Don’t mess with the bond market.
This omniscient blog has told you for weeks the Covid-created crazy-low interest thing wouldn’t last. Now we know. In the last few days economic, virus and vaccine news resulted in a “flash spike” in rates that will ripple through portfolios, mortgages and real estate.
The yield on a benchmark Government of Canada five-year bond has soared form the 0.3% range to almost 1%. It hasn’t moved this much, this fast, for a decade and doubled in about two weeks. In the States the 10-year Treasury bolted higher to 1.6% and probably won’t stop there.
So, why?
As you know, when the slimy little pathogen slithered into our lives a year ago the economy panicked, lockdowns happened, politicians freaked and central bankers rode to the rescue. They crashed their benchmark lending rates (sending mortgages spiralling lower) and started big QE programs. That stands for ‘quantitative easing’, a fancy way of spending giant heaps of money buying up government bonds in order to suppress rates. The goal was to make money so cheap people would – despite the virus – borrow and spend a lot, adding to economic activity.
It worked. Along with the unprecedented amount thrown around by governments (like Trudeau’s CERB billions), this encouraged people to start overpaying for houses and taking on epic real estate debt.
Now everything has changed. Infections, hospitalizations and deaths are receding. There are a bevy of effective vaccines (we just added AstraZeneca). We’re engaged in a global inoculation program and on our way to herd immunity. Personal savings rates have exploded thanks to WFH and benefit payments. Governments around the world have ponied up $20 trillion in stimulus money. And it’s become clear that GDP growth will be explosive in the second half of 2021, leading to oodles of inflation. On top of this there’s a spendy new US government in place, about to pump another $2 trillion into the GDP and (if possible) dramatically goose minimum wages.
So all this has overwhelmed CB efforts to keep rates low. Smelling inflation, bond investors demanded higher premiums. So bond prices have been falling and yields rising.
The implications are legion.
For example, stocks have been pushed lower as bonds returns go higher. Money flows from ‘risk’ assets into safer ones as the bond yields pose serious competition to corporate dividends. That’s why the higher-flying equity markets have taken a gut punch. Especially tech companies, which rely on a lot of cheap money and big leverage to develop and take risks. Think Tesla.
There’s also a rotation happening into areas that will benefit from the reopening of the economy, and away from the WFH companies. Like oil, as people start driving more and industrial consumption rises. Also keep an eye on the banks. If the bond guys are right, inflationary pressures will force central banks to raise rates a lot sooner than most people suspect. So better margins are on the way.
And lots coming for real estate lending. Bond rates are now back at pre-Covid levels, yet mortgages remain close to the lowest levels ever. Not for long. When will the big banks inflate rates? “We’ll likely see a fat price adjustment from them soon,” says broker Rob McLister. “And after 11 months of declining rates, countless borrowers will see that, get butterflies and scramble to lock in. In the meantime, the lowest fixed rates are still less than 5 bps from their all-time lows. That will not last.” (Actually on Friday afternoon TD was the first to move – adding a quarter point. Pow.)
The impact on housing?
Well, usually when rates start to jump, so do buyers. Folks sitting on the fence climb off fast, lock in, then shop hard to find a property. Given the spring market is fast approaching, that’s likely to pour a more gas on the fire. But with prices having escalated irrationally during the pandemic, especially in the hinterland (Muskoka is up 60% year/year, for example) the universe of potential buyers is shrinking fast. As fixed-rate mortgages plump, it will decrease further. You know what happens next.
Where from here?
Central banks could jack up their bond-buying to try and stifle rates. That might work for a while, but the relief would be temporary given the vaccine/reopening momentum. Governments might scale back on their plans for even more stimulus, but it looks like Biden and Mr. Socks are determined to keep the taps open fully.
So everything tilts. Stocks find a new pricing. Fixed income assets get a shake. Borrowers face a reckoning. Housing confronts a test.
It’s worth remembering some of this things we’ve told you to watch for, and do. Like be diversified and own ETFs with broad market exposure instead of trying to luck out with tech stocks or WFH companies. That approach would have helped a ton this week. Also, own preferreds. Rate reset prefs become more valuable as rates rise, and they’ve been doing exactly that. This offsets fading bond values in the FI portion of your portfolio. Also those who thought one balanced fund, like VBAL, was an easy way to achieve a balanced portfolio just learned a hard lesson. Nobody should have 40% bonds. Now you know why.
And let’s hope if you didn’t lock in your mortgage (as instructed) that you’ll still have the chance next week. Hey, maybe you should stop reading now, and call.
So, you see? This blog may actually be worth what you pay for it.
113 comments ↓
I have the VBAL blues & now understand why. This blog is worth its weight in gold & so much more. Thank you Garth for the education & insight – today’s info is definitely helpful, as is all the knowledge you share!
Garth, Your blog is worth every bit-dog penny, plus a few bales of toilet paper. Speaking of which, is anybody buying the consumer staples sector today?
Cheers
Thanks Garth – back to normal is approaching quickly.
Article from this morning’s FP.
“Howard Levitt: My employer wants me to return to the office before we’re vaccinated. I’m very productive at home — can I refuse?”
https://financialpost.com/executive/careers/howard-levitt-my-employer-wants-me-to-return-to-the-office-before-were-vaccinated-im-very-productive-at-home-can-i-refuse
This blog is worth MUCH more than what we pay for it….
Exaggerate much? VBAL is doing just fine, thank-you very much. Even with the bond dip, it’s up 10.2% in the past twelve months and down less than 2% this week. Not exactly catastrophic.
Seen elsewhere:
“No names mentioned here but I work for a major bank that operates as mortgage lender in the USA.
[Yesterday] around 1:20pm EST the bank suspended interest rate pricing until further notice. We currently cannot quote or lock mortgage rates…”
…..
Is this New System sounding ‘temporary’ at all, or now just ramping up a year into it? Follow the money and contracts.
– Most Former First World Countries have now paid camps to punish returning travellers. Kanada, UK, Israel etc.
Australia outright banned ravel. Kanada govt sent out the camp tenders in late 2020. No one believed it. This is about ending our travel and movement rights. #stayhome they told us from Day 1 yes?
– Empty hotels. Yep our rulers play the long game. The plan for those, is this:
1. Downtown Toronto: the Novatel and Strathcona are now Homeless Hotels. (Permanent, else were would they go?)
2. Airport Toronto: Sheraton and Raddison and two other hotels were converted into paid Camps for returning travellers. (Permanent? Else who would fill these hotels? What is the cost of turning them back into hotels? There is too much $$$ at stake here)
3. Toronto Exhibition place and Ontario Place. Why was all this valuable land left empty and disused for so long?
I heard that more Camps are being built. So I asked a source who supplies the trades. Confirmed it. They say its for the homeless, but I’m not so sure just yet.
……..
— Enjoying our new Virtual Berlin walls? How does this end? Check your history books.
https://www.cbc.ca/news/canada/windsor/border-ticket-tunnel-quarantine-act-1.5926311
“Ontario man fined $3.8K at land border crossing amid confusion over who’s ‘essential'”
Interest rates won’t go up till late 2022!!!
Roaring 20’s are soon to be upon us! I hope everyone is adding diapers and baby food to their b/d portfolio – houses aren’t the only thing people are going to be lusting for ;)
Og
“Nobody should have 40% bonds.”
Still stand by this from 2014/09/05, Garth?
“As I’ve indicated in the past, a good mix for the 40% fixed-income portfolio of a balanced portfolio might be 3% government bonds, 5% corporates, 3% real return bonds, 6% high-yield and 18% preferreds in the big banks.”
The mix has been tweaked several times since then. – Garth
Don’t slither into cottage country this weekend either, you slimy little pathogens from the Gta!
WE DON’T NEED YOU!
So many idiots from Toronto hoods are already breaking the new Red Zone rules and driving across Steeles Ave to do more shopping. Selfishness above all, even at the risk of spreading more infections.
Wait to get your vaccination. Plan on coming back to the cottage in 2022, or 2023 if necessary.
NOT THIS YEAR!
Just.
Stay.
Home.
Why are 30 year Canada and US bond rates down today? They are not worried about lots of inflation, money printing, currency devaluation anymore?
The Federal Reserve, Bank of Canada are already beefing up bond buying and saying nothing about it.
Daily moves mean little. Watch the trend. – Garth
Also those who thought one balanced fund, like VBAL, was an easy way to achieve a balanced portfolio just learned a hard lesson. Nobody should have 40% bonds. Now you know why.
———
Hey, that’s my line. Lol. I’ll take it as a compliment.
I agree with you in the short term Garth about rising rates but I believe overall World economies are still weak.
Look at the US 10Y and Canada 5Y.
Oct 2018 is like they [bond market] were testing if they could increase rates and it didn’t work, so down they came…like a rock.
They tried in late 2019, same thing, dropped again.
I believe they are trying that again now but if you look back 10 years attempts have been futile and seem to peak at about 2.5% in the US and 3.1% in Canada – then drop by 50% or more soon after.
Expect low rates for many years to come is what I think. Economies are still weak from 2007/8.
Before that people did not blink at +6% mortgage rates pre 2007/8.
Now half of that, rates inevitably tumble. Add in a pandemic and I don’t see bond rates see-sawing much above 3% in Canada for a decade maybe?
I’d almost wait for them to drop again as they have in the past 10 years, then lock in.
If you needed this blog to tell you bond yields were going bounce from their COVID lows, affecting balanced funds, then you probably shouldn’t be handling your money.
Just let Trudeau Liberals take care of you.
Deficit financing. Now thats interesting.
Portfolio 1: (40% bonds)
VCN 20%
VUN 15%
XEF 10%
XEC 5%
ZRE 10%
VAB 30%
XRB 10%
Portfolio 2: (20% bonds)
VCN 20%
VUN 15%
XEF 10%
XEC 5%
ZRE 10%
VAB 15%
XRB 5%
ZPR 20% (BMO preferred share ETF)
From 2014-present, Portfolio 1 returned 7.27% annualized, Portfolio 2 returned 6.51% annualized.
Why the love of preferreds?
Real growth and much focus on return to normalcy after the spring and summer enthusiasm to get out and spend will be more than a little difficult to achieve for governments bent on spending. Bent on spending now more than ever.
As more debt is issued, ever increasing new debt creation will be required to cover just the cost of servicing existing debt.
The debt (debt to GDP ratio imbalance) has grown to anti productive anti growth levels as the debt creation/servicing is non productive going mostly into social support programs and growing interest on national debt payments…and little to none toward real growth that generates positive real returns.
A form of return to normalcy is coming in the next couple of years or so…a return to historically normal interest rates.
Garth, so 11 to 12 points drop for 30 year US looking at now, how high can these 30 year treasury bond rates rise?
Are we looking at 2.5% in 1 month, maybe 2 months or 2.75% to 3% by late summer?
I put a post together of vaccination charts from Trevor Tombe Associate Professor Calgary
http://www.chpc.biz/history-readings/vaccinations
It’s going to be awhile before we get our population vaccinated and out of this mess. Canada ranks 30th out of 37 OECD countries in terms of getting us vaccinated. Less than 5% of us have been.
Included in my post is a link to a CSIS report:
And the “Big Lie” will continue at CPAC this weekend (William Turton Reporter at Bloomberg News):
https://twitter.com/WilliamTurton/status/1365109969490567169
#15 Piano_Man87 on 02.26.21 at 1:50 pm
From 2014-present, Portfolio 1 returned 7.27% annualized, Portfolio 2 returned 6.51% annualized.
Why the love of preferreds?
———–
PM, what’s your goal here? 2014 was a completely different context than now. Either take the advice or don’t but it helps nobody to harp on past returns from entirely different interest and yield scenarios.
Adapt and thrive, or…
Blizzard conditions poor visibility but from across the street a number of days ago there looked like someone wearing a cap with blinders on each side of his face with a pair of rose coloured glasses on…just my imagination? …couldn’t tell… but what a fashion statement for the times nonetheless.
As predicted by you Garth and yours truly (hot of the press, hours ago):
“EU leaders agree to introduce COVID-19 vaccine passports”
https://www.youtube.com/watch?v=X825o99JHaM
Within 3 months time.
Greek Prime Minister Kyriakos Mitsotakis was one of the first leaders to call for an EU-wide vaccination certificate in an attempt to ease travel restrictions and save the summer holiday season.
Austrian PM says if the EU does not do it, they will go it alone.
Greece, Austria are not the only one’s wanting an EU VAX Passport. List of other member states wanting an EU passport:
https://www.schengenvisainfo.com/news/list-of-eu-countries-issuing-asking-for-vaccination-certificates/
——————–
I don’t know where that leaves you Canada but I thought I’d let you all know as many of you will be vax’d by Summer and wanting to cut loose, have some fun in Europa.
As for me, still waiting for Italia to vax all the damn 80 yr olds. I mean, we’re at 4M vax’d. How many of them are there????
Covid didn’t kill them.
#18 Brian Ripley on 02.26.21 at 2:04 pm
Re: Trump bad, US Covid bad
———-
B, you’re living in the past. What’s done is done. US is doing a fantastic job vaccinating and getting things up and running again, including Texas. It’s not as if you have any influence whatsoever on that other country.
Maybe worry about Canada’s laggardliness instead if you want to play the blame game?
Thanks for the free content, garth. Do you have a bitcoin/monero address which readers could send donations to?
Thanks for the great info Garth. With respect to Preferreds, are you suggesting individual shares or ETF’s? I’m holding PFF and seeing unfavourable moves the last couple days.
#21 Dolce Vita on 02.26.21 at 2:18 pm
As for me, still waiting for Italia to vax all the damn 80 yr olds. I mean, we’re at 4M vax’d. How many of them are there????
Covid didn’t kill them.
———
Something will. It’s almost guaranteed.
#15 Piano_Man87 on 02.26.21 at 1:50 pm
From 2014-present, Portfolio 1 returned 7.27% annualized, Portfolio 2 returned 6.51% annualized.
Why the love of preferreds?
———–
PM, what’s your goal here? 2014 was a completely different context than now. Either take the advice or don’t but it helps nobody to harp on past returns from entirely different interest and yield scenarios.
Adapt and thrive, or…
———–
Of the ETF’s I listed, many weren’t established until sometime during 2013, so I started the comparison at start of 2014.
If Garth advises certain portfolios or asset mixes, I am curious to know his reasons. I would gladly add preferreds to my portfolio if I understood the reasoning more, especially given their lackluster historical performance.
My rates are locked while my re-fi app nears conclusion.
What to do, what to do… I’m not a flipper, just a regular end user with no intent to move and Scotia is offering 2.14% for 10 years / 1.79% for 5 yrs – both fixed. 1.60% for 5 yr variable.
Decision day looms.
Cottagers STAY THE HELL AWAY! Wooww dude…
They let you out of CAMH again, Canada land of the mad and RETARDED…which u epitomize..
Lool
Scare is over for now.
Soon 1.9 Trillion will be flooding the markets and the next bond scare will b in the fall.
Bet on it
So far so good for VAX Canadense:
“EC President Ursula von der Leyen said on Thursday that the EU was allowing exports of COVID-19 vaccines, mostly from BionTech/Pfizer and Moderna.”
This is solely because Pfizer, Moderna honoring their contract deliveries with the EU.
As I have told you Canada, USA and UK NOT your VAX buddies.
Ursula went on to say:
“The United States and Britain had systems in place that effectively BLOCKED the EXPORT of COVID-19 vaccines.”
Also:
“AstraZeneca’s exports the EU was keeping “a very close eye” because of the company’s shortfalls in deliveries to the 27-nation bloc.”
So Canada, you can approve AstraZeneca all you want…good luck in getting any if the EU is having a tough time of it with the UK production relying on bits and pieces of it coming from the EU. India’s SII AstraZeneca all for India and some for Covax which Trudeau trying to pilfer, good luck with that Justin thinking you can make them give you “your” Covax doses made in India – what a DUNCE to say the least.
————————–
I say all this since I do not believe Canadians realize just how VULNERABLE their VAX plans are in terms of deliveries.
It’s like you are all taking it for GRANTED. Gov Canada putting on a brave face but they are in a PRECARIOUS position.
If Pfizer does not meet its deliveries in the EU…well, I think you will by now realize what that will do to Canada’s deliveries.
And that fancy chart of Garth’s yesterday about USA VAX deliveries, ALL THEIRS. They will need 660M doses (more since vax’s 5% not efficacious so add 32M doses to the 660m for that).
BTW, that’s where their chart stops.
HINT.
————
Ursula is correct about the USA and UK: all for me, none for you.
Keeping an eye on this since some EU members states calling for more doses to be KEPT IN THE EU and a lot LESS exported.
Garth, speaking of preferreds, does it make sense to hold PFF in the USA if these are all perpetuals and not rate-resets?
Thank you for providing the necesarry context.
Can’t help but worry about Canada compared to the USA, particularly when it comes to vaccination.
Good friend, 65, lives in Washington State, runs her own small engineering company. She has had both doses. Got them at Safeway. Used her VaxApp, just had to input zip code and DOB, app identified 10 sites within 100 miles to get her first jab. Second jab was scheduled the day she got the first one. Has been walking around fully vaxxed since mid-February.
When do you think Canada will match that?
Also, the small engineering company, 8 of 10 employees worked from home for the past year. They’re being called back for May 1st. Apparently productivity fell by 30%.
#116 Sail Away on 02.26.21 at 9:59 am
Paradise. Available to all of us. Enjoy:
https://youtu.be/6TsKWeVI618
—
Looks great. Curious rig on that thing. Boomless main?
Stimulus Stimulus & more Stimulus – here, now, more coming… monthly cash payments for fun, entertainment, unlimited free time…promptly distributed to the voluntarily unemployed electronically deposited in your bank accounts as we speak.
…drink smoke dance be merry… all so right all so free… why not?
…i need everything the world owes me i tell it to myself and i agree.
Bread story:
It’s one of the hills i choose to die on. My process takes 24hrs although the amount of work involved is more like 30 mins.
I make naturally leavened bread (AKA sourdough). Started back in 2001 before it was hip n cool (even though its been around for thousands of years… Like blacksmithing…). Anyhow, i used to try to make starter using yeast and it never worked but I would put some failed “starter” in the freezer for later use.
One day, I pulled a tupperware of the stuff out of the freezer and put it on top of the fridge. I’m a space cadet so, predictably, I forgot about it. A couple days later I was making breakfast and heard a muffled “pop”. I looked up and saw the starter and pulled it down and opened the lid. Full of bubbles. My first starter was born in Calgary.
I made bread from that starter for two years until I moved back home. It wasn’t too long after 911 and I didn’t want a border patrol person to question a white paste accompanying a bearded hippy. Most recent starter is well into its 11th year. COVID has been good for cranking out bread when I’m not being an internet crank.
Learned my lesson the last time rates were going up and now have a 17% weighting to prefs. Ditched those bond ETFs with long bonds in them, and now have about 20% in a short bond ETF, 2-3% cash. The rest in global stock ETFs. Thank you Garth.
#25 Sail Away
Something will. It’s almost guaranteed.
—————
Not soon enough.
Ya, I said that Garth. Let the bullets fly.
Still, as long as the EU keeps doses flowing to Canada I’m good with the extra wait. I’d rather wait a bit longer than not see Canada meet its VAX goals.
Latest estimate is July for me to get vax’d in Italia. so far they have been bang on.
Hopefully I will not need a damn EU VAX Passport to travel Italia afterwards. THAT
@ #32 Leftover
Remember the outcry when Canada prioritized the incarcerated population in terms of the vaccine? Imagine we had the capacity to manufacture the vaccine, and the government dared to allow the export of a single dose before you were vaccinated. Why are you comparing Canada, with a vaccine manufacturing capacity of nil, to the country with the largest capacity in the world? We are lucky to be getting any vaccine at all.
Canada will be vaccinated, after many other countries but far ahead of most people on the globe. You are welcome to blame the Conservatives and Liberals for getting rid of our medical vaccine production base, plenty of blame to go around.
ABNB !!!. Nearing ATHs. $127B company. This is such an underrated growth company.
#33 Faron on 02.26.21 at 3:02 pm
#116 Sail Away on 02.26.21 at 9:59 am
Paradise. Available to all of us. Enjoy:
https://youtu.be/6TsKWeVI618
——–
Looks great. Curious rig on that thing. Boomless main?
——–
Neat, eh? The boomless main is more common with cats but also a few monohulls do it. I’d expect less efficient, but have never tried.
Might have to sail back to the tropics for a few years in a few years.
That’s it for rising bond yields for some time. If Wall Street and BNN got anymore bullish on rising rates and inflation their anchors’ heads would start to exploding on air.
The move is over. The 10 – year is up >120% in less than 1 year. Come on…
When will the big banks inflate rates?
TD becomes first major bank to hike fixed five-year mortgage rates amid surge in bond yields
https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-td-becomes-first-major-bank-to-hike-fixed-five-year-mortgage-rate-amid/
#9 Piano_Man87 on 02.26.21 at 1:40 pm
“Nobody should have 40% bonds.”
Still stand by this from 2014/09/05, Garth?
“As I’ve indicated in the past, a good mix for the 40% fixed-income portfolio of a balanced portfolio might be 3% government bonds, 5% corporates, 3% real return bonds, 6% high-yield and 18% preferreds in the big banks.”
The mix has been tweaked several times since then. – Garth
_________________________________
Not sure I follow the story here…..
Rate reset preferreds are not the same as bonds, though similar in some respects and different when it comes to increasing interest rates. So it is not saying to have 40% in bonds, closer to half.
Or are you just pointing out that it only adds up to 35%, not 40%?
This blog has never suggested a 40% bond holding. VBAL is not properly balanced. Live and learn. – Garth
#26 Piano_Man87 on 02.26.21 at 2:40 pm
Of the ETF’s I listed, many weren’t established until sometime during 2013, so I started the comparison at start of 2014.
If Garth advises certain portfolios or asset mixes, I am curious to know his reasons. I would gladly add preferreds to my portfolio if I understood the reasoning more, especially given their lackluster historical performance.
———
Rate reset prefs generally gain as interest rates increase. Who could have known in 2014 that the already-low rates would continue to drop? Since 2019, prefs have been a solid holding, and really caught fire in 2020 to now.
As always, the future is hard to predict. It’s quite possible that interest rates will increase making it quite possible that rate reset prefs are a good choice.
The best path forward is always unknown. Good idea? Bad idea? Who knows? Time will tell. I’m personally fully subscribed on prefs, because probability.
“So, you see? This blog may actually be worth what you pay for it.” It is worth a lot more.
#33 Faron. Have you ever sailed a Hobie Wave?
#38 Keith…
A company in Calgary was on track to produce a vax but Trudeau denied them.
Moderna got $1 billion – US vaxing over 1 million/day.
This company asked for a fraction of that. DENIED. We’ve vaxed in two months what US does in 1 day.
https://calgaryherald.com/opinion/columnists/corbella-covaccine-solution-was-right-here-in-calgary-while-trudeau-looked-to-china
Now we rank NUMBER 57 globally!
Blame the leadership, which is TRUDEAU.
Excellent blog and I enjoy all the comments. Everything
is down today gold, TSX, DOW. Usually if gold is down then markets are up and when markets are down gold is up. Does this message mean it is time to take some
cash of the table.
@#40 Sail Away on 02.26.21 at 3:24 pm
#33 Faron on 02.26.21 at 3:02 pm
#116 Sail Away on 02.26.21 at 9:59 am
Paradise. Available to all of us. Enjoy:
https://youtu.be/6TsKWeVI618
——–
Looks great. Curious rig on that thing. Boomless main?
——–
Neat, eh? The boomless main is more common with cats but also a few monohulls do it. I’d expect less efficient, but have never tried.
Might have to sail back to the tropics for a few years in a few years.
–
Amazing.
one day I may trade my cottage in for a catamaran.
With the phase out of the Penney, can one still say it’s worth every penny? LOL
I would easily pay 5x, even 10x what I’m paying now. Well worth it.
Thanks Garth!
Mr. Turner – this blog is a MUST read and is very much appreciated by all of us blog dogs.
I learn so much.
Thanks a TON.
I figured I’d take up the slack on some of TurnerNation’s posts. For starters…
Only the super-rich will be able to travel to New Zealand. According to Stuart Nash, the tourism minister, the ideal tourist will be the type who “hires a helicopter around Franz Josef and eats at a top-end restaurant.” In case you didn’t know, foreign tourism in NZ is suspended until at least 2022.
https://unitynewsnetwork.co.uk/socialist-jacinda-ardern-now-only-allows-travelling-for-the-super-rich/
Our esteemed PM, the right honourable, JT, said today he will let the “experts decide” if a vaccine passport would be implemented for Canadians to travel. Hard not to guess that the “experts” will “recommend” them and they will be implemented.
https://thepostmillennial.com/watch-trudeau-says-there-are-pros-and-cons-to-vaccine-passport-idea-will-listen-to-the-experts
thanx for looking after my money Garth, I sleep like a baby …
#46 Leicendiener on 02.26.21 at 4:04 pm
#40 Sail Away on 02.26.21 at 3:24 pm
#33 Faron on 02.26.21 at 3:02 pm
#116 Sail Away on 02.26.21 at 9:59 am
The cat that SA posted also has a big roach with square top battens. No boom makes deck life safer I imagine. On a sloop, the boom is essential for going upwind. My understanding is that most cruisers never go uphill.
Never sailed a cat period. Been on junneau, hotfoot, thunderbirds, martins and 420s. Own a little Tanzer.
#27 Captain Uppa on 02.26.21 at 2:40 pm
What to do, what to do…2.14% for 10 years / 1.79% for 5 yrs – both fixed. 1.60% for 5 yr variable.
————————————-
I’d rather pay 2.14 while someone else pays 0, than pay 4 or 5% or even more while someone else had locked at 2.14%
Personally, I’d love to see mortgage rates “spike” to 4% so maybe some kind of normalcy will return to the R.E. market.
A house we were watching was listed for $1.3mm sold last night for $1.62mm… and even $1.3mm seemed a little high.
It’s pure madness!
I understand your disdain for cryptocurrency and, I agree with the arguments against moving towards such a system. However, we already live in that system. I know each country has their own “currency” but it is already crypto…the world system is insolvent (by all empirical measures) why not just dial up some more crypto. It has the potential to be positive for the species but, like all things human involvement will soon corrupt it. There will be a “dead cat” bounce into Q4 of this year and we will see a joyous holiday like no other. The roaring 20s are here right on time. But that will not put off the 30s and 40s. There is a big time correction on the horizon. 3, 5, 15 years away – I won’t even guess. I will say this though: the longer we kick the can down the road and pretend we can just use the digital screen to ensure social finances the worse it is going to get. This all could have been undone and set right in 2010 – we will wish we had.
As for now – let’s go enjoy the party! Hope y’all enjoy the weekend!
@Dolce Vita
my brother is trying to live out his long-term goal of spending his retirement on his beautiful 45′ catamaran, which he had built to spec in france….so far so good after a 5 month production halt (covid) he took possession in october and he and his new wife set off to the med. on that maiden voyage they were:
attacked by a school of orca who damaged one of the rudders, this isnt them but the footage they sent was identical:
https://www.nytimes.com/video/world/100000007347970/orca-damage-boat-spain.html
had to head to shore and pull the boat out to get it fixed (3 weeks); then they sailed along the coast of spain and were then ordered ashore in cartagena in nov (again covid) and have been there since, without possibility of moving.
Now their issue is their 90 day schengen visas are expired and they are screwed as neither is eu resident and cant get an extension nor even a jab locally….and NOW the local authorities are telling them to get vaccinated somewhere and bring proof of it and then maybe… they will be given an extension. They HAVE to get one because the boat is their residence
Q: can they go to italy and get innoculated, to your knowledge?
So lucky for me I didn’t buy VBal… No I bought XBal…Lol I guess they are in the same boat aren’t they Garth?
POKER PLAYER.
I’ve never been much of a poker player, but I understand that experts can read the “Tell” on their opponents faces. Maybe I am wrong, but I think the “Tell” is obvious by the actions of the Central Bankers flooding the economy with liquidity and dropping interest into the cellar. These “tells” inform me that they are afraid. Seriously afraid. Put together these “Tells” should indicate to all the gamblers with their speculative money on the table that the Central Bankers for all their power and domination are terrified to let the economy play the hand dealt. In my opinion this is a warning of impending disaster almost as infallible as Cheyne-Stokes breathing is a warning of impending death.
“Now everything has changed.” – really?
Not the first time those covid stats are going down. Why do you think this time is different?
Right, you believe that vaccines will stop “cases” and actual viral spread. Those “cases” will stop when they stop testing people who aren’t sick. And actual virus is going to stay with humanity for centuries.
So nothing has changed. People are still scared. Politicians are still out of control. And there is no end of these trends on the horizon.
P.S. those “effective vaccines” as you call them are all experimental products that got emergency use authorizations. There are no approved vaccines and won’t be any this year. So your idea of solution this year is hinging on emergency use products that are being rolled out in the biggest healthcare experiment humanity has ever embarked on. Experiments don’t always turn out right, keep that in mind.
#10: “WE DON’T NEED YOU!”
What we, collectively, do not need is irrational fear. You are scared out of your mind. Your life is poisoned by this fear. And now you are turning on fellow Canadians out of fear. Canada used to be a genuinely friendly place. Too bad those days are behind us.
#44 Sail Away on 02.26.21 at 3:48 pm
#26 Piano_Man87 on 02.26.21 at 2:40 pm
As always, the future is hard to predict.
__________________________________________
Maybe so, but not near as difficult as predicting the past.
Sail Away on 02.26.21 at 3:24 pm
#33 Faron on 02.26.21 at 3:02 pm
#116 Sail Away on 02.26.21 at 9:59 am
https://youtu.be/6TsKWeVI618
——–
Looks great. Curious rig on that thing. Boomless main?
——–
Neat, eh? The boomless main is more common with cats but also a few monohulls do it. I’d expect less efficient, but have never tried.
Might have to sail back to the tropics for a few years in a few years.
===========================================
Mains’l’s without booms have been around for a long time. gaggle ‘sprit rig’ for a practical solution on small boats.
The Wharram cat probably has a small spar, a gaff if you please, at the top of the main instead of a batten or it could have been adapted for the more modern “bat wing” main top which is a better performance and has a batten but requires superior sail material.
The wide sheeting base of a cat or a tri makes the boomless option viable especially for cruisers such as they are.
It is impractical for a performance monohull since the mainsail clew during a spinnaker run is or will be outboard of the hull.
How can you keep it there without a spar?
Since most people base their buying decisions on what they see in the performance world it is no surprise most yachts we see have a boom (or two).
It is kinda like investing. Now where did Bitcoin, Tesla and Gamestop finish this week?
Cheers, Russ
#47 True facts
….
the reality is there would be no chance for a small co. effort like the one in calgary, no matter how competent, would ever get the scale for testing, international uptake ie needed reputation etc.
The world needed well-known ‘trusted’ entities to get the presumably questionable fast approval process to get public confidence. No way some calgary start-up would get anywhere, no matter how good they were at this
Sir Garth:
Greatest picture you ever posted. The present and hope for the future. Thanks
This is worth watching for those interested in the effects of passive ETFs on the markets among other components of market structure. From the point of view of meme stonks.
https://www.zer0es.tv/interviews-and-analysis/the-perversion-of-passive-investment/
I can’t believe this pathetic blog doesn’t push dogecoin.
This blog is the best thing on the Net.
If things go well for me, I may even be able to “Turner” my portfolio over to Turner and his pros in the next year or two!
#66 Reximus on 02.26.21 at 6:06 pm
#47 True facts
….
the reality is there would be no chance for a small co. effort like the one in calgary, no matter how competent, would ever get the scale for testing, international uptake ie needed reputation etc.
The world needed well-known ‘trusted’ entities to get the presumably questionable fast approval process to get public confidence. No way some calgary start-up would get anywhere, no matter how good they were at this
*****************************************
Yes, can’t believe SNC-Lavalin didn’t get the nod.
@ #47 truefacts
The Calgary company in the story you cited is called Providence Therapeutics, self described as:
“Providence Therapeutics | Ignite The Cure Within
http://www.providencetherapeutics.com
Providence Therapeutics is an early stage private company that develops personalized mRNA-based cancer vaccines.”
Early stage private companies may not qualify for government funding, for all kinds of good reasons. This company is at the Dragon’s Den stage of financing. It’s a tiny company. This story from January is a month old and has no legs.
My two cents, for what their worth…
The Covid thing would already be a past issue if it weren’t for the Govt. imposed shut downs. MN is typical, 3% of hospital beds taken up by Covid (4% for ICU).
History will show that it never reached the mathematical definition of pandemic, barely got to epidemic.
It has changed the economy, as people stay home and spending on leisure & travel has plummeted. Every industrial product I know of is in short supply. Plenty of low earning salesmen now because the factories can’t accept the orders, and all of this without tradeshows or conferences!
Rates will rise and have an impact on housing, but there won’t be an imminent recession like in ’08 & ’09 because the order books are so full it will take a couple years to clear them out.
The long term hangover from the money printing party will be real when it comes, and it will hurt those at the bottom, those who make their money from wages instead of capital, and I suspect a lot of social unrest to follow.
Govt’s everywhere will try to keep a lid on things for as long as they can, usually by printing even more money to buy off the masses. Look for Bitcoin to do well in the coming years because no CB or Govt. can control it.
Didn’t this company also make vaccines?
https://www1.apotex.com/global/covid-19-update
I’ve decided that the Cottagers STAY THE HELL AWAY! person cannot possibly own a business in the area that benefits from cottagers, so none of the following; convenience store, liquor store, gas station, ice cream shop, grocery store, marina, restaurant, plumbing or other home repair, tow truck, tire shop, hair salon, golf course, etc. Probably doesn’t work at one either.
She probably doesn’t own a cottage herself either, as she is doing everything possible to suppress prices.
So I am guessing government worker, possibly retired. No person actively involved in the local economy would be so negative on their main source of business income.
We can sort of see the difference by looking at BC, which of course makes a lot of money off Alberta tourists. BC Parks closed all of their campgrounds to out of province guests, for the whole season. Private campgrounds advertised that they were open and welcoming Albertans. Strangely, the National parks did not close their campgrounds to out of province visitors, they just reduced occupancy. Banff was lousy with Quebec plates.
#65 Russ on 02.26.21 at 6:03 pm
Mains’l’s without booms have been around for a long time. gaggle ‘sprit rig’ for a practical solution on small boats.
———–
You bet. There’s an Australian designer who’s developed a boomless ketch rig that uses the second spar to support the mainsail, but this config wouldn’t work with a sloop:
http://www.mysailing.com.au/cruising/boomless-sailin
I like rocking downwind with headsail poled out for wing on wing whenever possible, or double poled headsails/no main in the trades. Spinnaker barely ever unless the day is boring.
My friend has an 18′ Swampscott dory we re-rigged with a small sprit before taking it from Fair Harbour to Tahsis, since the main overpowered it without a lot of ballast. Not an upwind performer. Talk about beaches and lingcod near Rugged Point! No crabs, though. Sea otters cleaned them right out.
#33 Faron on 02.26.21 at 3:02 pm
#116 Sail Away on 02.26.21 at 9:59 am
Paradise. Available to all of us. Enjoy:
https://youtu.be/6TsKWeVI618
—
Looks great. Curious rig on that thing. Boomless main?
————————————–
Toddlers in kayaks without life jackets? You need no more proof than that that risk tolerances vary greatly. I bet they are financing the whole thing trading GameStop on Robinhood. Maybe the kids can swim, I don’t know.
40 Sail Away on 02.26.21 at 3:24 pm
#33 Faron on 02.26.21 at 3:02 pm
#116 Sail Away on 02.26.21 at 9:59 am
Paradise. Available to all of us. Enjoy:
https://youtu.be/6TsKWeVI618
——–
Looks great. Curious rig on that thing. Boomless main?
——–
Neat, eh? The boomless main is more common with cats but also a few monohulls do it. I’d expect less efficient, but have never tried.
Might have to sail back to the tropics for a few years in a few years.
////////
That cat is a floating picnic table. KonTiki had better polars.
#48 cuke and tomato pickere on 02.26.21 at 4:07 pm
“Excellent blog and I enjoy all the comments. Everything
is down today gold, TSX, DOW. Usually if gold is down then markets are up and when markets are down gold is up. Does this message mean it is time to take some
cash of the table.”
When we are heading into an inflationary whirlwind? Nope. It’s time to own all the things except cash. Even if the CB’s keep “average” inflation “over time” to 2%, we could see 4% in the next few years. So if you think -4% is a good real rate of return, go to cash.
Don’t let one day spook you.
#63 Dmitry on 02.26.21 at 5:48 pm
“Canada used to be a genuinely friendly place. Too bad those days are behind us.”
Friendly? We invented hockey so our kids could fight to the death on skates while their parents cheered them on. We are no better than a bunch of drunk Irish when the pubs close.
What’s even more shocking is that these kids go to school together and the next day the parents say “hi” when passing and nobody things the lessor of it.
“I went to a fight the other night, and a hockey game broke out.” -Rodney Dangerfield
Thats what the bond market is saying.
They will be forced to raise rates vs more shananigans like yield curve control although they may try. They need to return to a free market with real price discovery and lumps and bumps or the whole U.S monetary system is going to collapse.
Yes Garth,
We locked in for a fiver.
My wife was not sure, but I told her Garth is saying to do it.
That sealed the deal.
Worth the subsciption for sure.
Peace in the family for 5 years.
68 faron – thank you for this link. I have watched the first half. Very interesting.
#53 Tron Light on 02.26.21 at 4:42 pm
Only the super-rich will be able to travel to New Zealand. According to Stuart Nash, the tourism minister, the ideal tourist will be the type who “hires a helicopter around Franz Josef and eats at a top-end restaurant.”
///////////////////////////////////////////////////////////////
What a Biatche, and I thought T2 was obnoxious.
2022 sounds about right for some sort of recreational travel but how exactly do they intend to filter out the riff-raff? 50k$ 3-month tourist Visas? What about immigration? Who’s going to wait tables and clean the toilets? They’ed better get used to the Chinese mainlander locusts, African warlords and slime ball globalists.
#66 Reximus on 02.26.21 at 6:06 pm
The world needed well-known ‘trusted’ entities to get the presumably questionable fast approval process to get public confidence. No way some calgary start-up would get anywhere, no matter how good they were at this
///////////////////////////////////////////////////////////
We have one, J&J / Janssen. Cheap, easy to manufacture at scale, using known proven tech, easy to handle and transport, 1 dose, and best of all good enough. Health Canada just copies the FDA’s homework we know but in this case outside of the US,UK somewhat EU, the rest of the world is at the mercy of Pfizer and Moderna.
those who thought one balanced fund, like VBAL, was an easy way to achieve a balanced portfolio just learned a hard lesson. Nobody should have 40% bonds.
—–
Garth, is there a balanced fund that _does_ satisfy your requirements that is traded within Canada, or are you saying that such a fund simply isn’t possible or available to Canadians?
…Also, own preferreds. Rate reset prefs become more valuable as rates rise, and they’ve been doing exactly that. This offsets fading bond values in the FI portion of your portfolio. Also those who thought one balanced fund, like VBAL, was an easy way to achieve a balanced portfolio just learned a hard lesson. Nobody should have 40% bonds. Now you know why. -GT
—
Garth, Thank you for sharing your experience here, I really know what you meant and why.
as Sinan Terzioglu, said in one of his post here :
It is not timing the market , it is ‘time in the market’ (with right B&D P.)
Welcome to the perpetual state of rolling Economic Lockdowns. You just know we are being conditioned for this next winter. Whatever variant, mutation or CV -22 they pull on us.
Return to lockdown: Ontario pulls ’emergency brake’ on Simcoe Muskoka (barrie.ctvnews.ca)
– To what end? Land: the spoils of war, and this current WW3. With a stroke of a pen this can happen:
Federal judge rules eviction moratorium is unconstitutional (cnn.com)
— Because it’s so contagious that 80-90% of the time your household members WILL NOT be infected says this new scientific study in Ontario:
https://www.medrxiv.org/content/10.1101/2021.02.23.21252287v1
Posted February 25, 2021.
The majority of households (68.2%) had a SAR of 0%, while 3,442 (11.7%) households had a SAR ≥75%. Overall household SAR was 19.5% and was similar across household sizes
In this population-wide study in Ontario, Canada, we investigated the household secondary attack rate (SAR) to understand its relationship to household size and index case characteristics
……..
Three words keep banging around in my head these days. Words which were created but never have been used.
File this one away. In no particular order:
– Bail-in bonds.
– E-Currency.
– Mortgage defaults
….
— For all the Weekend medical experts, virologists, immunologists and bio-ethicists in this comments section – and there are many:
The Lancet: PCR testing not appropriate approach (thelancet.com)
Fragments of RNA can linger for weeks after infectious virus has been cleared, often in people without symptoms or known exposures. However, for public health measures, another approach is needed. Testing to help slow the spread of SARS-CoV-2 asks not whether someone has RNA in their nose from earlier infection, but whether they are infectious today. It is a net loss to the health, social, and economic wellbeing of communities if post-infectious individuals test positive and isolate for 10 days. In our view, current PCR testing is therefore not the appropriate gold standard for evaluating a SARS-CoV-2 public health test.
The Lancet, 17 Feb 2021
https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(21)00425-6/fulltext
#78 Ed on 02.26.21 at 7:15 pm
40 Sail Away on 02.26.21 at 3:24 pm
#33 Faron on 02.26.21 at 3:02 pm
#116 Sail Away on 02.26.21 at 9:59 am
////////
That cat is a floating picnic table. KonTiki had better polars.
—
I don’t think VMG plays an important role in their lives judging by the footage of them running with their storm jib in what looks like 15kt of breeze. Although it does look like they can go upwindish. They were close-hauled at one point.
Regardless, the whole point of that adventure looks like it’s to escape technical mumbo jumbo. And be safe with the kiddos aboard.
I still want to see how the main is sheeted. And both jib sheets taken to starboard…?
I think most sailors have read this, but this thread on Sailing Anarchy is… I don’t know what it is… Entertaining for sure. Russian fellow buys old San Juan 24 and sails to Hawaii and back with a hull so mussel encrusted as to make sailing any angle to the wind almost impossible…
http://forums.sailinganarchy.com/index.php?/topic/149798-sailing-around-the-world-in-a-san-juan-24/
Nonplused, I bet those kids can swim better than you!
#78 Ed on 02.26.21 at 7:15 pm
That cat is a floating picnic table. KonTiki had better polars
———-
Haha. I know nothing about cats- probably ok from Florida to Bahamas in good weather, but not necessarily a Southern Ocean vessel.
Garth,
Have you considered starting your own ETF?
Thank you
#56 Wrk.dover on 02.26.21 at 5:01 pm
#27 Captain Uppa on 02.26.21 at 2:40 pm
What to do, what to do…2.14% for 10 years / 1.79% for 5 yrs – both fixed. 1.60% for 5 yr variable.
————————————-
I’d rather pay 2.14 while someone else pays 0, than pay 4 or 5% or even more while someone else had locked at 2.14%
******
Nicely put Wrk.dover
Anything can prick these bubbles…like the price of oil for instance and prices at the pump.
Looking at all the variables…you can’t go wrong locking in for a decade.
What tax software are people using? I’ve looked through TurboTax and UFile and I can’t figure out in either product how to claim the $400 work from home credit.
#80 Nonplused on 02.26.21 at 7:28 pm
#63 Dmitry on 02.26.21 at 5:48 pm
“Canada used to be a genuinely friendly place. Too bad those days are behind us.”
Friendly? We invented hockey so our kids could fight to the death on skates while their parents cheered them on. We are no better than a bunch of drunk Irish when the pubs close.
What’s even more shocking is that these kids go to school together and the next day the parents say “hi” when passing and nobody things the lessor of it.
“I went to a fight the other night, and a hockey game broke out.” -Rodney Dangerfield
********
ha ha ha…now i don’t care who you are that there is funny.
These days you can shop at CDN Tire, Walmart and your local grocery store and take in a fight. Usually a masked man is brawling with another unmasked man. Cdn tire now hires out of work bouncers to stalk shelves.
#87 TurnerNation on 02.26.21 at 7:55 pm
Re: the lancet
Isn’t it wonderful seeing how science works in real time?
Of course, it remains to be seen if this hypothesis is indeed accurate. Science is a process that does not end with one study. Scientists do a study, interpret the results and publish it in a journal. Other scientists say hey, maybe the results mean this instead, look at our study. More studies will be done with different methodologies and eventually things get fleshed out. It’s not a conspiracy, it just takes time. I tend to leave it to the scientists to sort out though, because they’re much more knowledgeable about their fields than I am.
Faron on 02.26.21 at 8:11 pm
#78 Ed on 02.26.21 at 7:15 pm
40 Sail Away on 02.26.21 at 3:24 pm
#33 Faron on 02.26.21 at 3:02 pm
#116 Sail Away on 02.26.21 at 9:59 am
////////
I still want to see how the main is sheeted. And both jib sheets taken to starboard…?
…
Nonplused, I bet those kids can swim better than you!
=======================
Hi Faron,
Both jib sheets are not taken to starb’d. Have another look at time 1:12ish. The jib sheets are run normally but soon the lazy sheet gets twisted around the stbd sheet.
I suspect the Wharram cat mainsheet is belayed to an athwartship line run between the two hulls near the stern, similar to a Sabot dinghy.
Such an arrangement will be mostly self-tending.
More mainsheet info at comment #65, clarifies that the main boom is most important off the wind on a monohull, not upwind as you hypothesize.
Cheers, Russ
#91 DON on 02.26.21 at 9:33 pm
Looking at all the variables…you can’t go wrong locking in for a decade.
———————————————–
Keep in mind our audience thinks there is a significant difference between .016 and .0214 payable on the dollar.
Holey Smokes, and they think I’m a dullard!
Thanks to your sage advise i locked in yesterday.
Have a great weekend.
#88 Faron
I think most sailors have read this, but this thread on Sailing Anarchy is… I don’t know what it is… Entertaining for sure. Russian fellow buys old San Juan 24 and sails to Hawaii and back with a hull so mussel encrusted as to make sailing any angle to the wind almost impossible…
This is hilarious. He navigated his sailboat from San Fran to Hawaii with a car GPS. BY TYPING IN A HAWAII STREET ADDRESS.
Thanks Garth. Great summary.
U file allows you to fill a form out to get the 400 for WFH
Keith on 02.26.21 at 6:33 pm
@ #47 truefacts
The Calgary company in the story you cited is called Providence Therapeutics, self described as:
“Providence Therapeutics | Ignite The Cure Within
http://www.providencetherapeutics.com
Providence Therapeutics is an early stage private company that develops personalized mRNA-based cancer vaccines.”
Early stage private companies may not qualify for government funding, for all kinds of good reasons. This company is at the Dragon’s Den stage of financing. It’s a tiny company. This story from January is a month old and has no legs.
Actually it could have been producing vaccines by now if the liberals in charge had any ability to forward thinking and financed it – like the same way they blew millions on the WE Charity , or millions given to perfectly stable companies like BCE.
#88 Faron on 02.26.21 at 8:11 pm
Nonplused, I bet those kids can swim better than you!
——————————
Almost certainly so, which is why I keep my life jacket close by and wear my lanyard when I am driving the boat. My boat is a 1996 and even back then they had the good sense to kill the motor if for some reason the pilot got too far from the controls.
Thanks for the heads up Garth, converted the variable 1.50% mortgage to a 4 year fixed rate @ 1.59% last week
#80 Nonplused on 02.26.21 at 7:28 pm
“Friendly? We invented hockey so our kids could fight to the death on skates while their parents cheered them on. We are no better than a bunch of drunk Irish when the pubs close.”
I used to train as a hockey player when I was a kid. I would not describe what I was engaged in as “fight to death”. Today I would not watch adults play, but when kids play it this is sport, not a fight.
And yes, Canadians were genuinely friendly and caring a year ago. Much more so than average European for example. Now many act out of fear of the invisible.
Good blog today.
Nice write Garth.
The real value of the bonds will come forth only when they sell on the free market without Govt buying them up. Nobody knows what that would be. If I am to guess, that would be between 6 to 10% as of today probably more. That’s where mtg rates are headed.
How long can the Govt’s keep on buying bonds with money they don’t have, will determine the extent of inflation. If salaries dont keep pace(most likely), our std of living is going to deteriorate.
In simple words we are becoming poor.
so vanguard should add some preferreds in their vbal and vcns and all would be well
Not that simple. The fund mix is too US-focused. – Garth
Turbo Tax, Form T777 S, working from home form.
Oh my Dog!
Interests are going up! Isn’t it horrible?
Maybe.
Great news, fixed income yields are rising!
Maybe.
Stock prices are falling…it’s a disaster!
Maybe.
The healthcare sector is on a tear – isn’t that great?
Maybe.
We’re all gonna get crushed by inflation! Oh nooooooo!
Maybe.
https://www.youtube.com/watch?v=sWd6fNVZ20o
“The whole process of nature is an integrated process of immense complexity, and it’s really impossible to tell whether anything that happens in it is good or bad – because you never know what will be the consequence of the misfortune; or, you never know what will be the consequences of good fortune.” ~ Alan Watts
#10 Cottagers STAY THE HELL AWAY! on 02.26.21 at 1:43 pm
Don’t slither into cottage country this weekend either, you slimy little pathogens from the Gta!
Has this slipped through the cracks or you’ve found it being ok? I do live in the GTAAlex
So is VGRO good enough? What is a good balance?
The problem is that there is too much dependent on cheap currency and more of it by contracting more debt.
Normalization of interest rates will crash the system if not now then certainly when debt levels are high enough.
Governments should never have been allowed to borrow.
Hi there,
I’m thinking about coming to Canada and have 2 major questions regarding the rental subject:
1. which city considered to be best for newcomers? especially for ones who deal with High Tech.
2. does anyone know what are the chances to get elected for Startup Visa? I’ve read here (https://canada2036.com/immigration/business/canada-start-up-visa-program/) a lot about it but wanted to hear from someone with an experience.
will appreciate your responses.