He’s been exploding TikTok lately. Jag dances. He skateboards. He flexes his manly muscles. He flirts with his wife. He even lets his long hair down. And the kids have responded with hundreds of thousands of up-votes and follows.
Meanwhile the NDP’s poll numbers are tracking at 20%. The worry in both Con and Lib camps is that as Justin Trudeau stalls and accumulates new baggage (houses nobody can afford, a disgraceful exit from Kabul) electoral support will bleed left. That would kill the hopes of a Liberal majority and mean any Con minority would be short-lived. Jagmeet now matters. Especially since the Mills and Zs outnumber the Boomers.
What does this mean for investors, markets, public policy and the economy?
Nothing good. But there may be inevitability here worth preparing for. The New Democrats are, more than ever, focused on wealth redistribution. They want higher taxes on the wealthy, the ultra-wealthy, 1%ers, corporations and high income-earners. The influence on Trudeau is already evident – in his recent 10% “luxury” tax, the expectation of another top tax bracket and his pledge this week to hammer bank profits with a tax increase on profitable financial corps of 18.75%.
The fiction persists that by taking money from the most successful in society services can be extended to everyone and new debt avoided. It’s at the heart of Jag’s platform – a wealth tax on total family assets, separate from and in addition to taxes on income which now range up to 54%. Polling shows eight or nine of every 10 Canadians support this. And why not? Jeff Bezos went into space, so he can damn well afford to pay for your child care, right?
That’s how you think when you get your news from 7-second vids on TikTok. It’s why Singh is all over the platform. He’s cool. He’s all about slogans. Up the people. Down the wealthy. They love it.
“With each passing day a self-proclaimed ‘overeducated’ youthful generation reminds us that our financial ills would be solved if only we’d adhere to the left wing mating call ‘Tax the Rich’,” says blog dog and financial dude Lee. “My question, has anyone done the math on that? I did, a little, and even the small amount that I did indicates that the overeducated crowd may have missed some important classes.”
Here’s the reality. Personal and public (federal and provincial) debt in Canada is $4.5 trillion. Of that $1.1 trillion is the national debt and $1.7 trillion is owed on mortgages. Last year the Liberals spent $354 billion more than they took in, and every day of this campaign has brought more spending promises. Interest rates are in the ditch and can only rise. This suggests we’re in serious financial trouble already – unable to service debt if rates rise – even without new spending ($10-a-day child care, a UBI, new taxless home savings account, more wrinklie pogey, billions extra for doctors etc). So can taxing the ‘ultra-wealthy’ as the NDP proposes (and soon, the Libs) solve this?
Well, if all of the wealth of all the billionaires in Canada was confiscated, here’s how it would stack up against the money we’ve already borrowed. (It wouldn’t even come close to fixing things.)
Eat the Rich – it won’t accomplish much
Click to enlarge.
“I honestly believe these are the numbers that the left wing of the political spectrum can’t allow anyone to see or understand,” says Lee. “Their illusion of income class warfare and perpetual deficit generation couldn’t survive if Canadians truly understood that the debt accumulated is multitudes beyond what could ever be repaid… by the rich or otherwise. Any shortfall from the nonsensical ‘Tax the Rich’ movement pales in comparison to the irresponsible/irreparable damage being done by the very politicians conducting the finger pointing.”
Even wiping out the wealth of the richest 25,000 households in the country (with $20 million or more) would hardly make a dent. And in doing so we’d have obliterated, alienated and likely driven away the very people who are responsible for most job creation and economic activity. It would be Jag’s depression.
In fact, our debt may already be unsustainable. Unrepayable. Junk. Mr. Trudeau has in six years accumulated more of it than all the prime ministers who went before. Including his father. Meanwhile many wealthy business-owning families became wealthier through Covid by adapting to the pandemic. This wealth inequality is not a failure of capitalism. It is capitalism. It’s why 1.3 million people have jobs because of Bezos. Rather we have a failure in leadership. Spending in the pursuit of power. It’s what this election is all about.
CBC’s ‘poll tracker’ is giving the Cons a 1% chance of forming a majority government, while T2 has a 58% chance of retaining his minority – supported by the TikTok guy.
You know what that means… The wealthy will not be wiped out. They’re too clever. Nor will whacking them change anything. Instead people like Singh and Trudeau will be coming for you. What a consequential day September 20th is turning into.
About the picture: “My girlfriend has been breeding Purebred Boston Terriers full time for ten years,” writes Dave from London. “She presently has six breeding females, and every one is treated as royalty… to the extent that they live in special kennels in the house, with one or two occasionally getting the “Queen Bee” treatment, being allowed to sleep in the bedroom. She is proud of her litters and has an excellent reputation with both her customers and other breeders. She has always had waiting lists for puppies since she first started dog breeding. When the Covid lockdown hit last spring, she filled up her 2020 waiting list in less than a week….the 2021 waiting list took another two weeks….and by now 2022 is completed as well….altogether over a hundred anxious “new parents”. If you were interested in one of her pups, unfortunately the earliest I could get you on the list would be late December of 2022….she’s very strict on absolutely NO que jumping! (Garth WHO?!?) Keep smacking folks upside the head and between the eyes with your wit and common sense investing agenda. Yours is a “must-read” site every day.”
187 comments ↓
Why cannot another political party or politician bring out those costly damages so the public can see and realize the monies spent by the Liberals was and is way out of control?
Or is it that the other parties wont say anything because they will not close the tap that is already on full out blast mode.
Upenuff
Am I “first” to say…. starting to be not so “happy”….we are screwed….
Guess this may be the reason so many Canuk’s are moving out of Canada.
What a mess !
Already planning on transferring to the United States. I assume the truly rich would do much the same.
The Conservatives just have to make good with the Bloc.
$1.7 trillion Fed Debt. 20.4 million working Canadians.
$83K each.
No biggie.
————-
It’s staggering Garth. Just staggering.
If Justin and TikTok back in power, make good on their promises…time to think Capital Flight.
Does Jag intend to tax the crap out of the folks who own the TikTok platform? I hear they are doing exceedingly well these days.
Spending in the pursuit of power. It’s what this election is all about.
That might be true of other countries’ elections besides Canada, ya think?
Hells bells eh – Canada is in one hell of a mess – historic debt, woke cancel culture, military in shambles, economy dangling by a real estate thread, political leader losers – what a mess
I hope “King Singh” gets enough upvotes in Parliament to have our dear Photo-op Minister’s majority mandate plan back-fire. Turns out that Vanilla Pudding O’Toole might actually be Peppy & Prepared O’Toole: https://www.theglobeandmail.com/opinion/article-erin-otooles-sunny-ways-have-caught-justin-trudeau-off-guard/
It was explained to me very clearly today by a bright young business owner when I tried to tell him debt matters. “We will make our own reality he stated. Trudeau will never makes cuts to anything as he’ll lose votes and that doesn’t make sense.” The kids are living in an alternate universe, or maybe I am, but one of us is in for a rude awakening.
Trudeau’s plan is definitely to throw the election now. O’Toole will barely win and form a shaky minority government and then Trudeau will get his majority in late 2022 or 2023. Why??? Because it is 100% clear now that Trudeau cannot win a majority, and I don’t think he wants to be a minority PM anymore – not in this environment. The golden boy either wants a majority or nothing. Can’t blame him – with everything going on (covid, Afghanistan) and all the budget cuts that will need to made and taxes raised, why not let someone else do his dirty work? Trudeau will attack from all angles on the side and when all the smoke clears he will probably get the country to give him the biggest majority in history. Then we will have another 10 years of Trudeau just like his father T1. Bottom line… if you are a conservative voter, don’t be too happy if the conservatives win a minority government because it won’t last long. T2 has plans, fancy plans.
Are politicians the worst of humanity?
Twisting, turning, spinning, lies.
Sweet mercy…the job doesn’t seem to be attracting the best humanity has to offer.
WHY?
Perhaps the “voters” will get it when our dollar is at 50 cents and they only way they can stave off the international creditors is……taxing the biggest cohot…..the middle and lower class .
Stick that in your pipe and smoke it kids.
A song from the 60’s just for you….
https://www.youtube.com/watch?v=l0zaebtU-CA
What’s old is new again.
Ugh, Jag makes me ill. I’ll never for get his whole “I had to work twice as hard for half as much” spiel. That’s a bit much coming from the leader of a national political party.
“Even wiping out the wealth of the richest 25,000 households in the country (with $20 million or more) would hardly make a dent. And in doing so we’d have obliterated, alienated and likely driven away the very people who are responsible for most job creation and economic activity. It would be (insert communist leader here)’s depression.”
And here Garth, you have astutely addressed the perpetual failure of populist politics. Drive top 20% of a society’s production power out of a nation and the bottom 80% have no jobs, no tax base and no host to leech off of.
Gravity is a perpetual, unforgiving force. We have had stability for too long and the rot that has infected North America is now terminal.
Don’t leave us Sail Away…..
Poll Tracker now has the CPC at 24% chance of winning. 338 Canada has them at 40%. Trudeau is tanking.
I said the tracker indicated a 1% chance of a Con majority. Still the case. – Garth
Why is discussion in today’s world being shut down when evidence clearly suggest discussion is warranted?
Why are people in politics allowed to deflect and shut down issues the citizenship wants addressed?
On who’s mandate are they in office? Who are they there to represent?
We’re not the ones contributing to their campaigns, so clearly they aren’t representing us. Obviously.
President of US of A makes $400,000.
Commissioner of NFL makes $40,000,000.
The whole political system is designed so that politicians don’t have F.U. money and have to serve the masters who pay their bills. The hands that feed them….through service.
How is this not totally and completely not nuts?
“a disgraceful exit from Kabul”
-Garth
10 hrs ago I woke up, read my plethora of European MSM headlines and had a bird.
BBC was saying expect an attack in hours at Kabul airport.
Being the dutiful Cdn from Afar I immediately tweeted Justin, DND and Foreign Affairs to get the hell out of there. Look at these headlines and you’ll see why I tweeted them…
https://i.imgur.com/FgzUXT4.jpg
https://i.imgur.com/iK5UAq1.png
https://i.imgur.com/xfl7Caj.png
https://i.imgur.com/x0DNBTW.png
Went about my business today and 5 hrs later thought I’d check in to see if the European MSM was being histrionic.
Not a chance.
2 explosions at Kabul airport with a 3rd unconfirmed 48 min ago. 60 dead. 140 injured. 10 US Service members dead (Marines). There was even a video online from a local source showing the carnage (no link will be given by me, decorum, respect).
———————–
Why the above?
Well the US Right is really p!issed. Calls for retaliation. The US Left mad at the US Right for using the tragedy to slam Biden. And SJW and all that they are, the US Left seething just the same about what happened today.
All Markets down. VIX up.
I just hope cooler heads prevail. Not good for business. Not good for investing.
To keep up, as it changes by the minute, go into Twitter and search for “Kabul”.
PS:
Not a peep from Gov Canada other than 4 hrs ago this for those of you planning a vacation to Afghanistan in the very near future:
https://twitter.com/TravelGoC/status/1430895470583242757
Even Italia got shot at. Evacuating C-130 with 98 aboard + journalists. Female Pilot probably flew for Alitalia in which case they’d never hit her plane:
https://www.adnkronos.com/afghanistan-sparano-ad-aereo-con-giornalisti-e-civili-la-pilota-evita-colpi_1LwWnd4DHU6GpQdnopZ7lD
The Liberals are already planning for a Mark Carney take-over as leader.
#181 kc on 08.25.21 at 11:31 pm
“Trudeau was run out of town today”
I saw a similar video out of Manitoba. Same thing the locals hurled expletives at him as he was boarding the tour bus. Muzzled strongmen kept watch.
No worry the globalists will send us another minion. You even can vote for one.
— Keep an eye on your food supply. Always remember your government loves you! These devastating CV rules are for your own good.
“Largest US Food Distributor Having Trouble Keeping Shelves Stocked; Price Shock Imminent”
https://www.zerohedge.com/markets/largest-us-food-distributor-having-trouble-keeping-shelves-stocked-price-shock-imminent
—
— Wait a Bat did this? Forced Checkpoints are back in Kanada. Inter-provincial. Always the control over our travel/Movements.
““Starting Wednesday at 8 a.m., anyone coming into Nova Scotia from New Brunswick will need to follow the same requirements as those coming from outside Atlantic Canada. ”
—-
— Back to normalcy soon! Very soon!!Comrade you must comply with the rules. For 2-5 years.
Until you are broken down and will accept anything? How about a new E-Currency or UBI Comrade?
.U of A says responsibility to ensure compliance with COVID-19 rules will fall on administration (edmontonjournal.com)
.U.S. plans COVID-19 booster shots at six months instead of eight (www.reuters.com)
.Ibiza without the nightlife (inews.co.uk)
.‘There’s no one in New Orleans:’ Strict COVID mandates impact tourism to the city(fox8live.com)
.Scotland: Circuit-breaker lockdown among options to curb surge in cases (thetimes.co.uk)
You know what we have now?
We have INCONVENIENT science.
Things that are happing that don’t support the logic, direction of processes being put into place.
It is science that doesn’t fit in the narrative.
It is fascinating how its is being reported, how little space and time it is given in the main stream media, and yet how important it may be to us pivoting quickly and effectively to beat this thing.
One thing that Covid-19 has proven is how manipulated media and social media platforms are.
I have never felt fear for our future, but I do now. Although I am not in the category of the Ultra-Rich, I am in the camp of the ‘have’ as opposed to ‘have-nots’ by virtue of the years of work I’ve experienced. My reward for being fiscally responsible will be an attack on my savings. On what planet is this considered sensible?
Cons have too many friends in oil & gas and the world is moving away from that so – PASS
Trudeau wants to tell Canadians what to put in their body – PASS
Jag is starting to look like a viable candidate IMO..
So sad that so many would rather take from those who risk and create than try themselves to create the same value.
Our society seems to become valueless, except for houses that is…ha.ha.
The NDP has done the math. A one per cent tax on wealth over ten million would raise ten billion per year. That would be about one third of the pre covid deficit. It would pay for pharmacare for all maybe dental. The rest of the promises would be on the never never.
Leaving aside the practical issues this type of tax presents in calculating and collecting there’s not much money there. This is not the answer.
#217 Sara on 08.26.21 at 11:49 am
The noose continues to get tighter.
**************************************
Some people just love putting nooses around people’s necks.
They think they are the good guys.
RE:
“a disgraceful exit from Kabul”
-Garth
Forgot to mention only Tweet from Gov Canada other than register with Travel Canada* if in Afghanistan was this from the CAF 4 hrs ago:
https://twitter.com/CanadianForces/status/1430907657116786694
That’s it folks.
Your giving, caring sharing Fed Gov headed by Justin & TikTok.
——————
* My guess Gov Canada trying to assess how many Cdns stranded in Afghanistan before they say anything.
Cowardly. Worried about negative election spin during a crisis.
Boris Johnson already out there hours ago saying what he will do, the same with Macron, Draghi and Merkel. Biden mum. Pentagon going to do the talking.
Make that 12 US Service members killed. RIP.
———–
Maybe over reacting Garth but starting to have some grave reservations about what happened today and its effect on the markets.
We don’t need another war esp. in Afghanistan.
If housing prices would reduce by 25% then things would be somewhat affordable.
No Federal Party wants that
Your debt chart is cute but irrelevant. No one is proposing to “tax the rich” in order to pay off anyone’s debt. And as you well know, whether or not our debt is “repayable” is similarly irrelevant. The only thing that matters is if we can continue to service it and how much that will cost. Finally:
It is capitalism. It’s why 1.3 million people have jobs because of Bezos.
Really? And if Bezos had never been born, those people would be what? Unemployed? Ever heard of “creative destruction?” Can we get serious, please?
I love your blog, but you should drop the hyperbole.
Trudeau is just the public figurehead of the Liberal party.
The real people in charge are the unelected Laurentian Elite behind the scenes. The true power brokers who run the country.
Elections are ‘just for show’
Big Brother has approved the remaining of Ryerson University.
This revision will be finalized in September 2022.
If you are a graduate of Ryerson University, a new department has been set up by the Thought Police, and they will re-process your diplomas to whatever the new selected name is.
Please pick up new diplomas at Victoria Street and Dundas Street East (street maybe renamed to new yet to be determined name before new diplomas are printed)
Freedom is Slavery
Message over.
I am currently re-reading Atlas Shrugged. The comments and policy ideas coming from Singh and Trudeau are straight out of this novel.
#24 Billy Bob
Cons have too many friends in oil & gas and the world is moving away from that so – PASS
————————–
Correction Billy. The world is merely “saying” it will move away from oil and gas. There isn’t the slightest chance of that happening.
Humanity has become very used to the overarching comfort and safety brought by hydrocarbon fuels and for which only nuclear energy is a viable replacement.
Until nuclear energy is decriminalized, oil & gas will remain the status quo. China, Russia and India get this. In the west, we do not, to our continual detriment.
Oh, are we doing the thing where Conservatives complain about the national debt again?
Every one of these bozos will increase the national debt. Anyone who says they won’t is lying. I’d rather increase it for social programs than for tax cuts.
Am millennial, am voting NDP, have never been on TikTok :)
Well, in my opinion, the “abandon Canada” alarmists in steerage can just jump overboard right now. No great loss!
I have lived in both high tax countries and low tax countries and both have their detriments and their downfalls. Western Europe went all in for taxes and over-generous public supports in the seventies and all corrected course in the eighties. The alternative was massive tax evasion and an ultra- lazy work-force. Just look at Republican America right now and you see where low taxes will take you. Lots of corporate HQs but crime down every alley and the homeless sleeping under the highway overpass.
The good thing is that politicians in Canada seldom deliver what they promise. In the end, the electorate’s common sense prevails and actual implemented policies reflect that.
What are we going to do ? :( :/
Conservative vote is looking better by the day. They might be social heathens, but they’re less likely to snip my wallet.
#12 Adam on 08.26.21 at 2:56 pm
Trudeau’s plan is definitely to throw the election now. O’Toole will barely win and form a shaky minority government and then Trudeau will get his majority in late 2022 or 2023.
Are you new to politics? That’s now how it plays out. If T2 loses, he is out as leader. He might even be out if he doesn’t get his majority.
If taxing the rich is not the answer, then what is? Austerity?
Spend less and tax everyone. Seems simple. – Garth
#4 AO1 on 08.26.21 at 2:50 pm
Already planning on transferring to the United States. I assume the truly rich would do much the same.
This would definitely be on the agenda for me if a heavily Jag influenced government is the result of this election. I have a standing invitation to move to NYC area since I already mainly work with folks down there. I’ve resisted because my wife is not comfortable with the social situation in the USA. Might require a second look.
It’s very likely Jeff Bezos has cost a lot more jobs than created. Amazon came along and replaced lots of stores (and jobs) by doing things more efficiently. The trick is to make sure these workers transition to doing something productive.
Incorrect. Amazon has spurred creation of thousands of supplier companies. – Garth
If you “own” a house or any other real estate, you’re going to pay, doesn’t matter who wins this.
It’s the only source of wealth that can’t be moved or hidden.
The idiots that now populate the higher education halls of the country haven’t got a clue, but as always, socialism sounds so sexy, and it always sells with a certain percentage of the population.
For all those of you middle of the road centrists, you’ve been warned.
#21 TurnerNation on 08.26.21 at 3:12 pm
#181 kc on 08.25.21 at 11:31 pm
“Trudeau was run out of town today”
I saw a similar video out of Manitoba. Same thing the locals hurled expletives at him as he was boarding the tour bus.
+++++++++++++++++++++
My heart soars like an eagle when I hear that. But i wanna see tar and feathers, pitchforks, broomsticks, and a mob chasing him down the street. With his pants on fire.
Hopefully the NDP and Liberals will split the vote down the middle, allowing more Conservatives to win.
Likely scenario:
Cons: minority government propped up by the Bloc (like Harper did)
NDP: official opposition
Liberals: get totally wiped out and lose party status, Trudeau quits politics:
2011 Election Results:
“Conservatives, under Prime Minister Harper win a majority of seats. For the first time the NDP, led by Layton, becomes the Official Opposition, taking advantage of the collapse of BQ in Quebec and Liberals in Ontario. The leaders of both defeated parties, respectively, Gilles Duceppe and Michael Ignatieff lost their seats and resigned. Liberals reduced to 4 seats!”
I hope the 2021 election goes down as the biggest and most humiliating defeat of the Liberal Party in Canadian history. Oh, please, please. Make my wish come true.
Totally skip over the fact that the tax payer funded 75% of salaries at most employers for way too long and most private businesses had a record year last year due to this handout (and not revenue growth/business expansion).
So 47 people in canada have more wealth than multiple provinces. I’m not sure this is proving your point in any meaningful way, Garth.
You just compared wealth with debt. Nice job. – Garth
T2 will now decide he needs to out dance Jagmeet.. he doesn’t do monetary policy… how did we end up with this gong show.
500+ BILLION he has spent!! good luck millennials.. you’re screwed.
@#24 Billy Bob
“Cons have too many friends in oil & gas and the world is moving away from that so – PASS”
++++
And yet its the Liberals that bought the Trans Mountain Pipeline and has run roughshod over the Provincial and Municipal govts to “get ‘er done”
https://www.cbc.ca/news/canada/british-columbia/trans-mountain-trees-burnaby-1.6135460
The Libs enviro-talk is nothing but smoke and mirrors when their major campaign contributors are involved….
I’ll stick with the Cons every day of the week during this election..
#24 Billy Bob
Cons have too many friends in oil & gas and the world is moving away from that so – PASS
———————–
Yeah Billy Bob – the electric car will save us! The one that matches the C02 output of a petrol car at 150,000km – right about the time the battery needs to be thrown out and replaced with new for $15,000 to $20,000.
Oh, and how will those electric cars get charged? That electricity will come from rainbows and pixies? Or from…
Solar panels that can’t be recycled and need to be thrown out after few short years? What’s the CO2 cost on those?
Wind turbines that need to be buried under ground because they too can’t be recycled?
Nuclear Power that will leave nuclear waste for 100 generations to follow? What’s the CO2 cost of Nuclear power plants any way to build, mine, process, enrich, build, store waste for 1000 years or more.
Every damn thing humanity does is just pulling from the future. BORROWING from the future.
USE LESS. DRIVE LESS. BUY SMALL DISPLACEMENT ENGINE CARS – not giant SUVs, Pickup trucks, etc.
Hmmm
If Canada can’t fly them out.
They’ll fly themselves out.
Will Canada step up and accept them as refugees?
https://www.cbc.ca/news/politics/afghan-air-force-collapse-1.6151739
Finally a Canadian election worth paying attention to!
DELETED
#24 Billy Bob on 08.26.21 at 3:16 pm
Cons have too many friends in oil & gas and the world is moving away from that so – PASS
———————————–
Oil will be north of $200 WTI by the end of the decade.
UK will add Canada to the green pass. Yeay!!!
Not like vaccinated can’t bring virus or new variants back and forth… science surely has confirmed, right?
Canada-screwed, my ass… We came out of 2 world wars with massive debts too and we made it back… Wanna leave Canada, then go on, get lost… I’ll stick around and do whatever is required to get us right back on top… QUIT,,, never,,, regardless of who is governing as they are each quite the same… I’ll stick with the Liberals 4 now as they handled TRUMP and Co quite well during the trade agreement and gotta say that Crsytia Freeland did such a job,,, damn right she’s earned the spot as next PM
Incorrect. Amazon has spurred creation of thousands of supplier companies. – Garth
That’s true, although these thousands of supplier companies are based in China which does nothing for the former shop keepers in Canada. I’m not even arguing against Amazon, which is vastly more efficient than the previous model of selling. But those former shopkeepers have to be placated, else they start a revolution, or vote for policies like soaking the rich.
I honestly do not understand the tax the rich idea….and I’m just a peasant in the steerage section.
They already pay huge amounts…. so what gives? We have to crush anyone who has seen success?
Meanwhile many wealthy business-owning families became wealthier through Covid by adapting to the pandemic. This wealth inequality is not a failure of capitalism. It is capitalism.
—————————-
Huh? Didn’t they become wealthier because central bank money printing and various government interventions boosted their real estate holdings 30-50% over the past year (and similarly boosted their stock holdings), as you’ve noted countless times on this blog?
Seems funny to call it capitalism when the government forces the mass extended closure of businesses by fiat, driving consumers to online options.
@#43 Yukon Gold
“…. i wanna see tar and feathers, pitchforks, broomsticks, and a mob chasing him down the street. With his pants on fire….”
+++
Damn!
Almost had coffee out the nose on that one.
#49 Green Guy on 08.26.21 at 4:31 pm
French have very good technology they are able to rcycle and reuse ecpended fuel multiple time. When they are don with half life is drastically reduced. Thoruim reserch and pilot plants and producing plants look promising.
If you want that our blue planet stays green, birds killing wind mills, and toxic solar panels wont cut it.
You can print this and put it on a fridge.
Was at my local Mcdonald’s this morning with Mrs. Barnes (the sausage McMuffin combo is my favourite) and overheard a couple of patrons discussing the PM PM (Mr. Justin Trudeau) and some scandal. Did not catch the entire conversation as my hearing is not what it used to be, but apparently the PM PM’s family was well compensated by the Dinkleburger brothers for giving a couple of speeches. And to make matters worse, the PM PM knew all about it. Somebody say it ain’t so :(
BB
Asking for a friend….
If you were a die- hard Liberal, but now find yourself politically homeless; where does one go?
#12
If O’toole gets a minority Trudeau won’t have to wait 2 years to get a majority—he will form a coalition with Singh(even though he lost with less seats)and stay on as PM.It seems so wrong but Singh won’t work with O’toole in a million years.O’toole right now it appears has no chance at a majority but things can change a lot in 3 weeks.Trudeau is a total flop,everyone knows it and he may get really crushed in this election,and Singh is fun but voters eventually have to sober up.
This election might be decided by a generation that thinks people who hate minority governments are racist.
I see nothing but an enormous hole appearing with in our society. I wonder how many Canadians will be willing to give the Canadian Government any gold they have to get Canada out of a depression….question., as South Korea did during their 1997 crises. They were the first to climb out of their depression at the time. The goverment…it does not matter which one….has not forgotten it.
@#29 Dave on 08.26.21 at 3:31 pm
If housing prices would reduce by 25% then things would be somewhat affordable.
–
that might get you back to last years prices lol.
#38
Pierre Trudeau lost in 1979 and 9 months later he was back —and Trudeau will never,never,ever resign if he gets a minority.He might be forced out by his party if he loses but not necessarily and besides he will join up with the Commies and run things for a while as a coalition gov’t.
“This wealth inequality is not a failure of capitalism. It is capitalism.”
Exactly.
More story times-
A story as told to me by mother. She and Dad were in a bar when a group of miners began to insult about her ethnicity. My father rose, grabbed a chair and proceeded to beat them into submission. We are talking early 50s.
I got letters sent to her mother. She struggled to cook and get the groceries right. She often had to beg food from the neighbors till she got it.
My parents did the best they could. I was not afraid to give a leg up and kill things that frightened my mother.
You know what really conerns me is who holds all this debt that canadians owe. Will these creditors come to collect one day. Or are they already here and we just dont realize it yet. No one whether individually or a nation can live off others for ever. The day when the sht hits the fan cannot be put off forever. Canada had so much and we blew it because of a greed that mortgaged our futures because what we has just wasnt enough?. We wanted not just what we produc3d but what our children will produce too
#55 In Dog We Trust on 08.26.21 at 4:45 pm
gotta say that Crsytia Freeland did such a job,,, damn right she’s earned the spot as next PM
——————–
She’s on the board of trustees for the Great Reset people. She wants you to have no privacy, own nothing and be happy.
https://www.weforum.org/people/chrystia-freeland
#31 jimmy zhao
Thanks Jimmy – worth a read. Always good to know who’s pulling your strings. Or to quote Pope Innocent III:
“Settle not yourself to obey their persuasions, which always desire your unquietness, whereby they may fish the better in the water when it is troubled.”
https://c2cjournal.ca/2019/11/fbp-the-laurentian-elite-canadas-ruling-class/
https://www.thestar.com/business/2021/08/26/blind-bid-promise-sparks-pushback.html
There is only one place left they can get those tax dollars from. The only taxpayers left that are too weak to defend themselves at the ballot box or otherwise. The ones not even born yet.
And of course, those noble people who scream about social justice all day long will not have a problem with that.
Their hypocrisy makes them worse than the parents they berate ever were.
I am going to save Ryerson University a few million dollars in “new stationary, logo, etc” with the following proposal after they and the woke brigade voted to rename the university. Send me the consulting fee, board of governors in a certified cheque from a Canadian bank:
Rename the university after one of the fine people below. Provide the appropriate literature, land acknowledgement and other document apologies to remove ol’ Egerton from your dedications:
Robert Edwy Ryerson (1865–1958), Canadian politician
Stanley Bréhaut Ryerson (1911–1998), Canadian historian, educator and political activist
William Ryerson (1797–1872), Canadian politician and Methodist minister
Better do an archive and social media scrub first in case one of these people were a closet Neo Nazi or something like that…
#67 Big Bucks on 08.26.21 at 5:28 pm
Erin O’Toole = Joe Clark 2.0 ?
“He who rides the Tiger, dares not dismount”
#194 IHCTD9 on 08.25.21 at 12:27 pm
He who rides the Tiger, dares not dismount”
At this point, if our leaders try to actually fix the problem, they’ll get shredded. They rode this beast way too long – so we’re heading for the only fix that’s left – some kind of uncontrolled meltdown.
————————————
#63 Bob on 08.25.21 at 3:02 pm
Their goal isn’t to make houses affordable at all. Nor is it to “help” first time home buyers. The goal is to preserve or increase valuations. To do that, they need to keep to ponzi scheme going by feeding it a constant flow of new buyers willing to pay ever more for “entry level” properties. Their proposals make a lot more sense when viewed in that light.
————————————–
Interest rates can’t go up as it will cream housing and that will cream a significant number of Canadians.
Interest rates can’t go up as it will increase the payments on debt and that will cream all Canadian Governments and Canadians.
Interest rates can’t go up as that will reduce Inflation and they need inflation to inflate the massive debt away.
They are trapped in the Ponzi….everyday they low rates continue makes the final outcome all the more severe. Extend and pretend but…..
“You can’t always measure the eventual outcome of an action by what has happened thus far. If a man jumps off a 45 storey building, nothing has really changed during the first 40 floor freefall, it’s the last few that make it interesting and we all know what the final outcome is.” – Warren Buffet
Singho and Turdo. They remind me of schoolyard bullies with their little gangs who roam around the schoolyard and steal your lunch money. Their little mobs cheer them on. Why should you have a lunch when they have none? Liberals, NDP, Bolsheviks, Communists, Socialists, The Huns, cattle rustlers, purse snatchers….what’s the difference? They are all thieves. They create their own laws to steal more and keep themselves in power. People cheer them on to get their share of the spoils. They incite class warfare to steal from the workers and savers and builders and distribute the spoils to their dim followers.But of course we are civilized now and we can’t lift a finger to stop them other than to vote in a pretend democracy that doesn’t work. I am not optimistic here. Free lunch is appealing to a lot of people.
Ontario reported 678 new cases of COVID-19 and no further deaths from the illness on Thursday.
Of the 618 cases with a known vaccination status:
395, or 58 per cent, were in unvaccinated individuals.
82, or 13 per cent, were in individuals with a single dose.
141, or nearly 23 per cent, were in individuals with two doses.
Ah… Err… Umm… JT thinks we should tax REITS and banks more and give tax free money to house buyers under 40?
Ah… Err… Umm… I’m over 40 and own banks.
Ah… Err… Umm… Who will I vote for?
Ah… Err… Umm… I think I’ve got an idea…
BTW, how can a drama teacher be so bad at reading from a script?
#63 Big Bucks on 08.26.21 at 5:13 pm
Bloq will not work with O’Toole either. A minority Conservative government will not last its first bill. Look at what happened in BC in 2017.
I don’t care much about the taxation level set for the rich. I won’t be affected personally, my wealth and income do not get me “qualified”. And this is not a moral issue for me, either way. I don’t hate the rich, and don’t adore them.
But I am certainly worried by the fact that yet-unknown and likely fictional future revenues from “taxing the rich more” are used as an excuse to keep increasing the government spending.
Those on the left and centre-left who are genuine: you should first demonstrate that you can actually increase the revenue collections. Only after that, make the new spending plans. The economy is a complex system, it responds to the changing environment in a way you might not like. More likely than not, your new revenues will be much smaller than hoped for.
And if you cause a financial crisis by taking in too much public debt, you will hurt the people you are supposedly trying to help. The rich will become less wealthy, but most of them will still be doing OK. The primary casualties will be: workers on low / fixed wages, many of the retirees, and people on government support due to health issues etc.
I’m not making that up; I lived through one such crisis when I was young and living in another country. Have seen how it works.
For all Garth’s familiarity with FrankenNumbers, you’d think he’d know one when he sees one.
Even a commie like you can see that.
The national debt of Canada, and largely every other developed nation is meaningless. None of this debt in Canada (or any other country for that matter) will ever be repaid, nor does it need to be. Canada (along with everybody else) went into huge deficits to support people through the pandemic, and what happened? Nothing. The sky didn’t fall, and people got their support. MMT is already here, and it’s not nearly as scary as some would have us believe.
Debt must be serviced. As rates rise this will seriously erode any government’s ability to fund spending. Surely even an old commie like you cabn see that. – Garth
Taxing the rich their fair share will not erase the deficit or “fix” the problem of overspending, but it is certainly a great place to start.
https://www.forbes.com/sites/tommybeer/2020/10/08/top-1-of-us-households-hold-15-times-more-wealth-than-bottom-50-combined/?sh=1a18caf95179
This is in the US, where the problem is more acute. However, there is still a sizable divide in Canada.
Nobody is saying that taxing the top 1% and higher income earners and corporations will erase the debt, but it will sure help many people who are struggling to get by, as long as the taxes are distributed smartly (therein is the big question, ensuring that happens). In this way it is similar to revenue sharing in sports, where the have teams help to fund the have-nots.
Also, the suggestion that taxing large corporations and the wealthy will cause them to flee Canada or the US is and always has been absurd, and the calling card scare tactic of big business. It is no different than when companies say they will crumble if you unionize or raise the minimum wage. They won’t. They haven’t. And if a small number of greedy owners do re-locate? Perfect. Other, less greedy entrepreneurs and small businesses will step in to fill the void. It happens. It always happens. We do not need to live in fear of Walmart or Amazon leaving. In fact, some would argue that it would be a net positive, given that WalMart employees often have to rely on the state to make ends meet.
In the US, the American voter really missed the boat with Bernie Sanders, who I believe is the most important American politician since FDR. They missed the boat, but it has created a movement, and has got a lot of young voters thinking (a scary thought indeed).
Ayn Rand was ideological rubbish. I reject completely, as should you, any suggestion that taxing the rich or large corporations will result in poverty and disaster for the masses. It is at best flat wrong, and at worst a lie. Taxation in the US has never been the same since Reagan took office, and it has been a disaster for the middle class and lower wage workers. The problem is not so acute here, but it is still a problem.
Whether in the US or Canada, reject the notion that taxing the rich will result in hardship for the 99%. It is positively absurd, and as I say above, it is meant to scare you.
Here is a question:
Can Trudeau’s proposed $40,000 TFHSA (for kidults only) even cover the rising costs of building materials for a new build?
And then how much tax are the kidults actually saving? I assume the tax credits are at your graduated rates much like an RRSP, so someone earning $80,000 in Ontario is only (only!) coming in at 24% average and 31% marginal tax rates. Even taking the marginal the tax savings is only “saving $12,400 assuming they could get it all in at the marginal rate. $9,600 is more likely. Nothing to sneeze at, but when you are talking about $1,000,000 homes it is about 1% of the cost of the house.
And since the beauty of the TFSA is that you put it in a Garth ™ portfolio and let it compound for 30 years, the TFHSA looks even more ridiculous. The money is meant to be withdrawn on a short timeline. How much is $40,000 really going to grow invested in GIC’s for 5 years? I figure right around squat, which is $1,000.
Now that I understand the numbers behind this Trudeau brainstorm, I am beginning to be somewhat nonplused towards the whole thing. Most people aren’t going to be able to save the full $40,000, their short term gains will likely be minimal, and the tax credit doesn’t amount to a hill of beans in today’s housing market. It is another crayon colored picture drawn by someone with the intelligence and maturity of a 6 year old. Another picture of pinwheels saving the world for dolphins. Political pandering at its most cynical.
You have to be numerically illiterate to think this is a big deal. I guess that’s what he’s counting on. Like the home energy grants before it, the devil is in the details. It is more money for people who don’t need more money, disguised as a benevolent gift making homes in Toronto affordable to everyone who wants to live there. It will do no such thing. Not even close.
@#62 Quintillian Queries a Quandry
“Asking for a friend….
If you were a die- hard Liberal, but now find yourself politically homeless; where does one go?”
++++
The Cons of course, for several reasons.
To teach the Liberals a lesson not to screw with our country’s future…
To rid ourselves of the most economically challenged Cabinet in over 100 years…
To save ourselves from decades of punitive tax increases…..
To force Trudeau to actually work to get another job…..
#26 Keith on 08.26.21 at 3:22 pm
The NDP has done the math. A one per cent tax on wealth over ten million would raise ten billion per year. That would be about one third of the pre covid deficit. It would pay for pharmacare for all maybe dental.
————
The time on the clock says we live in a post-COVID Canada. If the plan is to soak millionaires for 10 billion, the reality would be about 5 billion actually collected, and dropping with each successive year.
There’s no paying nothing post-Trudeau, that’s real street math.
“This wealth inequality is not a failure of capitalism. It is capitalism. It’s why 1.3 million people have jobs because of Bezos.”
Come on now, this is just sad and obsequious.
It could just as easily be said that “1.3 million medieval serfs had food, shelter, and security because of their sovereign king.”
Because that’s all capitalism is, really. You work on behalf of someone that is not accountable to you and takes the majority of what you create, leaving you with just enough of a wage, with which you must procure…food, shelter, and security. Literally feudalism with extra steps.
BUT! If you don’t like it, you can leave and find a different king to pledge fealty to, and submit yourself to the exact same arrangement.
So, anyways, todays EKOS poll shows O’Toole with 33% and T2 with 29% … apparently Mad Max is sitting at 7% which means of course that he’s splitting the conservative vote … because otherwise, O’Toole might be in majority territory … but, he’s not and never will be. BTW, did you see that video of Trudeau being yelled at by an angry mob in BC? Personally, I don’t like any of them and may deface my ballot prior to boarding a plane for FLA where I’ll buy a cheap condo on the beach and get a job at Walmart (for the benefits/healthcare). I know, it sounds grim, but it’ll be better than staying in Toronto where basement apartments rent for over $3K and elective surgeries are backed up by 3 to 4 years. And the taxes … just wait. And more lockdowns … guaranteed.
Canada is a mess and I want out.
@#12 Adam
WE will never hear from T2 after this election. Minority or complete loss… he is toast. The long knives are being sharpened….
To the other daily readers of this site, curious about whether you have any other daily personal finance sites that you frequent. Garth’s the man – if I ever see him in Lunenberg I’m going to have to purchase the man a beverage of some sort.
I’ve been watching this country decline for the last 31 years. (I’m almost 70 now)
At first it was declining slowly, now it looks like all at once.
Additionally, I’ve been watching taxes rise as long as I can remember and that’s a long time. But we are more in debt than ever. So increasing taxes solved nothing.
Debt doesn’t matter? You don’t know your history! Watch your currency buy nothing when it is worthless and in the country is in default.
“The fiction persists that by taking money from the most successful in society services can be extended to everyone and new debt avoided. It’s at the heart of Jag’s platform – a wealth tax on total family assets, separate from and in addition to taxes on income which now range up to 54%. Polling shows eight or nine of every 10 Canadians support this. And why not? Jeff Bezos went into space, so he can damn well afford to pay for your child care, right?”
It is time to just admit that the “tax the rich” movement has nothing to do with raising revenues, balancing the budget, increasing services, or legal fairness. It is vindictive jealousy plain and simple. It is a social justice objective, and that is all it is. It is not meant to lift anybody up, the rich don’t have enough money to seriously make a dent in that program. The objective is to simply keep everyone down.
It is no different really than that time the playground bully wrecked your toy truck based on the “equitable” theory that if he doesn’t have one, you can’t have one either.
And how exactly is the Canadian government going to tax Jeff Bezos? Last I heard Bezos was an American and Amazon was an American company. I suppose they could apply property taxes and corporate income taxes to his Canadian operations. Oh what’s that you say? They already do? Oh. Well tax him more anyway.
I also don’t understand the rocket envy. When Canada built the “Canada Arm” for the space station, you didn’t hear anybody complaining the money should be spent on daycare. Fact is NASA is moving to a procurement method similar to the US Army, where private corporations design, test and build the equipment based on competitive bidding. Bezos is taking a gamble that he might be able to muscle in on it, but at this point it looks like Musk is going to win all the contracts and Bezos will be sitting on a huge loss. The cost of coming in second in the space race is steep.
It is an unfortunate statement about the Canadian population that we vote on policy and elect representatives based on what’s happening on RobinHood to the price of shares owned by Bezos, Gates, Musk, Cook, Branson, Page, and others who don’t live here and never will. For the most part, we don’t even know who our own billionaires are. But we hate them anyway. They need to be knocked down off their high horse, wherever they may be hiding.
#7 Damifino on 08.26.21 at 2:54 pm
Does Jag intend to tax the crap out of the folks who own the TikTok platform? I hear they are doing exceedingly well these days.
————————–
They are Chinese, so no.
Terrifying. I’ve often thought that my habit of living below my means and investing the difference has been a fool’s errand in Canada, and here we are, right on schedule. I should have been a good little Canadian instead and debt-enslaved myself to a bank like the rest of my generation, because here I am, low hanging fruit for a mob of angry, spoiled children of all ages when I could have had a McMansion and a nice car instead.
Cattle rustlers. Jag and Jus. Sitting on a hill. Cows in the valley.
Hey Jag, let’s go down there and rustle up some cows. School marm and her crippled father won’t put up much of a fight. Give the peasants a few steaks so they cheer us on and don’t chase us.
Hey Jus let’s do it. Grab a few sheep too. Nice and wooly. Saddle up……
Their horses make it down to the valley but Jag and Jus don’t. Dirty rotten stinkin’ vigilantes overheard their plans. Jag and Jus are remembered in history as the Hole in the Head Gang. School marm and her crippled father now have two new horses. Ahhh….the thrilling days of yesteryear. Frontier justice….Hiyo Silver…Awaaay!
#65 Hass Say Yhoo on 08.26.21 at 5:19 pm
I wonder how many Canadians will be willing to give the Canadian Government any gold they have to get Canada out of a depression….question., as South Korea did during their 1997 crises. They were the first to climb out of their depression at the time. The goverment…it does not matter which one….has not forgotten it.
——–
When a communications bunker is hit with one artillery shell, it’s quite likely equipment is still salvageable.
If the bunker is hit with a dozen shells and it seems clear that:
1. the shelling is targeting the bunker specifically
2. it appears the shelling will continue
3. all the equipment is almost surely destroyed beyond repair, and
4. it’s your own operation directing the shelling…
…you will quickly lose your appetite to rush in and help out.
If the next government of whatever stripe shows a good faith effort to deal with the fiscal issue and stops dividing the country into factions by playing silly bugger, then ok, I’d be in. Cast me as the enemy through identity politics, punitive taxation and faction favouritism? Goodbye and thanks for all the fish.
#24 Billy Bob on 08.26.21 at 3:16 pm
Cons have too many friends in oil & gas and the world is moving away from that so – PASS
——————————–
Who told you that? “The world” is doing no such thing.
#69 westcdn on 08.26.21 at 5:32 pm
A story as told to me by mother. She and Dad were in a bar when a group of miners began to insult about her ethnicity. My father rose, grabbed a chair and proceeded to beat them into submission. We are talking early 50s.
———
I had a black lab that fought every dog it met. Kapow. No more fighting. Life became simpler.
“Debt must be serviced.” – Garth
Yes, debts must be serviced.
But the difference is that for individuals, there is an expectation that the debt be REPAID at some point. Governments, on the other hand, can simply service the debt in perpetuity with money they print out of thin air. It has been this way since the 70s, and somehow the sky has not yet fallen.
The combined total debt in the world is $288 trillion (>350% of GDP). Who is this money owed to? Space aliens? Once you hit the national and global scale, the notion of debt becomes farcical.
Debt must be serviced. As rates rise this will seriously erode any government’s ability to fund spending. Surely even an old commie like you cabn see that. – Garth
———————————–
If I’m not mistaken, the Bank of Canada now owns 40% of the Canadian bond market.
So why couldn’t the Canadian government simply wash its hands of the bonds it sold to the Bank of Canada?
Aside from a loss of confidence amongst the other 60% of debt holders in the Canadian bond market, what could realistically happen in this scenario? It’s not like the Bank of Canada is going to chase down the Government of Canada to get back its funny money.
Bye-bye loonie. – Garth
#81 Joseph R on 08.26.21 at 6:26 pm
Bloq will not work with O’Toole either. A minority Conservative government will not last its first bill. Look at what happened in BC in 2017.
———-
Unfortunately probably true. But that’s great news for my bank account and future MLS listings I guess.
I don’t think any true blue voters give much of a crap at this point. If Canadians want to sauté in debt – let ‘em. IMHO of course. My vote remains the same either way.
Since 2015, my aim has been to reduce my tax contributions to government at all levels, and I gotta say, I’ve done an outstanding job on that front. I barely care who gets in now, Trudeau has created an impossible situation for whoever that might be. They will have to print till they can’t print no more.
It’s a shame what Trudeau has done to a perfectly good country. I’m glad that I’m destined to win no matter who runs the show. Feel bad for those that absolutely won’t. At least I can say I didn’t vote for it. Wish we could bring back the “old” Canada.
350k for a house in Canada 2015 (Harper)
716K for a house in Canada 2021 (Trudeau)
Good grief…
I’m so damn glad I didn’t come of age under a goofy lefty douchebag government run by the likes of Trudeau. Just can’t imagine the impossible situation I’d be in. Probably would be renting and childless right now if so. Thankfully, I got to build a life under real Liberals and Conservatives instead of this creepy playboy jock trust fund fratboi we have in office right now.
Here’s to more questionable left wing voters on Sept 20 (because I own a house). I hereby promise to try real hard to get angry if Trudeau wins again. If my house appreciates another 100K, I will do all in my power to explode with rage. If my CCB and govy freebies pile even higher into ‘da checking account, I promise to become utterly incensed.
Seriously, nothing will prevent my anger from blowing 3 miles high in an incandescent mushroom cloud of mindless berserk fury if my net worth skyrockets under yet another disastrous left-wing blockhead twit government like Trudeau. I’ll even sign up to tik tok and tell all those kids to grab a brain because it’s 2021 – that’s just how angry I’ll try to be.
But a warning… I might fail at this though :)
Ah, what a time we live in. The path of least resistance wins over work ethic.
Punish those productive individuals and reward under achievers.
Sounds like a plan…
Self entitlement?
Never trust anything the CBC says. They have a financial interest in the crown prince papineau staying in power.
The kids love Jag… They don’t love voting and most don’t so he won’t be a factor. If they ever allow voting with your phone, well that’s a different story.
In the meantime, vote PPC that has a realistic platform and doesn’t provide bullsh*t promises like affordable homes.
#86 crowdedelevatorfartz
“The Cons of course, for several reasons.
To teach the Liberals a lesson not to screw with our country’s future…”
Thanks, I will pass it on.
But I must confess I will find it hard to resist injecting my own affinity toward the NDP.
“Bye-bye loonie. – Garth”
Oh jeez, at first I thought you were calling Howard a loonie! I suppose they are not mutually exclusive. Language is funny and context is everything.
Have to agree with Garth on Howard’s comment. It’s what scares me more than anything. A devalued loonie means rampant inflation and rising rates to protect whatever purchasing power we have left, and to continue investment to fund our social programs. That dollar needs to stay at a decent value or no one will buy our government bonds even ourselves unless its at a high rate of interest.
I would like to know how dependent we are on foreign foods like fruits and vegetables that we could no longer afford.
Think of the seniors on fixed incomes, or all the people that have seriously increased personal debt in the last few years. Full blown economic collapse, a real mess and lives ruined.
That is the real question: How far can we go with this public spending spree before that loonie collapses and needs serious support?
OK Jug, you can let your breath out now
#62 Quintilian on 08.26.21 at 5:08 pm
Asking for a friend….
If you were a die- hard Liberal, but now find yourself politically homeless; where does one go?
———————————————
Vote strategically. A vote for Dip-Sh*t #1 or #2 will finish this country off…if not already. It takes a while for a train to wreck after a derailment and we left the rails already just waiting to see how bad it is when it stops.
https://www.youtube.com/watch?v=4EcPWQ5jIpw
God help us if these fools with their free money and Robin hood theory’s get in.
British papers…
Trudeau in trouble? Latest polls as Canadian leader’s popularity PLUMMETS
https://www.express.co.uk/news/world/1482568/justin-trudeau-polls-canada-election-liberal-party-evg
#84 2%-er on 08.26.21 at 6:51 pm
“In this way it is similar to revenue sharing in sports, where the have teams help to fund the have-nots.”
How so? Revenue sharing in sports happens because the top grossing teams need someone to play, not because they are feeling generous. And revenue sharing does not extend to the point where all teams have the same budget. There is no generosity involved; it is simple self interest.
Get that deficit down. That’s all I X about And I’ll be out there..
The loonie will retain its value relative to other fiat currencies because central banks will act in lockstep until the transition to the new system.
All currencies will be equally worthless when the Davos crew roll out the new digital credit system, all tied into the your digital ID/wallet/passport/social credit score.
All debts will be forgiven on condition of asset forfeiture.
They told you what they were planning and now they’re actually doing it.
The blog’s IQ just plummeted. – Garth
@#105 $1 Quintillian dollars DEEPER in debt.
“But I must confess I will find it hard to resist injecting my own affinity toward the NDP.”
++++
If the Libs retain a minority backed by the N…DEEPER…P.
You will be paying ever higher taxes for decades to come.
Just for the record, the fake “Billy Bob” represents the polar opposite of my views on O&G…I’m just too busy happily burning as much Jet A as I can these days, to bring y’all your cheap crap you buy online, to properly articulate the asininity of his position.
But that sure ain’t me posting such nonsense. Accept no imitations.
In other news, just got back to Canada after a month or so away. See the flags are still down. What a sad pathetic country this is now. Better raise them soon, because it’s looking like they’re going to need to be lowered for other causes pretty soon, judging from Kabul.
Or do we next just lower them to the ground, or just discard them completely? Hmm.
Place is a joke.
The top 20% earners earn more and pay less tax than the bottom 80%. Tax the hell out of them to pull up the slack and make it even for our generation.
The top 10% pay 22% of all income tax. Four in ten families pay no net tax. They are free riders. – Garth
Hmmm,
6pm news “Acting” Major General for the Canadian Military is the spokesperson expressing regret for Canada “cutting and running” 5 days before the deadline…
All other Military leaders are busy fighting for their careers in the politically correct witch hunt that is todays Military.
Vote accordingly.
#97 Sail Away on 08.26.21 at 7:28 pm
…you will quickly lose your appetite to rush in and help out.
If the next government of whatever stripe shows a good faith effort to deal with the fiscal issue and stops dividing the country into factions by playing silly bugger, then ok, I’d be in. Cast me as the enemy through identity politics, punitive taxation and faction favouritism? Goodbye and thanks for all the fish.
——-
Sounds about right. I drastically reduced my tax remittances in 2015 essentially for this reason alone.
“No taxation without representation.” I’m definitely not a good Canadian according to the LPC. They’re definitely not going to bat for me. In fact, it appears I’m everything that’s wrong with Canada.
That’s cool though, I’m also the beneficiary of most LPC policies since I own own hard and liquid assets thanks to the “old” Canada, and because Libs have the IQ of a skid of pavers. So, I sit back and watch Trudeau pump my net worth, and I’m happy enough to just not pay squat in taxes. It’s good enough all things considered IMHO.
All I have to do, is work on my desire for prosperity in future Canada. If I can rout this pesky concern, then I could be totally happy with Trudeau type blockheads at the helm.
#96 Yukon Elvis on 08.26.21 at 7:26 pm
_____________________________________
57 years ago there was an episode of a story like that on one of the very few TV channels, every Sunday evening on a show called ‘Bonanza’.
Back in the time when bad guys lost.
The blog’s IQ just plummeted. – Garth
I’m just sharing what they’ve openly advocated, don’t shoot the mesenger.
Garth, I took all of your advice over the last few days and sold my substantial REIT holdings based in Canada and moved them to US.
Two birds with one stone – I’ve avoided pending taxable capital gain increase in 2022 … and the change in Canada’s REIT taxation policies, neither of which would have been a good thing.
Can’t thank you enough. My wife hopes I did the right thing… though she might not think so when we do our income taxes next year. But hey … we’re boomers and too old to divorce. Right?
I did not give that ‘advice’. – Garth
#105 Quintilian on 08.26.21 at 8:37 pm
But I must confess I will find it hard to resist injecting my own affinity toward the NDP.
————
Not if you want your big mortgage holding buds to get rich, while you sink.
Amirite homie?
Up to you, but voting NDP means I get rich. So do your home-owning buds. The only one who doesn’t is you. Later in life, this stuff will matter. Tik Tok bro, they win, you lose.
A comparison to feudal serfs? Really?
Sunshowers At 88 said:
Come on now, this is just sad and obsequious.
It could just as easily be said that “1.3 million medieval serfs had food, shelter, and security because of their sovereign king.”
Because that’s all capitalism is, really. You work on behalf of someone that is not accountable to you and takes the majority of what you create, leaving you with just enough of a wage, with which you must procure…food, shelter, and security. Literally feudalism with extra steps.
*******************************
Surely most Amazon employees are living vastly vastly better than feudal serfs?
Why is world per capita GDP in real terms vastly higher than in feudal times?
A – becasue people have a greater capacity to work and produce with their labour today? or
B – Because capital investments in machinery and automation allow far more production per worker. When the capitalist replaces the pick and shovel with an excavator or the hoe with a tractor, don’t you think the owner of the capital deserves a good share of that added production?
And how could anyone reading this blog for a while not understand that it is imperative to invest while young and become an owner of capital. That was no possible for feudal serfs. It is possible for almost everyone today whether they admit it or not.
All hail capitalism! Down with feudalism! (And socialism)
Sunshowers has a point here…
#100 Sunshowers on 08.26.21 at 8:08 pm
“Debt must be serviced.” – Garth
Yes, debts must be serviced.
But the difference is that for individuals, there is an expectation that the debt be REPAID at some point. Governments, on the other hand, can simply service the debt in perpetuity with money they print out of thin air. It has been this way since the 70s, and somehow the sky has not yet fallen.
The combined total debt in the world is $288 trillion (>350% of GDP). Who is this money owed to? Space aliens? Once you hit the national and global scale, the notion of debt becomes farcical.
**********************************
True, national debt need not ever be repaid. It can generally be rolled over forever. Unlike people, countries don’t have to die (sometimes they merge etc.)
The debt represents some people consuming today and with the promise that other people will be repaid and /or collect interest in the future. Correct, nothing owed to the Martians.
For a while even the interest can be borrowed. But eventually…
And it truly will be ugly if rates rise. If governments ever have a hard time borrowing or must pay high rates we will be in real trouble.
#107 BC Wally on 08.26.21 at 8:54 pm
Have to agree with Garth on Howard’s comment. It’s what scares me more than anything. A devalued loonie means rampant inflation and rising rates to protect whatever purchasing power we have left, and to continue investment to fund our social programs. That dollar needs to stay at a decent value or no one will buy our government bonds even ourselves unless its at a high rate of interest.
I would like to know how dependent we are on foreign foods like fruits and vegetables that we could no longer afford.
Think of the seniors on fixed incomes, or all the people that have seriously increased personal debt in the last few years. Full blown economic collapse, a real mess and lives ruined.
That is the real question: How far can we go with this public spending spree before that loonie collapses and needs serious support?
Xxxxxxxxx
I think we are dependant and will follow our neighbour.
Today’s debt vs. wealth graph simply confirms what I’d already figured out – that even total confiscation of ‘all’ the wealth of ‘the rich’ in Canada wouldn’t cover the staggering debt. As todays graph illustrates, it wouldn’t even cover the debt of Ontari’owe’.
It remains to be seen what party candidates will be running in our riding. The PC incumbent has signage up & frankly will likely be re-elected – the riding we are in is very much a PC stronghold. In all conscience I can’t vote Liberal – the financial carnage rendered thus far must be stopped if at all possible. I could vote NDP at the provincial level, but at the federal level I have to apportion at least some of the financial carnage blame to Jagmeet & Co. While I find the PC’s to be hypocritical to say the least – they too have shamelessly bought votes with taxpayer dollars & have instituted many a bad policy over the years – I may just have to hold my nose & vote for them as the party most likely to do the least damage. If only today’s puppy were one of the selections on our ballot……
#113 When Will They Raise Rates?
The loonie will retain its value relative to other fiat currencies because central banks will act in lockstep until the transition to the new system.
All currencies will be equally worthless when the Davos crew roll out the new digital credit system, all tied into the your digital ID/wallet/passport/social credit score.
All debts will be forgiven on condition of asset forfeiture.
They told you what they were planning and now they’re actually doing it.
The blog’s IQ just plummeted. – Garth
——–
I don’t know about this point.
Clearly the push is to go to digital currency.
China has US beat.
US is also going light on Bitcoin and other crypto that is slowly undermining USD reserve status in countries. I’m shocked this is being allowed by the US to be quite honest.
It’s the perfect squeeze – China with their digital currency on one hand becoming more widely used, and these cryptos on the other.
The fact that we’re likely to go cashless in the near future, against desires of many if not most, is not a far reach. And it’s all for tracking purposes.
What follows that? Slowly by slowly…little by little.
We’re not even 2 weeks into this and Trudeau went from a possibly majority to almost a 50/50 chance of keeping the minority?? He’ll fully implode by Election Day and he didn’t even need to call this election. This is going to be epic….
The latest Mainstreet poll isn’t out yet, but according to some Twitter feeds, it will show the CPC at 37%.
Either the Conservatives are peaking way early and will soon begin to fall back towards the low-30s….or we’re mid-way through this surge and they’re headed for a majority government.
#100 Sunshowers on 08.26.21 at 8:08 pm
“Debt must be serviced.” – Garth
Yes, debts must be serviced.
But the difference is that for individuals, there is an expectation that the debt be REPAID at some point. Governments, on the other hand, can simply service the debt in perpetuity with money they print out of thin air. It has been this way since the 70s, and somehow the sky has not yet fallen.
The combined total debt in the world is $288 trillion (>350% of GDP). Who is this money owed to? Space aliens? Once you hit the national and global scale, the notion of debt becomes farcical.
===
The debt is owed to institutional and individual holders, all of them expect some return on their investment. Even if the interest rates stay low, but you keep increasing the debt-to-GDP ration, your interest payments will be taking a greater % of your tax collections every year.
Eventually you will have to choose between not funding the vital services – not gonna happen – or refusing to pay the interest. The latter is called a default. Once you default, you can’t renew your government bonds because nobody wants to buy them. If you can’t sell the bonds, then the money given out by the government immediately hit the consumer market and cause large inflation.
Modern financial systems have more resilience to debt than they had in the past. That’s why “nothing” happened yet. Let’s say you have a reservoir that can hold 100,000 tons of rainwater. After a massive rain, 50,000 tons went in, and “nothing” happened. You conclude that your reservoir has an unlimited capacity. There is no need to upgrade the system, nothing will ever happen, right? Well, the next massive rain will prove you wrong.
#119 Wrk.dover on 08.26.21 at 9:34 pm
#96 Yukon Elvis on 08.26.21 at 7:26 pm
_____________________________________
57 years ago there was an episode of a story like that on one of the very few TV channels, every Sunday evening on a show called ‘Bonanza’.
Back in the time when bad guys lost.
++++++++++++++++
Ben, Adam, Hoss, and Little Joe really had it together.
Higher taxes in the future, yes.
Corporate tax increase, likely.
Stagflation swell, indubitably.
Higher interest rates and a Liberal victory, not so sure.
Jags got game, Justin needs a better acting coach.
Cant tell from the article what Garth dislikes more…TikTok or Jag?
“…a wealth tax on total family assets, separate from and in addition to taxes on income which now range up to 54%.”
——————————
on TOTAL family assets…
AND IN ADDITION to taxes.
Un-bloody-believable the way these idiots think.
#116 millenlial on 08.26.21 at 9:28 pm
The top 20% earners earn more and pay less tax than the bottom 80%. Tax the hell out of them to pull up the slack and make it even for our generation.
The top 10% pay 22% of all income tax. Four in ten families pay no net tax. They are free riders. – Garth
————————-
It’s amazing how many people think that if they believe something, it must be true. Is “millenlial” an intentional misspelling or are his/her grammar skills up there with his/her math and fact collecting skills?
I linked this a few days ago:
https://mishtalk.com/economics/instead-of-criticizing-billionaires-over-taxes-we-should-praise-them
These are US numbers of course but they are probably representative of Canada. And if we are going to tax US billionaires like Bezos we may as well use US numbers to justify it.
So, in the US, the top 5% of earners pay 40.4% of all taxes. The top 20% pay 66.5% of all taxes. This quintile is the only quintile that pays a larger share of taxes than their share of total income. They still have a larger share of income than the other quintiles combined though.
“Tax the rich!” Done!
(Note that if the rich paid the same relative amount of taxes as everyone else, their taxes would go down. Substantially.)
This shall be my one rare contribution to the nauseating covid discussions for the month:
“The human brain is amazing. It is capable of both engineering a life saving mRNA vaccine and deciding that anti-parasitic cattle paste is a better option. Just unbelievable range.”
– Dr. Glaucomflecken
Lots of folks want T2 to pay or at least be shamed… but that’s not the way real life works.
Even if he loses, he’ll happily skip through life sitting boards with handsome compensation, no real duties, and, of course, that enormous trust fund, while making the ladies swoon and receiving gold-plated invites to the most exclusive events.
And that’s ok.
But good God, keep him away from policy.
Let’s all just remember this come election day…..especially you millennials…
…
https://twitter.com/MaverickBarbie/status/1430267638144389120
Ask a majority of Canadians about zero rates and they admit that the scam is a dangerous unhelpful political gaffe .
https://financialpost.com/executive/executive-summary/posthaste-could-low-mortgage-rates-be-hurting-rather-than-helping-home-affordability-most-canadians-think-so
So why has Trudeau borrowed more than he can repay? He says the problem is banks and foreigners.
And for Jagmeet TikTok? Don’t exclude the youth vote from the majority who know that free money is a scam. Every idiot no matter the postal code knows that fee crap now means higher taxes later.
Great and funny comments, tonight, … Pants on Fire, Minority Racists, and the Train is off the track… Seriously Printing money and forgetting the importance of the Domestic Money supply is very foolish and dangerous, and should not be sanctioned. We have little choice, just now, but we should apply Political pressure, to restore credit balance and end ZIRP.
Well Covid is coming back again for us all. Scotland has a high twice vaccinated population it also has an early return to school vs Canada and the rest of Britain. Scottish kids returned by mid-Aug so they have been back for 2 weeks already. The result is that Scotland now holds the top 5 places in the EU table of the 15 most Covid impacted places in the EU with massive infection numbers due to kids traveling and being out and about this summer. Scotland may have to lockdown and start the business disruption cycle again.
Anyone who thinks this thing is done and life will return to 2019 is fooling themselves. It will be a harsh global winter of business and travel restrictions. City life is not returning any year soon.
With three kids in their 30s all of whom have many many friends, I don’t know a single kid who is back in the office full time. About 50% are still full-time work from home and the other 50% are into London 2 days a week and WTH 3 days a week. The govt here has just passed legislation to make it very easy to permanently convert unwanted office space into needed affordable housing.
Garth I have followed you since the 1980s but you may be wrong on this one – finally it is different, the world is changing for us oldies.
South Korea raises rates unexpectantly…debt was there concern.
…the debt accumulated is multitudes beyond what could ever be repaid…
In fact, our debt may already be unsustainable. Unrepayable. Junk.
—————————-
It seems we were living far beyond our means for a very long time despite rapidly declining standard of living.
Cost of living fast increasing and junk debt at 0 %…..
That can not go for much longer.
It seems the ruling elite thinks that inflation of 200-300 % in the next decade, while income stays stagnant will ‘fix’ things.
It won’t.
An adjustment to a life style of 30-40 % from the standard of living from year 2000 seems in order.
Nothing can prevent it.
And it was overdue.
Enjoy your houses.
Argentina 2.0 in the next decade is pretty much a given.
#130 Michael in-north-york on 08.26.21 at 10:59 pm
We are already hitting the large inflation in food, rents, services, everything that can not be hidden any more, despite all statistical lies.
In US there is also huge wage pressure. Contractors increasing their rates at 10-15 % yearly.
No wage pressure in Canada, there is ceiling on wages and as of that the inflation will cause even more misery as no labour would be compensated accordingly.
Same for people on fixed income.
Mark my words: 1-2 % increase in gross income, annual inflation of 10-15 %, could be sometimes 20 %.
For a decade – decade and a half.
To arrive at the logical destination – a resource colony and a cheap labour camp, trailing the standard of living of the rich – Europe, parts of Asia, US.
No amount of taxation will stop the deficits or pay off the debt when government will not restrain their spending.
Even the current attempt to kill off Canadians with the vaccines will not be enough and worse from a revenue standpoint it will reduce the tax base just like the lock downs did and ultimately it will be far worse than that.
Government spending has to be reduced to far below revenue plus interest and principle payments.
Here’s that Mainstreet poll. If confirmed by Nanos, Ekos, and other reputable pollsters, expect the Liberals and the CBC to go nuclear. The next few weeks will be very ugly.
CPC 37%
LPC 31%
NDP 19%
BQ 5% (23% in Qc)
PPC 4%
GPC 3%
Not that it matters but O’toole and the rest should be concerned . Social media put Obama on the map and over the top. As far as Jagmeet and Tik Tok, a like or viewed click doesn’t mean this generation will actually take their scooters, mom/dad’s car or heaven forbid put down their Fortnite console and actually go and find somewhere to vote.
#131 Yukon Elvis on 08.26.21 at 11:12 pm
#119 Wrk.dover on 08.26.21 at 9:34 pm
#96 Yukon Elvis on 08.26.21 at 7:26 pm
_____________________________________
57 years ago there was an episode of a story like that on one of the very few TV channels, every Sunday evening on a show called ‘Bonanza’.
Back in the time when bad guys lost.
++++++++++++++++
Ben, Adam, Hoss, and Little Joe really had it together.
_______________________
In those days, Hoss was one of the few rare obese persons that I knew of. Look at us all now!
The man was barely chunky by todays standards.
#15 That Guy
Ugh, Jag makes me ill.
————————————————————————————
You and me both.
That Tik Tok pic of Jag and his homies makes me wanna puke.
Is this what the potential leadership of Canada has become?
So nauseating.
We have raised a confederacy of dunces.
Guess who’s gonna pay.
Not me.
@#115 Billy Bob
“What a sad pathetic country this is now. Better raise them soon, because it’s looking like they’re going to need to be lowered for other causes ”
++++
Yep.
I was wondering if the Maple Leaf should be renamed “half mast” for the perpetual ” woke signaling” we seem to do in this country
NP Snippet. I like what he says about “layabouts”and the “trap of Welfarism”…..so interesting…
“BEIJING • China’s drive for “common prosperity,” as President Xi Jinping aims to ease inequality in the world’s second-largest economy, does not mean “killing the rich to help the poor,” an official from the ruling Communist Party said on Thursday.
China must also “guard against falling into the trap of welfarism,” Han Wenxiu, an official at the central financial and economic affairs commission, told a briefing in Beijing.
Those who “get rich first” should help those behind, but hard work should be encouraged, he said.
“We cannot wait for help, rely on others for help, or beg for help. We cannot support layabouts.”
@#129 Hopeful Howard
“Either the Conservatives are peaking way early and will soon begin to fall back towards the low-30s….or we’re mid-way through this surge and they’re headed for a majority government.”
+++
I would get too Hopeful yet but Trudeau and the Liberal socialista kidults currently running the show seem to have let their positions of power affect their “foot in mouth” disease.
It should be amusing to see how shrill their promises and complaints become if the Cons keep climbing.
Trained Monkeys throwing poo at a bulletin board of political promises couldnt out guess the mess that is our current leadership.
Shameful that we still allow the breeding of pure bred dogs when there are so many in shelters. The suffering that we cause these creatures is truly a crime.
Korea & Iceland Kick off Rate-Hike Cycle in Developed Economies after Shock-and-Awe Rate Hikes in Russia, Brazil
https://wolfstreet.com/2021/08/26/korea-iceland-kick-off-rate-hike-cycle-in-developed-economies-after-shock-and-awe-rate-hikes-in-russia-brazil/
#133 Wut wut on 08.26.21 at 11:14 pm
Cant tell from the article what Garth dislikes more…TikTok or Jag?
—-
They are equally obnoxious…
Hmmm
Perhaps the Liberals should have thought about a late Sept election date a little more.
The young, unvaccinated, Gen X and Mill voters might all be in the ER….
https://www.citynews1130.com/2021/08/26/bc-covid-19-unvaccinated-hospitals/
@#155 I’m gonna be sick.
“Cant tell from the article what Garth dislikes more…TikTok or Jag?
—-
They are equally obnoxious…”
++++++++
I dont know if irrelevant, time wasting, pointless, vapid drivel from either source could be classified by the word “obnoxious”…. but it’s a quick summation.
Has anyone every attempted a tri-lition? Maxtoolblock? (Adding green coat of paint would be a pretty)
We have become a nation of the meek and entitled. We should also closely look in the mirror and assume responsibility for raising this next generation of Singh supporters by giving them everything they wanted because of the success of capitalism and now they feel entitled to it with as little effort as possible.
#153 Franco on 08.27.21 at 8:31 am
Shameful that we still allow the breeding of pure bred dogs when there are so many in shelters. The suffering that we cause these creatures is truly a crime.
——–
We have 4 purebred working dogs that cost a total of around $7,000 and we have spent $0.00 on congenital defects throughout their lives. Two are pretty close to pushing daisies.
During the last year, three of our acquaintances have spent about $18,000 in total surgically repairing genetic defects on their adopted dogs. And even with that, the dogs are third-rate at best from a functional standpoint.
Purebred for the win.
If anything, there should be laws around human breeding. PAC meetings, where the only required qualification is an ability to procreate, can be eye-opening indeed.
Meanwhile the NDP’s poll numbers are tracking at 20%. The worry in both Con and Lib camps is that as Justin Trudeau stalls and accumulates new baggage (houses nobody can afford, a disgraceful exit from Kabul) electoral support will bleed left. That would kill the hopes of a Liberal majority and mean any Con minority would be short-lived. Jagmeet now matters. Especially since the Mills and Zs outnumber the Boomers.
the US decided to leave Afghanistan. It’s been there for 20 years. Trump agreed to leave but Biden is the one who left. This is a mistake which will reverberate again and again. Colonel Richard Kemp of the British Army says this is the worst foreign policy mistake in 20 years. I think it’s the worst policy mistake in a 100 years – the decision to stay out of the Second World War was a bigger mistake – the consequences were catastrophic. Joe Biden’s withdrawal, in the way it was carried out was inept. That’s being kind. He made the decision against the advice of the people in the Embassy in Kabul and against the advice of his military. His decision to surrender Bagram Airforce Base was stupid and cowardly. Trudeau bears little responsibility – Canada is a minor player but it’s more his association with Joe Biden that pulls him down.
@#153 Franco on 08.27.21 at 8:31 am
Shameful that we still allow the breeding of pure bred dogs when there are so many in shelters. The suffering that we cause these creatures is truly a crime.
–
not to mention the cropping of ears and tails.
what a bizarre practice for this day and age.
#136 Nonplused
This shall be my one rare contribution to the nauseating covid discussions for the month:
“The human brain is amazing. It is capable of both engineering a life saving mRNA vaccine and deciding that anti-parasitic cattle paste is a better option. Just unbelievable range.”
– Dr. Glaucomflecken
——–
One is preventative, one is treatment.
Remember, people are speaking sideways on things strangely late. This jokester is doing people a disservice in this serious case.
Here is some rundown for you on Ivermectin just some facts that I’m aware of off the top of my head.
First, and most importantly, patent on it has expired, so there are generics, it is cheap, and billions can’t be made from it by some Pharma company.
Second, it is approved in humans. Discovered in the 70s by a Japanese individual who got a Nobel prize for it in 2015.
Over 4 billion doses have been administered in humans. It is an anti-parasitic drug. It is regarded by the WHO as essential medicine. It is safe for children. It is a highly effective safe drug for parasites.
Molecules of Ivermectin have shown to be effective against viruses in lab research. It has shown to be effective over a 10 year research period on viruses like Zika, Dengue, West Nile, HIV, nfluenza. All lab studies to date, no clinical trials until pandemic. It wasn’t a stretch to trial it. This drug restored the sight of millions around the world. Experts now how effective and critical the drug is.
The belief is that Ivermectin is going to be a very useful antiviral drug.
There is room for scepticism. But it does not explain the behaviour of the sceptics.
Ivermectin is INCREDIBLY safe, proven so in human use over 40 years.
@#161 45North
Sooooo, the US should stay for another 20 years, countless American lives and $trillions of dollars???
Nah.
Afghanistan has a border link with China and 1,000,000 Uighers in internment camps.
Lets let them play “World Police” for a few decades and become the 3rd Worlds’ pariah.
The US has paid enough in blood and bullion to sit this one out.
Taxing the rich is an excellent idea.
But the proposed rates are too modest. Wealth is created by many means, but if it were not for the infrastructure which regular Canadians have financed through the taxes they paid, the wealthy would have not amassed their fortunes.
Nonetheless, the puny proposal would go some distance in making the regular JoeJane feel a little less exploited by a rigged system.
Crowdedelevatorfartz, & IHCTD9, Please bring in your logic board, it is malfunctioning and needs to be replaced.
Or go back to school, what you learned in the 70’s is bunk.
“The wealthy will not be wiped out. They’re too clever. ”
They are too clever, they chose their parents wisely and know how to hide money in foreign tax havens
Miners up 6.5% in a week. Sector timing for the win.
@#165 Quintillians DEEPER in Debt
“Or go back to school, what you learned in the 70’s is bunk.”
+++
Yes.
Balancing a bank account and having money saved is sooooo 70’s.
Enjoy the interest rate and tax increases over the next decade…..you’ve earned it. :)
Good job!
#163 INFO on 08.27.21 at 9:40 am
Plenty of things show promise in a Petri dish, but with regards to ivermectin, the levels required to achieve antiviral activity in the lab are pretty much impossible to achieve in the human body.
#153 Franco on 08.27.21 at 8:31 am
“Shameful that we still allow the breeding of pure bred dogs when there are so many in shelters. The suffering that we cause these creatures is truly a crime.”
Some purebreds do suffer just because of their breed (brachycephalic dogs), but most do not as long as they are bred WELL. If you buy purebred dogs off kijiji, then yes, they will more than likely have issues.
But if you find breeders registered with the CKC and whatever association exists for the breed of interest, then you’ll get detailed ancestries, and clean bills of health for the parents and puppies. Breeding dogs properly and getting them tested is EXPENSIVE, which is why you should be looking at a minimum of $2000 for a purebred puppy (pre-pandemic pricing).
#123 Shawn Allen
“When the capitalist replaces the pick and shovel with an excavator or the hoe with a tractor, don’t you think the owner of the capital deserves a good share of that added production?”
Not when the money he used to buy the excavator and tractor came from the workers who were using picks, shovels, and hoes beforehand.
@#164 crowdedelevatorfartz on 08.27.21 at 10:01 am
@#161 45North
Sooooo, the US should stay for another 20 years, countless American lives and $trillions of dollars???
–
Their military industrial complex and affiliates would love that. their ROI from Afghanistan over the past 20yrs has been epic to say the least.
#43 Yukon Elvis on 08.26.21 at 4:05 pm
I personally would not treat T2 like that, I’d ask him some crafty questions instead.
–Watch the supply chain, food supply. This is WW3. Lines will get cut.
Just what our elite global rulers want. Say isn’t Australia/NZ supposed to be like a ‘test zone’ for all of this? Gunning for shortages in Q3?
.Australia: Truck Drivers Vow to Shut Down All Major Highways in Massive Anti-COVID Lockdown(newsweek.com)
.New Zealand Covid update: national lockdown extended after 70 new cases (theguardian.com)
—
— Yup this Global WW3 is for our Minds.
.Treat brain: how the pandemic is rewiring our minds (ft.com)
The graph shows Canada’s billionaires total wealth, but what would it look like if it included millionaires, or people with over $20m? And leaders emerge when existing ones fade, same would be if “job creators” left, new ones would emerge, and cost of housing would decrease during brief blips in recessions caused by wealth tax. Personally I think we just need to reduce foreign capital from sloshing around our country inflating our housing markets (even the psychological part), and focus on rapid building of livable homes (not shoe boxes) in GTA and YVR to create jobs and reduce tight markets which should stabilize rents and housing.
As for that TFHSA … what an idiotic idea. The folks who are suffering can’t afford to stuff their TFSA or RRSP anyways, so this will create a big wealth divide within a generation. And the next big thing to hit housing is dying boomers anyways, that will create some vacancies and price drops all else equal. Might as well create a tax deductible bank of mom contribution for parents while we are at it!
Better hope Justin doesn’t take a page from his favorite dictatorship’s book.
“$46 million fine on actress Zheng Shuang’s tax fraud in line with common prosperity goal as China tightens regulation on tainted celebrities”
https://www.globaltimes.cn/page/202108/1232658.shtml
What I learned in the 1970’s was get a good , in demand education. Apply yourself steadily in your career , and things will work out well.
Both wife and myself did just that. Things were going fine until about 15 years ago. Although perhaps 20 years ago the first signs could be seen.
Prices slowly but surely rising faster than income. We both thought that further education , advancement in our careers would be the answer. Slowed things down a bit but still a slow but steady slide of income vs prices over time.
Unfortunately we were both from standard Canadian , middle class family’s . The rule of thumb we were brought up with was that” investing was gambling”.
“Invest in your self and your own sweat equity.”
I have to admit that for quite a few years there was very little spare cash in our household. Substantial Student loans . Several years in the 1980’s with minimal income due to School. Then buy a modest house. Lower mainland so even then a modest house still gobbled up a very substantial chunk of our income. Then the offspring. You know how that goes.
Demanding careers , but apart from a very basic lifestyle , not very much to show for it.
We still live on much the same sort of standard of living as our student days.
No debt but old cars, old house, a never ending sink hole of time and $ , and very few ” disposable $ ”
Somehow I thought all that hard work and spending discipline would have had more tangible benefits.
24 days until an unnecessary and expensive election.
We should be concerned about the promises T2 has yet to announce.
When debt becomes too much, trigger a revolution (behead all elites, aristocrats and 1%) and repudiate all debt. I believe the French, Chinese and Russians did that. The German and Japanese started a war which they lost and then had to be bailed out. Sure, many people died but the debt disappeared.
DELETED (Anti-vax)
#231 KLNR on 08.26.21 at 5:06 pm
Interesting, similar path for me.
grandparents and mother emigrated to ontario in the early 50’s from germany, born here in ’72.
consider myself a genX to the bone and definitely not an old stock canuck. growing up in rural ontario you needed to be 3-4 generations in for that distinction.
hell, if your great, great, great grandparents weren’t from the town you weren’t considered a local lol.
————
True dat, I’m also surrounded by long time here old school Scots, Brits, Irishmen, etc.. but I’ve never found these guys to have such a connection to their heritage that they consider non-Anglos as any different.
What we all had was sort of a “rural culture” or “lifestyle” and this lead the way socially. I fit right in on that front, and it feels old school Canadian to me. I would probably describe “old school” as more of a culture.
I’ve been sautéed in OSC culture my whole life, most of my aunts and uncles married Canadians, so my extended family today is full of Anglo blood everywhere you look – including my own kids.
#160 Sail Away on 08.27.21 at 9:16 am
.
If anything, there should be laws around human breeding
—
PurebredEugenics for the win. [fixed it for you]Been loving the simultaneous grousing about an (unnecessary) election and whining about the current PM. YOU HAVE YOUR CHANCE TO VOTE HIM OUT. Stop complaining and start organizing if it really matters to you. Sheesh. I am happy to have another opportunity at enfranchisement.
#171 SunShowers on 08.27.21 at 11:12 am
#123 Shawn Allen
“When the capitalist replaces the pick and shovel with an excavator or the hoe with a tractor, don’t you think the owner of the capital deserves a good share of that added production?”
Not when the money he used to buy the excavator and tractor came from the workers who were using picks, shovels, and hoes beforehand.
———————————————
What seems to be left out of the discussion is those folks who designed, manufactured, and took a capital risk on the development of the tractors and excavators.
Without them we’d all still be scratching for a living in the dirt. That’s the world to which the tree-huggers seek a return. But not for themselves, of course. For you. YOU are the rent-seeking sinner. Not them.
The capital used to create the mainstays of modern civilization (i.e. hydrocarbon powered machinery that amplified human strength a thousand fold) was not scraped off the back of field laborers.
It was boldly amassed in a world of risk-averse backward-looking Luddites. Then, once the huge benefits of technical development (and the investments that drove it) became too large to ignore, the rest of the progress-haters were quick to claim their share.
Regardless, the Jagmeet Singhs of the world still attack the underpinnings of the system they hypocritically enjoy the fruits of daily. For that reason alone he should be ignored.
I saw two news items in the same source today. One claiming the “environment” was the most important election issue in Canada (not housing affordability), and meanwhile, another article saying the Green Party is about to vanish in a puff of irrelevance.
Good to know.
#171 SunShowers on 08.27.21 at 11:12 am
#123 Shawn Allen
“When the capitalist replaces the pick and shovel with an excavator or the hoe with a tractor, don’t you think the owner of the capital deserves a good share of that added production?”
Not when the money he used to buy the excavator and tractor came from the workers who were using picks, shovels, and hoes beforehand.
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What if the guy who bought the Excavator WAS the guy using picks and shovels before? He simply saw the same work he was doing now could be done far cheaper and faster with the Ex, so he saved up a down payment, and bought the machine.
Then he went out and put all his pick and shovel competition out of work. Human labour is slow and expensive, so he won every contract he bid on. He was getting rich until his P+S competition saw this, and bought an Excavator too.
Now he had to compete apples to apples, and soon prices started to fall as more P+S guys bought Excavators and started bidding on contracts. Before long, all the consumers were getting their holes dug in half the time, for half the price compared to the days when it was done by P+S. Prices dropped to where the excavator owners could go no lower, and getting rich now meant buying 2-3 more excavators and doing 2-3x more jobs. Just showing up with a fancy new excavator didn’t make a lot of cash like it used to.
Manufacturers built ever faster and efficient machines trying to win sales from the increasingly cut-throat excavator businesses. Getting the work, meant doing it as cheaply as possible, and billions of dollars swirled to lower last years operating costs with no stone left unturned.
In the end, the consumer won huge, new excavator manufacturing and maintenance industries sprung up, thousands of jobs were created that paid a lot more than operating a P+S ever did.
At the risk of sounding like Trudeau, who cares where the money comes from? If it is put to work productively and efficiently in a natural market context, everyone wins – and none more than the consumer. Working at Caterpillar ain’t a bad gig either.
#171 SunShowers on 08.27.21 at 11:12 am
#123 Shawn Allen
“When the capitalist replaces the pick and shovel with an excavator or the hoe with a tractor, don’t you think the owner of the capital deserves a good share of that added production?”
Not when the money he used to buy the excavator and tractor came from the workers who were using picks, shovels, and hoes beforehand.
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That would be sad but luckily that’s not the way it works. Nobody is exploiting slave labor using picks and shovels to buy track-hoes. The labor is too expensive to provide enough margin for that. Instead the “capitalist” has to risk his own money to buy the track-hoe before he will be able to be productive enough to win any jobs. Often these guys start out borrowing a bunch of money to buy their first rig and operate it themselves. If they are successful, they may be able to purchase additional equipment and hire additional operators. Some companies grow quite large, as is necessary to build major projects like roads and bridges.
But no labor is being exploited. The margins are quite tight and it doesn’t take much of an error when bidding a job to lose money.
#183 Damifino on 08.27.21 at 12:39
What seems to be left out of the discussion is those folks who designed, manufactured, and took a capital risk on the development of the tractors and excavators.
Without them we’d all still be scratching for a living in the dirt. That’s the world to which the tree-huggers seek a return. But not for themselves, of course. For you. YOU are the rent-seeking sinner. Not them.
The capital used to create the mainstays of modern civilization (i.e. hydrocarbon powered machinery that amplified human strength a thousand fold) was not scraped off the back of field laborers.
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As you probably know, I’m a bit of a heavy equipment buff. The folks who worry about the demise of hard physical human labour don’t understand it was the labourers themselves who jumped at the chance to free up time, make more money, and do way less brutal work.
The field labourers kicked off the heavy equipment industry, because it all started in agriculture. Brutal, unforgiving, life shortening labour was not a good thing. Animals helped a lot at first, but then came Tractors, combines, balers, etc..
It happened fast too. Innovation was going at the speed of light, and machines spread quickly from agriculture, to construction, to heavy industry, and for all the same reasons. Without big machines, we’d have none of the infrastructure we enjoy today – all current heavy equipment can thank their predecessors for being – going all the way back to that first tractor.
I’ve got a ‘59 track loader, it’s a construction unit. 70 hp, diesel, 10 tons. I could move a 10,000 lb pile of loose dirt 20 feet in about 5 minutes with it. A couple bucks worth of diesel tops. How many Men would it take to do the same? At what cost? A D9 could do it in 10 seconds.
You’re 100% right, no machines = no civilization. We could go as far and as fast as an Ox or Clydesdale could take us, and that’s it.
Happy to here.