The confidence man

Lost in the Trump vs Science debacle this week was our own epic battle. On Tuesday night the Trudeau Libs, propped up by the Dippers, clung to power. As a result, (a) no election and (b) hang on to your wallets. This greenlights the first Chrystia Hoovering, expected to come as an economic statement in a few weeks, or a full-on budget after Christmas (if they let us have one).

There are a couple of things you should know.

First, the guy actually running the country has a turban, a beard, drinks cranberry juice and lip-sync’s Fleetwood Mac while pretending to skateboard. On TikTok, no less. Jagmeet Singh is the only reason you won’t be going to the polls anytime soon to express an opinion on unprecedented spending, debt and social activism. The NDP’s votes were enough to give the Libs a 177-to-152 win, against the forces of the O’Toole Cons and those dudes from Quebec. Anyway, here he is, whiskers whistling in the wind…

Second, with the confidence vote won, the federal government will be moving ahead on implementing a form of guaranteed income, now called the CRB (as opposed to CERB). Five hundred a week. Plus the same amount for moms or dads who stay home with their kids who fear school. More is coming for businesses, too. And there’s 10 days of extra paid sick leave if you have to quarantine. Oh, did I mention the move towards a national pharmacare program and universal child care? And the green agenda, after Ottawa on Wednesday declared plastic to be ‘toxic.’ You know, the stuff you use every day. Everywhere.

The final bill is unknown. But it’s safe to assume the deficit won’t be $340 billion. Maybe close to five hundred billion. That would mean a doubling of the national debt under this prime minister. Maybe you agree it was necessary spending. Maybe not. But the point is, thanks to Jag you will not have a chance to express that opinion with your vote.

And where, the townspeople cry, is all this moolah coming from?

That’s easy. The Bank of Canada. While the Americans and others debate this thing called ‘Modern Monetary Theory’, this northern paradise is already implementing it. The essence of MMT is that governments can (and should) spend whatever they want on programs to serve citizens by creating extra money to pay for them. Deficits don’t matter. Nor does debt. If a country controls its own currency, why not just print all that’s required to, oh, pay everybody $500 a week?

If you have any doubt, check the chart below. When it comes to a central bank wildly inflating its balance sheet so the ruling party can spend without restraint and blame the virus, we da man!

Critics are aghast. Naturally. Creating hundreds of billions of extra dollars eventually makes all the existing bucks worth less. That leads to currency devaluation. For a trading country which imports so much, it means our goods sell cheap and the stuff we bring in costs more. Eventually interest rates must rise with inflation, necessitating the printing of more money to service the debt. Tossed into the meat grinder are people with big borrowings (like mortgages) and retirees on fixed incomes.

Paleo thinking!, say the progressives. More government is better. Public spending is good. Balanced budgets are regressive. Real estate is a human right. Jag and Justin get it.

Well, like it or not, this is what we have. In a few weeks that Freedland event might deliver clarity on the road ahead. But its direction is crystal. We’re heading left in a hurry. This is one extra reason to keep at least 25% of your overall portfolio in US$-denominated assets like index ETFs, and to ensure your accounts overall are global in nature. About 40% of the 60% in growth assets should be non-maple. Home country bias has always been a gamble. Now it could be a regret. No matter how rad we think we are.

298 comments ↓

#1 Petulant on 10.07.20 at 3:05 pm

Tales from The West…

https://www.youtube.com/watch?v=sekCLP9lZvM

…and when the dipper contingent of their communist faction warns about dire taxation affecting people’s ability feed themselves, things are probably coming unhinged.

Let the Utopia Commence!

#2 Captain Uppa on 10.07.20 at 3:06 pm

I for one am thrilled at the ban of single use plastics. It’s taken too long in my opinion. We need to start really caring for our planet, and yes, I need to do better as well.

Hopefully we see some truly innovative and substantial green initiatives coming.

#3 Max the Tax on 10.07.20 at 3:06 pm

So interesting as always.
Garth please comment in Friday blog on the jobs situation:
https://www.cbc.ca/news/business/jobs-data-k-shaped-recovery-canadian-economy-splits-pittis-1.5752687
thx

#4 Faron on 10.07.20 at 3:06 pm

First, the guy actually running the country has a turban, a beard, drinks cranberry juice and lip-sync’s Fleetwood Mac while pretending to skateboard.

Wow, that’s an “interesting” (high pitched as to be almost inaudible) way to frame the NDP. Red meat for the boys after yesterday’s concession?

#5 Millennial Investor on 10.07.20 at 3:07 pm

Wouldn’t currency devaluation support borrowing money to invest in tangible assets (I.e. real estate)?

#6 KNOW IT ALL on 10.07.20 at 3:08 pm

GOTTA feeling we are going to see a whole lot of “DELETED” in the blog today.

#7 Jimmy Zhao on 10.07.20 at 3:11 pm

No budget from the Justin Trudeau Liberal government.

Indeed. Why bother? since we know that it will balance itself anyways.

#8 jal on 10.07.20 at 3:12 pm

” the deficit won’t be $340 billion. Maybe close to five hundred billion.”

Businesses know how to reduce taxes payable with expenses that they had.

I don’t know how they will be able to estimate tax revenues from the businesses

#9 From Mississauga With Love on 10.07.20 at 3:12 pm

I never understood why I should have any Canadian holdings in my portfolio period. The real economic engine is south of the border and there’s so many more companies, bigger and better and more innovative there. and the exchange rate is relatively stable compared to what more you could gain from being 100% in US.

and if what Garth is showing is going to lead to inflation in Canada (seems only reasonable that it will – real persons like me already see it), then a depreciating Canadian dollar only means you are better off parking your investment $s south of the border even more.

#10 Former Navy Chief on 10.07.20 at 3:12 pm

I’ve said it before in jest, but now it seems a certainty: I’ll never be able to retire.

#11 The Woosh on 10.07.20 at 3:14 pm

So, what are you saying?

Venezuela, here we come?

#12 some guy on 10.07.20 at 3:15 pm

That chart is scary. Lets hope the world doesn’t notice and our currency stays somewhat valuable. It seems like such gamble to do something like this.

#13 Leftover on 10.07.20 at 3:16 pm

BoC assets = $532 billion
CAD GDP = $1713 billion
Assets/GDP = 31%

Fed assets = $7110 billion
US GDP = $20540 billion
Assets/GDP = 35%

So we are “okay” for now. It hits the fan when we get ahead of the USA.

#14 Stone on 10.07.20 at 3:16 pm

About 40% of the 60% in growth assets should be non-maple.

———

How about 0% maple? Maybe paying for Canadian cost of living in non-maple assets would be the safe route to take.

Because you know…$100 CAD loaf of bread in 2021.

Nope. Bad idea. – Garth

#15 Rainman on 10.07.20 at 3:23 pm

Jagmeet is just being one of the people and keeping it real.
You’d do the same thing if you had the chance. Let’s not be jealous. :)

#16 Jimmy Zhao on 10.07.20 at 3:24 pm

Maybe the leaked video of Catherine McKenna eating dogs
is a harbinger of things to come for Canadians.
Hey, just like Venezuela.

(Sorry Garth, blog dogs & all dog lovers everywhere)

#17 joblo on 10.07.20 at 3:33 pm

Poor and Stupid Kanadians

#18 Dolce Vita on 10.07.20 at 3:34 pm

FWIW, I gave Singh an earful today on Twitter when he announced he supported the Liberals.

Not that it makes any difference in the end as the deed was done…but on principal, good to register discontent I say. Part of my vitriol was:

“Be a Man. Do the Right Thing.”

——————

Love the chart Garth. Had it all locked and loaded to go until I scrolled down and saw you already had it.

Ya, I choked too when I saw it.

Gov Canada…soon to become threadbare Gov Italia. After all, MISERY does love COMPANY.

Gov Canada making all the wrong kinds of friends.

——————

All you Generation PANDEMMIALS, please let us Paleo’s hang on to our cash for just a little while longer until we kick it.

After that, you can hand over most of it to threadbare Gov Canada (Paleo Revenge).

Bite me Pandemmials.

#19 Linda on 10.07.20 at 3:36 pm

The real concern I have with all this beyond the entire adding to the debt issue is that we apparently are continuing to hand out largesse without so much as thinking about ceasing other programs that already provide money to qualifying recipients. Living within ones means or balancing a budget is obviously not something this government even wants to contemplate.

#20 Ace Goodheart on 10.07.20 at 3:37 pm

#13 Leftover on 10.07.20 at 3:16 pm

BoC assets = $532 billion
CAD GDP = $1713 billion
Assets/GDP = 31%

Fed assets = $7110 billion
US GDP = $20540 billion
Assets/GDP = 35%

So we are “okay” for now. It hits the fan when we get ahead of the USA.

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

This is a bit simplistic.

The USA has 22 of the world’s 50 largest companies by revenue.

(China has 12, the rest are split up between Europe and Asia).

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

Canada has………um exactly none.

Canada’s biggest contributor to GDP?

You guessed it. Real estate.

Look at the big hole that would be put in our GDP if the real estate industry was not propping it up. Take away resources and you also see a large revenue drop.

A country whose main source of GDP is residential real estate purchase and sales, has to be a little more careful with printing money, than does a country that has 22 of the world’s 50 most profitable companies.

#21 Tarot card on 10.07.20 at 3:38 pm

All Canadians got what they voted for…. first past the post. And electoral reform which would fix this ugly mess, Canadians don’t want.
Three years till the next election or until Singh sings another tune and Trudeau won’t dance.

The NDP in BC are no better spend spend spend.
They are more creative 7 billion for Cite C dam is not part of the budgetary deficit it’s an investment
Clever accounting. Average person in BC
Says cancel pipeline it’s bad for the environment, but build Site C which is a disaster. Go figure.

Sorry when the US builds it’s rail line out to the coast guess where all that oil is going? Yep down BC coastline.

So BC lost.

People in BC love the provincial NDP hate the liberals because of corruption. No choices

Well no sense in worrying about it.

I should sell all my stocks and buy toys like a boat and RV and travel, then I will qualify for universal income.
wheeeeeeee.

#22 Alex on 10.07.20 at 3:39 pm

“First, the guy actually running the country has a turban, a beard, drinks cranberry juice and lip-sync’s Fleetwood Mac while pretending to skateboard.”

Do we really need to make comments like this? Please explain to me how having a turban and a beard makes someone less able to do their job.

This is trashy behaviour from someone that claims to take the high road, and preaches “balance”.

How he looks is how he looks. Like Mr. Socks. It says nothing about how he does his job. Yikes. What a Karenism. – Garth

#23 Catalyst on 10.07.20 at 3:40 pm

Great post – I knew you’d come around to the view of the deplorable economists that inhabit the comment section (yours truely included).

I only wish they fully committed to MMT and actually did the UBI giving money to everyone equally. Instead we got some convoluted mess that half way ubi and half way a revamped EI.

I moved to 90% USD amongst investments, not only because of my view on CAD but also because you can buy things that aren’t financials and energy with it. I also make CAD so if I’m wrong then my employment income becomes worth more.

#24 Howard on 10.07.20 at 3:41 pm

#17 Jimmy Zhao on 10.07.20 at 3:24 pm
Maybe the leaked video of Catherine McKenna eating dogs
is a harbinger of things to come for Canadians.
Hey, just like Venezuela.

(Sorry Garth, blog dogs & all dog lovers everywhere)

——————————————-

Yes, she also allegedly bribed an Indonesian policeman to attend an illegal cockfight.

Catherine McKenna is well versed in animal cruelty tourism.

#25 Dolce Vita on 10.07.20 at 3:42 pm

Another FWIW:

TODAY Italiani MUST

#26 Igor on 10.07.20 at 3:42 pm

I have been buying US dollars and US-denominated assets for last 2 years. I have very little to no confidence that this plays out well for Canada in the long run (10-20 years). I rather see it as “keep 10% or less in Canada-related stuff”. Am I too pessimistic?

#27 Dolce Vita on 10.07.20 at 3:43 pm

Another FWIW:

TODAY Italiani MUST wear masks OUTDOORS

#28 Howard on 10.07.20 at 3:43 pm

#12 some guy on 10.07.20 at 3:15 pm
That chart is scary. Lets hope the world doesn’t notice and our currency stays somewhat valuable. It seems like such gamble to do something like this.

———————————

That chart, which is making the rounds on Twitter today, it a bit misleading since Canada is starting from much lower base per capita than the US, Europe, and even Australia I believe. So that spike basically demonstrates the BoC balance sheet catching up to the other central banks.

#29 Don Guillermo on 10.07.20 at 3:47 pm

#229 Bill on 10.07.20 at 3:07 pm
#212 Venezuela North on 10.07.20 at 11:36 am
T2’s goal….
https://nyti.ms/2SyD2BN

———————————–
100% just takes a bit of time. 20 yrs big Ven poof gone.
As Bob says about 15 min in….People should be VERY concerned no scared $hitless and present gov actions
***************************************
#17 Jimmy Zhao on 10.07.20 at 3:24 pm
Maybe the leaked video of Catherine McKenna eating dogs
is a harbinger of things to come for Canadians.
Hey, just like Venezuela.
********************************************
I lived and worked in Venezuela for 2 years at the very beginning of Chavez’s government. The general population were also hopeful and supportive of him at the time. Now??? not so much.

The Justin/Jag team had 49% of the Canadian popular vote in the last election. It would probably be higher if we held an election now. Oh my!

#30 Dolce Vita on 10.07.20 at 3:49 pm

Another FWIW:

TODAY Italiani MUST wear masks OUTDOORS until further notice.

Ya Canada, and you bitch about Ford et. al. wanting to close down your gym and hairdresser for a week or two.

Why?

Yesterday new cases = 2677.

Today’s Italia COVID stats, for the ENTIRE country:

3678 new cases.
31 deaths.
337 total in ICU.
3782 hospitalized.

There goes Italia’s economy until next year. Talk of shutting more down.

Deutschland cases surging as well. Berlin in effect under nighttime curfew. More restrictions there on the way.

You look at these case stats and you wonder WTF is up with knee jerk Italia and Deutschland???

https://i.imgur.com/lLUtgcs.png

So QUIT YOUR BITCHING CANADA you can always come to Italia or Berlin for a fun filled €1000 fine for violating COVID sanctions.

#31 Tripp on 10.07.20 at 3:51 pm

“ Jagmeet Singh is the only reason you won’t be going to the polls anytime soon to express an opinion on unprecedented spending, debt and social activism.”

And we call this a democracy? While making fun of US, and looking down at just about everyone else in this world?

#32 Stealth on 10.07.20 at 3:52 pm

Hi Garth, thank you for the post.
Regarding US$ exposure would currency hedged etfs do, something like XSP or do you must convert to US$ and buy on nyse.

Thanks.

#33 Puzni on 10.07.20 at 3:53 pm

Re: Post #5 .
Indeed no one talks about the inflation factor. Today’s $1 is worth $0.70 tomorrow. In 2008 they printed money like crazy and housing prices tripled in some cities in less than a decade. This time won’t be different. Maybe real estate is the new “GIC” of the modern monetary theory. Also in BC politicians promise $1000 if you vote NDP:
https://vancouversun.com/news/politics/bc-election/b-c-ndp-offers-1000-to-voters-as-part-of-re-election-platform

Left is here to stay, gone are the days of saving and working hard.

#34 Danger Dan on 10.07.20 at 3:54 pm

At this rate, what would prevent the government from going after non-maple assets currently sheltered from tax in a TFSA?

#35 Doug t on 10.07.20 at 3:55 pm

It’s official – WE SUCK

#36 BlogDog123 on 10.07.20 at 3:59 pm

Thanks for adding to my COVID-19 depressive funk… I should go outside for a long walk… Ponder moving to USA or the far east.

#37 Jonathan Krueger on 10.07.20 at 4:00 pm

Bitcoin fixes this.

#38 Lee on 10.07.20 at 4:01 pm

Is the crb for working employed people too?

#39 jerry on 10.07.20 at 4:04 pm

Increasing $US denominated Assets?

Would that include buying US dollars at current exchange rates as a hedge against further declining CDN ?

#40 FreeBird on 10.07.20 at 4:04 pm

Per Wikipedia: The 44th Canadian federal election will take place on or before October 16, 2023, to elect members of the House of Commons to the 44th Canadian Parliament.

I don’t recall electing Jagmeet. Maybe time to start looking outside Canada? But where? Even if this changes after next election the fallout and effects will last for years. Convenience or…? Don’t want to sound crazy.

#41 The Wet One on 10.07.20 at 4:06 pm

Speaking of toxic, does this seem non-toxic to you?

https://www.nationalgeographic.org/encyclopedia/great-pacific-garbage-patch/

https://www.smithsonianmag.com/smart-news/whale-dies-thailand-80-plastic-bags-its-stomach-180969232/

https://theaseanpost.com/article/death-plastic-waste

https://www.iflscience.com/environment/ocean-animals-%E2%80%98death-plastic%E2%80%99-could-be-occurring-more-frequently/

https://www.nationalgeographic.com/environment/2019/03/whale-dies-88-pounds-plastic-philippines/

http://noplasticoceans.com/how-many-animals-die-from-plastic/

I’m just wondering.

Garth, you’re doing the world a disservice with some of your comments. Stop being an ignorant blowhard and work on making the world a better place.

Alternatively, live as selfish and ignorant a life as you want, but please stop encouraging and cultivating the same traits in others. It does no one any good.

Sheesh.

#42 Mattl on 10.07.20 at 4:09 pm

Critics are aghast. Naturally. Creating hundreds of billions of extra dollars eventually makes all the existing bucks worth less. That leads to currency devaluation. For a trading country which imports so much, it means our goods sell cheap and the stuff we bring in costs more. Eventually interest rates must rise with inflation, necessitating the printing of more money to service the debt. Tossed into the meat grinder are people with big borrowings (like mortgages) and retirees on fixed incomes

——————————————–

I’m probably missing something but this cocktail should result in increased property values. It will increase the supply of money locally (ya we all rich) and decrease to cost for foreign money to buy into our markets. It also guarantees a low rate environment for the near future.

Seems to me the proper response is to leverage up and ride the way, assuming you have the means to do so.

I doubt mortgage holders get hit, this sounds like savers and renters getting beat up, again.

#43 Chimingin on 10.07.20 at 4:15 pm

This whole horror show makes me sad for my kids, who, it appears, won’t inherit what I hoped they would, environmentally, socially, and financially speaking. Now the pressing question is what to do next…

#44 O caNnABis! on 10.07.20 at 4:20 pm

THOse poLITicos aRE doPE!!

#45 Billy Buoy on 10.07.20 at 4:21 pm

Now THAT is an impressive graph.

R.I.P. anyone with money that was actually hard earned.

I always enjoyed Cuba. Now I have it here minus the warm temps, sunshine, ocean, hot women, fun and joy.

#46 Sail Away on 10.07.20 at 4:22 pm

And people sometimes ask why our family bothers, as dual citizens, filing US taxes every year and remaining in good standing.

This. This is why. Call it a hedge.

Faron? Sara? Got your FBARs and 1040s up to date? Haha.

#47 Guelph Guru on 10.07.20 at 4:23 pm

It was a win win for NDP and the libs. To indiscriminately spend Canada’s wealth, they had to avoid an election at any cost.
From an investment perspective, what are good investments during inflation:
Canadian long term bonds: Stay away.
Preferreds: Rate resets would benefit.
Stocks: Should follow inflation. If CAD loses values, earnings would go up and the stock price should follow.
So, the moral of the story: get rid of all the CAD while it’s worth something.

#48 TurnerNation on 10.07.20 at 4:25 pm

Besides destruction of our way of live and small business another goal of communism is the humiliation, I’ve learned.
Case in point. People wrapped in shiny camping blankets. (These fithy animals are not permitted inside the barn, you must eat outside. In the cold. For your health. )

https://www.blogto.com/eat_drink/2020/10/toronto-pub-customers-blankets-stay-warm/

— Your Thanksgiving [sic] reminder: groups of 6-6-6 only, spaces 6-6-6 feet aprat. For your health Comrade. Our elite rulers must be roaring with laughter.They control literly every step we take. For our health.

For how many more months or even years will they be stringing us along while more of the New System be rolled out? The complete map of changes is on the We Forum:
https://tinyurl.com/y9qk6aru

#49 Wuhan we got y'all in check on 10.07.20 at 4:31 pm

my inlaws have lived in rural Ontario for 25 years – about 30 minutes south of Owen Sound. They have remarked that there are some city folk that have recently bought properties in their area – viewed in wonderful summertime – who are dreadfully unprepared for a rural winter. Many dwellings are still partially to totally heated with wood to which many of the newcomers have no idea how much they need. It can take days to make roads passable after a major snowstorm – are they aware and supplied? Most of the locals have tractors / F250s to plow / pull things out of the mud. Hopefully the Nissan Murano is up to the task! Internet is more spotty in the wintertime – you may have to drive to a Starbucks in Orangeville to remote into work.

Some of the locals think many won’t last the entire winter. People are adaptable apparently so we will see.

#50 Born in Hamilton on 10.07.20 at 4:31 pm

A quibble I know, but 40% of 60% = 24%. I think what you meant to imply was that about two-thirds of one’s equity exposure should be non-maple?

#51 Smartalox on 10.07.20 at 4:31 pm

Jagmeet’s problem isn’t with his name, his beard his turban or his skateboarding habits.

It’s that he’s a former provincial backbench opposition politician, and that he hasn’t shown any sign of growing beyond any of that. Hasn’t shown much growing up, period.

Provincial politicians oversee the administration of social programs, health, education, etc. They design them, but they never think about how to pay for them – in most provinces (except Quebec), taxes are collected by the Feds and then doled back out to the provinces.
Provincial politicians bicker about how to divy up the pie, but it’s the Feds who decide how big a pie they get to fight over.

Jagmeet doesn’t seem get that: he’s wans everyone to have a big pie, but he doesn’t realize that he’s one of the bakers!

As an opposition MP, he’s used to asking for a lot, but not always getting it. He’s NOT used to being a check on government excess. He’s equating ‘getting what he wants’ with ‘doing a good job’, but in this, he’s serving the government, not the taxpayers who pay his salary.

And he’s acting like a backbencher: He does silly things on skateboards trying to catch a few fleeting minutes in the public eye. He’s not acting at all like the leader of a government in waiting, commanding a shadow cabinet of legislators willing to challenge the ministers and ready to run the country based on their constituents’ political preferences.

And seriously, tiktok on a skateboard? Adult much?

Where are the moral and philosophical giants of the past? I hate to say it, but I miss the likes of Mulroney (shiver). It was Mulroney who convinced Reagan and Thatcher that it was a moral imperative to recognize Nelson Mandela as the leader of South Africa. Influencing the leaders of those nations as an EQUAL. Or at last as a leader of a fellow G-level nation.
With that skateboard stunt, who is Jagmeet trying to ‘influence’?

I swear, the most effective opposition leader in this parliament is Blanchard, the leader of the BQ, which is ironic (and alarming, in equal measure) on so many levels.

Maybe he’s not exactly running a government in waiting, but he’s the only one I’ve seen question the government’s cash ‘burn rate’ as they say in the start up sector, literally asking ‘WTF’ with the air of a regular, middle class taxpayer (and non-professional politician).

#52 ts on 10.07.20 at 4:32 pm

#20 Linda on 10.07.20 at 3:36 pm

Don’t worry, “the budget will balance itself” – everything is just hunky dory not . Just keep on smoking the ganja – everything irie man.

#53 Freddie Payette on 10.07.20 at 4:34 pm

JS NDP leader initials says it all, just socialist.

#54 Dave on 10.07.20 at 4:36 pm

When do you believe the mortgage defaults will raise its ugly head? Or is CRB going to save real estate in Canada?

#55 Ponzius Pilatus on 10.07.20 at 4:39 pm

#11 The Woosh on 10.07.20 at 3:14 pm
So, what are you saying?

Venezuela, here we come?
—————–
Sailo could be the tour guide.
He knows all the hot spots.

#56 Damifino on 10.07.20 at 4:40 pm

The way I see it, Jagmeet had two options:

Bring his political career to an end immediately, or…

Have it happen in the not too distant future.

#57 Oracle of Ottawa on 10.07.20 at 4:41 pm

“First, the guy actually running the country has a turban, a beard, drinks cranberry juice and lip-sync’s Fleetwood Mac while pretending to skateboard.”

Do we really need to make comments like this? Please explain to me how having a turban and a beard makes someone less able to do their job.

This is trashy behaviour from someone that claims to take the high road, and preaches “balance”.

How he looks is how he looks. Like Mr. Socks. It says nothing about how he does his job. Yikes. What a Karenism. – Garth

Alex makes a valid point. Your not a racist…your a Conservative.

It’s “you’re”. At least insult me correctly. – Garth

#58 Dolce Vita on 10.07.20 at 4:43 pm

Have to say this. Let the bullets fly BC.

Supposedly, the Orca’s are shooing away COVID according to 2 bricks short of a full load Global National last night.

Then again it’s election time there and the NDP running on their COVID record besides giving $1K away to everyone breathing and warm.

So, in the “COUNT NO EVIL, see no evil, speak…” Department, have a gander at this Gov Canada chart – SPOT the ANOMALY (BC Health Officer Moonbeam: “…it will not be politicized”, ya right girl, we all believe you…as if):

https://i.imgur.com/M4FH1hZ.png

#59 OK, Doomer on 10.07.20 at 4:44 pm

Time to shuffle off to Buffalo. At least for the investments anyway.

#60 ts on 10.07.20 at 4:45 pm

#43 Mattl on 10.07.20 at 4:09 pm

Wow! You pumpers never give up. Even as the economy crashes and burns, your mantra is real estate always goes up. Good luck with that.

#61 an investor on 10.07.20 at 4:46 pm

I’ve had it with Canada. I’m done. If America does not descend into civil war after Trump wins in a landslide, I’ll be moving to South Dakota to live free and prosper. And I’m not the only one.

#62 Prince Polo on 10.07.20 at 4:51 pm

The MMT books will balance themselves! All hail, emperor Trudeau.
Apologies, m’lord, I had to step away and upchuck as a result of your governing ineptitude.
Will Liberals’ next election’s slogan be “spending Canadians into oblivion”? D’oh!

#63 Toronto_CA on 10.07.20 at 4:52 pm

Italy forcing masks outdoors. Most of Europe locking down hard. Scotland closed down all bars serving booze. Spain and France locking down and mayors up in arms resisting. Germany cases rising, masks everywhere.
17 cases in NB(!) after 2 yesterday. More to come in the Atlantic bubble. Thousands of cases in Ontario and Quebec.

Does anyone still insist Sweden did the wrong thing? Oh and looks like their economy is going to be doing better too…
https://www.telegraph.co.uk/business/2020/10/06/swedish-economy-dodges-covid-bullet-says-danske-bank/

#64 Coho on 10.07.20 at 4:52 pm

The old saying “You should know which side your bread is buttered on” often uttered by the arrogant side of the family comes to mind when government money is thrown at everyone whether they need it or not.

The old, the sick and disabled, the disadvantaged and our veterans have to jump through hoops to at best get a fraction of what they need to meet basic needs. Yet, now, money will be given out like candy. In a world free of evil, this gesture could be trusted. However, this is not the case for planet earth.

Governments over time tend to usurp the power of the people usually in “emergency situations”. Covid has worked so well as a tool for big change. Only the very naive would think that the shift to the left is to lift and empower people. In fact it is the exact opposite–the goal is to further disempower and make dependent.
When people are made to rely on government handouts to survive, the citizenry v government dynamic changes drastically. The citizenry no longer has the power of the vote, which is illusory anyway. Rather, it becomes one of “Don’t bite the hand that feeds you”.

Government will have certain expectations of the people as it does media. It has already bought off the media which is afraid to criticize lest the government lets them go under next time.

There are no free rides. Many people loathe owing money especially when it is held over them. Beware that we don’t become like cattle being fattened up and made soft. It can’t end well.

#65 SomeDude on 10.07.20 at 4:55 pm

Western civilization is dead. This is the Chinese century.

We lost faith in god and ourselves and now the state schools indoctrinate our kids to be confused about their gender. We live in something like Brave New World where the media is pure propaganda all the time. In your face lies and manipulation.

Sex, drugs and rock n’ roll are the bread and circuses to keep the masses stupified and passive while the wealth is strip mined by internationalists to create a global police state.

#66 Sail Away on 10.07.20 at 4:55 pm

TurnerNation: if 666 is the number of the beast, or the symbol of all evil….

…then 25.8069758 is the (square) root of all evil.

If that number appears, we’ll know the Hellmouth is open!

#67 Millennial 1%er on 10.07.20 at 4:58 pm

Buy monero. Seriously, I don’t understand how this isn’t going to end up in runaway inflation.

CAD holders (Savers) are going to be ruined. Who needs 6 months of emergency funds when you have a line of credit ready to be used. Assets, not fiat.

#68 Dolce Vita on 10.07.20 at 4:58 pm

Further to my prior irreverent Comment:

“COUNT NO EVIL, see no evil, speak…” Department, have a gander at this Gov Canada chart – SPOT the ANOMALY image:

https://i.imgur.com/M4FH1hZ.png

…spot the OTHER ANOMALY for an Eastern Province that JUST HAD a Provincial Election (hint: NB).

A TREND. COUNT NO EVIL FROM COVID prior to/during an election.

I’m guessing a snap Nfld & Labrador or Nunavut election next.

————————

I mean I look at PEI. Did they test every last one of them, twice? Good on them I say!

NWT tests more than BC.

Not Supernatural BC, more like COVID Farcical BC.

#69 Sunshine on 10.07.20 at 4:58 pm

“ Plus the same amount for moms or dads who stay home with their kids who fear school”

Really? Does this mean a parent who quits their job/reduces their hours to be at home with kids doing online learning can collect $500/week??? What about people who were already at home with kids who haven’t seen their income drop? Won’t this incentivize people to opt-in to online leaning for their kids? This is madness imho.

#70 Sail Away on 10.07.20 at 4:58 pm

#58 an investor on 10.07.20 at 4:46 pm

I’ve had it with Canada. I’m done. If America does not descend into civil war after Trump wins in a landslide, I’ll be moving to South Dakota to live free and prosper. And I’m not the only one.

————

I admire your style.

#71 Sail Away on 10.07.20 at 5:01 pm

#65 Coho on 10.07.20 at 4:52 pm

The old, the sick and disabled, the disadvantaged and our veterans have to jump through hoops to at best get a fraction of what they need to meet basic needs. Yet, now, money will be given out like candy. In a world free of evil, this gesture could be trusted. However, this is not the case for planet earth.

————-

I’m in process of reconfiguring my firm to administer these government money programs.

Our fee is a flat 25.8069758%

#72 Damifino on 10.07.20 at 5:03 pm

And the green agenda, after Ottawa on Wednesday declared plastic to be ‘toxic.’ You know, the stuff you use every day. Everywhere.
——————————-

Next thing you know the Liberals will insist on portraying carbon as “pollution”. You know, the basic building block of all organic life. Plant food supreme and, together with hydrogen, a vast storehouse of cheap, abundant, reliable and scalable energy reserves that has, so far, pulled humankind out of the muck and mire Mother Nature would be perfectly happy to leave us wallowing in.

Wait for it.

#73 Scott Dryer on 10.07.20 at 5:06 pm

I see the NDP as an official party disappearing in Canada. Why vote NDP if the Trudeau, Freeland Liberals are the same.

Jagmeet Singh is going to lose his career as the NDP Leader anyway so he did not stop that if he made this choice to prop up the Trudeau, Freeland liberals.

#74 Julian on 10.07.20 at 5:07 pm

Notwithstanding that the US$ is generally considered to be the world reserve currency and so the US naturally is in a different position than CAD, they too have large deficits with no indication of any slowing of the runaway spending. Doesn’t that place the same theoretical downward pressure on USD?

#75 canuckystansky on 10.07.20 at 5:17 pm

“Socialism is like a mouse trap. It works because the mouse doesn’t understand why the cheese is free.”

#76 TurnerNation on 10.07.20 at 5:17 pm

Know that globalists play the Long Game. Then why BK little Kanada? Cough, North American Union, cough.
‘Equality’ means…we become like Mexico.
Peas in a pod.
USA USA USA

#77 tkid on 10.07.20 at 5:20 pm

Venezuela-north here we come.

Garth, may we have an article on how to get your money out of Canada, legally?

#78 Faron on 10.07.20 at 5:20 pm

#47 Sail Away on 10.07.20 at 4:22 pm

Faron? Sara? Got your FBARs and 1040s up to date? Haha.

Indeedarooney. As a fellow contrarian, the US is rapidly becoming viewed as underrated and oversold. When the lefty celebs cry out for their followers to follow them to Canada is a nice time to move back to the US. I really miss Oregon.

#79 Smartalox on 10.07.20 at 5:20 pm

Allow myself to fact check myself…

Mulroney didn’t convince Reagan and Thatcher that it was a moral imperative to recognize the government of Nelson Mandela.

He convinced Reagan and Thatcher that it was a moral imperative to end apartheid in South Africa.

A courageous and unpopular stance amongst leaders at the time, but definitely on the right side of history.

#80 The Woosh on 10.07.20 at 5:21 pm

#56 Ponzius Pilatus on 10.07.20 at 4:39 pm
#11 The Woosh on 10.07.20 at 3:14 pm
So, what are you saying?

Venezuela, here we come?
—————–
Sailo could be the tour guide.
He knows all the hot spots.

————————————
Nope…I can’t afford his $100 per bottle of organic water! LMAO

#81 Eric on 10.07.20 at 5:21 pm

You can’t have true MMT without full employment

#82 Sara on 10.07.20 at 5:22 pm

#194 David Green on 10.07.20 at 3:14 pm
Good lord what a sexist comment.

SoggyShorts on 10.06.20 at 12:59 pm

#160 Sara on 10.06.20 at 10:31 am
The same line day after day…
Sail Away was right: you do sound like a nagging wife/broken record.
*shudders*

Here’s a tip: Facts can sometimes sound cold and mean- that’s because they are facts though, and not emotions.

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

Sure was. But I expect nothing less from the likes of Sail Away and SoggyShorts. And Garth has no issues with such comments apparently either. Shrug.

#83 baloney Sandwitch on 10.07.20 at 5:22 pm

If a billionaire like Donald Trump can get away with paying $1500 in tax over 15 years. ($150 per years) we cannot begrudge a basic income.

#84 Overheardyou on 10.07.20 at 5:23 pm

Looks like we’ll be the first in the G7 for a ‘social’ experiment, maybe it’ll be the G6 when we’re done.

#85 Dan Magnon on 10.07.20 at 5:23 pm

Julian, The US also has one of the world’s strongest military. This is the big difference between US and Canada.

#86 dave on 10.07.20 at 5:24 pm

Based on your chart, how can Canada be sooo different and rack up debt? Shouldnt most G7 countries be somewhat aligned?

#87 PastThePeak on 10.07.20 at 5:24 pm

A few passing thoughts:

– I wonder if Garth will revisit his “don’t ever buy gold” advice with this latest news…doubt it…

– If you think the USD is a stronghold that will never fall…then you aren’t paying attention to the birthplace of MMT. It will hold out much longer than the Loonie, but when it goes, it will go hard…

– Owning “hard assets”, such as land (with or without a dwelling) has historically worked during inflation / currency devaluation. But please note the “owning” part. Having a massive mortgage might not work if the economic upheaval takes your job and ability to pay said huge debt…

– While equities will most likely do far better than bonds with inflation, not all equities are created equal. Research which asset classes performed well during the last decade of high inflation. This may not fully align to today given changes over 4-5 decades, but a place to start…

Blindly believing everything will always work out for the best isn’t a strategy…

#88 Karen on 10.07.20 at 5:29 pm

How he looks is how he looks. Like Mr. Socks. It says nothing about how he does his job. Yikes. What a Karenism. – Garth

…………………………………………..

You look like your dog! Take that cis-gender white male of the capitalist patriarchy! Back to using my Mac and sipping Starbucks while I order on Amazon.

#89 Karen on 10.07.20 at 5:30 pm

On a serious note, will the Canadian dollar collapse like the days of the 62 cent Loonie?

#90 Karen on 10.07.20 at 5:31 pm

How he looks is how he looks. Like Mr. Socks. It says nothing about how he does his job. Yikes. What a Karenism. – Garth

…………………………………………..

You look like your dog!

#91 Penny Henny on 10.07.20 at 5:33 pm

#129 Ace Goodheart on 10.06.20 at 8:52 pm

I hear you.

I have health conditions that put me in a high risk category as does my age.
///////////

your age??
what are you 45-50.
How does this put you at high risk?
Oh and tell your fake pregnant wife I said hello.

#92 binky barnes on 10.07.20 at 5:35 pm

I do not fret. King Justin (aka the Teflon Man) is working on ways to get this country back on the road to economic prosperity and greatness as I type. Nothing is more important to this man than the well-being of Canada.

BB

#93 binky barnes on 10.07.20 at 5:36 pm

And where do you see the CDN$ versus the greenback in six month time Garth?

BB

#94 Moonshine on 10.07.20 at 5:40 pm

An easy way to increase your assets in usd$, it’s to transfer the dual listing stocks from your RSSP and TFSA

https://www.tsx.com/trading/market-data-and-statistics/market-statistics-and-reports/interlisted-companies

#95 FreeBird on 10.07.20 at 5:41 pm

“Tossed into the meat grinder are people with big borrowings (like mortgages)”

Let’s incl HELOCS (20% maxed out), credit cards (~6K trans per min in Feb), 7+ yr car financing. Borrower is slave to lender.

https://betterdwelling.com/almost-20-of-canadian-homeowners-nearly-maxed-out-helocs-before-the-pandemic/amp/

https://www.greedyrates.ca/blog/10-canadian-credit-card-facts/

https://www.google.ca/amp/s/www.cbc.ca/amp/1.4863737

Borrower is slave to lender.

#96 AM in MN on 10.07.20 at 5:44 pm

Garth,

You derided me some time ago for suggesting the parallels to Argentina. I think I replied that we’ll see in 10 years.

I was wrong, let’s move that to 2 or 3.

The bigger problem is that you can’t turn off the spending tap without paying a price at the polls. Look at public opinion now with respect to keeping the economy shut down and the borders closed. As long as there’s free money from the BoC, nothing will change.

When rates rise, at a certain point you hit a debt death spiral. The more you print to pay the interest, the more the market jacks up interest rates.

Argentina is a better model than Venezuela or say Mexico because of it’s similarity to Canada in terms of resources, land, founding, urbanization and a federalist system where the provinces demand ever more spending that the federal government has to pay for with printed money. Check out the growth in the slums in the cities over the past 20 years…

One big difference however is Canada’s proximity to the US, EU and Asia. Canada has vast resources, especially water, that can get tapped once the wealthy white liberals become less wealthy and are forced to make difficult choices.

Also, as a big food producing nation, there will always be significant foreign cash coming in. The problem here is the stress that comes with financial breakdown. Try taxing the western farmers for their exports to send more cash to Ottawa, for instance.

No one knows how it ends, but it’s a safe bet that there will be a lot of stress for some.

My other prediction is that you are 2 to 3 years away from getting on-board with Bitcoin!

#97 CustomSuit on 10.07.20 at 5:47 pm

I got you Garth. Chocolate Thor to the rescue.

What really bugs me about Jagmeet Singh isn’t that he is a politician and a lawyer. What bugs me is that he is pretending to be a socialist. He wears expensive bespoke suits, a Rolex, drives a BMW, has six designer bikes, won’t miss a fashion show in Toronto and is obsessed with how he looks on Instagram.

He is a hypocrite. It’s hard to be a champion of the struggling middle class if your leader looks like the VP of a major bank who is also trying to make it in Bollywood. This is why the NDP lost so many seats last election. People see this.

If I was an NDP leader, I would be in my work boats, jeans and a work shirt with my sleeves rolled up. With a pipe wrench in my hand and the latest iPhone in the other (all tradespeople have them). I would ask “Why is trashy when we ask for government help but classy when the Loblaws, McCains and Irvings do it.”

#98 gfd on 10.07.20 at 5:47 pm

https://www.sciencetimes.com/articles/19409/20190404/a-plastic-eating-bacteria-discovery-for-plastic-pollution-crisis.htm

#99 LG on 10.07.20 at 5:48 pm

“ Second, with the confidence vote won, the federal government will be moving ahead on implementing a form of guaranteed income, now called the CRB (as opposed to CERB).”

Using one less letter of the alphabet. Does this lower costs and save money?

#100 Darts on 10.07.20 at 5:50 pm

Longer term I don’t really care about the plastic ban but I think the timing of it is horrible. Restaurants are barely scrapping by with delivery……. Now lets make them pay more for organic bags

#101 Sara on 10.07.20 at 5:52 pm

#83 Sara on 10.07.20 at 5:22 pm
#194 David Green on 10.07.20 at 3:14 pm
Good lord what a sexist comment
======================

David, the way I look at (as if I have a choice) is that such sexist language is a reflection of the author (and possibly the blog owner), not of me. So, I don’t get hurt by it personally. Their words just reinforce what I already think of them — which is not much.

#102 Bezengy on 10.07.20 at 5:53 pm

I’m sending a letter to the Jag man. He thinks my dividends from my investments in long term care homes should be eliminated. Profit is such a bad thing. I’m thinking everyone needs legal services and they too should be socialized, it’s only fair. Lawyers have made millions off the backs of the working folk during a pandemic. Maximum billing rate per hour should be no more than twice the minimum wage. I’ll report back when he responds.

#103 akashic record on 10.07.20 at 5:53 pm

Let the free money rain upon us. A dollar is a dollar, debt is our strength.

#104 TurnerNation on 10.07.20 at 5:53 pm

#1 Petulant on 10.07.20 at 3:05 pm from the YT comments section a link, this was written in 2018.
Scanned it, it’s reading Exactly where we are and headed toward. Long Game indeed.

http://www.millennium-project.org/future-work-technology-2050-global-scenarios/
To help restore civil order, many nations have welcomed martial law, the suspension of civil rights, and increased technological surveillance. The trends toward democratization in the late 20th century and early 21st century have clearly reversed today. However, with the weakened national governments, city governments have become more powerful today than in the early 21st century. Many international associations of city mayors have become more effective governance systems of doing the peoples’ business. Although these too are penetrated by organized crime, they at least continue to manage urban infrastructures and police social protests and revolutionary movements.
….
Large corporations have hired legions of mercenaries to protect their businesses and many moved to small islands and ocean habitats (and other safer locations). Many believe large corporations are controlling the world today with greater influence than nation-states.

#105 Sail Away on 10.07.20 at 5:55 pm

Yowza…

A TikTok skateboarding chipmunk is running the country, plastic containers are ticking time bombs, the Honourable Garth Turner is a selfish, ignorant, racist, blowhard, money has no relevance, the Devil (yes, Lucifer the Beast himself) is actively spreading darkness, our infrastructure minister eats barbequed dogs while betting on cockfights, and Italians are legally required to wear full-body condoms at all time.

Now, that’s entertainment!

#106 Bytor the Snow Dog on 10.07.20 at 5:58 pm

@Italy- The country that once held the greatest Empire in History has jumped the shark.

@Jagmeet- Jagmeet is about Jagmeet. Just wants the salary and pension. Easiest money he’s ever made.

@Sara the Perpetually Offended- LOL.

@All- Since we’re officially now snorfeling the Magic Money Tree, why should we pay taxes at all?

Back to lurking, and laughing.

#107 Don Guillermo on 10.07.20 at 5:58 pm

#77 TurnerNation on 10.07.20 at 5:17 pm
Know that globalists play the Long Game. Then why BK little Kanada? Cough, North American Union, cough.
‘Equality’ means…we become like Mexico.

*****************************************
Maybe, but we’ll never be equal to their bus drivers. Well maybe Sail Away can come close in his Tesla. Check out this crazy Mexican dude. Wild ending!

https://www.youtube.com/watch?v=vnFbW9gg6ts

#108 Do we have all the facts on 10.07.20 at 6:00 pm

It appears that our Provincial and Territorial governments have no interest in rescuing Canada from the ‘Black hole’
of debt being created by our Federal government. Surely they must realize that the Federal government is using massive amounts of debt to assume jurisdiction over the delivery of social assistance to Canadian citizens and the collection of additional taxes to service this debt.

Is this the tip of the iceberg in a long term plan to increase the jurisdiction of the Federal government without bothering with a Constitutional amendment?

From my point of view the ability of Provincial and Territorial governments to stimulate economic growth within Canada has been usurped by policies and short-sighted legislation focussed on the Covid 19 virus. The goal posts are moving every day with nary a thought about long term damage to our economy.

This travesty will not have a happy ending.

Only so much juice in the taxpayer orange.

#109 willworkforpickles on 10.07.20 at 6:02 pm

Whoa…jt jagmeat freeland… depressing.
The indicator arm just fell off the stink meter.

#110 Comrade on 10.07.20 at 6:05 pm

#69 Dolce Vita on 10.07.20 at 4:58 pm
Not Supernatural BC, more like COVID Farcical BC.
——

Nah, our Comrade Horgan cares about people he would never use health crises as a power grab opportunity to advance his political agenda.

#111 Econ101 on 10.07.20 at 6:05 pm

“We have two big problems here in Lesotho…rats and government.”
-George Ayittey (economist)

Canada soon to be Lesotho…Let the brain drain begin!

#112 Ponzius Pilatus on 10.07.20 at 6:08 pm

This weekend we went to Richmond for my biweekly fix of world class Dim Sum.
Restaurant is at Aberdeen Mall. Restaurant full.
Food court full. Most shops open.
Masks not mandatory, but 98% compliance.
Then off to Richmond Mall for some shopping.
About 90% pre-Covid crowds.
Shops busy. Long line ups at some stores.
95% masks.
Some call them sheeples.
I call them smart.

#113 Democracy Is Mob Rule on 10.07.20 at 6:09 pm

Devaluing the dollar through money creation is a win win for the government. Not only can they spend now, it creates inflation, which causes asset prices to rise as measured in these devalued dollars. The government calls this “capital gains” and taxes it.

#114 Pete from St. Cesaire on 10.07.20 at 6:11 pm

#80 Smartalox on 10.07.20 at 5:20 pm

You must be kidding. Are you aware that the RSA’s post-1994 government leaders sing songs at rallies encouraging the murdering of people?

#115 John on 10.07.20 at 6:11 pm

In April I had a very good oppportunity to buy a house. Had more than 50% saved, and taking another 700k in mortgage wouldn’t be the end of the world. But hey, I was thinking that “the CERB should end and then the banks will want the people to pay their mortgages again”. Where are we now? It’s October, the houses rose in price, we will have the CRB and the rates are almost zero. So as it was said here a lot of times: if you can buy, don’t wait. Basically the advise “don’t time the market” works for the housing market as well.

#116 kommykim on 10.07.20 at 6:14 pm

RE:Tossed into the meat grinder are people with big borrowings (like mortgages) and retirees on fixed incomes.

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

It’s one or the other. All this QE and low interest rates should cause inflation which is good news for the indebted but really bad news for retirees holding mostly fixed income assets. I don’t see how it can be bad news for both at the same time.

#117 belly rubs on 10.07.20 at 6:15 pm

There’s always the Vow of Perpetual Poverty. I think it’s Line 256 in the Guide. Start a religious order. Something with lounge chairs rather than pews, and a forgiving, online deity… Saint Garth?

While folks are in rush hour, participate in spiritual tee-offs. Strap on the feedbag at a potluck. See visions. Fun. This could be the ultimate hedge.

#118 angela on 10.07.20 at 6:16 pm

“First, the guy actually running the country has a turban, a beard, drinks cranberry juice and lip-sync’s Fleetwood Mac while pretending to skateboard.”

If it wasn’t for the turban, I’d say Garth Turner was running the country.

#119 dave on 10.07.20 at 6:17 pm

My friends son just graduated from university with honors in business accounting.

His plan for the future, to become a Real Estate Agent. Thats where the action and money is.

#120 Adam Smith on 10.07.20 at 6:20 pm

That is terrifying debt, we are in trouble.

That said, and I feel it is unrelated, I’m with the anti-plastic people. It will take a little transition but that is the point of having capitalism regulated by democracy. We set democratic parameters on the world we want to live in and then have capitalism efficiently allocate resources within those parameters. Companies will adjust and compete to be the best within the new parameters, economic activity will continue, plus maybe my son will get to see some whales still alive when he’s older.

#121 Prairieboy43 on 10.07.20 at 6:21 pm

Canadians are the Greater Fools. Letting a minority government spend $500,000,000,000.00 additional Accumulated debt in 6 short years. The residual effects haven’t arrived. But they will. I don’t believe the Maple Leaf will be represented in all of a Canada, when dust settles.

#122 Spectacle on 10.07.20 at 6:25 pm

Oh Jag, Jag, Jag : Tik Tok, seriously,
A Canadian politician in high office, welcomes
Spyware into his computer/mobil device.

Really dumb, why stop now….

Security researchers have found that the TikTok iPhone app is spying on its users by secretly reading the clipboard. … iOS 14’s new security and privacy features will no doubt unearth a great many other apps that were ‘accidentally’ snooping on their users.Jun 29, 2020
http://www.computing.co.uk › news › tikt…
TikTok is spying on you via the clipboard, researchers warn …

#123 Dog Breath on 10.07.20 at 6:27 pm

I said after the last election that Canadians would rue the day they didn’t depose of our little Justin and his Liberal toadies. Justin is hanging on with help from his poodle Jugmeat. This country is in real trouble and it’s going to get worse!

#124 Ponzius Pilatus on 10.07.20 at 6:27 pm

I think that the survey should have included the following question.
How long before Kanata is like Venezuela?
As for myself, I’m digging in in beautiful BC for a long winter.
Our virus numbers are very good. Hope it stays that way.
My advice is: ditch the personal Responsibility shit, this is not about you. It’s about keeping your family, your neighbors and your community safe.

#125 Penny Henny on 10.07.20 at 6:28 pm

#2 Captain Uppa on 10.07.20 at 3:06 pm
I for one am thrilled at the ban of single use plastics.
/////////////////

Now with the ban of cheap super thin shopping bags (at a nickel a piece) which I reuse to put my household garbage in I will be forced to buy garbage bags from the store, which are also made of plastic, for 5 times the price and contain at least 5 times the amount of plastic by weight.
Smart?

#126 Long-Time Lurker on 10.07.20 at 6:30 pm

So, our only hope now is that sometime in the future Mark Carney goes into politics and cleans up this mess?

#127 kommykim on 10.07.20 at 6:36 pm

RE: #33 Stealth on 10.07.20 at 3:52 pm
Hi Garth, thank you for the post.
Regarding US$ exposure would currency hedged etfs do, something like XSP or do you must convert to US$ and buy on nyse.

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

NOoooo! If you want exposure to US assets denominated in US dollars, XSP is NOT what you’d want. For that you’d buy XUS or VUN. That way if the S&P500 increases by 10% and the US dollar rises by 5% vs the Canadian dollar you would see a 15% return in Canadian dollars. If you’d held XSP, you’d have gained 10%. (not counting MERs)
Those 2 funds trade on the TSX in Canadian dollars but actually hold their assets in America in U$D thus doing the exchange for you for a fraction of the cost of what you would pay in FOREX fees.

#128 Debtslavecreator on 10.07.20 at 6:38 pm

Let’s call it what it really is – the greatest governance and financial fraud in history
The monetary policy has been a fraud for years and now fiscal policy joins in
They are looting the country in a brazen manner and will not stop until the bond and currency markets do and they will
And then the massive austerity is forced on us with extreme and radical measures that will include investors who own non Canadian investments and don’t worry they’ll find ways to come after your TFSA and RRSP

I am so angry and disgusted at this

And this pandemic is a fraud

Yes the bug is real but it escaped the Wuhan lab and dr Fauci and his institute funded its gain function

Jagmeet and Justin Marx will be coming after us investors

Because its fair you know

#129 Faron on 10.07.20 at 6:48 pm

w/re the chart:

A similar example:

Faron has $100 in debt on average during 2019.

In 2020 Faron decides to buy a computer more capable of trolling the righties in this blog’s comments section. You know, 16 colour screen, 300MHz processor, 256 Mb of RAM. All the good stuff. He does so on credit for $1800.

Faron makes $85,000 a year.

Faron’s YoY debt growth is 1700% (OMG)!

But wait, Faron’s debt to income is still only 0.2%…

I’m not in favour of public debt per se, and the sovereign debt growth has been astronomical, no doubt. But, that plot is highly misleading/fear mongering and targeted at people who wont stop to think that 1/x goes rapidly to infinity as x -> 0. The plot conflates Canada’s borrowing with it’s relatively small debt to GDP relative to other (plotted) nations immediately previous to the virus’ impact. If another country, say NZ, had zero debt in 2019 and took on one dollar of debt to subsidize that COVID guy’s cab ride to isolation, the growth in debt to GDP is infinite even though the debt load is completely manageable.

#130 Sail Away on 10.07.20 at 6:55 pm

#102 Sara on 10.07.20 at 5:52 pm
#83 Sara on 10.07.20 at 5:22 pm
#194 David Green on 10.07.20 at 3:14 pm

———–

Good lord what a sexist comment

————

David, the way I look at (as if I have a choice) is that such sexist language is a reflection of the author (and possibly the blog owner), not of me. So, I don’t get hurt by it personally. Their words just reinforce what I already think of them — which is not much.

————-

Sara, it’s funny (sad, yes, but funny) that you fabricated a supporter and continue to carry on a conversation with him with you being the unjustly offended heroine.

‘David Green’, huh? At least go to the effort of posting under that name first instead of spontaneously having him appear in your response.

#131 Ponzius Pilatus on 10.07.20 at 6:56 pm

DELETED

#132 Steve on 10.07.20 at 6:57 pm

While we wait for inflation and rate increases. We can feel good that we banned straws. We need some real leadership to get us the right technology for new economy. Justin is too busy banning straws, to address the real issues. Time for a change, the only problem is that we don’t have anyone.

#133 Penny Henny on 10.07.20 at 7:07 pm

#28 Dolce Vita on 10.07.20 at 3:43 pm
Another FWIW:

TODAY Italiani MUST wear masks OUTDOORS
////////////////

Even the ones with the really big noses.
Like you say Garth, they look like they look.

How he looks is how he looks. Like Mr. Socks. It says nothing about how he does his job. Yikes. What a Karenism. – Garth

#134 Linda on 10.07.20 at 7:11 pm

#39 ‘lee’ – insofar as I can make out, ‘the plan’ is to hand out $ to those who are unemployed for whatever reason & that leave those still working to foot the bill. Or just keep on printing money until the house of cards falls down. MMT – the best Ponzi scheme ever.

#135 crowdedelevatorfartz on 10.07.20 at 7:12 pm

Went to Nanaimo today on business.
VERY foggy in Georgia Straight going over, ships foghorn blasted every 2 minutes…
Heading back the fogbank was smaller and lots of people on the top deck enjoying the sun ( and two Humpbacks breaching for about 5 minutes)…..
Anywho.
We were about to hit the fogbank and a young couple with a sleeping baby were sitting outside.
I told them what was about to happen with the foghorn as I went inside.
Stares and glares was all I got back in response..

Two minutes later … FOGHORN!
Thirty seconds later…. screaming baby and parents.

Wadda Boomers know.

#136 Robert B on 10.07.20 at 7:12 pm

Garth

We are taking orders from “The World economic forum”
https://www.weforum.org/

Included in the membership are….over 1000 leading companies as well as Al Gore, Bill gates, Prince Charles and other other elites are members.

“Great reset” is what you have to read and look into.

The move to a Green economy is their dream. The virus – vaccine idea is incorporated as well.

Any trend that was in place has just been accelerated due to the pandemic. Just a few trends in play that will be front and centre.
-Work at home
-delivery services for take out food as well home grocery shopping.
-reduce oil usage
-reduce plastic , made from oil
-increase electric cars
-increase green energy

#137 mark on 10.07.20 at 7:13 pm

Are Canadians not exposed to USA currency if there ETF is comprised of USA equity securities AND the ETF trades in Canadian dollars?

I was under the impression that if your paying for, instance a S&P 500 etf regardless if you buy in Canadian or USA funds, your still exposed to USA dollar? A lot of fund company’s have identical S&P 500 etf’s the only difference is if you want to pay in USA dollars on a USA exchange, usually it will have a lower MER, BUT regardless which one you buy in either currency, your still exposed to the Yankee Dollar???

#138 Soviet Capitalist on 10.07.20 at 7:18 pm

Socialism is like a cancer. I’ve left Eastern Europe to escape it, but it seems to be haunting me everywhere.

#139 Howard on 10.07.20 at 7:20 pm

#126 Penny Henny on 10.07.20 at 6:28 pm
#2 Captain Uppa on 10.07.20 at 3:06 pm
I for one am thrilled at the ban of single use plastics.
/////////////////

Now with the ban of cheap super thin shopping bags (at a nickel a piece) which I reuse to put my household garbage in I will be forced to buy garbage bags from the store, which are also made of plastic, for 5 times the price and contain at least 5 times the amount of plastic by weight.
Smart?

———————————-

Well, that’s you. Other people take this as an impetus to be less wasteful. Nobody should be entitled to free (or practically free) plastic bags, especially when they take a thousand years to decompose and are consumed by wildlife.

Personally I just reuse paper produce bags to throw out what little non-recyclable trash I produce.

#140 another Albertan on 10.07.20 at 7:27 pm

#2 Captain Uppa on 10.07.20 at 3:06 pm
I for one am thrilled at the ban of single use plastics.

Thank you.
This will not stop/end plastic pollution, but it is a good first step.
Yes, we also need plastic-eating bacteria. Yes, we need to reduce CO2 and methane emissions. Yes, we need to make a lot of other actions to make a better world for our descendants. None of which will happen until & unless we are willing to take some small first steps.
No, none of this is anti-Alberta.

#141 crowdedelevatorfartz on 10.07.20 at 7:27 pm

@#218 Faron
“How dare we now try to establish some level of accountability and to acknowledge the externalized costs…”

++++

Ok

When i drink water I get it from a tap.
I’m quite sure the 100 billion plastic water bottles floating in the ocean or ending up in land fills …unrecycled arent all Boomers fault.

I used to give lectures for fire/safety/ earthquakes in office buildings.
The attendees were usually the youngest staff in the company …press ganged into attending.
Secretaries, mail room staff, whatever…
We supplied/ catered free food and would give out prizes for the people that actually showed up.

As an experiment I would put three large cans at the door of the lecture room for depositing garbage/ Plastic/ Aluminum……

At the end of the meeting less than 10% of the people would even bother picking up their paper plates, bottles, cans, cups, etc.
And of those people , less than 10% would bother seperating out the recyclables from the trash….
Everything was dumped into the nearest container by the door.

People are lazy, inconsiderate, slobs.
Dont expect them to save the Earth any time soon unless its forcibly regulated or banned.
Personally I would love to see the end of plastic bottles and bags.
But I’m sure the oil lobby has 99% of politicians in their back pocket…..so I wont hold my breath.

#142 crowdedelevatorfartz on 10.07.20 at 7:29 pm

@#139 Sovietski Cpaitalistski
“I’ve left Eastern Europe to escape it, but it seems to be haunting me everywhere.”

+++++

A Haaaaa .
Now I know who to blame for our Prime Ministers communist leanings…….

#143 Mark on 10.07.20 at 7:31 pm

0% Canadian equity exposure and no regrets. hell in a hand basket is where this is going. When the U.S. looks better, you know there is a problem.

#144 Jean-Luc on 10.07.20 at 7:33 pm

Has Smoking Man been banned from this forum?

#145 Dr V on 10.07.20 at 7:33 pm

29 Howard – yes the chart takes a little thought. Canada is now more in line with other countries. Not sure whether that is a good thing or not….

#146 Faron on 10.07.20 at 7:37 pm

#131 Sail Away on 10.07.20 at 6:55 pm

Best thing about people who sound like paternalistic husbands is that they are often wrong when they think they are most right. Wooops, try again.

#147 crowdedelevatorfartz on 10.07.20 at 7:42 pm

I wonder If the Prime Minister ate Shark Fin soup when he met with the owner of MacKenzie N0.5 Club Mr Wei Wei back in 2016….

https://nationalpost.com/news/canada/alleged-mastermind-of-lavish-mansion-casino-raided-by-police-met-twice-with-prime-minister-justin-trudeau

Its good to know the “Vancouver Model” is still thriving in Canada………. I was a little worried the RCMP and CSIS were actually doing something……

#148 Freedom First on 10.07.20 at 7:43 pm

I love your Blog Garth! Thank you for all you do!

Freedom First

#149 Midnights on 10.07.20 at 7:45 pm

Now, this is interesting. Two people that you highly praised in past posts; are now screwing up the country.
This is a good contrarian indicator for President Trump.
Who’s expected to win with the people I subscribe and listen to, also.

#150 crowdedelevatorfartz on 10.07.20 at 7:50 pm

@#185 Faron
“Faron makes $85,000 a year.”

+++++

Sooooo.
You’re one of the “rich” Trudeau keeps promising the CERBians he will tax………
Enjoy the tax/slave farm comrade

#151 Steven Rowlandson on 10.07.20 at 7:53 pm

“Critics are aghast. Naturally. Creating hundreds of billions of extra dollars eventually makes all the existing bucks worth less. That leads to currency devaluation. ”

That is inflation creation in a nut shell. Creating currency by creating debt. Deflation is caused by less currency or debt by defaulton debt or debt repayment. Nothing to do with the butcher, the baker and the candlestick maker or gold and silver.

#152 I'm Alright Jack on 10.07.20 at 7:53 pm

Buy US dollars now, before the loonie sinks to 60 cents after our debt gets downgraded by every bond rating agency out there.

There is nothing except housing propping up this rapidly failing country, and that’s a house of cards.

#153 Finance wannabe guy on 10.07.20 at 7:54 pm

Is that chart actually real? (Serious question)

#154 Steven Nicolle on 10.07.20 at 7:54 pm

If everyone who commented on your blog did what they said they were going to do and leave socialist Canada then half your comments would disappear. Go ahead you don’t like it here readers nothing stopping you from leaving. Or, just continue to complain. Listen I know the other day I mentioned the book “The Deficit Myth” all about MMT. If anyone cares to buy the book and read it well I always believed deficits can be utilized to create employment, steer people in training for good jobs and speaking of UBI if the government gives you a $100 and taxes on it like on the CERB 15% the other 85% goes right back in the economy. Far better than government paying EI as it was before and getting nothing back with payouts so low it really doesn’t boot up the economy at all. Listen all you Conservatives who basically sit on your investments and hold you contribute nothing at all. Fine you earned that money but when are you ever going to spend it? Don’t sell when markets drop don’t cash in when markets are up. Hold for what?? How long? It’s a known fact retired people do not buoy the economy. They are not big spenders. With respect you’re old news. It’s a new world. It is time to equal the playing field. If Trudeau and Freeland are going by way of MMT have at ‘er. The 60 and over crowd have had their day. Time for the future. Sorry if you do not agree but I am 61 and I see it. We can do better. Paying off our debt will never happen unless we change the way we are doing things for past 50 years. Buy the book. Not you GT since you know of it already. Haha

#155 Km on 10.07.20 at 7:58 pm

Been waiting ten years to have both kids in school. Not sure that amount of money is tempting enough. Then again I am trying to build a small business that would probably equal that in money after taxes etc so maybe I should just suck it up and let the government pay me to school my kids. Forget contributing to the tax base, I will just keep sucking off the tit.

#156 Steven Rowlandson on 10.07.20 at 7:58 pm

“Deficits don’t matter. Nor does debt. If a country controls its own currency, why not just print all that’s required to, oh, pay everybody $500 a week?”

It will lead to paying everyone $500 per day and then per hour and then per minute then per second and even that will pale into insignificance. Then again most people don’t learn from history do they?

#157 Ponzius Pilatus on 10.07.20 at 7:58 pm

#132 Ponzius Pilatus on 10.07.20 at 6:56 pm
DELETED
———-
Garth,
Is debating Dual Citizenship a no go here?

Language. – Garth

#158 zoey on 10.07.20 at 8:03 pm

I think your referring to single use plastics… yes the ones used once and thrown away or worse end up in the oceans…those plastics Garth ?

In other news, Canada is in the toilet, not because of Covid but because of the BoC. They can’t raise rates or their pet project called housing will tank.

Markets recovered today because its been decided “whoever” wins a stimulus package will be passed to boost the “but it must go up” stock market whiners.

#159 1255 on 10.07.20 at 8:05 pm

I can’t stand this NDP guy. He’s a disingenuous opportunist.

#160 Repurchase Disagreement on 10.07.20 at 8:05 pm

So our tall building requires (rightfully) trash to be secured before it goes down the chute. All the ‘single use’ grocery bags we use for that purpose – and thus are actually multi-use – will go away, and we will have to buy (probably exempt) garbage bags, which ironical, will be thus be single use.

T2 is smart and so is liberal logic. Or maybe we have to drive out to the reservation to get our garbage bags. Or smuggle them in from Orange Man land.

And all the problems will be solved, the misled emotional woke happy (or emboldened?), and everyone distracted…

#161 PetertheSeparatistfromCalgary on 10.07.20 at 8:07 pm

“Inflation is always and everywhere a monetary phenomenon” Milton Friedman

I guess we are going to find out if this is true.

#162 Dutchy on 10.07.20 at 8:14 pm

So, Jag’S saved O”T and his Cons. (from am embarrassing loss)

#163 Sara on 10.07.20 at 8:16 pm

#131 Sail Away on 10.07.20 at 6:55 pm
#102 Sara on 10.07.20 at 5:52 pm
#83 Sara on 10.07.20 at 5:22 pm
#194 David Green on 10.07.20 at 3:14 pm

———–

Good lord what a sexist comment

————

David, the way I look at (as if I have a choice) is that such sexist language is a reflection of the author (and possibly the blog owner), not of me. So, I don’t get hurt by it personally. Their words just reinforce what I already think of them — which is not much.

————-

Sara, it’s funny (sad, yes, but funny) that you fabricated a supporter and continue to carry on a conversation with him with you being the unjustly offended heroine.

‘David Green’, huh? At least go to the effort of posting under that name first instead of spontaneously having him appear in your response.

=============================
Lousy attempt at deflection Sail Away. I’ve no idea who David Green is, but did think it was very appropriate to respond to his comment.

#164 Don Guillermo on 10.07.20 at 8:17 pm

More useless virtue signaling. This is just easy pandering by the JT/JS duo again and again and ….

https://www.dw.com/en/almost-all-plastic-in-the-ocean-comes-from-just-10-rivers/a-41581484

“90 percent of all the plastic that reaches the world’s oceans gets flushed through just 10 rivers: The Yangtze, the Indus, Yellow River, Hai River, the Nile, the Ganges, Pearl River, Amur River, the Niger, and the Mekong (in that order).”

Why wouldn’t we look at this issue a little deeper? No landfill and capturing waste heat for energy c/w carbon capture. Goodness knows how we all love Norway.

https://eandt.theiet.org/content/articles/2016/01/worlds-first-waste-incinerator-with-carbon-capture-tech/

#165 Sara on 10.07.20 at 8:21 pm

#107 Bytor the Snow Dog on 10.07.20 at 5:58 pm

@Sara the Perpetually Offended- LOL.
========================

LOL Not at all. I enjoy calling out the low-lives and giving them the opportunity to show their true colours.

Like I said, their words are a reflection of themselves, not of me.

#166 flemington park millionare on 10.07.20 at 8:22 pm

I think its a good time to move to Malta. Cheers Garth .

#167 crowdedelevatorfartz on 10.07.20 at 8:25 pm

@#163 Dutchy

“So, Jag’S saved O”T and his Cons. (from am embarrassing loss)”

++++
Financial idiots and their “heroes”….. painful.

Lets see who’s embarrassed when the left leaning socialists in power get smashed in the fiscal face with a devaluated dollar, a deepening recession, rising unemployment and a very, very angry voting public…….

Crank up those Modern Monetary Machines…..!
It worked the last time!

#168 Nonplused on 10.07.20 at 8:28 pm

“Modern Monetary Madness” (MMM) should be the term for this thing. Anyway even its proponents say that the amount the government can print is in fact still limited by inflation, so I don’t know that this amounts to anything much different than what they were doing before. The main change I see is that the Fed and the BOC have been signalling that 2% isn’t the maximum target anymore, it is the long term average target.

What does “CRB” stand for? “Canada Relief Benefit”? If it is going to be permanent, shouldn’t it be “Canada Universal Benefit” or “CUB” for short? And how does one sign up? I assume that RRSP’s, CPP, OAS, probably also EI and welfare are also out the window as they are now redundant? What will they do with existing RRSP’s? Phase out the deduction or just scrap it altogether? And what of the money that is currently in RRSP’s? Will there be forced withdrawals?

I’m also confused as to UBI type proposals generally only applying to adults. Shouldn’t kids get UBI too? I mean, if you have kids your household budget looks a lot different than if you don’t.

Also if there is to be a permanent UBI, how does immigration factor in? People were already flooding into Canada just at the promise of a job at Subway, but now that they get $500 a week just for showing up at immigration I imagine we might actually see something of a boom. On the plus side it probably fixes the US homelessness problem.

Anyway I think it is pretty clear at this point why Monreau quit. My guess is he is heading for Galt’s Gulch.

#169 Devil Anse on 10.07.20 at 8:34 pm

$500B is like spending about $15k per Canadian on top of all the other federal and provincial debt.

So I personally should expect to be taxed about $15k extra over the course of my lifetime because of the virus and T2s easy spending ways. Or, my family of 5 is expected to pay $75k to cover our cost of the pandemic relief. Hmmm, I says to myself, I can afford that. But most cannot – so am I looking at hundreds of thousands in extra personal taxes in my remaining years?

I believe most of the $500B in new spending has been spent to support businesses. Around 20% went to CERB. I hope the government has the sense to tax proportionally those that benefitted – mostly businesses – and not individual incomes or wealth.

#170 Flop... on 10.07.20 at 8:36 pm

Pulled out the mop and bucket and voted NDP provincially last time.

This time, I’ll be happy to abstain and let Mrs Flops Orange vote cancel out Uncle Crowdie’s B.C Liberal vote , and let the rest of the province decide.

Hopefully it’s close.

It’s B.C, we don’t need any more big heads.

Voting NDP federally?

I don’t see it ever happening, because they are the third wheel in Ottawa as opposed to leaving us with a unicycle in British Columbia.

Message for Jag.

You can go your own way…

M46BC

#171 Don Guillermo on 10.07.20 at 8:41 pm

#163 Dutchy on 10.07.20 at 8:14 pm
So, Jag’S saved O”T and his Cons. (from am embarrassing loss)

…. and turned us into an even more embarrassing country. Glad you approve.

#172 PastThePeak on 10.07.20 at 8:43 pm

#162 PetertheSeparatistfromCalgary on 10.07.20 at 8:07 pm
“Inflation is always and everywhere a monetary phenomenon” Milton Friedman

I guess we are going to find out if this is true.
+++++++++++++++++++++++++++

Monetary inflation, as it “used to be defined”, was actually the expansion of the money supply (inflating – to make bigger).

Over time, the term inflation has been changed (on purpose I assume) to mean “prices of things go up”.

Friedman wasn’t completely right though – his equation assumed that the velocity of money was constant. This isn’t the case. Velocity of money is controlled by human psychology.

If the money supply increases, but people hold onto it and don’t spend it, then the “price inflation” doesn’t really happen. That is basically where we are right now – the CB’s create lots of money, but much of it becomes excess reserves with the banks. This part isn’t circulating. If it ever does – watch out.

The part of creating money to give out via fiscal policy (CERB, CEWS or the US EI+/PPP/direct payments) do circulate, and if spent are inflationary. I would say then that Canada’s use has been, on a per capita basis, more inflationary than the US. Let’s see if that shows up in the numbers.

#173 Lambchop on 10.07.20 at 8:45 pm

#114 Democracy Is Mob Rule on 10.07.20 at 6:09 pm
Devaluing the dollar through money creation is a win win for the government. Not only can they spend now, it creates inflation, which causes asset prices to rise as measured in these devalued dollars. The government calls this “capital gains” and taxes it

_______________

I think you may have scratched the surface of something here…

#174 kommykim on 10.07.20 at 8:47 pm

RE: #145 Jean-Luc on 10.07.20 at 7:33 pm
Has Smoking Man been banned from this forum?

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

Nope. The grim reaper banned Smoking Man from the land of the living:

https://www.greaterfool.ca/2020/09/16/into-the-smoke/

#175 Steven Nicolle on 10.07.20 at 8:48 pm

Here is something Switzerland did during the pandemic. Would you call the Swiss socialist?

https://link.medium.com/PgKAgvr3oab

#176 Cowtown Cowboy on 10.07.20 at 8:50 pm

Let’s see those US$ denominated etf’s!!!

May Guru Nanak have mercy on us all…

#177 Stealth on 10.07.20 at 8:53 pm

#128 kommykim on 10.07.20 at 6:36 pm
RE: #33 Stealth on 10.07.20 at 3:52 pm
Hi Garth, thank you for the post.
Regarding US$ exposure would currency hedged etfs do, something like XSP or do you must convert to US$ and buy on nyse.

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

NOoooo! If you want exposure to US assets denominated in US dollars, XSP is NOT what you’d want. For that you’d buy XUS or VUN. That way if the S&P500 increases by 10% and the US dollar rises by 5% vs the Canadian dollar you would see a 15% return in Canadian dollars. If you’d held XSP, you’d have gained 10%. (not counting MERs)
Those 2 funds trade on the TSX in Canadian dollars but actually hold their assets in America in U$D thus doing the exchange for you for a fraction of the cost of what you would pay in FOREX fees.

————————-
Thanks for the proper response, yes if cdn $falls non hedges version like vun would benefit. I agree.
What are your thoughts on the difference between a statement of say have 20% of the portfolio in usa vs hold 20% in us denominated assets? For example if you hold vun and it is 20% of your portfolio, is that it did you accomplish both?

Thanks.

#178 kommykim on 10.07.20 at 8:53 pm

RE: #138 mark on 10.07.20 at 7:13 pm
Are Canadians not exposed to USA currency if there ETF is comprised of USA equity securities AND the ETF trades in Canadian dollars?

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

Only if the ETF is unhedged. If it says ‘hedged” anywhere in it’s description you are NOT exposed to USA currency.

#179 Nonplused on 10.07.20 at 8:56 pm

#42 The Wet One on 10.07.20 at 4:06 pm

That plastic in the ocean is coming mostly from Asia. In Canada it almost all ends up in a landfill, not the ocean. So once again we are saving the world by shooting ourselves in the foot while not really saving the world at all.

#180 farmers need rain on 10.07.20 at 9:00 pm

Canadian central bank asset growth, now there’s a curve that needs flattening!!

#181 DON on 10.07.20 at 9:02 pm

@crowded

So that wasn’t from the smell from the Nanaimo Pulp mill.

Foghorn…ha ha…most likely they just got the baby settled by going out on the open air deck.

#182 Nonplused on 10.07.20 at 9:03 pm

#84 baloney Sandwitch on 10.07.20 at 5:22 pm
If a billionaire like Donald Trump can get away with paying $1500 in tax over 15 years. ($150 per years) we cannot begrudge a basic income.

————————

Source?

#183 DON on 10.07.20 at 9:14 pm

On the plastics topic it makes sense to reduce whatever plastics we can, especially plastic bottles.

#184 steve schmelzle on 10.07.20 at 9:29 pm

I’m reading that Alberta is looking to be the recycling garbage hub of Canada.

Good to see them looking ahead.

#185 crowdedelevatorfartz on 10.07.20 at 9:42 pm

Well well well.
The Liberal-nistas must explain why the latest US trade tariff spat flies in the face of their hero errrr heroine ( sexist?) Chrystia Freeman

Blueberries!
That anti oxident miracle food of Millennials and Boomers alike….

New tariff slapped on.

So much for intrepid Freeman’s tough “negotiation” abilities.

https://www.nsnews.com/news/blueberries-could-be-next-in-line-for-u-s-tariffs-1.24216213

The US doesnt give two shites about trade agreements…. just ask any Canadian Softwood lumber producers…. 40 years and counting……….

#186 Nonplused on 10.07.20 at 9:42 pm

I think Harris is winning the debate, but overall it is much more civil. 2 minutes is not enough though, 3 minutes should be the minimum. Both candidates are having a hard time making coherent answers in just 2 minutes.

#187 roryguy on 10.07.20 at 9:47 pm

Yes pls, ban the cpp and oas and give us retirees all 2K each per month instead – inflation protected, of course. Wahoo! As to all the youngsters – heads up for the colossal crappy life you will get in 10 years or so. Dystopia 101 coming your way. Just watch the Hollywood movies and you will see your future. Garth can only do so much for us.

#188 mike from mtl on 10.07.20 at 9:50 pm

Man so complicated, just buy VOO and BND.

Unless you day trade or have specific reasons don’t invest in Canaderp, nobody cares about us.

#189 rory101 on 10.07.20 at 9:51 pm

#84 baloney Sandwitch

If you understood how business and taxation works you would not be so liberal with such dumb statements. You just can’t fix ________.

#190 NoName on 10.07.20 at 9:52 pm

#142 crowdedelevatorfartz on 10.07.20 at 7:27 pm

I used to give lectures for fire/safety/ earthquakes in office buildings.

Oh my…, farts is Dwight.
https://youtu.be/gO8N3L_aERg

#191 Bill on 10.07.20 at 9:53 pm

To use your word Garth and i love it…these guys are wackadoodle.
Ill re post from prior blog. I will consider leaveing this country because this is retarded leadership but choices are slim these daz. This is not a democracy as they seem to be colluding to our demise.
With 7-10 mil i can but most cant…
T2 = retard status along with mr Turban.

#229 Bill on 10.07.20 at 3:07 pm
#212 Venezuela North on 10.07.20 at 11:36 am
T2’s goal….
https://nyti.ms/2SyD2BN

———————————–
100% just takes a bit of time. 20 yrs big Ven poof gone.
As Bob says about 15 min in….People should be VERY concerned no scared $hitless and present gov actions.
https://www.howestreet.com/2020/10/tulip-mania-ipos-food-shortages-bob-hoye/

#192 IHCTD9 on 10.07.20 at 10:20 pm

#166 Sail Away on 10.07.20 at 1:04 am
#146 IHCTD9 on 10.06.20 at 10:05 pm

Re: cold weather gear

———-

I love First Lite down gear – very light, very warm. Perfect for winter multiday backpack hunts. If you need to curl up in a snowbank through a 24 hour blizzard, this’ll do it. Been there on a sheep hunt- luckily within radio range so nobody freaked out.
——

Cool, I’ll check them out. I held on to the Elvin till the stuffing was falling out, I’d pay some respectable $ to get something that good again.

Thanks for the heads up!

#193 TurnerNation on 10.07.20 at 10:26 pm

#1 Petulant on 10.07.20 at 3:05 pm- circling back to this furrrzt post. Of such importance. the You Tube video.

Is this how they will be kicking people off their land (herded into the UN “Smart” cities?) via sky high taxation? Might as well start with one of the more succesful and resource rich provinces, kneecap them first. Oh Kanada.
………….

As noted in January:

#6 TurnerNation on 01.12.20 at 2:20 pm
Things will speed up SO fast in 2020-2021 to roll out the plans. Nobody will come to your door and take away your property no. They’ll just take 5-10% of its value away in Tax each year, and empty home tax, land transfer tax, capital gains on sales taxes (stay tuned!), carbon taxes. In a down market this would prove fatal.

#194 Paul on 10.07.20 at 10:37 pm

#184 DON on 10.07.20 at 9:14 pm
On the plastics topic it makes sense to reduce whatever plastics we can, especially plastic bottles.

————————————————————————————————
It’s called glass or plastic PAY A Deposit. The beer store gets over 95% of their bottles \cans back.

#195 Garth's Son Drake on 10.07.20 at 10:38 pm

Dad, I already predicted this, dude.

Stocks are also going to continue to rise. The dip was in March. Next buying opportunity will be in 10 years.

#196 ronh on 10.07.20 at 10:40 pm

A lesson about history and banks.
Warning: a long read, pour a glass

https://www.theburningplatform.com/2020/09/30/financialization-and-the-road-to-zero/

#197 Paul on 10.07.20 at 10:42 pm

#84 baloney Sandwitch on 10.07.20 at 5:22 pm
If a billionaire like Donald Trump can get away with paying $1500 in tax over 15 years. ($150 per years) we cannot begrudge a basic income.
————————————————————————————————
If you believe that you have no hope, No free lunch.

#198 Barb on 10.07.20 at 10:52 pm

Wonder if the IMF has any comments on Canada’s debt.

#199 TurnerNation on 10.07.20 at 10:53 pm

#137 Robert B notice last year they sold us hard on Ghost Kitchens and Uber and Lyft IPOs – and food delivery.
Predictive programming. From day one of this New System rolled out one winter night in March they told us to #stayhome.

The main goal is destruction of our culture and way of life. In the Iraq invasions they stood by and let the museums be looted. Destruction of culture was the goal.
Entire cities were surrounded and locked down. Any of this happening in our country? Yep. That was a test run. We are in WW3.
People following orders and desperate to pay their mortgage will follow along. Public unions too. That pension. Don’t ask questions.

#200 SoggyShorts on 10.07.20 at 10:56 pm

#147 Faron on 10.07.20 at 7:37 pm
#131 Sail Away on 10.07.20 at 6:55 pm

Best thing about people who sound like paternalistic husbands is that they are often wrong when they think they are most right. Wooops, try again.

**********************
Wait, how could you know that Sail away is wrong and David Green isn’t Sara’s alter ego?
Unless… Are you Sara too?
O.o

#201 Don Guillermo on 10.07.20 at 10:58 pm

#185 steve schmelzle on 10.07.20 at 9:29 pm
I’m reading that Alberta is looking to be the recycling garbage hub of Canada.

Good to see them looking ahead

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

Wow, the hate is endless. Good for you Stevie.

You’ll be a valuable resource during the Canadian recovery.

#202 conan on 10.07.20 at 10:59 pm

Facts point to a “K” recovery. Unless you want instant Mad Max with rice we need some kind of guaranteed income. All of the parties are voting for it, and it is not permanent.

It is a once in a hundred year pandemic. We have to take the hit, and make a plan, so as to not to get dinged in the same way ever again.

#203 Doug t on 10.07.20 at 11:10 pm

I’ve been in the recycling industry for 26 years in Canada- domestic and export of all commodities worldwide – recycling is “greenwashing” sadly – it never lived up to its ideal – it costs more and uses more energy than landfilling all grades. One of the biggest scams corporate capitalism gave the world

#204 earlybird on 10.07.20 at 11:10 pm

So why do some people have the meds paid for and others not? Why do some people have dental, and other have teeth rotting for lack of funds? Why do working poor have to go to work sick out financial desperation? You all seem so shocked to see the Jag!?!?
Plastic obsolescence on a leisure basis, is a no brainer…clearly we can’t manage it…
Inflation has been solidly understated for years, if all the CB’s are printing, isn’t a wash….Japan owes a Quadrillion….

#205 fishman on 10.07.20 at 11:13 pm

I have to go with AM in MN in that Argentina is our closest match. Had some discussions with an Argentinian about his living through one of their collapses. He said that living in the big city was doable. You had to be up & about at daybreak & spend the day hustling, getting in lines,etc to survive. Back home & locked in before dark for sure. Most dangerous was out in the boonies. Alone against roving bands of feral young men. The safest & highest quality of life was in smaller towns. Suburbs,small acreages, close neighbours loosely organized. Everyone with a shotgun & a barking dog.

#206 Sail Away on 10.07.20 at 11:24 pm

VP debate

I don’t know why Harris kept bringing up her being the first black woman this, first black woman that.

Hey, equality is equality. One is judged on the content of their character, not the colour of their skin (or their gender). It seemed irrelevant.

Pence never mentioned his race or gender.

#207 The Fly on 10.07.20 at 11:27 pm

Will now be checking into Walter Reed……

#208 BC Renovator on 10.07.20 at 11:30 pm

#23 Alex on 10.07.20 at 3:39 pm
“First, the guy actually running the country has a turban, a beard, drinks cranberry juice and lip-sync’s Fleetwood Mac while pretending to skateboard.”

Do we really need to make comments like this? Please explain to me how having a turban and a beard makes someone less able to do their job.

This is trashy behaviour from someone that claims to take the high road, and preaches “balance”.

________

You Alex, are the exact Problem with society today. Twist and turn it into Race issue. Now go post it on your facebook with the other Keyboard warriors. Scream BLM!…and Riot a little

#209 Don Guillermo on 10.07.20 at 11:30 pm

Hahahah, finally some positive news. Maybe dozens are not nearly enough but it’s a start. Might have a bigger impact on society than those straw thingies we’re on about.

https://nationalpost.com/news/canada/cbc-to-lay-off-dozens-of-journalists-and-management-across-multiple-divisions

#210 45north on 10.07.20 at 11:38 pm

The final bill is unknown. But it’s safe to assume the deficit won’t be $340 billion. Maybe close to five hundred billion. That would mean a doubling of the national debt under this prime minister.

Justin Trudeau and the Liberals insist that we can balance the heat budget of the planet but at the same time insist that they cannot balance their own budget.

#211 Go Go Boots on 10.07.20 at 11:47 pm

Agree with last paragraph except the macro overview. For the same reason Trudeau will continue to print the BOC can afford to buy dollars through a Caribbean bank and undermine the market forces which would have gutted the loon. The BOC simply sips up the excess. Best example was during the Quebec Separation and the billions of dollars that Ottawa and Quebec bought in the market to make it look like separation wouldn’t be a FX issue. Total lie of course, dollars were being dumped at a loss by CBs around the world. After all, as they say, it’s only debt. The market can stay irrational for a long time. Macro calls are a bitch.

The 200++% increase in condo listings is probably are better indicator of what’s going on. It’s looks like Robin Hood condo investors are dumping and the early dumpsters are likely a big part of the buyer pool into SFH. It wouldn’t be prudent to catch a falling knife in the condo space as earlier suggested. That asset has a lot further to fall than first suspected. Wait. This could be the precursor to the mythic 50% collapse. We’ve seen those before.

So, run from healthy Maple dividend players on a forex play? Not so fast. The dividend index compared to 10 year bonds looks like a tasty snack. I agree to increasing and maintaining a healthy exposure to USD. The S&P 500 has 381 stocks paying dividends in excess of the 10 year treasury, so yeah. But, remember the tax consequences of having more than $100, 000 USD holdings in your account. No RRSP or TFSA benefits in US.

Big issue might the growing corruption profile of the PMO. This won’t go unnoticed. A pariah PM will isolate us. Trudeau might try to buy his way in to the good graces of UN players. But that might be like inviting Hitler to your sons Bar Mitzvah because he flashes cash around, not acceptable in all circles. And if you think selling Maple against Euro is the right play, then you’d better be watching the image projector. Because like Toronto condos, Canada can become unpopular just as fast as perception shifts among Millenials.

#212 GaryC on 10.08.20 at 12:22 am

Central Bank Asset Growth : That is one scary chart, obviously this debt will never be paid back, which indicates that our dollar will lead the race to the bottom
of all currencies, MMT.
Will be getting out of Canadian Dollars as much as possible, especially stocks, since Freeland & Trudeau
are taking advice from Mark Carney

#213 kommykim on 10.08.20 at 12:56 am

#178 Stealth on 10.07.20 at 8:53 pm
#128 kommykim on 10.07.20 at 6:36 pm
RE: #33 Stealth on 10.07.20 at 3:52 pm
—————–
SNIP!
————————-
Thanks for the proper response, yes if cdn $falls non hedges version like vun would benefit. I agree.
What are your thoughts on the difference between a statement of say have 20% of the portfolio in usa vs hold 20% in us denominated assets? For example if you hold vun and it is 20% of your portfolio, is that it did you accomplish both?

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

If “20% of the portfolio in usa” means holding cash in USD, then no, I would say that’s different from “hold 20% in us denominated assets” by owning VUN… I’m pretty sure Garth was talking about holding something like VUN rather than holding a large portion of US cash in your portfolio.

I personally hold VXC (40%) which gives me unhedged exposure to world wide assets including the USA. For Canada I hold ZLB (20%) and the short-bond portion is VSB (30%) along with some inflation hedged long bonds via XRB (10%).

The potato guy has an interesting bit on hedged vs unhedged ETFs and leans towards unhedged:
https://canadiancouchpotato.com/2016/03/07/ask-the-spud-is-it-time-to-hedge-currency/

#214 NSNG on 10.08.20 at 1:06 am

DELETED

#215 Two-thirds on 10.08.20 at 1:18 am

“Tossed into the meat grinder are people with big borrowings (like mortgages) and retirees on fixed incomes.”

Indeed. But aren’t you forgetting people with financial assets? (i.e., the maligned “rich”?)

On the taxation side, how is it that in this scenario those with a big, fat, juicy B&D portfolio escape unscathed?

The king-maker is asking for a wealth tax, and the leftward masters of our country will need to find non-devalued sources of funding, so how is it that financial investors do not have a massive target painted on their backs?

I fear the meat grinder will be the only universal, non-discriminating institution left in this country, when all is said and done…

Poochedness for those who have and those who owe.

We are all in this together, remember?

(now pass the damn scotch, before we are all forced to switch to vodka, comrade!)

#216 Lead Paint on 10.08.20 at 1:26 am

#155 Steven Nicolle on 10.07.20 at 7:54 pm
If everyone who commented on your blog did what they said they were going to do and leave socialist Canada then half your comments would disappear.
————————————————————————————

Actually you can post from anywhere in the world that has internet. How Garth manages this is beyond me, it’s almost like magic.

#217 420souljahz on 10.08.20 at 2:50 am

Doggface did it better.

#218 BillyBob on 10.08.20 at 5:09 am

#139 Soviet Capitalist on 10.07.20 at 7:18 pm
Socialism is like a cancer. I’ve left Eastern Europe to escape it, but it seems to be haunting me everywhere.

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

History is just a big cycle. The horrors of socialism are fresh enough in the memories of the former Soviet satellites that only fringe elements are remotely interested in such policies now. Perhaps in 75 years it will swing back around again.

But in the West, the current young haven’t experienced the joys of everyone being “equal” firsthand yet. They can only learn by experience. And equal ye shall be under Trudeau – equally poor.

I find much more free thought here in Central Europe than I do in North America. More intelligent political engagement, more resistance to leftist redistribution thought. Ironic, no?

Enjoying the beautiful fall weather here in Prague. Went for a long bike ride yesterday through the magnificent architecture ranging from Renaissance to Romanesque to Baroque, all bathed in mellow sunshine and falling leaves. Tried to ponder a bit on how the world seems currently intent on reversing the Enlightenment and is so eager to embrace superstition and nonsense, but was too distracted by the beauty around me to do that for long. There may be equally gorgeous cities in the world, but good luck finding any more so. You can keep your suburbs and hell-de-sacs.

Later in the day rode the tram to get some groceries. (Annual unlimited transit pass for superb tram, bus, and Metro network: 3650 CZK, or 210 CAD)

100% mask wearing on the tram. No fuss or hysterical political statements or conspiracy nutters. Just getting on with life. Some will say “oh they’re sheeple”. Nope. Just confident enough in their own intelligence to realize that a simple cheap measure that may mitigate a health threat isn’t a harbinger of the end of democracy. Perhaps because they’re overthrown slightly larger threats on their own path to democracy?

I mean, this was Czech Republic back in April, when masks were still “bad” in Canada.

https://www.youtube.com/watch?v=2_WxtSavZR4

I must say it’s both fascinating and horrifying to watch the economic implosion of one’s birth country from outside the borders.

#219 SOMETHINGS UP!! on 10.08.20 at 6:27 am

KAMALA H.

For President!!

#220 Stan Brooks on 10.08.20 at 6:49 am

Exactly what I have been stating for quite a while.

Wild money printing that reduces the purchasing power of the existing currency. Cost of living increasing in low double digits/see the chapwood index.

Combined with zero interest rates which is a theft from the savers.

Combined with very small increase in benefits, including pensions – sub 1-2 % which a theft from retirees.

What will prevent the thieves from reaching into your private registered/or not investments?

Absolutely nothing.

You just need to obey, suck it up and move on.

There is no economy to speak of in the last 2 decades, majority of it is in real estate and financial sector that has very little real value added. The rest was mindless consumption on credit and offshoring/outsourcing, now is payback time.

Venezuela 2.0. Without the nice weather.

Cheers,

#221 MF on 10.08.20 at 7:16 am

#219 BillyBob on 10.08.20 at 5:09

“ But in the West, the current young haven’t experienced the joys of everyone being “equal” firsthand yet. They can only learn by experience.”

-Stopped reading right there. One you generalize and use huge brushstrokes like that your argument becomes worthless.

Besides the current “young” here did witness 2008, and have been living in the post 2008 world for 12 years. 2008, you know, when the government had to bail out the biggest businesses and save the whole system from collapsing? That will impact perspective a lot. How quick we forget and how easy we blame, I guess.

MF

#222 Tom from Mississauga on 10.08.20 at 7:22 am

Zero taxes, unlimited spending. Communism through MMT.

#223 MF on 10.08.20 at 7:23 am

fishman on 10.07.20 at 11:13 pm

Does Argentina have the largest economy in the world as its main trading partner?

I’ll wait.

Nice hyperbole though.

MF

#224 Tom from Mississauga on 10.08.20 at 7:33 am

So why is Carolyn Wilkins leaving the BoC again?

#225 MF on 10.08.20 at 7:33 am

217 Lead Paint on 10.08.20 at 1:26

Everyone always threatens to leave. Then they realize everyone else isn’t doing so hot. It’s just some emotional knee jerk statement.

Every western country on earth is spending right now. This is not a Canadian issue.

That post you mentioned was a welcome shift from the usual tired arguments on this comment board though. Everyone should read it.

MF

#226 ts on 10.08.20 at 7:39 am

Pence clearly won the debate. Harris playing race card too much (“Trump packed the district courts with white people!”, “first black woman” in this and that) – may backfire.

#227 the Jaguar on 10.08.20 at 7:58 am

@BillyBob

210.00 CAD for an annual transit pass on multiple platforms sounds incredible. So does the landscape. Got to put a visit on my list.
Can’t believe the clueless Toronto poster thinks the 2008 financial collapse is what you were referencing in your comments about people being ‘equal’. Maybe he needs to look up the word ‘Marxism’, but I fear he wouldn’t understand the concept. His little ‘zinger’ comeback comments at everything and anything are tiresome. The comment on Fishman’s post is a perfect example. I pray the electrical grid in the GTA goes down to save us all from him.

#228 crowdedelevatorfartz on 10.08.20 at 8:25 am

@#222 MF
“Besides the current “young” here did witness 2008, and have been living in the post 2008 world for 12 years. 2008, you know, when the government had to bail out the biggest businesses and save the whole system from collapsing”

++++

And you accuse Billybob of generalizations……..

I’m sure Trudeau and Butts’ grand social experiment to create a perfect “equality” world in Canada will end perfectly well….or they really arent smarter than 100 years of economic theory….and will crash the economy, the dollar and their Party’s chances of re-election for at least a decade a la Brian Mulroney.

But at least Trudeau got a nifty statue for his dad and some “take out” fin soup ……

https://globalnews.ca/news/7384175/justin-trudeau-wei-wei-project-end-game/

#229 Millennial Realist on 10.08.20 at 8:32 am

“Well, like it or not, this is what we have. In a few weeks that Freedland event might deliver clarity on the road ahead. But its direction is crystal. We’re heading left in a hurry.”

Boomers, be part of the change.

Or be run over by it.

#230 BillyBob on 10.08.20 at 8:32 am

#222 MF on 10.08.20 at 7:16 am
#219 BillyBob on 10.08.20 at 5:09

“ But in the West, the current young haven’t experienced the joys of everyone being “equal” firsthand yet. They can only learn by experience.”

-Stopped reading right there. One you generalize and use huge brushstrokes like that your argument becomes worthless.

Besides the current “young” here did witness 2008, and have been living in the post 2008 world for 12 years. 2008, you know, when the government had to bail out the biggest businesses and save the whole system from collapsing? That will impact perspective a lot. How quick we forget and how easy we blame, I guess.

MF

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

wtf are you talking about?

I’m comparing mindsets in former communist states to the West, you somehow got 2008 GFC out of that? Ok then. Sorry if my references to forced equality and redistribution weren’t clear enough for you. I can only dumb it down so much.

My partner was born several years before the Velvet Revolution in 1989. Her grandparents had their family dairy farm and Prague properties confiscated by the Soviets. All for the greater good, of course, comrade. That’s only 2 generations ago. Not exactly ancient history.

So yeah. I’d say stating “current young people” in North America have not experienced living under actual communism is perfectly accurate, and perhaps why they are more inclined to consider it a viable option. Just a theory. Socialism always seems to go up and down in trendiness, like Che Guevara t-shirts. Of course there’s an appeal to anything that will take things from “them” and give it to “us”. Only the truly ignorant could actually believe it’s a viable system. No one who’s lived through it does.

But it could also be those espousing increased socialist policy are just not very bright. Your comments always help make a strong case for the latter.

#231 ImGonnaBeSick on 10.08.20 at 8:33 am

#226 MF on 10.08.20 at 7:33 am
217 Lead Paint on 10.08.20 at 1:26

Everyone always threatens to leave. Then they realize everyone else isn’t doing so hot. It’s just some emotional knee jerk statement.

Every western country on earth is spending right now. This is not a Canadian issue.

That post you mentioned was a welcome shift from the usual tired arguments on this comment board though. Everyone should read it.

MF

—-

What an absolutely bizarre statement… People emigrate from Canada all the time. There are several that post on here that have. A lot of my colleagues take positions in the US and then eventually move there. It’s usually for better opportunities…

#232 Sky on 10.08.20 at 8:49 am

@ CustomSuit #98

“What really bugs me about Jagmeet Singh isn’t that he is a politician and a lawyer. What bugs me is that he is pretending to be a socialist. He wears expensive bespoke suits, a Rolex, drives a BMW, has six designer bikes, won’t miss a fashion show in Toronto and is obsessed with how he looks on Instagram.

He is a hypocrite.

If I was an NDP leader, I would be in my work boats, jeans and a work shirt with my sleeves rolled up. With a pipe wrench in my hand …”

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

I’m afraid you have it backwards. Nostalgia can do that. Jag’s no pretend socialist. He’s the real deal. Socialists love bling. And power. As they strip you of yours.

The left only uses the unkempt Bernie Sander’s style con job when it suits their purposes – i.e. while they’re still in the process of attaining power. Once they’ve achieved BROAD SPECTRUM power then it’s goodbye Levis and hello Brioni. They’re very comfortable in openly displaying this corruption now. And this is a very ominous sign as to the DEGREE of power they actually hold.

But don’t be too hard on Jag because he’s up against some stiff competition to our south. You have your leftist revolutionary AOC draped in haute couture. And then there’s Nancy Pelosi bragging on her designer chocolate ice cream in her 20K freezer while average Americans faced long lineups at the food banks.

So, sure. Jag is a fraud. Like all leftists. But he’s OUR fraud. And at least he’s wearing a turban instead of a crown.

#233 Mr Canada on 10.08.20 at 8:53 am

As a self employed business owner with two years until I retire, I am so looking forward to stop paying CPP (twice), and sending well over half what I earn to the Government. I will happily move away from the small and declining cohort of taxpayers in the top 10% of income that now pay 54% of all taxes. Socialism is the creed of ignorance, the gospel of envy and the eventual equal sharing of misery. As my Dad simply said: “There is no free lunch”….

#234 TurnerNation on 10.08.20 at 9:13 am

Something for the experts in this comment section.
Why only the First World countries have been singled out for economic and social destruction?
Particularly those with very strong unified cultures:
USA, UK and Italy.
Say back in WW2 were not those the top counties also with top body counts?
WW3…same old same old.

Fact. The used FEAR of getting CV to shut down the old system overnight. You’ll see, the 1001 new laws coming to regulate our breeding, feeding and movements. All under the guise of Our Health and the Green Movement.
Children are the main target. This is as some say a lock-step multi year rollout in the First World Countries.
We’re but 9 months in, how you liking it so far? They even told us straight up,the #newnormal. Do you beleive them?

#235 Sara on 10.08.20 at 9:17 am

207 Sail Away on 10.07.20 at 11:24 pm

Hey, equality is equality. One is judged on the content of their character, not the colour of their skin (or their gender).

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

You contradict yourself by using sexist language such as referring to me as “a nagging wife” when you know nothing about me as a wife, other than my gender.

#236 Stan Brooks on 10.08.20 at 9:28 am

#219 BillyBob on 10.08.20 at 5:09 am

100 % agree.

What goes around, comes around.
The pendulum swings in both directions.


I find much more free thought here in Central Europe than I do in North America.

You can keep your suburbs and hell-de-sacs.

That was beautiful.

Enjoyment of life vs the rat race. Work to live vs. live to work for that ‘status’ cornflake house in the middle of nowhere.

Cheers,

#237 Fly on the wall on 10.08.20 at 9:31 am

Hmm, so if flies are normally attracted to …. , I guess that explains this……

https://www.ctvnews.ca/world/america-votes/a-fly-on-mike-pence-s-head-steals-the-show-at-the-vice-presidential-debate-1.5137448

#238 Sail Away on 10.08.20 at 9:40 am

#236 Sara on 10.08.20 at 9:17 am
207 Sail Away on 10.07.20 at 11:24 pm

Hey, equality is equality. One is judged on the content of their character, not the colour of their skin (or their gender).

—————

You contradict yourself by using sexist language such as referring to me as “a nagging wife” when you know nothing about me as a wife, other than my gender.

—————

Yes dear

#239 Sky on 10.08.20 at 9:45 am

And we have ourselves a merger. T2 and Jag. Glorious synthesis has been achieved.

Beyond their own virtue signalling preferences, was there ever a significant difference between these two? A perfect mind meld.

So, onward left hand path to Utopia. But wait. I feel like I’ve forgotten something. Mergers and acquisitions. Mergers and acquisitions. We’ve had our merger, so…? Of course. I’ve missed the acquisition. Well that would be your chances at a decent future. That’s the acquisition.

But with our recent merger, they may well decide to throw in a Spanish style Inquisition along with the acquisition. I don’t know anymore. What do you think? It’s all so confusing.

And those longing to escape to the capitalist utopia south of our border might want to give California a hard pass. Or not.

“Going out to eat with members of your household this weekend? Don’t forget to keep your mask on in between bites.

Do your part to keep those around you healthy. ”

https://www.cbsnews.com/news/gavin-newsom-california-face-mask-restaurant/

So touch your mask as often as possible during your meal? Is this the new leftist super science?

But wait. Look at the picture on the California govt site. It shows you the opposite and tells you to minimize the number of times you take your mask off.

https://twitter.com/CAgovernor/status/1312437371460173825

It’s so confusing. Which is it? Well it’s BOTH of course. At the same time. California’s gone full Orwell. He called it doublethink.

Israel to the rescue with a remote control face mask that opens and closes while eating. Cannot wait for this to hit the market. LOL

mask demo @ 2:10 in video
Don’t miss out. This is our future.

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

#240 Steven Rowlandson on 10.08.20 at 9:55 am

In respect to posting 13 and 21.

BoC assets = $532 billion
CAD GDP = $1713 billion
Assets/GDP = 31%

Fed assets = $7110 billion
US GDP = $20540 billion
Assets/GDP = 35%

So we are “okay” for now. It hits the fan when we get ahead of the USA.

There is a problem or problems.
First of all if you are comparing two different currencies
you will have a different outcome than if you look at both countries in terms of either Canadian dollars or USD for both. Secondly there is the debts of both countries both public and private. The numbers would have to be in one currency or the other to be meaningful. Otherwise you are comparing apples with oranges.

#241 Sara on 10.08.20 at 9:58 am

#239 Sail Away on 10.08.20 at 9:40 am
#236 Sara on 10.08.20 at 9:17 am
207 Sail Away on 10.07.20 at 11:24 pm

Hey, equality is equality. One is judged on the content of their character, not the colour of their skin (or their gender).

—————

You contradict yourself by using sexist language such as referring to me as “a nagging wife” when you know nothing about me as a wife, other than my gender.

—————

Yes dear
===========================

Ha Ha. Is that the best you can do?

You are not witty at all. A 12 year old boy could come up with a more clever come back.

And a real man would acknowledge his language was sexist and try to do better in future. Of course, since you have the mindset of a boy, that will never happen.

#242 Kothar on 10.08.20 at 10:01 am

The ndp lib alliance blame lays squarely at feet of CPC party for putting scheer in before they and we suffer for this debacle!

#243 ImGonnaBeSick on 10.08.20 at 10:10 am

#242 Sara on 10.08.20 at 9:58 am
——

Let it go.. instead of complaining about the comment’s whatever-ism, debate the actual context with factual information…

This isn’t your front yard to throw a domestic and no one here (except may Foron), is going to care that your feelings are hurt..

#244 IHCTD9 on 10.08.20 at 10:21 am

#231 BillyBob on 10.08.20 at 8:32 am
#222 MF on 10.08.20 at 7:16 am
#219 BillyBob on 10.08.20 at 5:09

“ But in the West, the current young haven’t experienced the joys of everyone being “equal” firsthand yet. They can only learn by experience.”

-Stopped reading right there. One you generalize and use huge brushstrokes like that your argument becomes worthless.

Besides the current “young” here did witness 2008, and have been living in the post 2008 world for 12 years. 2008, you know, when the government had to bail out the biggest businesses and save the whole system from collapsing? That will impact perspective a lot. How quick we forget and how easy we blame, I guess.

MF

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

wtf are you talking about?

I’m comparing mindsets in former communist states to the West, you somehow got 2008 GFC out of that? Ok then. Sorry if my references to forced equality and redistribution weren’t clear enough for you. I can only dumb it down so much.
___

This is MF’s calling card – not understanding what was written. IMHO, there’s something diagnosable happening on the reading comprehension front here.

Don’t bother repeating or explaining – I’ve belabored some topics on MF’s behalf 5-6 times in the past, complete with links to full, and clear explanations. No deal, he kept carrying on undeterred – every time.

#245 Sail Away on 10.08.20 at 10:25 am

#242 Sara on 10.08.20 at 9:58 am
#239 Sail Away on 10.08.20 at 9:40 am
#236 Sara on 10.08.20 at 9:17 am
207 Sail Away on 10.07.20 at 11:24 pm

Hey, equality is equality. One is judged on the content of their character, not the colour of their skin (or their gender).

—————

You contradict yourself by using sexist language such as referring to me as “a nagging wife” when you know nothing about me as a wife, other than my gender.

—————

Yes dear

———-

Ha Ha. Is that the best you can do?

You are not witty at all. A 12 year old boy could come up with a more clever come back.

And a real man would acknowledge his language was sexist and try to do better in future. Of course, since you have the mindset of a boy, that will never happen.

———–

You got me. Again. So subtle. Such surgically delightful wordplay.

#246 Tommy on 10.08.20 at 10:26 am

I think Sara needs to change her name to Karen. What a nag! I got a headache just from reading her comments. I feel sorry for her husband.

#247 IHCTD9 on 10.08.20 at 10:27 am

#242 Sara on 10.08.20 at 9:58 am
#239 Sail Away on 10.08.20 at 9:40 am

Yes dear
===========================

Ha Ha. Is that the best you can do?
___

Come on! You have to admit that was good. All kinds of sharp edges packed into two words! :D

#248 Dharma Bum on 10.08.20 at 10:30 am

RIP Stephen Barnes.

https://www.ubspectrum.com/article/2020/10/stephen-barnes-of-celino-barnes-died-in-plane-crash

#249 David Pylyp on 10.08.20 at 10:37 am

No where in the debt projections have we included debt by provinces, nor municipalities.

We have Massive debt at Ontario Hydro, The Workman’s Compensation Boards and Canada Pensions. All is carried OFF BOOK as third party liability.

Now add Toronto’s long term transit, repair and infrastructure upgrade all while the golden goose (LTT) chokes and sputters.

Inheritance taxes?

David Pylyp
Toronto, ON

#250 Sara on 10.08.20 at 10:40 am

#244 ImGonnaBeSick on 10.08.20 at 10:10 am
#242 Sara on 10.08.20 at 9:58 am
——

Let it go.. instead of complaining about the comment’s whatever-ism, debate the actual context with factual information…

This isn’t your front yard to throw a domestic and no one here (except may Foron), is going to care that your feelings are hurt.”
============================

Lol. My feelings aren’t hurt. But you seem a bit emotional about my commentary.

#251 Faron on 10.08.20 at 10:42 am

#207 Sail Away on 10.07.20 at 11:24 pm

I don’t know why Harris kept bringing up her being the first black woman this, first black woman that.

Thanks for your commentary Mr. Peterson. An obvious troll and kick o’ the hornets nest, but I’ll take the opportunity to practice my writing this morning and to solidify my thinking and understanding of institutionalized racism and sexism.

By extension, you are saying that the vastly disproportionately high representation of white males in power in the US (and Canada esp. among the conservative party) is because they are better at those particular jobs, more qualified or otherwise more suitable for the roles. The snowy white cream rises to the top, right? And because you think everyone is equal at birth and in equal situations and that minorities and immigrants in the US actually get a hand up and start ahead, that the only remaining reason there are so many white men and so few women, people of color, or both is that they are lazier, dumber or somehow inferior. That is the implication of your statement even if you think that’s not what you mean or even if you claim that institutionalized racism isn’t a thing. Just because you, an immigrant, who may be a visible minority, did well in the US then Canada and just because people here routinely say crap like “my neighbours in XYZ toney neighbourhood are indian/black/chinese so there isn’t a problem” doesn’t mean a damn thing, especially in the US.

Your statement is racist even though I believe you aren’t a racist. Your statement snuggles right up to the racist line even if in your world — padded by your personal wealth and success and that of your wife, padded by your apparent lack of outward human empathy, padded by your world view that you think is broader than the Saskatchewan sky but is about as narrow as any human’s is who doesn’t seek to broaden it or challenge their stereotypes — you think/know/are convinced that you must be right. You aren’t. You’re as wrong as NSNG was when he claimed the three gorges dam will be imploding any second.

Equality is equality, but a black woman sitting on a stage next to a white man seeking the same role as vice president is the furthest thing from equal in life trajectory and how they are perceived on stage.

You are going to argue with me either here or in your mind and you may even hint that I’m the racist one by noticing these differences. Regardless, here’s some paternalistic nagging. I encourage you to instead take that energy and check out or buy an e-book on gender studies (it will cover race and race/gender intersectionality) and really wrastle with it. You are snickering right now, but I’m serious. Choke down your impulses to react, step outside yourself, and really think about what the author is saying. I have done exactly this and argued about every sentence with my partner who is expert in logic and philosophy. My impulses were to harness my inner Oregon hick and reject what I read, but intellect prevailed and I came away with a different view. The impulses are still there and I still argue a much more conservative view than she, but I learned a lot.

#252 PBrasseur on 10.08.20 at 10:46 am

Most of my investments are in USD (have been for a long time) and it’s going to stay that way. I can’t believe what this country is becoming, the only difference between us and Argentina: the world hasn’t noticed, yet!

#253 Sara on 10.08.20 at 10:48 am

#248 IHCTD9 on 10.08.20 at 10:27 am
#242 Sara on 10.08.20 at 9:58 am
#239 Sail Away on 10.08.20 at 9:40 am

Yes dear
===========================

Ha Ha. Is that the best you can do?
___

Come on! You have to admit that was good. All kinds of sharp edges packed into two words! :D

===================
Perhaps it sounds clever – to a 12 year old man-child.

#254 IHCTD9 on 10.08.20 at 10:54 am

#232 ImGonnaBeSick on 10.08.20 at 8:33 am
#226 MF on 10.08.20 at 7:33 am

What an absolutely bizarre statement… People emigrate from Canada all the time. There are several that post on here that have. A lot of my colleagues take positions in the US and then eventually move there. It’s usually for better opportunities…
___

Yep – 50-60 thousand every year bail out. But our diaspora is really impressive – back in 2010 over 9% (2.8 million) of all Canadians lived outside Canada. That was a larger population than six of ten Canadian provinces. Over a million Canucks lived in the good old USA alone. The numbers are undoubtedly larger today.

Only makes perfect sense too with the immigration numbers. Lots of Canadians moving back to where they came from – having kids who become naturalized Canadians themselves. All kinds of Canucks moving all over for all kinds of reasons.

Canadians actually seem very well practised at leaving.

https://en.wikipedia.org/wiki/Canadian_diaspora#:~:text=The%20Canadian%20diaspora%20is%20the,citizens%20and%20descendants%20of%20citizens).

#255 Pinhead Ballerina on 10.08.20 at 10:57 am

TIFF says we’re screwed. High debt. No income. Negative rates. Hogg’s. Killing resource revenue and a no carbon economy ( fairy dust and unicorn farts) . He gently acknowledges we have an incompetance government. Bold. Can you imagine what happens when the IMF finally tells Trudeau theres no free lunch ?

https://www.bnnbloomberg.ca/macklem-puts-dangerously-over-leveraged-canadians-on-notice-1.1505447

#256 IHCTD9 on 10.08.20 at 10:58 am

#249 Dharma Bum on 10.08.20 at 10:30 am
RIP Stephen Barnes.

https://www.ubspectrum.com/article/2020/10/stephen-barnes-of-celino-barnes-died-in-plane-crash
______

And EVH too, a legend:

https://www.theguardian.com/music/2020/oct/07/eddie-van-halen-obituary

#257 Sara on 10.08.20 at 10:59 am

SailAway #246

You got me. Again. So subtle. Such surgically delightful wordplay.
=======================

For such a self-proclaimed successful man, you reek of insecurity.

#258 Ponzius Pilatus on 10.08.20 at 11:09 am

#208 The Fly on 10.07.20 at 11:27 pm
Will now be checking into Walter Reed……
———————
Did they sent a helicopter?

#259 Alex Orange on 10.08.20 at 11:14 am

#23 Alex

Alex is no doubt the regular karen laughing about how orange CNN Trump is. Did anyone notice that the first time Trump didn’t appear orange was over the weekend in hospital when CNN took every bit of color they could out of his skin to make him appear deathly. Wicked stuff. Time to defund the media, starting with CNN.

#260 Ponzius Pilatus on 10.08.20 at 11:17 am

207 Sail Away on 10.07.20 at 11:24 pm
VP debate

I don’t know why Harris kept bringing up her being the first black woman this, first black woman that.

Hey, equality is equality. One is judged on the content of their character, not the colour of their skin (or their gender). It seemed irrelevant.

Pence never mentioned his race or gender.
—————————-
But he mentioned that he is a devout Christian.
How is that relevant?

#261 IHCTD9 on 10.08.20 at 11:21 am

#193 IHCTD9 on 10.07.20 at 10:20 pm
#166 Sail Away on 10.07.20 at 1:04 am
#146 IHCTD9 on 10.06.20 at 10:05 pm

Re: cold weather gear

———-

I love First Lite down gear – very light, very warm. Perfect for winter multiday backpack hunts. If you need to curl up in a snowbank through a 24 hour blizzard, this’ll do it. Been there on a sheep hunt- luckily within radio range so nobody freaked out.
——

Cool, I’ll check them out. I held on to the Elvin till the stuffing was falling out, I’d pay some respectable $ to get something that good again.

Thanks for the heads up!
___

They look very nice – maybe too nice to do any work in!

They’re on the list – thanks again.

#262 AM in MN on 10.08.20 at 11:31 am

#139 Soviet Capitalist on 10.07.20 at 7:18 pm

Socialism is like a cancer. I’ve left Eastern Europe to escape it, but it seems to be haunting me everywhere.
—————————————————–

As Reagan said, tyranny is never more than one generation away.

Look what the young have been taught in school for the past couple decades.

If you want to live in freedom, you have to be prepared to fight for it.

Socialism is the comfort food of the masses. Most people would prefer to have just enough to get by on if it means no risk. Having the government provide for your health care, education, job, housing, basic food and other essentials appeals to a great many people.

Only those who have lived under the tyranny that’s required by the govt. to provide those things have an understanding of how unpleasant it is.

Right now it can be provided for by printing free money, but that won’t last…. and when it ends, the pain will be long lasting.

Churchill lost the 1945 election because he told the truth about socialism needing to also control your right to free speech and other freedoms in order to enforce this equality. We are going that way too with cancel culture and oppressive tech oligarchs with strong ties to big government.

#263 ImGonnaBeSick on 10.08.20 at 11:43 am

#251 Sara on 10.08.20 at 10:40 am
#244 ImGonnaBeSick on 10.08.20 at 10:10 am
#242 Sara on 10.08.20 at 9:58 am
——

Let it go.. instead of complaining about the comment’s whatever-ism, debate the actual context with factual information…

This isn’t your front yard to throw a domestic and no one here (except may Foron), is going to care that your feelings are hurt.”
============================

Lol. My feelings aren’t hurt. But you seem a bit emotional about my commentary

—-

Yes, indifferent is an emotion I suppose. Please, get in the last word though.

#264 justdeleteitifyoudontlikeit on 10.08.20 at 11:52 am

Props to a guy who can write eight paragraphs slagging socialism, but takes a break halfway through to marvel at how great his adopted city’s public transit system is, when his fare only covers half of the operating costs.

#265 IHCTD9 on 10.08.20 at 11:53 am

#254 Sara on 10.08.20 at 10:48 am
#248 IHCTD9 on 10.08.20 at 10:27 am
#242 Sara on 10.08.20 at 9:58 am
#239 Sail Away on 10.08.20 at 9:40 am

Yes dear
===========================

Ha Ha. Is that the best you can do?
___

Come on! You have to admit that was good. All kinds of sharp edges packed into two words! :D

===================
Perhaps it sounds clever – to a 12 year old man-child.
____

Serious? That comment was a bucket full of hot swarf right to the face. It’s tough to package that much invective so efficiently – takes a real mastery of the art.

I guess not everyone can appreciate it.

#266 Stan Brooks on 10.08.20 at 11:58 am

#241 Steven Rowlandson on 10.08.20 at 9:55 am

1. Look at the trend/most of that in less than 1 year for BoC. In public silence. There was soo… much noise about QE1, 2, 3, Operation twist etc. in US.

2. USD is the world’s reserve currency.

———————————————–

This is not socialism. There houses were cheap and everyone had at least one.

It is a class warfare of have-s and have-nots.
Houses, stocks, access to capital etc.

Cheers,

#267 Dutchy on 10.08.20 at 12:01 pm

#168 crowdedelevatorfartz on 10.07.20 at 8:25 pm
#172 Don Guillermo on 10.07.20 at 8:41 pm

You missed the point.
Question is:
Why did T2 accept JagS support ?
(May be he is not too sure)

#268 PBrasseur on 10.08.20 at 12:20 pm

The rise of socialism in this country doesn’t surprise me.

What surprises me is how fast it is happening.

#269 Phylis on 10.08.20 at 12:40 pm

#260 Alex Orange on 10.08.20 at 11:14 am Typo right? CBC.

#270 Oakville Rocks! on 10.08.20 at 12:52 pm

WOW!

Historic, courageous (maybe), but wow.

A venerable scientific journal first and now a respected medical journal feel motivated by the current US administration to offer a political opinion rather than remain silent.

WOW!

https://www.scientificamerican.com/article/scientific-american-endorses-joe-biden1/

Dying in a Leadership Vacuum
https://www.nejm.org/doi/full/10.1056/NEJMe2029812

#271 NSNG on 10.08.20 at 1:04 pm

#246 Sail Away on 10.08.20 at 10:25 am

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

LOL!

I must admit, SA. You are a master at poking the bear.

#272 Sail Away on 10.08.20 at 1:06 pm

#258 Sara on 10.08.20 at 10:59 am
SailAway #246

You got me. Again. So subtle. Such surgically delightful wordplay.

———–

For such a self-proclaimed successful man, you reek of insecurity.

———–

I must confess
there is no success
without a caress
from the mercurial S

#273 jess on 10.08.20 at 1:36 pm

https://www.investopedia.com/terms/c/chartalism.asp

s.carolina the problem with tax abatement
schools are broke
Tax breaks lure businesses to Berkeley County, but there’s a cost
To lure businesses, counties offer incentives like tax credits, grants and Fee In Lieu of Taxes agreements, or FILOTs. The companies may also negotiate with utility companies for lower rates and receive state and federal tax credits or grants.

https://www.postandcourier.com/news/tax-breaks-lure-businesses-to-berkeley-county-but-theres-a-cost/article_cf1cceee-d39d-11e8-8173-9be2138e0dcf.html

=======================
Gresham’s law is a monetary principle stating that “bad money drives out good.”
The Reckoning

…”zombie thrifts began paying higher and higher rates to attract funds. These zombies were engaging in a “go for broke” strategy of investing in riskier and riskier projects, hoping they would pay off in higher returns. If these returns didn’t materialize, then it was taxpayers who would ultimately foot the bill, since the zombies were already insolvent and the FSLIC’s resources were insufficient to cover losses.
https://www.federalreservehistory.org/essays/savings_and_loan_crisis#reckoning

https://www.investopedia.com/articles/economics/08/government-financial-bailout.asp

====================
btw: the fly that landed on vp head …was that a miniature drone spy? lol

America’s Medical Supply Crisis
https://www.pbs.org/wgbh/frontline/film/americas-medical-supply-crisis/

#274 Masks really do save lives on 10.08.20 at 1:40 pm

DELETED

#275 SoggyShorts on 10.08.20 at 1:47 pm

#252 Faron on 10.08.20 at 10:42 am
#207 Sail Away on 10.07.20 at 11:24 pm

I don’t know why Harris kept bringing up her being the first black woman this, first black woman that.

….

By extension, you are saying that the vastly disproportionately high representation of white males in power in the US (and Canada esp. among the conservative party) is because they are better at those particular jobs, more qualified or otherwise more suitable for the roles.

******************
Wow. That’s a huge leap even by SJW standards.

Her ethnicity and gender should be irrelevant when applying for a job. That’s the goal of true equality.

The best person for the position and neither skin pigment nor underwear contents are questions on the job application.

#276 JB CONDO DEATH on 10.08.20 at 1:49 pm

#74 Scott Dryer on 10.07.20 at 5:06 pm

I see the NDP as an official party disappearing in Canada. Why vote NDP if the Trudeau, Freeland Liberals are the same.

Jagmeet Singh is going to lose his career as the NDP Leader anyway so he did not stop that if he made this choice to prop up the Trudeau, Freeland liberals.
…………………………………………………………………
Jagmeet Singh sold his socialist soul to the Devil in parliament. He ill have to pay him back and visa versa.
Singh offered his soul in exchange for diabolical favors such as wealth, fame, or power.
Probably fame as hes going down!

#277 HolyCow on 10.08.20 at 1:59 pm

Hey Garth, great financial advice here. Regular reader, please keep up the good work.

I’d suggest we find something *other* than Jag’s turban and beard to refer to him with.

Unlike his tik-toking, skateboarding, and fashion sense (or JT’s socks), these are articles of faith and not a choice that reflects character traits (such as vanity).

I do disagree with his policies though; and to keep our banter rolling, we do need a nickname (a la Mr. Socks or Teflon Man).

Thanks again for the free advice and your efforts to financially educate the vox populi.

#278 Terence on 10.08.20 at 2:05 pm

Garth, I just ran the numbers on real property in my immediate area and here’s what I discovered. Anyone in my immediate area that got in on the real estate ladder 10 years ago has made on average approximately 25-27% every single year just by simply living in their homes and doing else but pay taxes and utilities. So anywhere from 250% and 275% return, in a healthy market where we have liquidity in the real estate market, which clearly we still retain during a global pandemic. Can you help someone like me better understand the mathematics of rapid housing inflation and what are we to make of housing that has taken on the characteristics of a hedge fund? I appreciate your time, insight and analysis.

A 25% annual appreciation for 10 years would increase the price of a $350,000 house to $3.26 million. So, where do you live? – Garth

#279 ImGonnaBeSick on 10.08.20 at 2:14 pm

#279 HolyCow on 10.08.20 at 1:59 pm
Hey Garth, great financial advice here. Regular reader, please keep up the good work.

I’d suggest we find something *other* than Jag’s turban and beard to refer to him with.

Unlike his tik-toking, skateboarding, and fashion sense (or JT’s socks), these are articles of faith and not a choice that reflects character traits (such as vanity).

I do disagree with his policies though; and to keep our banter rolling, we do need a nickname (a la Mr. Socks or Teflon Man).

Thanks again for the free advice and your efforts to financially educate the vox populi.

—-

Easy does it. I have Sikhs that work for me, and guess what? They know they have a beard and wear a turban, a kara, and kirpan and they’re quite proud of all of it.

Please don’t project your racism on others.

#280 Sail Away on 10.08.20 at 2:15 pm

#136 crowdedelevatorfartz on 10.07.20 at 7:12 pm

We were about to hit the fogbank and a young couple with a sleeping baby were sitting outside.

I told them what was about to happen with the foghorn as I went inside.

Stares and glares was all I got back in response..

Two minutes later … FOGHORN!

Thirty seconds later…. screaming baby and parents.

———–

Just a guess… screaming and crying when they got to the elevator?

#281 HolyCow on 10.08.20 at 2:30 pm

#282 ImGonnaBeSick on 10.08.20 at 2:14 pm

Easy does it. I have Sikhs that work for me, and guess what? They know they have a beard and wear a turban, a kara, and kirpan and they’re quite proud of all of it.

Please don’t project your racism on others.

—–

Apologies, I get how this was open to interpretation. I suggested we find something else (and not symbols that many people are proud of), to refer to someone.

Particularly because our references here are rarely charitable (rightly flaying policies and character).

I want to think about the perspective of a fiscally conservative person who may wear the same symbols; and how they’d feel with the association.

#282 IHCTD9 on 10.08.20 at 2:34 pm

DELETED

#283 Victor V on 10.08.20 at 2:40 pm

Macklem puts ‘dangerously over-leveraged’ Canadians on notice

https://www.bnnbloomberg.ca/macklem-puts-dangerously-over-leveraged-canadians-on-notice-1.1505447

The governor of the Bank of Canada said managing the financial risk from the COVID-19 pandemic is more critical than ever, while the central bank is paying close attention to the housing market amid an historically low interest rate environment.

“We will also watch for signs that housing markets are being driven higher by speculation that prices will keep rising,” Tiff Macklem said in a speech Thursday. “And we will watch whether people buying houses are taking on outsized debt relative to their income.”

“But if too many Canadian households start to become dangerously over-leveraged, policy-makers have several macroprudential tools they can use. Our experience with the mortgage-interest stress test shows how effective these tools can be.”

#284 Faron on 10.08.20 at 2:50 pm

#277 SoggyShorts on 10.08.20 at 1:47 pm

That was a weird point to pick up on Soggs. What is your explanation for the disparities between the racial and gender make up of a society and the racial and gender make up of the powerful class? Is it qualification? If it is, why is it that white men consistently become “more qualified” to lead in the US and Canada which is what we have to assume your meaning is if proportion of jobs held is directly proportional to skills acquired (hint, it’s not, but if it is, there’s still the problem of the achievement gap)?

Kamala, by dint of race and gender, likely has had to overcome many more headwinds than Pence. This demonstrates that she probably has more energy and drive than Pence and these intangible attributes is worth noting. No one falls off a log and becomes VP or VP candidate, but the path from childhood to VP for pence was almost certainly riddled with fewer barriers than the path Kamala travelled. I could be wrong in this singular case, but in general there are endless troves of statistics that bear this out convincingly. Not acting on those numerical facts is burying your head deep into the clefts of your soggy underpants.

#285 Fragrant Cookie on 10.08.20 at 2:56 pm

@#10 Former Navy Chief, #20 Linda
With our maple guaranteed income and various other government subsidies that continue to exist (as #20 Linda mentioned), we can all retire TODAY! =D
Why be working poor when you can just be poor? /s

#286 Bill on 10.08.20 at 3:05 pm

Democracy is way dead….soon to be this country.
I’ll head to Venezuelan now and get it over with.

“If you have any doubt, check the chart below. When it comes to a central bank wildly inflating its balance sheet so the ruling party can spend without restraint and blame the virus, we da man!” Garth

Like I said months ago the bug was a gift from heaven (Planted maybe) for this T2 idiot and his pal now T1 = Turban.
My only saving grace is I’ve padded the hell out of myself with paid for cash flow assets and no debt. Still makes me sick for the many that cant defend themselves from the inevitable destruction on the Loonie.

#287 IHCTD9 on 10.08.20 at 3:06 pm

#252 Faron on 10.08.20 at 10:42 am
#207 Sail Away on 10.07.20 at 11:24 pm

I don’t know why Harris kept bringing up her being the first black woman this, first black woman that.

By extension, you are saying that the vastly disproportionately high representation of white males in power in the US [blah… blah… blah…]
______

That entire monologue was based on an “extension” to what SA actually typed.

Can I “extend” your posts too Faron buddy?

#288 IHCTD9 on 10.08.20 at 3:27 pm

#287 Faron on 10.08.20 at 2:50 pm

… is what we have to assume your meaning is if proportion of jobs held is directly proportional to skills acquired [blah… blah… blah..]
____

There you go again.

Be a good idea to start working on that. It’s pretty obvious what you’re doing: Create an assertion (in accordance with your own preferences) that no one asserted – and then attack it.

That tactic is not new homie. You think we’re all stupid or something?

#289 Tim on 10.08.20 at 3:29 pm

I am gonna have to read up on MMT because, whatever it’s got for or against it, it’s certainly becoming relevant.

But I guess my question is…. when all that created-out-of-nowhere money was called quantitative easing and went directly to big corporations, it didn’t cause inflation. (A lot of people insisted it would, but it didn’t.)

So how is creating money out of nothing and then giving it directly to people who will spend it on rent, groceries, etc. any different?

The problem I have with most right-leaning political economy is that deficits and inflation are giant boogeymen whenever they’re caused by certain things, but totally irrelevant when they’re due to upper-income tax cuts and unnecessary wars.

I don’t doubt that you probably can’t just create money out of nowhere forever and never face consequences. And I get that you can’t live on debt indefinitely. I’m just looking for a little internal consistency here.

#290 KLNR on 10.08.20 at 4:18 pm

@#246 Sail Away on 10.08.20 at 10:25 am
#242 Sara on 10.08.20 at 9:58 am
#239 Sail Away on 10.08.20 at 9:40 am
#236 Sara on 10.08.20 at 9:17 am
207 Sail Away on 10.07.20 at 11:24 pm

Hey, equality is equality. One is judged on the content of their character, not the colour of their skin (or their gender).

—————

You contradict yourself by using sexist language such as referring to me as “a nagging wife” when you know nothing about me as a wife, other than my gender.

—————

Yes dear

———-

Ha Ha. Is that the best you can do?

You are not witty at all. A 12 year old boy could come up with a more clever come back.

And a real man would acknowledge his language was sexist and try to do better in future. Of course, since you have the mindset of a boy, that will never happen.

———–

You got me. Again. So subtle. Such surgically delightful wordplay.
——

LOL, now now children.

#291 Stealth on 10.08.20 at 4:33 pm

#214kommykim on 10.08.20 at 12:56 am
#178 Stealth on 10.07.20 at 8:53 pm
#128 kommykim on 10.07.20 at 6:36 pm
RE: #33 Stealth on 10.07.20 at 3:52 pm
—————–
SNIP!
————————-
Thanks for the proper response, yes if cdn $falls non hedges version like vun would benefit. I agree.
What are your thoughts on the difference between a statement of say have 20% of the portfolio in usa vs hold 20% in us denominated assets? For example if you hold vun and it is 20% of your portfolio, is that it did you accomplish both?

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

If “20% of the portfolio in usa” means holding cash in USD, then no, I would say that’s different from “hold 20% in us denominated assets” by owning VUN… I’m pretty sure Garth was talking about holding something like VUN rather than holding a large portion of US cash in your portfolio.

I personally hold VXC (40%) which gives me unhedged exposure to world wide assets including the USA. For Canada I hold ZLB (20%) and the short-bond portion is VSB (30%) along with some inflation hedged long bonds via XRB (10%).

The potato guy has an interesting bit on hedged vs unhedged ETFs and leans towards unhedged:
https://canadiancouchpotato.com/2016/03/07/ask-the-spud-is-it-time-to-hedge-currency/

—————————

Thanks for the comment. I did not imply holding us cash. I meant holding something like VTI trading on nyse which is precisely denominated in us currency. Question is whether funds like vun or similar who also pretty much hold the same assets as vti but is in cdn currency. So question is whether US denominated meaning means must be held in us currency or is cdn currency hold via vun ok. In any case I know this is now an older post , I will investigate and report back. Not urgent , logic bugged me :)

#292 Ken R on 10.08.20 at 6:16 pm

Doug t on 10.07.20 at 3:55 pm
It’s official – WE SUCK

Now that is the best analysis yet, straight to the point!

#293 Old Ron on 10.08.20 at 7:51 pm

GT : Your thoughts on Negative Interest Rates would be of interest to the Blog Dogs. Tiff @ BofC refuses to rule them out.

#294 Jean-Luc on 10.08.20 at 8:43 pm

#175 kommykim on 10.07.20 at 8:47 pm

Sorry to hear about the sad news! May he rest in peace!
His comments are already missed on this site!

#295 Lovenuttin on 10.08.20 at 9:36 pm

Hey don’t knock kamloops. Coin boy is right! It’s all going up in price there. Many people moving there from vancouver. In 10 years the average price of a house there will be 1 million dollars. People are sick of the lower mainland and the busy streets. Kamloops is the best bet in BC.
Greetings Garth from on the rocks pub!

#296 Kathy McEachern on 10.09.20 at 11:29 am

Here is an interesting article about people moving from other countries to Canada, it’s not just people fleeing from Canadian cities to the burbs. This is a different kind of immigration.

https://www.cbc.ca/news/canada/nova-scotia/some-canadians-making-permanent-move-to-atlantic-bubble-1.5755352

#297 Glenn on 10.10.20 at 12:02 pm

Jagmeet is the leader of a Canadian political party and he uses TikTok despite the security concerns? He seems like a nice fellow but I thought him a fool before and now I know it’s true.

He’s a man child with absolutely no real experience about anything trying to lead a nation.

My god, we’re in big big trouble with this foolish duo at the helm.

#298 Terence on 10.10.20 at 5:36 pm

Sorry, Garth my math was completely wrong.