Beware the algo

Roughly 2,000 people a week, every week, ask for their mortgage payments to be deferred. Yes, this is atop the 750,000 (or so) households who have already told their lenders they cannot/will not make the monthly. The banks continue to accept deferral applications, and will do so until September. As a certain pathetic blog reported last week, there may be a 4-month extension in the works that would boost the total deferral period to ten months. When it all ends, the market will be impacted.

Yikes. Mortgage debt now totals $1.68 trillion, which has more zeros than a Drake fan club. Despite the fact real estate sales have tanked since Covid came to town, this is about eleven billion higher than last year. In fact mortgage debt is rising by close to a billion a month now – because of deferrals.

Not only are hundreds of thousands of homeowners not paying down their principals each month through blended payments, they’re actually hiking their long-term debt as accumulated interest is added to the principal owing. Repeat after me: this is a really bad idea. Mortgage rates may never be this low again in your lifetime (these are pandemic levels, after all), so more amortized debt means the cost of repayment will inevitably shoot higher.

Lenders are being starved of this cash flow, but bankers play the long game. By increasing the mountain of outstanding mortgage debt they stand to make more down the road. Plus, by delaying repayment for a lot of it until rates start to inflate two or three years from now, spreads increase as does profitability.

As stated here with numbing, nauseating regularity, do not defer unless salivating wolves are at the door. You’re doing yourself no favour. And don’t be naïve. There could be consequences to deferring mortgage, loan or a credit card payments.

Here’s Philip to share his experience. “I own three profitable companies and when things hit the fan in March, two were mandated to suspend operations,” he tells me. “Out of an abundance of caution I contacted every bank with whom I have credit instruments and requested payment deferrals. I never used them. All accounts are paid and up to date. No payment has ever been missed, but when I checked my credit report, CIBC had reported a LOC and Visa account as DEFFERED.”

When I contacted customer service, they assured me this would not affect my credit score. I let the lovely call centre agent know that CIBC could not guarantee that, as CIBC does not write the FICO algorithm or control how Credit Scores are calculated. I also suggested that how scores are calculated could (will) change in the future. My call was escalated three times until finally I was informed that even though I had made all payments, payment deferral reporting to Credit Bureaus is not dependant on whether payments were made, but only dependant on whether there was a request for a deferral. I thought your blog dogs should know.”

By the way, here’s a screenshot of Phil’s credit card payment summary with the maroon penguins bank. Those little black arrows are not cool.

It’s a myth that deferrals will not be recorded internally by all lenders, nor find their way into credit reports that are written by algos based on bank uploads. Will this prevent you from having your mortgage renewed in 2022? Probably not. But you might end up paying a higher rate. Or being asked to provide proof of employment and income. Or being turned down for a refi or a HELOC. It only makes sense that people withholding payments will be flagged as less creditworthy. And end up owning more.

$     $     $

Do you use cash?

Probably not. A survey this week shows Canadians cut their use of paper (plastic) money in favour of card payment by a whopping 42%, thanks to Covid. That’s double the rate in the States, and reflects the fact a lot of retailers (like Longos and Best Buy) just refused to accept real currency (even though that was illegal).

But, but, but. The Bank of Canada also reports that besides bumwad people were hoarding fifty-buck bills back in March when the virus hit. Now there are untold numbers of homes with Ziploc baggies of fifties in the freezer and taped inside the toilet tank.

Meanwhile there are more dollars floating around than there used to be. Mr.Trudeau and his pal Bill will spend $343 billion new ones by the end of the year, money created by the Bank of Canada and emailed over to civil servants who then direct-deposit it into the accounts of CERB recipients and others. Some of it will be recouped through bond sales. Some, well, just faerie dust.

All this got Andrew (in Van) wondering what’s going on when he read of a new job posting at the central bank.  “Looks like the move to a cashless society is in the works,” he says. Sure does. The gig seems innocuous – ‘Research and Development Technologist, CBDC” – but it comes with a “Secret’ security classification and is designed to appeal to crypto, digital and privacy experts.

Read this:

The Project
The Bank of Canada is embarking on a program of major social significance to design a contingent system for a central bank digital currency (CBDC), which can be thought of as a banknote, but in digital form. This project will require us to break new ground. It will take into consideration a wide variety of factors, including policy considerations, diverse stakeholder needs, difficult technical challenges and the development of a technical architecture to realize a CBDC pilot system.

The Challenges
We aim to design a CBDC with cash-like properties in digital form:
* Private: While not aiming for cash-like anonymity, CBDC should be highly private yet meet the obligation to be compliant with anti-money laundering and other regulations.
* Universally accessible: Regardless of their circumstances, CBDC should be usable by all Canadians, even by those without a bank account or access to a cellular phone, in remote communities not well served by cellular networks, and/or those with sensory, motor and cognitive impairments.
* Resilient: CBDC should continue to work even during electrical power and network outages.
* Secure: CBDC must have the highest levels of security so Canadians can use it with confidence, as they do our banknotes.
* We will design an architecture into which these properties are coherently embedded, with a potentially multi-decade evolving lifespan, supporting a business model designed to achieve CBDC policy goals.

Yep, go throw that baggie of bills in the microwave. Cash will be trash when that Bank of Canada chip is soon implanted in your forehead.

 

157 comments ↓

#1 Dirty Dan on 07.13.20 at 3:24 pm

The silent majority is starting to push back. Blue Lives Matter protests in democratic NYC:

https://www.youtube.com/watch?v=5mx20x4kGSc

Donations are funneled to Democrats through ActBlue, the company that receives donations for BLM.

https://www.reddit.com/r/AskReddit/comments/gw6wou/where_does_the_blm_money_go_to/

Susan Rosenberg, a convicted terrorist, is currently on the executive board of Thousand Currents, the group that provides funding for Black Lives Matter.

#2 Attrition on 07.13.20 at 3:24 pm

No cash, no country. Who’s with me?

No?

Ok, well, when cash is trash I’ll buy anyone’s stash for $0.50 on the dollhair.

#3 Millennial 1%er on 07.13.20 at 3:26 pm

Interesting find on the research. I’m not worried – as long as we have open source cryptocurrency with protocols that achieve anonymity; people will have a healthy alternative. Fiat currency is fiat regardless of whether it is digitized or not.

#4 Credit Shawarma on 07.13.20 at 3:27 pm

With all the home buying that has taken place over the last 20 years, I cannot for a moment believe credit scores were so good to allow so much borrowing of such big numbers. Does the credit score really matter as much as Credit Shawarma would like you to believe it does? I think they want us sleeping with one eye open at night. Lol.

#5 Prince Polo on 07.13.20 at 3:28 pm

Now that the government is taking cryptocurrency seriously, how best to invest at the ground floor? Asking for a friend!

#6 Out West on 07.13.20 at 3:28 pm

I call shot gun today!

#7 Millennial 1%er on 07.13.20 at 3:37 pm

@#5 Prince Polo
Look for cryptocurrencies that implement the cryptonote protocol. Essentially, it prevents analysis on the blockchain’s previous transactions, or any analysis on how many wallets there are and how much they contain. It’s the IRS & CRA’s worst nightmare.

It might be your nightmare when CBs take over crypto and ban all others. – Garth

#8 Ponzius Pilatus on 07.13.20 at 3:38 pm

First haircut in 4 months.
The barber charged me 21bucks.
PreCovid was 14. Covid bonus, I guess.
Did not mind. 14 was a slave wage anyway.
Gave him 25 in cash.
Cash is still king at small businesses.

#9 yvr_lurker on 07.13.20 at 3:42 pm

However, if cash is to become trash, how will all those people who survive from the underground economy (where generally no taxes are paid) survive? (I am being partly sarcastic here). The list of workers taking cash is large: tutors for kids in school, people cleaning houses, gardeners and landscapers, minor home renovation, painters, private car repair, people renting out rooms in their houses or basement suites, massage, escorts, etc….etc… The underground economy is huge…

#10 Overheardyou on 07.13.20 at 3:44 pm

As ambitious as CBDC sounds, it takes more than a plan to get any idea going. They will need acceptance and top quality product (if you have unlimited capital) which I assume the BOC does.

Plus are there any studies on what cash is used for these days? Last I checked it was used to send money internationally to relatives. Still, it will be interesting to see how they market this thing when it’s ready

#11 conan on 07.13.20 at 3:47 pm

I think all governments are seriously looking at crypto currency now. I have heard that almost 20% of the economy is unreported cash transactions, and crypto wipes that out over night, and of course, this adds up to a lot of easy government revenue. It is a total no brainer in the days of Covid.

The trillion dollar question is: ” Do they make Bitcoin, etc. illegal ?

I think they will.

#12 Ballingsford on 07.13.20 at 3:51 pm

There are too many skunks eating out of the trough and things are getting stinky! Need to call in the coyotes.

#13 Riding the Pine on 07.13.20 at 3:51 pm

Good luck with that. It will be a failed effort, or a very long time coming. Bitcoin is the gold standard, yet to be improved upon, and it’s driving the banking world to try and catch up. Way too late. When they couldn’t shut down crypto years ago, they tried their own version – with all the same fees, restrictions,etc. The whole point of crypto is to be free from bank controls and fees. BTC has a pretty strong outlook over the next 2 years. Best have a percent or two in your portfolio. Diversification, right Garth?!

#14 TurnerNation on 07.13.20 at 3:56 pm

This forced Global Economic Reset by our ruling elites and NGOs has brought some hardship and opportunity.

1. Investors.com reports that costs of flying on an airline will rise. Of course. Always with our travel rights they hit. We still pay inflated “Sept 11” security fees to ‘keep us safe’. Say what became of our enemies overseas? Not scary enough. This CV is better.
Zika – remember that nothingburger? We were shown one photo of a shrunken head. That’s all it took I know someone who cancelled their travel plans over
that. Always with our Travel rights.
– CV – they told us to #stayhome right? Global marketing campaign .

2. Job opportunities:

Block Commandant: You will report directly to MF. Issued equipment will include a Laser Measuring Device – for distance checks.
And a strap-tension testing device . “You there, pick up that sagging mask”.

LCBO: Perhaps our local correspondent can chime in but the Lunenburg Covid Oppression Bureau (LCBO) requires more bodies. Job duty will chiefly be searching out then
yelling at our forum host & dog: “Go home!”. Standard equipment issue will be a trained Bloodhound and Dog Doo DNA testing kit.

#15 Ponzius Pilatus on 07.13.20 at 3:56 pm

The problem with Credit cards is that they cannot be laundered.
Therefore, cash will remain king in the underworld.
I saw some estimates that illegal deals make up about 25% of the world’s economy.

#16 mike from mtl on 07.13.20 at 4:00 pm

Crypto$ is only ‘worth’ something because it is exchangeable with regular Fiat at some point. Practically it is terrible as a medium of exchange for a huge amount of normal use cases. If you can’t convert back and forth to real fiat, it’s use and value are quite limited. Unless you’re a drug dealer or a weirdo.

Plus if the BoC somehow bans physical poloz pesos we already have access to the best physical cash – wads of US$. Though could be bad if they pull a Cuba and are not convertible to something normal.

And no, rates are not going to be going up anytime soon, the FED and BoC have been crystal clear on that.

#17 wallflower on 07.13.20 at 4:01 pm

the BoC digiproject – lots of money sunk but it won’t fly because Canadians can’t get anything right at the governmental level – remember the smart card Ontario was going to introduce for healthcare? remember how much was spent? and where is it?

we spend billions on employment but never roll out anything digismart

#18 Don Guillermo on 07.13.20 at 4:01 pm

Interesting options for anyone wanting to remote work on a beach:

https://nationalpost.com/news/world/barbados-is-introducing-a-visa-that-will-allow-foreigners-to-work-remotely-on-its-beaches/wcm/ed4b72f6-a627-4d03-bcf4-021a3f11ef48/
…………………………………………………………………
https://www.businessinsider.com/secondary-passports-citizenship-price-decreases-caribbean-malta-coronavirus-travel-restrictions-2020-7?op=1

#19 Scary Times on 07.13.20 at 4:03 pm

Scary times with digital currency. . .privacy gone, device tracing, google home listening. . .5G towers spreading COVID, Injecting Autism into People with New “Covid” Vaccines, bill gates and his plan to force vaccines to control Free movement. It’s all coming to and end folks, rise of the robotic empire. Say your prayers rabbit, life as you know it is gone. Big brother is watching and controlling your every move.

Time to dip. . .see you in the great outdoors . . .gonna get woodsy.

#20 wallflower on 07.13.20 at 4:03 pm

and the credit card ‘deferred’ record keeping – sounds like our insurance industry – you make a call about a collision but decide to not make a claim – too late – it’s data collected and whammo!: tainted file

#21 Mongo on 07.13.20 at 4:05 pm

Tesla just crashed and I lost it all. So much for the stock market.

#22 Brian Ripley on 07.13.20 at 4:08 pm

My Millionaire Metric Chart is up:
http://www.chpc.biz/millionaire-metric.html

It measures Vancouver, Calgary & Toronto Single Family Detached and a Millionaire all priced in $CAD Ounces of Gold

To be a millionaire today you need 46% less bullion than 10 years ago.

Gold is a “store of value” like any other commodity … say cash.

We should be be relieved that we no longer back our representation of value with a mineral that is subject to supply, demand and hoarding.

The biggest benefit to all of us will be the end of illegal activities that require the anonymity of cash.

We will be relieved when we finally move to 100% digital representation of value. We are almost there. The next big hurdle in my opinion is TAX REFORM.

Here is Simon J Thorpe’s defense of “A Flat Rate Financial Transaction Tax to replace all taxes?” (12 page PDF):
https://hal.archives-ouvertes.fr/hal-00530144/file/A_flat_rate_FTTv3.pdf

Advantages of a Flat Rate FTT (Financial Transaction Tax) October 2010 by: Simon J. Thorpe, CNRS Research Director (DRCE), CerCo (CNRS-UT3), TMBI (Univ. Toulouse), BrainChip Inc

A Flat Rate FTT is fair.
A Flat Rate FTT is cheap to implement.
A Flat Rate FTT would be virtually impossible to avoid.
Removing conventional taxes would make tax havens largely irrelevant.
A Flat Rate FTT would provide a level playing field.
A Flat Rate FTT taxes those actors in the economy who can pay.
The abolition of taxes on profits would be a major incentive to the economy.
Increased incentives to short production supply chains.
Increased incentives for local exchanges.

And here is the system known as the APT or Automated Payments Transaction Tax (41 Page PDF with charts) was developed by Edgar L. Feige, Professor of Economics Emeritus at the University of Wisconsin-Madison (OCT 2000):
http://www.chpc.biz/uploads/9/7/9/5/9795010/taxation_for_the_21st_century.pdf

Summary & Conclusions Snippet:
The APT tax proposed in this paper is designed as a revenue neutral replacement for the present tax system. It is emphatically not intended as an additional source of revenue. It proposes to broaden the tax base by eliminating all implicit tax expenditures, all exemptions, deductions and credits while adding to the tax base the enormous volume of transactions representing exchanges of property rights to real and financial assets and liabilities. The flat rate tax required to maintain revenue neutrality is estimated to be in the neighborhood of 0.6 percent if total transactions volumes fall to half of their current levels.

The APT tax system relies on an automated tax collection mechanism that insures that
government revenues are immediately assessed and collected when exchanges are consummated by payment. The tax collection procedure relies on the technology of modern payment systems and obviates the requirement for individuals and firms to file any tax documents with government agencies. The state’s role in tax administration is reduced to the oversight of financial institutions that provide depository, payment and clearing services. The introduction of virtual tax payment accounts that are electronically linked to existing transaction accounts provides each firm and individual with a transparent record of all tax payments. The standard business accounting practices, which currently require exact knowledge of all debits and credits to financial accounts, form the basis of the tax collection system. The addition of a tax on currency as it leaves and reenters the banking system eliminates the present anomaly of the government freely supplying a monetary instrument that is widely used to circumvent government statutes. The tax on currency and on automated payments increases the collection of taxes from illegal activities, including the traffic in drugs that requires heavy currency usage and repeated money laundering for the conduct of business.

A small tax of less than 2% on all transactions is better than the mess we are in now.

#23 Dolce Vita on 07.13.20 at 4:09 pm

That was good.

Yet again, a well deserved I told you so on the credit deferral advice. Wake up call for a nation that thinks everything is free and that, that comes with no consequences.

CBDC…that came out of left field – good eye. I like your chip in forehead quip…careful though Garth, you’ll arouse suspicions from the “mark of the beast crowd” (lay low).

I say this as years ago they tried an embedded RFID chip under skin, at the pulse, in Spain for a fitness facility and other stuff…the “crowd” were not amused.

#24 Guy on 07.13.20 at 4:12 pm

House prices in Toronto/GTA are up huge bro. Bidding wars everywhere. House down my street sold for a tad below the March 2017 high for the same model.

As predicted. Pent-up demand meets low inventory and cheap loans. Things will change. – Garth

#25 FreeBird on 07.13.20 at 4:12 pm

Excellent doc films/articles on block chain, digital currency etc over last few yrs. Digital currency in works by world central banks incl Canada, UK, US, India, China, Sweden, Isreal etc in recent years (pre virus). Not surprised. India banned crypto but their central bank plan digital currency early 2020. Similar w/China. Sweden already has voluntary chip implants next logical step.

https://business.financialpost.com/technology/blockchain/bank-of-canada-lays-groundwork-for-digital-currency/amp

https://cointelegraph.com/news/bank-of-canada-prepares-for-digital-currency-in-case-one-is-needed/amp

https://www.google.ca/amp/s/www.pymnts.com/cryptocurrency/2020/canada-prepares-for-future-digital-currency/amp/

https://www.google.ca/amp/s/cointelegraph.com/news/central-bank-digital-currencies-changing-the-architecture-of-money/amp

Reports China plans to develop digital currency (2018):
https://asia.nikkei.com/Opinion/China-s-plan-to-end-the-anonymity-of-cash

VISA files bitcoin patent:
https://news.bitcoin.com/visa-cryptocurrency-system/

#26 central bank digital currency ... on 07.13.20 at 4:13 pm

Hope the Fed’s do better than the Phoenix pay system and the long gun registry. Just to name two …

#27 greyhound on 07.13.20 at 4:13 pm

“Yep, go throw that baggie of bills in the microwave. Cash will be trash when that Bank of Canada chip is soon implanted in your forehead.”

The black helicopters have crossed the southern border?

#28 Faron on 07.13.20 at 4:13 pm

Post one of two:

Thanks for the post Garth. Good reminder to keep an eye on the credit reports.

Regarding the federally backed cryptocurrency job, that sounds like wicked cool work. It’s not often that you see a job posting an opportunity to address a massive intellectual challenge like that. It would be a really cool job. And if crypto keeps money laundering at bay, you may just see a side effect of a lower mainland housing price crash.

#29 Sail Away on 07.13.20 at 4:20 pm

Cash is king. The further technology proceeds toward tracking purchases, the more cash one should use.

Set a precedent with your bank for using cash- maybe withdraw $2k per month for a year, then up it to $5k, $9k, or whatever makes sense.

Buy everything you can with cash. Eggs, farm vegetables, seafood at the harbour, side of beef, FN products, lumber, moonshine, discretionary items… I even buy property with cash.

Craigslist is your friend and you can also set up arrangements with local independent producers.

Live cheaply among the masses. Stay on the downlow.

#30 Steamer on 07.13.20 at 4:21 pm

If mortgage deferrals will cause problems, what will happen to those withholding rent? When they want to move or are finally evicted, who will rent to them when their references are checked?

#31 Millennial 1%er on 07.13.20 at 4:22 pm

@ #11 conan (and also Garth)

Sure, the government can de-incentivise certain cryptocurrencies (like XMR) that are untraceable – however the government can’t really outlaw cryptocurrency. Or rather, they can’t enforce its illegal status. What are they going to do, make mathematics illegal?

I’d also argue that the vast majority of these transactions are already illegal: most of their beneficiaries do not pay their tax dues on them. Joe blow’s darknet drug store definitely doesn’t have a business registration. Regardless of their legality status, a black market will exist and therefore have demand. In addition to buying happy candy off the nether regions of the internet; being able to send money out of country to another in an untraceable manner will have utility for many people.

A big pain in the ass for the governments, and it will no doubt become illegal. Though I’m not sure they’ll be successful in enforcing its illegal status.

#32 Timesup on 07.13.20 at 4:29 pm

Thank you Garth. Interesting that banks report people who request deferrals but don’t use them. Doesn’t take much to destroy a credit rating which took decades to build up.

#33 Classical Liberal Millennial on 07.13.20 at 4:32 pm

Government can’t even get a payroll system implemented without a sh*t show and yet they’re going to go cashless?
Yeah, sure.

#34 Shawn on 07.13.20 at 4:39 pm

DELETED

#35 Faron on 07.13.20 at 4:39 pm

Post 2 of 2:

#106 Ponzius Pilatus on 07.12.20 at 8:46 pm

But Ponz, sharks are rad. Although I don’t like “getting the vibe” when I’m out for a surf in sea lion infested waters on a cold foggy day with poor water visibility in Oregon, they are really amazing creatures. I’ve never laid eyes on one, but would like to.

#158 Ronaldo on 07.13.20 at 1:09 pm

As for feedbags. I’m thinking of the following set up:

— beer helmet with self purging valve that allows switching from one tube to the other. Blue tooth connected for easy switch?
— mask with septum that allows feed tube to pass through while remaining hermetically sealed from COVID.
— beer or bev of choice
— Wide-mouth mason jar
— lithium ion immersion blender

1) Go to resto and order food/bev to go
2) Load bev in one side of beer helmet
3) Put food in jar and puree. Add water if needed
4) Load meal jar into other side of helmet
5) Go for a walk in a public space and be nourished and adored

and finally:

#150 Sail Away on 07.13.20 at 11:31 am

TSLA – 20 bagger! I know you all want to hear it.

Faron, sorry, I didn’t take your advice to sell.

Ha, no worries :-) When I saw that VIX was up in the face of a rising s&p and that bond yields were starting to drop I took some profit to cash and watched my value prospects keep on climbing. Two hours later, S&P plopped and the value prospects stayed strong.

Maybe we can agree on TSLA:

Sail Away: 4 (could be higher)
Faron: 1 (admittedly probably not higher)

Anyhow, bragging about unrealized one day gains is just stupid. Especially on a blog devoted to long-term buy and hold.

#36 Ponzius Pilatus on 07.13.20 at 4:40 pm

#28 Faron
Suck-ups don’t count as posts.
Right. Garth?

#37 NSNG on 07.13.20 at 4:47 pm

I always keep my credit payments up to date every month but on the statements it was said we did not have to make a payment or something of the sort. I can’t find the letter now. Will this also show up on the credit report even though we still kept up?

Also, if criminals can’t use cash, they will use anything of high value that is fungible. They once used diamonds and may go back to that again.

These ‘rules’ are not designed to stop the crooks. They are designed to stop the honest people, pen them up, and turn them into criminals.

The move to a digital currency merely follows current trends and makes the economy more efficient. What the hell is wrong with this blog? Where are the normal people? Hello? – Garth

#38 Damifino on 07.13.20 at 4:50 pm

After all, the Phoenix Pay System worked so well…

The Bank of Canada did not design Phoenix and had zero to do with it. How is this remotely relevant? – Garth

#39 akashic record on 07.13.20 at 4:52 pm

Payment deferral reporting to Credit Bureaus is not dependant on whether payments were made, but only dependant on whether there was a request for a deferral… Will this prevent you from having your mortgage renewed in 2022? Probably not. But you might end up paying a higher rate. Or being asked to provide proof of employment and income. Or being turned down for a refi or a HELOC.”

Or maybe this is the racist equivalent treatment of people by the financial industry.

Or maybe Customers Life Matter, and some financial statues need to be pulled down and some leaders of the financial industry should say good bye.

Or maybe the financial industry needs to take a good look at their racist equivalent business practices and bend their knees.

It only makes sense that people actually NOT withholding payments will NOT be flagged as less creditworthy.

#40 Linda on 07.13.20 at 4:56 pm

So, do those currently applying for deferrals actually need them? Or are they under the presumption that doing this is a good thing financially?

The cashless society thing is promoted with the promise that all illicit, black market shenanigans will be eliminated. Everyone will therefore pay their fair share of taxes, ponies for all children & a chicken for every pot sprinkled with fairy dust guaranteed. Somehow this utopian promise manages to ignore that vast quantities of electronic black market transactions are in fact a reality & that cashless does not in fact prevent this from happening.

Don’t think cashless is about eliminating crime. It is all about control. They want their cash cows to be neatly lined up ready for milking, not frisking about in open pastures. Moo!

#41 Ronaldo on 07.13.20 at 4:57 pm

#35 Faron

#158 Ronaldo on 07.13.20 at 1:09 pm

As for feedbags. I’m thinking of the following set up:

— beer helmet with self purging valve that allows switching from one tube to the other. Blue tooth connected for easy switch?
— mask with septum that allows feed tube to pass through while remaining hermetically sealed from COVID.
— beer or bev of choice
— Wide-mouth mason jar
— lithium ion immersion blender

1) Go to resto and order food/bev to go
2) Load bev in one side of beer helmet
3) Put food in jar and puree. Add water if needed
4) Load meal jar into other side of helmet
5) Go for a walk in a public space and be nourished and adored
——————————————————————
LMAO, that has to be the funniest thing yet. Good job.
Better get that patent in quick.

#42 Ace Goodheart on 07.13.20 at 5:07 pm

The whole cashless society thing is a total goof.

Just go travel somewhere outside of Canada, that is not “first world”.

The only thing that gets you around, are good ol’ Benjamin Franklins.

Some micro chip in your head, or some nonsense Canadian dollar magical fairy chip, is just going to be laughed at (or shot at, depending on the mood of the soldiers at the road block demanding a “cadeau”).

Yeah, as usual, taking Canadian dollars out of Canada to anywhere other than Cuba is a big waste of time.

But never discount the value of a few nice rectangular pieces of paper with dead Presidents on them.

#43 Andrewski on 07.13.20 at 5:08 pm

When Covid first broke out I called my credit card company and simply asked what they’d be doing as far as Covid relief goes for monthly amount owing payments.

Turns out the rep turned off my monthly Auto Pay, forcing me to manually pay my full owing amount each month by the due date. (I’ve never missed a full payment).

It took them 3 months & multiple calls from me to get me back on Auto Pay. What a PITA!

I checked both credit agency’s and my # remains above 950. Phew.

#44 Billy Buoy on 07.13.20 at 5:15 pm

Mr. Turner taught us “Never count out the USA.”

He is 100% correct. Just add, “Never fight the FED.”

Since they have cut back stimulus (cough) creating digits out of thin air for the club , the market has went sideways and today when one of the FED chairs Kaplan had the AUDACITY to say “Emergency facilities to be pulled back as the eCONomy improves.” The market took a nice steep tumble downwards. Addicts don’t do well when the drug (cough) Money is taken away do they?

As I said yesterday, NEVER COUNT OUT THE FED because folks, there is nothing else. Zip, Nada, Zero. And AGAIN, today confirmed it.

I wonder where Kaplan is working tomorrow?

#45 Doug t on 07.13.20 at 5:22 pm

Give ALL your rights and freedoms to your true OVERLORDS you lazy, scared puppets

#46 BlogDog123 on 07.13.20 at 5:25 pm

Toilet tank and freezer !

My two best hiding places, revealed by GT !

Now to get creative where to stash my loot:
1. Behind the book case.
2. Behind the picture on the wall of aunt Edna.
3. Under the sofa.
4. Hidden in the banana stand (points to those who get the reference).

#47 Billy Buoy on 07.13.20 at 5:25 pm

When is the one world government about to start?

Get ready serfs to bow to your new leaders and make sure to provide a cork to wear or grease to make the transition less painful.

The overlords will add it to the bill you will never be able to repay to the company store if you don’t have your own.

If not, take your chances. You’ve been warned.

#48 Don Guillermo on 07.13.20 at 5:28 pm

#42 Ace Goodheart on 07.13.20 at 5:07 pm
The whole cashless society thing is a total goof.

Just go travel somewhere outside of Canada, that is not “first world”.

The only thing that gets you around, are good ol’ Benjamin Franklins.

Some micro chip in your head, or some nonsense Canadian dollar magical fairy chip, is just going to be laughed at (or shot at, depending on the mood of the soldiers at the road block demanding a “cadeau”).

Yeah, as usual, taking Canadian dollars out of Canada to anywhere other than Cuba is a big waste of time.

But never discount the value of a few nice rectangular pieces of paper with dead Presidents on them

******************************************
Benjamins are very difficult to use in Mexico. They are being tracked heavily. An old friend from Ohio came down for a two week visit a few years ago. He brought only US cash, no debit or credit cards. His memory of Mexico was from the 70’s. I had to float him pesos for the trip. The best is to have debit cards for local cash and a couple of credit cards for back up. Walking around waving US 100’s makes you look naïve and like a target. Used to be similar in Colombia, not sure about now.

#49 Stone on 07.13.20 at 5:29 pm

The move to a digital currency merely follows current trends and makes the economy more efficient. What the hell is wrong with this blog? Where are the normal people? Hello? – Garth

———

Over here Garth.

I have no debt.
Totally liquid with everything in broad based index ETFs.
Balance & diversified.

Feel better? Hug.

#50 Freedom First on 07.13.20 at 5:33 pm

At the White House press briefing today, a commentor in the comment section said he recently asked his Doctor when the Pandemic will end? The Doctor replied, “I don’t know, you’d have to ask the politicians”.

.

Freedom First

#51 Inequity on 07.13.20 at 5:33 pm

I noticed today’s picture depicts what has happened to the comments section. ;)

#52 The West on 07.13.20 at 5:37 pm

Good post today.

You are dead on to recognize that total control of economic exchange is going to be required to keep this afloat. The “cash economy” is actually hurting the banking system.

The “chip world” is going to usher in a zombie apocalypse though. No motivation and no incentive. I wonder, is it not better off to allow the “cash economy” to thrive so that people stay somewhat motivated?

#53 jess on 07.13.20 at 5:41 pm

i thought canada ended that digital experiment years ago? mint chip?
Centralized Ledger Technology (CLT), nanopay further enhanced the MintChip
or Central Bank Digital Currency (CBDC).
==========

http://rethinkingservice.blogspot.com/2018/05/9-reasons-why-targets-make-performance.html

rankings : “staff at an outsourced Police control room were making 999 calls at quiet times in order to meet their target of answering 92% of calls within 10 seconds”. Or the time when “doctors [in the UK] were diverted from treating seriously ill patients to ones with minor problems in order to meet 4-hour waiting time targets”

list with examples of algorithms being given a metric to optimize for and finding entirely unexpected ways of ostensibly achieving their objective while violating common sense.

e.g. Evolved creatures – suffocation In a game meant to simulate the evolution of creatures, the programmer had to remove “a survival strategy where creatures could gain energy by suffocating themselves”

https://tinyurl.com/ydb9f2ty

https://medium.com/centre-for-public-impact/what-gets-measured-gets-managed-its-wrong-and-drucker-never-said-it-fe95886d3df6
=========================

How Many Teachers Are at Risk of Serious Illness If Infected with Coronavirus?

#54 crowdedelevatorfartz on 07.13.20 at 5:46 pm

@#26 Govt digital currency
“Hope the Fed’s do better than the Phoenix pay system and the long gun registry. Just to name two …”

++++
Yep.
Billions of dollars, several years and its still crap.

God help us all.

#55 Damifino on 07.13.20 at 5:48 pm

The Bank of Canada did not design Phoenix and had zero to do with it. How is this remotely relevant? – Garth
—————————–

I know they didn’t. The remote relevance is simply that bureaucrats tend to implement things before they’re ready and also tend to put personal career advancement ahead of system performance, then blame next guy after they’ve moved on with great accolades.

At the bottom level, this really is software. Software that’s to become fundamental to the economy. Software is similar to sausage. You should never watch it being made. I spent a career putting the ill-considered directives of management ahead of reliable product.

Forgive me for being skeptical, but I’ve heard this before…

Private, Universally accessible, Resilient, Secure

We will design an architecture into which these properties are coherently embedded, with a potentially multi-decade evolving lifespan, supporting a business model designed to achieve CBDC policy goals.

#56 MF on 07.13.20 at 6:06 pm

#42 Ace Goodheart on 07.13.20 at 5:07 pm

“Some micro chip in your head, or some nonsense Canadian dollar magical fairy chip, is just going to be laughed at (or shot at, depending on the mood of the soldiers at the road block demanding a “cadeau”).”

-Yeah..just like how we are laughing that you didn’t notice the Federal Reserve is doing the same thing:

“U.S. Moves Closer To Digital Dollar”

https://www.forbes.com/sites/tatianakoffman/2020/07/01/senate-moves-closer-to-digital-dollar/#3d6ec2367279

“Digital Dollar Project Promotes Federal Reserve Digital Dollar”

https://www.forbes.com/sites/norbertmichel/2020/06/19/digital-dollar-project-promotes-federal-reserve-digital-dollar/#531deddf38ae

“Fed Reserve Is Researching DLT-Based Digital Dollar, Says Governor”

https://www.coindesk.com/fed-reserve-is-researching-dlt-based-digital-dollar-says-governor

Oh yeah, on the topic of masks. Those two stories you posted a few days ago were just useless anecdotes. I haven’t experienced anything of the sort. What this pandemic has actually proven is the opposite of what you described. It’s shown Canadian society to be quite unified, resilient, and compassionate. It’s okay to be positive every once in a while.

MF

#57 Shawn on 07.13.20 at 6:12 pm

QUOTA

#58 MF on 07.13.20 at 6:17 pm

The move to a digital currency merely follows current trends and makes the economy more efficient. What the hell is wrong with this blog? Where are the normal people? Hello? – Garth

-This is the post COVID national anthem to the comments section in all its glory:

https://www.youtube.com/watch?v=pct1uEhAqBQ

MF

#59 Shawn on 07.13.20 at 6:18 pm

QUOTA

#60 Shawn on 07.13.20 at 6:24 pm

Governments are just going to keep pouring $ on this and keep people at home. The overwhelming majority of people work at low paying jobs they hate regardless. They’re happy to stay home for another year or permanently. You’ll see. And yes it will be an enormous tax on society but that’s what people want. And governments are the people. We’re the minority Garth. It’s not a good place to be – especially in a socialist pseudodemocracy like Canada.

#61 Sail Away on 07.13.20 at 6:29 pm

Hey NoName,

Today’s pic shows your German Short-haired Pointer. Awesome dogs.

Must be a staged pic, though- the GSP’s I know would not stand for some upstart eating their food. The dogs don’t really care about getting sprayed, haha- it’s mostly just fragile humans that think it’s a big deal.

Tip of the day: to counteract a skunked dog, wash it with baking soda, hydrogen peroxide and water. Better yet to have your hunting partner wash it!

#62 William Peartree on 07.13.20 at 6:33 pm

Quick question about ETF tracking error if someone can enlighten me. The SP500 is up about 40% since March. ETFs like SPY and VOO are up about 38%. Now looking at HXS, an Horizon SP500 ETF, it seems up by about 30%. Is that a mistake on my part ? How could this be explained ?

#63 YouKnowWho on 07.13.20 at 6:38 pm

#8 Ponzius Pilatus on 07.13.20 at 3:38 pm

Cash is still king at small businesses

——

What small business? They’ll all be gone long before cash is discontinued.

#64 Nonplused on 07.13.20 at 6:40 pm

Doesn’t anybody remember how many so-called “secure” bitcoin exchanges have already been cleared out by hackers? And isn’t the current credit/debit system already pretty robust for those who don’t want to use cash? And I don’t see this sort of thing working unless everyone including the homeless have at least some sort of a debit like card to access their “cash”. Or a smartphone maybe. Or an implanted chip. “Mark of the beast” type thing.

Seems like every proposal ends up sounding like the poor are being abandoned. Take “defund the police” for example. This, if it happens, is going to have a much larger impact on the poor than it will on the gated communities, who will just hire their own police force similar to the way alarm monitoring works. Maybe it is a growth opportunity for the alarm companies. Just outfit their security guards with guns and hire a few more of them. Probably recently fired police officers. Some fire departments in the US already work like this. Don’t pay your fees, we don’t respond.

The world just gets crazier every day.

#65 Igor Mak on 07.13.20 at 6:49 pm

Thanks. Please add another ingredient to this soup. In normal air, there should be 3000-5000 ions/cm3. Wet mask reduces to 150 NAI/cm3
The blood thickens, the immune system is overloaded, the brain does not get enough energy, and normal thinking is lost. Then the capillaries are blocked, stroke and heart attack. Laboratory mice died within 2 weeks after being fed air through a wet cloth.

#66 Don on 07.13.20 at 6:52 pm

I have a TD Cashback CC. No Fees. I set the limit below my monthly spending so I am always paying it off and receiving a cashback that pays all my bank fees and the odd weekend of beer and mushrooms with the boys.

That’s called spanking the banks. Oh Ya!

#67 willworkforpickles on 07.13.20 at 6:57 pm

Unless the Government forces it on us, proposals to go cashless will be met with huge resistance. Would any sane individual elect to be put at the mercy of governments stooping to future out of control negative interest rates – setting them as low as they like whenever they like stealing away your life savings until many have nothing left.
Sure…sure – sure you would…watch them take it all and suffer.
Try this example on…Looking ahead in their cashless future when they have at their discretion neg. int. rates set at say 10% (they’re coming after you and me – the guy with a bank balance) that’s $10,000.00 digital dollars annually for every $100,000.00 of your money held ransom in their digital banking system.
This…. besides the obvious evils of going cashless will be Capitol Evil number 1
Capitol Evil number 2 spawned from a cashless society will see home invasions reach levels beyond today’s most vivid of projections.

OMG. We’re doomed. – Garth

#68 willworkforpickles on 07.13.20 at 7:07 pm

#66 Dig for the truth. Try not to believe government lies.

#69 Nonplused on 07.13.20 at 7:11 pm

“The move to a digital currency merely follows current trends and makes the economy more efficient. What the hell is wrong with this blog? Where are the normal people? Hello? – Garth”

Well, they are going to have to do considerably better than Bitcoin then. The thing uses huge amounts of electricity and handles very few transactions. Plus they can still be stolen. Maybe I am not “normal” but call me a skeptic that they are going to meaningfully improve on the current credit/debit system that has been years in the making. Heck you can pay your taxi driver with your smartphone already. I just don’t see a need for the crypto-currency. The current system works pretty good as long as you don’t care that the bank probably knows how much you spend at the liquor store if they really wanted to look it up.

I’m also not sure about keeping a fat stack of $50’s hidden in a tin buried in the garden. In a true SHTF scenario, what are you going to buy with it? Gas for your car? The pumps won’t be working. Food? Without the gas pumps there will be no food delivery and the stores will be long since looted. Cash might be good for barter but not as useful as a full pantry.

The current system works pretty good as it is. Most people don’t use cash very often already. I keep a stack in my wallet for emergencies or food trucks or flea markets but there is no way it is a covid risk because it is in there for months before I touch it, plenty of time for the covids to die off.

#70 Where's My Money Going Gweedeau? Not To Control Drugs/Guns... on 07.13.20 at 7:11 pm

SO I guess the crime networks across Canada are using this step to increase their take, when it comes to start paying it back they will have pulled all that money out and left the tax payers holding the bag.
More reason to flee Canadian assets (including the dollar) as the house of cards will tumble if the deferrals stop.
My conclusion is houses will never go down and my conspiracy theorist mind concludes it’s all a planned takedown of the ones not in the inner scam circle.
When you have a Canadian police network that won’t bust a “former” Chinese army general known for fentanyl trafficking and living in the most expensive compound in a Chilliwack suburb with a cache of illegal weapons, who is also allowed to own a gun store in Port Coquitlam, you know the game is rigged.
We don’t rate.
https://globalnews.ca/news/7055099/ontario-bc-crime-group-laundering/
https://www.theprogress.com/news/chilliwacks-most-valuable-home-owned-by-vip-chinese-gambler/

#71 yvr_lurker on 07.13.20 at 7:12 pm

Off-topic here, but I realized today that I am in the wrong field. I did not realize that one can make 300K per year as a public speaker (Margaret Trudeau and Trudeau’s brother). I have been giving a research talk in my field roughly once every 2 months for 30 years, and in my field it is rare to get an honorarium.

The opposition needs to go after Trudeau. This is nepotism at its worst. I would be shown the door with such corruption in a heart-beat. All the people who are super-happy being able to smoke their weed with impunity, like my silly neighbour, love this guy. Where is a pragmatic guy like Chretien?

#72 cuke and tomato picker on 07.13.20 at 7:13 pm

As people avoid paying their house payments etc Is the somebody out betting there there will be a housing crash
like The Big Short?

#73 jess on 07.13.20 at 7:14 pm

take it or leave it

On Monday, McConnell reiterated his call for lawsuit protections for “everyone related to the coronavirus” — whether it’s doctors, nurses, businesses, K-12 schools and colleges — covering the period from December 2019 to December 2024.
“It must have, must, no bill will pass the Senate without, liability protection for everyone related to the coronavirus,” McConnell told Kentucky reporters. “Nobody should have to face an epidemic of lawsuits on the heels of the pandemic that we already have related to the coronavirus.”

(CNN)With coronavirus cases recently on the rise in California, Gov. Gavin Newsom on Monday ordered all counties to close many indoor activities, including dining inside restaurants.
Besides eateries, Newsom said indoor wineries, tasting rooms, movie theaters, family entertainment centers, zoos, and museums should close now. Those that can should offer outdoor areas of service. Bars must close all operations.

Thirty of the 58 counties that are on the state’s monitoring list will need to close fitness centers, places of worship, offices for non-critical sectors, personal care services, hair salons and barbershops, and indoor malls under the new order.

#74 Sail Away on 07.13.20 at 7:14 pm

Is it my imagination, or is Garth getting testier and more cantankerous?

Time for a new pup?

We know his address, so could just send one over. I’m thinking a calm, mellow Springer Spaniel, Old English Sheepdog or Golden Retriever.

#75 Faron on 07.13.20 at 7:24 pm

Post 3 of 2 (but it’s informative and personal finance related!)

#62 William Peartree on 07.13.20 at 6:33 pm

Quick question about ETF tracking error if someone can enlighten me. The SP500 is up about 40% since March. ETFs like SPY and VOO are up about 38%. Now looking at HXS, an Horizon SP500 ETF, it seems up by about 30%. Is that a mistake on my part ? How could this be explained ?

1) USD has lost 8% since late March.

2) HXS is a total return product that uses a financial instrument to re-invest dividends into the units. HXS will grow without tax on dividends. Cool product if you don’t hold many assets, don’t want to DRIP or pay commissions on re-investing divvies.

#76 Government Phoenix on 07.13.20 at 7:35 pm

Thanks for the post Garth
A quick comment on Phoenix. As usual the bloggers on here guess and Are Not informed. Here are a few reasons Phoenix failed,
First they fired all the payroll people before moving the the head office out of Ottawa.
Second they then combine 90 payroll Centers into one Center
Three the moved the payroll Center to a satisfy a politicians riding.
The government did not learn from its first mistake when they centralized the pension and moved it in some remote community.
Forth no one wants to move to these remote communities so you hire local people who have no clue how the system works.
Fifth they switch to a new computer system
All cumulated from bad to worst.
And finally BOC is not remotely related to the federal government.
For those who think cash is king.
We had a post many moons ago and a survey I think? On how people spenD their money
Majority was cash or credit and then small change stuff like coffee was being switched to apps.
Gosh before the virus I was standing in line at a take out cafeteria, ten people in front of me paid with their phones or debit. I was the only one who paid cash.
I welcome a bank of Canada digit currency with a built in HST for every transaction.
I think of this came into effect the barter system will gain lots of traction. Might be hard to barter a cow for an ice cream cone but besides that someone Have an innovative idea on an app.

#77 Steven Nicolle on 07.13.20 at 7:36 pm

I use the credit card for the cashback then pay it when I get home. You know I am going crazy with this pandemic. Conrad Black echoed my thoughts in this National Post article. If we are careful like we were during the first two phases we should get through Phase 3 alright. But some of the rules are stupid. I don’t know how a movie Cineplex with 10 movies is going to find it worth opening when they can only allow 50 people in the entire Cineplex at one time to watch 10 different movies. Two in this one, five in that one, etc up to 50. Like really we are killing ourselves with stupidity. Just open it up and sure there will be clusters but that is what we have contact tracing for no?

https://afterwaiterextraordinaire.blogspot.com/2020/07/here-is-article-by-conrad-black-noted.html

#78 Danger Dan on 07.13.20 at 7:38 pm

Digital currency will make it wonderfully convenient for the government to confiscate your wealth when they decide you have too much of it, just like the Soviets did.

#79 mike from mtl on 07.13.20 at 7:55 pm

#62 William Peartree on 07.13.20 at 6:33 pm
Quick question about ETF tracking error if someone can enlighten me. The SP500 is up about 40% since March. ETFs like SPY and VOO are up about 38%.
////////////////////////////////////////////////////////////////////

Depends on where you get your figures from.

VOO Mar 23 – Jul 13 should be +37% the index itself very nearly that, of course minus a tiny MER baked in, exclusive of dividends. Over reasonable timeframes like 6-12 months VOO tracks the sp500 basically within the MER – it’s very good at that.

SPY is the oldest sp500 ETF and has some drag but nothing to worry about long term.

HXS seems to be one of those synthetic swap things.

#80 Shelly Shuster on 07.13.20 at 7:57 pm

Actually I think there is an example of digital currency that is already embraced in Canada. On the bunz trading forum they have crypto like currency and it is called btz. Recognized as a legal trading value, like canadian tire money only with a digital wallet…resistance?..It’s already here!

#81 Dirty Dan on 07.13.20 at 8:06 pm

#30 Steamer on 07.13.20 at 4:21 pm
If mortgage deferrals will cause problems, what will happen to those withholding rent? When they want to move or are finally evicted, who will rent to them when their references are checked?

Hahah, references.

> “Hello, yes this is Miss Grundy. Why yes, Archie and Reggie were both room mates at this address. Always paid their rent on time too.”

#82 Drinking on 07.13.20 at 8:06 pm

lol, cash is King and always will be King! Wink, wink, these people are on glue! CBDC will never achieve this; there are always other ways!!

#83 Flop... on 07.13.20 at 8:10 pm

I pay cash for everything.

Don’t own a credit card.

My wife shuns cash and uses plastic everywhere.

I’m o.k with society going cashless, as it means my wife will have to pay for everything.

How soon can this happen…

M46BC

#84 NoName on 07.13.20 at 8:15 pm

#61 Sail Away on 07.13.20 at 6:29 pm
Hey NoName,

Today’s pic shows your German Short-haired Pointer. Awesome dogs.

Must be a staged pic, though- the GSP’s I know would not stand for some upstart eating their food. The dogs don’t really care about getting sprayed, haha- it’s mostly just fragile humans that think it’s a big deal.

Tip of the day: to counteract a skunked dog, wash it with baking soda, hydrogen peroxide and water. Better yet to have your hunting partner wash it!

Funny that you pointed that out. I’ve been wanting to get gsp one for years, but family situation dont allow it. Perhaps when younger is done with high school in a few yrs well get one. Hunting partner is wife, she would definitely not be happy, if i do that she wold trade me for upstart husband 2.0 in a heart beat…

#85 Yukon Elvis on 07.13.20 at 8:19 pm

#46 BlogDog123 on 07.13.20 at 5:25 pm
Toilet tank and freezer !

My two best hiding places, revealed by GT !

Now to get creative where to stash my loot:
1. Behind the book case.
2. Behind the picture on the wall of aunt Edna.
3. Under the sofa.
4. Hidden in the banana stand (points to those who get the reference).
………………………………………

I hide mine in a loaf of bread at the back of the fridge. Don’t tell anyone……..

#86 William Peartree on 07.13.20 at 8:22 pm

Thank you #74 Faron !

Why do you say “Cool product if you don’t hold many assets”. In any case I now realize that holding this product in a registered account does not seem to make sense.

#87 Bytor the Snow Dog on 07.13.20 at 8:23 pm

@76 Steven Nicolle:

Great column by Mr. Black. Who woulda thunk a far right Trump lover could come up with such logic and facts that support and even care about the suffering of all people not just those who may be adversely affected by a virus.

#88 crowdedelevatorfartz on 07.13.20 at 8:26 pm

@#61 Sail Away
” to counteract a skunked dog, wash it with baking soda, hydrogen peroxide and water.”
+++
Recipe portions?
Would that work on elevator dogs?

#89 UmiouiuS on 07.13.20 at 8:27 pm

#49 Stone on 07.13.20 at 5:29 pm
The move to a digital currency merely follows current trends and makes the economy more efficient. What the hell is wrong with this blog? Where are the normal people? Hello? – Garth
*******************

Garth, I thought I was one of your ‘normals’ (well okay, almost). But yesterday you transferred me over to the “don’t be a dick” dept. Ouch .. a huge ouch.

But then, I just assumed you’d altered your blog’s poster standards to allow/invite more “suck ups” and fewer of us with differing or contrary opinions. After all, it IS your blog..!!

So okay, I’ll exit quietly and avoid doing the Al Pacino:
(“I’m outta order? No, you’re outta order..!!”)

Btw: ehen I phoned-in to cancel my ‘Greater Fool’ blog subscription, I was told not to expect my owed refund (if any) via digital, and no earlier than 90 days out.

Sheesh, really? Ida thought digital’d be much quicker.
Kind regards and best wishes.

#90 Spaccone on 07.13.20 at 8:28 pm

>>Resilient: CBDC should continue to work even during electrical power and network outages.

>>Yep, go throw that baggie of bills in the microwave. Cash will be trash when that Bank of Canada chip is soon implanted in your forehead.

Hmmm…
Google: “When you are awake, your brain generates about 12-25 watts of electricity – which is enough to power a small light bulb.”

#91 crowdedelevatorfartz on 07.13.20 at 8:32 pm

@#75 Govt Cash Incineration
“Fifth they switch to a new computer system
All cumulated from bad to worst.(sic)worse.”

+++

Is it working yet?
Is the Long Gun registry used by any Canadian police force?
Will Canadian Cyber Coin cost taxpayers billions of dollars and immediately be hacked by China?
I’ll stick to untraceable, un-monitored, un-advertized cash transactions thanks…

#92 Ballingsford on 07.13.20 at 8:45 pm

Garth,
I was opposed to you removing the comments section, but I now see see the light.
Have a portal where we fill out our details and anyone at the millenial age 22-38,(roughly) can’t post until they grow up. That will be never.
Let’s keep the comments section open for us wise boomers and the other generation behind us, Gen X.

#93 the Jaguar on 07.13.20 at 8:48 pm

Deja Vu all over again…………….

https://www.youtube.com/watch?v=77gKSp8WoRg

#94 TurnerNation on 07.13.20 at 8:49 pm

Electronic currencies ?
Nothing to see here folks. Below is our future, our ruling elites piloted it in an an out of the way place which could not be protested. Everything taking place today (masks all go live this week, globally! What timing eh) has been planed years and decades in advance.
Sit back and watch the show. Say where’s your elected rep these days, where are they vacationing?

“A biometric digital identity platform that “evolves just as you evolve” is set to be introduced in “low-income, remote communities” in West Africa thanks to a public-private partnership between the Bill Gates-backed GAVI vaccine alliance, Mastercard and the AI-powered “identity authentication” company, Trust Stamp. The program, which was first launched in late 2018, will see Trust Stamp’s digital identity platform integrated into the GAVI-Mastercard “Wellness Pass,” a digital vaccination record and identity system that is also linked to Mastercard’s click-to-play system that powered by its AI and machine learning technology called NuData. Mastercard, in addition to professing its commitment to promoting “centralized record keeping of childhood immunization” also describes itself as a leader toward a “World Beyond Cash,” and its partnership with GAVI marks a novel approach towards linking a biometric digital identity system, vaccination records, and a payment system into a single cohesive platform. The effort, since its launch nearly two years ago, has been funded via $3.8 million in GAVI donor funds in addition to a matched donation of the same amount by the Bill and Melinda Gates Foundation.”

#95 Flop... on 07.13.20 at 8:50 pm

Was flicking through the channel guide on the Ol’ t.v.

Came across a programme called Botched.

I clicked on it, thinking it was going to be a documentary about the Trump Administration response to COVID-19.

Nope, just a chick getting a botched boob-job fixed.

Either way, bunch of boobs…

M46B

#96 Programmer on 07.13.20 at 8:55 pm

When the economy is heading towards a recession the CBs will be printing money. When money is printed the rates go down and the amount of money increases. When there is lots of money there aren’t many places to invest and this generates riskier investments with lower returns. The banks will start lending money to the onese with bad ratings. So no, this won’t affect the lending that much, less it will affect the housing market.

#97 the Jaguar on 07.13.20 at 9:03 pm

@#73 Sail Away on 07.13.20 at 7:14 pm

All purebred dogs mentioned. You don’t get him, do you?

#98 Where's My Money Going Gweedeau? We Charity Scam.... on 07.13.20 at 9:13 pm

From CBC comments on We Charity (https://www.cbc.ca/news/politics/trudeau-sorry-we-contract-1.5647515):
valentina vivianao

I have asked this question before, however, I need to ask again.
Is this a coincidence?

1) August, 2019- WE Charity hires Bill Morneau’s daughter

2) September 3, 2019-Bill Morneau grants WE Charity $3 million dollar government grant. Largest government grant ever to be awarded to WE Charity

3) October 21, 2019- Federal Election

#99 Reality is stark on 07.13.20 at 9:14 pm

When you throw 350 billion into an economy which generates 150 billion of value it is of no consequence.
This is one of the foundational principles of Socialism. Productivity is unnecessary.
Printing money to absolve the government of all it’s obligations is a natural consequence of good governing according to most Democrats.
Oh to live on sugar mountain with all the buskers and the coloured balloons.
So people defer their mortgages. They take their cue from socialist principles that the way to deal with an issue is to kick the can down the road. Public services need to be radically rationalized. But those costs continue to escalate as all levels of government are concerned only with protecting their salaries. There is no other guiding principle.
Eventually foreigners will stop lending us money.
The difference between them and our banks is that we can force our banks to offer deferrals through the end of the barrels of our military guns.
Our military is of no consequence to a foreign lender.

#100 Axehead on 07.13.20 at 9:18 pm

In your forehead or on your hand. On your hand makes it easy to use. In your forehead is contingent on whether you have a hand or not. But everyone has a forehead. Garth you are prophetic. Have you been reading Revelation lately?

#101 Pete from St. Cesaire on 07.13.20 at 9:21 pm

I use cash for everything except my internet connection which I can’t pay for with cash. If some local internet provider would set up in town and would allow me to pay by cash I’d switch over to their services.
My mother switched over to a phone service that she can pay for with cash.

#102 Do we have all the facts on 07.13.20 at 9:24 pm

I’m getting more confused every day. How can encouraging Canadian citizens who find themselves unable to meet their current debt servicing obligations to increase their total debt by thousands of dollars be viewed as anything but irresponsible.

Based on current logic exhibited by our Federal government the best way to address drug addiction is to increase the dosage.

Easy access to credit when times were good encouraged thousands of Canadian citizens to over extend themselves to the point where the loss, or reduction, in income left them without the means to cover their legal debt obligations. Without a guarantee that income will be restored in the foreseeable future the logical solution would be to reduce debt, not to increase debt.

I see now why our 6 major banks decided to set aside $10.6 billion to cover possible losses from bad loans.

Banks have their fingers on the economic pulse of Canada.

Government of Canada seems to have their head somewhere else.

Kapeesh!!

#103 Ponzius Pilatus on 07.13.20 at 9:25 pm

#73 Sail Away on 07.13.20 at 7:14 pm
Is it my imagination, or is Garth getting testier and more cantankerous?

Time for a new pup?

We know his address, so could just send one over. I’m thinking a calm, mellow Springer Spaniel, Old English Sheepdog or Golden Retriever.
—————–
Sailo.
You running a puppy mill?

#104 Ronaldo on 07.13.20 at 9:31 pm

#46 BlogDog123 on 07.13.20 at 5:25 pm
Toilet tank and freezer !

My two best hiding places, revealed by GT !

Now to get creative where to stash my loot:
1. Behind the book case.
2. Behind the picture on the wall of aunt Edna.
3. Under the sofa.
4. Hidden in the banana stand (points to those who get the reference).
—————————————————————-
In a previous home that I built, I had an area built into my basement floor about 18″ square and deep disguised as a floor drain. You took off the drain cap and got at your loot.

#105 Colin on 07.13.20 at 9:33 pm

The “war on cash” has been underway for more than 40 years. In the 70’s we saw the introduction and penetration of basic credit. In the 80’s we saw the rapid emergence of debit. In the 2000’s we saw the emergence of contact & contactless chip. In the 2010’s we’ve seen the increased penetration of e-comm, m-comm and crypto currencies.

This evolution of tender (and the departure away from cash & coin) is nothing new and all part of a natural progression of commerce and financial exchange that is managed and regulated by the largest banks and payment brands under the watchful eye of Ottawa and it’s regulatory watchdogs.

Aside from the natural social trepidation that comes with this type of transformational change, it should not be conflated and commingled with today’s rash of crises.

#106 that guy on 07.13.20 at 9:45 pm

#42 and others who depreciate cashless.
When travelling cash has become a disadvantage almost everywhere. Credit cards are king.
In poor countries nobody has enough local coin to change large American bills, and when they do you are stuck with a lot of local coin. Cash just presents a risk of robbery. Nobody wins.
For any purchase greater than buying a beer on the street the vendors have credit card acceptance on their phones. And yes, (almost) everybody has a phone (almost) everywhere on the planet (over 5B internet capable phones in use out of less than 6B adults.).
This isn’t new – Kenya has had near universal phone-enabled cashless payments for over a decade.

#107 binky barnes on 07.13.20 at 10:02 pm

Heard the PM apologize for his recent error in judgement…….nothing to see here folks, so move along. Teflon Justin strikes again.

BB

#108 mike from mtl on 07.13.20 at 10:27 pm

#105 that guy on 07.13.20 at 9:45 pm
#42 and others who depreciate cashless.
When travelling cash has become a disadvantage almost everywhere. Credit cards are king.
/////////////////////////////////////////////////////////////////

Depends where certainly within the US/CA/UK sphere yes plastic is widely accepted. Japan, Germany and lots of central European counties are heavily cash or debit card (GIRO) based.

Japan is weird, like a flashback to the 80s. Public smoking and cash everywhere – carrying like 1000$ in cash is no big deal. You pay physical cash to top up electronic cards on arguably the best, most modern, train system in the world.

#109 SoggyShorts on 07.13.20 at 10:50 pm

I find cash super annoying and haven’t used it in Canada for many years.
That said, I don’t see the need for crypto-anything, my Visa works just fine.

#110 Lambchop on 07.13.20 at 10:53 pm

I pay my favourite local businesses with cash. My mechanic, my feed dealer, my produce store.
I pay them with cash because I like them and want them to succeed.
Unlike credit or debit cards, with cash there are no fees for anyone and 100% of my bill goes to the business.

Not a fan of the idea of cashless. Too much room for abuse of power and a total lack of privacy. Many people are already cashless, so why even bother with a forced crypto?

#111 SoggyShorts on 07.13.20 at 10:54 pm

#43 Andrewski on 07.13.20 at 5:08 pm
I checked both credit agency’s and my # remains above 950. Phew.

****************************
In Canada, credit scores range from 300 up to 900 points, which is the best score.

#112 Ronaldo on 07.13.20 at 10:54 pm

#54 crowdedelevatorfartz on 07.13.20 at 5:46 pm
@#26 Govt digital currency
“Hope the Fed’s do better than the Phoenix pay system and the long gun registry. Just to name two …”

++++
Yep.
Billions of dollars, several years and its still crap.

God help us all.
——————————————————————
And let’s not forget Panorama. More millions wasted. God help us all is right.

https://www.timescolonist.com/news/local/health-ministry-computer-system-420-over-budget-five-years-late-1.2030588

#113 Ponzius Pilatus on 07.13.20 at 11:27 pm

Who says money does not grow on trees?
The small town in America prints its own money:
https://www.cnn.com/2020/06/20/us/tenino-washington-wooden-money-trnd/index.html

#114 Wait There on 07.13.20 at 11:45 pm

#98

Ok so the USA borrows money and Canada borrows money and other countries borrow money. So which are the rich countries lending us all first world advanced economies all money? Just who are the lenders?

But wait, we donate and fund so much stuff. So does the USA? So why don’t the rich countries fund the stuff we fund directly?

#115 Ronaldo on 07.13.20 at 11:49 pm

#71 cuke and tomato picker on 07.13.20 at 7:13 pm
As people avoid paying their house payments etc Is the somebody out betting there there will be a housing crash
like The Big Short?
————————————————————
Google Mark Cohodes.

#116 Jamie on 07.13.20 at 11:53 pm

Wealthsimple is adding support for trading cryptocurrencies very soon. Finally Canadians will be able to buy bitcoin from a legitimate company and not some shady dude that fakes his own death and runs off with your money. Digital cash like BTC and new stable coins will only hasten the death of paper “fiat” money.

#117 Sail Away on 07.14.20 at 12:12 am

#96 the Jaguar on 07.13.20 at 9:03 pm
@#73 Sail Away on 07.13.20 at 7:14 pm

All purebred dogs mentioned. You don’t get him, do you?

—————-

Of course. I bet Doug, Ryan and Sinan have pedigrees.

If you need a job done, it’s better to start with the best prospect instead of choosing a random mutt and hoping for a miracle. They each eat the same amount of kibble.

Of course, all pedigrees are not the same. Get the dog recommended by other trainers and breeders. This is important. Traits are genetic. Choose the ones you want. You’ll like the dog more and you will both have a better life.

#118 Dogman01 on 07.14.20 at 12:33 am

# 19 Scary Times

Be slippery and difficult

Live quietly amoung the masses

Camouflage and concealment

#119 Buy? Curious? on 07.14.20 at 1:17 am

YES GARTH! The Drake simile is awesome! Comparing his fan club membership to Canada’s mortgage debt obligations is so groovy! I just linked my kids your post and they were amazed at how indebted Canadians (but not surprised after hearing my Jane Goodall-esque observations and conclusions on CANADIANS.)

Two things they wondered aloud: Why would Canadians care so much debt if in the end they have declare bankruptcy and start all over? “Borrow as much as you can!” my son said (Chip off the ol’ block, eh?) Does anyone listen to the Tragically Hip anymore? Lead singer dies and now the lakes of Muskoka echo Hotline Bling? You Canadians are a funny bunch.

#120 Faron on 07.14.20 at 1:26 am

one of one

#85 William Peartree

Sorry, i wasn’t clear. Great for small holdings because small investments can’t DRIP when the total dividend is less than the price of one share. Manually reinvesting cash dividends isn’t fee efficient unless you are continuously growing the holding with additional funds.

#121 Shirl on 07.14.20 at 1:30 am

Your blog posts are always A-1, but the comment section has become a gathering place for, well, not normal people to be nice. Its degrading your person and your family name. There are some great commentators here, Brian Ripley for one, but some most certainly are not.

#122 n1tro on 07.14.20 at 1:32 am

Embrace the crypto loonie fellow Canadians. Crypto was all bad and only used by terrorists until, wait for it, governments caught up and made their own crypto. Now we will see news about how it will hold everyone accountable after the reset.

All the scammers (welfare mommas, fleamarket vendors, hookers and even the elites) you whine about will be at the mercy of the blockchain! It will be a private blockchain that only the CRA and BOC has access to but rest assured they only have our best interest at heart.

As for using your money outside of Canada, you would just convert your crypto at the money exchange booth like before. Have too many transactions converting crypto to a foreign country, expect a knock on the door.

Focus on the end game though. With crypto, MMT and maybe UBI can be implemented.

Imagine, the economy is in the toilet, government needs to speed up the velocity of money to get the economy going again. They will announce that they will give all Canadians X amount of dollars that needs to be spent by a certain date, on certain things or it will expire ie. To bailout car companies, $10K is given that needs to be spent on a new car by the end of the quarter or it goes away.

But what if cars cost more than $10K? No problem, the $10K is used as a down payment and the balance amortized and auto docked from your salary directly. Do this for whatever industries need bailing out. Economy picks back up within months not years with all the spending AND new debt slaves are created to feed the machine.

#123 Steven Rowlandson on 07.14.20 at 6:13 am

“Yep, go throw that baggie of bills in the microwave. Cash will be trash when that Bank of Canada chip is soon implanted in your forehead.”

That Garth is absolutely the work of SATAN and must be opposed.

#124 Ballingsford on 07.14.20 at 6:22 am

Thank you Garth!

#125 milly on 07.14.20 at 8:41 am

Hi Garth,

I want to get your opinion on this!

It looks like TSLA might join the S&P500, making it so that ETFs must buy in this bloated stock in a company that does not turn a profit. I find this unsettling, and wonder if ETF’s will be left holding the bag. If Tesla ends up in the S&P should we ditch our ETF? What could happen if the tesla bubble bursts after inclusion?

It would be one company out of 500. Relax. – Garth

#126 Wrk.dover on 07.14.20 at 8:52 am

#118 Buy? Curious? on 07.14.20 at 1:17 am
YES GARTH! The Drake simile is awesome! Comparing his fan club membership to Canada’s mortgage debt obligations is so groovy!

———————————————

I thought Garth meant the Drake fans are zeros, not that there are many zeros in the total. Wait a minute…

#127 TurnerNation on 07.14.20 at 8:57 am

If anyone doubts that media is simply predictive programming, earlier this year Economist magazine has a picture of an unseen hand (our elites) leading a masked human around by a leash. And the human similarly has a dog on a leash. Yep our elite rulers think we are unclean animals. See it yourself:
https://www.economist.com/weeklyedition/2020-03-28

– Ontario extended “state of emergency” well into 2021; the Feds had mad a grab to unlimited power. Why? To roll out the New System.
– We are in the Compliance stage. You may not transact commerce without the Mark (mask), AND you must still stand 6 feet apart. Where’s the science in that ?Masks are for sick people to prevent transmission. You are not sick. But you are not. Guilty. There’s no way out.

– Rules rules rules. A chosen few will do well int the New System. The Banks have stated their new rules and QUOTAS of who they must promote upwards. The criterion is skin pigment. Not kidding. We are like animals, ranked and valued for your plumage. Banks of course run the show.
All compassion has been removed in the New System.
I guess your DNA is all that counts? Much like breeding show horses or racing pigeons.
New rules for Board of Director requirements are also being put into place. You must have X number of people with certain DNA characteristic and skin pigmentation. No joke. It’s in the news. The New System dictates your business. Comply comply comply with new communism Quotas.

CERB being extended? C’mon they never give us anything for free. The trade-off will be the destruction of small business. Who wants to play pool, watch a band, sit in a pub wearing a mask. When you are healthy.

#128 Shawn on 07.14.20 at 9:14 am

The market is beginning to price in renewed lockdowns across the US and globe…

#129 Will Sell My Comment Quota for Cash! on 07.14.20 at 9:16 am

To the verbose blogdogs among us.

The ones who really love to hear themselves prattle on about anything and mostly nothing….
You know who you are (top ten list)

I am offering to sell my comment quota for cash.

Just saying…

#130 crowdedelevatorfartz on 07.14.20 at 9:22 am

@#122 Steve Rowlandson
“That Garth is absolutely the work of SATAN and must be opposed.”

+++

Are you missing a comma?
Or do you believe Garth is the work of Satan?

#131 Sail Away on 07.14.20 at 10:08 am

#124 milly on 07.14.20 at 8:41 am

It looks like TSLA might join the S&P500, making it so that ETFs must buy in this bloated stock in a company that does not turn a profit. I find this unsettling, and wonder if ETF’s will be left holding the bag. If Tesla ends up in the S&P should we ditch our ETF? What could happen if the tesla bubble bursts after inclusion?

—————

After his break with reality, Edward fervently believed he was a raccoon. Even so, he was still unable to climb trees.

#132 Howard on 07.14.20 at 10:09 am

Mortgage debt now totals $1.68 trillion, which has more zeros than a Drake fan club.

——————————-

That can be interpreted in two ways.

#133 Sail Away on 07.14.20 at 10:17 am

#128 Will Sell My Comment Quota for Cash! on 07.14.20 at 9:16 am

To the verbose blogdogs among us.

I am offering to sell my comment quota for cash.

—————–

Dearest Will!

Cool. Please DM me with your banking information, routing number and Swift Code and I will transfer funds from my terminally ill uncle. A deposed Nigerian monarch if you must know.

#134 Jake Stanzza on 07.14.20 at 10:20 am

This is just the same crap like UBI or annual guaranteed income and socialism, minimum wage, social programs like CERB etc. etc. I keep asking this question to many liberals, progressives name disguised as socialists, why only $15 an hour or $17,000 a year minimum wage, UBI or guaranteed annual income is so low.

If it works so well, why not $30 an hour or $50 an hours, heck $100 an hour minimum wage, why not $40,000 or $70,000 a year UBI annual guaranteed income, heck just give everyone $1 million a year.

This is so ridiculous and stupid. How far people’s brains have become so unthinkable, literally. Canada is well on it’s way to become a second or third rate country no matter how much people get from government.

#135 Steven Nicolle on 07.14.20 at 10:29 am

#86 BYTOR

Yes I think it hit the nail on the head. Thank you for having a look and your kind comment.

#136 Love_The_Cottage on 07.14.20 at 10:40 am

#133 Jake Stanzza on 07.14.20 at 10:20 am
This is so ridiculous and stupid.
________________
Hard to argue with such an articulate and well reasoned argument. Impossible to understand why everyone doesn’t immediately switch to your view.

#137 Dan tolham on 07.14.20 at 11:05 am

Why is that credit cards did not cut their interest from ranging from 18% to 30% not more in the 5% to 6% at the maximum. This would be a huge stimulus to the Canadian and other world economies like US, UK, Europe Japan etc.

#138 Sail Away on 07.14.20 at 11:08 am

To TurnerNation: here’s one for you:

https://www.google.com/amp/s/beta.ctvnews.ca/national/coronavirus/2020/7/13/1_5021981.html

#139 MF on 07.14.20 at 11:21 am

6 Bytor the Snow Dog on 07.13.20 at 8

I enjoy Black’s columns and writings. He has some good points. This reopening thing is a balancing act though. Open too quick and you might get a bump in cases and, more importantly, a return of fear. The fear will demolish the economy as much as the actual virus. Open too slow and our economy is toast. Everyone understands this. A cautionary approach is 100% necessary.

Couple things though:

Black is definitely not “far right”. Far right indicates a radical philosophy. Black is not radical. Using him to prove the “far right cares” is incorrect.

Kudos for not insulting others though.

MF

#140 Felix on 07.14.20 at 12:23 pm

Skunks, (family Mephitidae), also called polecats, are most closely related to cats.

This explains why they have IQs 150% higher than canines and literally eat their lunch.

No wonder the dogawful mutt in today’s photo is losing his food and will starve.

#141 Tater on 07.14.20 at 12:25 pm

Before anyone ends up being videotaped and on the web screaming at some cashier about how it’s illegal for a store to refuse cash, it isn’t.

The BoC has even gone so far as to ask stores to keep accepting cash as the un or under-banked may not have any other option. But there’s no law that says a business must accept cash.

#142 The Watcher ... Fifth Post on 07.14.20 at 12:35 pm

https://www.facebook.com/photo.php?fbid=10220493560801545&set=gm.3315596841824012&type=3&theater

#143 ronh on 07.14.20 at 12:50 pm

Tin foil hat time – no make that lead sheet.

Not in your possession, you dont own it.

#144 TurnerNation on 07.14.20 at 12:51 pm

Sailaway the headlines are built to get inside your…head. I avoid them myself. As if they’d give us real news to improve our lives. No we must seek out places like this weblog.

#145 Where's My Money Going Gweedeau? We Charity Scam.... on 07.14.20 at 12:59 pm

More on the We Charity Scam!!
https://www.cbc.ca/news/politics/we-charity-student-volunteer-grant-pandemic-trudeau-1.5648323

#146 ImGonnaBeSick on 07.14.20 at 1:21 pm

#62 William Peartree on 07.13.20 at 6:33 pm

Quick question about ETF tracking error if someone can enlighten me. The SP500 is up about 40% since March. ETFs like SPY and VOO are up about 38%. Now looking at HXS, an Horizon SP500 ETF, it seems up by about 30%. Is that a mistake on my part ? How could this be explained ?

—-

HXS doesn’t track as well either because it’s hedged. HXS.U has tracked much closer. True value ETFs are corporate class and good for non-registered accounts, since they result only in capital gains. So they skirt around Morneau’s passive income rules for shares held within a personal corporation. Of course, that may be changing soon if the inclusion rate is increased. I’m sure Wild Bill is kicking himself saying that companies holding onto retained earnings is dead money… Would have come in real handy during these rainy days.

#147 Cowboy Kyle on 07.14.20 at 1:26 pm

Honestly, just love my daily read. Thanks Garth, please don’t stop writing! Ditch the comments if you must, the majority never read them anyways.

#148 Gendrol on 07.14.20 at 1:53 pm

I’m struggling to figure out what problem an “official” CDBC is supposed to solve. Seems to me like plain old cash solves every one of the “challenges” listed. And cash is digital most of the time anyway.

Seems like a classic solution-in-search-of-a-problem to me.

#149 PetertheSeparatistfromCalgary on 07.14.20 at 2:12 pm

“CBDC should continue to work even during electrical power and network outages.”

Is that even possible?

#150 Tom Galloway on 07.14.20 at 2:30 pm

Dan Tolham, the reason credit card interest rates are still so outrageously high 18% to 30%+ is because banks and other lenders are naturally parasites.

They take your money at 1% or less and change 18 to 30 times more. What else would you call that.

#151 Stone on 07.14.20 at 2:37 pm

#110 Lambchop on 07.13.20 at 10:53 pm
I pay my favourite local businesses with cash. My mechanic, my feed dealer, my produce store.
I pay them with cash because I like them and want them to succeed.
Unlike credit or debit cards, with cash there are no fees for anyone and 100% of my bill goes to the business.

Not a fan of the idea of cashless. Too much room for abuse of power and a total lack of privacy. Many people are already cashless, so why even bother with a forced crypto?

———

So what you’re saying is that all these companies you pay cash to would not survive if they had to actually pay income taxes on their earnings?

If so, I look forward to the elimination of cash and these zombie companies. Apparently, the cash/underground economy is what’s holding all of us back from the true economic powerhouse we could become.

#152 John Jensen on 07.14.20 at 2:57 pm

A spokesperson for the Bank of Canada said that it is up to the seller to determine the method of payment.

“No law requires anyone to accept bank notes or any other form of payment to settle a commercial transaction,” Josianne Ménard told Global News through email.

#153 willworkforpickles on 07.14.20 at 3:01 pm

With 25% of the economy depending solely on the continuing existence of cash, removing it entirely would lead to unavoidable violent crime never seen before here.

#154 G on 07.14.20 at 3:34 pm

Cash at home, Why? family jewels. Does the power ever go out? Block chain power consumption?
“WE” what is really going on?!

If for some reason you really feel you need to hide lots of cash at home. Instead of in a bank or investment under your name, like most people do, so it might keep up with inflation, or even grow, imagine that.

If you have a house fire, good by cash.
If on vacation the crocks clean out the house, using a moving company truck, cash is gone.

Make sure your family will easy find it, even if they aren’t looking for it. After you’re unable to care for yourself or die. Not in socks, not in… They may never even know it is there.

When your family cleans out your place they might just toss what ever it is in, or sell it. Not knowing it’s full of cash. Or the moving guys find it first because you forgot, or your family didn’t even know to look.

You were holding it hoping they will have it after you are gone, right. You might forget it’s even there for that mater. Banks accounts do work as a safe place to keep it in until needed for most people.

IMO, Never take jewelry to an old age home, that is if you want your family to have it, just to be safe. Give it to them to enjoy when you are around or in safety deposit box at a bank, under your name. Let them know were your bank is, just in case.

Of course you’re up to date will has the banking info written down for them.

Does digital cash work when the power goes out from a big storm or solar flare. That could never happen.

Does this block chain technology take much more power to operate, if we are all using it?

Will we the Canadian people every really find out what happened with the Finance MP & PM T family ‘WE’ dealings? Smells funny. But what do I know.

#155 Drinking on 07.14.20 at 7:42 pm

#154 G

lol, whatever! You need to wake up!!

#156 Shawn on 07.14.20 at 10:18 pm

$CAD will probably bottom out in the 50s. Other than that life in Canada will remain the same. It’s what Canadians want.

You should buy a Tesla Garth. Wait until you see what he does with SpaceX.

Dinosaur Garth

#157 Orange Man....Orange on 07.15.20 at 9:03 am

First the mob came for the police. Now they’re coming for the doctors. The mob isn’t after Trump…. it’s coming for you. Trump just happens to be in the way and won’t kneel before it.