Bill & the bus.

An ominous buff-coloured envelope sat on my desk that morning. Never a good sign. Only the publisher had stationary like that. And you never wanted to hear from him.

“The prime minister has requested that you cease referring to the finance minister as ‘Mikey’”, it said. “It is the position of this newspaper that you treat the minister with respect.”

My crime? Michael Wilson, then federal minister of finance, was presiding over a scary descent in deficits. The forecast for the 1985 shortfall was clocking in far higher than expected, at $33 billion. So every chance I found as a daily newspaper columnist and middle-class crusader I took, and chipped away at the guy.

Ironically, three years later I was sitting in the Conservative caucus three feet from Wilson. Our journey together began. By the time it was over five years later Mike and I had worked together on a deficit-busting strategy which we also knew was political suicide. The GST. In fact, it helped bring the country back into the black from an eventual $42 billion hole, and cost me my seat.

Minister Wilson quit in advance of that election. He knew.

Thirteen years later, elected again, I was having breakfast in a landmark Toronto hotel on the edge of the 401 with the new minister of finance. Jim Flaherty seemed everything the towering, grey, somber and steady Wilson was not. He was short, rotund, emotional, partisan and ate his eggs with his fingers. I asked him what he wanted to do with his new job, recorded it on my phone and later published it here. None of it came true. In 2008 the economy fell apart.

The Harper deficit plumbed new depths, at $56 billion as the credit crisis swept across the world. Tax revenues dropped and spending swelled. It took F until 2014 to dig Ottawa’s way out of that mess. Then he died. Tragically. In October of 2015 Justin Trudeau became the prime minister. Once again I lost my seat, and devoted more time to my fabulously profitable free blog. The deficit had been wrestled down to about $5 billion by the Harper Cons from $18 billion the year before. Canada was on the correct path. Trudeau promised two years of modest red ink to get the economy rolling. Then the wheels came off.

Last night the finance minister, Bill Morneau, quit in disgrace or disgust. Time will tell if Trudeau fired him or he fired himself. But the legacy of this man is historic. This year’s deficit will be about $450 billion. Economists have described it as ‘eye-watering.’ The grandchildren of current taxpayers will still be paying for what happened in 2020.

The new FN is Chrystia Freeland, as forecast here last month. (Interestingly, her Wiki profile was updated as ‘Minister of Finance’ slightly before the announcement was made. Bill’s demise was apparently no accident.) She has no financial experience or business background. She’s an author, academic, former journalist and Trudeau loyalist. Freeland assumes this job at the most crucial moment in history – the country’s public finances circling the drain, double-digit unemployment, millions on government emergency benefits, hundreds of thousands of families unable to pay their mortgages, a minority government, a leader under an ethics cloud, and a new opposition boss about to be named.

What could possibly go wrong for a financial neophyte who’s learning on the job while the nation sinks $1.26 billion more each day? Weekends and stat holidays included.

So here’s the T2 plan:

  • Trash Bill, all used up with deficits and misdeeds, and replace him with a shiny new thing. First woman finance minister. Media click bait.
  • Suspend Parliament and effectively shutter the democratic process. (By the way MPs – a few of them – have met only three times since March. Nobody seems to care.)
  • Bring in a Throne Speech, new agenda (green) and a budget in October, sucking all the attention from the new Con leader.
  • UBI
  • Spring election.

What new risks have emerged?

Plenty. Morneau was a complete idiot and ingénue to get tainted with Trudeau’s WE obsession. But he’s a businessman, professional money guy and corporate executive with financial prudence and boardroom skills. He and Trudeau fought over the spending. Bill lost. There is now no stopper on the bottle. If this government lasts another four or five years, the debt could double to $2 trillion, or 100% of GDP. This will bring currency devaluation, inflation, tax pressure and central bank tightening. Trust me, none of that you want.

Could Mark Carney, floating around the anterooms of the PMO, slow down the hurtling Justin-Chrystia spending bus? Or, like Morneau, end up underneath it?

Let’s see. Clearly the prime minister wanted Morneau out – to erase WE and pave the way for a universal income – so he’s unlikely to yield. In his mind he survived Lavalin, he survived India and Jody, he survived blackface and Scheer, he skated through Covid by throwing out cash, so he can certainly weather Bill. As it turned out, he is his father’s son.

‘Just watch me.’

 

273 comments ↓

#1 PBrasseur on 08.18.20 at 1:34 pm

So Freeland it is, good call Garth!

Let’s hope she learns quickly…

#2 NoName on 08.18.20 at 1:36 pm

@farts farms as and water tables

Maybe those people should drill deeper well.

https://www.safewater.org/fact-sheets-1/2017/1/23/pesticides

#3 Source Finder on 08.18.20 at 1:37 pm

A source was quoted as saying Bill was canned because he wouldn’t extend CERB another 8 months and increase the payments to $5000/month as #trudeau wanted.

#4 Chimingin on 08.18.20 at 1:38 pm

I think I now know how it feels when you realize the brakes are not working on your roller coaster ride…

#5 TurnerNation on 08.18.20 at 1:38 pm

What’s going on in USA? As this mainstream commercial RE news site details domestic t3rror groups have been unleahsed into cities to destroy our old way of life.

(That one Monday in March we woke up and the New System was in place. That masterful ‘keep your rent’ campaign was unleashed, stripping property rights of owners. In the New System individual and property rights are being stripped – slowly, via incrementalism.
This is a multi-pronged attack; then the domestic t3rror groups were given free rein in destroying small business and self-sufficiency in USA. Onto UBI you go. Asymetrical warfare of WW3.
Totally what you’d expect during a “public health crisis” right? Or is there more afoot?

Same old same old, it worked in WW2 and it does now:

THEN: https://en.wikipedia.org/wiki/Kristallnacht
The name Kristallnacht (“Crystal Night”) comes from the shards of broken glass that littered the streets after the windows of [stores, buildings and synagogues were
smashed]
The German authorities looked on without intervening.

TODAY: Smash small businesses, get em onto UBI – slaves to the New System

https://www.bisnow.com/chicago/news/retail/continuing-civil-unrest-leaves-retail-districts-under-a-permanent-threat-105581
Continuing Civil Unrest Leaves Retail Districts Under A Permanent Threat

————

See the ‘climate change’ scare was not working. In February, March you could open up the weekend newspaper and there was a climate change article every few pages. Even in the arts and fashion sections. But compliance was low.
With the new CV scare compliance is high. Many are performing their daily rituals, doing as they are told, happy in their submission to the New System. Wearing Freedom Masks in the hopes their freedoms will be returned. The Second Coming of freedoms!!
**Did you notice today the media launched a new attack and term: ‘casual spreaders’. Where? In the healthiest and free-est provinces, AB and SK. See what I mean, this is supression fire to gain compliance. This is not letting up, No way, the global controllers got a tool for many years.
Say We didn’t really need US elections or a Canadian parliament did we?
Tune in, turn on and drop out.Never forget, this WW3 are in the battle is for our MINDS. Nothing more.

If you doubt it look at the map of new weed stores. I see them myself. Soon to be as plentiful, or more so than coffee shops:
https://www.agco.ca/sites/default/files/map/ONT_CN_ST_E.html

#6 TRON on 08.18.20 at 1:40 pm

She’s either going to stay in the position while Trudeau completes his task to complete socialism or Trudeau has an even bigger plan to get us to complete socialism quicker.

This bird is cooked. Canada has a scary road ahead but in the meantime money for everyone. That second passport and gold is sure going to come in handy. In a few years I’ll send for the kids.

#7 Steerage on 08.18.20 at 1:40 pm

Nice post. My gawd are we screwed…debt til the end of time…..UBI for sure now…..no stopper on the bottle!!!!!

#8 Howard on 08.18.20 at 1:45 pm

#198 Jenna on 08.18.20 at 1:13 pm
#195 Howard
____________

What other sites shows listings and sold data.

—————————

Bungol’s main competitor for GTA RE data is HouseSigma.ca. It shows sold data but you need to register (it’s free). I don’t think it’s as rigourous in recording the rental price drops as Bungol was, but it does seem to show the relistings. The interface is awful – cluttered, frustrating, sensory overload. But it’ll have to do until Bungol is permitted to update its data once again.

#9 Habitt on 08.18.20 at 1:51 pm

He is nowhere near PET. Folks may not like Pierre but he had respect. Everywhere

#10 Dolce Vita on 08.18.20 at 1:54 pm

I like Chrysta at least she has brains (Oxford Rhodes Scholarship, don’t care about the topic, no one gets that unless you’re super smart), Harvard B.A., she’s an AB girl (middle class roots) and she also went to school at the United World College of the Adriatic in Italia (not far from where I live, BONUS MARKS for taste, it’s a Peacenik University…Google “Duino Castle”).

So, she’s super smart and has taste.

Problem is, her boss has neither.

If she’s as smart as I think she is, and Trudeau proroguing Parliament will buy her time to figure out the financial mess Morneau left her, when she does, I predict she’ll last a couple of months as Finance Minister and yell “Uncle” – if so, smart woman.

As for Morneau:

Who quits in the middle of a pandemic and financial/economic crisis (including his electoral seat effective immediately)?

Some Canadian, servant of the people, he is.

————————-

“I was having breakfast in a landmark Toronto hotel on the edge of the 401.”

0.1% name dropper.

#11 Resigned on 08.18.20 at 1:54 pm

Can the Americans just invade already and get this shit show over with?

#12 Sunny Days on 08.18.20 at 1:58 pm

Chrystia Freeland has a Bachelor of Arts Degree in Russian History and Literature from Harvard.

She is a yes woman. She will do as her handlers say. She will never oppose Justin or the party. She’s not formally educated in Economics. She might as well be the Parlimentary Plumber.

Her appointment to Minister of Finance reflects Canada’s current fiscal situation perfectly.

#13 Dolce Vita on 08.18.20 at 2:01 pm

Speaking of our beguiling 0.1% name dropping Blog Author (a.k.a, My Liege), that forgot to mention this book from Freeland writing career:

“Plutocrats: The Rise of the New Global Super-Rich”

Won her the 2013 Lionel Gelber Prize for non-fiction reporting on foreign affairs.

So what am I saying?

My Liege, and other 0.1% readers of this Blog:

“Duck & Cover”

‘Cause you know who in the Opposition is going ask her to make good on the redistribution of income via taxation (you know, walk her talk).

#14 FreeBird on 08.18.20 at 2:05 pm

Just another day in the world of govt and politics.

Our new minister of money could quietly put Garth on speed dial. Can we vote on it?

#15 Prorogue this blog, now! on 08.18.20 at 2:07 pm

You are hereby ordered by the Governor General to prorogue this blog until Justin tells you to restart it.

If not, you will suffer severe workplace harassment that will make Harper seem like a teddy bear.

#16 Steerage on 08.18.20 at 2:11 pm

How the hell can u be the finance monster without a buisness background… this is truly stunning

#17 Dolce Vita on 08.18.20 at 2:12 pm

One last thing and this about Trudeau.

So last count these KEY Gov Ministers have resigned under him:

-Attorney General
-President of the Treasury Board (also former Minister of Health, Minister of Indigenous Services)
-Finance Minister

Need I say more.

—————————-

Dumb move Trudeau proroguing Parliament. Sure you get rid of all the Inquiries for now, you buy time BUT you also buy time for:

-Conservatives to elect a Leader
-Opposition parties to raise money
-Find 4 to jump ship from the NDP-Liberal coalition to bring Trudeau down

Federal Election coming soon, all the Bloq and Conservatives need are 4 NDP and/or Liberals to jump ship (2 of them got fired by Trudeau) so make that 2 to bring down the Trudeau Government.

Good and I’m a Liberal.

The sooner Justin out then the Adults can begin to Govern the country, whomever the good Canadian people decide they will to be.

#18 Bob in Hamilton on 08.18.20 at 2:15 pm

“As it turned out, he is his father’s son.”

Never a truer word said on this blog in ten years.

You get what you vote for Canada….

#19 Nixter on 08.18.20 at 2:17 pm

Freeland a Rhodes Scholar, well that’s smelly.
These scholars are always handled by someone that is no benefit to us useless eaters.

#20 Bill on 08.18.20 at 2:19 pm

OMG
Thanks Garth…..truth out… time to try and save this country.
I’ve NEVER despised anyone like T2. Id be in jail if i pulled any of his stunts.
I have kids….I get it.

#21 Bonobo on 08.18.20 at 2:19 pm

Trump is looking really good now after all that Trudeau has done.

#22 Howard on 08.18.20 at 2:21 pm

#10 Dolce Vita on 08.18.20 at 1:54 pm

As for Morneau:

Who quits in the middle of a pandemic and financial/economic crisis (including his electoral seat effective immediately)?

Some Canadian, servant of the people, he is.

———————————

Quitting now means he won’t reach the 6-year hurdle required for the MP pension. He’s doing Canadian taxpayers a favour by leaving now. And really, what would be the point in him staying on as MP? I imagine he’s bored to death and wants to get back to his villa.

Give the pension thing a rest. He couldn’t care less. Focus on what matters. – Garth

#23 FreeBird on 08.18.20 at 2:22 pm

Do we know if Mr Morneau was strongly encouraged/asked to resign, left by choice or combination? Prob won’t know for long time. Outcome still the same. To UBI, socialism, more govt oversight/control (fearful) supporters: I’d say be careful what you ask for but that horse may have left the barn. When you realize this in future and spit the sand out it may be too late. Thanks.

#24 Damifino on 08.18.20 at 2:26 pm

By the way MPs – a few of them – have met only three times since March. Nobody seems to care.
—————————-

Rex Murphy cares. But who listens to him?

#25 Classical Liberal Millennial on 08.18.20 at 2:33 pm

If UBI is the ultimate plan, why has the CERB already been announced to be phased out? Wouldn’t it be convenient to simply convert it to, say, Canadian Living Benefit in time for a spring election?

#26 SunShowers on 08.18.20 at 2:44 pm

As much as I like the idea of UBI (though I like the idea of UBS, Universal Basic Services more), I don’t think Trudeau will commit to making it part of the platform. I don’t even think he’ll promise it and waffle on it later like he did electoral reform.

If he does, I’d be excited to see how the NDP will try to outflank him on the left to differentiate themselves come election time.

#27 Ronaldo on 08.18.20 at 2:46 pm

Bill opens the curtain and asks, ‘You wanted to talk to me Justin? I just got off the phone with Mark.’

#28 SoggyShorts on 08.18.20 at 2:46 pm

#146 yvr_lurker on 08.18.20 at 1:37 am
For those sheeple who on faith believe that many who are collecting CERB do not want to work, you are being played by hidden forces who have an agenda

https://thetyee.ca/Analysis/2020/08/17/COVID-Support-Cash-Does-Not-Make-Workers-Lazy/
*****************************
I’m imediately suspicious of anything that starts with “sheeple” as it is usually a good indication of bias…
Here’s the key excerpt from your article:

“The hardest jobs to fill were in meatpacking, hospitality and food processing, all jobs identified as high-risk for COVID-19 transmission. It’s not that workers prefer a measly $500 a week over their regular paycheque. It’s that they feared for their lives.”

What it doesn’t account for:
1. No one is likely to answer “I’d rather have the government pay me to sit at home than work” instead of “I’m afraid of covid” even in an anonymous survey.
2. Wages. She calls $500 a weak “measly”, but many of those workers were making a “whopping” $600 a week or less while working.
3. Part time workers: anyone who worked for minimum wage less than 30h a week got a raise by going on CERB.

Just because you found an opinion article with an agenda different than that of other opinion writers doesn’t make everyone but you part of the “sheeple”

I’m sure that some people would rather stay home on CERB than work.
I’m also sure that some would rather go back to work.

Exactly how big each group is can’t possibly be known but I’d bet that many who think they know would be surprised.
Absolutes and extremes are rarely correct.

#29 Mike on 08.18.20 at 2:46 pm

#5 TurnerNation

Your comments are spot on! Unfortunately, most of the sheeple will simply bow their head and follow the herd. Social engineering at its finest!

In Alberta, the gloom and doom has failed to materialize as is evident in the stats (as of Aug 5th):

– 3.38% Utilization of ICU beds
– 0.31% Mortality Rate

– Of 205 deaths:

– None under 20
– 1 each between 20-29, 30-39, 40-49.
– 2 age 50-59
– 11 age 60-69
– 45 age 70-79
– 144 age 80+

Here’s the kicker! Of those who died – 90% had at least two comorbidities (ie: a pre-existing condition that compromised their health such as diabetes, cancer, etc)

#30 Dolce Vita on 08.18.20 at 2:47 pm

One last thing, off topic.

About Exaggeration & What Really Scares Me (and the good people of BC)

‘Been reading and watching Cdn. news about all the mayhem that the 2nd Wave, new cases, is causing out West (primarily BC and AB). Ya, sure the Rt in 6 (in practical terms 7) of 10 Provinces > 1 means that the damn virus is spreading again in Canada.

But the DEATH toll, is VERY LOW (so far). And that’s GOOD news, for the most part brushed aside by Cdn. MSM in favour of the sensational 2nd Wave new cases charts and graphs, all very pretty I might add (BC CTV even had a scatter plot with a best fit line – they win the best COVID-19 new cases chart award in my mind).

And ya, Fraser Health should be shot dead for doing the World’s Worst Job at Contact Tracing…mercifully for them, BC business owners (that were never contacted about infected employees, found out on their from some BC Gov web site) took it upon themselves to do the contact tracing and calling up of people that were in contact themselves.

You have to love the Cdn. people, even the Orca’s (save the rave kids that will get sick but probabilistically not die themselves, irresponsible to say the least…that’s hormones for you).

————————-

What DOES WORRY me is the latest Daily Deaths chart (this from Worldometer yesterday):

https://i.imgur.com/eegWg9r.jpg

Yup, if ever there were a 2nd Wave that mattered, that Deaths chart is it. Worldwide deaths creeping up and not slowly. Imperial College forecast out today says it will GET WORSE, all populated continents, a LOT WORSE.

Let’s hope it arrests sooner than later, else, it’s going to be a rough ride people.

PS: Europe got a bit better, save France and Spain (poor Spain, floors me what’s happening to them, they’ve suffered enough already).

Italia* down in new cases as the “foreigner” infected have been counted in the other day and not in today’s new case tally anymore:

https://i.imgur.com/3dvIrAV.jpg

*White lie.

400 foreign tourists in Sardegna today, more than a few infected (brought it with them), 2 of them bolted for the airport to avoid a quarantine (but our Polizia nabbed them). So, Italia new cases will be up tomorrow, for sure.

Damn Foreigners (they weren’t Cdns, no Tilley hats that I could see in the Italian MSM photos).

What happens with a fully open economy and international travel, save pariah countries. You cannot win for losing with this damn virus.

#31 Ronaldo on 08.18.20 at 2:48 pm

#22 Howard on 08.18.20 at 2:21 pm
#10 Dolce Vita on 08.18.20 at 1:54 pm

As for Morneau:

Who quits in the middle of a pandemic and financial/economic crisis (including his electoral seat effective immediately)?

Some Canadian, servant of the people, he is.

———————————

Quitting now means he won’t reach the 6-year hurdle required for the MP pension. He’s doing Canadian taxpayers a favour by leaving now. And really, what would be the point in him staying on as MP? I imagine he’s bored to death and wants to get back to his villa.

Give the pension thing a rest. He couldn’t care less. Focus on what matters. – Garth
—————————————————————-
Exactly. The amount of pension he would get is pocket change for him. Am sure that was the very least of his worries. Think larger.

#32 Ronaldo on 08.18.20 at 2:54 pm

#12 Sunny Days on 08.18.20 at 1:58 pm
Chrystia Freeland has a Bachelor of Arts Degree in Russian History and Literature from Harvard.

She is a yes woman. She will do as her handlers say. She will never oppose Justin or the party. She’s not formally educated in Economics. She might as well be the Parlimentary Plumber.

Her appointment to Minister of Finance reflects Canada’s current fiscal situation perfectly.
—————————————————————-
She will do exactly as she is told. She was not exactly supportive of Jane and Jody if you recall.

#33 K on 08.18.20 at 2:55 pm

I have to admit Garth, you called it. You predicted it would be Minister Freeland and I thought you would be wrong…I truly do hope you are wrong about UBI though.

#34 Leftover on 08.18.20 at 2:57 pm

Trudeau’s calculation surely assumes that Biden wins and therefor a friendly like-minded spender in Washington.

Except here’s the thing – Biden will raise taxes and reduce military spending, thus slowing the printing press. He has room to do all of this and does so in a reserve currency environment.

Canada can do none of the above. Raising taxes on the “rich” assumes enough rich people to make a difference – nope. We have virtually no military to cut back on so that makes no sense either. Program spending cuts? LOL, as they say in the ether.

So we are looking at serious devaluation/inflation, and a significant increase in interest rates that the market will demand, Central Bank be damned. Think Argentina.

If the election happens soon enough (spring 2021) then we’ll in the early stages of this train wreck and the Liberals could get in under the wire. Bringing Carney in to manage the inflation bus is the only hope.

#35 MF on 08.18.20 at 2:58 pm

25 Classical Liberal Millennial on 08.18.20

It’s not. The UBI thing was thrown in there for maximum impact. Ain’t gonna happen.

MF

#36 Sail Away on 08.18.20 at 3:00 pm

#10 Dolce Vita on 08.18.20 at 1:54 pm

As for Morneau:

Who quits in the middle of a pandemic and financial/economic crisis (including his electoral seat effective immediately)?

Some Canadian, servant of the people, he is.

—————-

That’s like blaming someone for being born Italian, Dolce. Do you really think there was a choice?

#37 Lee on 08.18.20 at 3:01 pm

We don’t have the money for UBI. If he does that i’m moving to Costa Rica.

#38 Piano_Man87 on 08.18.20 at 3:04 pm

I remember when JT ran his campaign in 2015 on two years of “modest” deficits of 20-25B before returning to a balanced budget, to boost the economy.

When elected, they released a multi-year plan which showed no balanced budgets.

A reporter asked Morneau “So we are just going to give up on balancing the budget now?”

Morneau winced. I knew then that this wasn’t his call, and that he was opposed to it. The rest of his job was just charades. Maybe he was pushing behind closed doors a lot to keep JT’s spending in line. Who knows. I hope we find out.

#39 SoggyShorts on 08.18.20 at 3:05 pm

Garth,

Considering your forcast of issues in Canada are you looking at changing the USD:CAD split of your portfolios? Perhaps after the Novemeber election results settle down?

I see USD being more volatile until the end of the year, but after that I’m a little worried about my retirement fund being eroded by CAD long-term since I plan to spend most of it overseas.

I’m currently at 29% USD and 71% CAD

#40 ElGatoNerodeYVR on 08.18.20 at 3:07 pm

Let’s bring a different perspective to this discussion, mine.I don’t believe I have the ultimate truth or I am always right however life has shaped a certain perspective onto me so I am sharing.
Capitalism as we know it is dead and buried as the elites now own most of the wealth and the production means while the majority struggles to make the month with no realistic prospect of truly getting ahead.
We have voted ourselves into a consumer driven society which is a huge problem as we moved the true wealth producer, manufacturing and resources mining offshore; so where is the money to spend originating from ?
So far the answer has been mostly debt and to a lesser degree land ( housing by importing new buyers) and tourism.
We have killed through our leadership at all levels (state and corporate) incompetence the few true value added companies we had ( BlackBerry, Nortel and even the much maligned Bombardier and SNC ).
Until we come up with a better alternative to today’s extremes discourse I am afraid that the only road ahead is more of the same.
The governments have taken a ” low hanging fruit” approach in order to preserve society so realistically expect more of the same.
Since housing is for the foreseeable future the only “manufacturing ” left I would expect mixed mortgage amortization products (50 year structure, 100 year land ) in order to maintain the little production we have.
Combined with forced early retirement at 60, UBI and more taxes it will shape a new society.
Since we are coming to the end of the alphabet now(Z) I guess we can call the new generations to come that will pay for all of this transition :AA

#41 ryan on 08.18.20 at 3:11 pm

All those threatening to leave..lol..dont let the door hit you..goofs.

#42 NSNG on 08.18.20 at 3:12 pm

Time for the sleeping giant to roar!

Wake up, Canada. This batch of ne’er-do-wells is way past it’s best before date

#43 Montana Bob on 08.18.20 at 3:14 pm

This is becoming interesting.
So, in a middle of the biggest financial crisis and biggest deficit, PM is appointing a journalist for a finance minister. She knows a little bit about Russian history and Slavistics.
And she will figure out finances too….
Good luck to us all.

#44 Gary C on 08.18.20 at 3:17 pm

Goodbye Canadian Dollar, Gold is looking more attractive
especially under the doghouse, after Freeland got appointed.
If Trump wins the election Canada is toast when T2 pursues his Green New Deal, UBI, who would want to invest in this country.
You will now see a exodus of money out of the country including mine, since Mark Carney & George Soros will be advising Trudeau.

#45 DownToFinance on 08.18.20 at 3:21 pm

I just hope they increase the minimum wage to $1000/hr so I can quit my job as an Engineer and just work 10 hours a week at McDonalds.

#46 Keith on 08.18.20 at 3:21 pm

A factor that doesn’t get mentioned much is that this is a minority government, relying on NDP support for money bills to stay in power. The NDP and Liberals fought for the center left vote in the last election by practicing a shameful brand of chequebook politicking, making spending promises that were completely unsustainable.

The NDP never met a tax or spending program they didn’t like, and as much as they are in a certain disarray they will have enough influence to ensure that this years deficit is only the beginning of the fiscal part of the new reality.

#47 Dolce Vita on 08.18.20 at 3:22 pm

#36 Sail Away

Ya, I do.

He signed up for the job. Took an oath to the Cdn. people and his constituents.

Disagreed with his boss, probably his WE perks got him fired as Finance Minister (insiders, if you can believe them, said Trudeau furious with Morneau about not disclosing his WE perks or daughters involvement, which is hypocritical of Trudeau, but welcome to politics & consistent with Bill, recall that he forgot to disclose he had a villa in France…you know, catch me if you can).

Childish to quit and his electoral seat.

2 others, Jody and Jane, are still in Parliament because they took an oath to their constituents, the good Cdn. people and it meant something to them.

Jody and Jane are still there serving the Cdn people.

Bill is not.

Shame.

#48 yvr_lurker on 08.18.20 at 3:23 pm

#28
SoggyShorts
—————————-
I put that out there as a counter-narrative to the only narrative that appears on this blog of critizing those who prefer to collect CERB rather than return to their jobs, depicting them as lazy SOBS. The only focus here has been stories from business owners who can’t recruit employees, with no critique made of companies (mostly fortunately in the US) that mandated that people return to work in very dangerous environments (Amazon stands out).

We all know what agenda the Tyee would push forth (i.e. the article in question), and we all know what agenda the Canadian Federation of Independent Businesses would feeds to the lazy press as “news” (they are still moaning about the increase in the minimum wage). Reality and truth is somewhere in the middle.

#49 Faron on 08.18.20 at 3:24 pm

#201 Deplorable Dude on 08.18.20 at 2:00 pm

Anyway I do question exactly what governments are trying to achieve here?

Seems to me they trying to do the equivalent of eliminating the common cold by keeping us in perpetual semi lockdown.

While we both may enjoy melted cheezy goodness, you and I have differing views about the pandemic and the severity. Despite that , something occurred to me while I was waiting in traffic on my way to the hardwood store yesterday. This might be interesting to discuss…

What if the result of developing a coronavirus vaccine actually cured the common cold? Doesn’t sound like much of a win, but when you add up the lost productivity due to that illness either from sick days taken to just feeling like crap at work to blearily making mistakes on the job, it begins to amount to something. I would estimate there are $billions in lost productivity owable to the common cold in the US alone each year. Probable trillions globally. If that’s true, and if somehow the COVID vaccine knocks out the cold or makes it immediately treatable, there’s a huge upside in productivity gains and thus economic expansion.

I have no reason to believe that such cure will be found, but can you imagine? There’s a chance that at the cost of nearly a million lives, humanity is better off in the future and maybe much better off. Even if no cure for the common cold is found, if the COVID vaccine development cycle pays off with a working treatment, the biopharma machinery will be in place (looking at you TurnerNation) for beginning to tackle the next baddie that comes along. So, as we are seeing with the growth in tech right now, there may be permanent upside that was actually created through the pandemic response. Not unlike a war really.

#50 Doug t on 08.18.20 at 3:26 pm

Sad state of affairs – governments a train wreck and the country continues its death roll

#51 Yukon Elvis on 08.18.20 at 3:32 pm

#13 Dolce Vita on 08.18.20 at 2:01 pm
Speaking of our beguiling 0.1% name dropping Blog Author (a.k.a, My Liege), that forgot to mention this book from Freeland writing career:

“Plutocrats: The Rise of the New Global Super-Rich”

Won her the 2013 Lionel Gelber Prize for non-fiction reporting on foreign affairs.
……………………………..

I knew Lionel. He lived just down the street. Above the butcher shop.

#52 Ace Goodheart on 08.18.20 at 3:39 pm

The Freeland/Trudeau combo will never win another election.

The idea now is to “prorogue” parliament (recently declared illegal by the British House of Lords when Boris tried it – our appellate courts usually almost always follow House of Lords decisions, so prorogation is probably illegal here too).

Once parliament is prorogued, Trudeau and Freeland hope to simply rule by decree.

But they have a problem. To do that, they need the continuing support of one of the three opposition parties. Their most likely supporter is of course the NDP.

How bad things get will be determined by at what point the NDP stop supporting Trudeau.

Of course, if he calls an election I think he is toast. Right now the Conservatives, with no leader, no policy and no platform, are slightly beating him in the polls.

#53 Gregor Samsa on 08.18.20 at 3:39 pm

Nicely written column today by Garth.

The political math for UBI is strong. Completely outflanked, the other left wing parties would not dare bring down the government with a UBI coming. This will get Trudeau over the “WE” hump and allow him to last long enough until Canadians forget about it (takes about 30 seconds on average). Conservatives will be left out in the cold and portrayed as the bad men who want to take away the cookie jar.

What happened to the Liberal Party of Jean Cretien and Paul Martin? Those guys can’t possibly like where this is all going. They never wanted to turn Canada in Cuba or Venezuela. And trust me, that’s where things are going.

If had any money to speak of, I would be getting it out of CAD prior to any UBI.

#54 michael on 08.18.20 at 3:39 pm

Hi Garth,
Tsk, your Conservative bias is showing again. Fortunately long time readers of your phenomenally profitable blog have learned to separate the wheat from the chaff. You of all people know full well that Canada’s finances are not circling any form of drain. The country will recover from C19 and if a UBI in some form becomes the law of the land it will be a benefit to the country’s balance of trade and the economy. I cannot for one moment believe the present incarnation of your former confreres would leave the country in better shape than T2 and his team eventually will. And what’s with the now far-right-leaning NDP? What is Jag thinking?
Be well sir. – M

#55 Faron on 08.18.20 at 3:40 pm

#48 yvr_lurker on 08.18.20 at 3:23 pm

#28
SoggyShorts

First, I’m cancelling “sheeple” as a term. Thanks.

Second, the only data I’ve heard on this was based on comparing return to work rates in the US (where there was a similar net increase in monthly income for unemployed people collecting benefits). The comparisons were between locales where the total compensation was greater than working wage and locales where the total compensation was less and the results showed no difference in return to work rates. The data are tenuous at best though. I don’t think that either side can claim absolutely that CERB or Unemployment+ (in the US) is keeping people from work. The greyness here combined with some anecdotes such as those used by Garth w/re work refusal or others w/re desire to work, but unavailable jobs means that this issue will be used as desired by those pushing an agenda.

My hunch is that, generally speaking, it’s getting mighty boring to be staying home and jobless. If there are jobs, people will be taking them. Older generations always complain about the laziness of youth and they are always wrong in that complaining.

#56 Dolce Vita on 08.18.20 at 3:42 pm

#36 Sail Away

PS:

Forgot Jane lost.

The moral of the story is that Jane and Jody, fired as Ministers, stuck it out in service of their constituents and the good Cdn people. That oath meant something to them, yes it did.

And Jane came back for more but lost. Talk about dedicated. Jody won, just as dedicated.

Bill quit his job and his seat.

Difference.

#57 Yukon Elvis on 08.18.20 at 3:43 pm

Nice pic of Bill. I see a big shoe in the background rising from the floor about to nail him in the num nums.

#58 Ponzius Pilatus on 08.18.20 at 3:44 pm

#16 Steerage on 08.18.20 at 2:11 pm
How the hell can u be the finance monster without a buisness background… this is truly stunning
—————–
Shortsighted, as usual.
How the hell did a PHD in Chemistry from East Germany become the most powerful women in the World?
Smarts and tenacity.
Freeland has all of these in spades.
This is only the next step before becoming the first female Canadian Prime Minister.
(Kim does not count).

#59 Dolce Vita on 08.18.20 at 3:47 pm

#51 Yukon Elvis

Wrong Lionel.

Good one though.

Say what you will, Freeland has brains to burn and is accomplished. Peace River, AB girl done good on the national and international stage.

I do not think she will last long as Finance Minister. To big a mess for even for her to wrap her head around in the little time Trudeau has bought her by proroguing Parliament and then present a Budget.

How she can pull that off is beyond me, then again, you never know. We’ll find out soon enough.

She’s become, as one Cdn MSM reporter put it, “The Swiss Army Knife of the Liberal Party.”

#60 Econ 101 on 08.18.20 at 3:51 pm

“They want to make rowing our national sport, sit on our butts and go backwards.”
– John Crosby

#61 Nixter on 08.18.20 at 3:56 pm

More gifts from Trudeau.
Who is Sue Paish?
Chief Executive Officer
Canada’s Digital Technology Supercluster

Trudeau’s picture is on the cover.
https://www.dnastack.com/

What do they want? To own us.
That contact tracing app is not private, don’t use it.
Blackmail is waiting for you, comply or else.

#62 Keith in Rio on 08.18.20 at 3:57 pm

In 2015 after JT got elected, I transferred my net worth out of Canada, fearing capital controls.

JT eventually devalued our dollar in a defacto form of capital controls, notwithstanding that in the future, real ones would be put in place.

My shoulder hurts from continually patting myself on the back.

#63 jerry on 08.18.20 at 3:59 pm

UBI—isn’t the real harbinger of this idea rooted in the exponential growth of technology and AI and the decline of human jobs?

#64 SoggyShorts on 08.18.20 at 4:04 pm

#49 Faron on 08.18.20 at 3:24 pm
#201 Deplorable Dude on 08.18.20 at 2:00 pm
This might be interesting to discuss…
What if the result of developing a coronavirus vaccine actually cured the common cold?

************************
Years ago I thought “Would some transmitable diseases be irradicated if everyone just stayed home for a while?”
But I understood that people needed to go to work making this impossible.

Then the C19 lockdown seemed like a real possibility- I mean if everyone went into lockdown for a couple of weeks, wouldn’t some things be gone forever?

Then some googling showed that many viruses “hit&hide” for months. Too bad.
——————
Perhaps one of the vaccines in development will be catch-all corona-type viruses though. That’d be cool.

#65 NSNG on 08.18.20 at 4:05 pm

#49 Faron on 08.18.20 at 3:24 pm

What if the result of developing a coronavirus vaccine actually cured the common cold?

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

There is already a cure for the common cold.

zinc

#66 cramar on 08.18.20 at 4:08 pm

Chrystia Freeland & the Peter Principle

——–

Chrystia Freeland, eh? Two years ago when she was negotiating the new NAFTA, I was enthralled with her. She was one tough negotiator, in no way intimidated by the bully’s henchmen. Regardless of what was thrown at her, she remained cool, strong, and responded with total class.

She gave an interview on CBC where she outlined her negotiating tactics. I wrote them down:

• Be absolutely resolute
• Always be polite
• Always use arguments based on facts
• Always be looking for creative compromise
• A non-critical positive attitude.

Absolutely brilliant! I was so blown away, I sent her an email congratulating her and suggesting she author a book on negotiating tactics using the NAFTA success as a case example.

Then she became the spokesperson for the PM as his deputy. Now the Finance Minster.

I can’t help wondering if she will be a perfect example of the Peter Principle? If you are not familiar with the PP it is understandable. You have to be a Boomer to appreciate the history. Canadian Laurence J. Peter wrote about it in his 1969 book (by the same name). It is in a nutshell, “the tendency in an organization for every employee to rise in the hierarchy through promotion until they reach a level of respective incompetence.”

Chrystia was brilliant as a negotiator; Minister of International Trade, then Foreign Affairs, and now promoted to FM to which she has little relevant experience. Will she again shine forth building on her previous trade success, or will she prove to be incompetent in this position?

If she shines, PM is next! If she bombs, it will be a sad end to a brilliant political career.

I’m rooting for you Chrystia. Don’t let us down!

#67 baloney Sandwitch on 08.18.20 at 4:10 pm

Forget Morneau. He is gone – he will be OK.
Learn to love inflation. Buy income producing stocks of company with low leverage. Commodities and that includes gold. Gold’s up 30% since the March bottom. Copper 40%. Silver 110%. Even Buffett is buying gold stocks. https://media.ycharts.com/charts/ef908b838b355f26a1596477f32bc4e7.png

#68 Bill on 08.18.20 at 4:11 pm

#38 Piano_Man87
—————————
T2 said “the budgets will balance themselves”
Unbelievable.
I watch him and said since day one he looks like an absolute idiot to me…shuddering stammering. People commenting on his socks and hair (I guess your up to your ass in debt because you think that matter WTSHTF).
..he hides because he can’t or won’t answer any pertinent questions of importance to the financial viability of this once great country…
Oh and congrats on trashing our pipelines and oil industry…
I’ve got an electric car and it wouldn’t exist without oil….
I’ve also got a Duramax dually and a Tundra so I need oil… but I love the E-car! Virtually zero maintenance and cost me maybe $100 year in hydro…Helluva grocery get’er…..
Down with T2 before its to late.

#69 Blacksheep on 08.18.20 at 4:12 pm

# 7, “UBI for sure now”
——————–
Told ya so # 2)

Just need the:

Global sovereign restructuring of national accounts (hybrid debt jubilee) for the Trifecta !

It’s different this time, may just finally, apply…

#70 Tater on 08.18.20 at 4:13 pm

#62 Keith in Rio on 08.18.20 at 3:57 pm
In 2015 after JT got elected, I transferred my net worth out of Canada, fearing capital controls.

JT eventually devalued our dollar in a defacto form of capital controls, notwithstanding that in the future, real ones would be put in place.

My shoulder hurts from continually patting myself on the back.
————————————————————–

CAD total return since election day 2015, +2.05%.

What devaluation are you talking about??

#71 Millennial 1%er on 08.18.20 at 4:17 pm

If I had not found this blog I would not have an inkling as to what was going on. I wish I didn’t know.

#72 KNOW IT ALL on 08.18.20 at 4:18 pm

“She has no financial experience or business background”

But is going to run the nation’s finances while being one of Trudeau’s puppets.

Gold 3000…… here we come baby!

Our dollar went up today. Stop dreaming. – Garth

#73 JB CONDO DEATH on 08.18.20 at 4:19 pm

Today’s story is basically what do you get when you replace a flaming bag of doggie poop with another flaming bag of doggie poop?

Meet the new boss same as the old boss.

#74 Victoria on 08.18.20 at 4:20 pm

Garth,
You forgot to mention that Chrystia Freeland is also a Rhodes Scholar. She was educated at Harvard and Oxford. How many of our esteemed ministers can put that on their resumes?

I’d rather she had taken and passed the Canadian Securities Course. – Garth

#75 Bill on 08.18.20 at 4:20 pm

#53 Gregor Samsa
———————-
I agree and we were planning to move 30% of our stuff out of Canada to diversify….to late we are in lock down…There’s VERY FEW safe places to go…the worlds in a heap of a mess. I guess T2 can use that for leverage?
I said before I shuddered 1 of my companies which is not huge but that’s and extra $300,000 in tax the T2 can’t piss down the drain. I’m not enabling this turkey.
Write T2… I did many times…
His policies are GREAT for my precious metals. Not time to sell YET.

#76 jal on 08.18.20 at 4:22 pm

“This will bring currency devaluation, inflation, tax pressure and central bank tightening. Trust me, none of that you want.”

You forgot bankruptcies and jubilee for the well connected
—–
“She’s not formally educated in Economics.”

That’s good. She won’t be trying to go back to yesterday.
——

#77 UtterlyConfusedCanadian on 08.18.20 at 4:24 pm

Focus on what matters. – Garth

———

Good point. So all the years of hard work and sacrifice my family (and many on this blog) endured to make our lives better—-is what matters. I don’t want that effort squandered by a discombobulated miss-guided government. And today’s blog is suggesting that the future political direction is antithetical to those Canadians who value hard work hard and self-suffiency. Getting something for nothing is not what we should want or expect, even egotistical teenagers figure that out if they have pride.

So what are the real alternatives Canadian invester have in times like this? Slice maple completely out of the B&D portfolio? Vacate the country to some place more ameanable? How do we stop this runaway train?

#78 Deplorable Dude on 08.18.20 at 4:25 pm

#49 Faron..”What if the result of developing a coronavirus vaccine actually cured the common cold? ”

——

I’m not referring to a vaccine. I’m talking about the ongoing panic over rising cases (but with no corresponding rise in deaths or hospitilisations).

Dr Henry is talking about tighter restrictions to cut down cases again.

But why? What’s the end game here? Zero cases? When did we move from ‘2 weeks to flatten the curve’ to ‘no cases ever again, anywhere’…as official gov policy?

Coronavirus is in the same virus class as the common cold.

Hence my opinion that the Gov appears to be trying to do the equivalent of eliminate the common cold by keeping us under perpetual semi lock down.

As Garth has openly asked in a recent post…..

When is this over?

#79 Paul on 08.18.20 at 4:28 pm

Well it’s official no one is Governing Canada.

https://www.ctvnews.ca/politics/pm-says-he-s-asked-gg-to-prorogue-parliament-until-sept-23-1.5068461

#80 SoggyShorts on 08.18.20 at 4:32 pm

#55 Faron on 08.18.20 at 3:40 pm
#48 yvr_lurker on 08.18.20 at 3:23 pm
#28
SoggyShorts

My hunch is that, generally speaking, it’s getting mighty boring to be staying home and jobless. If there are jobs, people will be taking them. Older generations always complain about the laziness of youth and they are always wrong in that complaining.

***********************
For jobs that paid at least a little more than CERB, sure.
For part-timers or minimum wage workers I have a hard time believing that they’d want to work because it’s more entertaining than not working.

As for the laziness of youth… things have gotten easier as time goes by.

When I look at how hard my Boomer dad worked I doubt I could keep up and I certainly wouldn’t want to.

Then looking at my grandfather who literally climbed over mountains to fix clocks in other villages to make ends meet, things today look pretty easy to me.

I won’t deny that high-end jobs may be more difficult for mills to get, but manual labor jobs are still available and pay better than ever. (pre-covid)

For my personal Gen-X example of working construction for $10/h and bartending/waiting on weekends I can say that the same job is now $30/h and service pre-covid must have been awesome with 18%+ being a “normal” tip.

These jobs are still being done by someone, and they look like mills to me, but we just don’t seem to hear much about those working their asses off at 2 jobs to get ahead. (even though they almost certainly exist)
There are loads of anecdotal stories about handing/sending out 100s of resumes for jobs with thousands of applicants, but never with the note that while waiting for an “appropriate” position they are working some other crap job. Or two.
Again, they probably exist, but no one talks about them.

#81 Ferry Boy on 08.18.20 at 4:36 pm

This is getting depressing all this nonsense.. made me think of home. For the price of my one bedroom condo in Mississauga (the wife insisted we still have a place in the city) I can get this place back home.

https://www.tspc.co.uk/4-Bed-Divided-Villa-For-Sale-68-Camphill-Road-Broughty-Ferry-DD5-2LX

Actually my childhood friend lived there. A bit dated but great place. UK has same issue we have but life is cheaper .. Edinburgh airport 1hr away for flights south to the sun. made my money here but could live very comfortably back home ..its tempting

#82 Penny Henny on 08.18.20 at 4:36 pm

Very funny thing I heard on tv this morning.
Supposedly the rumour is that Trudeau fired Morneau because Morneau was loose with the cash.
Seems to me it was Trudeau that was loose with the cash.
It will be interesting to see which way it actually gets framed.
That $650 million Trudeau spent bribing the media has got to buy you something, right?

#83 Arcticfox on 08.18.20 at 4:39 pm

Notice Cad/Us heading north probably anticipating commodity inflation. Best part is Ottawa is probably watching this saying to themselves, maybe it’ll rally more if they borrow another $350 billion. The $Cad has actually been rallying impressively considering all this printing. Maybe the US is printing more proportionally. Read today that Apple market cap greater than Canadian gdp..that can’t be true can it?!

#84 Penny Henny on 08.18.20 at 4:46 pm

Give the pension thing a rest. He couldn’t care less. Focus on what matters. – Garth
/////////////

I get that Morneau is richer than Dog.
So why in the world did he not pay that WE bill until the last second?

I am asking because I am a simpleton with no multi millions to count on.

WE never billed him until the crap hit the fan. That’s obvious. To guys like Morneau forty grand is a third of a car. – Garth

#85 Dave on 08.18.20 at 4:50 pm

So Freeland was hired with no prior Financial exp…..why???? Because she will say YES to everything Trudeau proposes?

#86 conan on 08.18.20 at 4:56 pm

What choice did the Liberals have but to prorogue?
The opposition was ignoring committee evidence.
Trying to decide who runs Canada by who can shout “corruption and scandal” the loudest is not my country.
Maybe the Conservatives want a Mad Max world, but the rest of Canada does not want a Mad Max world.
I thought I disliked the Cons during the Harper years, but that is nothing to what I think of them now.

We do not have a functioning democracy when Parliament is forced to shut. No matter how much you dislike scrutiny. – Garth

#87 TurnerNation on 08.18.20 at 4:56 pm

Why are our elites overlords (Chateau people, trust fund kids, their handlers, and those well above them) messing with little Kanada?
Possible outcome is a North American Union or even new NA currency.
Step by step. Close borders. Suspend democracy. Next up will be messing with US election.
Mexico, Cuba here we come. Our leaders express their fondness for these places and regimes. It’s all there.

This new global system here since March will be fun eh? A mix of communism and tech-corporate control.
Say I don’t know…like China?
Another place our leaders praise. Mum on ‘china’s human rights abuses’ right? CV did all that. And more to come.

#88 mike from mtl on 08.18.20 at 4:59 pm

#83 Arcticfox on 08.18.20 at 4:39 pm
Notice Cad/Us heading north probably anticipating commodity inflation.
///////////////////////////////////////////////////////////////////

That would more accurately be US$ falling against many currencies – see DXY.

#89 David on 08.18.20 at 5:01 pm

Carney took the UN Special Envoy on Climate Change earlier this year. That job entails a lot less flack than being Minister of Finance in Ottawa. Morneau got the job because of connections to the Street and had never served time in politics unlike Michael Wilson. Freeland may be more of a poet than quant, as it were, but she has a very large experienced bureaucracy behind her to provide guidance. The situation now is somewhat similar to the early post WWII years, economic growth shrank the deficit.

#90 Penny Henny on 08.18.20 at 5:01 pm

#49 Faron on 08.18.20 at 3:24 pm
This might be interesting to discuss…

What if the result of developing a coronavirus vaccine actually cured the common cold?
///////////////

Yeah and if my uncle had ____ he’d be my aunt.

#91 Cristian on 08.18.20 at 5:03 pm

“The grandchildren of current taxpayers will still be paying for what happened in 2020.”

Not my grandchildren. Or my children. We’re leaving Canada for good next year. Good luck to those staying. It’ll be fun to watch.

#92 Penny Henny on 08.18.20 at 5:05 pm

#84 Penny Henny on 08.18.20 at 4:46 pm
Give the pension thing a rest. He couldn’t care less. Focus on what matters. – Garth
/////////////

I get that Morneau is richer than Dog.
So why in the world did he not pay that WE bill until the last second?

I am asking because I am a simpleton with no multi millions to count on.

WE never billed him until the crap hit the fan. That’s obvious. To guys like Morneau forty grand is a third of a car. – Garth
/////////////

Fair enough. But at the time his family did take the trip did he not realize he was getting a freebee

#93 Ponzius Pilatus on 08.18.20 at 5:16 pm

#74 Victoria on 08.18.20 at 4:20 pm
Garth,
You forgot to mention that Chrystia Freeland is also a Rhodes Scholar. She was educated at Harvard and Oxford. How many of our esteemed ministers can put that on their resumes?

I’d rather she had taken and passed the Canadian Securities Course. – Garth
————-
Great leaders know their shortcomings and hire competent staff and delegate.
Not like the stable genius who sits behind the resolute desk and fixes everything.
It’s still early, but I wish her well.

She is a “great leader” now? – Garth

#94 TurnerNation on 08.18.20 at 5:24 pm

#61 Nixter – chilling. As I say, like farmers and their livestock, they are to control our Movements, Feeding, and Breeding. Iceland’s “CV Testing company” is deCODE Genetics. Yup they want our DNA badly.

Could we imagine a future whereby only some people get to breed, that is Insurance companies will know your weaknesses up front and provide or deny coverage? All to ‘stop the spread of CV’ – or the next thing? Why not.
Lest we forget, in the last war, WW2, they were facinated with the collecting of Twins. A built-in control group there.

#95 Do we have all the facts on 08.18.20 at 5:25 pm

I always felt that Brian Mulroney and Michael Wilson got blamed for deficits that were actually generated by substantial increases in the interest attached to Government debt generated by the Liberals under Pierre Trudeau.

After cleaning up the programs implemented by the Liberals the Conservatives generated operating surpluses of more than $33 billion over the next five years. However the $20 billion per year of additional interest on government debt generated by Pierre Trudeau made it impossible to avoid large annual deficits as interest rates hovered around 10% per year until 1992.

Most Canadians never realized the impact that year after year of operating deficits generated by the Liberals between 1975 and 1984 had on future debt servicing costs facing all future governments.

As interest rates declined all governments that followed the Conservatives led by Brian Mulroney made substantial reductions in total government debt until the economic crisis of 2009.

Today Canadians have become so jaded that the possibility of a $400 billion deficit 2020/21 barely raises an eyebrow.

Remember when we used to have opposition parties?

I sure do! What gives?

#96 Upenuff on 08.18.20 at 5:28 pm

Journalism in the Toilet…..

Question period after the PM speech,

The first four question asked by the peanut gallery and our leader’s answers do not even find the map with the answers he provided…. Sad for the nation, sadder for the journalists that at one time actually asked the hard questions and demanded answers to the questions asked.

Good luck with that guy Ms Freeland.

#97 Ted on 08.18.20 at 5:31 pm

#58 Ponzius Pilatus
Here you go again dumb dumb. I read this blog to see all the stupid stuff you submit.
Your a libtard through and through. Bet you got Justin’s photo as wallpaper on your computer.
T2 is a liar, untrusted, Mr Dressup rich boy and is burying this country into the abyss. He cares for his image and when done will go round the world on speaking tours with the WE boys and write his memoirs $$$$$ aka Obama’s,Clinton’s,Meghan and Harry.

#98 Long-Time Lurker on 08.18.20 at 5:34 pm

>Hopefully, the light at the end of the Covid-19 (Wuhan-400) tunnel.

AUGUST 17, 2020 / 7:47 PM

More infectious coronavirus mutation may be ‘a good thing’, says disease expert

SINGAPORE (Reuters) – An increasingly common mutation of the novel coronavirus found in Europe, North America and parts of Asia may be more infectious but appears less deadly, according to a prominent infectious diseases doctor.

Paul Tambyah, senior consultant at the National University of Singapore and president-elect of the International Society of Infectious Diseases, said evidence suggests the proliferation of the D614G mutation in some parts of the world has coincided with a drop in death rates, suggesting it is less lethal.

“Maybe that’s a good thing to have a virus that is more infectious but less deadly,” Tambyah told Reuters.

Tambyah said most viruses tend to become less virulent as they mutate.

“It is in the virus’ interest to infect more people but not to kill them because a virus depends on the host for food and for shelter,” he said…

…Scientists discovered the mutation as early as February and it has circulated in Europe and the Americas, the World Health Organization said. The WHO has also said there is no evidence the mutation has led to more severe disease….

Reporting by John Geddie and Chen Lin; Editing by Lincoln Feast

https://www.reuters.com/article/us-health-coronavirus-mutation-idUSKCN25E08Y

#99 Ronaldo on 08.18.20 at 5:35 pm

#61 Nixter on 08.18.20 at 3:56 pm
More gifts from Trudeau.
Who is Sue Paish?
Chief Executive Officer
Canada’s Digital Technology Supercluster

Trudeau’s picture is on the cover.
https://www.dnastack.com/

What do they want? To own us.
That contact tracing app is not private, don’t use it.
Blackmail is waiting for you, comply or else.
————————————————————–
Was listening to a program on CBC the other day and they were talking about this contact tracing app and how it works. So you download the app onto your Iphone and the idea is that if you get diagnosed with Covid19, you would have to enter that information on your Iphone. So now when you leave hospital or wherever it is that you were tested, those with the app on their Iphone that you come near to will be warned that they have been in contact with a person with Covid19. At least that is how I understood it from the radio broadcast.

Here’s the thing, if you get diagnosed with Covid, it would seem to me that you would go home and isolate for the required 14 days or whatever and that would be it. Why would you have to continue to go around and advertise to every Tom, Dick and Harry that you have Covid19 when in fact you are now cured. Makes no sense to me unless I am missing something. Maybe someone knowlegable about this could respond.

#100 joblo on 08.18.20 at 5:36 pm

Alexa, play out of control.
Rolling stones

#101 Howard on 08.18.20 at 5:39 pm

#95 Do we have all the facts on 08.18.20 at 5:25 pm
I always felt that Brian Mulroney and Michael Wilson got blamed for deficits that were actually generated by substantial increases in the interest attached to Government debt generated by the Liberals under Pierre Trudeau.

————————————-

Well yes, that was entirely it.

When Mulroney and Wilson came to power they were faced with a dire fiscal situation. As you mentioned, the operating deficits ended soon after Mulroney took power. Almost every penny of debt accrued in 1984-1993 was interest on earlier debt accrued by his predecessor.

It is an indictment of the stupidity of Canadians that Liberals TO THIS DAY can still get away with blaming Mulroney and Wilson for something that really had very little to do with them. I can see that scenario happening again. The next Conservative federal government will have to dig out of an Everest-sized mess not of their making. Inevitably, it will probably take them longer than they anticipate, forcing them to accure more debt so as not to implode the country, and history will be revised and fictionalized to make the Conservatives at fault.

#102 Grunt on 08.18.20 at 5:41 pm

Freedland may be a rubber stamp name for the Covid deficit.

#103 Ronaldo on 08.18.20 at 5:44 pm

#65 NSNG on 08.18.20 at 4:05 pm
#49 Faron on 08.18.20 at 3:24 pm

What if the result of developing a coronavirus vaccine actually cured the common cold?

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

There is already a cure for the common cold.

zinc
—————————————————————
My son went to the doctor some years ago as he had a bad cold. He asked the doctor,
“is there something I can take for it?”. The doctor said, “yes and you will be better in 7 days”. Son asked, “what if I don’t take anything?”. Doctor said, “you will be better in 7 days”.

#104 Nothing Surprises on 08.18.20 at 5:44 pm

#5 TurnerNation
……………………………………………………………………………….
With the length of your comments, you would give us all a rest if you just wrote a book and stayed off this blog.

I respectfully ask you to consider!

#105 Trojan House on 08.18.20 at 5:50 pm

DELETED

#106 Attrition on 08.18.20 at 5:53 pm

Frau Freeland, here in what will soon become known as Fried-land for two reasons now at least, is on record as stating that throughout history, virtually all men beat their wives. Husbands and grandfathers, I believe were her words.

There is a video clip of this, on a CTV news interview I think it was–an off her cuff remark that our great and unbiased media failed to choose to capitalize on (hate and bigotry being badges of honour when said hate is directed at the appropriate testes-possessing group).

Being the non-wife beating type, I was offended by her misandry. Either I was doing something I shouldn’t be by not beating, or not doing something I should. Either way, somehow I ended up feeling guilty.

I don’t know if disparaging historically a solid half of the population that ever existed could be the catalyst that capitulates one to higher offices, but in hindsight, her inner workings sure do line up with junior’s. Only compared to her, he’s practically a misogynist.

Interesting times indeed.

#107 SoggyShorts on 08.18.20 at 5:55 pm

#99 Ronaldo on 08.18.20 at 5:35 pm
You’ve got it backwards.
You get the app, and turn on Bluetooth.
Anyone near you gets a little ping on their app(if they have it)

Then, later, when you get tested positive and enter that into the app anyone you PREVIOUSLY pinged off gets a warning that they PREVIOUSLY were in contact with someone who was positive.

#108 willworkforpickles on 08.18.20 at 5:58 pm

QE…, runaway deficit spending and all that has proven to be non inflationary over the last decade with low interest rates fueling the economic engine and GDP through jobs and production.
Now the wheels of this economic engine are coming off with huge government cash infusions and support payments unsupported by the necessary economic expansion to keep inflation at bay.
Excess money expansion poured suddenly into an economy with less manufacturing, less selling and less supply of goods is very inflationary as sellers and manufacturers demand more money as a result of diminishing supply in a contracting recessionary environment.
This ongoing threat remains as long as unemployment remains at or near today’s levels.
Before pandemic spurred mass unemployment became reality, incomes were rising enough to keep inflation in check and interest rates were low enough to keep the economy and industry humming.
We now have more printed support money chasing after a limited supply of goods due to mass unemployment.
More money chasing after a limited supply of goods all in all now will prove to be very inflationary.
Then we have Canada expected through JT without an experienced finance constraint minister to compound all of this in multiples beyond our wildest imaginations.
A national debt cliff, hyperinflation and the road to ruin lay dead ahead for Canada.
Bet on that if Trudeau is allowed to continue.

#109 Ronaldo on 08.18.20 at 5:59 pm

#66 cramar on 08.18.20 at 4:08 pm
Chrystia Freeland & the Peter Principle

——–

Chrystia Freeland, eh? Two years ago when she was negotiating the new NAFTA, I was enthralled with her. She was one tough negotiator, in no way intimidated by the bully’s henchmen. Regardless of what was thrown at her, she remained cool, strong, and responded with total class.

She gave an interview on CBC where she outlined her negotiating tactics. I wrote them down:

• Be absolutely resolute
• Always be polite
• Always use arguments based on facts
• Always be looking for creative compromise
• A non-critical positive attitude.

Absolutely brilliant! I was so blown away, I sent her an email congratulating her and suggesting she author a book on negotiating tactics using the NAFTA success as a case example.

Then she became the spokesperson for the PM as his deputy. Now the Finance Minster.

I can’t help wondering if she will be a perfect example of the Peter Principle? If you are not familiar with the PP it is understandable. You have to be a Boomer to appreciate the history. Canadian Laurence J. Peter wrote about it in his 1969 book (by the same name). It is in a nutshell, “the tendency in an organization for every employee to rise in the hierarchy through promotion until they reach a level of respective incompetence.”

Chrystia was brilliant as a negotiator; Minister of International Trade, then Foreign Affairs, and now promoted to FM to which she has little relevant experience. Will she again shine forth building on her previous trade success, or will she prove to be incompetent in this position?

If she shines, PM is next! If she bombs, it will be a sad end to a brilliant political career.

I’m rooting for you Chrystia. Don’t let us down!
—————————————————————-
Yep, the Peter Principle, great book. In my many years in the workforce I have seen this played out many times. People getting promoted to levels beyond their level of competence.

We see this with people in management positions who were great at the hands on supervisory role or maybe great engineers but when promoted to supevisory or management positions were failures.

This incompetence to lead can be really bad for companies and tough on employee moral. You see people in positions over their head make themselves unapproachable so that they don’t have to deal with the things they are not comfortable with.

I remember one supervisor I worked for who was an operations manager and was very good at the job as he dealt mostly with the front line workers, operators, mechanics, electricians, etc. and they all enjoyed working for him.

When the general manager retired he was bumped into that position. He had reached his level of incompetence. One day I asked him how he like his new job. He replied, “the Peter Principle is definately at work right now”. Luckily he was near to retirement and they hired an experienced manager to take his place. The company had not done him a favour.

#110 Reximus on 08.18.20 at 6:08 pm

is it just me…or do others scroll immediately past any post by TurnerNation?

Besides the usual pointless, demented blather, I worry it’s actually Garth’s alter ego posting

#111 Ponzius Pilatus on 08.18.20 at 6:10 pm

#93 Ponzius Pilatus on 08.18.20 at 5:16 pm
#74 Victoria on 08.18.20 at 4:20 pm
Garth,
You forgot to mention that Chrystia Freeland is also a Rhodes Scholar. She was educated at Harvard and Oxford. How many of our esteemed ministers can put that on their resumes?

I’d rather she had taken and passed the Canadian Securities Course. – Garth
————-
Great leaders know their shortcomings and hire competent staff and delegate.
Not like the stable genius who sits behind the resolute desk and fixes everything.
It’s still early, but I wish her well.

She is a “great leader” now? – Garth
————
Of course not.
I spoke about Great Leadership qualities in general.
I always hire people first on potential and second on experience.
I believe she will be good for Canada, and that’s why I endorse her.

#112 Ronaldo on 08.18.20 at 6:12 pm

#78 Deplorable Dude on 08.18.20 at 4:25 pm

I’m not referring to a vaccine. I’m talking about the ongoing panic over rising cases (but with no corresponding rise in deaths or hospitilisations).

Dr Henry is talking about tighter restrictions to cut down cases again.

But why? What’s the end game here? Zero cases? When did we move from ‘2 weeks to flatten the curve’ to ‘no cases ever again, anywhere’…as official gov policy?

Coronavirus is in the same virus class as the common cold.

Hence my opinion that the Gov appears to be trying to do the equivalent of eliminate the common cold by keeping us under perpetual semi lock down.

As Garth has openly asked in a recent post…..

When is this over?
—————————————————————-
Want to lower the cases? Stop testing. Just look at Alberta and how much testing they are doing and the fatality rate is not much different than BC. Too much emphasis being placed on cases. Alberta twice the tests and 225 deaths. BC 198 deaths.

#113 Paul on 08.18.20 at 6:16 pm

#104 Nothing Surprises on 08.18.20 at 5:44 pm
#5 TurnerNation
……………………………………………………………………………….
With the length of your comments, you would give us all a rest if you just wrote a book and stayed off this blog.

I respectfully ask you to consider!
————————————————————————————————
Turner Nation

Keep digging,keep commenting, keep providing the links.

I guess some folks don’t know how to scroll?

#114 JSS on 08.18.20 at 6:17 pm

RIP Dale Hawerchuk from Winnipeg Jets. Was Gretzky for small centre Winnipeg

#115 Camille on 08.18.20 at 6:19 pm

Thank you for describing your experiences with past finance ministers and other things. Very interesting to read.
Was thinking, have the liberals done worse, covid wise, than other governments? (I’m not a fan, but looking objectively with my portfolio in mind, lest I short the S&P).
Schools will open, CERB will end, EI will be there for those eligible, then that will end. Work will (have to) resume.
Why the talk about UBI, seriously, did I miss something?

#116 Deane Hennigar on 08.18.20 at 6:21 pm

Garth, I rarely comment on blogs.

But this is one of the best columns I’ve ever read.

Entertaining, insightful, witty, funny, clever and a whole lot more. The bad part is you’ve nailed my concerns too. This country is truly headed in the wrong direction under this T2 liberal government, and today I think we just got set up for a whole lot worse with the yes woman Freeland appointment.

Wake up Canada.

#117 akashic record on 08.18.20 at 6:24 pm

She is a “great leader” now? – Garth

Nope. I trust my gut feelings. It’s not fashionable these days, but I am willing to admit if I prove to be wrong. Everything I know and sense about her tells me I won’t have to use mea culpa in this case. Same how I felt about Trudeau. With Justin time did tell already.

#118 Robert B on 08.18.20 at 6:24 pm

“She has no financial experience or business background”

Garth come on , you can’t think that this is a good idea?
That’s like put putting Mark Twain in charge of JP Morgan….

There goes our dollar lower but a hedge does exist …..

#119 Debtslavecreator on 08.18.20 at 6:33 pm

CF is very smart in any non finance role but she’s now finance min to allow Trudeau to implement his radical agenda
They will 1) bankrupt the nation via massive borrowing and currency debasement ( critical piece of Lenin’s playbook),2) implement massive confiscatory tax increases on mostly upper middle class/moderately rich as asset prices in nominal terms rise but drop in real terms (applying higher taxes on inflated asset prices is the preferred way to steal stored savings ), 3) help implement the radical globalist neo Marxist agenda under the guise of green agendas and “equality” read – communism 2.0

A scary day in Canadian history

And carney will play a major role but is being groomed to take over the liberals and get a shot at being PM

#120 WTF on 08.18.20 at 6:43 pm

Soo.

T2 allows the GG to continue living in her Yurt behind the garage connected by a 250k stair thus avoiding pesky Canadians. She in turn agrees that he can hide from the same unwashed rabble till Late Sept.

We the insignificant electorate get to pay for this cozy arrangement.

Nice

#121 Cto on 08.18.20 at 6:45 pm

what difference does it make at this point.
It does not matter who is in power or who they have working for them.
Look at Harper. His party started this whole mess with the housing market and debt. Look at Sheer…the guy had to imitate Trudeu…
They’re all a bunch of vote buying clowns!!!
In the last 20 years:
The Cons turned liberal
The Libs turned socialist
And the NDP turned communist.
Guys like You, Wilson, Martin, and Chretien are old school fools…

#122 T on 08.18.20 at 6:49 pm

#41 ryan on 08.18.20 at 3:11 pm
All those threatening to leave..lol..dont let the door hit you..goofs.

————

The intelligent with means will leave.

Canada is a good country, but isn’t the only one. Canada used to be great. Used to be.

When a family making $60k a year is considered ‘poor’, and the median income isn’t much more than that, something is very wrong.

https://www.fraserinstitute.org/studies/critical-assessment-of-canadas-official-poverty-line

#123 Tanya Tate on 08.18.20 at 6:49 pm

Toronto is at fault. If there were not such dumb Canadians living there voting mostly Liberal and NDP, we would not be in this mess.

#124 Phylis on 08.18.20 at 6:53 pm

We’ve lost Bill’s ear. Someone send Chrystia a link to this site, stat!

#125 Cici on 08.18.20 at 6:53 pm

Canada Revenue Agency suspends online services after cyberattacks

https://ca.finance.yahoo.com/news/thousands-cra-government-accounts-disabled-142844538.html

#126 crowdedelevatorfartz on 08.18.20 at 6:54 pm

I’m just curious.
The “raised” brown shoe behind Morneau ……
It looks suspiciously like Trudeau about to give him a boot…..

#127 crowdedelevatorfartz on 08.18.20 at 6:56 pm

@#180 vanreal
“#175
Your comment is just sexist and in poor taste”
+++

Tis true
I offended you
Boo Hoo.

Haiku Over.

#128 Nonplused on 08.18.20 at 7:00 pm

Well, I am not surprised Trudeau brought in Chrystia Freeland because he has a habit of putting “identity” before credentials. There is a lot of that going on these days, it’s not just him.

But if we blew a $450 billion dollar hole in the “budget” with an experienced money guy in charge, what could go wrong if there is an inexperienced person in charge? I mean I can’t even fathom exactly how much money $450 billion dollars is. For comparison it is about 35 of the US’s new Ford class aircraft carriers. That’s a lot of aircraft carriers. The US only has 11 aircraft carriers in total. One of these carriers can carry Canada’s whole fleet of F-18’s and still have room for some European air forces.

I wonder if we will ever know what really happened to Bill Morneau. The WE thing looks nasty, but from what I know about it, Trudeau stepped in it deeper than Morneau. I mean what did he do? Have some travel expenses covered? Whereas Trudeau has relatives that are financially profiting from their relationship with the organization? Is Trudeau hoping by throwing Morneau under the bus the whole scandal will go away? That he can say he purged the bad guy and that he and his family were innocent of any wrongdoing?

Or is there something much more ominus at play? Was there possibly an argument going on between Trudeau and his lofty policy plans and a more realistic Morneau dousing them with water? I guess we will find out.

My guess is that is was not the WE thing. There is no way you turn your co-conspirators into the police unless you already have a plea deal. Instead, I think we are about to see some policy proposals that no person with a degree in economics, business, finance, or anything involving math, would ever propose.

Freeland is not without credentials with regards to economics as an editor and writer. However, perusing her writing history should send shivers down the backs of anyone who has any capital.

#129 not 1st on 08.18.20 at 7:02 pm

There is no economic recovery without our oil and resources sector leading it. WE was going to get more money than any of our main sectors did.

Canada is 3rd world without those main drivers. Simple as that. Morneau was the only semi adult in the cabinet.

The Dalton McGuinty Butts experiment about to be writ large on the country.

#130 crowdedelevatorfartz on 08.18.20 at 7:03 pm

@#81 Ferry Boy

Ever take a boat through the Falkirk Wheel?

#131 crossbordershopper on 08.18.20 at 7:06 pm

good luck crystie your going to need it.

#132 Benford's in-law on 08.18.20 at 7:09 pm

@#114 Paul on 08.18.20 at 6:16 pm
#104 Nothing Surprises on 08.18.20 at 5:44 pm
#5 TurnerNation
……………………………………………………………………………….
With the length of your comments, you would give us all a rest if you just wrote a book and stayed off this blog.

I respectfully ask you to consider!
————————————————————————————————
Turner Nation

Keep digging,keep commenting, keep providing the links.

I guess some folks don’t know how to scroll?
/////////////////

yes, keep posting. always a good laugh.

#133 pacific on 08.18.20 at 7:10 pm

RE: #37 Lee on 08.18.20 at 3:01 pm

We don’t have the money for UBI. If he does that i’m moving to Costa Rica.

Meet you at the BBQ at 6pm for happy hour (caught a 30 lb tuna today!)

#134 Nonplused on 08.18.20 at 7:11 pm

#26 SunShowers on 08.18.20 at 2:44 pm
“As much as I like the idea of UBI (though I like the idea of UBS, Universal Basic Services more), I don’t think Trudeau will commit to making it part of the platform. I don’t even think he’ll promise it and waffle on it later like he did electoral reform.”

—————————

We already have UBI. It’s called getting a job.

We cannot afford things collectively through the government that we as individuals cannot, and that includes paying people not to work. Labor, more so than anything else, produces wealth. And for those who fall through the cracks we already have a pretty robust social safety net. We have EI, welfare, CPP, OAS, and medicare already plus transit, low income housing, and a whole host of other services.

#135 dogwhistle on 08.18.20 at 7:13 pm

Tonight on The Guardian:

Departure of finance minister suggests Trudeau will pursue ‘green’ recovery plan”

https://www.theguardian.com/world/2020/aug/18/canada-justin-trudeau-bill-morneau-covid-19-green-recovery

and within article this interesting “five bold moves” pdf:

https://www.recoverytaskforce.ca/wp-content/uploads/2020/07/TFRR-Preliminary-Report-Jul-2020.pdf

So probably not UBI but 28 billions for retrofitting.

Unless Justine want to be Canada’s Andrew Yang and go full UBI. In which case multiple passports and real skills mean being able to move and sail away from it all.
(pun intended)

#136 Toronto_CA on 08.18.20 at 7:18 pm

S&P500 record close today.
Fastest recovery of a bear market in history.

I don’t believe it, but here we are. Sorry for all those who sold out and waited.

#137 Nonplused on 08.18.20 at 7:24 pm

#45 DownToFinance on 08.18.20 at 3:21 pm
“I just hope they increase the minimum wage to $1000/hr so I can quit my job as an Engineer and just work 10 hours a week at McDonalds.”

—————————-

The way things are going who knows that might happen. But bread will be $250 a loaf.

#138 Benford's in-law on 08.18.20 at 7:25 pm

sheesh, the doom in here tonight is extra pungent.
cheer up folks.

#139 PetertheSeparatistfromCalgary on 08.18.20 at 7:27 pm

Canada needs two things to get back on its feet.

A safe effective vaccine for COVID19.
A new Prime Minister.

#140 Garth Turner Jr. on 08.18.20 at 7:28 pm

I’m seeing lots of people talk about fleeing Canada for greener pastures…but where are these green pastures exactly?

#141 ElGatoNerodeYVR on 08.18.20 at 7:29 pm

#104 Nothing Surprises on 08.18.20 at 5:44 pm
#5 TurnerNation
……………………………………………………………………………….
With the length of your comments, you would give us all a rest if you just wrote a book and stayed off this blog.

I respectfully ask you to consider
==========
Not the same impact. Look up spaced repetition.
Just sayin’ :-)

#142 Nonplused on 08.18.20 at 7:29 pm

#65 NSNG on 08.18.20 at 4:05 pm
#49 Faron on 08.18.20 at 3:24 pm

What if the result of developing a coronavirus vaccine actually cured the common cold?

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

There is already a cure for the common cold.

zinc

————————————————————-

Zinc can and does cure the common cold in as little as 1 week. Left untreated, a cold can last as long as 7 days.

#143 Mandy Simpson on 08.18.20 at 7:31 pm

DELETED

#144 Green UBI for all! on 08.18.20 at 7:32 pm

“He was short, rotund, emotional,…..”

I do hope you will be liberal in the use of this terminology with the new finance minister….. fair is fair after all!

#145 ABK on 08.18.20 at 7:39 pm

Have to admit that I am not a fan of a UBI but I am also a realist and the introduction of a universal scheme seems more likely every day. Perhaps we should be talking about how it can be most effectively put together?!

#146 Nonplused on 08.18.20 at 7:45 pm

“WE never billed him until the crap hit the fan. That’s obvious. To guys like Morneau forty grand is a third of a car. – Garth”

First, it is not unusual for all kinds of organizations including charities and political organizations to pay travel and accommodation for speakers, and sometimes even speaker’s fees which it appears Morneau did not receive. Not everyone can afford to pay it themselves. Do you think Gretta paid for her sailboat and crew?

Second, if Monreau paid his own expenses, it probably would have been tax deductible owing to the fact is was for charity (or so WE says). So we are talking $20,000 here.

Third, it wasn’t a third of a car for most people. A third of a car for most people is damn near a half year’s salary even if they are buying a Corolla. For Monreau, this was a rounding error that wouldn’t even have shown up on an audit. That’s probably how it got missed.

#147 cuke and tomato picker on 08.18.20 at 7:46 pm

When JT was running for re election last time he said that those 75 or over would receive an increase in their OAS. So far nothing.

#148 crowdedelevatorfartz on 08.18.20 at 7:48 pm

@#129 Nonplused
“I wonder if we will ever know what really happened to Bill Morneau. ”
++++

I give him 2-4 years and he will be autographing a ‘tell all” book.

#149 Sail Away on 08.18.20 at 7:49 pm

My dogs are looking great during bird season tuneup. They have not the slightest interest in Canadian politics.

#150 Bob Dog on 08.18.20 at 7:56 pm

DELETED

#151 dogwhistle on 08.18.20 at 7:57 pm

#141 Garth Turner Jr. on 08.18.20 at 7:28 pm
I’m seeing lots of people talk about fleeing Canada for greener pastures…but where are these green pastures exactly?

————————————–

Bit like ‘Fight Club” those who know etc etc etc

#152 Mandy Simpson on 08.18.20 at 7:59 pm

DELETED

Politicians are not good or bad because they are men or women. Such crap will always be deleted. – Garth

#153 Drinking on 08.18.20 at 7:59 pm

Well Garth, you called it,lol, this should be interesting; yes, still invested, but so glad I cashed out as much as I could!

#154 Nonplused on 08.18.20 at 8:01 pm

#110 Ronaldo on 08.18.20 at 5:59 pm
#66 cramar on 08.18.20 at 4:08 pm
Chrystia Freeland & the Peter Principle

——–

Chrystia Freeland, eh? Two years ago when she was negotiating the new NAFTA, I was enthralled with her. She was one tough negotiator, in no way intimidated by the bully’s henchmen. Regardless of what was thrown at her, she remained cool, strong, and responded with total class.

————————————–

And she also got run over by the Trump train. It is easy to negotiate a deal when you concede on every. single. point. of contention. What did she get? No milk. But no Keystone either.

#155 Idiocy on 08.18.20 at 8:01 pm

Anyone condoning / applauding the appointment of C. Freeland as Finance Minister would be well advised to review her public comments and actions dating back to about 2011.

There is much damning evidence of her limited abilities in many sources if you can’t see that with your own eyes.

Canada may be mortally wounded in the next few years.

#156 I'm wondering ... on 08.18.20 at 8:04 pm

if the market has priced in a Biden win yet.

#157 crowdedelevatorfartz on 08.18.20 at 8:08 pm

@#45 Down to Finance
“I just hope they increase the minimum wage to $1000/hr so I can quit my job as an Engineer and just work 10 hours a week at McDonalds.”

+++

Si Amigo!
Viva la Bolivarian Revolucion!

https://en.wikipedia.org/wiki/Colectivo_(Venezuela)

We will take everything from the rich and give it to the poor…….until EVERYONE is poor.

Now we are all equally miserable.

Viva Trudeau!
Viva Freeland!
Long live the democracy!

#158 DON on 08.18.20 at 8:21 pm

@#148 cuc and tomatoe picker.

You don’t need more OAS when you have weed
Well maybe for snacks.

Trudeau is at his rope’s end. Now if he offers UBI (…some how) the herd will reelect the Liberals. Consequences come later.

How are your cucs and tomatoes doing in Vic. Mine are producing but the tomatoes are late this year.

#159 Benford's in-law on 08.18.20 at 8:21 pm

@#141 Garth Turner Jr. on 08.18.20 at 7:28 pm
I’m seeing lots of people talk about fleeing Canada for greener pastures…but where are these green pastures exactly?
…….

buried deeeep in their small minds

#160 DON on 08.18.20 at 8:28 pm

@nonplused, faron and nsng

Good question…if they have a vaccine for coronavirus will it work for the common flu and maybe even help with HIV.

#161 Catalyst on 08.18.20 at 8:32 pm

It’s days like this why I still love your blog after several years. Not many in Canada have your combination of political and financial knowledge and its a pleasure to hear your take.

I fear there aren’t enough conservatives left in Canada to save this ship. Hopefully I’m wrong but from what I see the populace is quite happy with free stuff that ‘others’ pay for.

#162 crowdedelevatorfartz on 08.18.20 at 8:36 pm

@#153 Easily Triggered Mandy

A song….for you.

https://www.youtube.com/watch?v=4oh5fEIpx-E

#163 Carl Icon on 08.18.20 at 8:38 pm

DELETED

#164 Minister of Bad Ideas on 08.18.20 at 8:40 pm

Couple of thoughts….

1. Garth…you said you knew deficit busting was political suicide. What if Butts & Trudeau are planning to destroy the currency to finance a green revolution? Political suicide but these cronies think they are nation builders…

2. What is Carneys view on MMT? Jan. 2020 he said shouldn’t print money to fund a green revolution. Seems to be counter current LPC plan. From what I have read Carney believes MMT is the realm of government not central banks….is that the reason for his move?

https://www.thegwpf.com/bank-of-england-wont-print-money-for-green-revolution-says-mark-carney/

#165 Millennial Realist on 08.18.20 at 8:40 pm

Get ready, Boomers.

September Throne Speech = beginning of wealth/inheritance/house capital gain taxes, UBI, transaction taxes and economic remedies for our right-wing planet-wrecking elitist economy that must end before we all face an environmental wall.

The NDP will make sure this gets passed.

September 23.

Will you be part of the change, or will you be run over by it?

Contact your Liberal and NDP MPs and tell them they have to do this, or will lose your vote.

#166 Nonplused on 08.18.20 at 8:42 pm

#149 crowdedelevatorfartz on 08.18.20 at 7:48 pm
@#129 Nonplused
“I wonder if we will ever know what really happened to Bill Morneau. ”
++++

I give him 2-4 years and he will be autographing a ‘tell all” book.

————————–

I’m betting no. What don’t we already suspect? And that is the beauty of having wealth. You don’t have to pander. I am no fan of Monreau or the Trudeau government, but his exit for supposedly being ankle deep in something the Trudeau family is neck deep in has converted him to a possible hero in my mind. But I would be surprised if he spoke out unless under subpoena.

#167 Me on 08.18.20 at 8:45 pm

UBI?
Who is going to pay for it?

#168 Billy Buoy on 08.18.20 at 8:56 pm

If the USA has another 1.5 Trillion is spending, we are not far behind.

Is there any hope?

No one wants to pay the piper for the party of the past 20 years…as simple as that.

#169 DON on 08.18.20 at 8:56 pm

@ponzius

a great leader leads by example….first priniciple of effective leadership.

the rest are just managers to some degree.

Didn’t you praise the BC Liberals also (i may be wrong). Why the blinders for the liberal brand?

#170 j.morris on 08.18.20 at 9:05 pm

The way I see it:CF was put in that position to smooth the waters until a multi billion dollar Bay St. hedge fund mgr. or bank exe is found ..and then “Snowball”

#171 the Jaguar on 08.18.20 at 9:08 pm

#188 BillyBob on 08.18.20 at 11:55 am
#136 the Jaguar on 08.17.20 at 10:23 pm

Thanks for the pep talk Billy Bob. I was so busy blowing a gasket at the thought of Carney working for Trudeau I slipped off my pedestal for a moment and had an exchange with the troll. I’m myself again now after a shot glass of Wild Turkey. Onward.

Love this photo of Bill coming through the curtain which would be improved were he wearing a velvet smoking jacket and cravat. I guess Chrystia isn’t the worst choice given her brain power is bigger than most other cabinet members, but I am hoping she won’t give too many speeches as her munchkin voice gives me the vapors.

Justin Trudeau isn’t his father, he is however his mother. Or as Sophie said to a reporter just before he was first elected..” What set him off”?

Just for old times sake and nostalgia here is the original clip:
https://www.youtube.com/watch?v=XfUq9b1XTa0

#172 David Greene on 08.18.20 at 9:17 pm

Chrystia Freeland’s first experience in journalism was as a Ukraine-based freelance journalist for the Financial Times, The Economist and The Washington Post. She eventually served as an Eastern European correspondent for the Financial Times and headed its Moscow bureau. She was deputy editor of The Globe and Mail from 1999 to 2001 and then returned to the Financial Times as deputy editor and U.S. managing editor. In 2010, she moved to Thomson Reuters as managing director and editor of consumer news.

Canadian Encyclopedia
https://www.thecanadianencyclopedia.ca/en/article/chrystia-freeland

#173 Moonshine on 08.18.20 at 9:18 pm

if ubi ever becomes a reality, half of the world’s population will want to emigrate to Canada. We are lucky, the country is large enough to accommodate them …

#174 Steerage on 08.18.20 at 9:20 pm

95 Do we have all the facts on 08.18.20 at 5:25 pm
I always felt that Brian Mulroney and Michael Wilson got blamed for deficits that were actually generated by substantial increases in the interest attached to Government debt generated by the Liberals under Pierre Trudeau.

After cleaning up the programs implemented by the Liberals the Conservatives generated operating surpluses of more than $33 billion over the next five years. However the $20 billion per year of additional interest on government debt generated by Pierre Trudeau made it impossible to avoid large annual deficits as interest rates hovered around 10% per year until 1992.

Most Canadians never realized the impact that year after year of operating deficits generated by the Liberals between 1975 and 1984 had on future debt servicing costs facing all future governments.

As interest rates declined all governments that followed the Conservatives led by Brian Mulroney made substantial reductions in total government debt until the economic crisis of 2009.

Today Canadians have become so jaded that the possibility of a $400 billion deficit 2020/21 barely raises an eyebrow.

Remember when we used to have opposition parties?

I sure do! What gives?

It definitely started with T1…..now T2 wants to make pop proud… its gonna be ridiculous… they will tilt left to get votes from NDP and the Bloc heads ….. if they get the deficit back under 100 billion it’ll be stunning…… looking at years of massive deficits.. 2 trillion in debt is achievable!… and Albertastan… we’re totally reamed

#175 akashic record on 08.18.20 at 9:32 pm

“Did you know that only 2,500 people (out of eight million people in NYC) pay 40% of all the taxes that NYC collects, and that this is the main income for NYC?”

https://jamesaltucher.com/blog/sorrow-and-hope/

#176 Just curious on 08.18.20 at 9:42 pm

“Jim Flaherty seemed everything the towering, grey, somber and steady Wilson was not. He was short, rotund, emotional, partisan and ate his eggs with his fingers.”

Were they boiled eggs?

Sadly, no. – Garth

#177 45north on 08.18.20 at 9:45 pm

What new risks have emerged?
Plenty. Morneau was a complete idiot and ingénue to get tainted with Trudeau’s WE obsession. But he’s a businessman, professional money guy and corporate executive with financial prudence and boardroom skills. He and Trudeau fought over the spending. Bill lost. There is now no stopper on the bottle. If this government lasts another four or five years, the debt could double to $2 trillion, or 100% of GDP. This will bring currency devaluation, inflation, tax pressure and central bank tightening. Trust me, none of that you want.

Justin Trudeau is a one-trick pony – the only trick he’s got is to give everybody more money – regardless of the budget, regardless of the debt. Voting for Liberals has consequences. Bad consequences.

#178 MF on 08.18.20 at 9:47 pm

#134 WhackoNation on 08.17.20 at 2:40 pm

“World domination by stealth through soccer…. great work dude.. keep on it.. you’ve got them on the run”

-Lol.

Just came across this gem from a few days ago. Well, soccer has always been fixed according to some of my friends -only when their team loses though- so maybe he’s on to something after all lol.

MF

#179 Arcticfox on 08.18.20 at 9:49 pm

Let’s say in 2020, the US adds 4 trillion in new debt. That roughly equivalent to debt added from 1776-2000..224 years. Isn’t math cool!

#180 not 1st on 08.18.20 at 9:50 pm

Exactly how will Mrs Freeland initiate this green restart? It would take yrs just to get the materials to cover the country in solar panels and windmills and a decade to build it all and then no return from the actual projects so more debt upon debt and subsidies just like Ontario did only too get too expensive energy that has to be paid for with more debt.

So Canada is going to wait a decade for a failed restart? I have news for mrs finance minister. There wont be anything but tumbleweeds and tundra by that time.

Trump would be cutting regulations like a demon and getting investment flowing. The carbon scam tax would be gone and every project on the drawing board would get approved right now.

But unfortunately we don’t have someone that cares about their country. In fact he wants to speed its demise into a energy poor Marxist state. Woe is Canada.

#181 MF on 08.18.20 at 9:52 pm

#164 the Jaguar on 08.18.20 at 9:08 pm

I’m not a troll buddy.

You just acted immature and had a hissy fit because someone disagreed with your (wrong) statement.

Billybob aint so bad. He picks at me but I let it slide, it’s all in good fun. You missed that memo somehow. All good.

MF

#182 not 1st on 08.18.20 at 9:58 pm

#165 Millennial Realist on 08.18.20 at 8:40 pm

Here is a little investment for you. Take $1000 of your CERB money and go through the doors of KPMG and ask for an hour of consult. Ask a single question of one of their reputable accounting professionals, what avenues do people of means have to avoid tax?

Once your jaw comes off the floor then you can grab a latte and sit down and ponder your UBI utopia.

The rich aint paying for this no how no way. You will be paying for it just like every other broken socialist promise you fell for.

#183 RWeFked? on 08.18.20 at 10:01 pm

So Chrystia wrote a book about the global super rich.

I’m hoping she nationalizes some of the housing in Vancouver and turns it over to residents of Hastings and Main.

#184 Gramps on 08.18.20 at 10:01 pm

#57
#127
I noticed the same. He obviously got the boot.

#185 Pete from St. Cesaire on 08.18.20 at 10:02 pm

#10 Dolce Vita on 08.18.20 at 1:54 pm
I like Chrysta at least she has brains Oxford Rhodes Scholarship
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
That right there tells you all you need to know about her. You can’t become a Rhodes Scholar unless you are a full-fledged Anglo-Empire-First globalist in total agreement with all that that entails.

#186 Ace Goodheart on 08.18.20 at 10:08 pm

Putting Freeland in charge of finance is like putting Keith Richards in charge of the drug store.

When it’s all over, there won’t be much left but everyone will be really happy.

#187 SoggyShorts on 08.18.20 at 10:14 pm

#165 Millennial Realist on 08.18.20 at 8:40 pm
Get ready, Boomers.

September Throne Speech = beginning of wealth/inheritance/house capital gain taxes, UBI, transaction taxes and economic remedies for our right-wing planet-wrecking elitist economy that must end before we all face an environmental wall.

Will you be part of the change, or will you be run over by it?

**********************
Every time you post you bring up something that you think will hurt Boomers, but in reality none of it will be retroactive so the new policies will hurt you much more than them.
So dumb.

#188 Ponzius Pilatus on 08.18.20 at 10:15 pm

Wanna remind the blogdogs, who I’m sure are mostly male, that today is the 100th anniversary of the proclamation of the 19th Amendments, given American women the right the vote.

#189 Son Of Ayn on 08.18.20 at 10:16 pm

Has anyone read Atlas Shrugged? We are about to see it play out in Canada

#190 Bill on 08.18.20 at 10:17 pm

#153 Mandy Simpson on 08.18.20 at 7:59 pm
DELETED
Politicians are not good or bad because they are men or women. Such crap will always be deleted. – Garth

Bang on Garth
I wish this women was A billionaire and super biz savey.
No time for training day…we are up $hit creek.
We need a bloody experienced adult… yesterday.

#191 WEXIT on 08.18.20 at 10:21 pm

The sooner Western Canada, can shed the East, the better off the West will be

ps: I grew up in Ontario

#192 The Woosh on 08.18.20 at 10:22 pm

#74 Victoria on 08.18.20 at 4:20 pm
Garth,
You forgot to mention that Chrystia Freeland is also a Rhodes Scholar. She was educated at Harvard and Oxford. How many of our esteemed ministers can put that on their resumes?

I’d rather she had taken and passed the Canadian Securities Course. – Garth

———————————
I flunked the CSC. Didn’t stop me from averaging between 25%-40% average returns over the last 5+ years. I wouldn’t be too worried about her credentials or lack thereof…she appears to be a good problem-solver. The world needs more problem solvers.

#193 Son of Ayn on 08.18.20 at 10:23 pm

Oh, and once you start paying people for doing nothing… they will want a raise. Ask yourself how that ends.

#194 TurnerNation on 08.18.20 at 10:25 pm

Unprecedented. BOTH tables nearest mine as I supped out of home tonight were talking CERB.
One of them still had not returned to work as the boss had asked. I heard an offer of cash wages even was offered (allowing Cerb still to flow)
The other table was along the lines of “You should take the Cerb” (they did marketing work from what I gathered, maybe on contract). Cerb as a bonus or crutch? Why not.

It’s over. People have been reprogrammed into slaves in the New System.

Guess what folks these were normal middle class folks. Imagine what the unscrupulous and those with nothing to lose are pulling.

Best job now? My guess is Insurance salesman selling people ad hoc dental plans, life and other insurance.
Fill those gaps between Cerb and Fear.
Fear of large dental bills or sticking dependents with your funeral costs.

#195 Ronaldo on 08.18.20 at 10:27 pm

#157 I’m wondering … on 08.18.20 at 8:04 pm
if the market has priced in a Biden win yet.
——————————————————————-
I believe Garth has stated it has priced in a Biden win. I’m wondering what it would be doing if it had priced in a Trump win.

#196 Sail Away on 08.18.20 at 10:28 pm

#188 Ponzius Pilatus on 08.18.20 at 10:15 pm

Wanna remind the blogdogs, who I’m sure are mostly male, that today is the 100th anniversary of the proclamation of the 19th Amendments, given American women the right the vote.

—————-

Cool. Any historical trivia on Eritrea?

#197 Ronaldo on 08.18.20 at 10:34 pm

#186 Ace Goodheart on 08.18.20 at 10:08 pm
Putting Freeland in charge of finance is like putting Keith Richards in charge of the drug store.

When it’s all over, there won’t be much left but everyone will be really happy.
—————————————————————-
Would you put her in charge of your investment portfolio?

#198 NotSure on 08.18.20 at 10:34 pm

Christian Freeland’s Ted Talk concluded with a call for a New New Deal.
Some of the things coming:
Taxes on big tech companies
Taxes on high earners
Increases in capital gains taxes
And even more taxes

Big spending on infrastructure and social programs. Possible nationalization of certain areas. Trade restrictions. Massive spending on boondoggle environmental projects.

That is of course there isn’t a no confidence vote when the plan is unveiled in September.

We don’t have that many super rich billionaires or massive companies and the ones that are here will be looking to leave. Interesting times.

#199 dogwhistle on 08.18.20 at 10:37 pm

#160 Benford’s in-law on 08.18.20 at 8:21 pm

buried deeeep in their small minds

——————————————————-

Those who can do, those who can’t…. don’t

#200 dogwhistle on 08.18.20 at 10:39 pm

#189 Son Of Ayn on 08.18.20 at 10:16 pm
Has anyone read Atlas Shrugged? We are about to see it play out in Canada

—————————————-

Read? Why read when you have weed?

But you are, unfortunately correct.

Wish we still Harper (the owner of this blog might disagree) he looked like a vampire and frightened children but at least he got things done. and on budget.

#201 Sail Away on 08.18.20 at 10:40 pm

#161 DON on 08.18.20 at 8:28 pm
@nonplused, faron and nsng

Good question…if they have a vaccine for coronavirus will it work for the common flu and maybe even help with HIV.

————–

Yes! And cancer and PTSD as well.

It is to be named Hopium and a new historical timeline will be established: BH and AH. Humans will no longer experience hunger, sadness, sickness or stress of any kind in AH. The climate will moderate itself.

#202 DON on 08.18.20 at 10:42 pm

As #190 Bill stated.

This isn’t time for training day.

The peter priniciple happens quite a lot…look at the lsst 15 years.

Breaking Point?

#203 Sail Away on 08.18.20 at 10:44 pm

#189 Son Of Ayn on 08.18.20 at 10:16 pm

Has anyone read Atlas Shrugged? We are about to see it play out in Canada.

—————-

Oh well. At least us entrepreneurs will have our secret idyllic valley of purest capitalism.

Much better than The Road.

#204 Garth's Son Drake on 08.18.20 at 10:49 pm

So resign and all is good?

No jail time for white collar crime?

I have given up. Bring in UBI. Load it up. Let us eat cake. Screw next generation.

#205 William R Drury on 08.18.20 at 10:59 pm

You got this right. But will Peter be better. You better
hope the US does well because we have no leadership.

#206 T. on 08.18.20 at 11:26 pm

She negoitatied trade deals with the E.U…. US. ..Mexico… she knows nothing about the job of being Finance Minister… really?

#207 How Soon We Forget on 08.18.20 at 11:37 pm

#188 Ponzius Pilatus

Wanna remind the blogdogs, who I’m sure are mostly male, that today is the 100th anniversary of the proclamation of the 19th Amendments, given American women the right the vote.

———————–

Passed by the votes of more Republicans than Democrats ….

https://www.digitalhistory.uh.edu/disp_textbook.cfm?smtid=3&psid=3610

#208 Steerage on 08.18.20 at 11:38 pm

187 SoggyShorts on 08.18.20 at 10:14 pm
#165 Millennial Realist on 08.18.20 at 8:40 pm
Get ready, Boomers.

September Throne Speech = beginning of wealth/inheritance/house capital gain taxes, UBI, transaction taxes and economic remedies for our right-wing planet-wrecking elitist economy that must end before we all face an environmental wall.

Will you be part of the change, or will you be run over by it?
**********************
Every time you post you bring up something that you think will hurt Boomers, but in reality none of it will be retroactive so the new policies will hurt you much more than them.
So dumb.

The commie troll ain’t the sharpest crayon that’s forsure …. millenials are gonna pay for this til the end of time

#209 Classical Liberal Millennial on 08.18.20 at 11:38 pm

Hey Millennial Realist,
Take your uneducated schtick to Reddit, you useless jabroni.

#210 John on 08.18.20 at 11:41 pm

#86 conan
—————————

People who receive freebies will tend to look at the WE scandal differently.

#211 YouKnowWho on 08.19.20 at 12:00 am

#40 ElGatoNerodeYVR

—————————

Nailed it.

No value add.
No innovation.
No diversification.
Debt.

Yup.

#212 YouKnowWho on 08.19.20 at 12:11 am

#48 Faron

Like the optimism.

But truth is this. Silicone Valley and all that tech they have given the world can be summed up in one word: CREEPS

Not only creeps but ones that prey on children, youth and our addiction tendencies. Creepy creeps.

And whatever will be learned by pharma will be optimized for profit. Cure the cold? Do you know how many billions of sugar syrup and medicine is sold? There is no money in cures. Kinda another reason to not have this vaccine too.

#213 Cut it Out on 08.19.20 at 12:22 am

We face currency devaluation certainly. And you continue to bash gold? It would rather be the best strategy of any for Canadians to begin to shift into overweight positions holding gold bullion and gold coin. How can you argue against hold when you state that the $C is sunk? Paint-Corner-Conclusion?

Not shocking is the reverberation of Americanisms coming from Trudeau and Freeland. “ Grow back better”. “ Green Opportunity”. “ Covid is an opportunity”. These are all talking points originating out of the DNC ship. It’s no secret that David Axelrod is Trudeaus American chief advisor to Butts and then whatever the drivel it filters down into Liberal policy. Obviously Freeland is just an American mouthpiece.

“Breaking the glass ceiling” was the line pulled out of Freeland, OMG!! If you’re a fraud, you’re not a success. It’s fraud, just fraud. Lipstick-Pig? No ! Women aren’t that stupid.

The Green New Deal isn’t working in America so the Democrat Squad will use Canada as a testing ground without losing any political capital in the controversial swing states before November. Good of Teudeau to offer us up as a sacrificial lamb.

But Gold in USD. Expect your home equity to be thrown on the dumpster fire as gleeful fodder for Trudeau’s malcontents to dance around like at the Burning Man concert they’re not allowed to cross the border to attend due to risk and pot stink.

#214 Nonplused on 08.19.20 at 12:24 am

#173 Moonshine on 08.18.20 at 9:18 pm
if ubi ever becomes a reality, half of the world’s population will want to emigrate to Canada. We are lucky, the country is large enough to accommodate them …

——————————-

Actually no. Most of our population lives within 100 miles of the US border because the rest of it is uninhabitable. How do you propose to put millions of immigrants in Nunavut? It’s already over crowded and relies on federal funding. Not all land is the same. Most of ours is like Siberia without the oil.

#215 SWL on 08.19.20 at 12:36 am

Logic no longer exists in Canadian politics or the media they purchased. It’s also clear some of our top elected people have no shame or moral responsibility to the office they were elected to hold

I guess at this rate we will find out what Trudeau really meant when he said that Canada would become the first Post National State

Shame on Justin. Funny that this past Canada Day is the first one that I never did feel that sense of unity as a Nation

Mission Accomplished???

#216 Ted on 08.19.20 at 12:52 am

58,112,188 Ponzius Pilatus REPEAT
Here you go again dumb dumb. I read this blog to see all the stupid stuff you submit.
Your a libtard through and through. Bet you got Justin’s photo as wallpaper on your computer.
T2 is a liar, untrusted, Mr Dressup rich boy and is burying this country into the abyss. He cares for his image and when done will go round the world on speaking tours with the WE boys and write his memoirs $$$$$ aka Obama’s,Clinton’s,Meghan and Harry.
You need to get alive, you are such a loser I can tell by you always trying have the last word and naming other bloggers and stating your crap. You are the official loser on this blog. Please vote bloggers.

#217 Ellie on 08.19.20 at 12:53 am

The lexicon of our current generation has just changed a little- what used to be “just watch me” is now “ hold my beer”

#218 NSNG on 08.19.20 at 1:20 am

#103 Ronaldo on 08.18.20 at 5:44 pm
#143 Nonplused on 08.18.20 at 7:29 pm

My son went to the doctor some years ago as he had a bad cold. He asked the doctor,
“is there something I can take for it?”. The doctor said, “yes and you will be better in 7 days”. Son asked, “what if I don’t take anything?”. Doctor said, “you will be better in 7 days”.

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

Actually, it’s not about curing. It’s more about prevention. That, along with vit C and D and ample rest will go to great lengths to prevent you from getting colds and the flu in the first place

#219 A-non-e-mouse on 08.19.20 at 1:31 am

#11 resigned,

The US cant invade yet they have to prep for a civil war first

#220 The West on 08.19.20 at 1:40 am

Freeland is an establishment educated CFR devotee. Freeland is here to make sure that the English Establishment doesn’t lose control of the resource extraction colony.

#221 Don Guillermo on 08.19.20 at 1:56 am

#188 Ponzius Pilatus on 08.18.20 at 10:15 pm
Wanna remind the blogdogs, who I’m sure are mostly male, that today is the 100th anniversary of the proclamation of the 19th Amendments, given American women the right the vote.
**********************************

Well done Ponzius Pilatus. Women won the right to vote in Alberta in 1916. You should try to keep up if you’re trying to pretend to be progressive. I hope you are not a misandrist.

#222 will on 08.19.20 at 1:59 am

“I’d rather she had taken and passed the Canadian Securities Course. – Garth”

Hahahahahahahahahaha!

#223 Robert Ash on 08.19.20 at 2:26 am

I have a question for those reviewing the comments…How many of you folks, that worked hard and even only managed modest success, feel comfortable taking a free trip financed by a Brother Sister or Neighbor…Don’t most folks, take pride in there own abilities to independently show their own in mettle. I think a lot of normal folks, would comment, ..No Bill our Family can afford our own vacations. Who wants to be the loser, hanger on, others have to provide for, as an adult Canadian… That is the disconnect for me….

#224 BillyBob on 08.19.20 at 4:14 am

I read columns like this and am constantly overcome with relief my investments are in USD. There was a time I felt a twinge of guilt for my lack of love for the home currency but no longer. I hope the pendulum will swing back towards something sane in Canada one day but that sure isn’t the current trend. I agree the fiscal recklessness will accelerate now, which is incredible.

Read the column about the teacher the other day. It’s depressing to read about folks just holding on for retirement, praying their funds hold out longer than they do. I’m in the direct opposite situation: involuntarily “retired”, love my profession and can’t wait to go back in some capacity. Yet at the same time I have no financial need to ever again, and as the days wind lazily by in this city with the best beer in the world and arguably the most beautiful women as well – one of whom inexplicably chooses to put up with me – I often wonder if I should bother?

But happy to report some “green shoots” in the longhaul industry, got passed a contract job advert for my former ride. Such contracts were plentiful pre-Covid but disappeared since February, of course. Quite surprised actually, I was planning on taking it easy for the next couple years, maybe start looking around some time late next year. To me, this is a good sign – China had the virus first, so it stands to reason it will recover first. I suspect this is only the beginning, but will take longer in the West. No even recovery, but in fits and starts. As I am fond of saying, the future belongs to the resilient and adaptable.

https://vorholdings.com/xiamen-airlines-b787-captains/

And encouraging to see decent packages still on offer. (USD, net.) Not really interested in living in China but would consider a commuting rotation for a few years just to keep busy.

Or, will just sit here by the Vltava sipping icy Pilsner while Ms. BB is at work, smiling in bemusement at MF earnestly lecturing Albertans about Alberta.

Either is fine. *shrug*

#225 BillyBob on 08.19.20 at 4:52 am

#58 Ponzius Pilatus on 08.18.20 at 3:44 pm

How the hell did a PHD in Chemistry from East Germany become the most powerful women in the World?

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

I don’t doubt Freeland is intelligent, but to compare her to Merkel is…absurd lol. A doctorate in science is not equivalent to a liberal arts degree in Russian/Slavonic studies in terms of academic rigour. And even less relevant to her new post.

They are both ambitious, I will give you that. But otherwise no comparison whatsoever in scale of ability or breadth of experience.

#226 Basic math, basic English on 08.19.20 at 6:42 am

#192 The Woosh on 08.18.20 at 10:22 pm

I flunked the CSC. Didn’t stop me from averaging between 25%-40% average returns over the last 5+ years.

*******
“average” is not a range. It’s like saying the average age of Canadians is between 20 and 60.

#227 NoName on 08.19.20 at 7:00 am

@BillyBob

You should definitely give a try to Staropromen unfiltered while you are there.

#228 Do we have all the facts on 08.19.20 at 7:53 am

#110:Ronaldo

Peter Principle 2005:

A school teacher gets elected to his level of incompetence and destroys the economy of Canada proving it.

#229 crowdedelevatorfartz on 08.19.20 at 8:05 am

@#185 Pete drinks Cesear’s

“You can’t become a Rhodes Scholar unless you are a full-fledged Anglo-Empire-First globalist in total agreement with all that that entails.”

++++

Or….you’re really smart.

#230 YouKnowWho on 08.19.20 at 8:05 am

#218 A-non-e-mouse on 08.19.20 at 1:31 am

The US cant invade yet they have to prep for a civil war first

——

I think they will have it too when the verdict comes.

Have you seen the latest bodycam video releases in the Floyd case? Those cops are not going to be convicted. The guy was resisting like crazy.

Not only are they not going to be convinced, they will be reinstated and paid well for wrongful termination.

#231 Ace Goodheart on 08.19.20 at 8:13 am

#197 Ronaldo:

“Would you put her in charge of your investment portfolio?”

I wouldn’t put her in charge of a nickel I found while walking down the street

#232 crowdedelevatorfartz on 08.19.20 at 8:27 am

@206 T
“She negoitatied trade deals with the E.U…. US. ..Mexico… she knows nothing about the job of being Finance Minister… really?”

+++
Her previous accomplishments mean nothing (aluminum trade tariffs come to mind).

She is now the head of Finance.
She must fund every bizarre, hair brained, expensive socialist scheme Trudeau dreams up.
Please watch the video to witness the “bobblehead dolls” aka Ministers in action……

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

Socially acceptable, equal opportunity, gender neutral, Green initiatives to keep the NDP voting “yes” in a minority govt. will be first on the list

Taxes will go up up up to fund Trudeau’s manic agenda.
Businesses will shut down and leave because ….they dont have to stay here……..

Jobs will be lost in the thousands.
The Canadian economy will be gutted.
UBI wont last because …..there wont be any jobs or taxes to fund it…..
Then and only then will the gullible voters realize Trudeau and his “bobblehead dolls” have suckered everyone with their fantasies and lies.

Watch again and learn.

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

#233 YouKnowWho on 08.19.20 at 8:43 am

Covid-19 now 3rd cause of death in US.

Have you seen the sensational headlines?

172,000 attributed to Covid.

Crude death rate on US – 3 million annually. So Covid will be sub 10%, and #3 on the list?

What’s #1 cause on the list? Living?

#234 Tom Braddock on 08.19.20 at 8:48 am

Many people on this blog warned about not giving Trudeau and the Liberals a chance to be Canada’s prime minister as it would be a big financial, economic, regulation mess. It is now and getting worse.

Nobody listened then and nobody is listening now about the same crap with Freeland. It is just facts and the first whatever….. is just a big distraction and confusion pushed by the Liberal, left, socialist media.

By the way, where is Jean Chretien, Paul Martin the big endorsers of Justin Trudeau, they are hiding just like basement Joe Biden.

#235 YouKnowWho on 08.19.20 at 8:49 am

George Floyd was on the back seat of the cruiser when he ended up pushing his way out of the cruiser onto the spot where he dies.

You know what he did in the back of the cruiser? Hit his head, full force 5 times on the glass division. Why? To look like he was being beat up perhaps? To continue resisting? Then he pushed himself out of the cruiser onto the ground where the cops, after an ordeal of resistance didn’t know what to do with him, as even handcuffed it was not possible for a few cops to handle this guy.

These cops will be declared innocent.

America will burn again.

#236 Sail Away on 08.19.20 at 8:55 am

If only we had an Ivanka or Jared for the position

#237 milly on 08.19.20 at 8:57 am

Hi Gath,

With our dollar at .76 do you think it’s a good time to get some USD positions? How much % of assets should be USD?

Also I feel like both countries are circling the drain at the moment.. Canada with it’s incredible consumer debt and USD with it’s leadership hellbent on destroying the country.

#238 Captain Uppa on 08.19.20 at 9:17 am

Apologies for being off-topic, but have you heard of “Properly” yet, Garth?

They basically take the 5% fee that an agent would charge (higher end) and backstop the sale of your home so you can go out and buy first knowing how the floor of your current home’s price.

Link: https://financialpost.com/real-estate/real-estate-fintech-offers-guaranteed-price-floor-that-lets-home-shoppers-buy-first-and-sell-later/wcm/ed4f804a-57f7-4a34-9fa2-eb925d3fbdf6/amp/?__twitter_impression=true

#239 ain't life rand on 08.19.20 at 9:22 am

@#189 Son Of Ayn on 08.18.20 at 10:16 pm
Has anyone read Atlas Shrugged? We are about to see it play out in Canada

lol, sure buddy.

#240 Ace Goodheart on 08.19.20 at 9:33 am

RE: #238 ain’t life rand on 08.19.20 at 9:22 am

@#189 Son Of Ayn on 08.18.20 at 10:16 pm
Has anyone read Atlas Shrugged? We are about to see it play out in Canada

lol, sure buddy.

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

Good book. However it got silly at the end with the captains of industry all becoming quasi super heros and everyone going to live in the secret valley.

Sort of like an industrial leader hippie revival.

#241 crowdedelevatorfartz on 08.19.20 at 9:38 am

@#235 Sail Away

To hell with replacing Trudeau.
How about if he just dumps one billionaires photo op daughter for another?

https://www.theguardian.com/media/shortcuts/2017/feb/15/pictures-of-swooning-ivanka-trump-and-justin-trudeau-go-viral

Think of the possibilities if they got married………..The uber rich, uber beautiful kids would be destined for Hollywood……… or Politics……same thing these days..

#242 Dharma Bum on 08.19.20 at 9:43 am

DELETED

#243 IGV on 08.19.20 at 9:50 am

Thanks Garth

A solid and sobering post. This one I can agree with-sadly.

PS–I was thinking of applying for the position of CEO of RBC.

I have zero financial experience but then again neither does Freeland.

Can you write me a letter of reference?

#244 TurnerNation on 08.19.20 at 9:59 am

#232 YouKnowWho – you could see a doctor about that.
Or not.:

From 2016:

https://www.hopkinsmedicine.org/news/media/releases/study_suggests_medical_errors_now_third_leading_cause_of_death_in_the_us

“Analyzing medical death rate data over an eight-year period, Johns Hopkins patient safety experts have calculated that more than 250,000 deaths per year are due to medical error in the U.S. Their figure, published May 3 in The BMJ, surpasses the U.S. Centers for Disease Control and Prevention’s (CDC’s) third leading cause of death — respiratory disease, which kills close to 150,000 people per year.

The Johns Hopkins team says the CDC’s way of collecting national health statistics fails to classify medical errors separately on the death certificate. The researchers are advocating for updated criteria for classifying deaths on death certificates.”

#245 Long-Time Lurker on 08.19.20 at 10:08 am

I’m working on a movie script. It’s a work in progress. Synopsis:

Zoolander 3: Prime Minister Zoolander.

We find out that Zoolander is a dual U.S.-Canadian citizen. His father was actually a famous Canadian Prime Minister. Zoolander goes off to Canada and against all odds he becomes Prime Minister.

After some satirical scandals (lack of ethics, conflict of interest, blackface) we get to the main plot: A global pandemic occurs and PM Zoolander has to deal with it.

PM Zoolander comes back from some photo-ops overseas to find the global pandemic occurring. He wisely takes the advice of his Chief Medical Officer and does quarantining then reasonably provides income to unemployed Canadians.

At the same time, government student loans need to be administered. He decides to give a billion government dollars to his charity organization friends of “We-Brainwash” and let them give out the loans…

…But PM Zoolander gets caught: “We-Brainwash” paid PM Zoolander’s mom and brother hundreds of thousands of dollars to speak at their events. “We-Brainwash” turns out to be a shell company holding millions of dollars in property and not is just a propaganda organization… I mean charity…

…Then his Finance Minister “Bribed Bill” resigns for reasons I have yet to come up with.

So PM Zoolander has to pick a new Finance Minister. He decides to pick “Christie” (who has no economic or financial background) because she is a woman and will make him look good.

Next, PM Zoolander shuts down Parliament and does a Cabinet reshuffle.

I’m waiting for the next part. I mean, I’m thinking up the next part.

#246 crowdedelevatorfartz on 08.19.20 at 10:12 am

Well its semi official.

Trudeau want to tax and spend , tax and spend, tax and spend his way into the history books……

God help the Millenials that will have to pay for this.

Canada : The Welfare State.

https://ca.reuters.com/article/topNews/idCAKCN25F1C8

#247 Do we have all the facts on 08.19.20 at 10:30 am

No room for altruism in Ann Rand’s world. A world where 1% of the population owns 90% of the wealth would be heaven for Ann Rand.

Representing Laissez faire capitalism as a moral standard to be embraced by all is just a touch over the top for me.

#248 BillyBob on 08.19.20 at 10:33 am

#226 NoName on 08.19.20 at 7:00 am
@BillyBob

You should definitely give a try to Staropromen unfiltered while you are there.

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

Yep, I have thanks! And Kozel dark, a Gambrinus 16 degree, and the new Budvar 33 (the real Budweiser, not the American one).

I’m not even a “beer guy” but this place will make a beer lover out of anyone. Not surprising they have the highest beer consumption per capita in the world, it’s amazing.

#249 Sonny on 08.19.20 at 10:57 am

Canada’s Trudeau plans sweeping social welfare reform, sources say

https://ca.reuters.com/article/topNews/idCAKCN25F1C8

#250 YouKnowWho on 08.19.20 at 11:10 am

#242 TurnerNation

So anything under 10% of crude rate is within margins of “error”?

#251 Lambchop on 08.19.20 at 11:26 am

#231 crowdedelevatorfartz on 08.19.20 at 8:27 am

She is now the head of Finance.
She must fund every bizarre, hair brained, expensive socialist scheme Trudeau dreams up.
Please watch the video to witness the “bobblehead dolls” aka Ministers in action……

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

________________

I gritted my teeth and watched, couldn’t keep my blood pressure down through it though.

The comments are impressively negative, angry and frustrated. Maybe the mood of Canadians is finally starting to sour….. we can hope.

#252 Cto on 08.19.20 at 11:28 am

K we all know Trudeu is a socialist and is more suited in the NDP,
but does he believe in Modern Monitary Theory???
His plans would suggest that it is the only way he can proceed.

#253 IHCTD9 on 08.19.20 at 11:31 am

T2+CF will likely prove to be a bad mix. 4-5 years from now, it may not matter who you vote for anymore. At some point the destruction rises to the unfixable level, and all you can do is call in the bulldozers to clean up.

The Libs are totally destroying the industries I depend on for employment, so I will vote T2 in support of UBI, CERB, higher CPP, OAS and more CCB too – I’m going to need all of that.

T2 will eventually put me out of work if my fellow Canucks keep voting him back in. So I am preparing for the next stage of my career: collecting handouts from said Canucks (via Ottawa). Probably start a small part-time biz too, just to keep busy.

A little work on both sides of the table (mostly the other side), cheques from the government, and paying zero tax. The more I think about it, the more I realize the greenies might have been right all along – life will improve in a the new green (jobless) “economy”!

I’ll call it “early retirement”.

#254 SoggyShorts on 08.19.20 at 11:54 am

#247 Sonny on 08.19.20 at 10:57 am
Canada’s Trudeau plans sweeping social welfare reform, sources say

https://ca.reuters.com/article/topNews/idCAKCN25F1C8
“This is our chance to build a more resilient Canada, a Canada that is healthier and safer, greener and more competitive, a Canada that is more welcoming and more fair,”
********************
Fair, green, and competitive? Sure….that’ll happen…

——-
Trudeau said the government would not abandon fiscal sense even as it tries to balance economic inequities “because we know government needs to be responsible in building the future.”
******
Bit late for that, no? Like 5 years late?

#255 Legal Beagle on 08.19.20 at 11:56 am

#176 Just curious on 08.18.20 at 9:42 pm

“Jim Flaherty seemed everything the towering, grey, somber and steady Wilson was not. He was short, rotund, emotional, partisan and ate his eggs with his fingers.”

Were they boiled eggs?

Sadly, no. – Garth
**********************************

Truly disturbing
I had assumed they were boiled… Were they at least in burrito form?

#256 IHCTD9 on 08.19.20 at 12:00 pm

#231 crowdedelevatorfartz on 08.19.20 at 8:27 am

Watch again and learn.

https://www.youtube.com/watch?v=QYZAtAyLGhc
__

…and if there still remains any questions as to why CF is our new MoF, just watch her in that vid, left side of the screen.

Right there, you see the qualifications Trudeau was looking for.

#257 IHCTD9 on 08.19.20 at 12:16 pm

#247 Sonny on 08.19.20 at 10:57 am
Canada’s Trudeau plans sweeping social welfare reform, sources say

https://ca.reuters.com/article/topNews/idCAKCN25F1C8
“This is our chance to build a more resilient Canada, a Canada that is healthier and safer, greener and more competitive, a Canada that is more welcoming and more fair,”
********************
Fair, green, and competitive? Sure….that’ll happen…
_________

Like they say in auto racing:

1. Fast
2. Cheap
3. Reliable

Choose two.

#258 looking up on 08.19.20 at 12:22 pm

RBC just reversed their Canadian housing price forecast.

Previous forecast: “Due to high unemployment, low immigration, economic uncertainty we are forecasting a price decline of 9%”

Forecast as of 19 hours ago: “Housing pricing will keep rising for the foreseeable future”

I guess their in depth analysis is predicated on prices have been rising like crazy so they are going to keep rising.

#259 German dog walking laws! on 08.19.20 at 12:26 pm

The dogs have infiltrated the german government!….what will they demand next… UDI for liver dog treats coming to canuckistan

https://www.theguardian.com/world/2020/aug/19/germans-must-walk-their-dogs-twice-a-day-new-law-will-say

#260 Ace Goodheart on 08.19.20 at 12:55 pm

RE: #249 Lambchop on 08.19.20 at 11:26 am

I gritted my teeth and watched, couldn’t keep my blood pressure down through it though.

The comments are impressively negative, angry and frustrated. Maybe the mood of Canadians is finally starting to sour….. we can hope.

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

Read the Globe today, over 600 comments, most of them negative, before they re-posted the article. Now 225 comments, again totally negative.

Trudeau did not campaign on what he is doing right now.

I don’t think he needs a confidence vote, I think he needs an election.

There is no way that Canadians are going to vote for what amounts to confiscation socialism.

The new idea with this government seems to be take everyone’s assets and incomes, and then redistribute them to the most needy, while shutting down any industry in Canada that is not “green energy” according to Trudeau’s weird green energy “formula”.

If an industry is “carbon neutral” according to the formula, it is allowed to continue. Carbon neutral includes cutting down trees, grinding up the wood, mixing it with stuff to make it burn hotter (like old car tires, for example) and then burning it for fuel. It is “carbon neutral” because the trees “grow back”.

No one voted for this stuff. We did not all want our assets confiscated and redistributed, communist style.

He needs an election on this stuff. He is moving forward with policies that no one supports. No one would vote for. It is a new platform entirely and it looks more like something Raul Castro would dream up, than something the Liberal Party of Canada would stand behind.

#261 Sail Away on 08.19.20 at 1:17 pm

#254 IHCTD9 on 08.19.20 at 12:00 pm

…and if there still remains any questions as to why CF is our new MoF, just watch her in that vid, left side of the screen.

Right there, you see the qualifications Trudeau was looking for.

—————

But, but… she’s just nodding and agreeing with everything Trudeau says…

#262 Mattl on 08.19.20 at 1:29 pm

#165 Millennial Realist on 08.18.20 at 8:40 pm
Get ready, Boomers.

September Throne Speech = beginning of wealth/inheritance/house capital gain taxes, UBI, transaction taxes and economic remedies for our right-wing planet-wrecking elitist economy that must end before we all face an environmental wall.

The NDP will make sure this gets passed.

September 23.

Will you be part of the change, or will you be run over by it?

Contact your Liberal and NDP MPs and tell them they have to do this, or will lose your vote.

————————————————————–

Well I hope they go big because if they go after Boomer wealth or the 65% of folks that own homes, they will lose the election. Which is why they won’t bring in big changes like that – Trudeau is all about retaining power, not pushing an agenda.

What will likely happen is a slow phasing in of some of these, to hit full steam by the time your generation actually has wealth. My fave is millennials that want to tax inheritance. Wanting to heavily tax what will be a huge transfer of wealth from previous generations to theirs. Fascinating to watch pin heads like you advocate for more tax on yourself.

The boomers will be under dirt by the time any of the stuff you are advocating for actually hits. It is pretty cute that you think any party is going after Boomer wealth. You are being played.

#263 Where's The Money Going Gweedeau? To More Land Developer Seizures? on 08.19.20 at 1:43 pm

Hells Angels have 3 development companies seized for drugs/money laundering: https://harleyliberty.com/2020/08/04/motorcycle-gangs-are-just-like-the-mob-seizure-of-three-development-companies-in-an-investigation-of-illegal-gambling-operations/
BIG money and LOADS of drugs seized: https://harleyliberty.com/2020/08/19/government-wants-to-seize-townhouse-of-a-woman-alleged-to-be-a-hells-angels-associate-found-with-more-than-400000-of-suspected-drug-profits/

#264 maxx on 08.19.20 at 1:48 pm

The business of administering Canada is not getting done, what with nonstop ethical fires needing to be put out.

There is no end in sight to this mismanagement madness.

A black hole into which our hard-earned taxes are dumped.

#265 Westcdn on 08.19.20 at 2:28 pm

Me and Ocras, a strange gathering. I like myself but I have no shortage of critics. There are superior minds that I face but I will not back down easily. Good news is I am not stupid or awed.

I do not like T2’s policies but I could be wrong. I am expecting a green new deal to be dropped on my doorstep plus UBI. It has been hot recently but I think the solar minimum and volcanoes will show their effect.

I am not afraid of Covid but I will avoid. Shutdowns and isolation are over the top. People fear the unknown. Covid is not dangerous to most but then there are some who are susceptible to death. I don’t agree with the lowest denominator. I say raise the ceiling, not the floor.

I don’t get home buying in these times. Money is cheap but I don’t see that lasting for more than a couple of years. I don’t see the capital gain exemption going away – more property tax instead. I also get annoyed with my utility bill which is rising faster even though a am a minimalist.

I am a cash flow guy. I buy companies with a strong balance sheet and revenues. Yet, I gamble on upstarts and have been punished. Fortunately, a winner can pay for a lot of mistakes. I try to keep my losses small.

My divorce cost me. I now concentrate on making the remaining dollars dance. March 2020 was not fun yet I scored a few (options). Not something I recommend as most ended zero but a few paid big due to the equity panic.

Something I am grateful – my daughters and doctor like me. I can’t say the same about my son-in-laws, my former spouse knows how to butter them up.

#266 Barb on 08.19.20 at 2:57 pm

Reigns of Terror. T1 and T2

Despite being a Rhodes Scholar, Freeland’s financial and economic inexperience means federal bureaucrats will run the country like never before.

#267 IHCTD9 on 08.19.20 at 3:44 pm

#259 Sail Away on 08.19.20 at 1:17 pm
#254 IHCTD9 on 08.19.20 at 12:00 pm

…and if there still remains any questions as to why CF is our new MoF, just watch her in that vid, left side of the screen.

Right there, you see the qualifications Trudeau was looking for.

—————

But, but… she’s just nodding and agreeing with everything Trudeau says…
___

She’s even got her eyes agreeing and saying yes in that vid.

What-ev. She has Trudeau figured out, and she’s rising like the sun.

Gotta love politics.

#268 Mattl on 08.19.20 at 4:05 pm

ACE – I think you are misreading how much people like the freebies.

Look at tractor guy above – Libs are wiping out his work opportunities (I call BS on this, but whatever) and he is STILL going to vote for them because the pander to him and buy him toys. There are very few principled voters anymore, he will promise money for everyone and will win the election in a blowout.

#269 Richard Horn on 08.19.20 at 4:33 pm

James Michael Flaherty, Minister of Finance (2006–2014): Princeton University (Sociology) Bachelor of Laws (Osgoode Hall Law School of York University)

Imagine, a finance minister with no education in economics, business or finance! How is this possible?!
Garth conveniently left this out but the messy table manners are somehow relevant.

You forgot the part about him running a law business for 20 years, and being finance minister of Canada’s largest province before entering federal politics. Ooops. – Garth

#270 maxx on 08.19.20 at 6:47 pm

#256 Legal Beagle on 08.19.20 at 11:56 am

“…..Truly disturbing
I had assumed they were boiled… Were they at least in burrito form?

Almost. At 26 seconds:

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

#271 JL on 08.19.20 at 7:46 pm

Institute UBI together with abolish taxation to stimulate the economy and attract business to Canada. That way everyone will be on board. Simplify, simplify, simplify. UBI supports everyone and gives peace of mind, just like medicare does. Covid has shrunk the economy, which is good for the climate; automation is coming which will hurt labour further. Need a win/win solution .

#272 Cut it Out on 08.20.20 at 12:00 am

JL, Foreign money has fled Canada under Trudeau. “Like the Plague”. Trudeau has banned every kind of business from operating in Canada. Trudeau has shut off every Canadian business as well, there’s nothing else. Soros is killing the country and Trudeau is his bestie. Trudeau will feast on taxing you, mocking the appearance of an economy until you’re bled dry. You will be taxed on home equity even though you already paid the taxes on the income it took to buy. Your investments will be taxed until you’re forced to liquidate. Confiscation is a favorite of the malcontents as long as they’re on the receiving end and confiscation of assets will first appear with egregious death taxes. In the future those census forms will become inspections and your living room and spare bedrooms will become government property and allocated to Yrudeau voters if you happen to be in a riding he needs to populate.

#273 Prince Polo on 08.21.20 at 8:17 am

#173 David Greene on 08.18.20 at 9:17 pm
Chrystia Freeland’s first experience in journalism was as a Ukraine-based freelance journalist for the Financial Times, The Economist and The Washington Post. She eventually served as an Eastern European correspondent for the Financial Times and headed its Moscow bureau. She was deputy editor of The Globe and Mail from 1999 to 2001 and then returned to the Financial Times as deputy editor and U.S. managing editor. In 2010, she moved to Thomson Reuters as managing director and editor of consumer news.

=========================
This CV does feature some striking similarities to Garth’s past. If she ends up thrown out of cabinet for having a conscience, does it mean she will get to run this blog too?