Too easy

First they came for the baristas. The unemployed. And that was okay.

Then they came for the hotel workers, the idled factory serfs and the retailers. We nodded.

Then they came for the contractors, the gig people and the self-employed. We watched.

Next they came for the small business payrolls. Then the mega corps. We wondered a little.

They came then for the seasonal workers, the voluntarily jobless and the kids. We saw that.

They came for the entrepreneurs with free loans. We wondered.

This week they came for the store landlords. We raised a brow.

Finally, as the oilpatch received its cash, the farmers asked, what about us?

Soon they’ll be in, too.

In a single month Ottawa dished out $16 billion to support people who are not working. As noted, 6.2 million Canadians, a third of the workforce, are now on the dole. Mortgagees won’t be paying for months. Unknown numbers of renters have stopped writing cheques to landlords. Income taxes, GST payments, property taxes and more have been pushed into the future. Low-income folks are getting another five billion in sales tax credits. Businesses are taking $72 billion to subsidize payrolls. By June the cash outlaw will be $107 billion. Plus $155 billion in deferred revenue. This is, by far, the largest Canadian stimulus program since Pamela Anderson defected. It also shows we’re a nation of citizens apparently without cash flow, reserves, savings, resources or resilience.

So how can you fault anyone for sticking their hand out, when three clicks on a government site gets you cash?

Answer: you cannot, thanks to the spendiest prime minister in national history.

So, here are the food producers, standing with cap in hand. “We do not mean to create panic,” says the head of the ag federation, creating panic. “At the same time, it would be irresponsible not to sound the alarm about the realities Canadian farmers are facing.”

Without their own subsidy, farmers are threatening not to plant a crop this year, leave the fields fallow and watch all the facemaskers in Sobey’s freak out. They want an emergency fund and guaranteed financial backstop in case the virus disrupts operations, prevents harvesting or whacks migrant pickers. The federal minister says: “Of course, we recognize that our government has more work to do.”

Ka-ching.

Jennifer and her squeeze run a consulting company in southern BC. Business is pooched. They have bills and little revenue, and were prepared to tough things out – until the prime minister offered loans of $40,000 at 0% interest with ten grand coming as a grant. Free money.

“So we applied online,” she says. “It was a total of three questions, plus our bank account number. No call. Seven days later we had $40,000. Yes, we need the money to keep clients in place, but why was this so easy? Too easy?”

The next day Jen added this:

Follow up on our too easy loan. Our bank just sent a link to print loan terms (you know if we wanted to.) Bizarre. As responsible biz owners we took time to look at numbers/forecasting, talked w/clients, subs and CA before applying and had all info normally req’d ready. We fully expected a call to screen for qualifying so shocked when funds just showed up in biz acct. We’re not complaining but why so easy?

My heart goes to those most effected worldwide and in true need of help but does what’s now playing out in Cda justify the costs? Reminds me of key pass on cruises, just swipe to pay, easy, painless until bills are slipped quietly under cabin doors on last day. I’m not at all equating the pandemic to a cruise only our govts seemingly blind swiping. My curmudgeonly dad would’ve said who the hell is paying for all this?? Seems too many don’t care. Where it’s all headed incl our freedoms worries me far more now then our investments and has me up at night.

So far the big banks report shelling out about $9 billion in such loans. There’s no risk to them. Ottawa guarantees the principal. The banks make their interest from the feds,  who also happen to be buying $150 billion in bank mortgages. Now that they are foregoing hundreds of millions a month in homeowner cash flow thanks to deferrals, it’s a welcome piece of business.

Three clicks and you get two grand a month in emergency benefits. For some recipients, this is more than they made working at Starbucks, or in their seasonal or part-time job. Three clicks and your business, comatose or not, finds forty grand in its bank account. Agree to keep on your employees, and Ottawa will pay 75% of their wages. By the time this is done – the autumn, maybe – the federal Liberals will have dispensed close to $200 billion. Historic.

Now, let’s be clear. Because politicians turned off the economy in a massive reaction to a virus, they’re culpable for the consequences. They forced people out of work. Killed off cash flow. Shut down commerce. Destroyed economic activity and made millions jobless. In a nation of over-indebted, house-lusty, ill-prepared grasshoppers, this was a financial death blow. The treasury had to open.

In a few weeks, with millions hooked on the dole and a black hole in public finances, it will end. Keep your eye beneath the cabin door. It’s coming for you.

About the photo: “It’s not a dog pic,” says Joe, “but I thought you might like it for the blog. Taken this morning in Coquitlam, BC.”

 

234 comments ↓

#1 Shawn Allen on 04.17.20 at 2:33 pm

Don’t Annualize the GDP Drop

Annualizing a GDP change from a quarter makes sense when it is a smooth trend and the trend is expected to continue.

But it makes zero sense to annualize a step change in GDP due to a shutdown. Otherwise a 30% drop in Q2 will be annualized to a 120% drop which makes of course no sense.

I heard today China GDP was down about 6% annualized in Q1. Hard to believe it was that little of a decline. And it would be shocking if this was only a 1.5% drop annualized to 6%.

#2 BlogDog123 on 04.17.20 at 2:33 pm

Everyone needs to pay it all back, over time. What you get, you pay back.

Else Trud’oh and his Lib Lackeys just pile this all on the debt heap, close the eyes and say “laaa laaa laaaa… out of sight out of mind…”

Trud’oh is rich enough when he retires with his MP/PM pension he won’t give a rats ass even if he’s taxed higher.

#3 3s on 04.17.20 at 2:39 pm

Moral hazard at it’s best. Nothing can fail anymore.

#4 Farmer Fred on 04.17.20 at 2:41 pm

“So, here are the food producers, standing with cap in hand. “We do not mean to create panic,” says the head of the ag federation, creating panic. “At the same time, it would be irresponsible not to sound the alarm about the realities Canadian farmers are facing.”

The reality that the Canadian dairy and egg farmers have been facing for half a century is wonderful gov’t ordained quota and set pricing. Hence why some of the dairy farmers I know are worth north of $10 million. Don’t shed any tears for them folks…

#5 nick labixa on 04.17.20 at 2:41 pm

first. it’s getting worst by the day.

#6 Shawn Allen on 04.17.20 at 2:43 pm

Alberta Bound… for hard hard times

I’ve lived in Alberta for over 30 years. Oil prices are headed to close to zero for a while and likely not headed back to $40 anytime soon. It’s not because of a price war now. It’s because oil wells world wide are gushing out way more than the demand and the storage is full and it’s hard to even stop most of the wells. Costs money to shut down and restart.

Oil that is basically going to spill on the ground if not sold is not worth anything. As Kenny said, Alberta is going to have to pay people to take away the Canadian select heavy crude and that’s because there is no place to store it. Hope the buyer has storage.

Previously Alberta made money producing and exporting a valued commodity.

Now, Alberta is to juice its economy by using Federal money to just clean up the junk (abandoned oil wells) in the back yard?

A whole province on federal dole?

Yeah better make sure the farmers get planted so Alberta has at least something of value to export this year.

#7 flyallthings on 04.17.20 at 2:44 pm

We have done an excellent job on educating people about their rights. We have done a piss-poor job of educating people about the personal responsibilities that afford those rights.

#8 JohnAB on 04.17.20 at 2:46 pm

Maybe it’s time to buy a house and later say the govt that I cannot pay for it? I’m sure they will be starting paying for my mortgage. And for everyone who thinks this sounds stupid, look at what’s happening around you.

#9 Franco on 04.17.20 at 2:51 pm

Either we are going to be chumps for not taking the money or there will be a day of reckoning for fraudsters.

#10 Out for summa on 04.17.20 at 2:52 pm

In my 20 years running a business in Vancouver, we had to lay off many. I can’t recall any of those that were laid off after April 1 seeking employment before the Fall. Summa on the dole was too good!

#11 Oakville Rocks! on 04.17.20 at 2:59 pm

Great pic blogdog Joe. Thanks, I needed the laugh.

#12 Wrk.dover on 04.17.20 at 3:01 pm

I don’t feel bad being left out of this stimulus benefit.

I have always have been left out of stimulus criteria.

But I’m not against well managed and carefully vetted stimulus if it helps the helpless. If that’s what the recipients are, helpless.

You good? I’m good.

#13 Doug in London on 04.17.20 at 3:03 pm

So far I haven’t put my hand out for that 2 grand a month, or whatever the amount is, from the benevolent government and I probably won’t. It’s sure tempting, though.

#14 Shawn Allen on 04.17.20 at 3:06 pm

The Economy and the Shutdown

Stats Canada has what would be a great tool to see how various sectors of the economy have plummeted. Problem is most of their data is only updated to January. The unemployment graph is updated to March and you can see the plunge (which of course had only just begun in March). The hours worked curve is updated to March and shows a huge drop (also to get way worse in April).

This might be a good data tool in a month or two. Right now, any economic data not updated to at least March might as well be from a different planet.

https://www150.statcan.gc.ca/n1/pub/71-607-x/71-607-x2020009-eng.htm

#15 Wrk.dover on 04.17.20 at 3:08 pm

#4 Farmer Fred on 04.17.20 at 2:41 pm

The reality that the Canadian dairy and egg farmers have been facing for half a century is wonderful gov’t ordained quota and set pricing. Hence why some of the dairy farmers I know are worth north of $10 million. Don’t shed any tears for them folks.

—————————————-

The average milking parlor in the Woodstock Ont. area looks like a Grande Bahia Principe lobby/grand hall, on a drive by.

#16 Cristian on 04.17.20 at 3:10 pm

That’s why I’ll liquidate the professional corp and get myself and my family out of Canada within the next year, hopefully before they start raising taxes to pay for the T2’s profligacy.

#17 A.L. on 04.17.20 at 3:10 pm

I was forced to take a hefty pay-cut from my employer. I didn’t know that the gov’t was kicking in 75%…. It’s costing my employer nothing to keep me on? Why the pay-cut then??

Can (Should?) I apply for the free money since the virus has substantially impacted my earnings? I don’t -need- it, but this pay cut has put a massive dent in my investing budget.

#18 Phylis on 04.17.20 at 3:10 pm

Milk locally still > $4 a bag today, what gives?

#19 Leo on 04.17.20 at 3:10 pm

#9 Franco

Exactly! I am starting to wonder (FOMO) if my ethics are going to make me a chump as wheel barrels of money are given to so many that are undeserving.

#20 Leftover on 04.17.20 at 3:10 pm

Garth’s cabin metaphor is appropriate – that tax-free capital gain on your principal residence is history.

#21 cto on 04.17.20 at 3:15 pm

This all stinks as the precursor to:
Modern Monetary Theory and,
Debt Julalee’s far and wide!!!
Yay! for Canada!!! The new northern socialists!
Its an awesome new way of eliminating the debts by confiscating from others and everyone can be happy doing way less of that old-school work stuff! What a wonderful country.

#22 Cristian on 04.17.20 at 3:17 pm

Garth,
Two weeks ago you wrote:
“A federal deficit exploding from $24 billion to $180 billion is historic. But here we are. It could hit $200 billion if the economy stays turned off until, say, October. This will be the Mother of All Excuses for a suite of tax increases in the next two or three budgets. Start thinking about strategies now. This pathetic blog will have more to say on that in the days to come.”

I’ve been waiting and waiting to see what you have to say or advise on the above…

#23 cto on 04.17.20 at 3:17 pm

I think all NHL hockey players should be requesting CERB. after all they have worked and earned an income…

#24 not 1st on 04.17.20 at 3:17 pm

Hi Jen, enjoy your audit.

Canada is not the US. We cannot handle this amount of stimulus spending. We will be looking at a sovereign default in a few yrs.

#25 Jay on 04.17.20 at 3:18 pm

From the comments to date, discussions with nursing friends I know and what I’ve been able to dig up, it seems that all hospitals are pretty much empty at the moment, with only a handful of people in ICU, at least in the prairies. Heath care working are being cheered to go to work and sit around waiting for an apparent influx of patients that never happens. First the peak was supposed to be March, then April, now May or June or 2022 sometime.

We shut down our entire economy just to push back the “peak” and “flatten the curve”, and it seems we have succeeded in that, at a cost so great we will never fully understand. Now we have capacity…LETS GET BACK TO WORK. Enough its enough, the health care system can handle more, the virus is not increasing at an exponential level like it was predicted to. Its not as deadly as originally thought. Every day this drags on is costing us more than letting the virus loose ever would. We can still social distance, avoid shaking hands and coughing on each other while shopping for clothes and going to school. We can keep visitors and kids away from nursing homes and care facilities, we can still avoid holding large concerts with mosh pits.

Another 2 weeks and I predict looting and rioting to start, people are getting fed up with the lies we are fed, the BS from the grey bearded drama teacher on a podium every day and the drama from MSM looking for that cry story.

At least let me get a damn haircut!

#26 Miami Blue on 04.17.20 at 3:19 pm

Like the famous King Solomon said, “The rich rules over the poor, and the borrower is the slave of the lender.”

Let’s not forget that.

#27 Howard on 04.17.20 at 3:21 pm

Responsible savers get to pay all this marxism. Perhaps it’s their own fault for stubbornly staying in Canada.

And if the farmers get a bailout, they should be forced to hire Canadians only. But Canadians won’t do the work, you say? Rubbish. They will do it, but not for slave wages.

#28 yvr_lurker on 04.17.20 at 3:27 pm

Not so clear where all this ends up. When the Gov’t runs out of money by the end of summer to give out, we will have open the economy up so that people can put food on the table. If the virus resurges exponentially at that time and the sick inundate hospitals, then I can’t help but think that all of this unprecended lockdown and stimulus will have been been wasted. They are going to have to make wise decisions to open up the economy in a controlled way.

#29 butter upon bacon on 04.17.20 at 3:27 pm

Serious question (I think). If someone applies for a mortgage then the bank should check that they are employed/have an income?

But if the government is paying the companies wages…then are the banks now giving mortgages to people who are effectively unemployed?

lol this is a joke of a ponzi scheme.

#30 Lost...but not leased on 04.17.20 at 3:31 pm

Re: Todays photo..

If you had told me a few weeks ago that “Places of Worship” would buy into this social distancing…aka congregations stayed home…I would NOT have believed it.

IMHO, this is a clear deference, if not outright surrender, to Big Brother.

Apparently NY Governor Cuomo …a certifiable blowhard and fearmonger has stated as much….that churches etc may never open again.

Whether you are a believer, aethist or agnostic…this does not bode well for the future.

PS just curious if they are experiencing a shortage in tithing…and will their hand be out for funds ???

#31 Mark Moretti on 04.17.20 at 3:33 pm

The stock market is “forward looking”, that’s why it’s up. Smooth sailing ahead. Why all this worry?

#32 Trojan House on 04.17.20 at 3:33 pm

This is such a mess.

#33 Smartalox on 04.17.20 at 3:38 pm

So everyone is talking up the cost of all this government spending, but does anyone have any clear picture of the opportunity cost? What would it look like if the Government DIDN’T shell out?

A 10k grant can help a retailer cover the costs of stock that may be un-sellable when things re-open in a few months.

Topping up wages to keep people in currently dormant jobs means they’ll be ready and waiting when the economy re-starts, instead of all the process that comes with hiring anew. After 8 to 12 weeks of closure, do you want to wait an extra 3 weeks sifting resumes and asking inane interview questions?

As for the Alberta bailout, it’s a good start. Abandoned wells were a huge hangover from the oil (exploration) boom, and has long been acknowledged as an unfunded liability by the AB government. This is a win-win: those workers have lots of experience cementing wells, and a huge opportunity waiting south if the border. Take your $40k and get your pumper truck outta hock- it’s time to let the good times roll.

#34 Linda on 04.17.20 at 3:39 pm

What concerns me besides the epic bail out & subsequent tax burden is the growing pressure to resume business as usual before we have any clear evidence that the virus has succumbed, let alone a safe, no side effect vaccine to administer to prevent a repeat of the current situation.

I am also very concerned about what happens if those ‘in charge’ refuse to recognize that the way the economy used to work, doesn’t any longer. How much more public money will be used to bail out obsolete ways of doing business? Or to support the manufacture of products the world is no longer interested in buying?

#35 crowdedelevatorfartz on 04.17.20 at 3:41 pm

The financial sh!t storm that is going to hit this country right between the eyes and the Liberal donkeys shoveling cash into a hurricane couldnt care less….

I cant wait to see the shocked looks on the faces of the same people receiving money now having to pay later.

A slow motion disaster.

#36 Coho on 04.17.20 at 3:42 pm

With all this, Canada will incur a debt that can never be repaid. Canada itself will need to be bailed out by the World Bank and be forced into austerity.

All sovereign national debts consolidated under a one world governing body/bank. A worldwide bailout. And we’ll be “thankful” for the indentured servitude imposed upon us. I feel sorry for what is in store especially for younger people.

#37 Lost...but not leased on 04.17.20 at 3:42 pm

Garth:

How about suggesting a potential plan to wind the economy backup ?

Seems all Trudeau is doing is throwing out crumbs and buying time till something else (_______????) happens.

#38 conan on 04.17.20 at 3:46 pm

“Because politicians turned off the economy in a massive reaction to a virus, they’re culpable for the consequences.”- Garth

I want to give them a medal, and never vote Conservative again. Look at Brazil and the USA. Plus there are many other countries around the world, controlled by Conservative governments, that delayed on the quarantine and social distancing, as prescribed by the WHO.

Now these same Conservative entities are trying to blame the WHO.

For these people I have two words.

#39 YouKnowWho on 04.17.20 at 3:52 pm

Guess the date!

…when you can sit down with a date at a restaurant and have a meal like a human being?

Winner gets bragging rights.

#40 Uncle Noam on 04.17.20 at 3:52 pm

Garth, I love the blog, but what is the current national debt-to-income ratio in Canada? Last time I checked, it was in the area of $1.75 spent for every dollar earned (off-the-charts bad). This seems like a serious problem when it comes to paying back the current round of government loans to businesses, especially with a forecasted 25% fail rate for everything from coffee shops to restaurants, once we’re “on the other side” of this thing — in 12 to 16 months from now, maybe.

So, how’s the capitalist dream working out for you? Retirement savings wiped out? Debt sky rocketing Ultimately, one wonders which corporations will be nationalized to pay for all of this “free money,” or worse, which ones will receive massive bailouts from Ottawa? During the 2007-2008 GFC Citibank was moments away from being nationalized by the Obama administration. The shill who stopped this from happening was Tim Geithner, the then President of the Federal Reserve Bank of New York and soon after the meltdown, Global Head of Strategy and Investor Relations for Citi (no conflict there).

https://www.ft.com/content/340acb6e-0756-11e2-b148-00144feabdc0

https://www.propublica.org/article/how-citigroup-unraveled-under-geithners-watch

The corporate rats are emerging seeking shelter in the nanny state. A rumoured push by lobbyists for Airbnb for millions from the Canuck Feds is making the rounds. Playing on Wall Street is a zero sum game and it’s high time that a number of corporations learned this painful lesson.

https://michael-hudson.com/2019/07/de-dollarizing-the-american-financial-empire/

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

Perhaps socialism isn’t such a bad idea, after all? Why, corporations have been benefiting from it for years. Who’s going to pay for it? The same folks who are paying for all of the current Covid-19 financial support programs: Canadian citizens.

#41 Peter Courtney on 04.17.20 at 3:54 pm

When 40% of the population never did pay any taxes, it’s only the upper half that needs to worry. Unless……..we elect a conservative govt that has the balls to cut some of these social programs. Then that lower 40% might notice!

#42 S on 04.17.20 at 3:56 pm

#35 crowdedelevatorfartz on 04.17.20 at 3:41 pm

“The financial sh!t storm that is going to hit this country right between the eyes and the Liberal donkeys shoveling cash into a hurricane couldnt care less….”

———————————————————

What you get when you elect the lowest form of life on this planet – wealthy socialists – to run a country.

#43 JB on 04.17.20 at 3:57 pm

#313 Ace Goodheart on 04.17.20 at 2:17 pm

Canada is devaluing its currency.

When a country does that, the one asset that seems to hold its value is residential real estate.

You can’t print houses like you can print money, and they certainly aren’t making any more land.

Condos will not hold value as well. Also many condos in Toronto sit on leased land (yes the concrete box you bought actually has “air rights” over land belonging to someone other than the condo corporation).
……………………………………………………………………
You only own the right to occupy the space between the concrete walls, floor and ceiling. Oh what a great feeling that must be twenty floors up in the stagnant covid filled air recirculating through your air handling system. Man that must be exhilarating to the moisters who paid between $500K and $1.5M shekels for a elevated death chamber with a view.

#44 Howard on 04.17.20 at 4:03 pm

#38 conan on 04.17.20 at 3:46 pm

Well I guess you’d have to congratulate Doug Ford too. Even the Red Star says he’s performing well.

The contrast couldn’t be clearer. Trudeau sent our medical supplies overseas in February, leaving Canadians to go without and possibly die as a result. Ford meanwhile got in his truck and personally went to pick up extra masks.

http://warrenkinsella.com/2020/03/heres-something-you-dont-see-every-day-2/

#45 JB on 04.17.20 at 4:05 pm

#25 Jay on 04.17.20 at 3:18 pm

From the comments to date, discussions with nursing friends I know and what I’ve been able to dig up, it seems that all hospitals are pretty much empty at the moment, with only a handful of people in ICU, at least in the prairies. Heath care working are being cheered to go to work and sit around waiting for an apparent influx of patients that never happens. First the peak was supposed to be March, then April, now May or June or 2022 sometime.

We shut down our entire economy just to push back the “peak” and “flatten the curve”, and it seems we have succeeded in that, at a cost so great we will never fully understand. Now we have capacity…LETS GET BACK TO WORK. Enough its enough, the health care system can handle more, the virus is not increasing at an exponential level like it was predicted to. Its not as deadly as originally thought. Every day this drags on is costing us more than letting the virus loose ever would. We can still social distance, avoid shaking hands and coughing on each other while shopping for clothes and going to school. We can keep visitors and kids away from nursing homes and care facilities, we can still avoid holding large concerts with mosh pits.

Another 2 weeks and I predict looting and rioting to start, people are getting fed up with the lies we are fed, the BS from the grey bearded drama teacher on a podium every day and the drama from MSM looking for that cry story.

At least let me get a damn haircut!
………………………………………………………………….
I went Smoking Man style almost. Damn close to a bald shave.
My wife got out the trimmers and the razor was set super low. Its a Buzz cut and its not too bad. I may never go back to my Barber Tony. Sorry man just another casualty of the Covid-19.
Actually I like going to my barber he will need all of us more than ever to get this economy going again.

#46 Silent the people on 04.17.20 at 4:06 pm

“The budget will balance itself!” When will
the Canadian public realize this idiot should
not be running the government! This will
end very badly…..

#47 Timmy on 04.17.20 at 4:07 pm

how dare they protect people’s health in the middle of a world wide pandemic! What will the bankers say?

#48 Big Jim and the Twins on 04.17.20 at 4:10 pm

It also shows we’re a nation of citizens apparently without cash flow, reserves, savings, resources or resilience.

—————————————————————–

I have all of the above. But I am self-employed and have three children at home and can’t get anything done without being interrupted or having to break up a squabble. Finally decided enough was enough and took the CERB. Went straight to the corner store for popcorn and beer when I saw it was deposited.

#49 JB on 04.17.20 at 4:11 pm

#35 crowdedelevatorfartz on 04.17.20 at 3:41 pm

The financial sh!t storm that is going to hit this country right between the eyes and the Liberal donkeys shoveling cash into a hurricane couldnt care less….

I cant wait to see the shocked looks on the faces of the same people receiving money now having to pay later.

A slow motion disaster.
……………………………………………………………….
My father keeps saying the same thing with all of these bailouts.
“Why they don’t save?”
“You put the money inna jar”
“When a hard times come you can pay the rent and eat”
“They gonna have to pay it back he says.”
He said when he came here from Italy he got nothing and asked for nothing. Worked hard his whole live and invested in properties commercial and residential then retired with a great income. He was also into investments in the food industry. Smart man.

#50 JB on 04.17.20 at 4:13 pm

This has to be FAKE News right, man-made climate change is FAKE right, there’s no proof of it right?

https://www.theguardian.com/environment/2020/apr/11/positively-alpine-disbelief-air-pollution-falls-lockdown-coronavirus?utm_source=pocket-newtab

#51 ted on 04.17.20 at 4:13 pm

#38 Conan you wrote “I want to give them a medal, and never vote Conservative again. Look at Brazil and the USA. Plus there are many other countries around the world, controlled by Conservative governments, that delayed on the quarantine and social distancing, as prescribed by the WHO.”

Too bad the USA took more drastic measures than Canada and acted swifter. I think you need to check your facts. Of course you won’t.

#52 Sail away on 04.17.20 at 4:13 pm

“Now, let’s be clear. Because politicians turned off the economy in a massive reaction to a virus, they’re culpable for the consequences.”

———————–

Politicians don’t care.

If they screw up bad enough, they’re just voted out and it just becomes somebody else’s problem. If independently wealthy, as many are, it’s a completely risk-free game.

#53 Penny Henny on 04.17.20 at 4:16 pm

#9 Franco on 04.17.20 at 2:51 pm
Either we are going to be chumps for not taking the money or there will be a day of reckoning for fraudsters.
//////////////

I hope I’m wrong but I think we is chumps

#54 Whinepegger on 04.17.20 at 4:17 pm

Could someone help me out? I’ve Googled ‘How much do the Canadian lottery corps hand out in winnings each year?’ and found nothing. I’d gladly vote for a flat 30% luxury tax on any winnings over $10,000. But the money should be earmarked to pay down national debt. That should help the government get some of the cash back.

#55 Barb on 04.17.20 at 4:20 pm

#22 Cristian

Start thinking about strategies now. This pathetic blog will have more to say on that in the days to come.”

I’ve been waiting and waiting to see what you have to say or advise on the above…
———————————–
Me too.
Glad you asked!

#56 Smoking Man on 04.17.20 at 4:23 pm

Just Staying…

DJIA +2.99% at 24,242

NASDAQ +1.38% at 8,650

S&P 500 +2.68% at 2,874

#57 Whinepegger on 04.17.20 at 4:25 pm

Also like to register my ‘up yours’ to bailing out farmers. I come from a farming background and am all too familiar with the games that get played with taxpayers money in the name of food production. In addition, I know for a fact that many, if not most, farmers that have incorporated their businesses retire and then proceed to draw not just OAS but also the GIS. The Corporation pays all their living expenses and allows them to claim no personal income thus qualifying them for GIS. Have at least five relatives in that position right now. And every single one of them is a multi-millionaire on paper. Sure sours me on their latching onto another government teat.

#58 Figure it Out on 04.17.20 at 4:30 pm

I’m really surprised that the penny hasn’t dropped, but apparently it hasn’t.

Apparently we (the taxpayers) are going to have to “repay” all this money the government is spending ($107 billion by June, says Garth). So who did we borrow this money from? Who was sitting in cash (not bills, bonds, equities, real estate, or gold that needed to be sold to generate cash, because that would just move the marker around) to the tune of $107 billion? Who suddenly decided, with most other assets trading cheaper than usual and Canadian government bonds trading dearer, that they now wanted to buy Canadian government bonds?

If you don’t think there was anyone with $107 billion in cash doing nothing, suddenly willing to buy, you’re not alone. Because I don’t think so either.

So to whom are we going to owe all this money? Inquiring minds want to know.

#59 Sail away on 04.17.20 at 4:30 pm

My plans proceed forthwith. Divest Canadian holdings, shift ever more company business to US, expect CAD currency to weaken significantly. Lease a physical US office in preparation for relocation if things get onerous here.

There’s benefit, too: weak Canadian dollar makes US projects much more profitable when completed with the Canadian team, while still beating the US competitors’ prices.

What to do with Cad RE? To be determined…

#60 THE DEBT LOVER on 04.17.20 at 4:33 pm

WHAT A GREAT SYSTEM!!

Give me DEBT to keep borrowing more…

or

don’t give me anything and Government sends me cheques and a place to live anyways.

THE PONZI SCHEME can’t be broken or “ALL” of society breaks down.

BUT IT WAS STARTED AND WAS ENCOURAGED FROM THE TOP.

No one can lend themselves money.

If the GOVERNMENTS & BANKS don’t want people in DEBT then STOP lending out money!!!!

#61 Why Are We Letting Fear Control Us? on 04.17.20 at 4:35 pm

I cannot believe that we are “willingly” allowing our civil liberties to be trampled upon without even really questioning what’s actually going on.

Bill Gates and his comment on vaccination validation to travel (on Ted talks – original version, recently his comment was edited out because it frightened people / backlash – go figure. . .Facebook wanting people to input their symptoms to be uploaded and used by the scientific community – Zukerburg and his wife on TV) cellphone data used to track movement – Ontario government. Corners told to use Covid as the cause of death without medical evidence to support the claim – State of Michigan.

This stuff is unheard of! We need to open our eyes and seriously question what’s happening here. This doesn’t seem right. I am not a conspiracy person normally, but all this is very disturbing. And the government just placating the masses with a lousy 2 grand. People will give up their freedom for 2 grand? I find the whole thing scary. The media is playing into fears and it seems the agenda is to create fear, to control the population. . .to what end, I’m not entirely sure. Is it to digitize all currency. . .tattoo and encrypt people with scannable vaccine records, government increasing control to further track people. . .I don’t know, but something doesn’t seem right.

And why is the media only playing the horrific stories, why not the non event accounts, why not show that the local hospitals are EMPTY – inside source.

First we were to flatten the curve, now we are waiting for a vaccine. . .when did this change? Local guy recently ticketed for walking alone in a near by park?

This is scary. How do we stop this?

I’m older and not afraid of Covid, but I am becoming increasingly more afraid of what our world looks like after this and whether we will all be “forced” to be vaccinated. I know for sure I would want the option to opt out.

#62 jamie on 04.17.20 at 4:37 pm

wanna bet that UBI talk will be starting soon? most people are getting accustomed to living off the government cheese. why go back to working for a living at all? that’s just for suckers…

#63 Attrition on 04.17.20 at 4:42 pm

Shudders…

It’s so gross so see the closet Neo-Marxists among us slithering out into the open, testing the waters with a scaled limb, trolling for the gullible.

Worse than ambulance chasing lawyers and journalists in the US…

Please, Neo-Marxists, stop using the argument that when something goes off the rails in capitalist countries, it’s proof of how great Marxism would be.

That’s not an apples to apples comparison.

Instead, compare life in Canada today, in the midst of a pandemic and a once in a lifetime financial reset, not with your fictitious Utopia, but with any communist country today.

That would be more accurate.

Next, go to whichever country you picked, and stay there.

Finally, if you ever get access to an uncensored internet, post a comment and let us know how great your life is over the next few years.

#64 Tired&Retired on 04.17.20 at 4:45 pm

“Conclusion: at least half the country is cool with sweatpants, Netflix and government pogey.”
Get your lazy bums back to work. This is MY retirement, not yours! Besides, I need someone to keep funding my OAS and CPP for another 25 years. After that, you can do as you please.

#65 CyrusTheVirus on 04.17.20 at 4:49 pm

#38 conan on 04.17.20 at 3:46 pm
And those two words would be “I’m stupid!”

#66 Camille on 04.17.20 at 4:50 pm

Garth is such an intriguing writer; “In a few weeks, … it will end”. What a setup. Apocalypse now. Sell the house, sell the cat, sell the kids.
I know he means the virus will end. Back to work. Phooey for you!

#67 I'm not taking ... on 04.17.20 at 4:51 pm

a cent of free money and I actually paid my income taxes yesterday. What a dope I am. And I actually still pay my property taxes too. Double dope.

#68 Freedom First on 04.17.20 at 4:51 pm

Well put Garth! The truth, nothing but the truth, and it is going to hurt.

Reminds me of how I learned to speak Irish by simply saying these words very quickly-

whale
oil
beef
hooked

#69 B from Q on 04.17.20 at 4:55 pm

I guess the punishment will have to come on the next elections. How can we act today against this bill that we will be slipped under the door in the future?

This is just too easy. Effortless. Not saving and just spending. Entitlement. Rights, no obligations.

#70 Ustabe on 04.17.20 at 4:56 pm

#38 conan on 04.17.20 at 3:46 pm

“Because politicians turned off the economy in a massive reaction to a virus, they’re culpable for the consequences.”- Garth

I want to give them a medal, and never vote Conservative again. Look at Brazil and the USA. Plus there are many other countries around the world, controlled by Conservative governments, that delayed on the quarantine and social distancing, as prescribed by the WHO.

Now these same Conservative entities are trying to blame the WHO.

For these people I have two words

It’s the paradox of public health: When you do it right, nothing happens.

What the right uses as reason and excuses in these times leads to the Balkanization of countries. You can see it in the US as various states now are banding together to end run the Federal administration.

You can see it in Canada with the whole AB versus everyone else, BC is run by the NDP so nothing they say or do counts etc.

I am ever so glad I reside in BC. We are not flattening the curve, we are squashing it. Early talks of opening things up in a controlled and contained manner all the while preparing still for the fall…

#71 Curious on 04.17.20 at 4:56 pm

#16 Cristian
That’s why I’ll liquidate the professional corp and get myself and my family out of Canada within the next year, hopefully before they start raising taxes to pay for the T2’s profligacy.

————————————–

Where you headed to? I can’t see a rich, developed country who will be untouched by the massive CV19 stimulus spending followed by tax hikes.

#72 mark on 04.17.20 at 5:00 pm

Dead cat bounce.

Largest hedge fund manager in the world indicates this is a Depression we are in Period, go home its over.

Getting old. – Garth

#73 Ustabe on 04.17.20 at 5:00 pm

oops, forgot the , sorry.

#74 Scott on 04.17.20 at 5:02 pm

Seems about 90% of the blog dogs thinks Canada’s plan is awful. The US on the other hand has people that still haven’t received a dime and like us have many that live paycheque to paycheque.

Time will tell which country had the right approach. Then again it’s always subjective. Some believe Reagan’s trickle down economics were brilliant while others think the data proves it didn’t work at all.

Also so many talking about how the bottom 40% who pay no taxes won’t have to worry about paying all this back. If we have to gut spending in health care, education, low income support etc. the bottom 40% will suffer the most. I can still send my kids to a private school and save for retirement.

Everybody thinks they’re getting a raw deal. I know very few Canadians who think hey I really benefited more than I contributed to this society. In fact I can’t think of one lol…

#75 Marco on 04.17.20 at 5:03 pm

To all teachers and childcare workers, thank you
Wow, it is written beneath my Google search box
According to illiterates from this steerage section, teachers are stupid lazy bum…

#76 Triplenet on 04.17.20 at 5:04 pm

Photo reminds me of a simple sign planted on the front lawn of a church in Amsterdam – a long time ago…
‘Beware of Dogma’

#77 JSquared on 04.17.20 at 5:06 pm

These numbers are truly staggering, it’s hard to even wrap your head around. On one hand, I appreciate the government helping people who had the rug pulled out from underneath them overnight. On the other, this all just feels so insane! Garth, I know you’ve been warning folks for years about debt & the potential for a reckoning, I bet even you couldn’t have predicted the magnitude of the wreck currently unfolding.

#78 David Pylyp on 04.17.20 at 5:09 pm

When the deferrals and subsidies end….
There will be bargains in detached homes.
Count on years of flat price increases. Condo investors will bail without price appreciation fighting negative cash flows.

David Pylyp
Online Open House

#79 Barb on 04.17.20 at 5:10 pm

Expect to be impressed…er…a…depressed:

T2’s cottage renovation is $8.6 MILLION.
His timing is impeccable, as always.

#80 Keyboard Smasher on 04.17.20 at 5:12 pm

@Linda 34

“What concerns me besides the epic bail out & subsequent tax burden is the growing pressure to resume business as usual before we have any clear evidence that the virus has succumbed, let alone a safe, no side effect vaccine to administer to prevent a repeat of the current situation.”

Linda, at the start of your existence, where you ever given any written or verbal assurances that there would be no risks throughout your life? Because I haven’t. You could choke to death or end up with brain damage from a piece of chewing gum or become a purple puddle of road jelly and another roadkill statistic.

A vaccine is not a cure, it will not help those with degraded immune response, the only way this can disappear is through acquired social immunity.

Has the influenza gone away due to vaccines? NO.

Since the start of the seasonal flu in October 2019, there have been 65,000 deaths in the US alone. Where are the Twitter campaigns and hashtags for those people?

#81 Marco on 04.17.20 at 5:13 pm

#63 Attrition on 04.17.20 at 4:42 pm

Well, we will send you to another country but we will chose for you which one, little barking doggie
Your intellectual cognitive capabilities are too low to make a choice for yourself.

#82 not 1st on 04.17.20 at 5:13 pm

#56 Smoking Man on 04.17.20 at 4:23 pm
Just Staying…
DJIA +2.99% at 24,242
NASDAQ +1.38% at 8,650
S&P 500 +2.68% at 2,874
—-

Its been a nice rally, but if you now use a price to current earnings test to the S&P, its overvalued by 1000 pts.

#83 FreeBird on 04.17.20 at 5:13 pm

Not about money or virus but for Dolce Vita or anyone needing a virtual break from both here’s a live cam of Venice with music. There’s others. Cast to big screen, relax with some vino or a beer and gnocchi (an Italian friend learned from his mom how to make fresh…so good). I’m sure there’s similar for other places and music.

https://youtu.be/ph1vpnYIxJk

#84 Linda on 04.17.20 at 5:14 pm

#18 ‘Phylis’ – price of food isn’t going to drop. If anything, it will go up. Supply & demand, right now supply chain is somewhat compromised but demand is actually higher. All those folks staying at home & since money is tight, not just relying on take out to eat. Which means buying groceries, which means stock flying off the shelves.

#85 JonBoy on 04.17.20 at 5:14 pm

#30 Lost…but not leased on 04.17.20 at 3:31 pm
Re: Todays photo..

If you had told me a few weeks ago that “Places of Worship” would buy into this social distancing…aka congregations stayed home…I would NOT have believed it.

IMHO, this is a clear deference, if not outright surrender, to Big Brother.

Apparently NY Governor Cuomo …a certifiable blowhard and fearmonger has stated as much….that churches etc may never open again.

Whether you are a believer, aethist or agnostic…this does not bode well for the future.

PS just curious if they are experiencing a shortage in tithing…and will their hand be out for funds ???

—–

I can answer this one, based on my personal experience and knowledge.

1. Churches have quickly adapted to this. At my church, we are pre-recording services on Saturday, for the following week. Most churches are going with live streaming of services with minimal staff to operate the sound and video equipment, plus a couple of musicians. Full social distancing is maintained. Friends of mine had two different ministers in two different provinces/states speak for their church this Easter, remotely, from a couple thousand miles away. You aren’t going to stop churches from gathering in some form or fashion. Just like businesses have adapted, so have churches.

2. Tithing is unchanged, for those that pay it. You don’t pay because you’re attending, you pay because that’s what you believe to do, to support the Gospel. There will probably be some drop off but I would imagine it will mostly be due to lack of money coming in rather than people deciding not to pay it if the church isn’t open and offering services.

3. If the government banned gatherings for the foreseeable future, many churches would absolutely disobey. The only reason most obeyed this time is out of respect to those that are most vulnerable (there are lots of old people at church!). However, if the government wanted to try and enforce this indefinitely, those that were comfortable with the risk would absolutely get back to attending “normal” services. This is probably less of an issue in Canada but in the (southern) USA, they’ll rebel a lot more quickly and they won’t be shut down. The right of religious expression and belief includes the right to assemble and I’m quite positive the courts would uphold it. You can only keep people apart so long before the argument of “you need a different plan” starts to come to the forefront.

Lots of churches are still meeting, in defiance of orders, both in Canada and the USA. Some have made the news (with not so good results, in at least one case) and others are just doing it quietly.

Personally, I’d have no problem going to church again. I’m not worried about the virus and I much prefer a “live, in-person” service. I just don’t know that I’d want to see older folks there while people are singing (“speaking moistly,” as our cringe-worthy PM said this week)…

You’ll see people openly visiting friends and family shortly, regardless of what the government tells them, and church attendance will follow closely behind for those that want it bad enough.

People are getting sick of trying not to get sick and they’ll get more and more bold as they get sick and tired of being cooped up. It’s been sunny and nearly 20*C here in the Lower Mainland and more and more people are leaving their houses each day. It’s just a matter of time.

#86 BrianT on 04.17.20 at 5:15 pm

#75Scott-great-the tired Ronald Reagan scarecrow again-Newsflash-the left wing economic program is run by billionaires for billionaires. Period. Full Stop. Who is more high profile Left Wing in this country than Weston? Nobody-who benefits the most from all these left wing policies in Canada. Weston. Jeez.

#87 Stone on 04.17.20 at 5:15 pm

#17 A.L. on 04.17.20 at 3:10 pm
I was forced to take a hefty pay-cut from my employer. I didn’t know that the gov’t was kicking in 75%…. It’s costing my employer nothing to keep me on? Why the pay-cut then??

Can (Should?) I apply for the free money since the virus has substantially impacted my earnings? I don’t -need- it, but this pay cut has put a massive dent in my investing budget.

———

Why did you accept a pay-cut when you should have filed for constructive dismissal?

Looks like someone is a desperate wage slave who doesn’t value their own contribution at work and will take whatever scraps are available.

Will the boss give you back your original pay level once this is over with? Likely not.

Sad.

#88 Brian Ripley on 04.17.20 at 5:19 pm

“…NY Governor Cuomo …a certifiable blowhard and fearmonger…”#30 Lost…but not leased on 04.17.20 at 3:31 pm /blockquote>

New York Governor Cuomo is one of the most rational voices we can presently hear via his daily briefings on the Covid 19 Pandemic.

Here are some clips via MSNBC related to this morning’s Cuomo briefing: “Trump and Gov. Cuomo clash over coronavirus response after president tells him to stop ‘complaining'” https://www.nbcnews.com/politics/politics-news/cuomo-trump-clash-over-coronavirus-response-after-president-says-stop-n1186396

Trump does not understand the responsibility of the Federal Government or the role of the office of the presidency.

Trump thinks he is a king and has said as much. There is a growing Republican backlash to Trump… “Republicans for the Rule of Law”, (the principal 2019 initiative of the conservative political group Defending Democracy Together,who created a media campaign to demand more information from Republican Senators during the impeachment of Donald Trump)

Here is their Youtube channel: https://www.youtube.com/channel/UC4E4Nv5ues3BNPjcDNxStmA/videos

And their website: https://www.ruleoflawrepublicans.com/

Trump is a psychopath and wanna-be fascist. For the umpteenth time, for those who don’t know what a psychopath looks like, here is my 2018 post on the subject of Trump’s mental state: http://www.chpc.biz/history-readings/liar-liar

#89 Figure it Out on 04.17.20 at 5:22 pm

‘I cannot believe that we are “willingly” allowing our civil liberties to be trampled upon without even really questioning what’s actually going on.’

Three part answer:
1) I read a lot of people questioning, arguing, debating. Convoying in Michigan, even.
2) In the World Wars, rationing, government control of the food supply, and censorship started pretty much on day one. Isolation measures for epidemics have been enforced for centuries.
3) We’ve known for years now that Facebook tracks everyone (even those who don’t have an account) across the internet and builds an incredibly detailed profile on them. It knows far more than any middling government power. If you haven’t taken countermeasures, why complain about government measures against a specific threat, likely to be short term in nature?

Governments always take over agriculture in wartime, and they always give it back again. Live on a farm for a few years, and you’ll understand why.

#90 Tony Hladun on 04.17.20 at 5:26 pm

In history these times will not be remembered for the pandemic, because in Canada some 794 people die each day. About 1,000 people have died from Covid-19 in about a month which translates to about 33 a day and even some of these would have died from other causes. All deaths are unfortunate but that is part of life.

What history will probably remember is that the world shut down its economies out of panic. What is yet unknown is how much damage this has done. If you look at it objectively, the government is paying everyone and is underwriting all debt which is a forum of communism/socialism. This has been tried before and has usually ended in economic collapse. but at least we’ll all be healthy.

#91 PastThePeak on 04.17.20 at 5:26 pm

Government debt is paid in one (or a combination) of 3 ways:
1 – Increased productivity
2 – Taxation
3 – Inflation

Number 1 hasn’t happened in decades, and isn’t a priority for this government.

Number 2 is going to happen, but it will only apply (at first) to “the rich”, meaning anyone with assets of any kind, or those making over 150K in income (this threshold to be lowered year-by-year)

Number 3 will be coming too – as issuing currency to monetize the gov’t debt will lead there, in one way or another. It might happen slowly at first, but you can guarantee it will happen. The Loonie is not a reserve currency…

The thing with CBs starting the printing presses to monetize gov’t spending…once it starts, it is unlikely to stop, until it is too late…

My recommendation => start looking at the periodic table to see if there is anything in there that might hold value…

#92 not 1st on 04.17.20 at 5:28 pm

#69 Stone on 04.17.20 at 4:54 pm

Huh? Canadian farmers (aka industrial agriculturists) grow stuff that’s consumed in Canada?
Since when?
99.9% of what they grow is for the export market. You know, the US and…wait for it…China.
This just gets more disgusting by the day.
—-

That group is begging for funds for Ontario, BC and Que fruit and veggie growers and yes that is mostly consumed inside the country and US. China cannot afford our perishables.

But if you are talking about the other side of agriculture, the billions of bushels of wheat and oilseeds that are produced and exported, we haven’t asked for a dime. I would rather chew off my left arm than take Trudeaus handout.

#93 PastThePeak on 04.17.20 at 5:32 pm

#4 Farmer Fred on 04.17.20 at 2:41 pm
“So, here are the food producers, standing with cap in hand. “We do not mean to create panic,” says the head of the ag federation, creating panic. “At the same time, it would be irresponsible not to sound the alarm about the realities Canadian farmers are facing.”

The reality that the Canadian dairy and egg farmers have been facing for half a century is wonderful gov’t ordained quota and set pricing. Hence why some of the dairy farmers I know are worth north of $10 million. Don’t shed any tears for them folks…
++++++++++++++++++++++++

Thanks for chiming in Fred…

…but if you read the passage, it was clear it was about “planting crops”, which would be, you know, crop farmers. Who have “0” protection (like beef & pork farmers), no monopoly, and live & die by the harvest.

Not saying they deserve gov’t money either…but important to note they are not a protected group like those farmers which dominate Quebec…

#94 Not my Elephant on 04.17.20 at 5:33 pm

The government will shower everyone with money to make them “whole” yet stiff Ontario Doctors working on the front lines.

https://www.newswire.ca/news-releases/statement-up-to-half-of-ontario-s-doctors-responding-to-practice-impact-survey-may-have-to-close-their-offices-as-no-ohip-payments-likely-until-july-900-000-patients-could-be-affected-817556318.html

This is indefensible. They’re working crazy hours on the front lines while risking their lives. Even the grocery store workers are getting $2 extra per hour for danger pay! This actually started a month ago due to a new billing code that the “computer system” won’t accept. How are doctors supposed to survive without a paycheque for 5 months??? Good luck finding a doctor in Ontario when this is all over!

#95 Re-Cowtown on 04.17.20 at 5:34 pm

Finally, as the oilpatch received its cash ….
____________________________________

The cash from T2 is only to do climate/eco claptrap that T2/Greta wants the oilpatch to do. There is no money to stop the industry wide bleeding and certainly no cash for what the industry really needs, pipelines to tidewater.

For example, abandoning suspended wells sounds like a fine idea, until you understand how many oil companies were spawned by engineers and geologists looking at someone else’s suspended well and spinning trash into treasure.

As an old oilfield stalwart once noted “Oil isn’t found in the ground, it’s found in the mind of the explorers”.

In many cases, these wells can be turned into producing assets. I will not thank Trudeau for killing assets.

#96 Entrepreneur on 04.17.20 at 5:37 pm

Have to agree with Scheer on his call that parliament should resume on the 20th. of this month, T2 has no excuse not to.

Trump is at least looking at ways to restart the economy down in the States. Thumps up to Italy, the three phrase plan. I don’t call a loan “free money” as now the government has their little paws on you: yes sir, no sir and I will say/do anything you say and the hell with morals, right or wrong. Might even losing your business down the road, be careful!

As the world pukes in debt, and in desperation people are rushing blindly into more debt, we all know more debt is not the answer (too much control in government political parties).

And when too much control means leaders can cry “job losses” or similar to make their reasoning sound sooooo good. And so we go with it not realizing the damage(s) to a nation with border (yes, manufacturing “for Canadians”) and most importantly that “within the border” mentality will respect Earth’s wishes.

And if we were confined to more Nationalism then our borders could have been closed instantly not whenever.
And as business as usual, a solid foundation.

#97 crowdedelevatorfartz on 04.17.20 at 5:40 pm

@#38 conan
“Now these same Conservative entities are trying to blame the WHO.

For these people I have two words.”

++++

Thank you?

#98 Reality is stark on 04.17.20 at 5:41 pm

From socialist to communist.
The average Canadian turns away from Trump to their new CCP master with reckless abandon.
They don’t know where to turn as they have no moral compass.
A subjective socialist mindset leads them down the road to slaughter. Everything is free.
Is it that difficult to give folks a food card (for nutritious foods) and deposit rent to landlords on behalf of tenants who can’t work due to the virus?
So socialists piss it away on weed and booze.
Our people have no idea what it takes to compete against the Chinese so we may as well teach them how to beg.
Canadians have to learn to be good at something.

#99 crowdedelevatorfartz on 04.17.20 at 5:42 pm

@#76 marco
“According to illiterates from this steerage section, teachers are stupid lazy bum…”
++++

These would be the same teachers that ended the school year a month ago and will be paid until June 30th?
Those “hard working” martyrs?

#100 Blacksheep on 04.17.20 at 5:45 pm

Coho # 36,

“With all this, Canada will incur a debt that can never be repaid. Canada itself will need to be bailed out by the World Bank and be forced into austerity.

All sovereign national debts consolidated under a one world governing body/bank. A worldwide bailout. And we’ll be “thankful” for the indentured servitude imposed upon us. I feel sorry for what is in store especially for younger people.”
———————————————-
Not servitude, systemic change.

If Canada alone, had an internal need to create say 200 Billion $’s, adding about 25% to our national debt in only six months, the consequences would be dire to the valuation of the CAD $.

But that’s not what’s happening…

Instead, every (most?) global sovereigns in control has (will?) set ye old printing press to high, in a unified fashion. Remember, currencies are measured from the benchmark (for now) the mighty US $.

The plan going forward:

1) The IMF / UN / CFR / TC, mandates an official start point to the global pandemic of 2020, lets call it Feb/15/20.

2) All sovereign debts incurred after said date, will be considered ‘Emergency Funding’ created for the good of all nations in an effort to avoid the unnecessary loss of 100’s of millions of innocent lives and the triggering the worst global depression ever experienced in modern times.

3) Said emergency funding, will be simply written off the nation’s ledgers in a unified fashion, in full disclosure by those whom took part in the saving of our planet. (You can just imagine the scale of theft taking place: You get a bailout and you get a bailout, everybody gets a bailout!)

4) Utilizing the “never let a crisis go to waste” line of thinking, this event will be used as the sharp end of the wedge, down the path to MMT and its public introduction, which many have seen coming for a while now.

5) With sovereigns now providing a basic income subsidy to its populace, the war on climate change will begin in earnest as corporate polluters will be forced to slowly shift strategies and wind down current models.

But wont all this cause inflation?

You betcha and that is exactly what the worlds economic system needs to keep its 75 year old debt super cycle, airborne…..so you better get your $’s out of the bank and invest in something tangible.

#101 Figure it Out on 04.17.20 at 5:46 pm

“Because politicians turned off the economy in a massive reaction to a virus, they’re culpable for the consequences.”

This statement … bothers me. If government had done nothing, would it have been ‘culpable’ for avoidable bug deaths? I’d have blamed it, for sure, as being grossly irresponsible — a dereliction of duty. But to say government in the fog of bug war is culpable if it acts and culpable if it doesn’t strikes me as mad. Responsible? Yes. Culpable? Sorry, too judge-y.

I am giving my governments the benefit of good faith right now. They may make imperfect decisions, due to bad information or poor judgement, but I don’t believe they are acting out of malice. The CONSPICUOUS absence of many opposition leaders with reputations on the line (lame duck Scheer doesn’t count) indicates how many of the political class are glad THEY isn’t making the hard decisions. I’m glad I’M not making the hard decisions.

The data from many places (Opentable, and a long list more) shows that much of the economy didn’t stop when the government shut it. It was already down 90%+ a week beforehand. People didn’t stop going to restaurants because it was banned, they stopped going because they didn’t want to get the bug.

#102 Blue Angel on 04.17.20 at 5:46 pm

put duct tape beneath the cabin door and close the lights. after a while, put a safety vest and jump down the boat before he sink

#103 PastThePeak on 04.17.20 at 5:48 pm

#58 Figure it Out on 04.17.20 at 4:30 pm

So to whom are we going to owe all this money? Inquiring minds want to know.
++++++++++++++++++++++++

Ummm…the Bank of Canada.

The BoC may not purchase the Gov’t of Canada’s bonds (debt) directly (maybe they will), but they have announced they are buying federal and provincial bonds from the market, opening up those entities to buy new bonds. At the end of the day, it is the BoC creating money that is allowing the Gov’t of Canada to float the new debt.

It is called monetizing the debt. The US Fed has been doing it for awhile (since last year’s Repo crisis started), and will likely have to do so for the foreseeable future (who else is going to buy trillions of Treasuries?). The BoE has also announced they will be doing the same for UK.

#104 BS on 04.17.20 at 5:50 pm

#38 conan on 04.17.20 at 3:46 pm

I want to give them a medal, and never vote Conservative again. Look at Brazil and the USA. Plus there are many other countries around the world, controlled by Conservative governments, that delayed on the quarantine and social distancing, as prescribed by the WHO.

Now these same Conservative entities are trying to blame the WHO.

Why don’t you compare Republican US states to Democratic US states. The top 10 are all democratic governor states.

Total cases per $1M people

New York 11550
New Jersey 8835
Massachusetts 5037
Louisiana 4957
Connecticut 4693
Rhode Island 3953
District of Columbia 3617
Michigan 3015
Pennsylvania 2302
Illinois 2151

Compared to Texas 623

#105 Jager on 04.17.20 at 5:52 pm

1929/32 meet 2020/22 ??

The mother of all bubbles is being blown. GFC1 (Terminator 800) although scary was nothing compared to GFC2 (Terminator 1000).

The methodolgy however remains: Corporate profits remain privatized and losses socialized. Their yachts remain theirs. Their losses become yours.
Restated: When you transgress you pay. When they transgress you also pay.

How long will we tolerate this darkness?

#106 Oracle of Ottawa on 04.17.20 at 5:52 pm

About the only places open these days are the grocery stores. Can’t see how the farmer’s can be hurting. I’d rather see the money go to people who are earnestly in need rather than weapons of destruction.

#107 DLTINC on 04.17.20 at 5:57 pm

So. How long before we are all at one another’s throat. Now we have the government paying $1.7 billion mostly to rehabilitate the orphan oil wells. And then you have the environmentalists and leftists screaming that the big oil companies should have been responsible for this cost but we the taxpayers now are having to pick up the costs. So those rich buggers have sucked out their billions over the years and we can’t ever get any of that back because the stupid limited liability laws let them keep their mansions, jets, ships and bank accounts in offshore tax havens while we, the taxpayers have to pick up the costs that they should be bearing to pick up their messes.
I see things getting pretty brutal as society comes to realize that everyone cannot be bailed out. Choices will have to be made and it won’t be long before the people start looking at those who are still sitting pretty.
I think it is very sad but if we as a society keep telling everyone that they can have it all and if they don’t currently have the finances, there is always money they can borrow to get what they want. The real world doesn’t work like that. Everyone cannot keep borrowing their way to prosperity and we can’t endlessly keep extracting our non renewable resources and not expect that at some time there will be hell to pay. There are only so many tricks mankind can employ to keep kicking the can down the road.

#108 Don’t understand your last comment on 04.17.20 at 5:58 pm

Garth what did you mean when you said

In a few weeks, with millions hooked on the dole and a black hole in public finances, it will end. Keep your eye beneath the cabin door. It’s coming for you.

What will end?

Based on your post today sounds like we should be buying gold?

#109 Paul on 04.17.20 at 6:04 pm

Ontario is giving out 21,000 I pads to students now. The free B,s are staggering.

#110 Country hick on 04.17.20 at 6:08 pm

#4 Farmer Fred on 04.17.20 at 2:41 pm

“So, here are the food producers, standing with cap in hand. “We do not mean to create panic,” says the head of the ag federation, creating panic. “At the same time, it would be irresponsible not to sound the alarm about the realities Canadian farmers are facing.”

The reality that the Canadian dairy and egg farmers have been facing for half a century is wonderful gov’t ordained quota and set pricing. Hence why some of the dairy farmers I know are worth north of $10 million. Don’t shed any tears for them folks…

—————————-

The quota system in Canada is yet another example of a government program that didn’t go exactly as planned. I’m more familiar with dairy than eggs but effectively what the quota system dig was put most family dairy farms out of business. The quota is just to expensive. Sure it made the farmers who had quota extremely rich but only the big corporations can afford to buy the quota now.

My parents are good friends with a former dairy farming couple. 80 cows and house on the farm kind of thing. Some years back they sold their quota and now the barn is full of RV’s.

Anyway I think the ag federation is more worried about the non-regulated operations. For example in the US meat plants are starting to shut down due to covid which means the cows get a reprieve, but the ranchers still have to feed them. And the wheat and such has to be planted soon, but that type of farming is a margin business so if the crop can’t be sold in the fall for decent prices it could be a total disaster for them.

#111 Wrk.dover on 04.17.20 at 6:11 pm

#75 Scott on 04.17.20 at 5:02 pm
Everybody thinks they’re getting a raw deal. I know very few Canadians who think hey I really benefited more than I contributed to this society. In fact I can’t think of one lol…

————–

Ever notice the armed guards at Caribbean resorts?

That’s what low taxes necessitate. Guess what their health care consists of.

#112 Joe on 04.17.20 at 6:11 pm

Better than too hard!

#113 oh bouy on 04.17.20 at 6:12 pm

@#79 David Pylyp on 04.17.20 at 5:09 pm
When the deferrals and subsidies end….
There will be bargains in detached homes.
Count on years of flat price increases. Condo investors will bail without price appreciation fighting negative cash flows.

David Pylyp
Online Open House

______________________

hope so.

#114 Dr V on 04.17.20 at 6:21 pm

54 Whinepegger – lotto winnings have already been taxed.

#115 Drinking on 04.17.20 at 6:21 pm

By all means support the people that feed us but at the same time plant a garden. I started my seeds (vegetable) inside and they are sprouting nicely. This whole thing is a Sh*t show!

#116 Coho on 04.17.20 at 6:23 pm

Why do people still think our vote counts in any meaningful way? We are led to believe that in democracies, governments serve at the peoples’ pleasure, meaning that we the people are the boss. In reality, governments serve at pleasure of the ruling elite.

Governments were directed by the ruling elite to deliberately implode their respective economies. Otherwise what government in its right mind would do that? None would. And now the ruling elite (under the guise of national banks) is there to issue nation wrecking debt so that the governments can give back very little of what they have taken from the people, and that is employment.

The handling of the C19 crisis is designed to bury countries in ever more debt to weaken if not destroy them so that a worldwide government body can then emerge to “save the day”.

And who will ultimately be blamed? The governments that followed the dictates of their masters for one. But that’s what they’re there for to give the impression that they are in charge. And of course the people who in most cases applied and received the bail out benefit because they in fact needed it will be blackened. I hear a lot of disdain on this board for people that do not have a tidy sum saved for events such as these. With the cost of housing in particular, whether buying or renting, how are people expected to have $100K kicking around when in most cases it is all they can do to make ends meet?

If not for inflated real estate prices where would our economy be over the last 20 years? Resource sector pays quite well, but has its ups and downs. The other main sector is the service sector which typically does not pay well. Manufacturing has moved overseas, so there aren’t that many high wage jobs to be had relatively speaking.

#117 Wrk.dover on 04.17.20 at 6:23 pm

#83 DLTINC on 04.17.20 at 5:57 pm

The real world doesn’t work like that. Everyone cannot keep borrowing their way to prosperity.

———————————————-

What about borrowing their way out of debt?

#118 Nothing Surprises on 04.17.20 at 6:29 pm

Jennifer,

I don’t know how old your dad would be but I’m 75 and I ask the same question.

“Who and how in the hell are we going to pay for all this?

Perhaps they can sell the country to China for Christ sakes providing the Chinese assume the debt.

What a mess people have got themselves in.

Too easy is an understatement!!

Wake up prople and see the light.

#119 Sail Away on 04.17.20 at 6:29 pm

#98 crowdedelevatorfartz on 04.17.20 at 5:40 pm
@#38 conan
“Now these same Conservative entities are trying to blame the WHO.

For these people I have two words.”

———-

Thank you?

———-

Haha

#120 Economystical on 04.17.20 at 6:29 pm

I haven’t been able to post for a while because I have been very busy coordinating with the WHO, the UN, and most major governments as to the response to this virus. Everything is going as planned folks, so calm down. Our dreams of “a free lunch for everybody but nobody working in the kitchen” are now coming to fruition, world wide. A truly remarkable decades long effort is finally coming to a truly remarkable result. Freedom from labor is just a few more months away as the world adapts to the principles of economystics.

Conspiracy theorists will say we created the virus but we did not. It came from a bat. Or a lab. Or both. We really don’t know. But we knew it would happen someday so we were well prepared in advance. “Never let a good crisis go to waste” as they say. But in the end this will turn out for the good.

The intention is to make the crisis permanent, or at least the response to it. After all, why would a waiter return to serving tables now that he knows he need not work and people can prepare their own food at home? The very idea of it is demeaning. What we will have proven by the end of this experiment is that work is unnecessary. All we need to do is provide a wage to every individual and equality and wealth for all is assured! And the idea of paying rent is equally gone for good! If people don’t have to pay rent when they need a place to live the most, why would they ever pay rent again? They won’t have to. I wish I had time to go into all the details but my private jet is ready for boarding (or course they are still flying) and I am off to Europe for more consultations. I’ll make future comments as our wonderful economistic plan becomes more clear to the public. In the meantime enjoy the gift economystics has given you! All the time in the world to play Minecraft, no job to worry about, and free rent! This is only the beginning! Soon we will be indefinitely deferring your utilities as well and look at the progress we have made on gasoline! It is not quite zero yet but we are working on it.

Until next time,

Economystical

#121 Don Guillermo on 04.17.20 at 6:29 pm

#46 Silent the people on 04.17.20 at 4:06 pm
“The budget will balance itself!” When will
the Canadian public realize this idiot should
not be running the government! This will
end very badly…..
*****************************************
The timing of this couldn’t be better for T2. The absolute financial bungling of this government over the last 5 years will be totally disguised/forgotten/buried by MSM because of Covid 19. As one poster previously stated, these wealthy socialists politicians can just carry on with their lives with absolutely no worries or consequences when this is all over.

#122 Moh on 04.17.20 at 6:33 pm

Hey Garth, have a fabulous weekend. Another day is a gift! Thank you lord for keeping me alive.

#123 Flop... on 04.17.20 at 6:34 pm

Mrs Flop is currently attempting to teach her 3 special needs students via the internet.

Judging by her evening sass, it is not going well.

I would currently pay my boss to go to work…

M45BC

#124 fishie on 04.17.20 at 6:34 pm

OK, I get there’s a lot of people who really need help. We should help them. But for years we’ve followed responsible principles and didn’t leverage ourselves so that if the proverbial $#!+ hit the fan, we could survive for a period of time. You know, low debt, have more than one pay check in savings. BOY! Were we stupid! We had nothing to worry about, we should have borrowed to the skin of our teeth and lived high-on-the-hog. After all, someone else would have taken up the responsibility to get us by.

But alas no, we have our savings and we’re paying our rent every month, and using our own resources to survive. How dumb is that?

#125 Nonplused on 04.17.20 at 6:36 pm

#18 Phylis on 04.17.20 at 3:10 pm
Milk locally still > $4 a bag today, what gives?

————-

A bag? You must live in Ontario.

#126 Capt. Obvious on 04.17.20 at 6:36 pm

Precision is the enemy of speed. Speed was far more important in getting money out into the hands of people and businesses. Sure, there will have been mistakes made, but the alternative was no alternative at all. Let’s build up testing capacity so we can return to some semblance of normal as soon as possible.

#127 JSS on 04.17.20 at 6:37 pm

if alberta don’t want the $1.7 Billion, they can feel free to give it back. my god what a bunch of whiners we are

#128 MF on 04.17.20 at 6:38 pm

7 Howard on 04.17.20 at 3:2

Where do you live?

MF

#129 IVoteIndependent on 04.17.20 at 6:38 pm

I didn’t get a handout from the government. Does that make me a visible minority?

#130 MF on 04.17.20 at 6:39 pm

7 Howard on 04.17.20 at 3:2

I mean which country?

MF

#131 Flop... on 04.17.20 at 6:39 pm

What the heck happened to North America?

You know something went horribly wrong when The President of Mexico is the best out of the 3 leaders at articulating his thoughts in English…

M45BC

#132 Dr Talc on 04.17.20 at 6:41 pm

Parents may have been misinformed

Site says vax is not the law

https://vaccinechoicecanada.com/exemptions/legal-exemption-forms/

#133 Sail Away on 04.17.20 at 6:42 pm

#121 Economystical on 04.17.20 at 6:29 pm

Nicely done!

#134 Drill Baby Drill on 04.17.20 at 6:42 pm

How the hell are we going to pay for all of this??

#135 CPP on 04.17.20 at 6:45 pm

Just so you know CPP has 420 billion in assets

I wonder if the government would touch that?

Have a great weekend

Thanks for the post Garth.,

#136 Arctic Gringo: Qalunaaq on 04.17.20 at 6:46 pm

The sovereign nation of Nunavut – the place with zero covid19 cases, hightened travel restrictions, and snow and ice as far as the eye can see – officially closed schools until September 2020. My kids are stoked. Wife and I – not so much. School might provide photocopies and colouring, photocopies and colouring. Us, monopoly!

#137 binky barnes on 04.17.20 at 6:47 pm

Spoke to my younger sister today–she is a nurse in a mid-sized Ontario city. She said there is nothing but empty beds waiting for Covid-19 patients. She thinks her city has reported one new positive case this week.

BB

#138 Drinking on 04.17.20 at 6:47 pm

#128 JSS

You people “REALLY” need to understand that it is “NOT” the majority of Albertan’s whining; it is a small powerful minority and the press that really likes to lap it up. Most of us are just hard workers, believe in Canada, yeh, I admit, certainly do not see eye to eye with Eastern Politics but most of us are just ordinary Canadians.

#139 Attrition on 04.17.20 at 6:48 pm

#82 Marco on 04.17.20 at 5:13 pm

Well, we will send you to another country but we will chose for you which one, little barking doggie

I speak for myself.

Can I ask who this ‘we’ is you speak with?

Because that’s creepy.

#140 BrianT on 04.17.20 at 6:57 pm

#81Keyboard-the Fashion industry has never been based on logic-logic is totally unnecessary-virus deaths are fashionable-which is why ever idiotic celeb is desperate to announce their infection-flu deaths are not Vogue and boring to the sheep.

#141 Trojan House on 04.17.20 at 6:58 pm

Now that we have a lot of time on our hands, I encourage people to research previous pandemics, including Swine Flu, etc, etc.

Since those were in the past, there is a lot of information and conclusions about numbers, cause, causes of death, cases, arguments and the list goes on. All I can say is that, yes, this time is different in a lot of ways and most of them not for the better.

#142 Nonplused on 04.17.20 at 6:59 pm

#20 Leftover on 04.17.20 at 3:10 pm
Garth’s cabin metaphor is appropriate – that tax-free capital gain on your principal residence is history.

———————

I suppose that would be ok if they made mortgage interest tax deductible, but then they probably don’t end up any further ahead.

I can’t think of any other example where interest expenses are not deductible for capital enterprises subject to capital gains taxes. The government will have to decide if a primary residence is a “possession” or a “business”. Treating it as both a possession (no interest deduction) and a business (capital gains taxes) would so far as I can think be unprecedented.

Along that line I cannot figure out why cabins are subject to capital gains taxes either. So long as they are not used commercially, aren’t they also a “possession”? If I have to pay capital gains taxes on my cabin, why can’t I write off my capital losses on my boat? Or car for that matter? What makes a cabin different from a boat? Or are we moving towards a system where capital gains are taxed but capital losses are ignored? That is a frightening prospect. “Heads I win, tails you lose.”

But anyway the capital gains on primary residences thing is a loser. Too late. Maybe next time. At this point subjecting primary residences to capital gains treatment will probably save people a lot of money on taxes, because it isn’t going up anymore. You’ll be able to write off your losses.

And let’s not get into what a mess this will be for people who have to relocate for some reason. Well ok let’s get into it. See, whatever the “price”, which is a reflection of inflation, a house is still always a house. So if you have one, and it has inflated, but you need to sell it and buy another one in a different local, it is still just one house for another. Only now you need a bigger mortgage so you can pay the capital gains tax, which you may not qualify for. The idea is just as stupid as the land transfer taxes. Nobody will be able to sell, even if they have to.

#143 Marco on 04.17.20 at 7:13 pm

Well, there is not so many countries in the world today, where grade 6 education justify a house a couple cars and a big screen TV from China. Now, I hope that all those who qualify will continue to work from home. Less congested traffic, disappearance of lower management (experience, no education).
And steerage section will be all free to roam this frozen tundra and socialize with peers and bitch about socialism and lazy millennials , teachers and anybody who do not earn their living by swinging a hammer….

#144 john m on 04.17.20 at 7:14 pm

Shocking IMO

#145 islander on 04.17.20 at 7:17 pm

https://www.theguardian.com/environment/2020/apr/11/positively-alpine-disbelief-air-pollution-falls-lockdown-coronavirus

Take a deep breath and enjoy!

#146 theoryAndPractice on 04.17.20 at 7:17 pm

Keynesian theory in 5m
https://youtu.be/kukKpqd_B2c

How the economic machine works in 30m
https://youtu.be/PHe0bXAIuk0

Here we are just invented another way. Keep your social distance and get paid. But at the end who will be paying the tab ?

#147 Nonplused on 04.17.20 at 7:23 pm

#30 Lost…but not leased on 04.17.20 at 3:31 pm
Re: Todays photo..

If you had told me a few weeks ago that “Places of Worship” would buy into this social distancing…aka congregations stayed home…I would NOT have believed it.

———————-

Not everyone who goes to church is a covidiot. The faithful will flock back when appropriate but for now they are discovering Zoom like the rest of us. “Trust God, but keep your sidearm loaded” as they say.

#148 Faron on 04.17.20 at 7:27 pm

I’m out. Steerage sucks. Garth’s vacillation between taking the arch-conservative line like today and occasionally grasping that the bug’s a real problem that needed radical government intervention also sucks.

I can handle Wall Street Journal conservative, Rupert Murdoch and all. But I can’t handle this right-wing, whining conspiracy crap when all you’re are being asked to do is take care of each other, hold tight on the dole or not for a couple months and ride it out for the sake of your fellow humans is just pathetic. It’s like being asked to slow down in a school zone and instead of recognizing why you are asked to do so shouting “DON’T IMPINGE ON MY CIVIL LIBERTIES! I’LL ROLL COAL WHEREVER AND HOWEVER FAST I WANT TO. GOTTA GET TO WORK TO MAKE SOME BUX. NO TIME FOR THESE KIDDOS.” It’s no wonder politicians don’t often engage in enacting public good when regardless of the action or outcome, the idiotic populace comes unglued like a bunch of apes rather than make an effort at understanding the nuance.

Sure, read and question the media (both the stuff you don’t like to hear and the stuff that tells you exactly what you want to hear and think). Listen to and question your leaders and criticize. But for the love of god, engage your brain for a sec and digest things before spewing drivel back out on the internet. Write letters to your MP, go sit in a city council meeting, maybe try to get an op-ed in your local rag. By all means make your voice known, but engage with and try to absorb some real information before you do so.

The echo chamber is resonating with itself here and growing louder and louder. I’m going to cash before this whole thing implodes.

#149 Comrade on 04.17.20 at 7:28 pm

Garth, first of all thanks for being voice of reason, and brave enough to do it today’s cancel culture.

As many readers here, I am too worried about the outcome of this, and long lasting consequences. Did we burn the house down to get rid off bed bugs?

It seems the new normal is for Trudeau to come out of his residences, and announce a few more billion of dollars in spending. I too work in consulting, based on my project outlook, and from what I hear withing my network the worst is yet to come in May and June if this is to continue.

I listened to the Dr. Bonnie’s and Adrian’s update today, they seem certain of themselves that this is to continue for months, and perhaps years until vaccine is found. And yet we had 1 death of someone in their 40s, and 85% of deaths of people in old folks homes.

also, there was lot patting on the back how we did amazing job of fighting this enemy, and yet if you look into trajectory of influenza, the curve is almost identical, it slows down in spring.

Am I crazy here, but do they really think that we can keep this for months/years to come with cities and businesses bankrupting. How are we going to keep firefighters, police, and other services afloat. They have more knowledge and experience in dealing with infections diseases than I do. What am I missing here?

#150 figure it out ... on 04.17.20 at 7:29 pm

Put simply, the Liberal gov’t is buying the next election.

The Leger poll quoted here last evening confirms this.

They know that the Opposition in Parliament won’t be able to overtly oppose financial aid to Canadians as it will kill any chance of their possible election.

Predictions:

1) The bill for this universal “bailout” will come AFTER the next election as taxes and gov’t fees won’t be raised too materially prior to it with the excuse of not impeding the “recovery”.

2) The “generous” Liberals will thereby be re-elected by a financially illiterate electorate.

3) Canada will become a fully socialist country with all the economic and societal disadvantages that implies.

Figure it out.

#151 Phylis on 04.17.20 at 7:30 pm

#126 Nonplused on 04.17.20 at 6:36 pm, yep it’s a standard unit. Made in Whitby, at least they used to be, not sure where the film comes from now. Snip and pour.

Other thoughts. The cerb needs one more question. I propose it be the first question. 1) have you ever made a purchase from starbucks?

#152 Maths are hard on 04.17.20 at 7:32 pm

#54 Whinepegger on 04.17.20 at 4:17 pm
Could someone help me out? I’ve Googled ‘How much do the Canadian lottery corps hand out in winnings each year?’ and found nothing. I’d gladly vote for a flat 30% luxury tax on any winnings over $10,000. But the money should be earmarked to pay down national debt. That should help the government get some of the cash back.

—————————-

Lotteries are already a losing proposition. Making the odds even worse probably won’t help. And don’t forget that people play them with after tax money, so taxing them again is taxing them again. It is also that much less money spent at the Mercedes dealership, which is also already taxed.

Folks, we are already beyond peak taxation. They won’t go up because they can’t. Well, they can, but it will not result in more tax revenues. It will result in less economic activity.

#153 Stone on 04.17.20 at 7:35 pm

#135 Drill Baby Drill on 04.17.20 at 6:42 pm
How the hell are we going to pay for all of this??

———

Inflation. Inflate it all away.

Feet first. It’s the only way.

#154 Bob Dog on 04.17.20 at 7:36 pm

And yet the stonk market is fully recovered. Money is an illusion. Nothing is real.

#155 Politico on 04.17.20 at 7:37 pm

#125 fishie on 04.17.20 at 6:34 pm
OK, I get there’s a lot of people who really need help. We should help them.

———————-

You are, and have always been, free to help them. But when the government does it oh boy, we have no idea where the money is going. Most of it goes to the folks that already have a yacht. Or two.

What must be understood about all governments is that they are hierarchies. The guy at the top stays in power by making sure the next level down is well paid, and so on. If the guy at the tops stops paying he ends up dead.

#156 jsto on 04.17.20 at 7:46 pm

Thanks for stopping to refer to the virus as Ms. Virus… haha. Also, it seems people are still unclear as to how this Corona virus is different from the common flu virus… I am beginning to think people are ignorant and do not listen to the information given to them… Let’s just start with a simple comparison…. do not throw numbers taken out of context!

#157 Mark Moretti on 04.17.20 at 7:51 pm

#135 – How the hell are we going to pay for all of this?

We’re not, ever. No country is ever going to pay. The US isn’t going to pay either. Wealthy people, corporations, the elite know this and have forever, they take whatever they can get. They want YOU to worry about who’s paying, they don’t care.

#158 John in Mtl on 04.17.20 at 7:58 pm

@ #61 Why Are We Letting Fear Control Us? on 04.17.20 at 4:35 pm

Simple solution: don’t give in to this mass hysteria / fear. Research things yourself and make up your own mind and be your own master. Always works, always!

#159 guod on 04.17.20 at 8:00 pm

Kind of reminds me of that old joke

-Why do they bury farmers only 6 inches deep?

-So they can still get a handout (ha ha).

#160 yorkville renter on 04.17.20 at 8:13 pm

damn right I’m getting my interest-free government loan… I’ll pay it back, and the government will tax my profits from it, so I don’t feel bad about taking the freebie.

#161 Blair on 04.17.20 at 8:15 pm

Can’t some of these people getting handouts work for farmers who are worried that they won’t have immigrants to do jobs?

#162 An Open Mind Sees Clearly on 04.17.20 at 8:15 pm

#89 Brian Ripley

http://www.chpc.biz/history-readings/liar-liar

Interesting. Many of the points from your blog relating
to Trump are dead on for Obama as well. Aren’t almost
all people who gravitate to positions of power like the
Presidency of the USA borderline sociopaths? Not saying
Trump isn’t a borderline narcissist, but if you can’t see that Obama
clearly was as well – you’re walking around with blinders
on …

01. glib and superficial charm
02. grandiose (exaggeratedly high) estimation of self
03. need for stimulation
04. cunning and manipulativeness
05. lack of realistic long-term goals
06. failure to accept responsibility for own actions

Re: Fascism

This pretty much sums up the position of the left when it
comes to freedom of speech:

“Disagreement Is Treason” – Fascism devalues intellectual discourse and critical reasoning as barriers to action.

By the way, I used to consider myself left, but after
looking at both sides of the coin with an open mind, I
found myself falling somewhere in the middle politically.
More center/right if anything, and I should be a lefty
because I’m relatively poor. I just believe in taking
responsibility for my life and not playing the victim,
which pretty much sums up the position of the right.

If I was American …

https://twitter.com/hashtag/walkaway?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Ehashtag

P.S. No, I didn’t take “free money” from the Government.
I planned in advance by generating multiple streams of
income, instead of relying on an employer to make or
break my life. Canada is in big trouble.

#163 MF on 04.17.20 at 8:18 pm

#149 Faron on 04.17.20 at 7:27 pm

What you say is 100% correct. Please stay.

Your posts are on point, and a great counter balance to the increasing amount of conspiracy theorist, cynical, selfish, arrogant, out of touch, and delusional reality this comment section has become.

MF

#164 AB on 04.17.20 at 8:31 pm

Things sure are a mess. My spouse and I were saying it is a matter of choosing your poison. We prefer to have to pay for the CERB to prevent barbarism rather than not. It is an absolute disgrace that prudent level headed savers are now going to suffer the consequences of foolhardy spenders, but it is what it is. And if Vancouver goes bankrupt, I don’t care. BC have been total jerks to Alberta. Let the chips fall where may. Thankful for many fun adventures in the past, but the future is greatly diminished thanks to socialist idiots! Hope you enjoy your new world. We will not starve, but no more illusions.

#165 TurnerNation on 04.17.20 at 8:33 pm

For Economystical to be correct…we’d require further rollout of UN Agenda 21 (hint why is the GLOBAL shut down occurring now.

It would of course take place only in cities. People would have to move there. I’ve long suggested, their goal is to close rural areas, making it all protected land – off limits.
Herd people into cities using a carrot or a stick or a bit of both.

https://sustainabledevelopment.un.org/outcomedocuments/agenda21
https://sustainabledevelopment.un.org/content/documents/Agenda21.pdf

Agenda 21 is a comprehensive plan of action to be taken globally, nationally and locally by organizations of the United Nations System, Governments, and Major Groups in every area in which human impacts on the environment.

The full implementation of Agenda 21, the Programme for Further Implementation of Agenda 21 and the Commitments to the Rio principles, were strongly reaffirmed at the World Summit on Sustainable Development (WSSD) held in Johannesburg, South Africa from 26 August to 4 September 2002.

** The right to adequate housing as a basic human right is enshrined in the Universal Declaration of Human Rights and the International Covenant on Economic, Social and Cultural Rights. ***

#166 BC transition begins May on 04.17.20 at 8:35 pm

We are beginning our first phase of lifting restrictions
Back to work for some in May and June.

That will save some money.

Funny remember that investment letter Garth recommended
After weeks of saying take the money he switch today to invest the money
Today my broker said a 10 percent correction is coming as the recovery was too quick, not all factors are in yet.
Invest at your pearl
Gold gold gold

My tax free is now showing a slight gain for the year 1 percent! Yahoo.
Have a great weekend
Thanks Garth!

#167 Yuus bin Haad on 04.17.20 at 8:40 pm

Culpable. Now, there’s a nice soft word. I’ve been using “criminal” (and maybe that’s why I keep hearing from @Jack)

#168 MA on 04.17.20 at 8:41 pm

The virus proved to be a spook. Here in Ontario, over 50% of deaths are in long term care facilities. The statistics show that LTCFs are potentially very unhealthy places and need to be reformed. What the current stats don’t give, us a justification to quarantine all healthy people and lockdown the province.

The big issue we are facing is the destruction of quality of life and our previous high standard of living. Why can’t Canadians see this disaster unfolding? I have no idea — perhaps they just aren’t a very intelligent people after all. Shame… it’s just common sense.

#169 Canuckfan on 04.17.20 at 8:43 pm

Very detailed briefing of COVID-19 epidemiology released by the BC government today.

https://news.gov.bc.ca/files/COVID19_Update_Modelling-DIGITAL.pdf

Total BC deaths: 72 (as of slide preparation)
Median age of hospitalized patients: 68 years!
Median age of deaths: 86 years!

BC’s life expectancy was 80 years as of 2018. I agree with Garth. This is a colossal over-reaction. Let’s get more data, and make a truly informed decision as to when to re-open the economy.

#170 VicPaul on 04.17.20 at 8:44 pm

#7 flyallthings on 04.17.20 at 2:44 pm
We have done an excellent job on educating people about their rights. We have done a piss-poor job of educating people about the personal responsibilities that afford those rights.

*********
Word.

M56BC

#171 crossbordershopper on 04.17.20 at 8:44 pm

I helped 10 people get their covid money today, its easy, money for everyone, sure they will owe it but it doesn’t mean anything when your a street person.
Trudeau is an idiot, he completely gave in to the request for help and as you can see anyone else who wants money who hasn’t ask for it yet, call now.
I know most of you are regular people, go to work try to save and follow the rules, great,
but when you are happy to eat anything every day, trust me, you don’t care about tomorrow, today is everything.
im saddened that people follow the rules, they should know that the future is about lawlessness and martial law, they can both exist at the same time, and we are going that way, the government will control everything and in your own world you lie and cheat anyone , don’t pay rent, mortgage etc, as long as you don’t cheat the government.

#172 Linda on 04.17.20 at 8:45 pm

#81 ‘Key’ – my concern isn’t the virus. We all of us have to die one day. My concern is that we have shut down our society to try to limit the death toll, with the side effect of economic contraction plus epic new debt. What is the point of doing this if we don’t wait until the virus has been contained & a treatment found to prevent a repeat? Total waste of time, money & we didn’t end up saving any lives to boot. Go, us.

#173 Shawn Allen on 04.17.20 at 8:51 pm

My 107 year old third cousin has actual personal memories of the Spanish Flu!

Here’s a link to a radio interview from last week with my 107 year old third cousin, George Allen, from Bridgetown. He was born in my home town of North Sydney. He remembers the spanish flu. Made quite an impression on him at 5 years old. I get a kick out of this guy. He is still enjoying life!

https://www.cbc.ca/radio/thecurrent/the-current-for-april-10-2020-1.5529055/this-107-year-old-remembers-the-1918-spanish-flu-and-sees-the-similarities-with-covid-19-1.5529264

#174 Xpat on 04.17.20 at 8:51 pm

#83 not 1st on 04.17.20 at 5:13 pm
#56 Smoking Man on 04.17.20 at 4:23 pm
Just Staying…
DJIA +2.99% at 24,242
NASDAQ +1.38% at 8,650
S&P 500 +2.68% at 2,874
—-

Its been a nice rally, but if you now use a price to current earnings test to the S&P, its overvalued by 1000 pts.

—-

My man, liquidity moves the market not earnings.

#175 Wrk.dover on 04.17.20 at 8:52 pm

No capital gain, no capital gain tax.

The problem solves itself with the other problem.

#176 John in Mtl on 04.17.20 at 8:57 pm

@ #7 flyallthings on 04.17.20 at 2:44 pm

We have done an excellent job on educating people about their rights. We have done a piss-poor job of educating people about the personal responsibilities that afford those rights.

Yep, so true. Failed to teach self-responsibility too.

#177 Ronaldo on 04.17.20 at 9:09 pm

#40 Uncle Noam

So, how’s the capitalist dream working out for you? Retirement savings wiped out?
—————————————————————–
You gotta be kidding. My balanced fund is down 3.8% ytd after being down 16.57 at the low March 23rd. Hardly a wipeout after being up over 15% last year.
What are you invested in? Doesn’t sound so good.

#178 Ron on 04.17.20 at 9:09 pm

#61 Why are we letting fear control us——————————————————————————————-I agree, heard from a friend whose wife is a nurse that they are not that busy in emerg. in the local hospital. Nobody is going afraid of catching the virus.

Yes there are troubling things going on as to our privacy being under attack.

#179 Where's My Money Going Greedeau? on 04.17.20 at 9:11 pm

Rode my bike by the MSA Arena in Abbotsford this afternoon where they’ve had drive-thru testing and no tents anymore!!!
I guess they aren’t expecting anyone anymore.
Now on the CTV 6 pm news and they were saying they have to test more people than they are.
I think it’s a ploy to get everyone indebted to the banks and in turn making us dependent.
Next they’ll crash the dollar and raise the GST to really turn the knife for everyone.
This is all out war on the common man..

#180 Gary on 04.17.20 at 9:15 pm

Western Canada gets 1.7 billion to clean up orphan wells, sounds good, however Alberta just spent 1.5 billion on Keystone Xl, to ensure export capacity to the USA, when
we should be sending our oil EAST.

T2 Will destroy our dollar, glad I have some gold nuggets
under the doghouse as Canada is going to be like Argentina, and get bailed out by the IMF, goodbye social
programs

#181 Doug t on 04.17.20 at 9:16 pm

THIS will cripple this country for years and years – I hope all you social libs are very happy today because you better get ready for the future PAIN – gimme gimme gimme bloody hell

#182 Treasure Island CEO - 1,234.33 Troy Ounces of Gold within Bicycle Distance on 04.17.20 at 9:19 pm

A staggering 7.5 million applications approved for the Canada Emergency Response Program to date. That’s about 37% of the entire labour force!

And about 1.5M are Trades, Commissioned Salespeople and the Self-Employed who are still working but are having their wages, commissions and invoices held for the duration of the crisis so they can double end.

Meanwhile a friend who needs it, legitimate can’t approve for CERB because of injury that prevented earnings in the last year, yet now cannot return to work when ready and can’t get CERB due to minimum wage earned within needed to be earned within past year.

#183 akashic record on 04.17.20 at 9:22 pm

How about financial advisor firms?
Did they pick up the $40G and 75% salary subsidy?

#184 Figure it Out on 04.17.20 at 9:24 pm

> > So to whom are we going to owe all this money? Inquiring minds want to know.
> Ummm…the Bank of Canada.

Yeah, that was about my conclusion. The thought that we’re going to eventually have to “pay it off” is, I think, outdated.

Back in the old days, some countries did pay off their debts, but they were usually incurred in wartime, and denominated in gold. If Canada was printing up a storm while all major currencies were standing pat, I’d be worried. But we’re not.

#185 the numbers don't add up on 04.17.20 at 9:24 pm

DELETED

#186 TurnerNation on 04.17.20 at 9:29 pm

Never lose sight, this all is about control over our food supply.

Delaware company forced to kill up to 2million chickens due to …www.dailymail.co.uk › news › article-8222609 › Dela…
2 days ago – Delaware chicken meat company Allen Harim is being forced to kill up to two million chickens without selling their meat as coronavirus …

#187 Free Investment Advice - Worth Every Penny! on 04.17.20 at 9:36 pm

Did I perhaps mention that you might want to eliminate all insurance company investments from your portfolio?

https://www.thestar.com/business/2020/04/16/from-hacker-attacks-to-shareholder-lawsuits-insurance-industry-braces-for-covid-19-fallout.html

#188 Doug t on 04.17.20 at 9:42 pm

#98 crowdedelevatorfartz

DUDE – You keep the zingers coming man – I am loving your contributions – keepin it real and thank you

#189 Colin on 04.17.20 at 10:01 pm

Hey #38 Conan … I have 2 words for you: Stop Whining!

#190 Madcat on 04.17.20 at 10:23 pm

I’ve been so busy!!! And I’ve been meaning to apply for my free 10K oops I mean $40,000 loan…

#191 IHCTD9 on 04.17.20 at 10:25 pm

#9 Franco on 04.17.20 at 2:51 pm

Either we are going to be chumps for not taking the money or there will be a day of reckoning for fraudsters.
—— –

A day of reckoning in Canada?

This handout thing is already far beyond out of control. If you’re eligible, yet you pass, you’re a chump 110%. A little whining and this government folds like a cheap suit. They’re going to run the presses into the ground, and the resulting mess will be just too big to clean up.

3 clicks to get 40k at 0% with no terms and 10 grand for free? Get it while you can buddy, this is total insanity.

#192 IHCTD9 on 04.17.20 at 10:37 pm

#172 Linda on 04.17.20 at 8:45 pm
#81 ‘Key’ – my concern isn’t the virus. We all of us have to die one day. My concern is that we have shut down our society to try to limit the death toll, with the side effect of economic contraction plus epic new debt. What is the point of doing this if we don’t wait until the virus has been contained & a treatment found to prevent a repeat? Total waste of time, money & we didn’t end up saving any lives to boot. Go, us
——

My whole family is home, my kids have done school over the www for over 4 weeks now. Kids have been to zero functions and been in zero contact with anyone other than Mom and Dad.

Guess what? Youngest just came down with a flu. No idea how, I guess us parents must have carried it in somehow. All social distancing guidelines have been observed when we go out.

100% chance the cv-19 infections will shoot up again if they ever let us go back to work.

#193 meslippery on 04.17.20 at 10:52 pm

Because the powers that be wanted so much more money
jobs had to be farmed out to other places.
So only a few had enough money to save.
Sadly they who would not share will pay the tax cause only people with money can pay.

#194 Kato on 04.17.20 at 10:55 pm

#162 Blair on 04.17.20 at 8:15 pm
Can’t some of these people getting handouts work for farmers who are worried that they won’t have immigrants to do jobs?
___________________
Fantastic point, except most would much rather sit on their duff getting paid rather than early mornings, commuting into the country, and learning how to service and operate machinery. And it better pay $25/hr minimum because that’s what I’m worth, all evidence to the contrary.

Unrelated note, I’ve been cutting my own hair for 8 years with the same $30 set of clippers. 1/8″ over the whole dome, guard off for around the ears and neck. Takes about the same amount of time as the barber if you include waiting for your turn in the chair, and saves you the drive.

I recommend getting someone to check your work the first few times, through video chat if needed.

#195 fishman on 04.17.20 at 10:59 pm

Ah yes, looking for the shadow under the cabin door. The bogey mans a coming. Its ok, you got a diversified portfolio & a Schlage deadbolt. Oops, the builder cheaped out & didn’t use proper thick metal joists, doubled up in the door frame & then cross braced to the adjacent studs. The bogey man’s got a Volkswagen jack up his arm & it takes 20 seconds to spring the door jamb. Walk right in, sit right down. Cup of tea?
Thank you Economystic for gracing us with your uplifting presence. I proselytize MMC (Modern Monetary Mysticism). Sometimes doubt creeps in as old beliefs reappear & cloud my mind. Balanced budgets, debt counts,positive cash flow, & the most debilitating, no free lunch. Don’t abandon us.

#196 Your Cousin on 04.17.20 at 11:10 pm

173 Shawn Allen on 04.17.20 at 8:51 pm

“My 107 year old third cousin has actual personal memories of the Spanish Flu!”

Are you over 100 years old as well? This person cannot be your 3rd cousin. 2nd, 3rd, 4th cousin are all in the same generational line as you. Hence they are about the same age. You probably meant to say 1st cousin, 3 times removed…

https://en.wiktionary.org/wiki/third_cousin

#197 Toni on 04.17.20 at 11:10 pm

#25 Jay
Agree. With a real will to save the country, that should not be so difficult to formulate, implement and monitor phases of deconfinement to mitigate risk, so that an initially overestimated risk would remain under control while decreasing the obvious financial, social, mental health consequences of extended lockdown.

#198 crowdedelevatorfartz on 04.17.20 at 11:14 pm

Welll.
One wonders if industry AND govt civil service Human resources will take this “purging” of staff to take a long harrrrrd look at the deadwood….

Laid off today?
Never hired back.

#199 Sail Away on 04.17.20 at 11:21 pm

Faron, you may as well stick around. MF seems to like you. Your assertions will definitely be challenged, though. A resilient epidermis is required.

#200 Bad Hombre once yelled at the orange menace, he peed his pants on 04.17.20 at 11:27 pm

Never really looked at the sign before but stopped at a light today I did, on the side of a business I read new low rates unsecured loans 19.99%. The price of houses, food, transportation and almost everything has gone up drastically. Wages haven’t even kept up with inflation for most people. Then that sign and one of those payday loan joints on every other block. It’s a sad sad mess.
Vancouver says they are going bankrupt but they are addicted to those property taxes from the inflated prices, what happens when they crash back to earth? It won’t just be a Vancouver problem. Doctors think I should give up my vices, let them operate a few more times and maybe fix some things this time, I wonder why the hell I should bother to stick around for the nightmare to come.

#201 Half Full on 04.17.20 at 11:30 pm

Who is going to pay back that 200 billion? Those people that don’t have any money now sure aren’t going to have the funds to pay it back. I haven’t taken any money. I sure don’t want to pay back the debt of the people who took the money.

#202 Alan Greenspan on 04.17.20 at 11:48 pm

#58 Figure it Out on 04.17.20 at 4:30 pm

“If you don’t think there was anyone with $107 billion in cash doing nothing, suddenly willing to buy, you’re not alone. Because I don’t think so either.

So to whom are we going to owe all this money? Inquiring minds want to know.”

Folks are you not aware of how govts can create money? As the late great John Kenneth Galbraith stated, “the process of money creation is so simple, it repels the mind.” Let me show you how simple it is. The gov’t of Canada sells $100 billion in bonds to cover the CERB and all the other handouts. It instructs the Bank of Canada to pay for these bonds. In the click of a mouse, $100 billion Canadian dollars appear in the govt’s acct. The gov’t created the money out of thin air. Presto magic! The gov’t owes the money to itself and nobody else. Don’t believe me? Check out the govt’s own website that spells it out very clearly. It is so simple, it repels the mind…

https://lop.parl.ca/sites/PublicWebsite/default/en_CA/ResearchPublications/201551E#a2

#203 Figure it Out on 04.17.20 at 11:49 pm

“Delaware company forced to kill up to 2million chickens due to ,,,”

BROKE: Americans are obese,* and 30-40%** of food is wasted.
WOKE: OMG losing a few chickens while we reconfigure the food supply!!!

* – that’s a pre-existing condition, y’all
** – USDA estimate

#204 Sold Out on 04.17.20 at 11:49 pm

Well, if that don’t beat everything. The BC rental supplement will be applicable to illegal suites, and BC Housing will not share information with any other government body. So no tip to CRA to cross-reference rental income with declared income.

I’m all for pogey for the needy, but rewarding tax cheats is repugnant.

https://dailyhive.com/vancouver/illegal-suites-bc-housing-temporary-rental-supplement

#205 Alan Greenspan on 04.17.20 at 11:54 pm

#58 Figure it Out on 04.17.20 at 4:30 pm

“If you don’t think there was anyone with $107 billion in cash doing nothing, suddenly willing to buy, you’re not alone. Because I don’t think so either.

So to whom are we going to owe all this money? Inquiring minds want to know.”
————————————————————–

Here is a direct quote from the government of Canada website that I linked in my last response that answers your question:

“Since the Bank of Canada is a Crown corporation wholly owned by the federal government, the Bank’s purchase of newly issued securities from the federal government can be considered an internal transaction. By recording new and equal amounts on the asset and liability sides of its balance sheet, the Bank of Canada creates money through a few keystrokes. The federal government can spend the newly created bank deposits in the Canadian economy if it wishes.”

Now do you know where the money is coming from?

#206 Wexit delayed but not forgotten on 04.18.20 at 12:02 am

#128 JSS on 04.17.20 at 6:37 pm
if alberta don’t want the $1.7 Billion, they can feel free to give it back. my god what a bunch of whiners we are

——————

’tis barely a piddle compared to the fire-hose of money we have sent east over the years. We won’t forget.

#207 silver on 04.18.20 at 12:05 am

lets see

population Canada

37,590,000

actual (ie died from vs died with) covid deaths say 1000

1000 deaths divided by 37,590,000 million canadians

means a mortality rate of

0.0000263 % chance of dying from Covid- 19

i’m so scared… ewwwwww scary

8 times that died from flu last year.

stupid f***ing clowns

262 billion dollar tax bill

37,590,000 million canadians

tax cost for every man woman and child in this country

$6,969.9388 dollars
per person
or
$27,879.755 worth of lost tax benefit’s to
every family of 4 in this country

while our public employees such as the health ministers assistant next door play in their yards all day with pay.
smiling all weekend. so relaxed.
telling me how stressed the health care workers are
what they actually had to work.
what would these people do in a real emergency
no mask, no gloves
her and her publicly paid government husband are fine.
just disappointed they can’t go on 3 weeks global holiday this year. they have to stay home. ah tough
do do…
and him discussing how to grind maximum contract benefits
ie hazard pay attached to their pensions for posible exposure..
during this so called manufactured fake Emergency

their not doing a great job

their doing the job they are supposed to be paid for.
it comes with stress.

their F***ing the public dog with their fear mongering
and protected administrator paychecks.

Silver

#208 LP on 04.18.20 at 12:15 am

#100 crowdedelevatorfartz on 04.17.20 at 5:42 pm

My teacher-daughter isn’t a martyr but since the on-line classes started she has spent every weekday sitting in front of her computer screen leading her students (most of her class of 28) through the lessons and answering questions from their parents and from the students themselves. One parent even had the gall to call her at home after 10 at night to ask a question for which the answer was on the screen. So get off your pet hobby horse about lazy, over paid teachers. The vast majority earn every cent they are paid.

#209 Nonplused on 04.18.20 at 12:15 am

#184 Figure it Out on 04.17.20 at 9:24 pm
> > So to whom are we going to owe all this money? Inquiring minds want to know.
> Ummm…the Bank of Canada.

Yeah, that was about my conclusion. The thought that we’re going to eventually have to “pay it off” is, I think, outdated.

Back in the old days, some countries did pay off their debts, but they were usually incurred in wartime, and denominated in gold. If Canada was printing up a storm while all major currencies were standing pat, I’d be worried. But we’re not.

————————

Even if the Bank of Canada were to buy up all the debt (which wouldn’t really work because the bank of Canada is a federally own organization unlike the US Fed, which is about as Federal as Federal Express), the debt still has to be paid back or at least serviced. The idea that you can issue debt that isn’t backed by something and then not pay it back is what hyper-inflation is made of. What makes our money system work and not collapse is the good faith of the borrowers and the ability of the lenders to foreclose. If we lose that, Garth will turn out to have been very, very wrong about gold. But this isn’t quite the end of money yet.

#210 TomMac on 04.18.20 at 12:16 am

With our fiat currency raining like confetti, how can we not see a dabasement of the CND? No one’s talking about it, but inflation is coming- perhaps raging. And with it higher interest rates.

#211 baloney Sandwitch on 04.18.20 at 12:22 am

We need some clarity of thinking. This is not stimulus – it really relief payment. The govt shut us down, so they have to cover the hole (at least partially). I am in my 60’s. So I basically decided that I am shutting down. By the end of the year I will wrap up my small business. I should be able to claim some back taxes from the losses this year. Sure the loans, subsidies will like a ventilator for a while but in the end its euthanasia, i.e. insolvency. I am not putting a dime into the business. My personal portfolio has taken a 25% hit (yes I was very unbalanced) – lesson learnt – but 9 mill (used to be 12) and a paid-off house should be enough.

#212 Scott on 04.18.20 at 1:44 am

@87
Got it, so left wing policy bad. Top countries in the happiness index have rather “left wing” policies. Perhaps it’s not causal. I’m not married to one side of the aisle, I think the best idea should win. Who do you think has the best policy that you would like to emulate here in Canada?

What I’m saying is it’s often hard to know until decades later (if ever) what was best for a country. Would austerity right now be a better choice? Would letting the banks fail in the US financial deregulation crash of 2008 have been better? Even now it’s arguable. My point is I don’t Garth can definitely say that Trudeau’s spending is 100% wrong and will damn this country for decades. I’m all for him voicing that opinion but stating it as fact (which is the vibe I get) seems to be a bit omniscient.

#213 Bobby on 04.18.20 at 2:22 am

Times are changing and it’s going to be ugly. All those who voted for this government, the one where everything is free because someone else is paying, are in for a rude awakening. It is them that will now be paying.

#214 ekzeiler on 04.18.20 at 3:04 am

That church sign in the photo is a case of deja vu all over again.

#215 Sky on 04.18.20 at 3:57 am

DELETED

#216 Stan Brookss on 04.18.20 at 4:45 am

The banks make their interest from the feds, who also happen to be buying $150 billion in bank mortgages.

Let me guess: Those are excellent quality loans lent by prudent lenders to payable customers with good credit history bought by ‘the fed’ in order to ‘inject liquidity into the banking system’ and ‘diversify’ the central bank ‘investment holdings’.

Bhahahahha…., poor stupid sheeple,

Cheers,

#217 Phylis on 04.18.20 at 5:36 am

#149 Faron on 04.17.20 at 7:27 pm Bye! It was wonderful having you here.

#218 Ponzius Pilatus on 04.18.20 at 7:58 am

#197 Your Cousin on 04.17.20 at 11:10 pm
173 Shawn Allen on 04.17.20 at 8:51 pm

“My 107 year old third cousin has actual personal memories of the Spanish Flu!”

Are you over 100 years old as well? This person cannot be your 3rd cousin. 2nd, 3rd, 4th cousin are all in the same generational line as you. Hence they are about the same age. You probably meant to say 1st cousin, 3 times removed…

https://en.wiktionary.org/wiki/third_cousin
————
Good catch.
Good to see there’s still some smart posters left.

#219 BrianT on 04.18.20 at 8:01 am

On a positive note-this whole fiasco has given us all a preview of what it is like to live in a Retirenent Home-everything controlled and dictated by authority with the promise that maybe in return you get more days breathing-it looks like 72% of us wouldn’t mind it and 28% would hate it. At least now we have more info for our planning.

#220 earthboundmisfit on 04.18.20 at 8:10 am

CCP compiler of WuFlu stats: Wei Tu Lo

#221 Ponzius Pilatus on 04.18.20 at 8:12 am

#217 Phylis on 04.18.20 at 5:36 am
#149 Faron on 04.17.20 at 7:27 pm Bye! It was wonderful having you here.
————
Speak for yourself.
Philistine

#222 TurnerNation on 04.18.20 at 8:13 am

#110- students given fresh Ipads? This tells you it’s a permanent change. No more text books. Germs you know. No more library books.
As per book 1984 the small cadre of textbook publishers will control the past and the future. Whatever their electronic books contain, will be the truth. 1984 everyone at home staring at screens.
A virus did that you know.

#223 Wrk.dover on 04.18.20 at 8:27 am

#195 fishman on 04.17.20 at 10:59 pm
Ah yes, looking for the shadow under the cabin door. The bogey mans a coming. Its ok, you got a diversified portfolio & a Schlage deadbolt. Oops, the builder cheaped out & didn’t use proper thick metal joists, doubled up in the door frame & then cross braced to the adjacent studs. The bogey man’s got a Volkswagen jack up his arm & it takes 20 seconds to spring the door jamb. Walk right in, sit right down. Cup of tea?

————————————————

I’m going to open up my liquor cabinet, drink them under the table, and derail what they started, as long as they aren’t Russians.

That would be much more difficult, almost impossible, drawing from my past Caribbean resort experiences.

#224 Alan Greenspan on 04.18.20 at 8:38 am

#196 PBrasseur on 04.17.20 at 11:07 pm

“Yes bailout is expensive, but it’s all printed money, people don’t know this but government won’t even pay interest on it (the central bank who buys the bonds pays the interests back), then the bank will just rollover the loans, ain’t that great?

Did you know that Garth?

Anyway it will work as the market still want to buy our bonds, there’s surely a limit, but now everyone is doing it.”

You are close to understanding the transaction but the central bank doesn’t pay the interest on a bond that it purchased. That would be a negative interest rate and these are not yet present in Canada. The gov’t pays the interest if there is to be any and in a close to 0% interest environment there isn’t much. They could even make it a 0% loan is they so choose. The central bank will buy the 0% interest bond and the money will instantly appear in the Federal govt’s treasure acct.
Check out this parliament of Canada website that explains it.

https://lop.parl.ca/sites/PublicWebsite/default/en_CA/ResearchPublications/201551E#a2

Lastly, do you really think the oracle that runs this blog and is the former Minister of National Revenue doesn’t know about this process??

#225 Dharma Bum on 04.18.20 at 9:04 am

#64 Tired&Retired

“Get your lazy bums back to work. This is MY retirement, not yours! Besides, I need someone to keep funding my OAS and CPP for another 25 years. After that, you can do as you please.”
——————————————————————

What he said!

Too funny.

#226 Dharma Bum on 04.18.20 at 9:31 am

“They came for the entrepreneurs with free loans. We wondered.

This week they came for the store landlords. We raised a brow.

Finally, as the oilpatch received its cash, the farmers asked, what about us?”

-Garth
——————————————————————–

Then came the investors and shareholders.

“We lost a ton of value when you shut down the economy!”, cried the diligent disciplined and responsible investors.

The government should guarantee to make all investors and shareholders whole. We should be guaranteed to be reimbursed by the incompetent government for all losses that they caused us to endure.

Who’s with me on this?

Pay us back, you filthy swine!

#227 Dharma Bum on 04.18.20 at 9:34 am

#213 Bobby

Times are changing and it’s going to be ugly. All those who voted for this government, the one where everything is free because someone else is paying, are in for a rude awakening. It is them that will now be paying.
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Good to hear from you, Bobby!

https://www.youtube.com/watch?v=90WD_ats6eE

#228 oh bouy on 04.18.20 at 10:03 am

@#163 MF on 04.17.20 at 8:18 pm
#149 Faron on 04.17.20 at 7:27 pm

What you say is 100% correct. Please stay.

Your posts are on point, and a great counter balance to the increasing amount of conspiracy theorist, cynical, selfish, arrogant, out of touch, and delusional reality this comment section has become.

MF
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‘has become’?
you new here lol

#229 Don Guillermo on 04.18.20 at 11:11 am

#128 JSS on 04.17.20 at 6:37 pm
if alberta don’t want the $1.7 Billion, they can feel free to give it back. my god what a bunch of whiners we are
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No problem, we’ll just give back $21.7 B in 2020. All good

#230 mousey on 04.18.20 at 11:24 am

#39 Put me down for August 1/2020

#231 Linda on 04.18.20 at 12:04 pm

#201 ‘Bad’ – If property values do plummet in Vancouver post Covid, that city can talk to Calgary about how plummeting property values have affected budgets. I would presume Edmonton & other Alberta municipalities would also be suffering similar issues, but for whatever reason it is Calgary that seems to star in the headlines in this regard.

Now one might presume that Vancouver property values will increase once conditions stabilize, so the tax shortage might be short lived. I guess that depends on how the economy performs & more importantly if any of those ‘wealthy’ property owners are left to tax into oblivion. Maybe they will do as some property owners in Japan have done – simply abandon the property. The city can seize it for back taxes & then try to find anyone willing to be put into the happy situation of ownership, secure in the knowledge that as property owners they will be expected to pay ever increasing taxes regardless of whether they have the fiscal reserves. Gee, what a deal. Can’t imagine why anyone would say no to that.

#232 J.C. on 04.18.20 at 1:06 pm

Inheritance Tax and restrictions on snowbirds living and spending their money in the US for 6 Months until they need to come back home for health care would help us pay it back.

#233 morrey on 04.18.20 at 11:22 pm

#158 Mark Moretti replying to #135

How the hell are we going to pay for all of this?

Mark you are correct–
We’re not, ever. No country is ever going to pay.

#234 TLDR on 04.20.20 at 1:25 pm

TLDR – Too Easy
] gov.ca shipping cash to anyone who puts up hand for ‘support’, ] gov is responsible for said ‘support’ since they paused the economy to fight ‘the bug’, ] consultant Jenn gets support of 30K loan + 10k free cash for her small biz and complains that its too easy to get, ] cash shipments will only last for a short a time before cupboards are bare and then ‘they’ will be ‘coming for you’