Tick, tock

If you’ve bought anything lately you know what’s happened to prices. The official inflation rate of 3.1% is, well, quaint. After all, when houses went up 30% and food steadily climbs, it more than offsets declines in GIS plywood and golden retrievers.

What has fed the price pop? Cheap interest rates, for sure, plus the reduced costs of WFH and the $87.1 billion that the Trudeau Libs have paid out in income support subsidies directly to families. Spending was down for 16 months. Personal savings have amped up. Now there is a torrent of consumerism being unleashed as Covid fades.

Inflation puts pressure on interest rates and until around noon on Friday economists were saying stuff like this, from National Bank…

“…inflationary pressures are growing… Some say that this phenomenon is transient and that the end of extraordinary income-support programs will attenuate inflationary pressure. The Emergency Wage Subsidy and the Recovery Benefit will end in September. Will the economy stand on its own once these programs are terminated?”

Well, the spigot of federal cash is not being turned off, after all. Chrystia, our non-financial Finance Minister, announced two days ago that wage and rent subsidies for business will remain for at least another month. It means $300 a week (now for 54 weeks) for those wishing to stay at home for personal reasons. The cost will be an extra $3.3 billion and the direct deposits will continue through the coming election campaign.

Cynical politics or compassionate social spending? And what about thousands of small business who cannot staff up because it’s a better deal for employees not to work?

Nothing’s normal yet. The central bank is still spending billions a week buying up bonds to control the debt market. Interest rates are still in the ditch. Nobody at any level of government has lifted a finger to address the housing insanity. And the feds refuse to reign in emergency spending that’s pushed out debt through the trillion-dollar mark. Yes, and nobody cares. Whadda country.

Well, what does this mean?

For sure an election. I hear it will be called this week. Voting late in September (or before a fourth wave). Unless polls lie, T2 takes it. The Libs are at 35%, the Cons 29% and the Dippers 19%. (The Bloc will suck off 6% and the poor, crumbling Greens maybe 4%). In the last election (2019) it was 33% for Trudeau, 34% for Scheer and 16% for Singh.

Two years ago the average property price in the GTA, for example, was $792,000. Now it’s $1,108,500. Yes, that’s a 40% increase. And do you earn forty per cent more than in 2019? Does anyone?

Of course since the election we had a global pandemic. The federal deficit went from $19 billion to $354 billion. There are 340,000 fewer jobs than two years ago and households are substantially more in hock. Every economist is forecasting  interest rates will rise over the next two years and it’s a sure thing Chrystia will up personal taxation in the Spring, 2022 budget (unless Erin O’Toole finds TikTok and learns to moonwalk).

That brings us to this…

Mortgage debt has bloated right along with real estate prices because people are stretching badly. The proportion of high-ratio mortgages – those with loan-to-income ratios of 450% or more – has exploded. It’s also interesting that households with a major income-earner younger than 35 are doing 36% of the borrowing, up from 28% last year. FOMO has struck hard and deep. Also scary for lenders is the fact insured mortgages have shrunk from 50% of outstanding loans five years ago to just 35% now. That’s because of the $1 million price cap CMHC imposes – and a million ain’t what it used to be.

Bankers know mortgages will cost more in two, four and five years. They realize as the pandemic ends consumer spending will increase and debt-service ratios worsen. “This perfect storm of rising mortgage rates and less predictable post-pandemic consumer spending habits may result in a scenario where some households find it difficult to stay afloat,” says a report last week from TD Economics.

Meanwhile most pandemic borrowers taking out monster mortgages have opted (wisely) for five-year terms. So in 2023 a full 20% will be coming up for renewal. Yikes. And TD warns almost 17% could be in trouble then, when rates are substantially fatter.

Of course, nobody is fussed by any of this because of how Ottawa spends. Four billion to bail out Newfoundland from a failed power deal. Another eight billion to FN for better water. Twenty-five billion a year now for people having children. There’s not even the faintest of hints as to when revenues will match spending because it’s, well, unimportant. They don’t care about debt. Why should we?

When the laws of economics are repealed, we’ll all be okay. Until then, duck.

About the picture: “Thank you for allowing our ‘American black-labrador’ to headline one of your blog posts,” writes Darrell. “Stone spent his first 2-years on a short chain in Northern Ontario and found his way into our hearts via a local Canine Rescue group in St. Thomas, ON. We believe our pups are Heaven-sent via our prior pets and over these last 5-years, Stone has become the ultimate duvet-dog.”

142 comments ↓

#1 crowdedelevatorfartz on 08.01.21 at 3:25 pm

Trudeau’s legacy for the next 50 years….
Crushing, punitive taxes to pay off his DEBT.

Billions of tax dollars squandered to get re-elected.

Remember them at election time

#2 erik mtl on 08.01.21 at 3:31 pm

Specifically, when and how would the massive and seemingly unpayable federal debt come to affect the any of us, the everyday citizens of Canada.

#3 erik mtl on 08.01.21 at 3:32 pm

*?
(the above comment was a question. whoops sorry)

#4 Flop... on 08.01.21 at 3:38 pm

I wouldn’t say there is any type of correction going on in Vancouver, but I have seen a couple of sign that the madness is taking a break for the summer and some form of sanity is available in the prescription form.

One detached house in Vancouver on an Infill block that is only 5 years old went for a little over a million, basically the same amount it went for back in 2017.

Another one in Burnaby that was originally asking 1.58, then moved down to 1.28, could only muster a final sale price of 1.1 million.

Not gonna bother with any links or addresses because the pumpers on here will say, yeah but, but, but.

Look, we all need a place to live, and we pay for it one way or another, stop pissing on the people on the bottom of the ladder.

These examples are at the bottom of the market, it’s a hairline crack in the mania that is real estate in Canada.

We need a canyon…

M47BC

#5 inflation is not cpi on 08.01.21 at 3:40 pm

inflation is the best way for governments to steal from people. they take from the poor and give to the rich. those with assets benefit. those without, suffer. CPI doesn’t even come close to reflecting the real inflation rate. expect governments to keep printing money, they won’t stop.

#6 binky barnes on 08.01.21 at 3:42 pm

Don’t worry Garth, the PM PM has it all figured out. He is a fiscal genius!

BB

#7 Bee See on 08.01.21 at 3:42 pm

“And in BC, the plan to spend more –while also planning to live on credit to cover costs — is slightly higher than the national average. British Columbians, evidently, live for the day. MNP president Grant Bazian, who is based in Vancouver, says that aspect of the BC response stood out from the other provinces.” – STOREYS.COM

“CIBC generally observed a decline in delinquencies for uninsured mortgages in Q2 2021. The data, presented to institutional debt investors, did have one exception — Vancouver. Greater Vancouver’s uninsured mortgage delinquencies made an unexpected surge higher.” – BETTERDWELLING.COM

#8 Paul on 08.01.21 at 3:51 pm

Got notice of $500 OAS extra payment and 10% increase next year!
I tried to keep my income just below OAS claw back level last year so only used 10K$ of capital gains which cost me $8K in extra taxes!! I was pissed with more free money and likely higher capital gains tax inclusion rate which will mean even more tax.
Will complain to my Liberal MP to stop the $$$ give a ways and allow inflation adjusted capital gains tax.

#9 Adam on 08.01.21 at 3:59 pm

Garth, if inflation is rampant, what’s your opinion on holding some stocks in Gold companies that pay dividends (like barrick or newmont?). Seems like gold is undervalued.

Forget gold. – Garth

#10 CJohnC on 08.01.21 at 4:00 pm

I don’t believe we have seen anything yet with regards to inflation, and it will not be transitory. The increased carbon taxes alone will cause a pop because all carbon taxes are simply passed on to the end consumer. The other concerning item will be food prices which will be dramatically effected by the ongoing droughts in both Canada and the US.

#11 Prince Polo on 08.01.21 at 4:10 pm

Let’s not forget your previous wisdom to “live quietly among the masses!

#12 renter in Surrey on 08.01.21 at 4:20 pm

The only way to deal with that 354bl debt is to inflate it away.
If one has not bought before 2021, one will be renter forever.
Be ready to work just to pay rent and buy some food.

#13 Tripp on 08.01.21 at 4:22 pm

I’m managing non-residential multidisciplinary construction projects, with most being predominant on mechanical, structural, civil and electrical disciplines. The most recent tenders (meaning the past two years, worse after fall of 2020) ended up receiving bids above the initial estimate (based on similar projects historical data, market conditions etc) between the normal 10-20% and eye-watering 250%! I am getting similar info from friends and business partners working in engineering and professional services, hi-tech and other areas.

The inflation is not shown only in the daily basket of goods, virtually everything that has an impact on our lives is under inflationary pressure.

Meanwhile, our income increases barely beat the official inflation, when finding experienced and qualified people is a major challenge. Quite a conundrum…

#14 Nonplused on 08.01.21 at 4:26 pm

Don’t forget that if your wages were to go up 40%, your taxes go up too and you likely get bumped into higher tax bracket. So that means you need more than a 40% bump in wages to keep up with a 40% bump in house prices.

As for the runaway spending without regard to the debt, it displays more than anything a lack of maturity and foresight. Young people often do this when they get their first credit card or student loans. I know I did. It wasn’t long after I got my first credit card that I was managing the limit. I guess if there is any one saving grace in the way banks lend is that they do still put limits on credit cards, or the debt crisis among the young would be even worse.

But is there a debt limit for governments? I know, I know, MMT says a big fat “no”. But even the MMT folks admit that too much MMT leads to unacceptable inflation so there is a limit. Maybe we are seeing it now.

I have long argued in this comments section that money isn’t real, it is a notional accounting system like any other field of math. The main difference between money and other sorts of math is that with math you can have only 1, 2, 3… ounces of gold or liters of gas, whereas money is a way of comparing the value of various, well all, goods and services against each other. Very much more powerful than bartering chickens for shoes because the potential variances are for practical purposes infinite.

Money isn’t real. It is just a number. But it is a number that can be created at will. But the new money does not increase goods and services, it merely reprices them higher.

It’s time to buy all the things.

#15 Cheese on 08.01.21 at 4:31 pm

Why do we persist?

#16 Adam on 08.01.21 at 4:35 pm

$87.1 billion dollars isn’t that much. That works out to $2,700 per person over 14 years old (Pop: 32 million). I think getting through covid with everyone being $2.7k in debt isn’t too bad. We will recover once immigration starts up and money starts pouring back into Canada. Like you said, roaring 20’s are coming. Look at the late 1910’s if you don’t believe me. How much debt did WW1 and the spanish flu put everyone into? Much more than covid I imagine. Yet everyone was fine. I guess I don’t see how $2700 a person is a huge deal. What am I missing?

#17 DON on 08.01.21 at 4:41 pm

The ship has holes and the best they can see fit to do try and plug the holes or at least pump more water out to make land with none on the horizon. Better hppe the pumps hold out.

The PM has been providing gifts to BC …to shore up federal liberal votes. The debt can be blamed on COVID and the need to safe guard the public.

Best to call an election before any ugly problems arrive on mainstreet. The end of summer is good timing living off the highs of no masks and travel

Financial support extension… instant votes.

The feds just announced funding for a low income housing development in BC. They will shape housing unaffordability as providing supply rental for low income folks. No one will touch any housing market prior to the election.

The feds just gave money for Child Care…instantly shoring up votes.

Trudeau will slip in before the next wave unless people wake up a bit. That would be a welcome surprise.

What is his justification to call an election at the moment? Isn’t everything good?

#18 IHCTD9 on 08.01.21 at 4:43 pm

I think I’m going to vote for Trudeau in the fall. He alone deserves to be at the helm for the next 4 years when the SHTF. As long as the currency holds out, I’m good. I’m really looking forward to increased rates and blood-letting in the RE markets! Canada is pretty much euchred, anyone with a functioning brain would have to agree.

Here’s looking at 15-20% of Canada’s entire annual revenues being gobbled up by just the interest on Trudeau’s debt binging. LOL! and yet, Ottawa still commits to spending TENS OF BILLIONS more than we take in! A troop of monkeys would have done a better job, and that’s not a joke.

Popcorn and Rum aplenty while Ottawa burns, you got my vote Liberals!

#19 Dougie on 08.01.21 at 4:45 pm

Did you mean to write: …insured mortgages have shrunk…?

#20 westcoast on 08.01.21 at 4:47 pm

Tiff seems to think a lot of it is temporary…

All these factors have driven prices up, but none of them are likely to last. So, we shouldn’t overreact to these temporary price increases. Lumber prices have already fallen sharply. Over the next few months, there may be more disturbances and sharp price movements as we return to more normal activities. But as we’ve seen, Canadians are adaptable and resilient. Inflation should move back inside our target range next year as businesses work through these temporary factors and the people who lost their jobs during the pandemic rejoin the workforce.

https://financialpost.com/news/economy/tiff-macklem-the-bank-of-canada-remains-firmly-committed-to-keeping-inflation-under-control

#21 Damifino on 08.01.21 at 4:47 pm

Cynical politics or compassionate social spending?
———————————-

The former, unquestionably.

Unless polls lie, T2 takes it.
———————————-

Never have I wished more for erroneous polls.

Please Lord, my kingdom for a minority.

(Note: my kingdom ain’t much)

#22 R on 08.01.21 at 4:49 pm

Cathie Wood of Ark Invest believes deflation is more likely than inflation in the next decade. Disruptive technologies will lower the cost of goods and services and make obsolete current goods and services go on sale as demand dwindles ( For Example (Cathie’s examples) Internal Combustion Engine autos replaced by Battery Electric Vehicles and fossil fuel powered power utilities replace with renewable energy/battery storage). Between the “Good” cost reductions by disruptive technologies and the “Bad” cost reductions as older tech is sold off a firesale prices, the net result will be overall reduced prices for the consummer . I believe in Cathie Wood 100%, and believe in her. Cathie has stated before she believe around 50% of the current S&P500 companies are at risk from disruptive technolgies.
This is just something else to think about.
https://youtu.be/t6OsMMyDJhw

#23 IHCTD9 on 08.01.21 at 4:56 pm

#16 Adam on 08.01.21 at 4:35 pm
$87.1 billion dollars isn’t that much. That works out to $2,700 per person over 14 years old (Pop: 32 million). I think getting through covid with everyone being $2.7k in debt isn’t too bad. We will recover once immigration starts up and money starts pouring back into Canada. Like you said, roaring 20’s are coming. Look at the late 1910’s if you don’t believe me. How much debt did WW1 and the spanish flu put everyone into? Much more than covid I imagine. Yet everyone was fine. I guess I don’t see how $2700 a person is a huge deal. What am I missing?
—-

You’re missing that our total public debt is over 2 trillion, labour participation in Canada is about 60%, and the average individual income in Canada is 51k.

#24 NOSTRADAMUS on 08.01.21 at 5:00 pm

HOW LONG INDEED?
How long will this everything bubble go on is anybody’s guess. In a somewhat morbid sense I think Covid-Delta is the great equalizer, battling against the insanity of the Fed and the Central Bankers. Delta is spreading and immunity is waning all over the world. Have you seen todays report of the record breaking rate of infection in Florida? Truly a cause for concern as the number of plane landings continue non stop. Big Pharma is beating the drum for booster shots soon. As I have repeatedly said ” The delta variant is a big game changer and a heavy weight challenger for the Fed and the Wall Street bullies predicting a strong recovery.” Weekly the financial media declares that the Delta Variant will have a minimal impact. I don’t think so. I’ve got to stop my rant, my necks turning red. UM- OH- UMMMM–OH. I am now into my meditation chant. UM -OH-UMMMM-OH— I am on my throne and I will not step down.

#25 Yukon Elvis on 08.01.21 at 5:02 pm

#22 R on 08.01.21 at 4:49 pm
Cathie Wood of Ark Invest believes deflation is more likely than inflation in the next decade.
++++++++++++++++++++

Cathie Wood needs to wear a hat cuz there are woodpeckers out there.

#26 Ian on 08.01.21 at 5:08 pm

Garth, Could you do a post about your feelings of Modern Monetary Theory and how it may, or may not, already be here.

Love the blog,

7 year daily reader.

#27 Doug t on 08.01.21 at 5:13 pm

Economics and modern economists are the reason we got here in the first place – the so-called “laws” of economics have finally failed as an experiment- what we are witnessing is a world struggling to come with a new “game”

#28 Proud CERBian on 08.01.21 at 5:13 pm

Thank you, sir, for highlighting the greatness of my Nation, my People, and my Leaders.

All Hail, CERBia!

#29 IHCTD9 on 08.01.21 at 5:14 pm

#20 westcoast on 08.01.21 at 4:47 pm
Tiff seems to think a lot of it is temporary…
——-

Tiff is likely somewhat correct. But inflation ain’t the endgame, debt servicing is. Inflation is going to be long lived thanks to our bird brained twit Liberals in Ottawa, and Tiff will have to deal with that for probably years to come yet. His successor will still have to IMHO.

Outside that, we have 2+ TRILLION in public debt alongside 2+ TRILLION in consumer/mortgage debt. Only 19 million Canucks work to shoulder it, and that includes our vast legions of public servants who are a net drain on the system.

We got much bigger problems than inflation, and the problem starts with a capital “T”. Big debt, big interest, and decades worth of decapitated revenues.

#30 Realtor on 08.01.21 at 5:18 pm

Adam Vaughan and Tiff Macklem will NEVER let Canadian house prices fall by a maple penny.

#31 Bankrupting Landlords = Good for the Economy on 08.01.21 at 5:23 pm

Are rising interest rates just a mirage at tis point? If they were to go up in a significant way, wouldn’t the Bank of Mom and Dad just pick up the slack?

#32 Dolce Vita on 08.01.21 at 5:25 pm

People will cope with inflation and higher mortgage payments by cutting back on purchases.

Retail Trade peaked in Mar 2021 at:

$58.2B

April, May:

$54.9B
$53.8B

April + May = down 7.55% from March. GDP down 0.5 and 0.3% those months.

Only 2 data points a trend does not make but that’s a large drop in Consumer Spending in just a couple of months. Here’s what Retail Trade looks like since Jan 2019:

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

Take out the 2020 everybody at home buying only essentials in a lockdown and those are some large drops in the past few months.

Uncharacteristic Retail Trade since Nov 2020.

——————–

Means slow growth if this persists. People cutting corners to make ends meet.

StatCan report, by Province and by Industry:

https://www150.statcan.gc.ca/t1/tbl1/en/cv.action?pid=2010000801
https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=2010000802

#33 crowdedelevatorfartz on 08.01.21 at 5:28 pm

@#15 Cheese.
“Why do we persist?”

+++

The other option is to desist?

Pretty hard to change your situation if you sit and wait for change.

#34 Heath slee on 08.01.21 at 5:30 pm

Factor in the looming inflationary pressure on food prices as a result of the drought, should make for a challenging winter for the family budget.

#35 Joseph R. on 08.01.21 at 5:32 pm

#21 Damifino on 08.01.21 at 4:47 pm
Cynical politics or compassionate social spending?
———————————-

The former, unquestionably.

Unless polls lie, T2 takes it.
———————————-

Never have I wished more for erroneous polls.

Please Lord, my kingdom for a minority.

(Note: my kingdom ain’t much)

———————————————————–

Why would you want Trudeau to share power with the NDP and the Bloq ?

#36 Keith on 08.01.21 at 5:41 pm

#2 erik mtl

A country can become insolvent, a point where it is unable to make interest payments on the debt, and no one will lend it any more money. Think of the financial crisis, and Iceland.

The people who own Canadian bonds will take a harsh hit on valuation, and the dollar amount of Canadian debt will be written down. Bond holders will not get all their money back. The value of the Canadian dollar will plummet and any new lending will come with high interest rates.

Based on history, the IMF will bring bailout money and demand substantial reform. No more public healthcare for a start. Public utilities will be sold, at a time when their value is compromised. No more provincial hydro authorities, they will be bought by hedge funds at bargain prices. Everything will be up for privatisation, including water.

Of course Iceland told the IMF to jump in a lake when they tried to cut social programs, but it’s a nation of a few hundred thousand. Ten years later, the financial crisis is in the rear view mirror. Canada’s leaders will sell public assets for nickels and dimes and we will be beholden to private suppliers of essential services. Could be a whole new nightmare.

#37 Jack Farley on 08.01.21 at 5:41 pm

Florida shatters daily COVID-19 case record with over 21,000 new infections.

Translation: restrictions and new stimulus spending or one mother of a market crash.

The Canadian real estate market is finished.

#38 crowdedelevatorfartz on 08.01.21 at 5:42 pm

@#32 Dolce
Interesting Stats Can info.
All across Canada
Sales on EVERYTHING( motor vehicles, furniture, clothing, etc.) has consistently dropped from March except…… product from Cannabis stores…
Perhaps the Libs know what’s coming and want five more years at the taxpayer trough before being punted like Mulroney’s Conservatives into a decade of oblivion…

Remember them at election time.

#39 IHCTD9 on 08.01.21 at 5:43 pm

#14 Nonplused on 08.01.21 at 4:26 pm

But is there a debt limit for governments? I know, I know, MMT says a big fat “no”. But even the MMT folks admit that too much MMT leads to unacceptable inflation so there is a limit. Maybe we are seeing it now.
——-

MMT says to spend like you’re a black faced assclown in a stupid costume fresh from the tickle trunk, then tax the excess cash out of the system to control inflation.

My question is, – is our goof PM in Ottawa up to taxing the living crap out of Canadians if it gets to that point? My guess is no, he’s not. He knows well enough that what he is doing today, will be someone else’s problem to deal with in the future.

The whole idea of MMT is to usurp the power of monetary policy, and reconcile it in fiscal policy. Note that we have dunce cap sporting idiots controlling our fiscal policy…

So keep voting him back in – with a majority. 2 more mandates should do it. Canadians will not see the light until the midnight sky is polished by the flames.

#40 cuke and tomato picker on 08.01.21 at 5:47 pm

The economy will also depend on the Delta variant first we have to make sure everybody has two
shots even children below 12. We also may need a third shot to fend off the virus and once we feel perfectly safe things will get back to normal. Our numbers are
now going up so people will be very careful before they
go back to living like before covid.

#41 Dolce Vita on 08.01.21 at 5:48 pm

Canada VAX

Long weekend vax rate yesterday lowest since Jan 2021, doses administered yesterday:

86,898

7-day average vax rate going into the toilet:

https://i.imgur.com/WkoJRk5.png

6.23 million unvaxd 12+ yrs old.

Today shaping to be another banner vaxing day (4:07PM EDT), doses administered:

74,117

And to add insult to accident, Gov Canada severely underestimated vax dose deliveries July 26 to Aug 1:

Plan = 7.76M doses
Actual = 3.6M doses

Ya, I know Aug 1 isn’t over yet but since since Apr 24 there has been only ONE weekend delivery, Jun 21 of about 13K doses.

————————

Since Apr 24 to Aug 1 Gov Canada Plan vs Actual dose deliveries:

-3.89M

Minister Anand could not forecast dose deliveries even if her heart depended upon it.

GOOD NEWS is that as of today: 59.7M doses received. 49.2M administered which leaves 10.5M doses left over, enough to vax another 5.25M Cdns, almost all of the unvaxed.

Had Minister Anand made plan this past week, there would be enough doses to vax all of the unvaxed in Canada…oh well.

#42 Okanagan Closed For Business on 08.01.21 at 5:50 pm

Mask mandate and restrictions are back in the Okanagan after 60% of all cases in the province are basically coming from Kelowna. Delta is spreading faster than the wild fires.

89% of all new cases in the Interior are the Delta variant.

The BC government messed up opening everything up July 1 before people had access to their 2nd shot.

Many businesses have voluntarily shut their doors for August long weekend as many staff members are getting sick.

On top of that, the sun has been blocked out from never ending smoke for several weeks with a smoke smothering forecast lasting into October. It is horrendous.

Everything is tanking locally. There is no way to pay the bills without the government handouts that will end in 60 days.

Next comes foreclosures.

#43 Repurchase Disagreement on 08.01.21 at 5:53 pm

And, if inflation returns in any form longer than ‘transitory’, a whole new generation of Woke Workers (or UBI-ers) will get to experience the joious return of Bracket Creep.

#44 Kool Aid on 08.01.21 at 6:03 pm

The current inflation bump has been subsiding the past quarter and will continue a slow deceleration this year and next.

The Canada economy is caught in stagflation.

Housing is easily overvalued between 10-20%, nationally the reversion to mean pricing will materialize with a combination of higher rates on tap for Q2 2022.

Higher taxation is a given. Corp. taxes, principal residents tax exemptions, possibly even a new one time wealth tax (like the Swiss)… of course capital gains is an easy target. It is no wonder that bond rates are at historic lows.

Growing & preserving wealth in the following decade will be quite the feat.

#45 Dolce Vita on 08.01.21 at 6:10 pm

Again Canada, if you are 2 dose vaxd N’EST PANICKER PAS about Delta.

Leaked out from the CDC yesterday, infection, hospitalization, death risks vaxd, unvaxd:

https://i.imgur.com/j1r0i5t.png

And from the UK’s Covid Symptom Tracker on infections vaxd 1, 2 and unvaxd:

https://i.imgur.com/Rx4cAMY.png

Also from the CDC leak, Delta THE most contagious disease in human history save Measles and gaining some lethality (more than the Spanish Flu, Ebola, SARS, Common Cold, etc.):

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

AB plan is nothing more than a copy cat RIP OFF of UK’s Freedom Day July 19 save these 2 very important details:

1. Testing.
https://i.imgur.com/IkH0F66.png

2. NHS test and trace.
https://i.imgur.com/6AZCVrh.png

Unlike the UK, AB cannot find Delta nor can AB isolate Delta.

——————-

Get vaxd Canada. Only way to stop Delta in its tracks.

CDC Leak by WP:
https://context-cdn.washingtonpost.com/notes/prod/default/documents/54f57708-a529-4a33-9a44-b66d719070d9/note/753667d6-8c61-495f-b669-5308f2827155.#page=1

CDC Leak explained by UK’s Doc Campbell:
https://www.youtube.com/watch?v=XsRdICFRHcc

#46 RE_Investor on 08.01.21 at 6:12 pm

#37 Jack Farley on 08.01.21 at 5:41 pm
Florida shatters daily COVID-19 case record with over 21,000 new infections.
Translation: restrictions and new stimulus spending or one mother of a market crash.
The Canadian real estate market is finished.

Finished, like going to ZERO? LOL. Same for all investments? Even if you do get a pull back, so what, just buy into it. If you look at the world covid-19 numbers, they are trending down in the last 2 days. Sure pockets around the world are having new waves, but they will get them under control. You can worry about this or just be smart and plan for your family’s well being, and that includes finances.

#47 Gold on 08.01.21 at 6:15 pm

#9 Adam 

Go with FNV, Franco-Nevada, best gold machine ever!
Not more than 5% of your portfolio for optimal diversification

The correct allocation is zero. – Garth

#48 Barb on 08.01.21 at 6:20 pm

Darrell, so sad that Stone had 2 horrible chained years before you got him. You’ll make up for that!

#49 Dolce Vita on 08.01.21 at 6:31 pm

There is some method to Alberta’s madness of lifting Covid restrictions come Aug 16.

What they are counting is that 2 dose vax rates ought to be high by then.

My Projection for Canada by Aug 16 should be about (not incl. today’s abysmal rate of 74K doses administered):

84% single, 78% double dose vaxd

So UCP + Hinshaw counting on high vax rates will blunt Delta in Alberta.

Perilous for these reasons:

1. They are not testing and tracking much in AB relative to say the UK whose plan they ripped off.

2. Vax rates are dropping off a cliff in Canada, see a prior comment chart on that. Thus doubtful that 78% achievable by Aug 16.

3. High transmission rates by the unvaxd and some by the vaxd will fill their hospitals fast enough – 18.6% of Cdns 12+ yrs old are not vaxd. Again, plenty for Delta to Dine on.

———————–

The way I see it, they are gambling. The numbers safety margin just isn’t there.

Works for them. Doesn’t work for me.

Still good luck to Alberta, my Province of birth.

#50 Linda on 08.01.21 at 6:44 pm

A 3.1% inflation rate is ‘quaint’? I think it would be more accurate to describe it as misleading, because prices for everyday expenses – food, fuel & accommodation – have gone up a lot more than the ‘official’ inflation number. Received a letter from the local utility supplier that costs for electricity are expected to increase substantially over the next few months. Whether this is just a temporary fluctuation or a warning of where rates are headed is difficult to say. However I’m thinking it is just another indication that ‘the necessities’ are not going to drop in price any time soon.

As for $300 per week being enough to keep people from seeking employment, not sure $15,600 ($300×52) gross annual income is enough to live on these days. Though it is more than what ‘maximum’ CPP pays in a year if one takes it at age 65. Maybe it is enough to permit folks to just stay home. Subsistence living, anyone?

#51 Ken on 08.01.21 at 6:53 pm

To all the gold bugs…if you are 60/40 you have already correctly allocated the proper amount to gold stocks. Never try for a bullseye…the odds are against you.

#52 NOSTRADAMUS on 08.01.21 at 6:55 pm

LUCY- PEANUTS, COMIC STRIP CHARACTER( QUOTE).
” Although Covi-19 spreads mostly via the mouth and nose, scientists now conclude that the greatest risk comes from A– holes. I trust I have explained my position without a lot of emotion for, or against being vaccinated. Lucy’s quip I feel was seemingly an honest evaluation of the situation to help the unvaccinated to better understand as to how they are perceived by the rationally thinking vaccinated. I am on my throne and I will not step down.

#53 Damifino on 08.01.21 at 7:02 pm

#14 Nonplused

As for the runaway spending without regard to the debt, it displays more than anything a lack of maturity and foresight. Young people often do this when they get their first credit card or student loans. I know I did.
————————————–

Not me. My first credit card as a young man was American Express. The only one I could get. The fee was $55 per year. “Membership has its privileges” they used to say. But actually no, it didn’t. It just cost money

I paid the card off in full every month without fail. I kept track of every expenditure and checked it carefully against my statement. I prided myself in never having to pay a dime of interest. It was simply a convenient way to buy certain items. I never once used it to buy anything that couldn’t be covered at month’s end.

Many years have passed. I have a MasterCard. My philosophy is unchanged. Convenience. Every charge goes into the debt side of the ledger in my brain. I know within about $50 the balance at any given time.

Notice arrives on the 17th each month. There’s never a surprise unless a merchant has screwed up (very rare). I pay it on that day.

I confess to being quite OCD about it. You can imagine what a man such as myself thinks about the economic acumen of a Justin Trudeau or a Chrystia Freeland.

#54 crowdedelevatorfartz on 08.01.21 at 7:05 pm

How much is $1,000,000,000,000.00 ( Trillion) in debt if we were to load it onto dump trucks one loonie coin at a time.
If we remember Sail Away’s calculations a few weeks back…. for the 3 billion loonies of debt every week.

++++++
e: dump trucks filled with loonies

———-

$3B in loonies equals 18,810,000 kg, or 18,810 metric tonnes.

3 axle dump trucks can carry 36,000 kg. 523 trucks are needed.

Each truck is 8m long. Assuming they are spaced 1 truck distance apart, the weekly convoy is 8.37 km long.

Every week.

Bonus: each truck carries $5.74M.

++++++++

So if we loaded 1 Trillion loonies onto 8 meter long dump trucks capably of carrying 36,000kgs each and just parked them…… just parked them…..
Bumper to bumper….. how many trucks would that be?

$1 billion is 6,720,000kgs
174 Dump trucks
Parked bumper to bumper.
1.39kms long

1 Trillion loonies ( a thousand Billion)
174,000 Dump Trucks with $5.74 million dollars in each truck…
Parked bumper to bumper

1393 kms long.

865 MILES of parked, bumper to bumper, Dump Trucks fully loaded with loonies

The distance from Vancouver to Calgary is 971km
Vancouver to Medicine Hat, Alberta 1250km
The Alberta / Saskatchewan border 1310km

Imagine our National debt at $1 trillion dollars.

It would take a line of 174,000 PARKED dump trucks….fully loaded with loonies….. stretching from Vancouver to the Saskatchewan border…… to pay it off.

What about the east ?

Halifax to Ottawa is 1400kms
Imagine
A line of PARKED dump trucks, EACH fully loaded with $5.74 million dollars in loonies parked from Halifax to Ottawa to pay the $1 Trillion of Debt…….

The uncontrolled spending this Liberal govt has dumped upon the taxpayers of this country in two years has been ludicrous
A billion here, 10 billion there…almost on a daily basis.. with no checks or balances

It’s criminal in its wasteful profligacy.

Think your taxes are going up?
Count on it.

Remember this at election time.

#55 IHCTD9 on 08.01.21 at 7:10 pm

Canada has a joke PM, and a joke FM. At least “climate change is sexist” McKenna is gone. But so are good Ministers like Raybould and several other cabinet members – all Women. So much for “because it’s 2015…”. That held about as much water as “growing the economy from the heart out”, and the now infamous: “the budget will balance itself”. LMAO!!!!!!

What a joke goof nimrod PM we have, and we’ll vote him in again too.

No matter though, I’ll watch my home value shoot to the moon as long as these dumb dork geek Liberals keep sitting on their fiscal policy hands, and lapdog BOC keeps pounding down rates. I’m not voting for it, but it looks like I’m going to get rich!

#56 FED up on 08.01.21 at 7:19 pm

BOC WILL inflate their way out of debt and if they have to they will continue to pay every Canadian to inflate wages (businesses just weren’t moving fast enough)…

No inheritance coming your way? Too bad. Plan on van/tent life (they’ll have a plan to tax and licence that too).
Small buiz? Sucker… Should have bought houses instead of working so hard…

There is no incentive to work anymore… What’s the point? Houses have gone to the moon. I’m thinking of getting rid of my business and collecting some free government cash to do nothing… Maybe move to a small town in the middle of nowhere and relax… If you own a house and can’t find a job in the town you live in can you collect welfare? Do they make you sell your house before giving you the free cash? I’m guessing more for a single mother? (asking for a friend)…

#57 Planetgoofy on 08.01.21 at 7:21 pm

DELETED

#58 outrage on 08.01.21 at 7:21 pm

Seen a 5 year Variable rate last week at 0 .99%.T2 will enslave us with debt and taxes. He said the government will go in debt so the people don’t. Zero interest rates forever.
High covoid rates because of all the fruit pickers coming up to do the work in the fields.I think a devalued dollar under 50 cents is coming so you can’t escape Canada ?

#59 Please sell it all on 08.01.21 at 7:22 pm

#37 Jack Farley

Please sell your stocks.

I will be on the bid.

Because unlike you, I am not fooled by politicized headlines that deliberately ignore the most important data points.

Go ahead, make my year. Please.

#60 Quintilian on 08.01.21 at 7:29 pm

“(unless Erin O’Toole finds TikTok and learns to moonwalk).”

Even that won’t increase the chances of a disaster of that magnitude to take place in Canada.

Canadians have come to know what the Retrumpublicans are like , and they won’t vote for their cousins here.

As the political ad says”
“O’Toole is a typical conservative”

#61 the Jaguar on 08.01.21 at 7:36 pm

@#49 Dolce Vita on 08.01.21 at 6:31 pm-“The way I see it, they are gambling. The numbers safety margin just isn’t there.”…………………

Compagno….exactly whose safety are we gambling with? We currently have 90 in hospital with 19 in ICU for the entire province. 95% of new cases are being diagnosed in those who remain unvaxxed. As Non Plused wrote, getting vaxxed is now a cake walk. No appointment necessary. The vulnerable have been protected and identified. The time has arrived for all to sit down to the banquet of consequences based on individual choices. If you don’t want to get vaxxed then figure out your game plan because the math supports a return to freedom, properity, and return to normal human interaction. Consider the August 16th date as the equivalent of a ‘two minute warning’ in football parlance. School begins in one month.

We need to put this all behind us so I can return to Bologna and the east coast of Italia because the food and scenery is so good, capish? Mama Mia, the tortellini is the best in Bologna!

…Why also do I have this nagging feeling that it’s all just a big swindle staged by high level grifters to distract out attention from more urgent matters that will come down on us out of nowhere like a ton of bricks. There are too many small headlines about the East China Sea. Warships strolling through the area for dubious reasons met with unwelcome eyes. I don’t like it. Not when most of the worlds semi-conductor chips are manufactured in Taiwan. Prosperity and security will belong to those nations who secure the dominant position in global technology.

And yesterday two guys from Taiwan won the Gold Medal in Badminton, beating the team from the People’s Republic of China. Their ‘anthem’ got played before and in a superior position to the the Chinese participants. When you have a country (China) who proudly declares their aims to become the dominant techological power in the world over the next decade, this can’t be good. I wonder what real estate costs in Sochi. I hear palm trees grow there……Calling Dr. Putin….

I’ll end this by saying that anyone who kept a beautiful creature like Stone on a short chain for two years deserves the same. And maybe a little trip to the woodshed afterward. Thank you for your rescue efforts and for giving him a beautiful life.

#62 Honest Realtor on 08.01.21 at 7:45 pm

The real estate boom will settle all of these problems, inflation, debt etc…

Among so many desperate to come to Canada, we can expect about 2 million from Nigeria to emigrate here within the next 10-15 years.

https://www.cnn.com/2021/08/01/africa/lagos-sinking-floods-climate-change-intl-cmd/index.html

The growth of Canada will be mind-boggling over the next generation.

Real estate remains the best investment the world has ever known. Canada’s potential is enormous.

#63 DON on 08.01.21 at 7:52 pm

#16 Adam on 08.01.21 at 4:35 pm
$87.1 billion dollars isn’t that much. That works out to $2,700 per person over 14 years old (Pop: 32 million). I think getting through covid with everyone being $2.7k in debt isn’t too bad. We will recover once immigration starts up and money starts pouring back into Canada. Like you said, roaring 20’s are coming. Look at the late 1910’s if you don’t believe me. How much debt did WW1 and the spanish flu put everyone into? Much more than covid I imagine. Yet everyone was fine. I guess I don’t see how $2700 a person is a huge deal. What am I missing?

***********

We didn’t have a World War prior to our Spanish flu, but we did have a financial crisis. So maybe not as much momentum as we try to return to the old normal. The roaring twenties led to a deep depression. I will stop here.

#64 Flop... on 08.01.21 at 8:08 pm

I think I’ve been called a sturdy Conservative on here before, but let’s look at my voting record the last two decades.

Stayed out of it for the first decade or so, before going on a Garth Turner inspired splash at the ballot box.

Voted Conservative in the 2015 Federal Election, mainly due to being self-employed at the time and wanting to keep the TFSA at 10k to have a better shot at a reasonable retirement.

In the 2017 Provincial Election in B.C, I voted NDP, basically to send a message to the B.C Liberals, that although I think all political parties are a little greasy, they had become too greasy.

In the last municipal election I voted for a non-developer friendly candidate, even though my job kind of depending on development at the time.

I stay out of it as much as possible, didn’t vote in the most recent provincial and federal elections, and don’t see myself at the ballot box anytime soon if they are all promising different flavourings of the same chocolate based ice-cream.

Let’s do a thought experiment, before I finish up.

Let’s go back to October 21st 2019, let’s pretend a segment of the population pulled a hamstring on the way to the ballot box and don’t get to vote blue or red.

Then another segment forgets their reading glasses and they tick the NDP candidates box instead of the Liberal one.

The result, Jagmeet Singh and the NDP win the 2019 Federal Election, minority, majority, the absurdity of it all means it really doesn’t matter.

Here is the key question for all the guys and girls wearing red and blue, would we be any worse off than we are now under the train-wreck Federal Liberals?

I know the guy (Singh) spouts of some crazy stuff, but I’m thinking between October 2019 and now, even he would have shown some constraint under the circumstances said a few times, let’s not go full NDP yet, it’s too early.

I don’t think he would have wanted his name on this at all despite his bluster, this is not the demo account, this is the real thing, in the real world and for that there’s always consequences, immediate or delayed.

I mean, if you’re always in opposition, then you’re always campaigning, after all…

M47BC

#65 baloney Sandwitch on 08.01.21 at 8:11 pm

The comment section is infected with miserable ungrateful cons. Think what we have been through in the last year. The government threw everything including the kitchen sink at the pandemic. Sure, debt is huge, massive but that is the price to be paid for saving untold lives. Yes, mistakes are made in an emergency. Now, shut up and pay your taxes for the next 20 years. That is the way it is.

#66 Joseph R. on 08.01.21 at 8:15 pm

#14 Nonplused on 08.01.21 at 4:26 pm

Money isn’t real. It is just a number. But it is a number that can be created at will. But the new money does not increase goods and services, it merely reprices them higher.

—————————————————————-

Money is based on balance sheet: one party’s active is another party’s passive:

Bank of Canada and the federal government (Currency)

Bank of Canada and the chartered Banks (Reserves)

Chartered Banks and you. (Credit creation)

Read on Credit Creation theory of banking: it describes on private banking system works (85-90% of money in circulation):

https://www.economicsnetwork.ac.uk/archive/starkey_banking

#67 Lead Paint on 08.01.21 at 8:25 pm

#36 Keith on 08.01.21 at 5:41 pm

Glad to see someone gets it. Please run for office.

#68 Joseph R. on 08.01.21 at 8:30 pm

#2 erik mtl on 08.01.21 at 3:31 pm
Specifically, when and how would the massive and seemingly unpayable federal debt come to affect the any of us, the everyday citizens of Canada.

————————————————-

Taxes will go up. This will affect you directly and indirectly.

Currency is money (IOU) between the bank of Canada and the federal government. If the federal debt is $300 billions then it means there is $300 billions in currency in Canada.

That is why your income and sales taxes can only be paid in Canadian dollars.

#69 WTF on 08.01.21 at 8:39 pm

Butts-0-nomics

Worked well in Ontario….till it didnt.
Wynne kicked to the curb.

The Princeling may get a mandate but then he has to navigate the mess he and his cabal of financial idiots created.

More taxation? That may become problematic with Civic/ provincial/ spendthrift govts also parasitically drawing blood. Add the feds tapping into the never ending, inexhaustible money tree and poof, no disposable income. storms on the horizon

#70 Jake on 08.01.21 at 8:39 pm

Met up with an old client of mine who earned his mortgage broker license a few years back. I mentioned how good business must be. He said he quit cause the industry is corrupt. Too many cheat and fudge the numbers just to qualify.

#71 45north on 08.01.21 at 8:44 pm

Tick, tock

the clock is ticking

so what does it mean the clock is ticking? It means that some finite resource is being used up. Another mechanism to indicate the passage of time is the hour glass – the sand is the finite resource. In the case of Canada’s finances, the finite resource is Canada’s credit – it’s big but it’s not infinite.

In the past, Canada’s credit has grown – after the Second World War, Canada’s credit grew – Canada emerged victorious, its industry and commerce unscathed. The present $354 billion deficit is the promise that Canada’s credit will increase like it did after the Second World War. There’s no reason to think it will. For one thing nobody has said it will. Prime Minister Justin Trudeau hasn’t said it will. Finance Minister Chrystia Freeland hasn’t said it. They promote an image that suggests that it will but they haven’t said it. Because it’s not true.

#72 devore on 08.01.21 at 8:48 pm

#22 R

Learned economists have been predicting deflation any day now for decades.

#73 Concerned Citizen on 08.01.21 at 9:06 pm

It’s OK, since policy now caters to the irresponsible and reckless. The higher your leverage, the more you win. Saving and living within your means are yesterday’s and a recipe for failure.

#74 IHCTD9 on 08.01.21 at 9:08 pm

#60 Quintilian on 08.01.21 at 7:29 pm
“(unless Erin O’Toole finds TikTok and learns to moonwalk).”

Even that won’t increase the chances of a disaster of that magnitude to take place in Canada.

Canadians have come to know what the Retrumpublicans are like , and they won’t vote for their cousins here.

As the political ad says”
“O’Toole is a typical conservative”
——-

That’s great news for the fortunate sons of post-Trudeau Canada, where the rich get richer for doing nothing, and the poor get poorer and poorer, no matter how many hours they work.

Good thing Trudeau is up batting for me. I own hard and liquid assets, which means the Libs are increasing my wealth while I… uhhh, – sit and watch it happen. Hate to have O’toole putting on the brakes to that gravy train eh homie? I know it’d totally suck for me!

Trudeau all the way – my bank account welcomes Liberal fiscal policies. More $$ headed for Yamaha and GM. Japan and the good old USA undoubtedly approve of our Liberal leadership.

Trudeau has the IQ of a load of gravel, and it’ll be a cold day in hell when I ever vote for a twit like him – but the consolation prize is just… so sweet!

I hereby promise if Trudeau wins, that I will put in extra effort to get mad about it – as I’m cruising the trails in my brand spanking new YAMAHA RMax 1000 that you and a bunch of other Canucks paid for :)

I’d love to see a few steps towards closing the *now gigantic* wealth gap in Canada… but you and I both know that under Trudeau – that ain’t gonna happen, right bro?

#75 Nonplused on 08.01.21 at 9:12 pm

#22 R on 08.01.21 at 4:49 pm
Cathie Wood of Ark Invest believes deflation is more likely than inflation in the next decade. Disruptive technologies will lower the cost of goods and services and make obsolete current goods and services go on sale as demand dwindles ( For Example (Cathie’s examples) Internal Combustion Engine autos replaced by Battery Electric Vehicles and fossil fuel powered power utilities replace with renewable energy/battery storage). Between the “Good” cost reductions by disruptive technologies and the “Bad” cost reductions as older tech is sold off a firesale prices, the net result will be overall reduced prices for the consummer . I believe in Cathie Wood 100%, and believe in her. Cathie has stated before she believe around 50% of the current S&P500 companies are at risk from disruptive technolgies.
This is just something else to think about.
https://youtu.be/t6OsMMyDJhw

——————————-

Cathie is obviously not an engineer. Engineers know that renewable energy is much more expensive than fossil fuels.

I just don’t see the logic. How are $67,000 Teslas more economic than $20,000 Corollas? How is that deflationary? Are people really going to stop buying Corollas so they can get a more expensive electric car that takes an hour to recharge 80% at a charging station?

And what about the inflation we are likely to see in lithium and rare earths as they try and build that many electric cars and pinwheels?

I dread the day coming in say 15 years when Canadians can’t go to work because their batteries are frozen. Meanwhile Mexico and Africa will carry on in their Corollas. Probably Russia and China too. We’ll be wishing for WFH in those days.

One way you can tell that electrification of the transportation network is dead on arrival is by observing the railways. Electric rail works in high traffic areas. Has for a long time. Why isn’t CP on it? The line is too long and there aren’t enough points to collect sufficient electricity along the way.

There is no free lunch when thermodynamics comes to town.

And I’d like to see Cathie’s examples of “disruptive technology” that makes things cheaper. I suppose the assembly line did. But my phone bill in my short lifetime has gone from $30 a month for a land line to $400 a month for cell phones for the family. Sure, the cell phone has GPS. I can’t remember how I used to get around before. But I recall somehow or another I did.

#76 Steerage on 08.01.21 at 9:15 pm

Yer buddy Harpo says spending was overkill… but didn’t stop him from dipping in for his consultant company…. oh the irony

#77 crowdedelevatorfartz on 08.01.21 at 9:15 pm

August 1st Forest fire tally in BC
Worst in years.

500,000 Hectares burnt
That is 1,235,526 acres.

How big is that?

The entire Province of Prince Edward Island is 1,400,000 acres…..

We’ve had one day of sporadic rain in the Lower half of BC (yesterday) in 45 days.

Summer is half over…

#78 Paul on 08.01.21 at 9:19 pm

#45 Dolce Vita on 08.01.21 at 6:10 pm
Get vaxd Canada. Only way to stop Delta in its tracks.

CDC Leak by WP:
https://context-

cdn.washingtonpost.com/notes/prod/default/documents/54f57708-a529-4a33-9a44-b66d719070d9/note/753667d6-8c61-495f-b669-5308f2827155.#page=1

CDC Leak explained by UK’s Doc Campbell:
https://www.youtube.com/watch?v=XsRdICFRHc
—————————————————————–
So how does most covid cases get spread between people that are vaccinated ??

https://globalnews.ca/news/8074394/most-covid-cases-among-vaccinated-u-s-cdc/

#79 Nonplused on 08.01.21 at 9:19 pm

#32 Dolce Vita on 08.01.21 at 5:25 pm

“People will cope with inflation and higher mortgage payments by cutting back on purchases.”

True dat. Same as in Africa they respond to a lack of food by not eating.

Also cutting back on purchases is not good for the economy, or so the economists tell us. What you’ve got there is a positive feedback loop of the negative kind.

#80 Nonplused on 08.01.21 at 9:25 pm

#39 IHCTD9 on 08.01.21 at 5:43 pm
#14 Nonplused on 08.01.21 at 4:26 pm

But is there a debt limit for governments? I know, I know, MMT says a big fat “no”. But even the MMT folks admit that too much MMT leads to unacceptable inflation so there is a limit. Maybe we are seeing it now.
——-

MMT says to spend like you’re a black faced assclown in a stupid costume fresh from the tickle trunk, then tax the excess cash out of the system to control inflation.

——————————–

Ya, I’ve read that is how it is suppose to work. But I don’t get it. Tax money doesn’t “disappear”, it gets spent somewhere else. Maybe on child benefits, maybe $10 day care, maybe on CREB, maybe on more police to keep the plebs down, maybe on infrastructure, who knows? But it will be spent. Just not on a new boat for you.

#81 NSNG on 08.01.21 at 9:27 pm

#14 Nonplused on 08.01.21 at 4:26 pm

But is there a debt limit for governments?

There is. Rating agencies. When debt and borrowing capacity goes down it affects the government’s ability to borrow because their interest costs go up. A money-printer like Canada – which is borrowing from itself at this point – might not be severely affected. Provinces, on the other hand, will be impacted because they don’t have the ability to print money.

BC just recently had its debt downgraded due to all its covid borrowing. I’ve got to think that Ontar-i-owe will soon be having its debt reviewed to the downside also. They are in worse shape that BC, I believe.

#82 crowdedelevatorfartz on 08.01.21 at 9:32 pm

@#64 Floppie

I voted similarly to you, voting over the past few federal, provincial and municipal elections.

I have a different opinion for Jaggy.
I have my shop in South Burnaby and have met him on a sidewalk “Meet and Greet”.
( I also met Trudeau many years ago in a pub in downtown Vancouver).
My 1st impression?
No different than Trudeau.
He’s a salesman.
He’ll say and do anything to get elected.
Spouts generalities and his public announcements make it very clear he’ll burn through taxpayer money even faster than the Princeling in power now.

#83 When Will They Raise Rates? on 08.01.21 at 9:40 pm

#22 R on 08.01.21 at 4:49 pm

Cathie Wood of Ark Invest believes deflation is more likely than inflation in the next decade. Disruptive technologies will lower the cost of goods and services and make obsolete current goods and services go on sale as demand dwindles ( For Example (Cathie’s examples) Internal Combustion Engine autos replaced by Battery Electric Vehicles and fossil fuel powered power utilities replace with renewable energy/battery storage). Between the “Good” cost reductions by disruptive technologies and the “Bad” cost reductions as older tech is sold off a firesale prices, the net result will be overall reduced prices for the consummer . I believe in Cathie Wood 100%, and believe in her. Cathie has stated before she believe around 50% of the current S&P500 companies are at risk from disruptive technolgies.
This is just something else to think about.
https://youtu.be/t6OsMMyDJhw

————————-

They won’t allow deflation. Since they went off the gold standard, they can expand the money supply infinitely. How do you think we got gere in the first place?

#84 NSNG on 08.01.21 at 9:43 pm

I was in Hope, BC this weekend. It is dubbed the gateway to holidayland. It is the tourist town lower mainlanders pass through on their way to vacations. Suffice it to say the place was packed. Covid is over in this town. Very few masks, zero social distancing. Unless generalissimo Bonne comes to town and starts boarding up businesses, the pandemic is not going to get back in without a fight.

#85 DON on 08.01.21 at 9:49 pm

We’ve had one day of sporadic rain in the Lower half of BC (yesterday) in 45 days.

******
Not enough to wet the dust. Tried to rain twice where I am.

#86 Nonplused on 08.01.21 at 9:52 pm

#66 Joseph R. on 08.01.21 at 8:15 pm
#14 Nonplused on 08.01.21 at 4:26 pm

Money isn’t real. It is just a number. But it is a number that can be created at will. But the new money does not increase goods and services, it merely reprices them higher.

—————————————————————-

Money is based on balance sheet: one party’s active is another party’s passive:

Bank of Canada and the federal government (Currency)

Bank of Canada and the chartered Banks (Reserves)

Chartered Banks and you. (Credit creation)

Read on Credit Creation theory of banking: it describes on private banking system works (85-90% of money in circulation):

https://www.economicsnetwork.ac.uk/archive/starkey_banking

—————————-

I’m not sure I disagree with you Joseph. Actually I am pretty sure I don’t.

My point is that money is a convention, much like driving on the right side of the road. It is not “real”. Thus the creation of new monetary units must be closely balanced with demand for those units or all hell breaks loose.

I’d liken it to trust in a marriage. Upon that trust all hinges. But if the trust is irreparably damaged, all the king’s horses and all the king’s men can’t put it back together again.

I think the central banks know this, which is why they keep talking about “transitory inflation”.

tran•si•to•ry trăn′sĭ-tôr″ē, trăn′zĭ-►
adj. Existing or lasting only a short time; short-lived or temporary.
Passing without continuing; lasting only a short time; unstable and fleeting; speedily vanishing.
Occurring or done in passing; cursory.

Notice the definition does not include any return to previous the “transition”. What they are saying is “Ya, you are going to see some high inflation numbers. But after that it will calm down.” They are not making any claims that the inflation is going to be reversed, or they might use a word like “temporary”. But telling us we are going to higher prices but then inflation will go back to 2% from the new levels, they can maintain confidence better than if the plebs might think a few prints of 5% were the new normal. But prices are not coming back down. The new money must be absorbed.

Buy all the things.

#87 Phylis on 08.01.21 at 9:59 pm

#65 baloney Sandwitch on 08.01.21 at 8:11 pm
The comment section is infected with miserable ungrateful cons. Think what we have been through in the last year. The government threw everything including the kitchen sink at the pandemic. Sure, debt is huge, massive but that is the price to be paid for saving untold lives. Yes, mistakes are made in an emergency. Now, shut up and pay your taxes for the next 20 years. That is the way it is.
Xxxxxxx
I think the problem is they continue to throw.

#88 Jane24 on 08.01.21 at 10:00 pm

Garth I know that you are very keen on the theory that working life will return to 2019 norms but this is the newspaper headline that I woke up to this morning here in Britain.

Two days in the office ‘will be the new normal’: Working from home for three days a week will replace traditional set-up after Covid lockdowns finish.

YouGov found just one in five bosses will require all staff to come in five days a week.
Big firms have already agreed changes along with two thirds of business leaders. Companies moving to permanent part-WFH include the big global banks, our levels of govt, high tech and BP.

2019 office working practices are not returning. The world has permanently changed. I am so pleased that I do not own a London city sandwich shop. Invest accordingly.

#89 IHCTD9 on 08.01.21 at 10:01 pm

Here at the bunker complex, I’m getting prepared for another round of Liberal leadership. I’m selling off the toys, and cancelling the insurance policies and trail passes. The old gas guzzling tank of a truck will soon be listed, liquidated, and de-insured. Thanks to CV, the Federal Liberals, and dumb Canucks, all sales will almost certainly be for more than what I paid for same 5+ years ago. Yeah, I rip on Trudeau a lot, but I have to admit – money seems to just fall from the sky since 2015 – even though I don’t need any of it. Oh well, I’ll take it :).

Also, last year’s COVID Christmas rocket stove heater project is getting modified for a more meaningful role in cutting my heating bill. Other things are on the go as well, where “benefits” are received, but sans taxes and fees – just the way I like it.

I’m pretty much immune to whatever taxes Trudeau and Co. will have to implement, but I like to play it safe you know?

I got no problem with letting the lefties pay their own way. In fact, I insist on it.

#90 the jaguar on 08.01.21 at 10:22 pm

@64 Flop…… ‘Sturdy Conservative’. That was brilliant. You’re my hero, Flop. That was a total bullseye.

#91 Sprawl on 08.01.21 at 10:28 pm

FOMO of CMHC Newcomer Mortgages for the under 35yr old group. 1 in 5 mortgages are Newcomers. Up to $1 million no stress test. Not sure why this isn’t consider on your blog? https://www.cmhc-schl.gc.ca/en/professionals/project-funding-and-mortgage-financing/mortgage-loan-insurance/mortgage-loan-insurance-homeownership-programs/cmhc-newcomers

#92 Sail Away on 08.01.21 at 10:32 pm

#88 Jane24 on 08.01.21 at 10:00 pm

2019 office working practices are not returning. The world has permanently changed. I am so pleased that I do not own a London city sandwich shop. Invest accordingly.

———–

Jane, I’m with you on the investing sentiment and will continue to invest in companies that require workers at work. WFH is less efficient, hence less profitable.

#93 IHCTD9 on 08.01.21 at 10:38 pm

#83 Phylis on 08.01.21 at 9:59 pm
#65 baloney Sandwitch on 08.01.21 at 8:11 pm
The comment section is infected with miserable ungrateful cons. Think what we have been through in the last year. The government threw everything including the kitchen sink at the pandemic. Sure, debt is huge, massive but that is the price to be paid for saving untold lives. Yes, mistakes are made in an emergency. Now, shut up and pay your taxes for the next 20 years. That is the way it is.
— –

Actually, what happened was Trudeau ****** the entire country for anyone under 35. He could have not done it, but he did it anyway because he and his entire caucus are brain dead twits.

Now, thanks to our goofball Liberals; the average sfd in Canada costs an insane 700k, and metro dumps are nearing 2 MILLION. That’s right, almost 2 million. When Harper ran the show, the average house price in Canada was under 450k.

Trudeau has absolutely power slammed the debt to an unbelievable 1.2 TRILLION DOLLARS thanks to his utterly bonkers 300+ BILLION deficit boondoggle in just ONE ******* year! I still can’t wrap my head around it!

When Harper got booted, our deficit was less than ONE billion, and total federal debt was 612 Billion. Seems like a leisurely walk in the park compared to the napalming Trudeau has rammed Canadians up the wazoo with.

When Canada came out of the GFC, we did so as one of the best in the world. Now, we come out of COVID on a stretcher, the worst in the G7, with two broken legs despite the damage done. And what does Trudeau do? Sign on for even more unsustainable multi-billion dollar commitments. What a ******* dunce!

Well, I’m afraid that’s not “the way it is”, and I won’t be paying my fair share for the next 20 years (it’ll actually take more like 70). Save your pennies, because I ain’t paying the bill. Haven’t been since 2015. I’ll keep my 5 figure tax returns, gigantic CCB payments, but I’LL pay SFA in return. That’s going to be your bill homie! :)

#94 UmiouiuS on 08.01.21 at 10:40 pm

#48 Barb on 08.01.21 at 6:20 pm
Darrell, so sad that Stone had 2 horrible chained years before you got him. You’ll make up for that!
___________________________________

Barb, bless you. Stone sends you happy hugggss ..!!

#95 David on 08.01.21 at 10:46 pm

So once again real estate is the best tax free asset class to be a part of for another year like it has been for the last twenty. Yet you keep telling people to put their money in the market. Wages didn’t rise 40% in the last year but interest rates did decrease prob 40%. It’s not fomo just affordability.
If rates go up both markets take a hit. Obviously turning the dials on rates and running them low through the years has created an asset bubble and everything is inflated. It’s just a matter of where we go from here.
Upward mobility is crushed as business are more aggressive than ever acquiring competitors cause rates are cheap and rich people no longer park money in the bank for interest. Instead like business they are aggressive as well. Individuals view themselves as a business or brand now and act accordingly. COVID could have been the recession and reset needed to fix things. Cerb as a program was fine it’s the business programs and interest rate cuts that were the mistake.

#96 Russ on 08.01.21 at 10:47 pm

hey all,

A few days ago I noticed a regular reoccurring ad on the radio.

It featured a couple o’ women complaining about Erin O’toole, with the catch phrase “typical conservative” and the conversationalists continue to malign the gentleman.

I believe in the way it is presented that this qualifies as hate speech, as defined by the Liberal government. It will be interesting to bring this forward in the election campaign.

Cheers, R

#97 summer_reading on 08.01.21 at 11:09 pm

None of the political parties will do anything substantial to rein in the runaway housing market. When I say “substantial”, I am pointing to common-sense measures to reduce debt levels that are inflating the housing bubble. The federal government could easily tame the real estate market without raising interest rates by 1. Increase down payment requirements so that investors actually have to put up more of their own money to buy property, and 2. Shorten the mortgage amortization period so that borrowers must pay off their mortgage debt sooner.

Perhaps it’s time to form an “Affordable Housing” political party to campaign in the 2021 election campaign, and advocate for measures that the main political parties (Conservatives, Liberals, NDP, etc.) are afraid to implement. Even if a hypothetical “Affordable Housing Party” only wins a couple of seats in the House of Commons, it will put greater pressure on the main federal parties to do something substantial than if there was no political party devoted to affordable housing.

#98 Another Deckchair on 08.01.21 at 11:33 pm

@75 nonplussed…

“And what about the inflation we are likely to see in lithium and rare earths… ”

Yeah. I posted this a while ago, and it does talk about a US lead-acid battery, not even harder-to-get-and-not-a-stable-product-of-radioactive-decay lithium, but:

https://dothemath.ucsd.edu/2011/08/nation-sized-battery/

What got me was the line: “…no one can point to a map of the world and tell you where even 2% of the necessary lead would come from to build a lead-acid battery big enough for the U.S. …”

99% of the population has no clue, Hollywood has upsurped actual scientific knowledge with, well, Hollywood artistic BS… and people believe it. Sigh.

#99 Repurchase Disagreement on 08.01.21 at 11:38 pm

#77. CEF:

Alberta and Saskatchewan say hold my beer…

Great Fire of 1919 burned around 5 million acres (lots of huge North American fires in the 1800 – 1950 span, Northern Ontario, Michigan New Brunswick all in on it).

https://en.m.wikipedia.org/wiki/List_of_wildfires

#100 SixFootSix on 08.01.21 at 11:55 pm

For the first time in over 44 years I just can see myself voting for any of these clowns it will be a silent protest.

#101 Balmuto on 08.02.21 at 12:06 am

#88 Jane24 on 08.01.21 at 10:00 pm
“Two days in the office ‘will be the new normal’: Working from home for three days a week will replace traditional set-up after Covid lockdowns finish.”

Two days a week? Seriously, why bother then.

What they should do – or try to do – is institute a four day work week in the office, Monday to Thursday. Everybody in on those days. Everybody “works from home” (nudge-nudge, wink-wink) on Friday. It’s the new “casual Fridays”. Work from the cottage or hit the golf course early on Friday. For those that always wanted a “condensed” work week, there you go. Or you can actually use your WFH Friday do do some more focussed work.

It probably still won’t work because people will still be wondering what they’re doing commuting 2 hours a day 4 days a week to sit in a cubicle in front of a computer all day when they could have done the same thing at home. But at least you gave it a shot.

With a two day work week you’re acknowledging that people can do most of their work from home – so the office is not essential, and will fade into obsolescence.

This is the way the office ends: not with a bang, but a whimper.

#102 before cell phones on 08.02.21 at 12:07 am

#75 Nonplused

What we did before cellphones was use the payphone that was available almost everywhere, I’m sure you remember.

In Latin America enterprising people stand on street corners with ‘Minutos’ signs. They sell the use of a cellphone for a small amount per minute, timed to the second.

Modern day payphones.

Lot cheaper than $100 a month and the cost of an iPhone.

They also have vendors that sell single cigarettes or a single stick of gum (‘chicles’). Now that doesn’t save anybody any money.

I smile as I sip my drink on the patio and watch the smoker who ‘can’t afford a whole pack’ order cigarette after cigarette, at about 10 times the cost of buying a pack.

Some people are just never going to stop being poor.

#103 Paleo Boomer Guy on 08.02.21 at 12:23 am

#65 Baloney

” Now, shut up and pay your taxes for the next 20 years. That is the way it is.”

—————————

In the old days sonny (takes a swig of beer), retired people had big savings accounts and they invested them in bonds that paid 8% or 9% or even 10%.

A millionaire could sit back and collect $100k a year as retirement income for doing nothing.

Pretty sweet, even though he had to pay a lot of tax on that income.

FF to today, and interest rates are zero, and nobody is making much interest income, and so they aren’t paying much tax either.

I don’t think I’m alone in being a boomer with lots of cash in the bank, but not a lot of earnings. I took my pension in a lump sum, thank you very much.

What earnings I do have are dividends but generally capital gains, and I certainly don’t cash out every year.

So I won’t be paying much tax at all for the next 20 years.

But I’m almost certainly going to be getting one hell of a lot of expensive medical care ‘for free’.

I’ve been complaining for decades about how unfair it all is, to the younger generations, but all I hear back is ‘shut up and vote for more free stuff’.

I think I’m ready to go along with that.

I promise you will not hear me complaining about debt and deficits ever again.

Now what’s this tiktok thing so I can see this dipshit I plan to vote for?

#104 mike from mtl on 08.02.21 at 12:40 am

#75 Nonplused on 08.01.21 at 9:12 pm
////////////////////////////////////////////////////////

Exactly, this ‘genius’ simply got lucky betting big on TSLA – the loser hobby. ARK investments is like a who’s who of the ZIRP decade environment we live in. None of them make any sense or would survive in the ‘real world’ of 5+% borrowing rates, but well going on two decades later, here we are. Nobody seems to care about any of this stuff.

To be clear I also have no issue with electric transportation when used properly. Losing tens of thousands per vehicle made, and still somehow operating is stupidity.

FED, BoC ,BoE, etc are completely responsible for the suspension of consequence we live in.

#105 crowdedelevatorfartz on 08.02.21 at 2:19 am

@#65 Baloney
“Now, shut up and pay your taxes for the next 20 years. That is the way it is.”

+++

Amusing little Liberista.
20 years?
Try 50 years.

2050 is the latest estimate before we reach a balanced budget… thanks to Little Potato and his socialist Modernista Monetary Trolls. (Insert Buttz here)

https://www.macleans.ca/politics/canada-isnt-projected-to-run-a-balanced-budget-until-at-least-2050/

And this from the Liberal loving CBC no less.

https://www.cbc.ca/news/politics/decades-deficits-morneau-1.3923060

Trudeau’s former journalist/ current Finance Minister ‘Freeman” has condemned us all to tax slavery for 30 years

Remember them at election time
Typical Liberals

#106 mattbg on 08.02.21 at 6:26 am

Presumably the majority of the $3.3B is going to rent subsidies. At $300/wk for 4 weeks, that extra $1200 would cover 2.75M unemployed, yet in the same statement the government said that we were only 340K jobs behind pre-pandemic levels.

#107 Shawn Allen on 08.02.21 at 8:07 am

The Reverse Generational Wealth Transfer

Paleo Boomer Guy at 103 said:

I’ve been complaining for decades about how unfair it all is, to the younger generations, but all I hear back is ‘shut up and vote for more free stuff’.

*********************************
The young have also enjoy great lives mostly and so I formerly had little sympathy.

But recently I think about the old selling houses for 1 million dollars to the young who borrow massively. A reverse generational transfer!

Someday the wealth of the old if not spent will get inherited but that is a very uneven process. ALL young people are facing massive costs to buy homes but only a relative few will inherit much. And these days inheritance tends to come at age 60 plus.

The young while enjoying mostly great life styles have some very legitimate beefs. The old may want to pray that they don’t act as a group to elect leaders that will change things in favor of the young.

So far freebies to the old is a huge vote getter.

It took a long time but I now accept Garth’s characterization of old age pension as basically welfare or pogy for the old. People who never paid a dime in taxes get to collect. Some are basically collecting their own past and current taxes but MANY (most of those on supplement?) never really paid in what they are now collecting.

#108 ritenote on 08.02.21 at 8:43 am

Which is the better protest vote when none of the political parties represent my values? (ie. which will be “counted”? statistically speaking)
Show up to vote at the upcoming useless election and spoil the ballot?
Or…
Sit it out altogether?
Which is the “they all suck” vote?

#109 Dharma Bum on 08.02.21 at 8:46 am

#22 R

Cathie, Cathie, Cathie.

Blah blah blah blah.

https://www.youtube.com/watch?v=f-sYQ8_2v_Q

Chatty Cathie.

“Just pull the ring…you never know what she’ll say next!”

#110 Dharma Bum on 08.02.21 at 9:00 am

#62 Honest Realtor

Among so many desperate to come to Canada, we can expect about 2 million from Nigeria to emigrate here within the next 10-15 years.
——————————————————————————–

Does that include the Prince who sent me a personal letter promising me $10,000,000.00 of his inheritance if I supplied him with my banking information so that he could direct deposit the money into my account?

Oh goody!

I can’t wait to meet him, finally. Then, I can personally explain to him that something must have gone wrong with the transaction because the $10 mil did not appear in my account as promised.

Anyway, it will be very exciting, as I am positively sure that he will arrive with the promised money in a suitcase, which he will promptly hand over to me with a big hug and an apology for the inconvenience and misunderstanding.

Can’t wait!

#111 SOMETHINGS UP!! on 08.02.21 at 9:20 am

What’s the worry if the Gov can just print more money, the banks can keep lending, and the retailers can keep borrowing?

There goes your centralized monetary system managed by a few.

How’s that workin out?

Have you read the “Bitcoin Standard” yet?

#112 Steven Rowlandson on 08.02.21 at 9:50 am

DELETED (Anti-vax)

#113 crowdedelevatorfartz on 08.02.21 at 10:06 am

@#96 Russ
“I believe in the way it is presented that this qualifies as hate speech, as defined by the Liberal government.”

++++

Yes it is Russ.
It is misandrist and anti political.
Negative, partisan campaigning at its worst.
Unsurprisingly.
This is from the self proclaimed, feminist Prime Minister ( who has fired more female cabinet ministers than any Prime Minister before him) representing the femnist Liberal Party.

All female reporters should stand all least 2 meters from the Prime Minister for Covid and other safety reasons if there is beer being served at the Presser.
He may mistake you for a Wet T-shirt contestant.
Or offer you his shirt as long as you take his picture.

Remember this at election time.
:)

#114 Ponzius Pilatus on 08.02.21 at 10:30 am

Dolce
“Born in the Alberta”
Explains a lot.

#115 crowdedelevatorfartz on 08.02.21 at 10:32 am

@#84 NSNG
“Suffice it to say the place was packed. ”
+++++++

Could THIS be the reason Hope was so busy yesterday?

https://twitter.com/LolaHumphrey19/status/1421520754206707717/photo/1

Multiple Teslas lined up for access to the charging station?

#116 Ponzius Pilatus on 08.02.21 at 10:43 am

#89 IHTCD9
You are starting to get it.
I simplified my life a long time ago.
Don’t be a slave to things you don’t need.

#117 albertaguy on 08.02.21 at 11:33 am

tesla charging in hope..fake news…saw same photo 2 weeks ago…

#118 Damifino on 08.02.21 at 11:55 am

#108 ritenote

Which is the better protest vote when none of the political parties represent my values?
————————————–

None of the parties represent my values either. As I grow older, it becomes increasingly clear that my values are of concern to no one. Still, O’Toole’s party comes the closest, if they’d only drop the religiosity. But…

In my riding, the Conservatives don’t have a hope. I vote for them anyway, hoping that others will too.

I’m mainly interested in checking the level of Tory support after the election is over and Hedy Fry heads back to Ottawa.

#119 Don Guillermo on 08.02.21 at 12:00 pm

#102 before cell phones on 08.02.21 at 12:07 am
#75 Nonplused

What we did before cellphones was use the payphone that was available almost everywhere, I’m sure you remember.

In Latin America enterprising people stand on street corners with ‘Minutos’ signs. They sell the use of a cellphone for a small amount per minute, timed to the second.

Modern day payphones.

Lot cheaper than $100 a month and the cost of an iPhone.

They also have vendors that sell single cigarettes or a single stick of gum (‘chicles’). Now that doesn’t save anybody any money.

I smile as I sip my drink on the patio and watch the smoker who ‘can’t afford a whole pack’ order cigarette after cigarette, at about 10 times the cost of buying a pack.

Some people are just never going to stop being poor
****************************************
Not sure where you are but it sounds similar to my life in Mexico. My cell phone service costs $200 MXN/mos (about $12.50 CAD). It offers unlimited calls throughout Mexico, USA and Canada. I’m not sure how much data that includes but In use it a lot and have never run out. I even use the Telcel service in Canada as I have a dual SIM phone. Almost everyone has a smart phone in Mexico even the street and beach vendors. Martin the local shoe shine guy buys his smokes one at a time. I never have shoes that need shining but once in awhile I’ll buy him a beer or a pack of smokes. Some gringo bought him a new bike last year. Everyone like Martin. There are still a few pay phones around but I rarely see them used.

#120 Don Guillermo on 08.02.21 at 12:08 pm

Here’s one for Flop – “Working for the Government”

https://www.gocomics.com/bottomliners/2021/08/02

#121 Quintilian on 08.02.21 at 12:27 pm

#74 IHCTD9 on 08.01.21 at 9:08 pm

“Good thing Trudeau is up batting for me. I own hard and liquid assets, which means the Libs are increasing my wealth”

An interesting grievance for sure, but not logical.

Unless you are worried about the poor wealth gap victims and defenseless millennials, but that would make you a social justice warrior which would corrupt the purity of your presumed laissez-faire ideology no?

Some people are simply against everything and offer no
real solutions, just platitudes, syllogisms -typical conservatives.

#122 ImGonnaBeSick on 08.02.21 at 12:29 pm

#93 IHCTD9 on 08.01.21 at 10:38 pm

There’s not much that’s more enjoyable in the comments section as when IHCTD9 gets into his trolling moods.. both libs and cons get it in each sentence. I love it!

#123 Don Guillermo on 08.02.21 at 12:33 pm

#113 crowdedelevatorfartz on 08.02.21 at 10:06 am
@#96 Russ
“I believe in the way it is presented that this qualifies as hate speech, as defined by the Liberal government.”

++++

Yes it is Russ.
It is misandrist and anti political.
Negative, partisan campaigning at its worst.
Unsurprisingly.
This is from the self proclaimed, feminist Prime Minister ( who has fired more female cabinet ministers than any Prime Minister before him) representing the femnist Liberal Party.

All female reporters should stand all least 2 meters from the Prime Minister for Covid and other safety reasons if there is beer being served at the Presser.
He may mistake you for a Wet T-shirt contestant.
Or offer you his shirt as long as you take his picture.

Remember this at election time.
:)
*************************************
Female Rebel reporter forcibly removed for asking Trudeau uncomfortable questions about hate crimes.

https://www.rebelnews.com/stand_with_drea_humphrey

#124 VGRO and chill on 08.02.21 at 12:58 pm

Yeah, this is not good.

Interest rates are going to go up. Food prices are going up and will go up higher (climate change wrecking crops). Wages stagnant. Government spending up, meaning taxes will be higher in the future.

And despite all these indicators that the cost of everything is going up, Canadians are pretty content to get loaded to the gills on mortgage debt.

This will not end well.

#125 T on 08.02.21 at 1:09 pm

#123 Don Guillermo on 08.02.21 at 12:33 pm
#113 crowdedelevatorfartz on 08.02.21 at 10:06 am
@#96 Russ
“I believe in the way it is presented that this qualifies as hate speech, as defined by the Liberal government.”

++++

Yes it is Russ.
It is misandrist and anti political.
Negative, partisan campaigning at its worst.
Unsurprisingly.
This is from the self proclaimed, feminist Prime Minister ( who has fired more female cabinet ministers than any Prime Minister before him) representing the femnist Liberal Party.

All female reporters should stand all least 2 meters from the Prime Minister for Covid and other safety reasons if there is beer being served at the Presser.
He may mistake you for a Wet T-shirt contestant.
Or offer you his shirt as long as you take his picture.

Remember this at election time.
:)
*************************************
Female Rebel reporter forcibly removed for asking Trudeau uncomfortable questions about hate crimes.

https://www.rebelnews.com/stand_with_drea_humphrey

————

Rebel ‘News’, the largest grift organization in Canada.

Notice how aggressive they are with their requests for donations. A self-proclaimed far-right organization which should be banned for their misinformation campaigns.

#126 Sail Away on 08.02.21 at 1:10 pm

#115 crowdedelevatorfartz on 08.02.21 at 10:32 am

Could THIS be the reason Hope was so busy yesterday?

https://twitter.com/LolaHumphrey19/status/1421520754206707717/photo/1

Multiple Teslas lined up for access to the charging station?

———–

Actually, a scheduled gathering of Tesla ownerss in Hope on July 24. Don’t be a fake news sap!

https://www.abbynews.com/news/hope-becomes-a-bigger-draw-for-tesla-drivers-with-12-new-stations/

#127 jess on 08.02.21 at 1:19 pm

can Americans impeach politicians?

https://www.tampabay.com/news/florida-politics/2021/08/01/matt-gaetz-stops-at-largo-coffee-shop-for-florida-man-freedom-tour/?itm_source=parsely-api
=======================
“reconstruction,”
The dobies….https://www.cbc.ca/news/canada/new-brunswick/dobie-houses-history-devon-fredericton-1.6123676

…only now it seems private equity buying them up is not building doesn’t increase supply

#128 ImGonnaBeSick on 08.02.21 at 1:22 pm

#108 ritenote on 08.02.21 at 8:43 am
Which is the better protest vote when none of the political parties represent my values? (ie. which will be “counted”? statistically speaking)
Show up to vote at the upcoming useless election and spoil the ballot?
Or…
Sit it out altogether?
Which is the “they all suck” vote?

—-

You can do several things; spoil it – this is recorded, go to the polling station and politely refuse your vote – this is recorded, write in a different name – this is recorded. You could vote any opposition party, since it will give us a chance of another minority, the major problem with this is that it gives the liberals an excuse to act like dippers. Whatever you do, at least go and do something that counts. The problem with giving Trudeau a majority mandate with the expectation that “he should be responsible for cleaning up his mess”, is that he absolutely will not clean up anything… He will continue to push Canada farther and farther into debt. He simply does not care about federal debt, at all. Neither do a lot of his base for some reason. They are absolutely convinced that fiat currency is not real, and that you are not be responsible for your debts or promises. They are the buddy that borrows $1000 and never repays it… They are the sleazy, smarmy, self projecting, con men. Why should they repay it, why did you have $1000 and they didn’t, you must have cheated someone to get it in the first place.

#129 For Real? on 08.02.21 at 1:37 pm

Yeah, people getting 2K per month from the gov are why houses are up 30%… C’mon man… An effective $24,000 per year income isn’t exactly securing mortgages, Garth. Why would you even try to link that?

https://www.thestar.com/news/gta/2021/07/28/nearly-20-per-cent-of-gta-homeowners-under-35-own-more-than-one-property-survey-finds.html?utm_source=dlvr.it&utm_medium=facebook

Of course baristas aren’t buying $2 million houses. But they are using govy benefits to pay rent on condos owned by investors who have houses the equity in which financed the secondary properties, and it all keeps the market percolating. Everything is connected, which means pumping $84 billion into personal bank accounts has an ultimate impact on real estate. Pay attention. – Garth

#130 Dr V on 08.02.21 at 1:39 pm

117 Albertaguy – being a skeptic myself, I confirmed on Street view that it was indeed Hope, and points towards the charger station location. Of course it could be an older picture, or a tesla rally?

Also found this

https://thedriven.io/2021/06/30/tesla-owners-line-up-at-superchargers-amid-record-canada-temperatures/

Can anyone (SA?) confirm the number of chargers at the hope station and typical charge time required, so we can estimate the wait X vehicles back down the line?

#131 Don Guillermo on 08.02.21 at 1:43 pm

#125 T on 08.02.21 at 1:09 pm

*************************************
Female Rebel reporter forcibly removed for asking Trudeau uncomfortable questions about hate crimes.

https://www.rebelnews.com/stand_with_drea_humphrey

————

Rebel ‘News’, the largest grift organization in Canada.

Notice how aggressive they are with their requests for donations. A self-proclaimed far-right organization which should be banned for their misinformation campaigns.

**************************************
Of course they need donations. No Trudeau goodies for them. What’s does your hate for non state funded media have to do with the story?

#132 ImGonnaBeSick on 08.02.21 at 1:44 pm

#121 Quintilian on 08.02.21 at 12:27 pm
#74 IHCTD9 on 08.01.21 at 9:08 pm

“Good thing Trudeau is up batting for me. I own hard and liquid assets, which means the Libs are increasing my wealth”

An interesting grievance for sure, but not logical.

Unless you are worried about the poor wealth gap victims and defenseless millennials, but that would make you a social justice warrior which would corrupt the purity of your presumed laissez-faire ideology no?

Some people are simply against everything and offer no
real solutions, just platitudes, syllogisms -typical conservatives

And some people have zero self-awareness…

#133 Are we the baddies? on 08.02.21 at 1:45 pm

#125 T

“Far right” “asking for donations” “should be banned”

——————–

I don’t follow this organization, but nothing they are saying could be as authoritarian and far right than your demand to ban opinions you don’t like.

#134 Where's Waldo on 08.02.21 at 1:58 pm

#119 Don G

I am much further South than Mexico (a place I like a lot as well) when I am there, but don’t want to advertise as it’s already far more popular than I’d like, and there are still a lot of people that are afraid to go there, thank god.

What happens there really is that people that can’t afford an iPhone and a data plan end up buying prepaid phones (about $20) and then buy ‘minutes’ on scratch cards.

But of course, that ends up being much more expensive than a data plan, and they often run out of minutes and have to resort to the street corner guys.

It’s just an example of how lower income people end up paying more than those with much higher incomes for the same thing.

In part due to starting off disadvantaged and just not getting ahead, but also due to bad decision making and impatience (not willing to forego a phone until they can afford the cheaper option).

Like a guy who used to work for me, living paycheck to paycheck, who bought a used BMW (instead of a newish Toyota) and then could never afford repairs, and ended up driving on his winter tires during summer as he couldn’t afford to buy new summer tires.

You just shake your head at the thought process, or lack of I should say.

#135 Paleo Boomer Guy on 08.02.21 at 2:24 pm

#107 Shawn Allen

I have not done the math, but I am pretty sure my CPP contributions will never come close to covering the amount of benefits I will get if I live another 20 years to age 80. Not to mention OAS and whatever other freebies I get.

My extended family has quite a few members lucky enough to have pensions provided by their government employer. They ask me to evaluate their pensions and let them know if they need to worry about anything.

Worry? I say, you should be jumping for joy at the amount of money you will be getting from age 49 to 80 plus.

Some of them will work 25 or 30 years and collect a fully indexed pension for 40 or maybe even 50 years. Astonishing.

One of them recently retired at 65 with three government pensions. Sweet.

When I do a rough calculation of the commuted value of their gold plated pension for them, which I would NEVER recommend they take, they are in disbelief at the number. They don’t really believe it. They aren’t very good at math.

I think several cities in the USA have been put into bankruptcy due to not being able to meet their employee pension obligations, but I assure my relatives not to worry, their pensions are for the most part federal, and although the unfunded liability number must be astronomical, the feds can just print it, and they will.

What’s the younger generation’s solution to these unsustainable policies?

UBI of course.

One can only laugh.

Unless of course the goal is to bring it all crashing down sooner rather than later, in which case UBI is a brilliant plan.

#136 T on 08.02.21 at 5:35 pm

#131 Don Guillermo on 08.02.21 at 1:43 pm
#125 T on 08.02.21 at 1:09 pm

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Female Rebel reporter forcibly removed for asking Trudeau uncomfortable questions about hate crimes.

https://www.rebelnews.com/stand_with_drea_humphrey

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Rebel ‘News’, the largest grift organization in Canada.

Notice how aggressive they are with their requests for donations. A self-proclaimed far-right organization which should be banned for their misinformation campaigns.

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Of course they need donations. No Trudeau goodies for them. What’s does your hate for non state funded media have to do with the story?

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Misinformation media being banned from events is a non-story in my books. I don’t hate, rebel news does – and they stoke hate amongst their far-right readers while grifting them for ‘donations’ which enable them to continue their hate parades.

#137 Planetgoofy on 08.02.21 at 5:38 pm

#31 Bankrupting Landlords = Good for the Economy on 08.01.21 at 5:23 pm
Are rising interest rates just a mirage at tis point? If they were to go up in a significant way, wouldn’t the Bank of Mom and Dad just pick up the slack?
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Boy these kind of comments show just how ignorant one is.
Any clue who pays the lion share of the taxes in this country? Not you.
Municiple / city taxes, land taxes, corporate taxes, income taxes.
Bookeepers, Accountants, lawyers all have jobs…..
You might be living in a tent without guys like me.
If interests rates were to do a Paul Volcker…
It would crush the economy and all the heavily indebted.

#138 Planetgoofy on 08.02.21 at 11:01 pm

#45 Dolce Vita on 08.01.21 at 6:10 pm
Get vaxd Canada. Only way to stop Delta in its tracks.
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Ok Doc.
How about ill stay home for now and listen to this guy.
He seems to know a thing or 2.
Theres no silver bullet here. Maybe you get never ending booster shots? How do we know…..yet.
Ill go with a guy thats pro vax and spent a life time creating them.
https://ghionjournal.com/vaccine-911-ade/

#139 Planetgoofy on 08.02.21 at 11:58 pm

#93 IHCTD9 on 08.01.21 at 10:38 pm
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Boy are we on the same page.

#140 T on 08.03.21 at 9:38 am

#138 Planetgoofy on 08.02.21 at 11:01 pm
#45 Dolce Vita on 08.01.21 at 6:10 pm
Get vaxd Canada. Only way to stop Delta in its tracks.
———————
Ok Doc.
How about ill stay home for now and listen to this guy.
He seems to know a thing or 2.
Theres no silver bullet here. Maybe you get never ending booster shots? How do we know…..yet.
Ill go with a guy thats pro vax and spent a life time creating them.
https://ghionjournal.com/vaccine-911-ade/

————

I often wonder if people knowingly spread misinformation of if they are just that daft.

You may want to do some research on this doctor, he absolutely was not the inventor of mRNA vaccines. His only contribution was a paper he wrote in 1989. 1989!!

Here’s a little something for you.

https://www.logically.ai/factchecks/library/3aa2eefd

#141 Planetgoofy on 08.03.21 at 3:42 pm

#140 T on 08.03.21 at 9:38 am
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The real point is the Delta is picking up speed AND its irrelevant whether you have the shot or not. This balls still rolling.
Your going to need another booster?
The FDA has yet to approve any vaccination Weird.
https://globalnews.ca/news/8074394/most-covid-cases-among-vaccinated-u-s-cdc/

I’ll wait till they figure it out. I’m home on a big property no debt and lots of cash flow so I get to call the shots here.

#142 Tony on 08.04.21 at 7:58 pm

Re: #22 R on 08.01.21 at 4:49 pm
Cathie Wood of Ark Invest believes deflation is more likely than inflation in the next decade.

They came out with an inverse fund to short ARK as no one on Earth believes deflation will happen in the future. The bond market is skewed by short term traders but is dead wrong on the longer term. Inflation followed by hyperinflation followed by stagflation and the U.S. dollar will be supplanted as the world’s reserve currency.