Tribalism

ATWOOD modified modified

Seth asks: “Are there concerns that Brexit is going to blow more air into the Canadian housing gasbag? Diverted foreign investment, delayed interest rate increases, suppressed loonie?”

Let us all pray this is the last post on Brexit. At least for this week.

For the record, UK voters have made a mistake of monumental proportions, based on bumper-sticker intellect, slogan politics, immigration fatigue and a profound anger at being ‘left behind’ in a world where so many others seem to be getting ahead. Mostly, though, it was tribal.

The Brexit vote was about us versus them. It’s the lowest common denominator of public life. This is what politicians appeal to in order to influence, then shepherd the masses into their camp. So, the campaigning was over sealing borders, protecting jobs, rebuilding walls around British society and promising mythical amounts of money for locals and natives instead of foreigners and immigrants. A slim majority bought it. And ten million people didn’t bother to vote, many thinking it was a done deal. Tribalism won.

Nationalism, protectionism, isolation, distrust of others (where there is no common bind) and, in a globalized world, less opportunity and an inevitable drop in the standard of living are not far behind. The disbelief and shock of financial markets – where every possible risk is continuously assessed and factored in – speaks volumes about the lunacy of the Brexit vote. Few thought UK voters would be myopic and daft enough to begin the process of financial and economic suicide.

BREXIT

The pro-Brexit comments – hundreds of them – which have flooded this blog in the last three days speak to the naiveté of the Leave side supporters. They suggest it’s  more important to stick a finger in the eye of authority, foreigners, elites, 1%ers, central bankers, the markets, free traders or perceived overlords than it is to look out for the best interests of their kids.

Brexit will probably bring less wealth to Britain, fewer jobs, reduced mobility, tougher trade and scanter opportunity. Leave side leaders were just as deceitful in this campaign – telling voters they could have independence and yet more money – as the Quebec separatists who in the last referendum claimed locals could walk away from the Canadian national debt, Canadian taxes and Canadian laws, but still use the dollar and get free health care.

Tribalism often and inevitably brings conflict, wars and misery. After a century in which 90 million people died in two world wars, thanks to borders, extreme nationalism and race, you’d think we would learn. Actually, we did. The freer movement of people, goods and jobs between national states has been a giant leap forward, ultimately making the planet wealthier, safer and more stable.

Young people get that. It’s estimated 75% of those under 25 supported the UK staying in the European Union. Polls show the Leave supporters were older, whiter, less educated and lower income. They are the ones feeling shut out in a globalized world where low-value-added work has migrated to lower-cost countries. They often don’t have the skills, education, appetite or balls to chase jobs in other European member states, to compete with more for their share of the pie. Old dudes also tend to be less tolerant of immigrants, yearn for the simplicity of a time now past and live smaller lives, closer to home, irritated at the change swirling around them.

The other day I said that as a cowboy I understood perfectly the maitre-chez-nous appeal of the Leave forces. Who doesn’t want to be in control? But as a financial guy, it’s insane. The pro-Brexit cheerleaders on this blog, especially Brits who immigrated to Canada for a better life and now laud Britain closing its border to others with the same aspiration, are hypocrites. The UK decision, arrived at after a campaign of disinformation and emotion, will go down as a political blunder for the ages. A Neville Chamberlain moment.

As for Seth’s question, beats me. But the world has stepped closer to a recessionary brink, where the last thing I would want is a big mortgage.

333 comments ↓

#1 unbalanced on 06.26.16 at 1:28 pm

When the going gets Tuff, the Tuff get going.

#2 lee bow on 06.26.16 at 1:32 pm

The EU is gonna have to change. Come on, they banned high power vacuums recently. Do they have nothing else to do?

This whole Brexit thing is overrated. What, is everything going to change all of a sudden? Prince Jerry will join HM’s glorious border patrol forces? The Battle of Britain again?

Nah, it’s all gonna stay the same.

#3 Say What? on 06.26.16 at 1:34 pm

A mortgage is no big deal. The last eight years of history clearly shows that people that have taken on massive mortgages are well ahead of those who displayed fiscal “prudence” and refrained from buying. We may soon have negative rates in Canada. SFH in TO and Vancouver will probably only continue to escalate in price. They certainly won’t become any cheaper.

Don’t get it, do you? — Garth

#4 Jimmy on 06.26.16 at 1:36 pm

When the going gets going, the going gets tough.

#5 Life among the Stars on 06.26.16 at 1:38 pm

Atwood:

The settlement dates back to 1854. In 1877, the railway arrived. Prior to 1881, the town was known as “Elma Centre” and “Newry Station”.[1]

A Campbell Soup Company factory was the town’s main employer until it closed in 2008.

That is why people are pissed…..

#6 crowdedelevatorfartz on 06.26.16 at 1:44 pm

The next few weeks in the markets will be interesting……for all the wrong reasons.

#7 Prairieboy43 on 06.26.16 at 1:45 pm

Let us all pray this is the last post on Brexit. At least for this week.

Good luck !!

PB43

#8 Debtfree on 06.26.16 at 1:49 pm

If Boris Johnson looked downbeat yesterday, that is because he realises that he has lost.
Perhaps many Brexiters do not realise it yet, but they have actually lost, and it is all down to one man: David Cameron.
With one fell swoop yesterday at 9:15 am, Cameron effectively annulled the referendum result, and simultaneously destroyed the political careers of Boris Johnson, Michael Gove and leading Brexiters who cost him so much anguish, not to mention his premiership.
How?
Throughout the campaign, Cameron had repeatedly said that a vote for leave would lead to triggering Article 50 straight away. Whether implicitly or explicitly, the image was clear: he would be giving that notice under Article 50 the morning after a vote to leave. Whether that was scaremongering or not is a bit moot now but, in the midst of the sentimental nautical references of his speech yesterday, he quietly abandoned that position and handed the responsibility over to his successor.
And as the day wore on, the enormity of that step started to sink in: the markets, Sterling, Scotland, the Irish border, the Gibraltar border, the frontier at Calais, the need to continue compliance with all EU regulations for a free market, re-issuing passports, Brits abroad, EU citizens in Britain, the mountain of legistlation to be torn up and rewritten … the list grew and grew.
The referendum result is not binding. It is advisory. Parliament is not bound to commit itself in that same direction.
The Conservative party election that Cameron triggered will now have one question looming over it: will you, if elected as party leader, trigger the notice under Article 50?
Who will want to have the responsibility of all those ramifications and consequences on his/her head and shoulders?
Boris Johnson knew this yesterday, when he emerged subdued from his home and was even more subdued at the press conference. He has been out-maneouvered and check-mated.
If he runs for leadership of the party, and then fails to follow through on triggering Article 50, then he is finished. If he does not run and effectively abandons the field, then he is finished. If he runs, wins and pulls the UK out of the EU, then it will all be over – Scotland will break away, there will be upheaval in Ireland, a recession … broken trade agreements. Then he is also finished. Boris Johnson knows all of this. When he acts like the dumb blond it is just that: an act.
The Brexit leaders now have a result that they cannot use. For them, leadership of the Tory party has become a poison chalice.
When Boris Johnson said there was no need to trigger Article 50 straight away, what he really meant to say was “never”. When Michael Gove went on and on about “informal negotiations” … why? why not the formal ones straight away? … he also meant not triggering the formal departure. They both know what a formal demarche would mean: an irreversible step that neither of them is prepared to take.
All that remains is for someone to have the guts to stand up and say that Brexit is unachievable in reality without an enormous amount of pain and destruction, that cannot be borne. And David Cameron has put the onus of making that statement on the heads of the people who led the Brexit campaign.

#9 BS on 06.26.16 at 1:51 pm

The UK decision, arrived at after a campaign of disinformation and emotion, will go down as a political blunder for the ages.

The political blunder of the ages was Cameron holding the referendum in the first place. Then allowing such a monumental change based on 50% plus 1 of voters who vote. A minority of the voting population actually voted to leave. You cannot govern a country by referendum.

Agreed. — Garth

#10 Brent Faston on 06.26.16 at 1:52 pm

The thing about Brexit is that people say “ohh this is a buying opportunity!” Well if it is then why are the others selling if they think it’s a buying opportunity. And if there is more selling and more selling why would people sell into a buying opportunity? Kinda weird.

Human nature. Why did we see an avalanche of selling in March of 2009, just before a massive rebound? Because people bail out on fear and bail in on greed. — Garth

#11 dosouth on 06.26.16 at 1:56 pm

Garth says, “”’especially Brits who immigrated to Canada for a better life and now laud Britain closing its border to others with the same aspiration, are hypocrites. ”

Garth these Brits had to have educations, speak english, be sponsored, and accept becoming Canadian not creating their own little country and using ours as an escape route and “no social welfare or support”

So making such a blanket statement is very misleading as was the Brexit campaigning, but you can’t have it both ways, can you?

Oh, you mean white people make better immigrants? I see. — Garth

#12 Brexit Fuxit for Everyone on 06.26.16 at 1:57 pm

An epic example of short sighted thinking on the part of too many mostly disengaged voters.

At the same time, the origin of the vote is a sad case of political gerrymandering and game playng by the gutless Cameron, who should have stood up to his party’s own dinosaurs instead.

This truly looks like a Black Swan event in so many ways.

I think the negative spinoffs from this could be disastrous internatonally and for regular people, including Canadian home-hoarders, personally.

No better time to be very liquid and not overly invested or indebted with one asset.

#13 DonDWest on 06.26.16 at 1:57 pm

“The freer movement of people, goods and jobs between national states has been a giant leap forward, ultimately making the planet wealthier, safer and more stable.

Young people get that.”

Then why is this generation of younger people doing much worse, economically speaking, then their parents? Was there more globalization when the baby boomers were say 30 years old vs. today? I don’t think so. . .

This blog is replete with comments from Millennials making six figures. They’re not all like you. — Garth

#14 DonDWest on 06.26.16 at 2:05 pm

This blog is replete with comments from Millennials making six figures. They’re not all like you. — Garth

And six figures doesn’t buy much in Toronto or Vancouver – that’s a peanuts wage there. And quite frankly, you have no idea how much I make. You haven’t addressed my point – that overall the young are doing much worse than their parents. Was there more or less globalization in the 1970’s?

#15 jimbo on 06.26.16 at 2:07 pm

I think you have summed up the prevailing world view in this today s blog.Is it nationalism,personal freedoms,etc.we want or ultimately food for our families.Not difficult to see how this will end up even for a neconite.

#16 AB Boxster on 06.26.16 at 2:12 pm

But you are making the right argument for the wrong policies Garth.

Cannot there be an economic union without suceeding national self determination?

Why does the EU model, where mobility is enhanced, mean that nations must subjugate their own internal social needs and societal needs to an unelected body?

Do you then, in fact support a North American solution with Canada the US and Mexico that includes, not only the trading policies but with all of the policies of the EU?

Should Canada open it borders to all economic and refugee migrants, regardless of the impact on domestic resources?

Are you for free movement of all citizens across north america?

If not then your argument holds no water.

Obama’s support for Britain in the EU was hypocritical and ignored essentially because he supported a relationship for Britain that he,and the American people would never support for themselves.

Financially, for some, globalism has been great.
For many others, it has been a disaster.

It’s always a little rich for the beneficiaries of policy to ignore the disenfranchised and unsuccssful.

It’s also a fairly arrogant to assume that the path of the past 40 years is the only way ahead. That no changes to the globalization frenzy need to be made to correct imbalances that may be occurring.
That massive, rapid change to economies and workers is the ‘only’ solution.

People push back when they are pushed.
It’s called democracy, much as the elite hate it.

It is what creates balance, perspective and sober discussion in a world that for many is out of their control.

It is messy, but it generally works the way it was intended.

The alternative is to just go along with EU bureaurats, (and the global corporate giants) who are sure they know what is best for all, who are grossly overcompensated and yet unaccountable to the actual citizens they purport to serve.

How is the EU scenario any different from any unelected dictatorship that existed in the world?

For some, the right to self determination and nationhood, neighbourhod, fair opportunity and remuneration, trumps the need to make oodles of cash, or to buy lots of crap from China.

But I guess that is all so 20th century.

#17 pete on 06.26.16 at 2:18 pm

A: STAND FAST CRAIGELLACHIE – The Brexit vote was the right one even though the power-that-be actually supported it too ( I’m a big fan of bringing things to a head quickly).
B: Quebec could continue to use the Canadian dollar. Many foreign currencies are used by other nations as their own (US Dollar, South African Rand, Swiss Franc, etc).
As for health care, we certainly could keep the current system. Don’t ask “who will pay for it”, we will as we are doing now. Don’t talk about provincial transfer payments, all provinces are ‘have not’ provinces now. Funny thing that.
C: If 75% of the under 25 crowd voted to stay I’d bet that 95% of them were born abroad.
D: I’ll be watching as the Asian stock markets open later today; be aware that a BLACK MONDAY crash might be coming tomorrow. Don’t fret, the fluctuations will be temporary and deliberate (so that certain people can milk the upheaval for great profits).
E: Let’s hope that populous movements towards increased national sovereignty are contagious. (You’ve been handed a second chance, Scotland).

#18 nubbers on 06.26.16 at 2:18 pm

What gets me about the ‘They took my job’ aspect of Brexit, is that actually, it is not immigrants from the EU who cause downward pressure on income and availability of work. Anyone from the EU competes for work on equal terms with equal rights and there are about as many Britons working in the EU as vica verca.

Rather, it is the use of offshore and onshore labour by big companies that has taken the jobs and depressed rates. Such workers are cheap because they cannot compete in the open market, and can only work in the UK through the big multinationals. The point is that
this is absolutely nothing to do with the EU, so the xenophobes, in their ignorance, have achieved nothing.

If anything, Brexit may have made the situation worse, as companies are going to be under more pressure to make savings through more offshore and onshore indentured labour.

#19 conan on 06.26.16 at 2:19 pm

Why can we not have the forward thinking and co operating World that everyone wants but with one difference….

“Once a company hits a threshold of product sales in a country, then it has to invest in manufacturing it locally.”

Why would anyone think doing this is bad?

It is people who built countries…… you can not just treat them like disposable diapers…..

Services work well….because by design they are conducted locally. Products on the other hand…….. they need their own schwing.

My Porche is 10% more in cost to buy……..but 1000 jobs were created in Canada. I do not mind this at all.

#20 paulo on 06.26.16 at 2:19 pm

funny how many people get there stuff in a knot over this brixit thing

the united kingdom represents 50 million or so souls that live on a island that has to import the vast majority of the resources and food consumed and is completely dependent on exporting goods and services to survive the total GDP of said island represents 3% of the global economy

so we have a slim majority of loons that voted to exit what is effectively a free trade agreement that gave them access to the remaining 650 million members of the EU the early indication is that the pound sterling is to be hammered to paso status
Divorces are allays costly and usually leave bad feelings so count on the EU to have a long memory
as for us lets not over react and play the stupid is stupid does thing (voting on emotion versus common sense) this for our friends below the lower 48th
remember hot dogs usually get BBQ’D as our English friends are likely to realize sooner rather than later

#21 AB Boxster on 06.26.16 at 2:24 pm

This blog is replete with comments from Millennials making six figures. They’re not all like you. — Garth

—————————————–

That’s a pretty elitist comment Garth.

If you make six figures you must be a success.
If you can’t make six figures you must be a failure.

And when the globalist world eliminates their six figures because your job has been offshored to some guy/gal who will do it for 5k, then you can always find another six figure job, because they are a dime a dozen.

Just like all the people in manufacturing now training to be website designers. Whoops, there are no jobs for website designers as technology has basically made website design a commodity that can be purchased for about 100 bucks a template.

It’s ok, now you can retrain as autonomous car programmers.

I mean how hard can that be?

#22 rosie on 06.26.16 at 2:34 pm

It’s all about how you ask the question.

https://www.youtube.com/watch?v=G0ZZJXw4MTA

#23 tkid on 06.26.16 at 2:35 pm

Garth, keep in mind the demographics. Having retired, older voters tend to know where their income is coming from. If they are reliant on pensions, they won’t perceive those pensions as being as risk (an incorrect position if markets and economies are impacted), so they will vote as if they are immune to any financial impact of an issue.

Younger voters, however, don’t know where their income is coming from, and will not vote as if they are immune to any financial impact of an issue. But the current younger generation do not believe they have to vote. They act as if voting is a burden and a responsibility of others.

If the younger generation wants their needs and wants addressed, they have to start voting in every election they can. Otherwise, they and their issues will be ignored.

#24 BOOM! on 06.26.16 at 2:35 pm

Well, the vote is over the initial ‘die’ is cast. It is merely an “advisory referendum” but, the MP’s who cast it aside risk political ruin. Yeah, well, sometimes that is the price for doing the alleged ‘right thing.’

Looking at what great ‘prosperity’ the EU has brought to its member states, it is difficult for me -from here- to note any. Ireland voted out, then had 2nd thoughts. Greenland voted out, several others highly respected, declined to join. (what might they know?) Additional country votes await.

I am more curious to learn what banking & investment interests might have made “bad bets” on the BREXIT vote going the wrong way, and soon will have to disclose their losses? Not a word can I find yet…. I can’t believe this didn’t occur? Well, we shall learn in due course.

Whether the 52% who voted to leave the EU were older, less skilled, unemployed dolts, who formerly made Campbell’s Soup in a no name town, or were ketchup makers near Leamington, or car builders in Janesville the economic impacts on those local communities, and people were identical.

Whether the 48% who voted stay were hip Big-Town millenials making a fortune in the money, or RE game, or enlightened Scotts makes little difference.

Whether it is a United group going forward, with the knowledge of what has been voted, and to act accordingly for the good of the country might appear the best course.

It IS a new Dawn in Britain, and the EU.

M64WI

#25 Industrial Guy on 06.26.16 at 2:38 pm

“as the Quebec separatists who in the last referendum claimed locals could walk away from the Canadian national debt, Canadian taxes and Canadian laws, but still use the dollar and get free health care.”

That’s quite the exaggeration Garth. It was always part of Levesque’s model of “Sovereignty-Association” that there would be both an accounting of Government assets and Government debts. Only the extreme lunatic fringes of the Sovereignty movement considered walking away from Quebec’s part of the national debt. I’ll agree that there was a significant disagreement on what that amount should be. Levesque did suggest that an agreement with Quebec and Canada similar to what would become the Maastricht Treaty in Europe was in everyone’s best interests. As for free health care …. the provinces run healthcare already. A separate Quebec would have funded it through their own tax revenue.

The Economic council of Canada looked at the economic repercussions of Quebec leaving the Canadian confederation. “The Council was disbanded in 1992 by Brian Mulroney, Prime Minister of Canada after it published a report suggesting that the separation of Quebec from Canada might not have the dire consequences that Mulroney’s government maintained it would have.” (Wiki)

Sadly. the Economic Council of Canada wasn’t receiving cash filled envelopes like our ex-Prime Minister. Harper wasn’t the first Prime Minister who silenced his critics by either cutting off funds or sicking Revenue Canada on them.

#26 Mr. Frugal on 06.26.16 at 2:40 pm

Brexit is just the beginning.

http://video.foxnews.com/v/4992915227001/judge-jeanine-brexit-is-just-the-beginning/?intcmp=hpvid1#sp=show-clips

#27 LL on 06.26.16 at 2:42 pm

………….Young people get that.

Really? How can it be possible? The press reported that they often having party on Ibiziz Island, drinking till they drop.

………..It’s estimated 75% of those under 25 supported the UK staying in the European Union.

Because they don’t know any better. They are born in the EU. They cannot see the difference..before UE and after.

………….Polls show the Leave supporters were older, whiter, less educated and lower income.

And knowing more about politic, about their country, how it was before EU. Youngers don’t.

#28 Martin on 06.26.16 at 2:44 pm

If it wasn’t for mass muslim immigration Britain wouldn’t of left. If the decision was unlimited immigration from the middle east or being poor I would pick poor everytime.

Need we say more? So much for those who celebrate democracy, and this idiot’s right to vote. — Garth

#29 Barb on 06.26.16 at 2:47 pm

This BREXIT “why” from a Brit.
Now I get it!

from a friend about the referendum and Britain pulling out of the EU, some interesting things I did not know, now I understand why. I had asked if they were surprised by the vote.

“Not even a little bit. All of my family voted to leave and I would have made the same call. I know first hand what it is like over there these days and it disgusts me. It disgusts me what England has to put up with and has done for years and what it has become as they utterly lost their lifestyle and what made them British and this has festered for years but got a lot worse this past 10 years. I said 43 years ago when I lived in the UK it was a mistake and I still believe that. No one in England really ever wanted to join the EU. Britain has a massive immigration problem that would totally piss us off if we had to accept what they do. They have no choice either. If you are a member of the EU you cannot refuse entry to another EU resident and everyone and their dog wants to live in England because it used to have the most brilliant social programs which they don’t have now because the country is bursting at the seams. At the start there was a handful of countries and now there are 28 and that means 28 or 27 if you don’t include the UK, are entitled to move to England and every year millions come to England to live as their own country struggles, which they are. Don’t be fooled, many countries in Europe are struggling and that EU ain’t a good idea. Now there are 68 or so million people living in the UK and the UK fits into Alberta with room to spare.

Every week they have to give the EU well over 350 million pounds which is about 700 million dollars – every single week. This has been a source of major frustration. They are dictated to and I believe they did not fight two wars to then have Brussels and unelected officials dictate to them. Apparently a lot of others feel the same way. We would not like it in Canada. I would hate for the US, Canada and Mexico to form one union and we lose our autonomy. I would hate that but this is what has happened in the UK and you might have realized, we are a darn feisty lot and don’t want strangers telling us what to do and certainly not to lose control of our borders. The laws that come out of Brussels are anal beyond belief. You are not allowed to call a black garbage bag a black bag because it could offend a black person. There are on average 50 students per classroom, you cannot get healthcare, doctors, dentists or appointments anymore because of the immigration problem and they are taxed beyond the beyond. Their GST is 20%. It was 22% but it did get reduced. Most of the British cannot stand Cameron either and he only won the last election because of the promise of a referendum. There are so many things wrong with Britain these days so nope, not even a little bit surprised. I expected it and knowing how things are now over there I am very pleased for them. My family literally fears for their grandchildren and they felt this was a last chance for their grandchildren. England is not England anymore and they lost control a long time ago and they have the very worst of the immigrants fostered upon them, many uneducated and the crime rate is shocking. England itself overwhelmingly voted to leave. Such as Scotland did not but Scotland etc. get back more from the EU than England does so they had a vested interest as did Ireland so no surprise they voted to stay although I suspect they will call another referendum and will leave. They benefitted from the EU. Surprisingly Wales voted to leave which did surprise me because they get back from the EU per capita more than they pay to them so that surprised me but England itself voted overwhelmingly to leave. What does surprise me is why it took so long. The immigration alone is a massive problem and we would not like it if this happened in our country and we had no choice but to take the riff raff and support them and in England these days it is spot the white English person very much so. I know it will be a struggle to start with but England will get past this and they will be able to take back the control they desperately lost. I did not know a single person of all the people I knew who voted to stay and in fact they could not wait to vote.”

Just as I wrote. Immigration and tribalism. Turn back the clock. — Garth

#30 Joe2.0 on 06.26.16 at 2:50 pm

It’s different here in Vancouver.

People seem to have a hard time wrapping their heads around a significant fact.

That being.

There are hundreds of thousands of very very wealthy people living in other parts of the world that want to come to Canada.

I’m not a realtor but I am someone who has followed Vancouvers market for years.

I’m not a prejudice redneck fearmongering it’s a fact globally that some markets remain strong through diversity and others decline.

#31 blokexistentialist on 06.26.16 at 2:54 pm

#20 paulo “Divorces are allays costly and usually leave bad feelings so count on the EU to have a long memory”

http://tankchua.tumblr.com/post/132862484751/jgroffdaily-jonathan-groff-as-king-george-iii

#32 For those about to flop... on 06.26.16 at 2:54 pm

A lot of people still seem hot under the collar about being misled by Nigel Farage saying that the 350 million pounds a week the uk was giving the EU could be used to fix the National Healthcare System.

Surely not the first politician to say something with no intent to follow up to garner a few votes or the last.

I hurt my ankle while living in the U.K and it took them two years to operate on it apparently because the system is overwhelmed.

So maybe the NHS could stop giving out free boob jobs to benefit scroungers so they themselves don’t look like a bunch of boobs…

M42BC

http://www.independent.co.uk/voices/brexit-latest-nigel-farage-nhs-pledge-350-million-pounds-eu-referendum-vote-leave-lie-a7100706.html

#33 Chris on 06.26.16 at 2:57 pm

I think the leave side argument does make more sense. To have a remote institute making laws abput different countries is not going to be effective. Rebellion should be expected. It comes down to control. The UK can after exit from the EU still strike deals with any or all EU countries to allow skilled labor in as they see fit and they can still trade tarriff free with any or all EU countries as they see fit. Control is the important thing here. Who does not want to have more control.

#34 conan on 06.26.16 at 2:58 pm

Anyone have a handle on what the futures markets are saying for tomorrow? I usually go to Bloomberg but there is no update……

#35 ROTFL on 06.26.16 at 2:59 pm

If globalization makes the world better off (and it does), there’s no reason it can’t make substantially everyone better off.

Globalization + a greater share of corporate surplus going to shareholders and management + lower taxes on the wealthy + less redistributive government = no progress, or outright regression for lower and middle classes in wealthy countries.

Telling them that they’re better off, or that they’d be even worse off without globalization, is just pissing on their shoes and telling them it’s raining. Trickle down economics, I think you call it. They’re not buying it. Either get more redistributive so that they share in the benefits, up your propaganda game, or don’t grant them the right to choose.

It’s working well for me, and for a lot of blog readers. But I won’t pretend it’s working for everyone, or that some losers are inevitable. How many ‘unthinkable’ election wins do the 1% need to see before thinking changes?

http://ftalphaville.ft.com/2014/02/11/1768992/the-uks-squeezed-bottom-charted/

https://www.washingtonpost.com/news/wonk/wp/2016/01/13/this-may-be-the-most-important-chart-for-understanding-politics-today/

The Gastarbeiter’s lament: https://youtu.be/3tklaMNH7IA?t=45

#36 cowboy on 06.26.16 at 3:01 pm

Garth has spoken like a true, card carrier member of the globalist elite.

Not willing to discuss any specifics, quick to hand out labels of “tribalism”, “racism”, “agism”… then concludes with big words:

“The freer movement of people, goods and jobs between national states has been a giant leap forward, ultimately making the planet wealthier, safer and more stable.”

giant leap forward = ?!

making the planet wealthier = hahaha… wealth gap growing for decades

making the planet safer = we have endless wars, bankrupting even the US, we never had this amount of refugees, we have terrorist attacks more often than ever, bigger scale than ever

more stable = we have been going from crisis to crisis, with globalization local issues shake the whole system, greedy American bankers create world-wide financial crises, resulting in rate drops never seen in history (!).

And on top of that you think you are a cowboy :)

Nope… You are as conformist as it can get…

As you grow older and gain more perspective you will see the veracity of my comments. The world is far wealthier, safer and more stable than at any time in the past century. — Garth

#37 Mr. Frugal on 06.26.16 at 3:08 pm

#9 BS on 06.26.16 at 1:51 pm
The UK decision, arrived at after a campaign of disinformation and emotion, will go down as a political blunder for the ages.

The political blunder of the ages was Cameron holding the referendum in the first place. Then allowing such a monumental change based on 50% plus 1 of voters who vote. A minority of the voting population actually voted to leave. You cannot govern a country by referendum.

Agreed. — Garth

——————————————————

It’s pretty clear why your handle is BS. Just sayin’

#38 cowboy on 06.26.16 at 3:11 pm

You cannot govern a country by referendum.

Agreed. — Garth

===

But it would be perfectly OK if the other side won.

And it is perfectly OK to sign treaties effecting the constituency of several countries, without letting the voters know any of the details and what the consequences will be for them.

They’re called ‘leaders’, not ‘followers’, for a reason. — Garth

#39 the other white meat (pork) on 06.26.16 at 3:12 pm

Most of what you say is correct Garth , but with an astonishing lack of empathy. This is a wake up call to the people in power. Find a way to include the rest of the populace in the prosperity of globalism or suffer the consequences at the ballot box.

Most of the corporations’ profits have come from the labour of those you heap condesention upon and from their consumption of goods. Their lives have been turned upside down in ways that you can’t imagine so try to empathise just a little. The suffering caused by the loss of a job when a factory closes is far more immediate than a paper loss of 5 percent that won’t be realized unless that paper is sold.

The day of financial reckoning may well be at hand but I doubt it. Looking at the disparity between the real economic output and the amount of debt on all levels (as you wisely point out ) means there can’t be any other outcome, it’s just a question of when. The people at the bottom will really suffer when that happens and our wonderful quality of life will be relegated to the annals of history .

#40 BOOM! on 06.26.16 at 3:13 pm

#16 A B Boxster

For years, and even now, the border between Canada and the US was as easy to cross as say, the QEW to the 401.
Since 9/11 add in a passport here, or an “enhanced drivers license” if you live in a border state. (NY,MI,ND,WA, etc).

Cue NAFTA on the economic freedom between Canada, Mexico, and the US without anyone surrendering borders, or nationalism. Even NAFTA relocated lower value added mfg from both Canada and the US to Mexico. Whether that be small mfg or cars.

Be careful of NEW and IMPROVED agreements that but all disputes through tribunals etc. Since we here have not had open access to the TTIPP, or similar I can not make a lucid commentary.

On BREXIT I think the US favored remain as it is easier to monitor what 1 entity does on behalf of 28 members than to watch the 28 members individually. That is merely my opinion, and I do not overly ‘trust’ my government…. or anyone elses.

#41 David on 06.26.16 at 3:14 pm

Canadians are not immune to making populist referendum blunders. In recent years voters here in BC have scuttled the efficient harmonized sales tax and voted against a painless half percent increase in the provincial sales tax collected in Vancouver to fund transit improvements.

#42 ww1 on 06.26.16 at 3:20 pm

#33 Chris on 06.26.16 at 2:57 pm
The UK can after exit from the EU still strike deals with any or all EU countries to allow skilled labor in as they see fit and they can still trade tarriff free with any or all EU countries as they see fit.

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

Deal like that takes two parties to agree. The UK can’t strike deals on its own. Do you seriously think that the EU governors will allow the UK to make any deal beneficial to the UK once the divorce is final?

#43 WalMark of Sadkatoon on 06.26.16 at 3:21 pm

This blog is replete with comments from Millennials making six figures. They’re not all like you. — Garth

rekt

#44 globalist priviledge on 06.26.16 at 3:25 pm

If it wasn’t for mass muslim immigration Britain wouldn’t of left.

Need we say more? So much for those who celebrate democracy, and this idiot’s right to vote. — Garth

===

Garth, this was actually David Frum’s opinion, as well.

Will you call him idiot, too?

By the way, where did you get the right or legitimacy from to be the self-appointed decider of what level of immigration is OK in the UK or any other part of the world where you are not holding a citizenship?

Seriously.

Is it some kind of globalist elite privilege the plebs should recognize and obey?

All humans should treat all others with respect, especially those fleeing tyranny, war or economic distress, seeking a better life. — Garth

#45 Ed on 06.26.16 at 3:27 pm

The true face of Brexit :

http://m.huffpost.com/uk/entry/uk_576fe161e4b08d2c56396075?edition=uk

#46 AB Boxster on 06.26.16 at 3:31 pm

Pretty incisive column from Black.
http://news.nationalpost.com/full-comment/conrad-black-a-fresh-start-for-europe

Despite what you may think of him, Black has a firm grasp of history and an excellent sense of perspective as well as being on of the best writers in the business.

The pathetic columnists from the Globe and Mail should take a lession in writing thoughtful and well argued opinion and prose, rather than the silly left wing junk they write in their continued attempt to influence public opinion.

They and the CBC have become national embarassments to journalism.

#47 veracity on 06.26.16 at 3:44 pm

As you grow older and gain more perspective you will see the veracity of my comments. The world is far wealthier, safer and more stable than at any time in the past century. — Garth

Even a millennial would know that your patronizing back patting will never make up for actual arguments, no matter how many times you keep repeating bumper sticker slogans straight out of Brussels.

The veracity of my comments comes from comparable experience, probably covering more continents, political systems than yours ever will.

Good for you. Now learn some history. — Garth

#48 Doghouse Dweller on 06.26.16 at 3:46 pm

The EU has not been working for a long time , Brussels is a political cesspool and the ECB an economic disaster. Everyone over there knows this and the times they are a changing.

frexit -spexit -nexit -itexit …….etc

10 trillion in negative rate bonds ,,,,,, Your an establishment finance guy, what gives ? Starve the pensioners , retirement savers, and unemployed then call the revolt tribalism.

How many retirees do you know who hold Euro bonds? This blog is a riot. — Garth

#49 ptolomy on 06.26.16 at 3:49 pm

“Young people get that. It’s estimated 75% of those under 25 supported the UK staying in the European Union”

Young people are too ignorant, inexperienced and easily swayed by crafty politicians. The older generation voted to exit based experience and history. The right decision was made.

Look, Garth, I know it must be sooo difficult for a canadian like yourself to stand upon your soapbox and point your wagging finger at them and say “you racist pigs”, but you just don’t get it since you don’t live there.

They’re not pigs. — Garth

#50 Michael on 06.26.16 at 3:52 pm

As a 30 year old Canadian working in London I can tell you that the sentiment of the millennials in London is one of great uncertainty and fear. I personally feel that this could become a lost decade for the UK as it pulls itself apart piece by piece and loses that ability to sell itself abroad as a tolerant and stable nation.

I’m lucky, I’ve got two passports and can walk out when I want and I suspect I’m not the only millennial who’s going to walk out of the UK over the coming years. I would expect we’ll see a significant brain drain to places like Ireland, Switzerland and much of Scandinavia.

#51 Jules on 06.26.16 at 3:58 pm

Tears trickle down, wealth, not so much. The poor lose either way.

#52 BobC on 06.26.16 at 3:58 pm

“The pro-Brexit cheerleaders on this blog, especially Brits who immigrated to Canada for a better life and now laud Britain closing its border to others with the same aspiration, are hypocrites.”

Pretty thoughtless and insulting statement there. What if it’s not all numbers and money that matters?
I think there’s a big difference between a group of people that leaves their home country, goes to a new one in order to better their lives by assimilating and becoming a part of the new country and a group that doesn’t want to even follow the laws of the new country, it’s cultures or its history.

https://muslimstatistics.wordpress.com/2015/03/15/pew-poll-analysis-a-billion-muslims-want-sharia-law/

The U.S. Will take and welcome every British hypocrite you can round up and you guys can have the rest.

http://www.breitbart.com/big-government/2016/06/25/obama-invites-18-7-million-immigrants-avoid-oath-allegiance-pledge-defend-america/

“Assimilation” = “Be like me.” Not the world we live in, dude. Just the one you want. — Garth

#53 bertvl on 06.26.16 at 4:01 pm

” #28 Martin on 06.26.16 at 2:44 pm

If it wasn’t for mass muslim immigration Britain wouldn’t of left. If the decision was unlimited immigration from the middle east or being poor I would pick poor everytime.”

This is the level of crass ignorance that lead to Brexit.

As an immigrant to Canada from the UK (no, what am I saying, I’m an “ex-pat” – immigrants are brown, ex-pats are white), before coming to Canada I enjoyed the opportunities of freedom of movement in Europe via the Erasmus scheme which allowed me to study in a different country and then work there, having learned new languages and cultures.

Old, xenophobic, racist, willfully ignorant Brexit voters betrayed the youth in the UK for a pack of lies from venal opportunistic politicians like Johnson, Gove and Farage, all of whom are now stunned by their victory but also exposed for their mendacity and total lack of a plan foe the future. At least Jacques Parizeau had a transition plan (for what it was worth), these clowns have no idea.

Of course, I left a long time ago now, and I’m not going back, so I shouldn’t really care. But despite being a proud Canadian I don’t like the idea of my beloved country of birth being flushed down the toilet by a bunch of lying scumbags full of bile and hate.

#54 Canadian vacation in Florida on 06.26.16 at 4:03 pm

Multiculturalism is a failed experiments. When people migrate is to leave behind thinks they disagree with, why does Canada have to accommodate the majorities in order to favour these minorities. We eat pork and ham in every way and I get very upset when my little daughter has to endure her little Muslim friends making fun of her now that she is a minority. Furthermore, some Muslims are pushing school boards to ban pork.
Way to go UK!!!!

So stay in Florida. — Garth

#55 For those about to flop... on 06.26.16 at 4:04 pm

#49 Michael on 06.26.16 at 3:52 pm
As a 30 year old Canadian working in London I can tell you that the sentiment of the millennials in London is one of great uncertainty and fear. I personally feel that this could become a lost decade for the UK as it pulls itself apart piece by piece and loses that ability to sell itself abroad as a tolerant and stable nation.

I’m lucky, I’ve got two passports and can walk out when I want and I suspect I’m not the only millennial who’s going to walk out of the UK over the coming years. I would expect we’ll see a significant brain drain to places like Ireland, Switzerland and much of Scandinavia.

//////////////////////////////////

Hey Michael, below is a link to a story where post offices have run out of Irish passport applications since there has been a surge the last couple of days…

M42BC

http://www.dailystar.co.uk/news/latest-news/525473/EU-referendum-Brexit-vote-irish-passports-republic-of-Ireland

#56 ROTFL on 06.26.16 at 4:05 pm

“The UK can’t strike deals on its own. Do you seriously think that the EU governors will allow the UK to make any deal beneficial to the UK once the divorce is final?”

The world is currently suffering from a general surplus of manufacturing capacity and a shortage of demand, leading to slow growth, no growth, possible deflation. The two countries running the biggest trade surpluses (i.e. selling more than they’re buying) are China and Germany. The two running the biggest deficits are the USA and the UK. Germany needs the UK’s markets just as much as China needs the US.

If Merkel tries to get snitty, she’ll be told in no uncertain terms by the chairmen of VW, Daimler, BMW, the French claret producers &c that the UK will NOT be encouraged to look elsewhere for imports, or to develop its own industries.

#57 Boris Cameron on 06.26.16 at 4:08 pm

Okay kids, stop fighting. A vote to leave the EU is not about tribalism, racism, etc. The EU doesn’t work and – good news – it’s not the only model of freer trade and people. Just look to NAFTA. Sovereignty is maintained with free trade and the freer movement of people. Look to the UK and EU to reach a NAFTA-like model. Nothing to see here, life will go on and we’ll all be fine.

#58 globalist priviledge on 06.26.16 at 4:11 pm

If it wasn’t for mass muslim immigration Britain wouldn’t of left.

Need we say more? So much for those who celebrate democracy, and this idiot’s right to vote. — Garth

===

Garth, this was actually David Frum’s opinion, as well.

Will you call him idiot, too?

By the way, where did you get the right or legitimacy from to be the self-appointed decider of what level of immigration is OK in the UK or any other part of the world where you are not holding a citizenship?

Seriously.

Is it some kind of globalist elite privilege the plebs should recognize and obey?

—-

All humans should treat all others with respect, especially those fleeing tyranny, war or economic distress, seeking a better life. — Garth

You cherry-pick a great and true moral value, out of the many others that should govern mankind and forget about all the others that relates to creating tyranny, war, economic distress at the first place.

I can’t see you applying similar moral views to market economy, for example, you seem perfectly fine morally and pragmatically with a world of few billionaires and penniless billion of humans…

I don’t see you connecting the dots between this and “those fleeing tyranny, war or economic distress, seeking a better life”.

In the meantime you completely avoid to answer: Where did you get the right or legitimacy from to be the self-appointed decider of what level of immigration is OK in the UK or any other part of the world where you are not holding a citizenship?

We all know that moral justice does not translate to actual rights.

#59 Doghouse Dweller on 06.26.16 at 4:14 pm

How many retirees do you know who hold Euro bonds? This blog is a riot. — Garth
—————————-
Well you know those pension funds that are going broke are probably loaded with them.
Who hold Euro bonds? Somebody’s got them and who ever they are there getting screwed or liquidated in national terms.

Most retirees I know are crying in their basket of preferreds.

The ones that pay them 5% with reduced taxes on the income? That’s ten times the yield of a government bond. — Garth

#60 bertvl on 06.26.16 at 4:14 pm

” #52 BobC on 06.26.16 at 3:58 pm

I think there’s a big difference between a group of people that leaves their home country, goes to a new one in order to better their lives by assimilating and becoming a part of the new country and a group that doesn’t want to even follow the laws of the new country, it’s cultures or its history. ”

Here’s a little hint – you’re talking about immigrants from *outside* the European Union. The only changes that Brexit will bring about would be to remove the UK for Europe-wide policies regarding refugees, and it will mean that (for example) France is much more likely to let refugees currently stuck in Calais get through the tunnel and into camps in Britain, not France.

Brexit does nothing to help reduce non-EU immigration, and it fact it is very likely to increase it substantially.

#61 Shawn on 06.26.16 at 4:20 pm

The World Has Never Been in Better Shape

said Garth at 32:

As you grow older and gain more perspective you will see the veracity of my comments. The world is far wealthier, safer and more stable than at any time in the past century. — Garth

***************************************
Absolutely true and also true of all recorded history.

I think most people over about age 40 recognise this.

Those who argue different sit in comfortable housing, with full bellies, and idle away their time complaining while using communication technologies that did not exist 25 years ago.

As Buffett says, the luckiest crop of babies in history are those born today.

By the way, not every boomer was successful in life or ever made much more than minimum wage.

#62 Peter Mahis on 06.26.16 at 4:23 pm

“…Oh, you mean white people make better immigrants? I see. — Garth”

Sure, those from Syria are much better, highly educated and all opera lovers.

Some are. Some are not. Just like you. — Garth

#63 For those about to flop... on 06.26.16 at 4:26 pm

#48 Doghouse Dweller on 06.26.16 at 3:46 pm
The EU has not been working for a long time , Brussels is a political cesspool and the ECB an economic disaster. Everyone over there knows this and the times they are a changing.

frexit -spexit -nexit -itexit …….etc

////////////////////////////////
Hey Doghouse,I don’t see the ‘ exit ‘ slogan being recycled.

When and if these countries have their own votes they will have their own names,nothing to do with the Brexit slogan.

France will vote on …FReedom?

Spain will vote on …SPend?

Netherlands will vote on …NExt?

Sweden will vote on…SWeep?

and so on…

M42BC

#64 cowboy on 06.26.16 at 4:27 pm

#38 cowboy on 06.26.16 at 3:11 pm

You cannot govern a country by referendum.

Agreed. — Garth

===

But it would be perfectly OK if the other side won.

And it is perfectly OK to sign treaties effecting the constituency of several countries, without letting the voters know any of the details and what the consequences will be for them.

They’re called ‘leaders’, not ‘followers’, for a reason. — Garth

—-

And this is the racist equivalent of elitism.
For a reason.

#65 Basil Fawlty on 06.26.16 at 4:34 pm

Talking about pedal to the metal on the fear-o-meter. Norway has voted twice to remain out of the EU and Switzerland is not a member. It’s not like their societies are spiralling into 3rd world status.
While the stay side tries to keep the focus on race and protectionism, there is more going on here than simple base emotions. While wealth may be increasing in the world, most of it is going to the top 1%. Real wages have been falling in the west for 35 years. One can support trade without being onside with the anti-democratic aspects of the EU, TPP and NAFTA.

#66 AB Boxster on 06.26.16 at 4:37 pm

“Assimilation” = “Be like me.” Not the world we live in, dude. Just the one you want. — Garth

————————————–
No.
Assimilation = Accept our values

The issue is the clash of cultures and cultural values.

Western culture is one of the most liberal, open, egalitarian in the world.
Governed by flawed but stable democratic institutions.
Overseen by pretty well defined rule of law.

It is not perfect, but its a hell of a lot better than much of the rest of the world.

That western culture must somehow welcome those who do not accept these values and are unwilling to contribute to a cosmopolitan society based on these values, is absurd.

Yes, the core values of western culture are the ones that I want. They can be made better, and western culture can certainly benefit from diversity of opinion and perspective.
If I did not value these beliefs I would move elsewhere.

But, if the world we live in truly believes that the principals of western culture (democracy, equality of opportunity, equality of sexes, rule of law) are not worth preserving, then there will be a battle.

Because, I personally am not prepared to give up these principles, in the aid of economic, political or war refugees, or to make more money in a global world, or to accommodate any other group that (religious, right wing, left wing, white, black, red, blue, or green)

That you presume western values to be so disposable, and not worth protecting and fighting for, is quite disturbing.

I didn’t realize we were having a Drama Queen competition here today. Congrats, you’re a finalist. — Garth

#67 nonplused on 06.26.16 at 4:37 pm

I still don’t think Brexit will make that much difference. Perhaps it will have some negative effects on the British economy, but it won’t make that much more difference to Europe than Quebec leaving Canada would have made. It’s not like Britain has disappeared. The rivers and pubs are all still there.

However if there is a financial collapse in Europe next week now they have something convenient to blame besides poor management.

#68 Mike in the Okanagan on 06.26.16 at 4:42 pm

A successful democracy depends on an informed citizenship. Examples of recent stupidity:
1. PST voted back into BC
2. NDP voted in Alberta
3. T2
4. Brexit

Will “The Donald” be number 5?

#69 Assimilation on 06.26.16 at 4:45 pm

“Assimilation” = “Be like me.” Not the world we live in, dude. Just the one you want. — Garth

Funny.

This whole blog is about assimilation to one specific investment philosophy – denouncing anything else.

#70 James Kook on 06.26.16 at 4:46 pm

Garth, mark brexit day in your calendar.

The evolution spiral turned next loop from Globalization to Individualism (you incorrectly name it nationalism)

The Brits said laud [email protected]@u to Global Corporate world,
that’s why corporate world is so scared.

In long term, Britain will be fine.

As a rule, Millennials are emotional. Old people are wise.

#71 Hawk on 06.26.16 at 4:46 pm

#8 Debtfree on 06.26.16 at 1:49 pm

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

your post assumes that the EU leaders will want / let UK remain after this vote. That’s quite difficult and many are already calling for UK to get going with the divorce.

#72 Son of a Gun on 06.26.16 at 4:47 pm

#11 dosouth on 06.26.16 at 1:56 pm

Garth these Brits had to have educations, speak english, be sponsored, and accept becoming Canadian not creating their own little country and using ours as an escape route and “no social welfare or support”

————————————————————

ALL immigrants to Canada need to be highly educated, speak English or French, be sponsored and pledge allegiance to Canada.

It’s a tough process. I KNOW because i am an immigrant!

#73 Globalist on 06.26.16 at 4:50 pm

If anyone reading this blog ever loses his job due to international labor arbitrage aka outsourcing, he or she will find solace in the fact that on a global level productivity will have risen, making all of us little bit richer.
Everything else would be terrible, disgusting tribalism.

Did I get it right this time, Garth?

Leadership is finding the greatest sustainable good for the greatest number of people. — Garth

#74 conan on 06.26.16 at 4:50 pm

RE: #9 BS on 06.26.16 at 1:51 pm

“The political blunder of the ages was Cameron holding the referendum in the first place.”

“”Agree”” – Garth

The political blunder was not him calling it. The momentously Ginormus blunder was “losing” the referendum after calling it.

He had the establishment to back him. Private interests with deep pockets to back him. WTF else do you need to win the vote with that kind of power behind you?

He is the PM ffs. With access to huge resources.

I will wager that 2-3 million of the stay votes were only possible because of the resources given to Cameron.

#75 Post on 06.26.16 at 4:56 pm

“But the world has stepped closer to a recessionary brink in which the last thing I would want is a big mortgage.”

Or a even balanced, diversified portfolio where the stock market stumbles on volatility, bond yields suck or preffered shares are going down further because interest rates raises in 2016 are now dead.

Cash right now is king.

A balanced and diversified portfolio was lightly impacted by Brexit, and will recover and grow as markets inevitably do. Wise investors are unlike most of the people who comment here, and do not react to temporary market events. History proves the wisdom of that, over and again. — Garth

#76 vulcan without ears on 06.26.16 at 5:00 pm

Global deflation is coming

#77 AB Boxster on 06.26.16 at 5:08 pm

About as over the top as:

‘Assimilation’ = ‘Be like me’

Happy to be a finalist, though.

#78 Mark on 06.26.16 at 5:10 pm

Not a chance that the Brexit will prop up a Canadian housing market well into its 3rd year of decline.

What a Brexit might do is set a’blaze a deeply negatively correlated sector in the Canadian economy, the precious metals mining sector, which will cause speculative capital to flee the Canadian RE marketplace. Particularly in Vancouver where there is a long-term history of heavy speculation in the junior miners.

Those who come to this blog on a daily basis and regret not getting into Vancouver RE 15 years ago and riding the roughly 10-12 years of gains have an epic opportunity here. While those stuck in housing with a huge mortgage, well, are going to suffer not only huge opportunity costs, but increasing direct costs as the cost of borrowed capital for housing investment is set to rise on account of rising risk premia, even as policy rates stagnate if not fall again.

#79 Post on 06.26.16 at 5:14 pm

“A balanced and diversified portfolio was lightly impacted by Brexit, and will recover and grow as markets inevitably do. Wise investors are unlike most of the people who comment here, and do not react to temporary market events. History proves the wisdom of that, over and again. — Garth”

You’re right in the long term. But this is hardly the time to put new money to work even in a diversified balanced portfolio.

Sure. Wait for higher prices. Smart. — Garth

#80 Assimilation on 06.26.16 at 5:20 pm

The World Has Never Been in Better Shape

said Garth at 32:

As you grow older and gain more perspective you will see the veracity of my comments. The world is far wealthier, safer and more stable than at any time in the past century. — Garth

***************************************
Absolutely true and also true of all recorded history.

You have a limited view of history. Not all of them is recorded the same way.

In North America, for example the natives lived perfect life before the mass arrival of white people, who absolutely destroyed them economically, spiritually and all other ways.

If you had the faintest knowledge of the life of the natives you would know that they lived in a harmony with each other, animals, plants and the universe that we can not even imagine today.

Technology has created extra wealth – but people don’t share this extra wealth any better than more ancient societies in the past.

People have more material stuff but it does not make them happier, more free, more fulfilled humans.

#81 Post on 06.26.16 at 5:26 pm

“Sure. Wait for higher prices. Smart. — Garth”

Good one!

#82 Metaxa on 06.26.16 at 5:29 pm

Garth talks of this blog being full of millennials well into 6 figures, he talks of remaining balanced and diversified…and I do not disagree at all.

but when I Venn this whole thing I come up with nothing. Its like the olds are voting as Occupy would, the youngs are not voting or …well let me tell you a story.

If you are well off in Canada and chose to send your child to private school you basically do it for free.

Set up a trust that tosses $18,000 per year to the child, tax free, declare all recess/lunch periods, basically anything not directly education related as child care costs and toss that refund in with the 18 grand and wa la you have the tuition and it cost you noting at all.

Is that fair? Yet CRA allows it.

Go to the CRA website. They name and shame business people who owe $4,000 yet other richer, wealthier Canadians who have been found guilty of millions of off shore dollar tax fraud are not up there, names and places of residence.

Is that fair? Yet CRA does it, all the time and for years.

The rich are treated differently than you and I and definitely differently than the poor.

That is why there is so much noise surrounding this Brexit thing, they (the rich) are truly shaken.

Boris is knee capped, Cameron left a poison potion behind for any successor who will be very leery of calling in Article 50 or whatever its called and the ultra well off are in turmoil. This is not business as usual and it will take them time to figure it out.

Anyone who thinks they know what is next is deluding themselves.

#83 Capt. Serious on 06.26.16 at 5:32 pm


This whole blog is about assimilation to one specific investment philosophy – denouncing anything else.

The irony of this statement is that there IS only one investment philosophy. Most people pretending there are alternatives just do not understand asset class returns and portfolio construction. It’s ok, most people get lost at fractions, so I don’t expect much.

#8 Debtfree

This is plagiarism. You’re directly quoting someone else not giving credit. Garth please fix that. The comment is from the comment section of the Guardian UK by user Teebs. It has been quoted and linked extensively in news sources.

#84 Maldroit Ape on 06.26.16 at 5:34 pm

“””And when the globalist world eliminates their six figures because your job has been offshored to some guy/gal who will do it for 5k, then you can always find another six figure job, because they are a dime a dozen. …
“Just like all the people in manufacturing now training to be website designers. Whoops, there are no jobs for website designers as technology has basically made website design a commodity that can be purchased for about 100 bucks a template.”””

Your example takes one low skill job and substitutes it for another slightly more modern low skill job. If you work in a low skill job in Canada you are competing with say several hundred million (maybe a billion) other people of comparable skill level (basic arithmetic, literate) for the same wage. If you have a bachelors degree you reduce the number of people you are competing with to say 20-50% of that, advanced degree 1-20%.
If you choose to work in a field that is notoriously hard to find and retain qualified individuals for such as STEM, Finance, etc then you can make that sub one percent. This is basic economics: supply and demand.

If you stay on top of your field, and when disruption inevitably hits your field are willing to make a career change you have a solid grounding in the first principles you learned during your post-secondary and you have little to worry about apart from having a cushion for disruption. This does of course require that you stay actively engaged in making sure that you are valuable as no one is going to do it for you.

#85 the other white meat (pork) on 06.26.16 at 5:35 pm

A balanced and diversified portfolio was lightly impacted by Brexit, and will recover and grow as markets inevitably do. Wise investors are unlike most of the people who comment here, and do not react to temporary market events. History proves the wisdom of that, over and again. — Garth

You’re absolutely right, but who was lighting up your switchboard after the vote? Hopefully you were able to talk some sense into them.

Listen to our podcast from Friday morning. There were no calls. — Garth

#86 46 and 2 on 06.26.16 at 5:37 pm

#30 Joe2.0

EXACTLY….the more issues in the rest of the world the more wealthy people will look abroad for safe havens and Canada is a big target. Federal, Provincial and Municipal governments can and will tax the hell out of them and they won’t give a damn….they will keep coming with billions and there is nothing Canada will do about it. The lesson being…..you have of course heard of a war based economy, Canada has an immigration based economy. Without fresh money from overseas we are f***ed.

#87 John on 06.26.16 at 5:37 pm

A democratic vote trumps a tribal rant. Tuff. Remember NAFTA does not include the unfettered movement and job search that is the EU. Perhaps that line has to be struck leaving the free movement of goods and money. Your rant seems filled with the fear you claim drives so many others.
Apparently many Brits are Googling, “move to Canada” Open the flood gates. Minimum 25,000. Ready to go.

#88 economictsunami on 06.26.16 at 5:40 pm

Garth:

I am quite sure all of your ‘reasons’ for the Remain (fear mongering) side were once used against Maggie Thatcher’s insistence to keep the Pound over accepting the Euro.

Although millions did not vote, a 72% voter turnout (over 33.5M) is nothing to sneeze at.

I am extremely surprised though, that someone such as yourself would be a champion of yet another layer of government bloated, tax eating, over regulating/ red tape, business choking, festering corpse of a bureaucracy.

I guess I stand corrected…

Compared to Boris? — Garth

#89 bigtowne on 06.26.16 at 5:46 pm

The British Pound is on a wee bender something us Canucks can relate to.

If we ever had a vote to dump that floundering looney for the greenback count me on board Captain.

Of course, with the currency’s direction given the cold shoulder by our Bank of Canada Governor Poloz and his insistence of any involvement in the ups and downs of our dead duck double down on his wager against his team.

Yeah, kidz it’s like your good mom said, “Fight your own battles.” You were right mom.

My poor mom from Newfoundland..they couldn’t be French because they had to go back to New Brunswick and then she got married during WW2 and no birth control and seven kids. What luck AH?

#90 TRUMP on 06.26.16 at 5:54 pm

WE TOOK OUR COUNTRY BACK!!!!!

AMERICA IS NEXT.

LET THE BoRDERS RISE!!!!?

#91 Apocalypse2016 on 06.26.16 at 5:55 pm

Brace yourselves, everyone.

Massive plunge in markets this week. The summer of Hell is begnning.Gold will push through $2000 pretty soon. Massive drought is already taking hold in Ontario and throughout the US – this will be a summer of climate crisis, geopolitical teetering towards chaos and war, and social unrest all over. And Cleveland has yet to begin.

Stock up on essentials. Keep some spare fuel around.

Brexit will get much worse, very quickly. You don’t want to be in Europe this summer.

Why, will you be there? — Garth

#92 cecilhenry on 06.26.16 at 6:02 pm

Tribalism??? ‘Racism’??? Just pejorative terms meant to obfuscate the issues.

Those who attack with names are never doing it to DISCUSS the real issues, but rather are always demanding that all discussion of it be SUPPRESSED.

Virtue signalling is not a virtue.

Of course its not ‘tribalism’ for Japan, China, Asia, the Middle East etc to recognize, respect, and defend the ethnic interests of their people.

In fact its openly celebrated. “Multiculturalism” is a program that is FORCED upon EVERY & only White countries.

The West including Canada is a culture created by a specific people and it will be destroyed if that people is dispossessed.

Europeans everywhere have the self-evident right to secure their homelands for themselves, without regard to the claims others make upon it:

1.White people exist.
2. White people have the RIGHT to exist.
3. White people have the RIGHT to exist AS White people in White Communities and Nations.

Is it really plausible that the leaders of dozens of White nations have adopted similar policies antithetical to the long-term survival of their own peoples, yet none of them knew what they are doing?

To ignore, disparage, or deny these realities is being narrow minded, anti-White, and part of the problem that so many claim they want to avoid.

Money is not the only thing that matters. The sooner that is recognized, the sooner people can return to building prosperity.

#93 F.dover on 06.26.16 at 6:16 pm

If Mark Carney pegged interest rate at 5%, I would park my life savings in a Brit bank this Monday in a CDN $ account.

If Mario Draghi pegged interest rate at 10%, I would sooner bury my $avings in a public park than park them in the European Central Bank.

The Eurozone is a monsterous Ponzi scheme engineered to fail by Goldman and Company, to benefit the greenback.

I think Britain is leading the world back to reality by paying the piper pronto.

Globalization failed around about the day it originated.

Nova Scotia was the most prosperous colony north of USA until confederation and the railroad.

Ontario was prosperous pre-NAFTA, now not so much….
Things look good in Ontario, until you tally the debts.

#94 Chris on 06.26.16 at 6:20 pm

@ww1 do you seriously think businesses in EU countries would stop selling things to the UK out of spite? And if they want to sell things, it has to be a good deal for UK consumers or they won’t buy it.

#95 LL on 06.26.16 at 6:25 pm

Garth has spoken like a true, card carrier member of the globalist elite.

Right on!

UK voters – at least a slim majority of them – made a serious error. Believing that makes me nothing but correct. — Garth

#96 Irony on 06.26.16 at 6:27 pm

“They’re called ‘leaders’, not ‘followers’, for a reason. — Garth”

These leaders are supposed to represent the people who elected them. You have obviously forgotten this or never really believed in it in the first place.

Check my resume. — Garth

#97 NoName on 06.26.16 at 6:29 pm

ALL immigrants to Canada need to be highly educated, speak English or French, be sponsored and pledge allegiance to Canada.

It’s a tough process. I KNOW because i am an immigrant!

——

you are wrong, i am an immigrant didnt spek english or french, barely have any education (full grade school and have 1 and half of high school). I can rid, cant spell and i count up to 29 on english and 30 and over on my mother tonge, and i absolutly dont get fractions, to today day i steel dont know what is bigger 5/16 or 3/8.
i now you wander how did i make this far, ill tell you metrik tape masure. i might be mild case ODD.

welcome and whre are you from?

#98 Doghouse Dweller on 06.26.16 at 6:33 pm

DELETED

#99 Assimilation on 06.26.16 at 6:38 pm

#83 Capt. Serious on 06.26.16 at 5:32 pm

This whole blog is about assimilation to one specific investment philosophy – denouncing anything else.

The irony of this statement is that there IS only one investment philosophy. Most people pretending there are alternatives just do not understand asset class returns and portfolio construction. It’s ok, most people get lost at fractions, so I don’t expect much.

Which IS the ONLY one?

Quantum by George Soros? Or shorting the Pound by George Soros?
Icahn?
Buffet?
Cuban, Thiel?

Are you saying they all have the same investment philosophy?

Or only one of these is actually an investor, the others are simply “pretending there are alternatives” and “they just don’t understand…”?

#100 For those about to flop... on 06.26.16 at 6:40 pm

O.k. ,things are getting a bit heavy on the blog so I will offer up this story as a distraction.

My wife was talking to my Mum in Australia yesterday and my wife brought up how things are still out of control in Vancouver real estate wise.

My Mum then told here of this 82 year old lady in Sydney who was offered 26 million dollars by developers to buy her house and she said ” no thanks”

I wish my Mum had been the 82 year old lady…

M42BC

http://www.domain.com.au/news/82yearold-woman-knocks-back-26-million-offer-from-developer-as-castle-hill-neighbours-sell-around-her-20160624-gppbvn/

#101 rknusa on 06.26.16 at 6:42 pm

from the Globe two agents take on the Vancouver market and a sale

LISTING AGENT

Ian Watt, Sotheby’s International Realty Canada

The Action: Mr. Watt is concerned about the buying frenzy. People are assuming prices will continue to go up at the current pace, but he says, “that’s mathematically impossible.”

“Someone wrote a subject-free offer $25,000 above asking on the hood of their car on a place I had for sale in Delta. It hadn’t even hit the MLS,” he says. “Fast forward and he couldn’t get his financing when the bank had it appraised. He just assumed he could borrow that money. So he went to a B-grade lender who made him pay a lot more in interest.

“Everyone is gambling here, based on the prices rising. And nobody is saying, ‘let’s pay off our mortgage’ any more. They are all thinking, ‘buy it for $5-million and sell it for $1-million more, and downsize to another place for $500,000 and be debt free.’”

What They Got: The 525-square-foot studio is in a seven-year-old building in Vancouver’s partly gentrified Downtown Eastside. Since it was built, investors have rented out the open-concept unit, which overlooks an alleyway.

The Agent’s Take: Listing agent Ian Watt is also the seller of the unit. He purchased the condo five years ago for $300,000 and has been renting it out for $1,690 a month. He sold to another investor, a local retired couple, who gave him the above-asking amount before he showed it to the public. Mr. Watt was surprised that it sold so quickly. “People are paying unprecedented numbers for properties,” he says. “Last year I could have sold for $375,000. This year, it’s $800 a square foot, on the fourth floor, with no view. It’s just a studio space overlooking an alley. It’s a good space, but not fancy.”

#102 Ceaser on 06.26.16 at 6:46 pm

#92 cecilhenry on 06.26.16 at 6:02 pm

In fact its openly celebrated. “Multiculturalism” is a program that is FORCED upon EVERY & only White countries.

The West including Canada is a culture created by a specific people and it will be destroyed if that people is dispossessed.
———————

https://www.youtube.com/results?search_query=National+Aboriginal+Day+2016

#103 j pea on 06.26.16 at 6:46 pm

Where to start?

First off the narrative of the stay side in the media has gone to completely innapropriate hyperbolic fear mongering like the British economy is going to go down the tubes to complete absurdity like this is the catalyst for the next world War! What the wrong with you Seriously? ! Despite the fact that the British economy gdp has been in a downtrend, using their own data! Google up a chart of Britain’s gdp long term going back 70 years and you will clearly see on a long term chart the gdp has been trending down since joining the useless EU (lower highs since the mid early 70s) .
More stable world? Is that why there’s the NSA snooping everything even going so far as tapping Merkels phone? Why I get Rubber gloved at the airport?
Despite the fact that there is a large percentage of these so called refugees being functionally illiterate in terms of reading and writing English as well as sketchy background checks on top of a larger portion of refugees being younger males. Oh and before you try to simply brand me as racist my fiancee is from Asia and amongst her peers they are very angry about Canada cart blanched approach to allowing refugees here when they had to pay a lot of money and needed to provide untold amounts of family and educational credentials to just be permitted to have temporary visas and non citizenship level residency.
Does anyone in western media and liberal dogma realize that there is a solid percentage of the vote wanted to leave the EU based on having more say in the laws that will govern Britain instead of being dictated to by a bunch of UN ELECTED beurocrats from Brussels? Would you Garth be the first to stand for an unelected group of overpaid beurocrats from let’s say the USA or Mexico dictate our immigration policy or other policy laws or that matter? Who in their right mind would?
History shows that what is absolutely crystal clear that laws dictated to people from a central command and control style of government and especially one that is unelected and from another country no less results in disaster! Despite the fact that no monetary union between two separate countries have never survived the test of time because every country must and should have their own currency to be able to control both fiscal and monetary policy which matches the economic reality of that country.
The media has been absolutely sickening in its relentless bias to remain in the EU despite these realities I’ve said and despite the horrific attacks In Europe by extremists. No where has I’ve seen the media discuss the positives of separation from the EU. So much for balanced reporting.
Before you consider not posting what I posted here re read it, I am no racist, politicians do not know better than the people they lead when in that people we have scientists, lawyers, doctors, blue collar white collar and everything else in between. I, for what I know and said above most definitely support the Brexit. Make note that the market that fell the LEAST amount percentage wise IN EUROPE was the FTSE in Britain. Funny how that is. The markets may dip for a week or a few but it will no doubt be a buying opportunity bc someone somewhere will change the market psychology when they make a valid argument that the Brexit was a positive result for Britain after all. Buying opportunity straight ahead folks!

#104 Love My Kia on 06.26.16 at 6:46 pm

Unless wages are standardized among countries with common free trade zones, jobs will continue to be lost to the banana republic state to which it trades with.

Removing trade barriers is fine and dandy, but only if the wage component is equalized as well. Given that we do things differently from the United States and Mexico (universal health care, no guns), equality between the countries will never happen.

I guess it can but sovereignty is sacrificed and that’s not something anyone wants to mess with.

#105 barb on 06.26.16 at 6:47 pm

DELETED

#106 Tom from Mississauga on 06.26.16 at 6:49 pm

The rise of the fascist parties in Europe, Brexit, Trump, now in Canada we attack Temp Workers, foreign buyers, Chinese what is going on in the developed world???

#107 GUT CHECK on 06.26.16 at 6:53 pm

@ #95 LL on 06.26.16 at 6:25 pm

I COULD NOT AGREE MORE

#108 BOOM! on 06.26.16 at 6:53 pm

My portfolio was impacted a BIG 1.2% yesterday!!!

Yeah, it is balanced 58/42% presently (yeah close to 60/40). People tell me it is a bit too heavily weighted in certain sectors, and under weight others. Yup.

There is a reason for that: demographics, and youth running certain sectors where they have little depth of experience.

No, I won’t elaborate. My money, my thoughts, my game.

#109 Caught on 06.26.16 at 6:54 pm

We will probably see a double digit gain for the S&P 500 this year. This is the time to reduce bond exposure & buy more equity assets in the Greatest Country The World Has Ever Known.

Full sweep for the Democrats. House & Senate. The stock market will double within 5 years.

God bless America.

#110 Gregor Samsa on 06.26.16 at 6:55 pm

Garth is completely out of touch with why Brexit happened.

People like Garth, who live in wealthy communities surrounded by 99% white people, denounce the working class folks in the UK and elsewhere who actually have to deal with direct consequences of globalism and mass migration. Consequences such as having your factory job shipped over seas. So you get a new, worse, service sector job. But then a flood low low skilled migrant labour floods in pushes the competition for that job up and pay down, so you now you don’t have that either. House prices are astronomical so you can’t afford a home anymore. But you aren’t even sure you want a home because nobody in your once nice neigborhood seems to speak English anymore and cultural tensions are on the rise…

This is about the failure of globalism and central banker economics. Leaving the EU before it collapses in on itself may turn out to be one of the most brilliant moves the UK ever did.

If the Canadian dollar was worth anything (unfortunately it isn’t) I’d be loading up on cheap GB Pounds right now. But I checked and despite the “monumental crash” proclaimed by the media, the CAD-GBP ratio is only slightly off, back where it was in 2014. Big deal.

As for Seth, Brexit will be the excuse to keep interest rates low for years to come, or even go full-NIRP, so party on with the house buying.

#111 Freedom First on 06.26.16 at 7:06 pm

Yes. Wise investors are unlike most of the people who comment here-Garth. True, and priceless.
……………………………………………………………….

It would be worth everyone’s effort to study some “Anthropology”, even on their own, as I do.

Learn from it. But you must not allow your studying of Anthropology to send you into a state of depression over what you learn about the human race, as it is not a pretty picture.

That being said, for myself, I believe that “good” always triumphs, though it may take a while. Like getting rid of a Hitler.

I keep it simple. I look after myself the best I can, and I help others, while having no motive to intentionally hurt anyone. This gives me a very nice life in every way.

The rest, I have very little control over.

That being said, I also allow no one to control me. My Freedom First, as always.

#112 Forrest Gump on 06.26.16 at 7:08 pm

Just wanted to say I’ve been really enjoying the (mostly) intelligent back and forth lately. Really refreshing.
Garth, thanks for moderating so honestly.

#113 For those about to flop... on 06.26.16 at 7:12 pm

#97 NoName on 06.26.16 at 6:29 pm
ALL immigrants to Canada need to be highly educated, speak English or French, be sponsored and pledge allegiance to Canada.

It’s a tough process. I KNOW because i am an immigrant!

——

you are wrong, i am an immigrant didnt spek english or french, barely have any education (full grade school and have 1 and half of high school). I can rid, cant spell and i count up to 29 on english and 30 and over on my mother tonge, and i absolutly dont get fractions, to today day i steel dont know what is bigger 5/16 or 3/8.
i now you wander how did i make this far, ill tell you metrik tape masure. i might be mild case ODD.

/////////////////////////////////

NoName, below is a song to help you count to 100.

Watch it and tell me which part you need help with.

One step at a time brother…

https://m.youtube.com/watch?v=SAxmBJ5ufL8

#114 Dan Duran on 06.26.16 at 7:12 pm

1. Brexit will not bring world wide recession. A complete dismantling of the EU would, but you cannot blame it on the British. Lay blame where it belongs: on poorly thought out globalization (in this case, EU integration), insane wealth disparity and inequality of opportunity.

2. Everything cannot be reduced to dollars and economic growth. Living standards for the majority has little to do with that, since they have little wealth anyway. ‘The best things in life are free’. When nothing is free anymore (mostly because of overcrowding), guess what?

3. We are living through the reverse in Toronto and that is the main driver of high housing costs. Yet you fail to recognize that reality and insist it’s some freak accident that can be reversed anytime, without notice. But there will be notice: when political discourse starts to resemble that of the UK.

#115 not 1st on 06.26.16 at 7:12 pm

I’m not falling for those Y2K scare tactics anymore.

This will barely be noticed in the big debt wash that we call an economy.

Garth poo poohed the Greek crisis many times on this blog. The brexit is no different.

#116 Big Jack on 06.26.16 at 7:19 pm

Brexit will hurt the UK?
Garth, you should be a comedian!
As far as I recall, the empire that the sun never set on came about WAY before the EUssr was dreamed up.
God save the Queen!

#117 F.dover on 06.26.16 at 7:24 pm

To be fair and put my comments in context, I should add here that when I think of Mario Draghi, I can’t help but think of Captain Coward of the Costa Concordia at the same time. Same quality of person it will turn out….soon.

#118 TurnerNation on 06.26.16 at 7:26 pm

Humans always will pay big $ to be around their own culture. Witness (any) Richmond area.

Speaking of, I spent the day at Toronto Yacht club (guest) and man there’s tons of $ floating around. They pay for it. Previous days were Spoke Club and Thompson hotel rooftop patios. Yes I pay $15 per drink (with tip) for the ‘privilage’ of being around my own culture of urban professionals.
Colour don’t matter, three of my good friends who were there are ‘black’ (whatever that means). They are exactly like me.

Using same logic, as we’re paying 50-60% of our income in taxes, some may not want ‘backwards’ cultures around our country. Blame em? Or not.

#119 Trojan House on 06.26.16 at 7:27 pm

“…shepherd the masses…”

Spoken like a true politician! Garth, you’re advice has been great but you are still a politician at heart. The masses don’t want to be “shepherded” anymore. And you can start to see that in a lot of countries – Britain and the US where Trump has risen. The masses are tired of the status quo – career politicians with the same empty, tired promises over and over again. It is a rising trend globally.

The Brexit was about that exact problem. Trump is about that exact problem. Until you see this clearly you will be wrong every time.

My reference was to Leave politicians shepherding the masses. They did it well. — Garth

#120 Trojan House on 06.26.16 at 7:29 pm

I think someone pointed out above, the referendum was a lie. A big fat lie told once again by politicians who are in it for themselves. Cameron gambled and lost and now will not invoke Article 50. Neither will his predecessor.

The will of the people once again betrayed.

#121 not 1st on 06.26.16 at 7:30 pm

Garth, you contradict your own views.

Here on this blog you have blasted T2 and millennials many times and they are socialism lite. Then you lament the EU and they are socialism squared.

Then you keep harping that people need to take control of their financial future and stop relying on the govt, but then a country does it and you lose it.

#122 Mocha on 06.26.16 at 7:33 pm

After years, I had the first thoughts of no longer daily checking this blog after reading today’s post. Your blog is unique and interesting. It would be a shame if it degraded to simply another “establishment politics” blog, or worse, some sort of Social Justice/CBC-style opinion blog where the ability of predicting the author’s stance on any given issue is close to 100% (whatever the PC hive dictates).
I’d be a really soft supporter of the blog if I allowed only a single post to push me away, but please sir, I beseech thee: stay original.

#123 Franco on 06.26.16 at 7:37 pm

Excellent post.

#124 Cdn Mom on 06.26.16 at 7:39 pm

They’re called ‘leaders’, not ‘followers’, for a reason. — Garth

Funny, in the Western world I thought we had representatives. None of them seem to be behaving as representatives these days, therefore Brexit and the rise of Trump.

All those globalist fortunes mean squat when the pitchfork and torch crowd shows up at the elitist house.

I’ve had many a discussion with educated Brits of different ages, they voted Leave, and none cited immigration. In fact, many argued for refugees.

I hope globalism dies a quick death. Ease of trade is one thing, however having too much power without being accountable to anyone is just wrong.

#125 Brett in Calgary on 06.26.16 at 7:40 pm

Change is hard– a lesson mankind struggles with over and again. But, on the plus side at least we are talking about a new type of stupid, Brexit, instead of the usual FOMO Vancouveritis. Thumbs up for freshness!

#126 PeterfromCalgary on 06.26.16 at 7:53 pm

Democracies do stupid stuff. It is why we are stuck with Justin and Nutley. It is why the UK is leaving the EU.

#127 Herb on 06.26.16 at 7:56 pm

Garth, you and I haven’t agreed on much this year, but you’re right on Brexit.

#128 acdel on 06.26.16 at 8:01 pm

As you grow older and gain more perspective you will see the veracity of my comments. The world is far wealthier, safer and more stable than at any time in the past century. — Garth

——————————————————-

Not if it keeps going this way; there is a good reason they chose Brexit over staying. Regarding the tone of your recent Blog and your arrogant comments to posters I feel there no point to try to explain it to you.
Sorry Garth, it’s you that does not get it!

#129 Now we know on 06.26.16 at 8:01 pm

So you’re fine with the story of pork being banned? Too bad whitey huh? What an utter disgrace you are. I assume you think these cultures will have a special place for whites, and welcome us into their organizations and treat us equally, uphold the rights we hold dear, respect women, allow gay unions…Dream on hippy boy. Your ossified and politically correct claptrap thinking will undue so much which has been fought for. Damn you to hell. Don’t expect you print this – it’s just for you.

I am quite ashamed of the quality of many people reading, following and commenting on this blog. This is not about the economic and financial implications of Brexit any longer, since so many see the vote as legitimizing their bigotry, fear or prejudice. This site will not give you a platform. So, [email protected], buzz off and take the haters with you. — Garth

#130 juno on 06.26.16 at 8:02 pm

fear fear and more fear

Garth what will happen if it succeeds!

Will the masters send their ships in and destroy it all.
Just like what the imp said, in the game of thrones.

This is one scary blog. — Garth

#131 ROCK BEATS PAPER on 06.26.16 at 8:04 pm

Garth,

Soon you will by advocating Canada join the USA with the necessary shift to the left of the NDP, so that we can reach EU nirvana.

The markets are no wiser than they were in 2000 or 2008, so their opinion is suspect. Voting in the short term, weighing in the long.

Suicide is pure hyperbole. There will still be trade and movement of people between the UK and Europe.

You have also dismissed the ugly side of globalism. Essentially, third world labour has been enlisted in poor conditions with scant wages to produce goods for a glutenous west, all while exporting the environmental devastation to their back yard.

Your most misleading statement is:
“Leadership is finding the greatest sustainable good for the greatest number of people. — Garth

That is utilitarian philosophy, but sometimes overarching principles get in the way of this communist utopian ideal.

#132 CounterPunch on 06.26.16 at 8:05 pm

The political blunder of the ages was Cameron holding the referendum in the first place. Then allowing such a monumental change based on 50% plus 1 of voters who vote. A minority of the voting population actually voted to leave. You cannot govern a country by referendum

BS,

Holding the referendum was monumentally stupid, but not for the reasons you cite. Given the crazy uncertainty that the Brexit vote will cause, I would have voted to stay in the EU. However, the latter part of your argument can be turned upside down.

If you add up the (obviously strong Europhile) 28% of the voting population that couldn’t be bothered to cast a ballot AND the Brexit voters, a shockingly small minority of the citizenry voted to stay in the union.

Cameron’s mistake was the arrogant belief he had a slam dunk and he completely misread the vast majority of his people. I am a true blue Progressive Conservative, but man can some Conservatives live with blinders on.

#133 2.08 trillion wiped safely on 06.26.16 at 8:06 pm

This is the world what Gath’s calls: “safer and more stable than at any time in the past century.”

The $2.08 trillion wiped off global equity markets on Friday after Britain voted to leave the European Union was the biggest daily loss ever, trumping the Lehman Brothers bankruptcy during the 2008 financial crisis and the Black Monday stock market crash of 1987, according to Standard & Poor’s Dow Jones Indices.

Markets in mainland Europe were hit the worst, with Milan and Madrid each down more than 12 percent for their biggest losses ever. Britain’s benchmark FTSE 100 was down nearly 9 percent at one point on Friday, but rallied to close down 3.15 percent.

The route started in Asia, with the Nikkei down 7.9 percent, and carried over into Wall Street as the S&P 500 fell 3.6 percent.

Mohit Bajaj, director of ETF trading solutions at WallachBeth Capital LLC in New York, said the severity of the sell-off was partly due to investors misreading the outcome and betting the wrong way.

Just one referendum in one country.

Safe, stable, indeed. Better than ever.

Stocks lost 4%. Get a grip. — Garth

#134 Mark M. on 06.26.16 at 8:17 pm

Imagine writing this:

“For the record, UK voters have made a mistake of monumental proportions, based on bumper-sticker intellect, slogan politics, immigration fatigue and a profound anger at being ‘left behind’ in a world where so many others seem to be getting ahead. Mostly, though, it was tribal.”

And then calling a poster a “drama queen.”

Tell us Garth, why can Switzerland and Norway not be EU members and do quite well, while most of the EU is an economic basket case?

Brexit is just the beginning. The EU is done.

#135 46 and 2 on 06.26.16 at 8:18 pm

UK voters – at least a slim majority of them – made a serious error. Believing that makes me nothing but correct. — Garth

Garth, you may be right in the short term but you are dead wrong long term. I have no problem with semi open borders and free trade but a common currency shared by so many is doomed to fail. The strong (Germany, France) will only get stronger and the weak (all the rest) have little to no chance once they are under the thumb of debt.

#136 Doug t on 06.26.16 at 8:19 pm

Seems like egos are getting bruised here today – the arrogance of the elitists is enough to make anyone want to kick them right where it hurts – the people did and good on them – who gives a shit what happens now – it can’t be much worse then the way it was going. And if it dopes it was worth it – you only live once and you either try to control your own destiny or you don’t.

#137 not_so_bad on 06.26.16 at 8:19 pm

Having a looser connection with the EU, along the lines of Denmark, Sweden and Norway, would in the end be the best outcome for the U.K. No need to lose your autonomy to unelected fools in Brussels, and be forced to take more immigrants than can reasonably be accommodated. I don’t see how the Nordic countries have “suffered” from not being in lockstep with the EU and its huge 28 country mish-mash of haves and have nots. The UK hopefully will aim in this direction

#138 Annek on 06.26.16 at 8:25 pm

The Brits that voted to leave had a national pride to keep what was British. With open borders, as with the EU and the immigration that resulted , this was being diluted. Each EU country has its uniqueness and nationality that is being diluted with the influx of new immigrants and mixing of borders. Yes, EU makes financial sense, but there is also the element of identity that is rooted in history that belongs to that country that must be considered.
Perhaps it is the millennials that don’t get it, not the wisdom of the older generation. I am sure the boomers in Britian knew the price that they would have to pay. But it is about identity and national pride that goes back thousands of years. ( Canada does not really have this) Perhaps now, with globalization, and mixing of groups what we will have left is not the culture of a country, but what religion one belongs to. Perhaps it will now be a society that is determined by who belongs to Islam , Christianity, Buddism etc. Who is the strongest.
I believe in ethnicity that is inherent of a country. That is the beauty of that country. The national pride of that country. That is why we travel. To see the beauty of a country and immerse ourselves in a culture. That was being lost with belonging to the EU. The Brits realized this and they are prepared to pay the price to retain their national pride and identity.
As for jobs, much of manufacturing was going to the poorer EU countries such as Bulgaria and Poland etc. ( This is similar to our jobs leaving Canada and moving to Mexico) Does that strengthen the economy of the country? Has it made Canada more economically stronger.?
Sorry, Garth. I do not agree with you. Most of the time I do. But, I am rethinking the benefits of Globalization. It is making the richer countries like ours and Britian’s poorer on the long run. Time will tell in the long term.
Yes, Britian will suffer in the short term. But, it may be better off in the long term, provided that the EU does not seek revenge and try to punish.

#139 don on 06.26.16 at 8:26 pm

Garth elected polititians are our representatives not our leaders.

#140 CORPORATE DRONE on 06.26.16 at 8:29 pm

DELETED

#141 crowdedelevatorfartz on 06.26.16 at 8:30 pm

@#91 Apocalypto 2016

Cant wait to dance on the corpses of the legions of dead, dying and destitute can we?

There’s an old english expression for a person like you.

Ghoul.

https://www.google.ca/url?url=https://en.wikipedia.org/wiki/Ghoul&rct=j&frm=1&q=&esrc=s&sa=U&ved=0ahUKEwix2O7Z-cbNAhVB6mMKHXGvDCkQFgggMAM&usg=AFQjCNEwC22XqalDVXbYUoxscT5-m4cfSw

#142 ed on 06.26.16 at 8:31 pm

George Santayana: “Those who cannot remember the past are condemned to repeat it”

I hope this is not the beginning of the narrow mindedness which led to the horrors of the past century.

#143 BobC on 06.26.16 at 8:31 pm

Garth, Doesn’t the assumption of race in your reply answer your own question?

Garth says, “”’especially Brits who immigrated to Canada for a better life and now laud Britain closing its border to others with the same aspiration, are hypocrites. ”

Garth these Brits had to have educations, speak english, be sponsored, and accept becoming Canadian not creating their own little country and using ours as an escape route and “no social welfare or support”

So making such a blanket statement is very misleading as was the Brexit campaigning, but you can’t have it both ways, can you?

Oh, you mean white people make better immigrants? I see. — Garth

#144 Observer on 06.26.16 at 8:32 pm

DELETED

#145 feldspar on 06.26.16 at 8:35 pm

re # 88 economic tsunami: I, too, am more than a little surprised at our hero’s Brexit stance. But apart from his interest rate predictions, he’s pretty damn good.
The Brexit deal is overblown- more good than bad will flow from this decision.
feldspar

#146 2.08 trillion wiped safely on 06.26.16 at 8:35 pm

Stocks lost 4%. Get a grip. — Garth

It does not change the fact that the biggest daily loss ever, 2.08 T can be triggered by one referendum in one country in the supposedly “safest world in the past century”.

Maybe you can try to get a grip of this.

#147 GUT CHECK on 06.26.16 at 8:35 pm

@ #16 AB Boxster on 06.26.16 at 2:12 pm

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

THAT was fantastic.
Thank you.

#148 Joe2.0 on 06.26.16 at 8:38 pm

People vs the quantum computers high frequency trading within the stock markets.

Around around they go where they land the sheeple won’t know.

#149 Say What? on 06.26.16 at 8:43 pm

Don’t get it, do you? — Garth

———————————————–

No. I don’t get it. Not in terms of what is going to happen, but I do get your arguments. I just don’t necessarily agree with them. Tribalism is innate to human beings. We want to be with our group/tribe. Whatever that group may be. Could be based on religion, race, social status, etc. Whatever. In terms of finances, the brexit results help to guarantee (maybe) low interest rates for a long time. Thus, no reason to fear a big mortgage.

#150 Where's The Money Guido? on 06.26.16 at 8:45 pm

Re: Human nature. Why did we see an avalanche of selling in March of 2009, just before a massive rebound? Because people bail out on fear and bail in on greed. — Garth

The avalanche of selling happened because the banks set it up that way. I tried for months to sell but got obfuscated and only when the fund that I was in hit bottom did they sell, even at the time I told them not to. Thieves, that’s all they are.
And our “great” overseers of those institutions (IIRC, IDA etc,) didn’t give a shite because they were out the prior September when I wanted to get out and tried to but was blatantly lied to, thus losing 25% of my investment.
These people will do everything to separate you from your wealth, if you’re not in their clique.
Vive le revolution.

#151 rjrt81 on 06.26.16 at 8:46 pm

The knuckle daggers are out in full force today.

#152 common sense on 06.26.16 at 8:47 pm

Let’s review:

Based on most countries demographics which are top heavy (retirees) and there is a huge need of young blood needed from other countries to help the capitalism system to continue. What would Germany be like in 10 years without immigrants? What would Canada look like?

Now if long time citizens of any country were feeling stable and optimistic about their financial future, perhaps they would have had far more confidence bringing in more children into the world. Just maybe if the middle class had more disposable income, job and wage growth the need to immigrate more would not be needed.

Never blame the people from a far seeking a better life. Blame those in power who were negatively influenced to create laws that benefited few and sacrificed many.

THAT’S the real reason we are seeing the events just starting to happen now. A good thing by few NEVER goes on forever….ask The French before the revolution.

Pure GREED. PLAIN AND SIMPLE.

Short the markets, invest in gold for the short run.

Now what are you going to do Janet and company?

#153 Ontario's Left Coast on 06.26.16 at 8:49 pm

Met with my financial guy for lunch last Wednesday (For the last 10 years, my registered and non-registered investible assets have been with the wealth division of one of the chartered banks, 1% fee for discretionary management). Anyway, buddy was convinced the stay sign was going to come out ahead and gave all kinds of reasons why the UK’s departure from the EU could never happen. Boy did these guys get it wrong…

#154 Buzz off on 06.26.16 at 8:52 pm

Buzz off yourself Garth. I knew you would print what I said if I dared you, and I’m glad you did so all can see. I’m proud of Canada, I’m proud of western values and freedom. I’m proud of being able to pursue my life as I dictate, not from bureaucracy or religious dictum. I’m proud of living in a secular society. I have lived oversees, and out of all the cultures I have experienced it is western values I hold the most dearest, and I will die defending them. Don’t expect you to print this as you seem to pick and choose when to support your own outdated mindset. Globalization has been a failure – it’s in the stats and plain to see. Time to accept that and think about all working together in a better system, not repeating the same failed words and beliefs.

#155 Smoking Man on 06.26.16 at 8:53 pm

Fear and Loathing

Change is in the air. Real change, not the fairy dust T2 blows kisses with.

Government should not exist above the municipal level.

#156 ROTFL on 06.26.16 at 8:54 pm

Sure, stocks lost 4% (not evenly distributed).

But come the dawn, all those ‘risk parody’ funds will be recalibrating to higher volatility, i.e. reducing leverage, i.e. selling assets. And maybe some orders from retail investors who spent Friday at their day jobs and had a “holy crap” moment watching the evening news. Later in the week we get the window dressing effect as funds send their dogs to a farm in the country, along with jockeying ahead of the quarterly index additions and deletions. Then Friday comes the end-of-quarter walk of shame for hedge and mutual fund results. Should be a good week!

#157 46 and 2 on 06.26.16 at 8:58 pm

Maybe I am seeing things a tad too simple, as I have stated before I felt that an EU with a common currency was doomed to fail and it has everything to do with control. An example would be Greece. Whne Greece had control of it’s own currency and it the coffers needed some dough for whatever reason they had control….they could float any form of debt instrument or print more money which would lower the value of the currency which increases foreign investment and tourism (money coming in) this also makes exports more affordable (money coming in). Under the common currency they have no control and no chance and are basically under the thumb of Brussells and are screwed with little or no chance to dig out. Long term free trade has to continue but the EU has to go.

Britain did not adopt the euro. — Garth

#158 conan on 06.26.16 at 9:01 pm

I think the EU is going to dominate the news for the rest of the summer. I am guessing that within 10 weeks, the next shoe will drop.

Glad I do not own anything Europe. Not time to buy back in yet.

#159 BillyBob on 06.26.16 at 9:08 pm

Hmmm…not often we see out host lose his cool, but this one just sounds like the lament of a sore loser. (If winning or losing is defined – I would suggest it is for a money manager/analyst – as making correct or erroneous predictions).

The signals have been some key lapses in logic.

“Referendum is no way to govern a country”.

Perhaps someone should inform Switzerland?

“UK immigrants to Canada are hypocrites”.

Let’s set aside for a moment that England has unique historical ties to Canada as one of Canada’s founding nations (please check some of the images on our currency). But suggesting that UK citizens can emigrate to Canada as freely as citizens within the EU can move from member state to state is a completely false parallel, ergo so is calling British immigrants in Canada against the EU “hypocrites”.

It is precisely the control over its borders that Canada enjoys that the UK is trying to restore. (Some may argue that Canada’s own borders are actually pretty porous, and with a family member a CBSA officer with incredible stories…but that’s another topic).

It almost seems this blog post today was to deliberately inflame the racist minority as camouflage for the incorrect call on Brexit. Ironic, because if the stated goal is for this to be the last word on Brexit, angry disbelief and castigations probably aren’t the most effective way to achieve this.

#160 Brexit Portfolio on 06.26.16 at 9:09 pm

irrelevant, still asking
Does it still stand after Brexit. from http://www.greaterfool.ca/2016/04/10/maple-alert/ “The weightings suggested for the growth portion of your portfolio (Canada 17%, US 21%, International 18%, 4% alternative) still hold.”

I assume 17% of Growth asset is in maple.

Somewhere in your blog, I saw:
Canadian bond index ETF
20.00%
Preferred share index ETF
20.00%
Canadian equity index (large cap) ETF
15.00%
US equity index (large cap) ETF
20.00%
International equity index (large cap) ETF
20.00%
REIT index (Canadian) ETF
5.00%

the % of allocation might have changed; however, do they match

like say I allocate 17% of Growth in Maple-> does it become equal to 20% of overall portfolio -> if so for what % in equity (60% or any other).

relevant is: do both of the recommendations are for the same 40/60 portfolio? Well, doing the same -> I probably do not have the tool with me now…

With my tool, I see that with for 40/60 portfolio 18% of growth in maple becomes 10.80% of total portfolio. -> how to balance -> make sense of the above two recommendations.

I am not a finance guy…

#161 feldspar on 06.26.16 at 9:10 pm

re Annek #138 Now this, friend Garth, is a thoughtful presentation of the pro-Brexit argument; all should heed it.
feldspar

#162 Rifles on 06.26.16 at 9:14 pm

“The other day I said that as a cowboy I understood perfectly the maitre-chez-nous appeal of the Leave forces. ”

Ah yes, the traditional cowboy cry of “maitre-chez-nous!” that rings across the prairie and is heard around campfires after a long day in the saddle. It is a phrase second only to “Plus ca change” or ‘Fiat justitia ruat caelum” in the cowboy lexicon.

Love those cowboys.

As Ian Tyson said, “Cowboy is a state of mind.” You can have the saddle sores. — Garth

#163 Jim on 06.26.16 at 9:14 pm

Ending democracy, I cant this of anything more appealing to the elite and their Stay minions right now. But Garth praying? Would that be to some sort of God?

#164 Unimpressed on 06.26.16 at 9:17 pm

“Young people get that.”

Actually, this is entirely wrong.

You’re suddenly attributing wisdom to a cohort of young people who have not read single book in their short lives… How could they possible have the context and knowledge necessary to steer the nation, yes NATION, in the correct direction when they are not even aware of the reasons why nation-states formed and crystallized from sectarian, tribalistic chaos in the first place?

How could anyone sit idly when the nation as they knew it was being transformed into some vague globalist consumer entity. Especially since the shocking revelations of the Labour Party’s deliberate campaign to demographically eradicate the English people.

You talk about trust, but fail to understand that mutual trust – such as the trust you have in others to pay their tax burden, and the trust you have to abide by social conventions, is the foundation of society, and this trust is forged by centuries of common language, culture etc. Without trust, you have a harsh, indifferent and dysfunctional society, incapable of tackling crime or corruption.

#165 acdel on 06.26.16 at 9:20 pm

#152 common sense

———————————————

Bingo, great post!

#166 46 and 2 on 06.26.16 at 9:24 pm

Britain did not adopt the euro. — Garth

Understood….I was talking about Greece and others that are on the weak side of the scale. Brexit has nothing to do with a protest vote but has everything to do with voting against loss of control and identity.

Greece, Portugal, Spain and Italy are next.

#167 Metaxa on 06.26.16 at 9:26 pm

@ cecilhenry in # 92

Tell me, who is white and who is not?
And, who gets to decide?

I’ll wait…I have time…

#168 Brexit Portfolio on 06.26.16 at 9:28 pm

If I consider:
(Canada 17%, US 21%, International 18%, 4% alternative) -> if these are %s of the total portfolio, then both recommendations kind of align.

17% of total portfolio is in Maple -> probably previously, the recommendation was 20% of total portfolio in Maple.

then this is good and clear….if not wondering…

#169 westvan on 06.26.16 at 9:29 pm

As you grow older and gain more perspective you will see the veracity of my comments. The world is far wealthier, safer and more stable than at any time in the past century. — Garth
———
yet income equality has been rising since the 1970s , free trade is not everything its cracked up to be, the EU is a terrible idea and this is the beginning of the end of it. garth you don’t live there, if that many people voted to leave there must be problems that politicians and wealthy people like yourself don’t seem to understand, they need to start listening to the people and stop telling them whats good for them, thats why we have trump and brexit and rising nationalism. when there is no middle class you are going to have problems , put down your keynes and friedman books, their ideas are flawed and not working

#170 Balmuto on 06.26.16 at 9:31 pm

This is kinda interesting:

http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2016/06/brexit-whats-next.html

#171 totalinvestor.com on 06.26.16 at 9:37 pm

They’re called ‘leaders’, not ‘followers’, for a reason. — Garth

No, politicians are misleaders. That’s how they get elected.

#172 For those about to flop... on 06.26.16 at 9:39 pm

#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

///////////////////////////////////////

UPDATE!!!!!!

I cannot believe I am writing this ,but I have to fall on my sword for the sake of transparency.

One open house SOLD! ….I WAS WRONG.

2.3 million for a east Van new build with a crackhouse next door…yeah ,the market is cooling…

M42BC

#173 Love My Kia on 06.26.16 at 9:39 pm

Leadership is finding the greatest sustainable good for the greatest number of people. — Garth
===========================
That DOES sound like communist manifesto to me!

I for one like it, I like it a lot! Thanks for coming around Garth.

#174 WalMark of Sadkatoon on 06.26.16 at 9:42 pm

the uncertainty caused by this stupid referendum will keep hot credit flowing into the loins of the real estate obsessed in YVR and YYZ

stupidity

#175 bigtowne on 06.26.16 at 9:44 pm

Let’s see if Premier Notley pulls a “QUEBEC” to get her Energy East through Upper Canada (Ontario and Quebec for you Newcomers). That’ll show them we can parley vous with the best of em.

Who says girls can’t fight?

#176 Vers on 06.26.16 at 9:47 pm

Fascinating nexus of politics/political issues. It’s not an us vs them issue, and it wasn’t a black vs white vote. Not everyone voted stay for the same reasons, or nay for the same reasons. This is the salvo over the bow of the globalization armada, in regards to unbridled free trade vs protectionism, or the Belgium model vs democracy. With Britain’s rich history, it really isn’t that surprising that some would vote for the idealism of ‘freedom’ at a price of ‘temporary economic hardship’.

Kind of like Garth said, acting like a cowboy at the cost of being called insane.

Here’s one as of yet unobserved pt: could this not cause inflationary pressures for the BoE and support a rising rate environment? Don’t be surprised if increased volatility ie risk, brings with it a higher rate environment. This was already in the cards, but no one inside a bubble knows what pricks it, until it seems like a surprise.

Just blame it on the Brits (or give them credit).

#177 Wild Albertan Gonads on 06.26.16 at 9:58 pm

#155 Smoking Man on 06.26.16 at 8:53 pm

Fear and Loathing

Change is in the air. Real change, not the fairy dust T2 blows kisses with.

Government should not exist above the municipal level.

Medieval times!.. A return to the city-state. Of course they all had huge walls around them to keep out the barbarians!

#178 Wild Albertan Gonads on 06.26.16 at 10:03 pm

#162 Rifles on 06.26.16 at 9:14 pm

“The other day I said that as a cowboy I understood perfectly the maitre-chez-nous appeal of the Leave forces. ”

Ah yes, the traditional cowboy cry of “maitre-chez-nous!” that rings across the prairie and is heard around campfires after a long day in the saddle. It is a phrase second only to “Plus ca change” or ‘Fiat justitia ruat caelum” in the cowboy lexicon.

Love those cowboys.

As Ian Tyson said, “Cowboy is a state of mind.” You can have the saddle sores. — Garth

———–
Your buddy Harpo thinks he’s a cowboy too! lol

Howdy partner – You are set for this years stampede to share your stampede story!

http://my.calgarystampede.com/being-a-cowboy-is-a-state-of-mind.html

#179 Butcher on 06.26.16 at 10:08 pm

Brexit has touched a nerve with a lot of people.
I say ‘Big whoop!’, but it has made watching the news more interesting and opened the door for Scotland to leave UK.
Next week we’ll be back to dissecting the two year long US election

#180 Wild Albertan Gonads on 06.26.16 at 10:09 pm

Imagine that …a Lebanese born cowboy in Calgary…

http://my.calgarystampede.com/being-a-cowboy-is-a-state-of-mind.html

Nenshi is a pretty darn good cowboy too.

http://www.macleans.ca/wp-content/uploads/2013/07/NaheedNenshi445x290.jpg

#181 Nemesis on 06.26.16 at 10:09 pm

“Tribalism often and inevitably brings conflict, wars and misery.” – HonGT

#TheHubrisOfEmpireIsDeadlierByFar,Or… #CheekyZulusRemindTheRedTunics… #TheyWeren’tInvited…

https://youtu.be/n1gL6xKMjQw

#182 Smoking Man on 06.26.16 at 10:13 pm

Gartho is sure having it handed to him tonight.

Does he give one fk? He drives a Harley figure it out.

The day you can look in the mirror naked, the only celebrity worth worshiping is you, that day is the day you are free, regardless of how much time you spent in the cold pool or in school.

I tried to get the wife naked at the nude beach on the island in Toronto. No luck.

I was dangling out there and the water was freezing, did I give a shit, Hell no.

Heading back to Shlong branch on a 18 foot bow rider the winds changed and picked up from the SSW huge waves.

I hear a mermaids voice coming from the back of the boat.

The wife is naked, bouncing afraid and happy at the same time.

I love it. getting closer to that moment in time that she loves herself more than anyone else.

All the teacher lessons to make you feel less than are bounced out the port side.

#183 Smoking Man on 06.26.16 at 10:18 pm

#176 Wild Albertan Gonads on 06.26.16 at 9:58 pm
#155 Smoking Man on 06.26.16 at 8:53 pm

Fear and Loathing

Change is in the air. Real change, not the fairy dust T2 blows kisses with.

Government should not exist above the municipal level.

Medieval times!.. A return to the city-state. Of course they all had huge walls around them to keep out the barbarians!
…..

The men back then could handle it. Not these freaks that social engineering has produced.

#184 Jim on 06.26.16 at 10:19 pm

“Government should not exist above the municipal level.”
SM

Exactly!

No health care. No military. No borders. No currency. Lots of work for moat-builders, though. — Garth

#185 M on 06.26.16 at 10:21 pm

@#36 cowboy

I think you are wrong cowboy.

Gartho is not an “ellitist”/”globalist”. He’s tributary to his time and its respective “new-speak” Not entirely his fault.
Perspective usually comes with direct experience .
If the concept about social life is that all things “financial” in nature have the primacy, then this article is very well written and argumented (minus the “new speak”).

…since it’s not the case, this article is inherently wrong in its nature (despite the “progressiveness” of its wording).

It so happen that I am doing fantastic with my investments and I do appreciate the opportunity of having access to financial markets in the era of technology.

I never ever forget though, that “financials” are a relatively ..new toy in town, a post-eighties free printing thinghy – just a new game in town . Life is not made of “financials” nor it should discard the concept.

Judging the world through generalized and meaningless concepts with a sheckel in the middle is the best way for missing the real thing.

A brilliant moment below (propheticindeed) :
https://dotsub.com/view/94760dfa-0538-4140-9637-0571a6270605

#186 Wild Albertan Gonads on 06.26.16 at 10:24 pm

But for leaders.. not sure anyone can challenge
cowboy putin..not even Garth!…. dude puts it out there. Look at his pecs!

Of course putin is laughing his arse off at all this.. he sure loves the mayhem I bet.

http://pixdaus.com/files/items/pics/3/0/198300_fba218f214f3d6fadd4b42fdd2f7bcaa_large.jpg

#187 Hamish McFadden on 06.26.16 at 10:25 pm

DELETED

#188 Jt on 06.26.16 at 10:25 pm

“Tribalism” is the right word. We are an animal species and some people put their energies into fostering the worst animal traits. Goering knew how easy people were to influence when they picked a target…

#189 NotAGreaterFool on 06.26.16 at 10:30 pm

If the Brexit is bad for the economy, then this will keep rates low and that means housing bubbles continue(elevated risks). This should only accelerate the next set of mortgage rule changes.

Related to proposed changes private insurers are stating the non-insured mortgage market should have amortizations capped at 25 years and perhaps raise down payment needed.

http://www.theglobeandmail.com/real-estate/regulating-uninsured-mortgages-could-help-first-time-buyers/article30620900/comments/

#190 Sean on 06.26.16 at 10:33 pm

Garth, you are wrong about Brexit.. and wrong about Trump. Admittedly the majority of those voters, in each case, are doing it for the wrong reasons. However.. in both cases we are seeing a rejection of the left leaning, big government, creeping socialism, that has swept the world. This tide will be turned by US and UK voters. The world won’t stop in its tracks, or go back to the stone age. Progress and indeed globalism will march forward.. but hopefully the framework will be different. We need to acknowledge and accept regional, cultural differences. We need to respect sovereignty. As an Irish citizen, I fully understand the appeal of the EU.. being part of a greater community. However, I don’t believe a bunch of socialists in Brussels represent Irish (nor British) views. Many Europeans want the brotherhood of their neighbors, they just don’t want their governments co-opted by inept socialists and bureaucrats.

#191 Wild Albertan Gonads on 06.26.16 at 10:33 pm

146 2.08 trillion wiped safely on 06.26.16 at 8:35 pm

Stocks lost 4%. Get a grip. — Garth

It does not change the fact that the biggest daily loss ever, 2.08 T can be triggered by one referendum in one country in the supposedly “safest world in the past century”.

Maybe you can try to get a grip of this.

It’s a staggering number to be sure..but the market is bigger than 2008… a few thousand of those trillions is mine!!.. but all that matters is %… and in the next few weeks or months when everyone sees that the brits and euros are not going nuclear on each other..they’ll make a deal at some point..too much to lose all round.. bam.. it’ll jump back 2trillion.. so start buying!!!!

but to feel better just think how much the 1% lost in a day!… though many probably made a fortune on this.. clever bastards

#192 Andrew Woburn on 06.26.16 at 10:34 pm

How undemocratic is EU governance really? To me the answer seems fuzzy.

There are four main institutions, the European Parliament, the European Commission and two councils, one consisting of the elected leaders of EU countries and the other of their cabinet ministers who meet to agree on issues specific to their portfolios.

The Commission is the appointed executive body which attracts all the attention and authors the regulations which everyone hates. Parliament is directly elected by European voters. It has the authority to appoint and replace the Commission and has, at least in theory, control of the EU budget. Its major democractic deficit is that it presently has no power to initiate legislation but must rely on the Commission or the councils to propose laws.

It is clear that the Commission has favoured “ever closer union” whereas the national councils are less enthused, especially now. I suspect that national leaders have been content to let the Commission take the public heat for anti-EU sentiment as they are caught between the EU ideal and their individual electorates. However the Brexit vote will probably flush out any attempts to avoid the issues such as an EU immigration or common military policy.

I do not see the EU structure as an Illuminati plot against the free peoples of Europe but more the current result of evolving political and bureaucratic compromises. The role of the Parliament has increased over time and there is no reason to think it cannot become the dominant institution. Perhaps the shock of Brexit will accelerate this.

I remain optimistic that the leaders of Britain and Europe still have time to step back and make the needed changes that will allow them to move toward an EU that works better for everyone. It cannot be perfect but Canada’s federation still needs a lot of work after more than 150 years.

#193 RayofLight on 06.26.16 at 10:34 pm

Monday morning, Asian markets are up about 2%.

#194 WiseGuy on 06.26.16 at 10:36 pm

About 2-3 weeks back, Garth did state that there would be upcoming volatility with this Brexit vote. You could take from it what you will, but with my balanced portfolio, I exited my Canadian and American ETFs. I kept my REIT, Bond, and preferred shares ETFs.

Totally not what you’re supposed to do as I completely unbalanced my portfolio as small as it is. ($120,000)

Anyways, now I’ll look to get back in and try not to fiddle with things again, but I might wait 2-3 days as what was suggested on the MP3.

No more timing the market…I promise!

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

#195 Smoking Man on 06.26.16 at 10:36 pm

No health care. No military. No borders. No currency. Lots of work for moat-builders, though. — Garth

……

Yes , finally. jobs that don’t require bartering.

#196 Dave on 06.26.16 at 10:41 pm

Wow Garth, I think this is a record for how many posts you responded to, does that say anything?

#197 toronto1 on 06.26.16 at 10:42 pm

Garth, lets what and see if Brexit is as tragic as its made out to be, my guess is it will be a small blip.

remember the people are never wrong in voting.

Whats happening now in the world is a huge change in sentiment– the young are disillusioned like never before, giving rise to Trump and all the right wing politics of Europe.

What we need to do is understand and rectify the issues instead of name calling or baiting them. The hopeless class is growing, seeing opportunities and jobs lost while the elite continue to profit. These are dangerous times

My prediction is that this will spread across the EU and elsewhere, too many in that generation that have no hope or opportunity. they played buy the rules (went to university, did the intern thing and have nothing to show for it and now they are pissed) remember this generation does not know how to cope with loss, in their time everyone got a medal and everyone was a winner– things are different in the real world.

now the boomers in UK took away the opportunity from the kiddies, this wont end well.

#198 Toronto Dweller on 06.26.16 at 10:45 pm

Garth, if you can’t control your borders you cannot control your country as simple as that.
I remember quite strongly how “open and friendly” Canadians on this blog responded to accepting 25000 refugees back in late 2015, and how UK does not have that power anymore due to EU overlords in Brussels. Or 1 million refugees in Germany. Did they ask the German taxpayers about that?

#199 M on 06.26.16 at 10:46 pm

One more thing Gartho:

Immigration is very good. BUT NOT IN WAVES baby.
Britain(within EU) was not allowed to have what Quebec has within Canadian Confederacy.

Imperfect as it is, Canadian Confederacy is net superior to EU. When it’ll stop being, members will leave. If they are not let to leave civil war follows (see Yugoslavia case in early 90s).

As an immigrant I did my homework very well before coming here in August 1990. Including rising my kids completely bilingual. Canadian Constitution talks about TWO founding nations. Not 3 not 4 and not 5.
When I invite you in my home Gartho, you are expected to behave by the rules of my house, and same goes for vice-versa.
And what else is immigration but one getting into another one house ?

It appears to me that for some reason this simple fact of common sense is missed in the “new-speak” of today.

#200 steerage steward on 06.26.16 at 10:48 pm

Could go on and on but as always Garth said it best.

As a cowboy I understand perfectly, as a man that manages money I think this is insane

#201 Wild Albertan Gonads on 06.26.16 at 10:50 pm

#182 Smoking Man on 06.26.16 at 10:18 pm

#176 Wild Albertan Gonads on 06.26.16 at 9:58 pm
#155 Smoking Man on 06.26.16 at 8:53 pm

Fear and Loathing

Change is in the air. Real change, not the fairy dust T2 blows kisses with.

Government should not exist above the municipal level.

Medieval times!.. A return to the city-state. Of course they all had huge walls around them to keep out the barbarians!
…..

The men back then could handle it. Not these freaks that social engineering has produced.

Ah those were the days… month long sieges.. hurling diseased pigs at each other over the walls… flaming barrels of burning oil on the wall scalers… but no feminazis.. just buxom wenches for the victors

#202 Smoking Man on 06.26.16 at 10:50 pm

#193 WiseGuy on 06.26.16 at 10:36 pm
About 2-3 weeks back, Garth did state that there would be upcoming volatility with this Brexit vote. You could take from it what you will, but with my balanced portfolio, I exited my Canadian and American ETFs. I kept my REIT, Bond, and preferred shares ETFs.

Totally not what you’re supposed to do as I completely unbalanced my portfolio as small as it is. ($120,000)

Anyways, now I’ll look to get back in and try not to fiddle with things again, but I might wait 2-3 days as what was suggested on the MP3.

No more timing the market…I promise!

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

Market timing. agree.

Only naked Nictonights have that ball

#203 Fan Boy on 06.26.16 at 10:51 pm

I’m just here for the comments. Garth is laying the good sense smack down on some fools tonight!

#204 BS on 06.26.16 at 10:53 pm

#154 Buzz off on 06.26.16 at 8:52 pm

I’m proud of Canada, I’m proud of western values and freedom. I’m proud of being able to pursue my life as I dictate, not from bureaucracy or religious dictum. I’m proud of living in a secular society. I have lived oversees, and out of all the cultures I have experienced it is western values I hold the most dearest, and I will die defending them…

Sounds like a pretty nice world you live in, but.

…Globalization has been a failure – it’s in the stats and plain to see. Time to accept that and think about all working together in a better system, not repeating the same failed words and beliefs.

So that failure has allowed you to pursue your life as you dictate, live overseas in different cultures and choose your own values to live by? Doesn’t sound so bad to me.

#205 Nick on 06.26.16 at 10:59 pm

Congratulations ENGLAND!

You made the right choice and this is coming from an Economist! There will be a net gain from all this in the not to distant future.

Don’t let the scare mongering fool you. They’ve been trying to pull the wool over your eyes and they’re failing.

BREXIT Yesterday…Denexit, Swexit, Frexit, Grexit all the way!

#206 Terry on 06.26.16 at 11:03 pm

And now 8 more member states want to hold their own Referendums to leave the EU also.

http://www.zerohedge.com/news/2016-06-26/civil-uprising-escalates-8th-eu-nation-threatens-referendum

The EU experiment is a failure! Lets have the intelligence to sign the death certificate, break it all up and create sovereign independent countries again.

1919 was so great. — Garth

#207 Wet-Coast. on 06.26.16 at 11:03 pm

Excuse me. Garth, do you believe I democracy?

If so, then why are you complaining about the result of the fererendum?

#208 TurnerNation on 06.26.16 at 11:05 pm

Smoking man said:

“I tried to get the wife naked at the nude beach on the island in Toronto. No luck.

I was dangling out there and the water was freezing, did I give a shit, Hell no.”

That beach…

http://www.cp24.com/news/firefighters-tackling-large-grass-fire-at-hanlan-s-point-1.2962671

Smoked out.

#209 Wild Albertan Gonads on 06.26.16 at 11:08 pm

#194 Smoking Man on 06.26.16 at 10:36 pm

No health care. No military. No borders. No currency. Lots of work for moat-builders, though. — Garth

……

Yes , finally. jobs that don’t require bartering.

Everything in life is a barter!.. You just bartered to get mrs smoking man naked in your boat!… What was the deal you made!!! lol

#210 Larry Dickman on 06.26.16 at 11:08 pm

Other countries will now follow the British and decide to leave the EU … Trump will win the US Presidency decisively and things will soon be back to normal … it’s called democracy and I love it!

#211 Stan on 06.26.16 at 11:12 pm

Garth hasn’t noticed that the middle class has been disappearing for years and the standard of living has been going down for years, back to levels of 30 years ago.

While debt, consumption and home ownership rates keep climbing. Ironic. — Garth

#212 Tony on 06.26.16 at 11:14 pm

We’re already seeing the exact same thing in America. First devalue the U.S. dollar that didn’t work. Then lie about everything followed by even bigger lies about everything. The general public was too smart and didn’t fall for it. The last thing is tariffs which America will soon be enacting.

#213 millenial1982 on 06.26.16 at 11:17 pm

Since mass immigration is the clear focal point of brexit, how come nobody here is discussing the reasons for it? Maybe there would be a deeper understanding for the situation if we looked at it from that perspective, and perhaps a little more respect earned.

#214 Steph on 06.26.16 at 11:18 pm

Wow, comment section today is full of garbage. Decency does not exist anymore.

#215 TRT on 06.26.16 at 11:20 pm

Calling 17 million British people who voted for themselves naive?

Please.

And were they suppose to vote for the financial industry or multinational corporations? Yeah sure…:S

Too much bias Garth.

#216 Smoking Man on 06.26.16 at 11:27 pm

Doing the naked dance in the room

https://www.youtube.com/watch?v=SHhrZgojY1Q&list=RD4AKbUm8GrbM&index=5

#217 NorthOf49 on 06.26.16 at 11:27 pm

My sympathies Garth, the blog is being overwhelmed by nutjobs tonight. Hope you took some time to enjoy this gorgeous summer night.

#218 M on 06.26.16 at 11:29 pm

Droit Administratif vs Habeas Corpus

good guys won :) All my respects for Liz Windsor.

Congratulations Madam

#219 showmethemoney on 06.26.16 at 11:30 pm

what is everyone buying? rebalancing? please share your knowledge

#220 45north on 06.26.16 at 11:31 pm

bigtowne: Let’s see if Premier Notley pulls a “QUEBEC” to get her Energy East through Upper Canada (Ontario and Quebec for you Newcomers). That’ll show them we can parlez vous with the best of em.

Ontario is Upper Canada because it’s higher. Quebec is lower. In the St Lawrence/Great Lakes watershed.

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

#221 Smoking Man on 06.26.16 at 11:32 pm

#215 NorthOf49 on 06.26.16 at 11:27 pm
My sympathies Garth, the blog is being overwhelmed by nutjobs tonight. Hope you took some time to enjoy this gorgeous summer night.
……

You pathetic suck up.. Celebrity worshiper. Ass kissing widget.

#222 Lead Paint on 06.26.16 at 11:41 pm

The irony here is that for centuries England’s concept of globalization was invading and colonizing people all over the globe.

Immigrants can be a major problem… my immigrant parents and immigrant wife cause me endless problems.

But on balance it’s best to learn to all get along, our national stories are nothing but stories that divide us. We are all human and our time is short.

#223 Mr Buyer on 06.26.16 at 11:44 pm

Globalism
There is a huge disjoint here. On one hand underlining the obvious dangers of debt in a real estate setting but on the other hand masking, overlooking or whatever debt in the globalization myth. People who are old enough to remember the foisting of the globalization myth upon us saw unionists and the like point out very quickly the potential loss of North American jobs especially in the manufacturing sector to countries and cultures with vastly differing values than our own. This whole globalization myth and the devastation it has wrought upon the North American economy is masked by the largest credit bubble seen on earth with the real estate credit bubble being a tiny subset of it. Our gracious host will quickly point out the obvious apples and oranges nature of personal and sovereign debt but that will serve only as a side step avoiding the point that our work force has been decimated by the myth of globalism. It is fool hardy to support this myth and politicians espousing it. As for apples and oranges this globalism foisted upon us by private and political enterprises sees us entered into economic enterprises with command economies and essentially closed cultures. The world is not North America and we were fools to allow globalism to even suggest that it is or ever should be. As for the usual rebuttals that include, you are a racist, homophobic, xenophobe, Islamophobic, misogynist, and stomp on bunnies, only one or two of those assertions are even remotely true. While I would not describe myself as a racist I have lived in cultures in which it is assumed to be a given and to think otherwise is a mark of stupidity. The whole gasbag of globalism to use a term familiar to this blog is a horrendous propaganda myth that has cost North America the most from my biased veiw and has imperilled our sovereignty and the future for Canadians that follow much more than most anything in our past has and now Canada is being held up as a pillar of globalism in the face of Brexit and Trumpism. Here we are the hapless standard bearer of globalism with a devastated workforce, in a quagmire of propaganda making it impossible to come to any real understanding of anything of any significance, rationalism and enlightenment demeaned openly. Even if we started manufacturing our own goods tomorrow we wouldn’t see products brought to market for a time because making things actually involves the acquisition of skill which my small mind interprets as a sign of health in a workforce and a nation. Oh I forgot to acknowledge my privilege as a cis-gendered white male so you can go ahead and kick me off the island, how is that for tribalism :)

#224 Tim on 06.26.16 at 11:48 pm

Garth always reduces everything to commerce

#225 TRT on 06.26.16 at 11:55 pm

DELETED

#226 earlybird on 06.27.16 at 12:19 am

#16 AB Boxter…Agreed!!

Globalization is not working for most, ask the kiddies at the sweatshop…

The hourglass has flipped, poor have been feeding the rich for decades, and now the rich will have to feed the poor..

Sentiment has changed as a result…Brexit is a good start.

Stark difference Cultures forced upon populations is and will be a big issue, and was handled poorly.

I do enjoy the Originality of this Blog, and I come specifically for Garth’s Elitist view…and the dog love!

#227 macroman on 06.27.16 at 12:20 am

AB Boxster, you are too cool for Garth school.

Keep on keeping on, very good analysis.

Send that to your kids or grandkids (if you’re not gay), might help this country in the future.

Cheers, mm

#228 RW_Z on 06.27.16 at 12:36 am

“If the decision was unlimited immigration from the middle east or being poor I would pick poor everytime.”

“Need we say more? So much for those who celebrate democracy, and this idiot’s right to vote. — Garth”

The fact that Garth feels no need to say more (implied: the position requires no argument; his self interests are superior to others’; European cultures are of no value) is exactly why these things happen. Those who hold this opinion in Britain deserved the Brexit. Those in America deserve a Trump (though I agree that they won’t get it). Honestly, just seeing sanctimonious, leftist social engineers red-faced and shrieking is worth thousands of dollars out of my portfolio.

If they made arguments and grew their vocabulary beyond the word “bigot” then it might be worth a little less to me.

#229 Tony on 06.27.16 at 12:47 am

DELETED

#230 Backmarker on 06.27.16 at 1:16 am

I had to do a double take I thought I was at the CBC.

It wasn’t just about immigration.

https://mishtalk.com/2016/06/26/why-did-the-uk-enter-the-eu-in-the-first-place/

Based on the small examples the author lists I would be a proud to be a “stupid racist” and hope to kick the EU to the curb.

#231 Ignorance Is Bliss on 06.27.16 at 1:22 am

@#152 common sense

AGREED. Don’t countries “get” that poor economic conditions, lack of job security, etc, just decrease the birth rate even more? They see immigration as a solution to the problem, however there is a flip side to this.

From a 2011 Fraser Report:
The 62-page report used a 2006 Census database to estimate the average incomes and taxes paid by immigrants who arrived in Canada over the period from 1987 to 2004. It found that immigrants paid an average of $10,340 in income tax and other taxes, compared with the $16,501 paid by all Canadians. While newcomers each received $110 less than the rest of Canadians [in government services], the “net fiscal transfer per immigrant” still amounted to $6,051 annually.

http://news.nationalpost.com/news/canada/immigrants-cost-23b-a-year-fraser-institute-report

#232 clever_title on 06.27.16 at 1:39 am

#82 Metaxa on 06.26.16 at 5:29 pm

If you are well off in Canada and chose to send your child to private school you basically do it for free.

Sent three kids through private school because I felt it was important.
You are lying.

Stop it.

#233 Fortune500 on 06.27.16 at 1:44 am

As a millennial making high six figures who has degrees in history and archaeology, I can confirm Garth’s argument that we live in a much richer, safer, and conflict free world than at any time in human history. And no, I am not talking about my situation. I am referring to the average human being on this planet, and average Canadian.

Turn off the news. Study some history. Even recent history.

The media makes a lot of money gathering every negative story around the world, and streaming it directly to your eyes.

Get a grip

#234 Metaxa on 06.27.16 at 1:53 am

…Using same logic, as we’re paying 50-60% of our income in taxes, some may not want…

1) If you are paying 50-60% of your income in tax you really should invest in a CPA.

2) You do realize that Canada’s tax system is progressive, do you not?

3) Does it even go to 60%…not on my return and I’m not poor.

4) not really wealthy either but we have more than we need at any given point in time.

5) If you need that much hyperbole to make your point, it isn’t much of a point.

6) I bet you are white. (that’s a joke, chill)

#235 Entrepreneur on 06.27.16 at 2:10 am

If the EU was so great we would not have this discussion. Can’t have a referendum until your side wins. The British people voted and there is a reason for it.

Some of my Bible-reading friends said that a revolution will happen. I tend to agree with them especially when elected official favour some people over the mass. #110 Gregor Samsa comments sound like here in B.C.

I believe most of the youth that voted to stay in the EU most were from London, sure that is what I heard.

#110 Gregor Samsa…watched the National Aboriginal Day…we watch APTN often…good shows, news.

#236 stan on 06.27.16 at 2:14 am

Not really ironic for debt levels to be raising as people try to maintain their standard of living. 30 years ago people were not paying 120% of their income for a mortgage.

#237 Adam Smith on 06.27.16 at 2:20 am

Scapegoating and tribalism emerge during tough economic times. You can look throughout history and see tons of situations where groups that hated each other lived peacefully side-by-side when things were good.

When things get bad, they start looking to blame someone and sympathy for people who don’t look like them starts drying up fast. Tensions get high and bad stuff begins to happen.

This scapegoating nationalist stuff going on in the US and Europe is terrifying. But it is entirely predictable and nothing real is being done to deal with it. Sure, the developed world is losing its privileged spot and that’s entirely natural and inevitable but the system replacing it is not a planned or well-thought out one.

The stuff the democratic countries have fought for like worker rights, minimum wages and environmental protections took a lot of fighting for and the globalizing trend is destroying it by making those countries noncompetitive.

Good jobs are going to go China and India and the people getting those jobs will live better then they did and good for them but they are only receiving a fraction of what was taken from the former employee; the rest is being increasingly concentrated in fewer and fewer hands. And then automation! Who boy… Then there will be no buying power out there. We better have a plan by then.

There’s a reason interest rates are sitting at zero and the recovery is so slow and all the major countries and most of their people are in debt. There is essentially no well-off middle class driving the world economy.

#238 Robert on 06.27.16 at 2:37 am

No nation can survive if it does not control its borders and its currency. Politicians are elected servants whose primary responsibility is the defence of the same. Trade deals are meant to mutually enhance but not abrogate that responsibility. What use is a military when the home territory it defends belongs to foreign nationals and multinationals? Why pay taxes to fund institutions that are unavailable to the citizens who built and paid for them? Trudeau Jr. throws a 150 mil. pittance into the global land Ponzi that has swallowed Vancouver and Southeastern BC claiming he wants to create affordable housing. What a joke. Jokes on us and we know who’s laughing.

#239 fishman on 06.27.16 at 2:53 am

Brexit is a great opportunity for GB & her Commonwealth to be a player again in the “great game.” Edge away from Germany,France & Eastern Europe. Let them deal with with Growly Bear.

1st. millenium age of Mediterranean: 2nd. Atlantic. Obviously with 984 years left, the Pacific is the place to be. Pivot to the Pacific through Vancouver,Singapore,Malaya, Hong Kong( Cantonese expats loyalty & liquidity). Anchor the south with NZ &Australia.
Let the Yanks do the heavy lifting as regards the Dragon with their newfound little friends around the China Sea.

Work up the standard of living through South Africa, Kenya, British Somaliland,Nigeria. Make their citizens the envy of all Africans. Yes, even Rhodesia when that meanest, toughest,oldest crocodile finally croaks.

Imagine, Pakistan,India,Ceylon,Bangladesh,Burma all in our camp. OK it’ll be a little tough getting Pakistan & India to play kissy kissy & make up, but who’s got a better in?

As Canadians if we want influence then we go where the “great game” is played. That means us,the Aussies & Brits back in Afghanistan. . We protect Growly Bears flank from the moslem hordes. We keep the Dragon & India away. Use our Punjabis (like our defence minister)to work on the Pashtuns. We give the Yanks a rest from policeman of the world. It’ll cost us blood & treasure but this is the “great game” & rules state a very expensive buy in clause.

The Middle East? Well, we sure know a lot of things of what not to do anyways, still, I’d say the Commonwealth countries get more respect than any of the other majors intervening over there. Maybe not intervene , but interject oneself between exhausted combatants. Again, if us little Canuckleheads want to play with the big boys it’ll cost treasure & blood.

All we want is to muddle back to the good old days when the sun never set on the British Empire. And as loyal subjects of his(her ) majesties ,we rocked. It’ll be tough when our good & glorious old Queen won’t be around. It’ll be a grind under a line of Kings. But if we can just hang in there, a Royal British Queen will come along & lead our descendants to another great & glorious age. An Elizabethan & Victorian age of massive glory & honours, peace & prosperity for her many subjects.

#240 Bob Gear on 06.27.16 at 3:22 am

“As you grow older and gain more perspective you will see the veracity of my comments. The world is far wealthier, safer and more stable than at any time in the past century. — Garth”

According to the Bulletin of Atomic Scientists the Nuclear Doomsday Clock is currently set to 3 minutes to midnight, the closest it’s ever been to a nuclear holocaust. We’re just a misunderstanding, misinterpretation, and/or computer hack and 20 minutes away from a massive nuclear exchange. And thanks to the failed Obama/Clinton foreign policy of repeatedly poking the Russian Bear with a stick, the risks are only increasing as we reenter the Cold War.

This is a safer world?

By the way, Trump is the only candidate who wants to make peace with Russia. Yet the media, controlled by the elite, portray him as a dangerous warmonger. Don’t blindly accept CNN headlines as fact. They are propaganda. Follow the money.

#241 Ain't such a bad thing on 06.27.16 at 4:54 am

DELETED

#242 Jessica Hanes on 06.27.16 at 6:44 am

I’m tired of people saying interest rates are going up. This is a bunch of lies.

The 30 year U.S. bond is now 2.29%. This is 2009, financial crisis levels and it gets worse everyday, week, month, year.

There are always excuses why interest rates keep falling and just give up and concede that the interest rate game is rigged and fixed to go down and down.

#243 Ace Goodheart on 06.27.16 at 6:45 am

RE: Brexit: They’ve “balkanized” themselves. Interesting to see now that they’re all second guessing it, googling what they did to try to understand it, and trying to get a second vote.

If this Brexit thing really goes ahead, there is a better than average chance the following will happen:

(a) Scotland will leave the UK. They have been talking about this for years. Scotland did not want to leave the EU and voted strongly on the side of the “Stay” forces.

(b) Northern Ireland will attempt to join Southern Ireland and “reunify” (they are already discussing a reunification vote).

(c) England, that tiny little 1/2 of an island off the coast of Europe, that voted to leave the union, will become a small, insignificant little isolated place, where there are trade barriers, immigration barriers and other nationalistic impediments to anyone interacting with the outside world.

This is a very likely outcome and the foundations for this are already being put in place. Hopefully, they manage to revisit the vote and set things right before this happens, though the EU wants them out, and quickly.

#244 Herb on 06.27.16 at 6:54 am

#236 fishman,

you forgot to bracket your post with and !

#245 Herb on 06.27.16 at 6:59 am

Sorry, HTML script failure:

Comment on #236 should read “you forgot to bracket your post with (Sarcasm on) and (Sarcasm off).”

#246 Zen Headspace on 06.27.16 at 7:00 am

Please calm down everyone. Things will settle down very shortly. The markets will stabilize. All will be well. The anticipated “fallout” is an exaggeration of the mind. Only the angry “leave” voters will be disappointed because they will realize nothing has changed for them. They will continue to be miserable because they are inherently losers. They believe they’re situation in life is a result of external forces and circumstances. They are yet to realize that the only change comes as result of change within oneself. These sad people will eventually turn on each other, thereby eliminating their own misery as well as the misery of others.

#247 3s on 06.27.16 at 7:19 am

I think what you are missing is that old dudes have been there, they have experience and has seen how the system works. They do not have the time left that young ones have to be turned into old ones and slowly realize that they have, of course, been screwed over and have been fooled into turning into the lowest common denominator by design.

My point is the responsibility for this mess lies with the leadership of this world, not the man in the street – they are just the symtoms;)

#248 Herb on 06.27.16 at 7:19 am

#191 Andrew Woburn,

are you trying to sneak fact into a propaganda fight?

#249 maxx on 06.27.16 at 7:28 am

#16 AB Boxster on 06.26.16 at 2:12 pm

Excellent post.

#250 Herb on 06.27.16 at 7:38 am

And now for the hard part of making Brexit work –

http://blogs.ft.com/david-allen-green/2016/06/14/can-the-united-kingdom-government-legally-disregard-a-vote-for-brexit/?siteedition=uk

#251 Herb on 06.27.16 at 7:46 am

And for patriotic Brexists –

http://theweek.com/cartoons/631731/editorial-cartoon-world-brexit-flag-plane

#252 crowdedelevatorfartz on 06.27.16 at 8:01 am

@#220 Smoking Man

“You pathetic suck up.. Celebrity worshiper. Ass kissing widget”
********************************************

Jealous?

#253 maxx on 06.27.16 at 8:13 am

Globalization is good – what isn’t, is the underpinning “madness” of bureaucratic and corporate arrogance coupled with callous ignorance of resulting personal pain.

The speed at which globalization is implemented is just stupid and beyond wasteful. Those entrusted with the accelerator salivate at the increasing velocity of money. They rarely take their attention away from indicators such as the Volatility Index or Baltic Dry Index, whilst ignoring social fallout. That is a seriously effective recipe for volatility.

Globalization is, among other good things, about inclusiveness, therefore ALL people need to be taken into account – those who wish to build better lives overseas (I married one) as well as those in the cross-hairs of change who are seeing their lives and futures disintegrate.

Those losing their jobs do need to adapt, however when too many, too fast are watching their futures fade, a result such as Brexit is not shocking, du tout.

Single-minded “market” adulation (gross, obscene and far worse than house horniness) as well as persisting with a heavily biased market agenda trumps the well-being of people and will continue to push the global economy sideways.

Our young may be more likely vote differently, but relatively few earn 6-figures and even fewer truly feel confident about their futures. They don’t “get it” any more than any other demographic stratum – certainly no more than those with more skin in the game. Sorry.

Tptb have been steadily showing signs of impatience with the sluggishness of the global economy but either have no clue as to a solution or no intention of deviating from this idiotic state of market idolatry. Or both.

Perhaps our focus ought to evolve to a global society that does not allow free “markets” to eclipse PEOPLE.

Humans are so crappy at balance.

#254 Andrew t on 06.27.16 at 8:18 am

#97 NoName on 06.26.16 at 6:29 pm
ALL immigrants to Canada need to be highly educated, speak English or French, be sponsored and pledge allegiance to Canada.

It’s a tough process. I KNOW because i am an immigrant!

——

you are wrong, i am an immigrant didnt spek english or french, barely have any education (full grade school and have 1 and half of high school). I can rid, cant spell and i count up to 29 on english and 30 and over on my mother tonge, and i absolutly dont get fractions, to today day i steel dont know what is bigger 5/16 or 3/8.
i now you wander how did i make this far, ill tell you metrik tape masure. i might be mild case ODD.

welcome and whre are you from?
—-
OK, so which is it, then? Last week, immigrants (the homogenous mass some people see them as) were magically generating the income to bid house prices up higher, and this week they are brain dead sponges of entitlements.

#255 crowdedelevatorfartz on 06.27.16 at 8:20 am

An interesting editorial about the folly of the “leave” vote….

http://www.newstatesman.com/politics/uk/2016/06/i-want-my-country-back

#256 MF on 06.27.16 at 8:26 am

“Young people get that. It’s estimated 75% of those under 25 supported the UK staying in the European Union. Polls show the Leave supporters were older, whiter, less educated and lower income. They are the ones feeling shut out in a globalized world where low-value-added work has migrated to lower-cost countries. ”

-So the same older folks, who fought the Germans and saw first hand the devastation of war (or their parents did), were the ones who suddenly forgot what it was like and voted to leave for no other reason? There is more to the story and #189 Sean on 06.26.16 at 10:33 pm hit it right on the head:

“However.. in both cases we are seeing a rejection of the left leaning, big government, creeping socialism, that has swept the world. This tide will be turned by US and UK voters.”

Just look at the US and it’s 19 trillion dollar debt, or ourselves with T2 wasting billions. With all this “stimulus”, why are growth levels so anemic? Interest rates at emergency levels? Wealth gap increasing?

“The pro-Brexit comments – hundreds of them – which have flooded this blog in the last three days speak to the naiveté of the Leave side supporters. They suggest it’s more important to stick a finger in the eye of authority, foreigners, elites, 1%ers, central bankers, the markets, free traders or perceived overlords than it is to look out for the best interests of their kids.”

-The system is not working. Central bankers seem clueless and the markets are a joke. Hey isn’t a FALLING currency good for exports????? isn’t that what Poloz always says?? Why is the falling pound a worry then? They think we are stupid/gullible, and according to what just happened in the UK that is not entirely true.

MF

#257 MF on 06.27.16 at 8:35 am

#9 BS on 06.26.16 at 1:51 pm

“The political blunder of the ages was Cameron holding the referendum in the first place. Then allowing such a monumental change based on 50% plus 1 of voters who vote. A minority of the voting population actually voted to leave. You cannot govern a country by referendum.”

-Yeah right. So the lazy who couldn’t be bothered to sign an “x” on a voting card and who disagree with the results now matter? They are a worthless statistic. +1? A million and change more people voted for Brexit, hardly statistically insignificant. Cameron made a blunder sure, but 1) democracy was in action for once and it was great. 2) who cares about him anymore.

MF

#258 CJBob on 06.27.16 at 8:37 am

#218 showmethemoney on 06.26.16 at 11:30 pm
what is everyone buying? rebalancing?
_____________________________
Look, an investing question.

Yes, an opportunity to rebalance, not panic. I’ll look to add to my US total in the next couple of days as I have a bit too much in cash and with rates this low I need to stay fully invested to avoid “Freedom 75” as my retirement plan. I’ll probably buy VUN, although I am considering mixing in something with more small and mid-size companies.

#259 tomas on 06.27.16 at 8:39 am

We learn nothing from history. Genesis 11:1-9, if you are not familiar with the story, read it. MSM and blogs like this will spew the greatness of globalization but in the end it will fail just like the tower falling.

And people of Europid ancestry should be proud of their race and embrace their differences instead of always being apologetic to the rest of the world. Men do evil and always will, it is not a race thing.

Anyway, live life as you see fit. You owe no one anything and no one owes you. Don’t be fooled by left or right leaning viewpoints. I for one would never take the advice from anyone without considering my own viewpoint, experience is the best teacher, idealism is just that idealism.

Brexit? Sure why not. It is the will of the people. Time to move on.

#260 MF on 06.27.16 at 8:43 am

#234 Entrepreneur on 06.27.16 at 2:10 am

“I believe most of the youth that voted to stay in the EU most were from London, sure that is what I heard.”

The best part of all this is listening to the young SJW’s complain about the results. The idea of soverignty? Freedom? Economics? Security? Ignored. All we hear are the usual knee jerk insults from this group of malcontents (bigot, racist, misogynist etc.)

To me, my generation lost all credibility when, here in Canada, they voted in droves for free marijuana and nothing else. How pathetic and embarrassing. Now, after the fact, when the entire cohort was too busy getting high to go vote they are upset? Hilarious.

MF

#261 David on 06.27.16 at 9:25 am

Referendums offer a simple yes or no binary option with little room for qualified argument. Now there are calls for a second referendum and a general election. Scotland and Northern Ireland might want out of the UK altogether.
The UK had a great degree of flexibility in the EU because it retained its own sovereign currency unlike Greece. Carney probably wishes he was back in Canada.

http://www.independent.co.uk/news/business/news/george-soros-says-brexit-has-made-the-disintegration-of-the-eu-practically-irreversible-a7105321.html

#262 rosie on 06.27.16 at 9:27 am

robots of the world unite

http://www.reuters.com/article/us-europe-robotics-lawmaking-idUSKCN0Z72AY

#263 Yuus bin Haad on 06.27.16 at 9:31 am

This is unscripted guerrilla theatre at its finest.

#264 busman7 on 06.27.16 at 9:42 am

Not a full moon so off to the vets for a rabies shot in case the rabid mentality of the comments from blog dogs is catching.

#265 maxx on 06.27.16 at 9:55 am

#48 Doghouse Dweller on 06.26.16 at 3:46 pm

“The EU has not been working for a long time , Brussels is a political cesspool and the ECB an economic disaster. Everyone over there knows this and the times they are a changing.

frexit -spexit -nexit -itexit …….etc

10 trillion in negative rate bonds ,,,,,, Your an establishment finance guy, what gives ? Starve the pensioners , retirement savers, and unemployed then call the revolt tribalism.

How many retirees do you know who hold Euro bonds? This blog is a riot. — Garth”

Forget bonds and look at dumb interest rates. Debt. Our desperate, tax and fee starved governments…….

#266 ROTFL on 06.27.16 at 9:57 am

#232 Fortune500 — “As a millennial making high six figures who has degrees in history and archaeology, I can confirm Garth’s argument that we live in a much richer, safer, and conflict free world than at any time in human history. And no, I am not talking about my situation. I am referring to the average human being on this planet, and average Canadian.”

So the disaffected are just uninformed? Some thesis!

Canadian millenials and their parents see that university costs and home prices have risen far faster than inflation, forcing either early intergenerational wealth transfer (BoMaD) or high student debt, and lower-for-longer living conditions (i.e. in parents’ basement).

Internships and the gig economy means lower or less predictable pay for many, with fewer benefits. The quality of typical pension plans for new hires has declined.

High real estate prices in most Canadian cities requires two incomes, which requires expensive childcare. Savings rates are low, household debt is high and rising, and many families are overinvested and overleveraged in residential real estate and underinvested in everything else. Income and wealth inequality have been rising, even with the gains from house price appreciation that many households have seen.

http://www.cbc.ca/news/politics/millennials-money-canada-generation-1.3462064

Find your own situation on these handy charts:
https://www.policyalternatives.ca/sites/default/files/uploads/publications/National%20Office/2015/06/Wealth_Advantage.pdf

Obligatory Brexit vs. Eurocrats metaphor:
https://www.youtube.com/watch?v=RaEU_A405zA

#267 Heretic on 06.27.16 at 10:01 am

The voice of the people is the voice of God.

#268 BOOM! on 06.27.16 at 10:01 am

I think the Brits did the ‘right thing’ by voting to leave the EU.

Look at the stats. Look at how it was constructed. it is NOT delivering as promised.

So, their GDP falls for a time. If they are resourceful, creative, and as determined as in times past they will be ok.

By the way, anybody notice the 400 BILLION in zero % loans made to a numbers of “in trouble” Banks last Friday. A result of the vote, or convenient cover for a bullshit system? You render the verdict…
Source: (Wolf Street)

The UK has voted. I agree with their choice. I agree based on their loss of sovereignty, the past record that 93 of 93 times the EU voted against the UK. Free people need to be free to both succeed, as well as to fail!

Great wisdom has comes through failure, and hardship, yet not all the time.

#269 Winston Smith on 06.27.16 at 10:01 am

Politicians are tribal–they know how to look after their own.

Unelected bureaucrats in Brussels have a death grip on Greece, Portugal, Spain and Italy. Britain made the right decision to leave a sinking ship.

What is wrong with wanting control over your own currency, your own legal system and your own borders? Mass unchecked migration flooding into Europe is White genocide and economic suicide.

Politicians and the elite can afford to live in safe neighbourhoods and can send their own children to private schools. The majority of Indigenous Europeans are not so lucky!

#270 Coho on 06.27.16 at 10:03 am

Yes, it’s us stupid people that need to be led by our leaders…into wars, inequity, financial crises. Spending trillions on wars while half the world goes hungry. Some progress.

The too big to fails coming up with ever more inventive ways to bleed the people dry. When enough is never enough for the already uber rich they find ways to rationalize that 2+2=5, hence derivatives and other instruments created to complicate and obfuscate the fact that they are stealing the wealth of nations and blaming the people for it…simple people (the have nots) wanting and needing so little compared to our ‘leaders’ yet are scorned, disdained and mocked for it.

Yes let’s let our leaders lead. They are doing such a good job. Anyone who supports the NWO either is blinded to the putrid energy that runs the world, or is of same essence.

Giving up your Will and your freedoms for a few coins and promised better times by our leaders is a fools pursuit. We’re playing their game by their rules and we’ll lose. The ruling elite want what little we have left. They’ll get it sooner or later. All of it.

If we don’t resist the rush to tyranny in our own back yard, there will be none left in our so called free countries and no place where future refugees can flee to find it. We’re all in the same boat run by a deranged captain and his misfit crew.

A penny for your thoughts and dollar for your soul is where we’re at. How sad for humanity.

#271 bah bah bleet bleet ..........democracy!!! on 06.27.16 at 10:04 am

sheeple, the elite do not get caught ‘off guard’
They catch You off guard.

#272 The American on 06.27.16 at 10:12 am

Tony and his magic ball are still sitting at 0 for Tony and 10,000 for Reality. Poor Tony, you sad little moron with all hope lost. For your benefit, I hope you don’t follow your own predictions and lazy advice. If you do, you are as broke and worthless as titts on a boar hog.

#273 Metaxa on 06.27.16 at 10:21 am

@ # 231 clever_title

#82 Metaxa on 06.26.16 at 5:29 pm

If you are well off in Canada and chose to send your child to private school you basically do it for free.

Sent three kids through private school because I felt it was important.
You are lying.

Stop it.

I guess you missed the part where I said the CRA allows the method? And where I said if you are wealthy?

Are not day care expenses deductible?
Can you not set up a minor trust that allows up to $18,000 to flow to the minor tax free?
The answer to both is yes, by the way.

No, my friend, I’m not lying and you lack reading comprehension.

#274 LowRent of Arabia on 06.27.16 at 10:26 am

Hey Last Place…

Maybe nobody will notice my comment…

At least there will be less drunken Brits all over the world’s beaches due to the fallen GBP.

Maybe I can gaze into the Andamman Sea from Phuket beaches without a fat white Brit belly in the way.

Rule Britannia and all that…

#275 Long Branch Apprentice on 06.27.16 at 10:42 am

Which one of you blog dogs sent Gartho the Atwood pic?

I’m from down the road from Atwood.

You want to see Ontario Rust Belt? Come on down.

Hey EU bootlickers, if it’s so great over there then how come I don’t see you all moving to Europe in droves?

Portugal, Italy, Spain, Greece, go on now. Move over and enjoy your high quality of life. And I don’t mean buy a villa and retire, move over and find a job, buy a house and live.

All wars start in Europe.

#276 Neil Armstrong on 06.27.16 at 10:46 am

There will always be the racists. Indeed, progress is slow, and certainly; the race card was one of the deciding factors here. Lots of stupid people, apparently, in Britainnia, but I think they unknowingly made the right decision here. This exit from the EU was probably the correct one for the UK – long term.

If we look at the data: The rest of the EU needed the UK more than the UK needed the EU. The numbers prove this. The EU needs to export to the UK 10 times what the UK needs to export to the EU, and the EU is restricting the UK from exporting to 2.2 billion potential customers outside of the EU in emerging countries.
EU has 1200 billion euros in the red, double the unemployment rate as the UK, 1.7 trillion in banking gap with no ability to pay it off, maximum loss to UK will be only 1% of GDP, mostly in the Financial District (that’s why the elitists are whining- for 1%, such greed). Only about 0.4% will be lost by the big British multinationals like Shell, BP, Glaxo, Vodafone and Unilever with the Brexit, while the advantages will be financial gain of small to medium business throughout the UK with the addition of new business to those 2.2 billion potential new customers.

At the minimum, 760 million Euros will be saved each week. The UK exports 12% to the EU, but now will be able to export 10% of their GDP to the rest of the world just to start. What the 1%-ers fear the most is not an economic hit, but a political one, where freedom wins and as more states secede from the suffocation of Brussels, the neo-feudal authoritarianism the elite favour to their own selfish advantage alone, will eventually erode.

And the UK has the largest reserves of Brent crude, but that is a red herring as we transition to solar.:)
-John Lear

#277 Julie K. on 06.27.16 at 10:46 am

#8 Debtfree ~ fascinating perspective and/or explanation on possible Brexit go/no go situ. Thank you.

~

After last week, the adage = “no one truly knows what is going on or what will happen next” is proven unequivocally yet again.

#278 Neil Armstrong on 06.27.16 at 11:01 am

AB Boxster,
What is your problem, buddy? I’m ashamed to share Canadian citizenship with you. You have no clue what “Western” culture is. Women were only allowed to vote less than a hundred years ago in a federal election in Canada and only in 1940 in Quebec. There are still pockets of communities in Canada that are so ignorant, I can’t even stop myself from throwing up in my mouth just thinking about it. You are a disgrace to the human race, let alone to your own supposed race. Get lost!

#279 Incubus on 06.27.16 at 11:12 am

Before european union (EU) there were CEE that I think worked perfectly.

I dont understand why people need to by rule by EU civil servants that pay no taxes in Belgium ?

Also Britain sends 16 billion a year to the EU and receive 10 billions. This is not like Quebec who suck the rest of Canada like a leech.

Do you think that all others countries in Europe will start a commercial war with Britain and refuse to do business? This is pure lunacy. Just go back to CEE. All others countries should do the same and get by their freedom.

By the the way did we get referendums about the stupid “sanctions” against Russia that cost business and jobs in Europe and war games near its border?

#280 Neil Armstrong on 06.27.16 at 11:14 am

#92 cecilhenry

What the hell does “white” mean? What about the other 5000 shades of white, brown, yellow, pearl, alabaster, auburn, red, etc… that exist in the world? You’re basing your pathetic argument on a particular shade of melanin in skin?

It’s really quite fascinating how stupid humans are, what with the entire spectrum of knowledge in the known universe available to you at the end of a few keystrokes on Google. Sh-t.

#281 conan on 06.27.16 at 11:17 am

Article 50 is being left to Cameron’s successor. So not only does the PM of Great Britain call for a Referendum and loses it. He now wants to hang on for another 4 months and do nothing.

There is a reason why referendums are only 50 % +1. The establishment has a huge advantage against anyone daring to change the status quo.

The ability to throw vast amounts of money at “getting out the vote” and feeding your volunteers is huge.

The final results are definitely padded in favor of stay.

I don’t think Cameron’s successor will have any problem invoking article 50. So, Cameron should just do it himself.

#282 rajamurchi on 06.27.16 at 11:24 am

#238 fishman on 06.27.16 at 2:53 am

Brexit is a great opportunity for GB & her Commonwealth to be a player again in the “great game.” Edge away from Germany,France & Eastern Europe. Let them deal with with Growly Bear.

1st. millenium age of Mediterranean: 2nd. Atlantic. Obviously with 984 years left, the Pacific is the place to be. Pivot to the Pacific through Vancouver,Singapore,Malaya, Hong Kong( Cantonese expats loyalty & liquidity). Anchor the south with NZ &Australia.
Let the Yanks do the heavy lifting as regards the Dragon with their newfound little friends around the China Sea.

Work up the standard of living through South Africa, Kenya, British Somaliland,Nigeria. Make their citizens the envy of all Africans. Yes, even Rhodesia …

Imagine, Pakistan,India,Ceylon,Bangladesh,Burma all in our camp.”

You will need to update your knowledge base on the latest names of countries….Ceylon???Burma???…..get with the times pal.

#283 Balmuto on 06.27.16 at 11:32 am

It’s becoming increasingly doubtful that Brexit is actually going to happen. There’s nobody right now to see it through. If Cameron and his party were behind Leave, it would be a different story. Like Quebec in 1995 – that would have been a very different scenario with Premier Parizeau and his coalition planning to pass an act declaring independence within 3 days of the referendum. In contrast, nobody in the Leave camp wants to trigger Article 50 any time soon except perhaps Farage and he has no political power within the British system. And there’s a leadership void in both major parties right now. So probably they will elect new leaders for the major parties and call an election before doing anything. And at best you’ll have one “soft” Leave leader for the Tories – probably Johnson – and he either doesn’t win or he wins based on a mandate to negotiate some better terms for Britain within the EU. This is looking more like a protest vote than anything else.

#284 AB Boxster on 06.27.16 at 11:49 am

#251 maxx on 06.27.16 at 8:13 am

————————————-
Hey look Garth!

Another well reasoned and argued post.
Not decrying capitalism.
Not denouncing free trade.
Not criticizing the core principles of globalization.

But taking issue with the velocity of the change and it’s impacts to society.
Certainly taking issue with the unexpected impacts that poorly thought out or rushed policies can, and have resulted in.

Also, taking issue with blind following of political ideology and dogma that leaves no room for the possibility that there may be a better way.

The only issue not addressed, being the unwillingness of the current architects of the EU plan to allow some sort of democratic say on its effectiveness, or to provide effective feedback mechanisms, that are critical to balance ideology and dogma, with the reality on the ground.

Well, except for pesky national referendums, which force the electorate to choose between staying in this flawed system, or leaving it entirely.

Frankly, false options.
But a decision forced by the brilliant leaders of the day.

Do you seriously believe that since 1972, when Britain had joined the EU, that if the EU had provided effective
financial, economic and social change, through globalization, capitalism, socialism, communism, actually whatever, that there would be a chance
that Britain, (and possibly soon to be many other countries) would reject the union?

That if the EU had made any real effort to respond to and address Britain’s concerns (any the concerns of many other unhappy EU members) , regarding a number of issues (many of them social and having nothing to do with trade) that the British would have voted ‘Leave’?

Frankly, your criticism and comments are misplaced.

Instead of vilifying those who made a democratic vote for change, in the only way that they could,
you should be roasting the ‘leaders’ as you call them, (leaders in Britain or the EU) that ignored,
(or were ultimately powerless to affect change in an undemocratic or unresponsive model) the social pressures, the unhappiness at the pace of change, or the unexpected, unplanned impacts on everyday peoples lives.

It is the tactic of the regressive left to resort to name calling, labeling, and deflection rather than making effective argument or debate, or acknowledging their own responsibility in outcomes.

Don’t think that a carbon tax in Alberta is going to do anything to really address global warming? – ‘You must
be some kind of an anti-global warming nut case.’

Don’t think that reviewing national pipeline construction based upon carbon footprint makes any economic or environmental sense? –
‘You must hate the environment, and be an ultra right wing religious nut.’

Don’t like the result of the Brexit election? – ‘Democracy should never be put in the hands of the people’

Unhappy with the results of ideological and dogmatic policies that are harmful to one ? – ‘You must be Xenophobic and hateful’

Yes, its much easier to label, and deflect, and ignore shortcomings.

I understand you disagree with the Brexit result.
But don’t fall in with the dark side, and their tactics.
You are better that that.

#285 Mr. Frugal on 06.27.16 at 11:57 am

#276 Neil Armstrong on 06.27.16 at 11:01 am
AB Boxster,
What is your problem, buddy? I’m ashamed to share Canadian citizenship with you. You have no clue what “Western” culture is. Women were only allowed to vote less than a hundred years ago in a federal election in Canada and only in 1940 in Quebec. There are still pockets of communities in Canada that are so ignorant, I can’t even stop myself from throwing up in my mouth just thinking about it. You are a disgrace to the human race, let alone to your own supposed race. Get lost!

———————————————————–

Apparently someone pissed in your corn flakes. I would recommend the ham and eggs with a side of hash browns.

#286 AB Boxster on 06.27.16 at 11:59 am

#276 Neil Armstrong on 06.27.16 at 11:01 am

———————————–
Hey Neil,

Thanks for that well reasoned and well crafted response.

It does show your ignorance for what western culture and values means.
Hint- It does not have to do with flipping pancakes at the Calgary Stampede or dangling metal balls from your pickup.

Feel free to try again though, when you get your Women’s Studies degree.

#287 Damifino on 06.27.16 at 12:07 pm

Sonny Liston would clobber loudmouth Cassius Clay for once and for all. Everyone knew that.

Dewey defeated Truman too… before the election was held. And there wasn’t the chance of a snowball in hell Americans would elect a buffoon like George Bush to a second term.

The republican party would certainly shake off a poser like Donald Trump in short order. Keystone pipeline? The USA had little choice but to approve it.

Christy Clark was just as surprised as anyone else the day she woke up premiere of BC. Rachel Notley? Same story. Tom Mulcair would obviously to grin his way into the Prime Minister’s office.

We’ve heard a lot about the folly of the UK decision but one thing is certain… prognosticators become livid when the universe fails to unfold as it should.

#288 Ogopogo on 06.27.16 at 12:09 pm

Garth writes: “But the world has stepped closer to a recessionary brink, where the last thing I would want is a big mortgage.”

The wise cheer.

Slaves jeer.

#289 A Canadian Abroad on 06.27.16 at 12:09 pm

#218 showmethemoney on 06.26.16 at 11:30 pm
what is everyone buying? rebalancing? please share your knowledge”

I am buying into the market. I am a contrarian investor/trader. Bought at market close on Friday, doing to do more today. Dollar down averaging = buying what you love on sale!

What I’m buying?

ATB203 – Balanced MF
MAW102 – International Equity MF (non-Canadian exp)
MAW150 – International Small-Cap MF (non-Canadian exp)

#290 pinstripe on 06.27.16 at 12:13 pm

The Policy Makers in the EU are the Root Cause forcing the brits to choose LEAVE. Most of the brits are very Smart people and are able to identify the manipulation within the EU.

The Brits did the right thing and there will be more to follow from other countries.

The Policies supporting the global economy is a failed experiement. Regardless what policy comes from brussels, the outcome will be a failure.

Enough is ENOUGH.

#291 pBrasseur on 06.27.16 at 12:35 pm

Garth – You equating Brexit with right wing bigotry is simplistic at best. As such you are not helping the debate

Anyone with eyes can see that the UE is a failure on many levesl. Many of those who joined, including France, are on the brink of bankruptcy, plagued by massive unemployment and anemic growth while they are denied the monetary tools they’d need to adapt. The monetary union of disparate nations without (an impossible) political union simply does not work, just ask the Greeks!

Here’s what Matt Ridley from the WSJ had to say about it:

In voting Thursday on whether to leave the European Union, the British people face perhaps the most momentous decision since Henry VIII broke from the Roman Catholic Church in the 16th century so he could marry as he pleased. Though lust is not the motivation this time, there are other similarities. The Catholic Church five centuries ago was run by an unelected supranational elite, answerable to its own courts, living in luxury at the expense of ordinary people, and with powers to impose its one-size-fits-all rules despite the wishes of national governments. We were right to leave.

A centrally planned, regional customs union … might have made some sense in the 1950s. That was before container shipping, budget airlines, the internet and the collapse of tariffs under the World Trade Organization made it as easy to do business with Australia and China as with France and Germany.
Even worse than in Westminster or Washington, the corridors of Brussels are crawling with lobbyists for big companies, big banks and big environmental pressure groups seeking rules that work as barriers to entry for smaller firms and newer ideas. The Volkswagen emissions scandal came from a big company bullying the EU into rules that suited it and poisoned us. … The de facto ban on genetically modified organisms is at the behest of big green groups, many of which receive huge grants from Brussels.

… the EU’s obsession with harmonization (of currency and rules) frustrates innovation. Using as an excuse the precautionary principle or the need to get 28 countries to agree, the EU gets in the way of the new. “Technological progress is often hindered or almost impossible in Europe,” says Markus Beyrer, director general of BusinessEurope, a confederation of industry groups. Consequently, we’ve been left behind in digital technology: There are no digital giants in Europe to rival Amazon, Google, Apple and Facebook.

The EU is also against free trade. It says it isn’t, but its actions speak louder. The EU has an external tariff that deters African farmers from exporting their produce to us, helping to perpetuate poverty there, while raising prices in Europe. The EU confiscated Britain’s right to sign trade agreements—though we were the nation that pioneered the idea of unilateral free trade in the 1840s. All the trade agreements that the EU has signed are smaller, as measured by the trading partners’ GDP, than the agreements made by Chile, Singapore or Switzerland. Those the EU has signed usually exclude services, Britain’s strongest sector, and are more about regulations to suit big companies than the dismantling of barriers.

#292 BOOM! on 06.27.16 at 12:48 pm

Nibbled in the markets this afternoon. Some great buys on tap as the US markets are down over 275 points.

I don’t know about you, but when the ‘buy’ sign is lit, I think of these as a ‘blue light’ special. I look carefully, those that were tempting this morning, some were just too delightful now.

Yeah, I intend to spend ALL that spare cash. There is no reason beside “fear” today.

M64WI

#293 BOOM! on 06.27.16 at 1:07 pm

Please David Cameron…. you offered the BREXIT vote, in a ploy to get re-elected.

You held the vote.

The results are in.

Do your duty and sign the enabling legislation. Rule 50.

Then resign. Your ‘work’ there is done…

#294 mishuko on 06.27.16 at 1:16 pm

all my socialist friends are saying how bad brexit is. I don’t think they realize that was voted upon democratically. if you’re going to overturn the vote because of a petition or some rue haha’ing then what the fk did our forefathers fight WW2 for?

it pisses me off to know the world sacrificed so much so we could have the democracy we have today just so we overrule it out because a few idiots voted no for sh n giggles? because only the ‘older’ population voted no? no voice is greater than the other. we are all equals. you chose to vote or you don’t. you vote in a way without making an informed decision that is your problem that you’re a sheppard following scum. let them lead you off the bridge.

oh and funny thing how I saw on my newswire today that facebook is going to train their staff to be more accepting of conservative views and be unbiased or something like that. shows that one of the biggest social media outlets is so left leaning.

#295 IHCTD9 on 06.27.16 at 1:19 pm

#274 Neil Armstrong on 06.27.16 at 10:46 am

…And the UK has the largest reserves of Brent crude, but that is a red herring as we transition to solar. :)

-John Lear
________________________________________

LOL! that’s a good one, thanks for the laugh!

#296 Godth on 06.27.16 at 1:21 pm

#268 Coho on 06.27.16 at 10:03 am

The Silence of Animals: On Progress and Other Modern Myths
https://www.amazon.com/Silence-Animals-Progress-Other-Modern/dp/0374534667/ref=sr_1_1?s=books&ie=UTF8&qid=1467048029&sr=1-1&keywords=the+silence+of+animals

#297 pBrasseur on 06.27.16 at 1:27 pm

For the record, UK voters have made a mistake of monumental proportions – Garth

Maybe if your biggest worry is your next monthly statement.

But when the EU has to bailout France or Italy then maybe UK voters won’t look so dumb after all….

Besides if the youth, the same group that supports the left, lost, then how bad can it be?

#298 Alistair on 06.27.16 at 1:31 pm

#12, it’s funny to hear you call this a black swan event. Because Nassim Taleb – the guy who invented the term ‘Black Swan’ – celebrated the victory of the Leave forces (even put a picture of himself drunk on wine in Mexico City after celebrating on Facebook), and has repeatedly called the EU a “stupid experiment” for many years.

Also funny to hear so many pseudo-intellectuals dismiss the vote results as the result of “short-sightedness” or “disengaged voters”. There is plenty of short-sightedness alright, starting with the Tories who revolted against Margaret Thatcher in 1990 because of her refusal to entertain further integration with the EU. She knew it was only a matter of time before nations within the EU started to rebel against a centralized authority. But short-sightedness among the Europhiles led them to whole-heartedly embrace integration, mindless of the ultimate consequences, and pursue it with rabid idealism. Now we see the results.

#299 tkid on 06.27.16 at 1:31 pm

What is Cameron doing? The Conservative Party in the UK has the shortest ‘elect a leader’ campaign I’ve ever seen. They’ve held nominations and then elected leaders in two weeks flat. So why is Cameron staying on until October?

#300 Herb on 06.27.16 at 1:44 pm

#282 AB Boxster,

how many years of living in and under the European Union have gone into forming your judgment, or was sipping Kool-aid in Alberta all you needed?

#301 ROTFL on 06.27.16 at 1:49 pm

#276 Neil Armstrong — “You have no clue what “Western” culture is.”

West is the Best! West is winning! It’s so great to be in the West! Not like those losers in the East. West is Yuuuge! And women? The West LOVES women. We promote them to higher positions in our countries than anywhere else. We gave women the vote and property rights before almost anyone else. When we beat the East, we made THEM give women the vote. When other societies copied our constitutions and our governments — great governments, by the way — they gave women rights, too. Some places haven’t copied us yet, because they’re losers. Some of them used to be great, but they got bad. They cut off your hand, they’ll cut off your head. Some of them won’t even let women drive. Can you believe that? I LOVE women drivers! Beautiful drivers! Those places will copy us soon though, I bet. They’ll make themselves great again.

Science! The West has great science, just amazing science. And math, just great math. The moon? We went to that. Steam ships, railroads, electric light and power, turbines, jet airplanes? We built those. And we’re gonna build a wall. Not a crooked wall, like some people would build. A straight wall! A great wall! It’s gonna be amazing, I tell you.

#302 ROTFL on 06.27.16 at 1:50 pm

EUuuge, I tell ya!

#303 NoName on 06.27.16 at 2:05 pm

#252 Andrew t on 06.27.16 at 8:18

in my 4yrs on this blog posting all kinds of stupid stuff, i never, ever tried to speculate, and prove who buys wht and from where. that is above my cognitive comprehension. i am just a working stiff.
what you got wrong there is just i was trying to show other poster that being schooled is not only criteria that people are admited in this country.
just think about family reunion an all those elderly g-ma ana g-pa getting landed status, or thos that were buying landed a status for 200k a peace…
you se problem are not immigrants problem is Canadians dont
pum-pum, enough to sustain what they have, forget about growth…
we need bigger geen pool here. funy that you need brain ded sponge to tell you all this.

#304 NoName on 06.27.16 at 2:07 pm

@BOOM

David Cameraman is chicken!!!

#305 rjrt81 on 06.27.16 at 2:19 pm

#284 AB Boxster on 06.27.16 at 11:59 am
#276 Neil Armstrong on 06.27.16 at 11:01 am

———————————–
Hey Neil,

Thanks for that well reasoned and well crafted response.

It does show your ignorance for what western culture and values means.
Hint- It does not have to do with flipping pancakes at the Calgary Stampede or dangling metal balls from your pickup.

Feel free to try again though, when you get your Women’s Studies degree.

——————————————————————–

Spoken like a true Albertan redneck. Western values? what exactly are those that you are so proud of. Racism, slavery or genocide? Seeing as most of us have been on this continent for a very short time historically. We are a continent of immigrants, and you small minded cousin f**ckers are getting scared you aren’t the dominant force anymore. Pathetic.

PS. pathetic attempt of an insult. Women studies. woah. shooting for the stars with that one.

#306 Ponzius Pilatus on 06.27.16 at 2:30 pm

Free Trade like Free Lunch is a myth.
Usually, the richer party pays.

#307 Ponzius Pilatus on 06.27.16 at 2:39 pm

Just as the Brexit unfolds, Mexican president calls for closer integration of North America.
Strange days indeed.

#308 tom on 06.27.16 at 2:57 pm

This was a vote to not take orders from unelected officials from the EU. How would you like it your precious Justin and MP’s were to make a decision and have it denied by someone you didn’t even elect?

#309 common sense on 06.27.16 at 3:00 pm

Dow down 1.85%..Time for the talking heads from the FED to break out the PPT and talk up the markets….

Same ole same ole…once this bullshit stops and things overheat again, they will yap about interest hikes that will not happen for eons.

THERE IS NO TRUE PRICE DISCOVERY. TRADE THIS “MARKET” ???? AT YOUR OWN PERIL and as Garth recommends, diversify, diversify, diversify…

#310 Incubus on 06.27.16 at 3:10 pm

Incredible !

“If anyone needs another confirmation that the European Union is fundamentally the most anti-democratic entity currently in existence, then the following statement by European Parliament Martin Schultz should put all confusion to rest. ”

Schulz: “The British have violated the rules. It is not the EU philosophy that the crowd can decide its fate”.

#311 Steerage Bilge on 06.27.16 at 3:12 pm

FIRECracker is now really pissed at boomers!

http://www.millennial-revolution.com/invest/brexit-the-boomers-have-screwed-over-the-millennials-again/

#312 conan on 06.27.16 at 3:30 pm

Where are all these pro -Brexit people coming from?
I am luvin it… being pro-Brexit and all.

Quick Everyone! Into the time machine and let’s get back to the 1960’s.

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

#313 jess on 06.27.16 at 3:31 pm

how many didn’t vote?

#314 IHCTD9 on 06.27.16 at 3:33 pm

#66 AB Boxster on 06.26.16 at 4:37 pm

No.
Assimilation = Accept our values

The issue is the clash of cultures and cultural values…

____________________________________________

Good post, and you have pointed out the potential angst I’ve seen in many older children born of the West – myself included.

I can tell you that my first hand experience in the GTA (where Canadian born folks of any colour are a minority) is that there really is nothing to fear regarding assimilation as long as one very important thing is in place – and that thing is a decent job, and some level of income such as to provide a life void of constant despair for lack of going anywhere despite the effort expended.

Really, it only takes 1 generation to Canadianize. I know a young married couple, guy is a dentist, gal is a dietician. He’s full blood Chinese, She’s full blood Philippine, both 1st gen like myself. The only, and I mean singular difference between myself and these two is I “look” like your typical duck dynasty wannabe rural Canadian – and they “look” fresh off the boat (at least out here in the boonies). The gal was born and raised in Winnipeg and talks more like a redneck than I do. Canadian born, Canadian names, Canadian talk, Canadian Culture and values thru and thru, in 1 generation.

One other consideration: I belong to an “immigrant community”, and a particular Christian Church of a Denomination which was founded in the Country where my parents were born. Established in the late 40’s by those who survived WW2 and got the hell out – it was a hardcore conservative church populated by folks who were tough as nails, and broke their backs getting established in Canada. It took a group (enclave) to get everyone off the ground and running. They all helped each other out.

Today, nearly 70 years later; the Church is very centre, maybe even a bit Liberal. Today, virtually none of the local youth associate the Church with a nationality. Where the Church used to be populated 90+% by folks who trace their heritage back to my parents country, now folks of all backgrounds (including new immigrants and 1st gens) are joining. Notably, some of the newest members are not white folks.

It has undergone a transformation over the decades to suit the changing cultural views of it’s members, and much of the sharp edges of the original congregation have worn smooth as western influences, prosperity, and good quality of life had folks thinking differently as years went by.

You can bet your ass that this same thing will happen in the Mosques. I expect the exact same evolution among immigrant values. A few may fight Westernization, but they eventually will all lose. With each new generation, and every passing decade, the old school thoughts give way to those of the new youth born right here in Canada, and influenced by all the same forces as you and I. The older generations pass away, taking what was important to them along for the trip, their kids and grandkids shape their own futures.

My parents were born overseas, but I don’t speak a word of their native language, I don’t know jack about their birth country, never been there, and no desire to go. My Dad and I actually both agree his birth country sucks, and you won’t be hyphenating his Canadian heritage without catching shit for it. He doesn’t always agree with how I raise my kids, and doesn’t always appreciate my more moderate views on things; I use these episodes as lessons for the future with my own kids down the road. This is essentially the change happening before my eyes.

The single most important thing is a minimum of prosperity. Throw that ingredient out and folks start losing hope. That’s when the trouble starts…

#315 westcdn on 06.27.16 at 3:35 pm

Off topic again. My mother was a good softball pitcher. She played for the Vancouver Blues for a while. Man, she had a tough fast ball. I had to walk off of some those pitches. She has trophies and plaques around Vancouver – I miss her.

I haven’t lost as much money as Brexit threaten. Lets see what Monday brings. I am locked and loaded.

#316 jess on 06.27.16 at 3:38 pm

..”The latest figures come as the European Commission is set to announce the results of a long-running investigation into Apple’s tax arrangements in Ireland, and after Facebook and Google have pledged to pay more corporation tax in the UK.”

=====
new meaning to beware of dog!

google “army” of robot dogs
http://www.telegraph.co.uk/technology/2016/06/24/boston-dynamics-robot-dog-may-be-the-ultimate-household-butler/

#317 TRT on 06.27.16 at 3:43 pm

PPT in action to prop up DOW and S&P!

The 1%ers will do anything immoral to keep their portfolio values high. #riggedmarkets

There is no PPT. Markets will stabilize once the threat has been assessed and the risk factor absorbed. — Garth

#318 TRT on 06.27.16 at 3:49 pm

#240 Jessica Hanes on 06.27.16 at 6:44 am
I’m tired of people saying interest rates are going up. This is a bunch of lies.

The 30 year U.S. bond is now 2.29%. This is 2009, financial crisis levels and it gets worse everyday, week, month, year.

There are always excuses why interest rates keep falling and just give up and concede that the interest rate game is rigged and fixed to go down and down.

——

How dare you speak the truth ?

#319 jess on 06.27.16 at 3:59 pm

FTSE 250 suffers worst two-day loss since 1987’s Black Monday
==================

KPMG faces full probe into HBOS audit – eight years after the bank crashed
=====================
80m.oil and gas fraud
SEC sues ‘Frack Master’ for spending investor cash on strippers
June 27, 2016 12:58 PM
Breitling Energy Corp. to pay off an American Express card that he referred to as his “whore card,” the Securities and Exchange Commission said in a complaint filed Friday.
https://www.sec.gov/news/pressrelease/2016-130.html

“Chris Faulkner – the CEO of Breitling Energy Corporation (BECC) and recurring guest on CNBC, CNN International, Fox Business News, and the BBC to discuss oil-and-gas topics – with disseminating false and misleading offering materials, misappropriating millions of dollars of investor funds and attempting to manipulate BECC’s stock. The SEC also charged BECC and suspended trading in BECC’s securities for 10 business days…”

http://powersource.post-gazette.com/powersource/companies/2016/06/27/SEC-sues-Frack-Master-for-spending-investor-cash-on-strippers-Breitling-shale/stories/201606250035

#320 TRT on 06.27.16 at 4:01 pm

PPT successfully supported S&P at the 2000 level. What a nice round number. Psychologically important.

Or we can say it was coincidence, days after a historic vote.

#321 rosie on 06.27.16 at 4:14 pm

#303 steerage bilge

Read her entry. It looks to me like she cares more about her portfolio than democracy. Sad. Did you hear me go off on a rant when JT 2 got elected? Or Wynne? No, you didn’t, so buck up buttercup, it’s but a flesh wound. Maybe she has to reconsider her early retirement. A million ain’t what it used to be.

#322 ED on 06.27.16 at 4:27 pm

In my mind, of more concern than the market turmoil, which will settle in a few days, is the effect on right-wing narrow-mindedness. If you blog is any gauge, garth, I think Canada might just as easily slip into scapegoating. What happens when home prices slip and home owners find themselves owing more than their homes are worth? Will this lead to more blaming of Chinese or someone else? Living overseas for 10 years and return in 2005, I was amazed that in the 21st Century racism (& anti-American sentiment) is still present to such an extent. I do appreciate reading this blog and you calling out such xenophobia for what it really is; I can only hope such entrenched narrow-minded views are open to being corrected.

#323 AB Boxster on 06.27.16 at 4:39 pm

#303 rjrt81 on 06.27.16 at 2:19 pm

————————
Another who has not clue about the phrase ‘western values’. The intellectual bankruptcy boggles the mind.

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

Western culture, sometimes equated with Western civilization, Western lifestyle, Western society or European civilization is a term used very broadly to refer to a heritage of social norms, ethical values, traditional customs, belief systems, political systems, and specific artifacts and technologies that have some origin or association with Europe, having both indigenous and foreign origin. The term has come to be applied by people of European ethnicity to countries whose history is strongly marked by European immigration, colonization, and influence, such as the continents of the Americas and Australasia, whose current demographic majority is of European ethnicity, and is not restricted to the continent of Europe.

Everything that you benefit from today in Canada, is a product of this western culture.

It is the culture that has provided the best standard or living, and the greatest opportunities for personal freedom, in history.

But, please. feel free to live in any one of the huge number of countries in the world that do not share the strong beliefs and values of this culture.

I’m sure it will be a super experience.

#324 BOOM! on 06.27.16 at 4:46 pm

#312 IHCTD9

Great Post.

My father could have written the same story. I am one more generation removed.

Yes, the ‘opportunity’ to earn a living is a must.

Too many it seems reject an ‘opportunity’ and select a ‘free ride’ instead. No disrespect to those unable to work.
Disability should never be confounded with laziness – there is the rub. Laziness to learn, or earn….

#325 violated on 06.27.16 at 4:50 pm

Schulz: “The British have violated the rules. It is not the EU philosophy that the crowd can decide its fate”.

Sounds like Garth’s famed “leaders and followers”.

Back to Feudalism. Serving the public is so yesterdays.

#326 conan on 06.27.16 at 5:09 pm

Decent article from a Brit talking about Brexit.

https://www.theguardian.com/commentisfree/2016/jun/27/liverpool-london-brexit-leave-eu-referendum

#327 AB Boxster on 06.27.16 at 5:11 pm

#312 IHCTD9 on 06.27.16 at 3:33 pm

————————-
Your comments are well reasoned and presented.

In Canada, I don’t particularly see any reason to fear that Canadian values are under attack.

Well, other than the current media which seems to be more interested in telling us how we should think, rather than encouraging citizens to think for themselves.

Europe under the EU is a very different situation.

Eu rules force individual nations to accept refugees and economic immigrants regardless of a countries ability to settle and provide.

I am 100% in favor of immigration and acceptance of refugees, as in Canada we are all immigrants, and we are a wealthy and compassionate nation.

I am, and I suggest that most citizens in Canada are not, in favor of uncontrolled and un-managed immigration or acceptance of refugees.

Uncontrolled or un-managed immigration is not the case in Canada and never has been with any government Liberal or Conservative.

However, the EU model, the Britain has rejected, does not provide sufficient time and resources to effectively accept and accommodate refugees and immigrants in the current numbers that the EU mandates.

Europe, and North America, regions that have grown up and embraced the tenets of western culture and values, are the most open and welcoming nations in the world.

This is because western cultures have evolved to be the most ardent supporters of individual rights and freedoms regardless of race or ethnicity. It ain’t perfect, but its a far cry better than other systems and their values.

Canada currently welcomes and settle around 300,000 immigrants and refugees every year.

Yet we control and manage who we accept.
We control the numbers and the nature of immigrants and refugees, and we set conditions on the when they arrive. (Racist a-holes aren’t we)

If 2 million war, and economic refugees were to arrive in Canada next year, that we did not invite, could not be vetted and whose prospects to be successful in Canada was low, would all the EU supporters be OK with this?

Why is it OK for Canada to have control its immigration levels, and the nature of immigrants (age, country of origin, wealth, etc, etc.) when the EU members have no control.

The hypocrisy is huge.
But the arguments, an rebuttals are poor or non-existent.

#328 AB Boxster on 06.27.16 at 5:31 pm

#298 Herb on 06.27.16 at 1:44 pm

#282 AB Boxster,

how many years of living in and under the European Union have gone into forming your judgment, or was sipping Kool-aid in Alberta all you needed?

————————————–
Thanks for asking Herb.
Well I have traveled several times in Europe.
I have 2 advanced degrees and have over 30 years or work experience.

But what I do possess is critical thinking skills.

You know, (or maybe don’t) , the ability to look rationally and reasonably at the issues, and express a well thought out, and reasoned opinion on the issues at hand.
And hopefully, those that disagree, will be able to provide their own thoughtful opinions and perspectives on an issue, and add to an intelligent, respectful and intellectually stimulating debate.

You should try it some time.
You should not feel that just because you don’t live in the once and future great province of Alberta that you can’t have an creative and intelligent opinion.

Come on.
We’re all pulling for you now.

#329 ROCK BEATS PAPER on 06.27.16 at 5:41 pm

“1919 was so great. — Garth”

Codgers always fight the last war. Still thinking the markets have got it right, like declining interest rates and a relentlessly flattening yield curve. One more day could push us to new lows here in N.A.

So, the Fed could raise in the face of that, possibly creating an inversion. That will certainly disrupt the narrative.

No, the FED has cover now to not raise THIS year!

#330 Rule Britannia no more on 06.27.16 at 5:52 pm

Triple bullocks to match the loss of triple A credit

cameron, corbyn and hodgson… iceland slayed the bankers and now finish off little england

what a brutal week england!! … wow……could you all give me back the few thousand quid i’ve lost in the markets.. thanks

#331 Caught on 06.27.16 at 6:15 pm

May 2015 bull market high remains elusive. Starting to feel like a bear market. 13 months in…

#332 TCContrarian on 06.27.16 at 6:24 pm

Panics bring opportunity – and this Brexit thingy is no exception.
Have been busy last couple trading days covering my SP500 shorts, while buying up Euro ETFs like EWI, GREK, and bidding of more (along with adding to existing positions in silver/gold/energy/and other commodities).

I was even considering buying up Barcleys but will wait a day or two to let the dust settle.

The Eurozone was bound to come undone – as several entities had predicted this from the very beginning. An economic union cannot persist without political union, they claimed. I believe Soros was one of them (not sure).

European nations have existed a lot longer as separate entities than as members of the Eurozone, so I’m sure they will re-invent themselves, again – perhaps even stronger than within the Union.

Until then, buy low/sell high(er)…

#333 Where's The Money Guido? on 06.29.16 at 12:14 am

Re: #223 Mr Buyer on 06.26.16 at 11:44 pm
Bravo, very good my man. That is very wise and tells it like it is. Kudos