies.

Don’t let people who use the race/xenophobic card try to dissuade you. WE all know that is just a tactic to dissuade you.

Immigration is stable and amounts to 0.8% of the population, without which we would decline numerically and economically. — Garth

—————–
With all due respect honourable Mr Turner,

What is happening is no one is accounting for the strains to infrastructure in the cities. No replacement value is being set aside for hospitals, care homes, phramacare, medical professionals, education facilities, road networks, medical lab facilities etc.

Immigrants would rather stay home and live in boxes in the sky and pay taxes. Most would not leave their culture for this. A detached home and not paying your share of taxes is what everyone is looking for. Now add to this all the temporary immigrants already in Canada.

Studies have already proven that immigration won’t help demographics as we are Immigratin the entire demographic cohort equally.

The million temporary immigrants living in Canadian cities adds further strain the infrastructure while putting upward pressure on rents.

This isn’t ending well, unless you are the 1% or corps/banks.

That made zero sense. — Garth

#296 Globalist on 06.25.16 at 2:21 pm

All the anger (Brexit, Trump, Podemos..) boils down to one simple fact:
middle class incomes don’t go up no more.
The disease is called outsourcing aka free trade aka globalisation.
Sure you love cheap sneakers, but what’s at the bottom of your shopping bag is jobs moving to Asia.
It’s that simple. Free trade with third world countries is not free. It actually is the most expensive way to trade because you import poverty.
1%ers and multinationals are just brokering the difference in wages (make the shoes for 10 bucks, sell ’em in the store for 90).

What can be done? I think the best or least bad solution would be a hefty devaluation of G20 currencies, to level the playing field. This of course will create a heck of a lot of problems, but I cannot see another way to get us out of this.

If anybody has another idea how we can bring down unemployment in the west plus have a point from which mass incomes can rise again, please let us all know.

#297 Freedom First on 06.25.16 at 2:30 pm

#236 Sue on 06.24.16 at 11:14 pm

I like the funny “freedom first” Could you name yourself accordingly so i dont skip over your posts. Clever!

++++

Sue, what’s a nice girl like you doing on a sketchy blog like this? That imposter has ruined my life. I was going to be somebody on this blog, but now look at me, LOOK AT ME SUE!

I’m a mess. All my rage, all my love….gone, gone, GONE!!!!

But…if you’re ever in Alberta…I live on a farm with my Mom, of course, south of Grande Prairie, east of Blackfalds, west of Lac La Biche. You’d be welcome until I became tired of your basic human desire for a healthy level of intimacy.

#298 M on 06.25.16 at 2:44 pm

For all of you suckers out there thinking that brits will suffer (etc) please , here you have it:

http://www.express.co.uk/finance/city/683117/US-and-Canada-lead-promises-to-maintain-trade-relations-with-Britain-outside-the-EU

Ditto Gartho

With financial markets in turmoil, what kind of rhetoric did you expect, Micko? — Garth

#299 John on 06.25.16 at 2:54 pm

Both Brexit and Donald Trump have been democratically supported. Funny how the left has labeled this as not being sane. Globalism has proven to be a toxic force in the world. So what if this isn’t as good for economic reasons. Money isn’t everything. Preserving your culture and way of life is much more important! Not to mention, many countries are not in the EU and doing just fine. Look at Switzerland for example. People are taking their country back; they will not allow their country to be taken over by third world immigrants who do not share their values. Why do the elites want more globalism? So that they can drive down the wages of the middle class and keep more money for themselves. Brexit is just the beginning. People are waking up and taking action against the destructive globalist agenda. Bravo Britain! America is next. Trump 2016!

#300 MF on 06.25.16 at 3:11 pm

I love seeing all these leftists crying about Brexit. “It’s the old, evil XENOPHOBIC BIGOTS that voted to keep their sovereignty!”.

So 60 years ago their ancestors had to go fight and die on foreign lands for the same right yet all they had to do was put an “x” on a ballet and there was a choice?? So pathetic and brainwashed these idiots are. Garth is right. There is a growing movement of people who detest this neo leftist/globalist garbage being shoved down our throats. Brexit was just the beginning. Trump will be/is already the next example. Closer to home, hopefully T2 will be kicked out in the next election so we never have to hear his voice or look at him ever again.

The facts are the EU is a socialist experiment that failed. The entire bloc simply lurches from one crisis to the next. If brexit was stexit, we would have heard about grexit in a few months anyway. The task of the ECB seems to be to keep this lifeless EU body in a vegetative state artificially alive with never ending “stimulus”. How is this a good system? Mix in refugees/terrorism to economic failure and it’s clear the Brits were the first to do the right thing and watch the slow collapse from afar.

MF

#301 conan on 06.25.16 at 3:14 pm

Re: #293 Globalist on 06.25.16 at 2:21 pm

“If anybody has another idea how we can bring down unemployment in the west plus have a point from which mass incomes can rise again, please let us all know.”

The secret plan is to encourage robotic work forces. Jobs that were in the 3rd world will come back to the West in the form of robotic manufacturing.

Robots are a huge investment and the powers that be will want those dollars invested in a safe first world country.

Expect human jobs in robot maintenance and building robots that can make other robots.

The 3rd world is about to get beggared. You will need to tighten your global ETF funds to exclude 3rd world nations.

Next step is building huge armies of robots. The West should kick ass on that. I think the plan is then to use them against people that we don’t like.

You wanted the answer…….

#302 family beagle on 06.25.16 at 3:38 pm

If it isn’t your primary residence and it’s sitting empty, Mr. G, prepare to pay urban density tax. This is a society, not a trophy case.

Many people, me included, use downtown residences for business reasons, paying the same property tax as everyone else. — Garth

I highly recommend renting.

Me too. — Garth

#303 ROTFL on 06.25.16 at 3:48 pm

“swarms of refugees” is offensive.

http://blog.oxforddictionaries.com/2015/08/words-in-the-news-a-swarm-of-people/

Google books finds 30,000+ usages of ‘swarm of people.’ Apparently I’ve been preceded in this usage by David Cameron, King James I of Scotland, and Thomas Malthus. Not the Bard or the KJV, though.

P.S. OxfordDictionaries.com offers as an example ‘a swarm of journalists’

You have no reason to be disrespectful of others, especially those who have been driven from their homes. — Garth

#304 Backmarker on 06.25.16 at 3:58 pm

#44 NoName

what do you know that i dont?

That unlike Obama, Donny is a business man.

Obama keystone rejection also had to do with protecting Warren Buffets train set.

#305 jay on 06.25.16 at 4:06 pm

Trump is correct ,Brexit doesn’t matter much.Let’s start worrying about Main St ,not Wall St. Go Trump.

#306 Musty Basement Dweller on 06.25.16 at 4:13 pm

This article does a good job of summarizing the root of Vancouver and Toronto real estate prices. And it’s not just low rates and moist millennials. Foreign money (not necessarily foreign ownership) is unquestionably a much larger factor than many of us on this blog have made it out to be. However the moisters are going to hurt real bad when the music stops and some of the people with all that money get a little scared off. http://vancouversun.com/storyline/doug-todd-10-ways-to-cool-vancouver-housing-market

#307 Brydle604 on 06.25.16 at 4:30 pm

The Elite and MSM just do not get it!

Brexit Michael Campbell Money Talks 25 June 2016

Select June 25, 2016, 8 am and slide to 34.05 mark for an excellent audio piece on the Brexit subject.

The Welfare state is about to collapse, UK is just the beginning.

http://moneytalks.net/article-and-commentary/michael-campbell/mikes-daily-commentary.html

#308 Freedom First on 06.25.16 at 4:46 pm

#236 Sue

Sue. I second that.

However, I, probably more than anyone, enjoy the input of all the members of my “Freedom First Impostors Fan Club”

#309 Canada the Great on 06.25.16 at 4:47 pm

Some, why does Canada not pursue bilateral immigration treaties with the USA, Australia, UK, etc….so Canadians citizens can move freely and live in these countries. Like Schengen?

Why is it Canada goes out of its way to sign free trade deals and say immigrate immigrate immigrate to foreigners every chance it gets while at the same time trying to keep their people locked in Canada?

It seems Canada is free to get into for the rest of he world, free to launder money, free to sell of its natural resources BUT it’s own people are screwed over by government?

This won’t go on for very long Mr. Turner. Brexit was the first and that’s why the 1% are worried. Watch France, Netherlands and Sweden go next.

It’s over.

#310 A box in the Sky on 06.25.16 at 4:55 pm

It’s really annoying to see multiple brit-expat posters here happy with the result of Brexit.

So it’s perfectly ok for you to emigrate to Canada to presumably make a better life and earn more money for yourself and your family but how dare those peasants from places like Poland go to the UK to do the same for their families. right?

Absolutely disgusting. Any brit expat who is happy with Brexit is just an awful human being.

#311 joe on 06.25.16 at 4:59 pm

As I said before, you dont know anything about the sentiment in Europe regarding the EU and immigration. These pains are short term but important to the long term protection of sovereignty in European nations.

#312 ROTFL on 06.25.16 at 5:05 pm

“Keep, ancient lands, your storied pomp!” cries she
With silent lips. “Give me your tired, your poor,
Your huddled masses yearning to breathe free,
The wretched refuse of your teeming shore.
Send these, the homeless, tempest-tost to me,
I lift my lamp beside the golden door!”

— Second stanza of a poem, engraved on a bronze plaque inside the Statue of Liberty. Offensive? Teeming and swarming are pretty much synonymous.

#313 conan on 06.25.16 at 5:12 pm

RE: #307 A box in the Sky on 06.25.16 at 4:55 pm

Those words are hurtful to many people who voted Leave, and that is why your side lost the vote.

May be some xenophobia, but it is not the main reason. I think people in general were fed up with a wide corporate mission to create efficiency and beggar as many people in the process as possible.

EU was sold to the people as a wealth generating economic necessity. It would create good jobs, etc. Instead we have millions of middle class jobs turning into low paying jobs. Downward pressure on wages, and black hole chances that you will find another decent job if you lose the one you already have.

This process has been going on for decades and nothing was ever done at the government level to counter it. Now the writing is on the wall. There is no fix, instead robots will soon be on the scene to finish off the next cohort of people.

While Rome was burning governments borrowed heavily. Now we have a Sovereign debt crisis that makes fixing the problem unlikely.

People just said enough of this Poo…… get out and stay out. You lied to us.

#314 Plan 9 From Outer Space on 06.25.16 at 5:38 pm

There is no reason to assume that the Brexit outcome was not pre planned by the banking establishment.

#315 Andrew Woburn on 06.25.16 at 6:14 pm

#260 Fritz N Chipps on 06.25.16 at 8:58 am
#237 Andrew Woburn on 06.24.16 at 11:20 pm
My parents had close friends who came home from a party to find their house bombed to a smoking ruin and all their family dead.”

They were going to parties while there was a war going on?????Talk about fiddling while Rome burns!
====================

First of all the Luftwaffe didn’t announce their visits and you can’t sit in a bomb shelter for four years. The British “stiff upper lip” attitude was all about maintaining the appearance of normalcy while navigating chaos so, yes, people still went to birthday parties and dances.

The war government posted signs saying, “Keep calm and carry on”. Maybe the next government will bring them out again for Brexit.

#316 AB Boxster on 06.25.16 at 6:19 pm

Re:Market volatility

Unfortunately globalization will result in perpetual market volatility.
Because markets, economies and financial systems are now so interconnected events anywhere in the world will result in high levels of volatility.

Earthquake in Japan – market volatility.
Brexit vote in Brtain – volatility.
Russia invades Ukraine – volatility
Shoot down a Russian Jet – volatilty
Kim Jon-un farts – volatility

Then after about a week the markets shrug it off and go on their merry way.
There is no real predicting financial markets anymore.
The ‘experts’ are all sadly not.

The only thing to do as a basic investor is to spread risk, and take advantage when the volatility occurs.

This is one of the outcomes of the great globlization experiment.
Just another of the wonderful outcomes and effects not considered, by the experts, who are sadly not.

#317 NoName on 06.25.16 at 6:24 pm

@#301 Backmarker on 06.25.16 at 3:58 pm

I see no problems with oil trains, i have buddy of mine working around a clock making tank cars, and that donny is businessman is a bit of an overstatement.
ill take bet on warrens train set over donnys pipe any time.

#318 Aggregator on 06.25.16 at 6:25 pm

Canadian Shadow Banking System By Component (Chart)

See all that debt? You'll be paying for it when it all implodes.

#319 Andrew Woburn on 06.25.16 at 6:42 pm

#280 Barb on 06.25.16 at 1:01 pm
Scotland reconsidering their independence vote.

All that’s missing now is to hear the stirrings of Quebec separatism.

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

They’ll have to get in line.

“Calls For Texas Independence Surge In Wake Of Brexit Vote”

http://www.vocativ.com/333176/calls-for-texas-independence-surge-in-wake-of-brexit-vote/

#320 Blokexistentialist on 06.25.16 at 6:43 pm

The emperor has no clothes.

https://m.youtube.com/watch?v=iVM2QyCcO4M

#321 Why on 06.25.16 at 7:03 pm

So it’s perfectly ok for you to emigrate to Canada to presumably make a better life and earn more money for yourself and your family but how dare those peasants from places like Poland go to the UK to do the same for their families. right?

It was Angela Merkel’s decision to bring in 1.1 million that made the wake up call, as described by the Conservative US policy advisor David Frum (son of the late Barbara Frum, the respected, former host of the CBC’s radio show, As it happens.)

http://www.businessinsider.com/why-did-britain-leave-the-uk-2016-6

#322 For those about to flop... on 06.25.16 at 7:07 pm

Euro 2016/ local real estate update.

Well there no instant classics today.The players looked nervous….here’s what happened.

In the theme of the day the better performing team did not win.Freedom First and Gut checks team tried valiantly but could not capitalize on the score board and were eliminated.

Jimmy and Ace Goodheart live to fight another day.

In the last game NoNames team Croatia were beaten late on by Brazil expats Portugal.

Jimmy and Brazil expats teams go at it in the next round and Wales and Ace Goodhearts team have to wait to see who wins tomorrow out of Bdwy Skrtns Hungary and Marks Belgium.

In the other game tomorrow it’s Commonn senses Germany vs IHCT D9s Slovakia.

Regarding local real estate I just got back from lunch and grocrery run with the wife and near where I parked in a 3 block stretch on Prince Albert st Vancouver between 26th and 29th avenues six houses that were for sale recently all had sold stickers on them.

Some bigger ones and then there was this smaller one below sold by one of the local ” stealtors”

It seems now that the developers are moving east looking for value,not saying there is not a lot going on the Westside but to use a baseball analogy it seems easier to pick of a few singles on the east side while the developers on the west side are trying to hit home runs.

Not too sure how cool this market is ever gonna get.
Maybe not ice cold….maybe the best people can hope for is luke warm.

Bill Morneau is dickin around with Smoking Mans broken shower faucet when he really needs to go up and visit WULLY in the oil sands and get an oversize wrench.

Remember this saying Bill ….Lefty Loosey…Righty Tighty…

M42BC

http://pauleviston.com/mylistings.html/details-57874058

#323 NoName on 06.25.16 at 7:14 pm

#106 tex on 06.24.16 at 2:51 pm

If the rest of Canada continues sandbagging Albertan energy — who can say how they will react ? There are many Albertans who feel spurned by the economic elites in the East despite the supposed benefits of freedom of trade and movement through confederation. Sound familiar?

U.S.A would indeed entertain the idea of absorbing Alberta. What a boon for the land of the brave. Massive oil reserves with consistent delivery mechanisms already constructed in a safe region of shared cultural and socioeconomic norms. No military interference necessary.
Win-win. Albrexit- coming to a ridiculous twitter campaign near you.

——–

is that what you really believe, i have some florida swampland to sell you.

#324 Backmarker on 06.25.16 at 7:15 pm

#312 NoName

How about you step aside from your bias and read.

I said unlike Obama, Donny is a business man.

Trump owns/owned multi businesses. How about Obama?

So there is no overstatement. Trump is a businessman where Obama is a Politician.

I also said part of Obama’s keystone rejection was Warrens train set…so you can understand, Obama protected his largest money donor first, Shale second.

I can’t possible know if Trump would protect Shale or not.

I would think as a businessman (and a back ground in construction) he would see pipeline as

1) A huge construction project that would benefit the economy and provide jobs.

2) More crude into the market from a neighboring friendly country which has multiple benefits.

#325 Entrepreneur on 06.25.16 at 7:32 pm

The British will grow now and not ignore the people of the land. There is nothing to be fearful about. That was very honourable that PM David Cameron is stepping down. (Too bad Liberal Premier Christy Clark didn’t step down on losing the HST referendum debacle; she was surprised that the no vote won so does it not mean that she is not in touch with the people.)

Right on both #293 Globalist…”The disease is called out sourcing aka free trade aka globalisation” and #296 John…”Globalism has proven to be a toxic force in the world.”

I would like to support my local community, my province, my country first. Time for a correction then we can grow stronger and better for the people and the environment.

The trade-off is a lower standard of living. — Garth

#326 For those about to flop... on 06.25.16 at 7:51 pm

#312 Andrew Woburn on 06.25.16 at 6:14 pm
#260 Fritz N Chipps on 06.25.16 at 8:58 am
#237 Andrew Woburn on 06.24.16 at 11:20 pm
My parents had close friends who came home from a party to find their house bombed to a smoking ruin and all their family dead.”

They were going to parties while there was a war going on?????Talk about fiddling while Rome burns!
====================

First of all the Luftwaffe didn’t announce their visits and you can’t sit in a bomb shelter for four years. The British “stiff upper lip” attitude was all about maintaining the appearance of normalcy while navigating chaos so, yes, people still went to birthday parties and dances.

The war government posted signs saying, “Keep calm and carry on”. Maybe the next government will bring them out again for Brexit.

//////////////////////////////

Andrew ,my friend , I think they have found a new motto…

M42BC

#Bregret

https://imgur.com/4aBi2u8

#327 betamax on 06.25.16 at 7:55 pm

#215: “the guy who took an apprenticeship wouldn’t get out of bed for the puny wages your degree gets you”

I guess you need to believe this to feel better about your lot in life. The reality is that doctors have degrees, lawyers have degrees, engineers have degrees, people in finance and business and IT have degrees, etc, and many of them are making a comfortable six figures.

Sure, everyone without a degree likes to point to some anecdotal person with a BA who works at Starbucks, but the reality is that many people with degrees make a lot of money that they wouldn’t be able to otherwise. Plus, they get to work in a nice clean office, enjoy a certain status in society, and never have to worry about accidents or long-term health detriments from their work. Life is good.

#328 Rule Britannia on 06.25.16 at 7:56 pm

#312 Andrew Woburn on 06.25.16 at 6:14 pm

#260 Fritz N Chipps on 06.25.16 at 8:58 am
#237 Andrew Woburn on 06.24.16 at 11:20 pm
My parents had close friends who came home from a party to find their house bombed to a smoking ruin and all their family dead.”

They were going to parties while there was a war going on?????Talk about fiddling while Rome burns!
====================

First of all the Luftwaffe didn’t announce their visits and you can’t sit in a bomb shelter for four years. The British “stiff upper lip” attitude was all about maintaining the appearance of normalcy while navigating chaos so, yes, people still went to birthday parties and dances.

The war government posted signs saying, “Keep calm and carry on”. Maybe the next government will bring them out again for Brexit.

Those posters were not actually displayed…..

http://www.keepcalmandcarryon.com/history/

The Keep Calm and Carry On poster was commissioned in 1939 by the temporary Ministry of Information in England[1], following the printing of two other inspirational posters stating “Freedom Is In Peril. Defend It With All Your Might” and “Your Courage, Your Cheerfulness, Your Resolution Will Bring Us Victory.” It was intended to be used to strengthen morale in the event of a large-scale attack or occupation, which many considered inevitable at the time. Though more than million of these posters were originally commissioned[2], after the war ended they were kept in storage where most were destroyed.

#329 For those about to flop... on 06.25.16 at 8:16 pm

Hey NoName ,I’m not sure if you seen this one.

Another oil train crashed near Vancouver,Washington.

Tough loss today buddy, that side of the draw was definitely easier route to the final…

M41BC

http://www.king5.com/news/local/railroad-blamed-for-fiery-oil-train-derailment-in-oregon/253712080

#330 Love My Kia on 06.25.16 at 8:22 pm

#321 Backmarker on 06.25.16 at 7:15 pm
#312 NoName

How about you step aside from your bias and read.
I said unlike Obama, Donny is a business man.
Trump owns/owned multi businesses. How about Obama?

So there is no overstatement. Trump is a businessman where Obama is a Politician.
===============================

Yes, a businessman who bankruped 4 casinos.

Takes a special kind of stupid to bankrupt a casino.

#331 Rexx Rock on 06.25.16 at 8:28 pm

The boomers of UK have said they have had enough of the flood of rape,crime and welfare for all refugees according to Micheal Savage.

Quoting another bigot does not let you off the hook. — Garth

#332 Future Expatriate on 06.25.16 at 8:32 pm

Not so fast:

More than one million people now demanding 2nd vote which most assuredly will go the other way:

http://www.independent.co.uk/news/uk/politics/brexit-petition-latest-eu-referendum-rules-change-force-second-vote-poll-government-a7102486.html

Of course, it might take the pound some time to recover.

Over 2.5 million signatures now. — Garth

#333 PVS Insight on 06.25.16 at 8:45 pm

#102

“a slim majority of Britons” is not factually correct. With 72% participation there was over 1 million votes difference between “leave” and “remain”.

It is a slim majority. It’s all about perspective:
@17M voted to leave. @16 voted to stay.

A true confident leave majority would be closer to 60%+
Almost half of all voters wanted to remain in the EU.

This is a perfect example where true democracy shows its limitations. And this doesn’t even consider the millions who did not vote. Also, the case for mandatory voting can be made as it would almost ensure that GB
remained when all the 20-30+ something citizens were forced to the poll.

#334 Saint Herb on 06.25.16 at 9:07 pm

Is there any scenario that could be caused by Brexit that would cause some kind of crisis that would finally trigger a RE market correction in Canada.

It seems that no matter what happens the effect is always higher RE prices in Canada. Why is that?

US has RE crash. We get higher prices.
Government changes CMHC rules. Higher prices
Oil prices crash. RE goes even higher.

I’ve read that Brexit is going to cause RE to go even higher in Canada. Since the opposite seems to happen all the time, maybe this will be the thing that does it.

We will see.

#335 Keyboard clicker on 06.25.16 at 9:09 pm

You’re shocked because you don’t get it, Garth. You choose not to see yourself as part of a privileged elite even though you are. You are not at risk of losing your job to Temporary Foreign Workers or immigrants brought in specifically to flood your occupation and lower your ability to bargain for better pay and conditions the way capitalist theory says you should. You make plenty of money. I know you work hard. I know that. But so do many others and they don’t see a fraction of the financial rewards you do. I’m not saying this to try to shame you, but just to provide a perspective that you seem to lack. Most are not like you. Obviously YOU wouldn’t vote for Brexit or rolling back globalization, or protectionism, etc. But that’s because you are part of a small group for whom all this globalization outsourcing bullshit is all upside and no downside. When capital is mobile it’s easy for you to move some client money over to a foreign stock exchange and invest in a company that builds office buildings in India, but when we’re talking about labour being mobile your neighbour we’re talking about your neighbour who is losing his programming job to someone in India who will work in those New Delhi office towers you just invested in. All upside for you, and mostly downside for him. When he gets another programming gig he has to be tortured like your friend Firecracker because his bargaining position has been lowered. But hey, he can now get a Chinese made fire hazard toaster for less money than he could in the 80s. Yay, I guess?

If you think Brexit is shocking, wait till November in the States. Despite all the good reasons not to elect Trump, they will. Because too many young people are graduating computer science in university and have to compete with those high skill high experience people that got laid off at Royal Bank when they outsourced their work to that Indian contractor that brought in TFWs to be trained. And that’s just one example about how corrosive and pervasive this labour market arbitrage is.

You story with Firecracker the other day was good, but surely as a rational person you can see how not everyone can enjoy the salaries they’ve had. And from their own mouths you’ve heard how they were squeezed like lemons for the pay they received. This is the reality that people face when the thread of outsourcing the entire department hangs over their heads. It’s like this in almost every industry except finance, where you hang out.

#336 ROTFL on 06.25.16 at 9:13 pm

The irony is that a main reason the EU was created was, shall we say, to keep Germany from unilaterally imposing its immigration policy on the rest of Europe.

#337 Rule Britannia on 06.25.16 at 9:14 pm

#328 Future Expatriate on 06.25.16 at 8:32 pm

Not so fast:

More than one million people now demanding 2nd vote which most assuredly will go the other way:

http://www.independent.co.uk/news/uk/politics/brexit-petition-latest-eu-referendum-rules-change-force-second-vote-poll-government-a7102486.html

Of course, it might take the pound some time to recover.

Over 2.5 million signatures now. — Garth

Millennials are pissed at the pensioners! Thanks gramps!

http://www.telegraph.co.uk/news/2016/06/24/millenials-fury-over-baby-boomers-vote-for-brexit/

#338 46 and 2 on 06.25.16 at 9:19 pm

#278 45north

You are soooooo wrong, access to tidewater is easy is you don’t have to deal with the rest of Canada. Alberta could go alone in a heartbeat – AND – migration from the rest of this mess and from around the world into a seperate Alberta would be staggering. I would love to see the rest of the “country” squirm for once.

#339 Axis on 06.25.16 at 9:37 pm

Just saw a commercial for Vancity’s latest marketing shot at young Vancouverites. Vancity.com/dontgiveup, you can’t make this stuff up.

#340 Wild Roasted Gonads on 06.25.16 at 9:51 pm

And we have a new winner of the world’s ugliest dog… lots of blog dawgs are now off the hook!

http://www.stuff.co.nz/life-style/world/81466295/worlds-ugliest-dog-crowned-a-winner

#341 NoName on 06.25.16 at 9:51 pm

@Backmarker

I not big fan of O but let me tell you something, O is/was just a some noname who beated all odds and become a president of MOST FREE-ER AND MIGHTIEST NATION ON A WORLD. O made bad O dead!

Donny is not some noname, honestly I woud like him to win, just to see that change he is talking abut. you obviously don understand how burokracy works.
infrared projects and construction jobs my ass.

there was a time when i wanted to buy buldozder and just randomly start digging out streets and invoice a city after each hole, i bet you they i would be multi millionare before the would notice, and out of embaresment they would probably do nothing…

we need hwys they build windmils, we need old age homes they build condos, we need more vacation time they say 3rd word working stif does need any, plus doesn’t complain…
press play
https://youtu.be/ps9BC7D6jC0

———–

#325 For those about to flop… on 06.25.16 at 8:16 pm
game
it is what it is, but on a good note its note 2-0 or 3-0…
train
its all small stuf comparing to valdez and horizon
https://youtu.be/iYLugyWEl4w

#342 MF on 06.25.16 at 9:58 pm

#327 Rexx Rock on 06.25.16 at 8:28 pm

Not so fast

Over 2.5 million signatures now. — Garth

-Yeah right. Let’s “recount” the last election result here in Canada then.

The people spoke. The losers (elite globalists and their sheep) have to accept most now know the EU is a disaster.

MF

#343 AisA on 06.25.16 at 10:06 pm

Good.

#344 NoName on 06.25.16 at 10:13 pm

#334 46 and 2 on 06.25.16 at 9:19 pm

how about russia, how is that tide water working out for them?

#345 Smoking Man on 06.25.16 at 10:21 pm

The root of the Brexit middle finger and rejectionisum that is sweeping all nations.

When I was a kid bucking rivets inside dash-8 wings I easly bought a house, had a Trans-Am with a tee-bar roof, a wife the cooked and cleand that didn’t bitch about it. Two good vacations a year, with a growing savings account. And my wife stayed at home raising the kids never to work again, well that’s not true, she worked in our business.

It was a shit factory job and the only resson I stuck with it for 10 years, my teachers had me convinced I was stupid because I really sucked in english as you can see and had trouble memorizing and regurgitating shit I had no interest in. All the while designing and building remote control aircraft including building the radios, any one remember Heath Kit.

I snapped out of this madness, quit the job and started several successful business. Constantly evolving. It was amazing time in my life.

Fast forward to today, most people are in debt up to there eyeballs and are getting blammed for it even though there has been no real wage growth for the last 20 years. The labour market like all markets is dictated by supply and demand. That market is influenced by two factors. Interest rates, and immigration policy. It’s Ironic to me all the big banks are going ape shit over debt levels yet they use a shit load of temporary foreign workers to suppress demand and lower wages of IT staff.

RBC got nailed a few years ago with Igate. Did it stop them, Hell No. they just moved them all to new jersey. That’s why I own RBC, pricks are pretty sneaky.

Bottom line, Globalization has been a huge windfall for third world countries and a disaster for the middle class in first world countries. I understand that there are some bleeeding heart billionaires that feel sorry for the lost souls in those countries and feel they need to help them and thereselves at the same time offshoring jobs.

The machine knew this would cause problems down the road, so via the education industrial complex, they programmed the students to focus their energy on stupid things to take there eye of the magicians hand . Social Justice, Climate Change, save trees, Gender Issues. Rather than demanding a living that doesn’t require insane amounts of debt just to survive.

Then came the coming of age of the internet, MSM as proven in Britton this week has lost the lead in the game of mind fking.

The Brexit was the middle finger to the machine, it’s lies and deceptions and it’s just the start.

Bet accordingly.

Dr Smoking Man
Ph.D. Herdonomics

Time for a drink!!!!!!!!!!!

#346 Smoking Man on 06.25.16 at 10:39 pm

#338 MF on 06.25.16 at 9:58 pm
#327 Rexx Rock on 06.25.16 at 8:28 pm

Not so fast

Over 2.5 million signatures now. — Garth

-Yeah right. Let’s “recount” the last election result here in Canada then.

The people spoke. The losers (elite globalists and their sheep) have to accept most now know the EU is a disaster.

MF
…………..

Got to say, I’m proud of you young grasshopper. You and Long Branch apprentice are starting to see the light.

Smoking Man saving one mind at a time while joyfully losing his…

#347 arguments on 06.25.16 at 10:42 pm

The trade-off is a lower standard of living. — Garth

As you acknowledged Garth, statistics show that standard of living in the leading Western economies has not improved since globalisation went mainstream. Just the opposite, income equality of pre-Capitalist economies, societies has emerged, value of human labor has dropped.

For many of the new Syrian refugees it comes as a surprise that women should also start looking for job since the earnings of their husband won’t be enough to support their families, as used to be in their former home – according to refugee support groups, speaking on CBC radio.

No, not lower than before. Lower than now. — Garth

#348 majik on 06.25.16 at 10:47 pm

There will be no exit. You read it here first.

#349 46 and 2 on 06.25.16 at 10:53 pm

#334 46 and 2 on 06.25.16 at 9:19 pm

Yes comrade but the big exception would be the Russian left leaning, all empowered, all corrupt, single mind and thinking leaders….oh wait a second.

#350 raincheck on 06.25.16 at 11:02 pm

Over 2.5 million signatures now. — Garth

Mostly millennials who you make fun here on a daily basis, claiming they can’t recognize their own best interests.

They are also the same generation that is willing to give up privacy in exchange of sharing selfies, family pictures. Maybe not the best group to know the value of self-determination, self-governance. When they can be used as pawns to support globalization, you suddenly like them. Hypocrite.

Anyway, David Cameron says there will be no other referendum.

Perhaps you failed to notice I find Boomers just as terrifying. — Garth

#351 46 and 2 on 06.25.16 at 11:09 pm

Rachel is just another lawyer with daddy issues….big diff is she has a majority….which is damn scary, just ask the billions in smart money that is already long gone.

#352 The Spectre on 06.25.16 at 11:14 pm

Lots of eastern-socialists-equalization-vampires doubting of Albrexit.

We are tired of your east-socialist influence in our lives,
Like the Brits were of the EU. The EU got what they deserved.

If you think access to water matters, just Wait and see. Before Quebec, here we go.

The Buffalo province, the greatest and strongest province that never existed tired of Eastern manipulation.

#353 Smoking Man on 06.25.16 at 11:15 pm

#344 majik on 06.25.16 at 10:47 pm
There will be no exit. You read it here first.
……

It is not about the exit, wont happen, Scotland and Ireland have Vito rights. BUY CABLE

It’s all about the message to the machine.

Facebook, Google, Twitter about to put on serious restrictions on free thought. Short them, research who the next competitor will be, and buy them.

Retire rich.

The DR has spoken

#354 Smoking Man on 06.25.16 at 11:20 pm

Lesa Laflam from CTV

What a total loser, her soul owned by a MSM teleprompter.

Do admire her free wardrobe. What a clueless moron….

#355 Brexit on 06.25.16 at 11:31 pm

If we remember our history, both World wars originated from Europe. This Brexit vote has potential to unleash a race based civil war in Europe. I hope the people maintain rational thinking instead of succumbing to animal impulses, otherwise this is definitely not going to end well for Europe as well as the rest of the world

#356 Bcd on 06.25.16 at 11:38 pm

Free flow of capital all around the world (read globalization) has benefited financial elites. Jobs have fled their homelands to the lowest bidder in a race to the bottom. Meanwhile this free flow of capital has made homes unaffordable in many parts of the world (not just Vancouver and Toronto. Interest rates for savers has plummeted. In Canada I have to sit idle as I try to come to terms with the fact that my kids may never own a home or have a job with a pension.

Have a look at the luxury car market. Since 2008 when liquidity was injected into the system the elites have been benefiting from it and using it to party and buy massive amounts of toys. This is not a joke, these crimes are reality and they are being perpetrated against the common people.

You cannot keep the masses down forever. Brexit is a triumph. Englanders know there is vast hardship in the decision and they chose it anyway. The EU is an elite and Undemocratic organization. People want anti establishment and they will get it.

This blog has crossed to the dark side. Unbelievable. — Garth

#357 Brydle604 on 06.25.16 at 11:41 pm

Brexit Michael Campbell Money Talks 25 June 2016

Select June 25, 2016, 8 am and slide to 34.05 mark for an excellent audio piece on the Brexit subject.
http://www.cknw.com/audio/
The Elite, MSM, and Bankers just do not get it.

#358 Herb on 06.25.16 at 11:41 pm

If the words “socialist” or “socialism” were struck from the vocabulary, a lot of you wingnuts would be speechless.

Can’t you find a better explanation for whatever you don’t like?

#359 jay on 06.25.16 at 11:47 pm

https://vancouver.craigslist.ca/van/apa/5654029613.html Now these high house price’s are really starting to cause problem’ s in the BPOE. Bye Chrusty.

#360 Herb on 06.25.16 at 11:48 pm

#332 ROTFL,

The irony is that a main reason the EU was created was, shall we say, to keep Germany from unilaterally imposing its immigration policy on the rest of Europe.

You couldn’t be more wrong! Why don’t you try emigrating to Germany and find out, or at least inconvenience the internet?

#361 For those about to flop... on 06.25.16 at 11:58 pm

Majik , you might want to read the first paragraph of my post at 231 if you think that is going to happen.

Also, I made a big mistake before when I wrote my Euro 2016 post.

I left a game out of the schedule.

Garth Turner’s France is playing Smoking Man’s Ireland .

Good luck gentlemen…..and Smoking Man…

M42BC

#362 Entrepreneur on 06.25.16 at 11:58 pm

“The trade-off is a lower standard of living.”-Garth

Maybe at first but the people will build and improve in time, it is a given.

#363 45north on 06.26.16 at 12:26 am

Fritz: They were going to parties while there was a war going on?????

“On Monday 11 September 1944 one of the most famous Americans joined the chase. He was a writer familiar now to many people, as his face had appeared on the cover of Life magazine. With his New York GI jeep driver, a couple of French Irregulars and Peter Lawless, a British war correspondent, the little band of civilians arrived in the Belgian border town of Houffalize, ten kilometers from the Reich as the crow flies. Here they paused on the high ground, drank the wine they had brought with them, and waited to see what would happen. In the warm September sunshine, they appeared to be what a 19th-century German observer might have called Schlachtenbummler ( battlefield tourists) especially the big man in a helmet, who seemed to be their leader. Ernest Hemingway.”

P29 West Wall, Charles Whiting

Conan: Women from all countries were encouraged by their governments to be comfort people

all countries? which would include my mother and my aunts!

You just made that up.

#364 ROCK BEATS PAPER on 06.26.16 at 1:21 am

Over 2.5 million signatures now. — Garth.

Lets make it best 2 outa 3.

Rock won, paper lost and scissors cut.

#365 dogman01 on 06.26.16 at 1:23 am

#341 Smoking Man on 06.25.16 at 10:21 pm

Nailed it!

This “smoking man” called it in 1994

https://www.youtube.com/watch?v=4PQrz8F0dBI

Spend 10 minutes and he makes perfect sense.

#366 Brazil ex-pat on 06.26.16 at 1:26 am

#352 Bcd on 06.25.16 at 11:38 pm
Free flow of capital all around the world (read globalization) has benefited financial elites. Jobs have fled their homelands to the lowest bidder in a race to the bottom. Meanwhile this free flow of capital has made homes unaffordable in many parts of the world (not just Vancouver and Toronto. Interest rates for savers has plummeted. In Canada I have to sit idle as I try to come to terms with the fact that my kids may never own a home or have a job with a pension.

Have a look at the luxury car market. Since 2008 when liquidity was injected into the system the elites have been benefiting from it and using it to party and buy massive amounts of toys. This is not a joke, these crimes are reality and they are being perpetrated against the common people.

You cannot keep the masses down forever. Brexit is a triumph. Englanders know there is vast hardship in the decision and they chose it anyway. The EU is an elite and Undemocratic organization. People want anti establishment and they will get it.

This blog has crossed to the dark side. Unbelievable. — Garth

++++++++++++++++++++++++++++++++++++

If crossing to the dark side means we are against an un-elected troika that only cares about the corporate establishment and federalizing the EU – then my new name is Darth Vader Ex-Pat

#367 slim on 06.26.16 at 1:27 am

With just a single vote Britain screwed us all with a totally unnecessary referendum called by Prime Minister Cameron. There are some who point at Angela Merkal and immigration.

Many that voted to leave are delusional for a return to the glory days of the past.

#368 conan on 06.26.16 at 1:42 am

“This blog has crossed to the dark side. Unbelievable.” — Garth

Quick now ! Everyone into the time machine and let’s get back to the 1960’s.

https://www.youtube.com/watch?v=K6P7g_qz2OU

#369 DonDWest on 06.26.16 at 1:49 am

The globalists, being good little capitalist economists, should understand that people both act and react according to incentives.

So what incentives are there for the masses to continue to support globalization? Where’s the incentive? Right, there are none to be found.

This economics stuff is very simple when you think about it – I just saved you 100K in tuition fees that it would have cost you to get an economics degree. Brexit is only the beginning of the end. . .

#370 Gordon Sams on 06.26.16 at 3:45 am

Trudeau reopened to mass migration of Mexicans and our media says nothing? Where do all the jobs and welfare dollars come from? Forget Brexit, focus on the rape of our own democracy .

#371 drydock on 06.26.16 at 4:44 am

#263 Md on 06.25.16 at 9:27 am

Best comment here so far was…
Something evil this way comes

010101010101010101010101010101010101

Act IV of William Shakespeare’s Macbeth: “By the pricking of my thumbs / Something wicked this way comes.”

#372 BillyBob on 06.26.16 at 5:51 am

It would seem that Brexit is not the only victory England can celebrate in recent days.

In other sporting news, not once, or twice, but three times has the England side taken down the Wallabies. In Sydney. Ouch. I believe the term “whitewash” is used in the headline…

It would seem the wrong sport was used a a predictor of English greatness. Euro football? Who cares.

http://www.bbc.com/sport/rugby-union/36627112

#373 Smoking on 06.26.16 at 7:24 am

#363 conan on 06.26.16 at 1:42 am
“This blog has crossed to the dark side. Unbelievable.” — Garth

Quick now ! Everyone into the time machine and let’s get back to the 1960’s.

https://www.youtube.com/watch?v=K6P7g_qz2OU

……

This sums up the herd pretty good

http://www.breitbart.com/milo/2016/06/24/the-end-of-globalism/

#374 OttawaGuyRenting on 06.26.16 at 7:33 am

Toronto Condos lights on or Off? Haha
Seriously?
The company I work for has 2 units DT TDot

The new economy! We don’t have huge offices but travel in and out of TDOT
Easier to have a Condo on call for business etc

Lights on Lights Off

#375 Smoking on 06.26.16 at 7:36 am

#361 dogman01 on 06.26.16 at 1:23 am
#341 Smoking Man on 06.25.16 at 10:21 pm

Nailed it!

This “smoking man” called it in 1994

https://www.youtube.com/watch?v=4PQrz8F0dBI

Spend 10 minutes and he makes perfect sense.
…….

Must see clip.

Well done dog Man 01

#376 I'm stupid on 06.26.16 at 7:45 am

There won’t be another vote…. Who cares if the petition has 3million signatures on it, 17 million voted to leave. Someone once told me that if you don’t vote you have no right to complain. We are witnessing the end of the EU.

#377 earthboundmisfit on 06.26.16 at 8:06 am

Sense and Sensibility …… 48%
Pride and Prejudice …….. 52%

#378 Freedom First on 06.26.16 at 8:08 am

#348 The Spectre on 06.25.16 at 11:14 pm

Lots of eastern-socialists-equalization-vampires doubting of Albrexit.

We are tired of your east-socialist influence in our lives,
Like the Brits were of the EU. The EU got what they deserved.

If you think access to water matters, just Wait and see. Before Quebec, here we go.

The Buffalo province, the greatest and strongest province that never existed tired of Eastern manipulation.

%$)(

You sir, are a man after my own heart! Join me and my fellow comrades in the Alberta Freedom First party. We will unite Albertans and free oppressed males from having to compete with women in the marketplace and the changing of dirty diapers!!!!

#379 gut check on 06.26.16 at 8:14 am

My thinking is that they want to redraw borders in Europe. So, this thing will be an excuse (Brexit, that is) when things go to sh!t. Divide, divide, divide.. the youth of the UK wanted to stay in, so they will point the finger at the “old” and with that, reject all the learned wisdom that the older generation has collected.

We are taught (over and over) to discount the opinions and warnings of our elders. *cough* garth does it a lot *cough* when really that is key to having history repeat itself.

So there might be a war. And then new borders, and a new EU type establishment. Maybe even a new name for the UN, a new purview for it, anyway.

WTF does ‘investor’ George Soros have to do with any of this? Why is his name all over the place? Who the F cares what that guy has to say?

The world is not run by governments, or by voting. I mean come on… it’s obvious. Arguing about votes is like arguing about soccer matches.

#380 Gordon Sams on 06.26.16 at 8:43 am

“There’s talk an emboldened France may want out of the Euro zone for the same reason most Britons did – to control immigration.”

What do the neo liberal elites have to gain by flooding western civilization with ‘immigrants’, especially those who swear they will murder all of us if given the chance? Why are we ‘racists’ if we speak out that our survival has been put at risk? What do the Trudeau’s and Obama’s of the world hope to gain by tearing down a social system that created the marvels of the 21st century? How do liberals hope to survive after allowing millions of western hating ‘immigrants’ into our heartland?

What a load of racist drivel. Canada just allowed 25,000 Syrian refugees to settle here. How many incidents of “murdering us all” have their been? Not more crap comments like this will be posted. — Garth

#381 Marvelous Bacon Sandwiches on 06.26.16 at 9:27 am

They should have a referendum to see if they want to have another referendum.

#382 jay on 06.26.16 at 10:20 am

http://heatst.com/uk/exclusive-brexit-2nd-referendum-petition-a-4-chan-prank-bbc-report-it-as-real/

#383 Jim on 06.26.16 at 10:37 am

So all those bonds valued on increasing the sky high taxes of the ‘little people’ dont look so juicy all of a sudden?

Bonds just jumped in price. What are you talking about? — Garth

#384 lolita69 on 06.26.16 at 10:40 am

UK the pusher by violent means of globalization, trade, colonialism, empire, now wants to separate from the rest of the world? Hypocrites….

#385 Exilled on 06.26.16 at 10:55 am

Sir Garth: and all blog dogs!

The Brits, have done the right thing! they have taken their destiny back! Under their our terms , too.
it is better to take the sword to the gut, than to suffer a million cuts , or immigrants, to a slow death! Now they are in control of their country. as it should be!

Immigration = death? You Brexit supporters are truly twisted. — Garth

#386 For those about to flop... on 06.26.16 at 11:10 am

Business as usual in Europe.

The host Garth Turner/ France had the last word and just DELETED Smoking Man / Ireland.

There is a lot of chatter of London going for independence.I don’t see that happening…

M42BC

#387 Gordon Sams on 06.26.16 at 11:13 am

DELETED

#388 For those about to flop... on 06.26.16 at 11:52 am

Here is a cartoon regarding Brexit and Scotland side of things.

Also the bookies were quoting 24% Lexit and 76% Stexit and that is the exact numbers that come out of one of my old places of residence, Edinburgh.

At least they got it right somewhere…

M42BC

https://imgur.com/AoUFlNY

#389 Rule Britannia on 06.26.16 at 12:14 pm

The civil service runs everything….

A beautifully made dog’s breakfast …

https://youtu.be/37iHSwA1SwE

#390 Paul on 06.26.16 at 12:15 pm

What a load of racist drivel. Canada just allowed 25,000 Syrian refugees to settle here. How many incidents of “murdering us all” have their been? Not more crap comments like this will be posted. — Garth.
———————————————————-
25,000 oh 35,000 oh who is counting at this point ‘what difference does it make’

http://www.theglobeandmail.com/news/politics/canada-to-process-10000-syrian-refugees-as-fast-as-possible/article29502636/

#391 AB Boxster on 06.26.16 at 12:24 pm

RE: Interview with Sir James Goldsmith and Charlie Rose.

Full interview is here:
https://www.youtube.com/watch?v=wwmOkaKh3-s

Any comments Garth?

Would be happy to hear your perspective on this interview and why his prophetic comments have essentially come to pass?

Seems pretty prophetic:
Production jobs have moved offshore
Balance of trade is massively one-sided.
Cheap products are available.
Most jobs are now part time.
Real wages have gone done.

It is obvious that in your industry, (financial management of assets), that your industry has benefited from globalization, as for industry, globalization has been the best thing for business over the past 30 years.
For skilled and not so skilled workers in the first world, not so much.

It is easy to categorize anti-globalism pundits as xenophobic or racist.

How about an intelligent commentary and rebuttal on the huge benefits of globalism to the working class of Europe and North America.

Because the arguments of the day, in the video, from the Clinton administration supporting GATT, are certainly compelling in the interview.
The more interesting fact is that though her arguments are well made, history has shown them to be totally wrong.

Well, except that we do have a lot of cheap crap that we can buy from offshore. Yeah, a new iphone. Whoohoo!

The fact is that most of society has huge debts, but must pay for it with stagnant wages, part time jobs, etc.

Is this what is seen as progress?
Why was it so bad when people had decent paying jobs, and products were manufactured domestically?
Today we shop for shit at Walmart, and we all have 3 TV’s and every low cost electronic device ever made, but we sold our soul for it.

Sure real estate is a huge debt problem.
But we were living paycheck to paycheck prior to the stupidity of Tarana and YVR.

Plus the argument that globalization, and free flow of funds, is still a pretty compelling argument for the huge price increases in real estate.

The BrExit arguments for stronger globalization and tighter relationships with in the EU centered totally around fear and labels.
The world will end.
Economies will drop into recession.
Pensions will be cut.
You must be racist.
You must be poorly educated.
You must be old, and living in the past.

Yet the Brexit stay group, could not come up with one compelling positive reason to stay other than fear or calling those who disagreed racist.

How about making a compelling case describing the positive case for globalization?

The government rep made a compelling case in the video. Or is it that there is no compelling positive argument that can be made anymore?

Because, seriously, if the best that globalization supporters can do is fear monger and name call, then the argument will be lost and you will see more BrExits.

If the act of supporting Canadian jobs, Canadian culture,the Canadian social fabric and political structure in a global world (even if doing so means that by putting Canada and Canadians first, this means that workers and citizens from other countries in the world, become second) makes me a racist or a xenophobe, then these are labels that I will happily wear with pride and honor.

If there is no logical, rational or reasoned argument to back up a belief or philosophy then the argument is lost.

Because labels don’t mean shit no more.

#392 Darth Vader ex-pat on 06.26.16 at 12:31 pm

#379 lolita69 on 06.26.16 at 10:40 am
UK the pusher by violent means of globalization, trade, colonialism, empire, now wants to separate from the rest of the world? Hypocrites….

++++++++++++++++++++++++++++++++++

Let’s be clear here….its “one group” of people who live and work in one concentrated banking area in London. This does not represent the other 99.99% of the UK

#393 Fed-up on 06.26.16 at 1:06 pm

#386 AB Boxster on 06.26.16 at 12:24 pm
—————————————————————————————-

Perfectly worded, well done sir.

Negatively attacking and labeling anyone who attempts to create a valid argument, objection and conversation in regards to globalization and immigration is intellectually derelict and pathetic.

People are sick and tired of being shut down with this cheap and lazy tactic.

#394 Peter S on 06.26.16 at 1:08 pm

“People say – popular culture advocates – government demands that we sell our souls, for nothing but the cheapest of baubles and bling, if even that. If you do sell, the result is a gray, cheerless, and dreary existence.”
― Mike Klepper

#395 conan on 06.26.16 at 1:13 pm

Seems like a simple fix….continue the cooperation and the forward thinking, but dial it “way” back on the off shoring of jobs.

“Once a company hits a threshold of product sales in a country, then it has to invest in manufacturing it locally.

This is not hard to do.

Economic experts running this Globalist and banking Shit Show are doing a terrible job. It is failure after failure.

People are pissed off and Cameron unwittingly just did the World a favor.

#396 Dan Duran on 06.26.16 at 1:17 pm

Really amused by that petition to hold another referendum. It’s not how it works. But if they gather 17 million unique signatures they might have a chance. A chance to be losers a second time. /there’s a possibility that the EU might now get the message and start a reform that could result in a looser association but much more sustainable. OR you could have another referendum and express your deep satisfaction with the way things are and shut down any further dissent in France, The Netherlands, Sweden, Germany… ok, do I have to list all 27 of them?

#397 crowdedelevatorfartz on 06.26.16 at 1:18 pm

@#372 earthboundmisfit

Good one.

#398 Herb on 06.26.16 at 1:35 pm

#361 Dogman01 (with nods to #370 Smoking and #386 AB Boxster)

Great find! Thank you.

Love an established capitalist presenting socialism as what it actually is, the primacy of the interests of society, as opposed to the strawman held up for demolition by the other side. Chairperson Thyssen defending corporate interests is like some of the other right Wing debating on this blog, mindless repetition of unproven talking points.

I eagerly await Garth’s rebuttal of Goldsmith from the perch of 22 years of hindsight.

#399 Blacksheep on 06.26.16 at 2:14 pm

AB Boxster # 386,

“RE: Interview with Sir James Goldsmith and Charlie Rose.”

“Full interview is here:”

https://www.youtube.com/watch?v=wwmOkaKh3-s
—————————————
Seen and referenced this prescient man / video, many times.

Strongly recommend all dogs watch this to understand current events, that means you too, Mr. American.

This is what your high priestess colluded to do with Billy back in 94 along with repealing of Glass–Steagall, opening the door to the events of 2008 and now she is your best option for POTUS?

But hey, what does it matter, the left VS right paradigm is just a front anyhow as you’ve repeatedly reminded us, the gate keepers hold the Electoral College keys.

Sorry, Donald / Bernie, no phoenix rising for you….

Solid post, AB.

#400 Fed-up on 06.26.16 at 2:49 pm

#372 earthboundmisfit on 06.26.16 at 8:06 am

Sense and Sensibility …… 48%
Pride and Prejudice …….. 52%
————————————————————————–

Real Time with Bill Maher?

#401 Armando on 06.26.16 at 2:50 pm

Not to worry – this is far from a done deal! The referendum was non-binding, and do you really expect Parliament (who are the real authority and majority pro-EU) will really vote to invoke Article 50? The establishment, Mainstream Media, and other All Around Liars are in full scaremongering mode. So my best guess is that the UK does NOT leave the EU. This will of course, split the Conservative Party, and send half of them to the arms of Nigel Farage and UKIP. The bottom line is they don’t have a majority in Parliament to actually trigger this. So the Establishment wins again! LOL

#402 Dan Duran on 06.26.16 at 5:08 pm

@Armando: That would be a mockery of a sham of a travesty of democracy. The fact is a referendum was called by the party in power and they have to enact the result. And Cameron should start the proceedings, whether he plans to resign in October or not. It is wrong to pass the buck to somebody else and he will be called on it shortly, no doubt.

#403 Darren on 06.26.16 at 5:27 pm

Let’s all pray that Britain doesn’t descend into Norwegian or Swiss-style anarchy.
~ David Burge