Perspective

Are things bad?

Yeah, most folks would nod. Life sucks. Houses cost the most ever. Interest rates are surging wildly. You can’t trust the stock market. Putin may nuke us all. Everybody’s in debt. Inflation is crazy. There’s something called ‘recession’ coming.

This small post is aimed at those among us who are scared and shocked. Mostly they’re young. Under forty. It’s a cohort struggling to understand how things went off the rails economically.

The angst is understandable. For the past decade – even including the Pandemic Years – there were verities. Real estate was the ticket to wealth. It goes up. Always. Buy now or buy never. Interest rates would remain low. Always. When people must borrow so much for a house, the cost of loans cannot rise without disaster. And the government won’t let that happen, right? Plus, when Covid came along it proved even a pandemic wasn’t so scary since incomes were supported, and retail prices stayed reasonable. Besides, you could get a dog, stay home and still get paid.

Well, the old dudes know that was a weird decade. Over the last 40 years, for example, the average mortgage rate was 7%. We’re not even back at that level yet, and people are freaking. Inflation is irritating, but not double-digits as before. Markets are 20% below their record high, but not 55% down as happened in the credit crisis (14 years ago, when most Millennials were just emerging from the parental basement).

Here is some perspective and – I hope – a reminder this is not our first rodeo. For example, take a look at what central banks have been doing. Here’s the Fed funds rate. This is the benchmark for the cost of money in the US, Canada and most of the world. See that little, weensy eruption on the right hand side? That’s what all the fuss is about. Pathetic.

But wait, the kiddos cry. Real estate costs a fortune. We’re borrowing our buns off to get some. In fact even you, Garth, wrote about how crushing a 5% mortgage is compared to one at 2%. The higher house prices go, the bigger the loans and the more impossible it is for newbie buyers. What about that do you not understand, you paleo dino Boomer colonial oppressor?

Well, yes. Home loans at two percent were sweet. Free money. But that is not, nor ever was, normal. Besides, incomes have been increasing. WFH and Covid reduced household and commuting costs. Government support (for parents, for example) has never been so generous. Social spending has exploded, as witnessed by the federal debt. And yet middle-class taxes have been frozen.

So how do home ownership costs – even with crazy real estate values – compare historically? Let’s have a look.

Yes, that’s a serious spike – and it’s 100% attributable to the fact we’ve turned homes into financial assets, breeding speculation, hoarding, flipping and runaway FOMO, financed heroically by the Bank of Mom and HELOCs. Now all that is unwinding. The pendulum is swinging back. I defy you to say that’s not a positive.

And what about the financial markets?

Every time the S&P loses 1% or 2% in a day the steerage section brims with armchair analysts telling you that a 50% or 80% drop is coming. This is based largely on neck hairs and Tums. After a decade of gains, growth, expansions and earnings we’ve lost all perspective. Things go up. Then they go down. After that, they recover. The global economy will continue to grow, technology will advance, problems will be solved. Look at Covid. Despite the virulent anti-vaxers, the world largely suppressed a 1919-style pandemic in two years. Awesome. Now Elon is taking us to Mars.

What are the odds current inflation will fade, rate hikes will end, the supply chain heal, corporate profits grow and markets advance? Over time, it’s 100%. There has never been an equity correction that was not reversed. Ever. Get over yourself.

Here’s the last ten years in terms of the S&P 500.

This post is not about hectoring or telling the Mills to stop with the moans. It’s simply to add some perspective and context. Nothing happening now has not happened before. Rates, prices, war, debt, crisis, inequity and struggle. Been there. Done that. Got through it in the past. Will do so now.

Life is good. Every single day that you’re alive. Don’t blow it.

About the picture: “Regarding your recent blog about ‘quiet quitting’ and working from home,” writes the blog dog known as Sail Away, “here’s a photo of a super loyal, dedicated employee, always willing to give everything he has.  Griffin is the doodle blending in with Chilcotin grass after a hard day.  Thanks for your efforts!”

170 comments ↓

#1 Prussian Blue on 09.25.22 at 10:19 am

First!
Thanks for keeping things in perspective! Well done!

#2 crowdedelevatorfartz on 09.25.22 at 10:19 am

Yeah,
7% to 10% interest rates.
Coming to a Realtor near you.

Sitting in the grass in the Chilcotins….watch out for the small cactus!

#3 Apocalypse NOW on 09.25.22 at 10:22 am

Putin is getting cornered, and he controls all the buttons.

Global catastrophe is highly likely within the next month.

PREPARE

How many times have you tried this? Go away. – Garth

#4 Bill zufelt on 09.25.22 at 10:23 am

The Nikkei at 41,000 in 1990 and 26,000 now—maybe not forever but someone 45 back then is likely dead from old age.

We’re not Japan. They have negative demographics, immigration aversion, restricted resources, growth challenges, and still are not over their senseless real estate bubble of three decades ago. – Garth

#5 crowdedelevatorfartz on 09.25.22 at 10:24 am

@#97 Phylis
“The cbc should be defunded. I’m tired of them telling me about mental health. ‘
+++
Agreed.
$1.2 billion in taxpayer handouts to harangue the viewers about their racism, colonialism and misogynism wears a little thin after the second decade.

#6 It's bad. Really really bad. :-) on 09.25.22 at 10:29 am

We now have more income and wealth inequality than at any time in the last hundred years. In the year 2022, three multibillionaires own more wealth than the bottom half of American society – 160 million Americans. Today, 45% of all new income goes to the top 1%, and CEOs of large corporations make a record-breaking 350 times what their workers earn.

Meanwhile, as the very rich become much richer, working families continue to struggle. Unbelievably, despite huge increases in worker productivity, wages (accounting for real inflation) are lower today than they were almost 50 years ago. When I was a kid growing up, most families were able to be supported by one breadwinner. Now an overwhelming majority of households need two paychecks to survive.

https://www.theguardian.com/commentisfree/2022/sep/02/the-us-has-a-ruling-class-and-americans-must-stand-up-to-it

#7 the Jaguar on 09.25.22 at 10:32 am

‘super loyal, dedicated employee, always willing to give everything he has. Griffin is the doodle ..’

Hiding in natural camoflauge in the tall grass. Smart move. Especially on this blog where if you hold contrary opinions to others you are roasted. ‘How did we arrive at this place ‘ is just too complex for the feeble minded.

#8 crowdedelevatorfartz on 09.25.22 at 10:35 am

10,000 vacancies in the Canadian Military.

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwih3cTtkrD6AhVbHjQIHaB_AjYQlO8DKAB6BAg0EAE&url=https%3A%2F%2Fwww.burnabynow.com%2Fnational-news%2Fmilitary-sounding-alarm-over-recruiting-problems-as-canadians-steer-clear-5867623&usg=AOvVaw3bw9syYtHqeHm0_51w98oP

As the world slow marches into a possible global conflict the Canadian Military recruitment of “young , white, males” is being curtailed to encourage more women and minorities.

“Recruiters are given targets to meet, with spots divvied up by trade, as well as minimum targets for female recruits and maximums for men. There is also a high-level push for what the military still refers to as “visible minorities” and Indigenous people.

“Diversity is what we’re after,” Clark says.

A $20,000 signing bonus.
Seems like the Armed Forces might need a long, hard recession to help swell the ranks.

#9 Dharma Bum on 09.25.22 at 10:41 am

I was browsing in an Ottawa bookstore yesterday and happened upon a publication from 1978 called:

Economy in Crisis – RISING PRICES – Why Inflation hasn’t been licked and why it may never be.

By H. Lukin Robinson

The irony was that it 1978 it cost $2.50 new.
It was selling used now at $5.00.

Hahahahaha – the wheels on the bus go round and round.

Crisis? What crisis?

Just like the climate emergency. Humans will still be fretting about it in 500 years from now.

Like it’s a new thing.

#10 Sail Away on 09.25.22 at 10:46 am

#2 crowdedelevatorfartz on 09.25.22 at 10:19 am

Sitting in the grass in the Chilcotins….watch out for the small cactus!

———

Yes, especially on the hot south-facing slopes. We carry metal combs to flick them out and forceps to pull the spines. The dogs get very good at avoiding as well.

#11 Grateful in Victoria on 09.25.22 at 10:48 am

As i read your blog, I see Moms get a good portion of the blame here for the problems we see in real estate. After all, they primarily financed the crazy purchases thereby inflating the bubble even further.
So Garth, where were the Dad’s? Did they not see the hundreds of thousands of dollars going out of their joint assets? Or did they simply bury their heads in the sand?
Hmmmm. Not much wonder we are in a financial pickle, half the mature population was missing in action.

#12 Joe Lalonde on 09.25.22 at 11:00 am

DELETED (Puerile)

#13 Terry on 09.25.22 at 11:07 am

“This post is not about hectoring or telling the Mills to stop with the moans. It’s simply to add some perspective and context. Nothing happening now has not happened before. Rates, prices, war, debt, crisis, inequity and struggle. Been there. Done that. Got through it in the past. Will do so now.”

Excellent post Garth! Put another way…………

“There is NOTHING new under the sun”

P.S.
Getting ready to buy more quality stuff in the stock markets this coming week. I’m calling it the 10 to 20 percent off early Thanksgiving sale.

#14 Bill zufelt on 09.25.22 at 11:08 am

Okey doke ,so no where, ever except Japan and who knows where else—got it

#15 Flop… on 09.25.22 at 11:10 am

Early 2021 I was happily plugging away at work, Covid had been ripping for about a year, think I had one vaccine, about to get the second one in a few months.

All of a sudden work started getting squirrelly, I had been largely doing renovations in houses with no occupants, the next few on the cards were people’s residence, they were nervous with the daily count on the side of the television, and decided to cancel the contract last minute.

The contractor apologized, even though it wasn’t his fault, and recommended I filed for CRB, or find a contract elsewhere, in the meantime.

I called CRA to tell them what had happened, they said I was eligible, I didn’t apply straight away, only after doing the rounds of trying to find another job.

I received two $900 payments from the government, I could have been a lazy ass and stayed on it, but in the meantime I had found a contract or two, and had started looking for a regular paycheque in a different form, employee not self-employment, as I didn’t like the idea of being told to stay home at the drop of a hat.

Anyway, got a letter from CRA last week, they want proof of income reduction during that time, being a sub/contractor I don’t get anywhere near the paper proof of what’s going on in my current government job.

I contacted the contractor, he wrote a great letter to the CRA telling them exactly what was happening at the time and why I had to file, I went them to believe me but understand I’m an easy target for them to drop the hammer on.

If the final decision is for me to give the $1800 back that’s what I’ll do, but here’s the thing, during this time, I paid all my bills, I got out of bed everyday and tried to better myself, sadly during this time lots of people saw it as a chance to rip their landlords off, stiff their boss, and take the free cake from the government, that was all to willing to hand it out to people that didn’t qualify.

As I’m sure all have us had heard tales about people abusing the system, I stopped counting, that’s for sure, let’s have a look at this one I saw on Twitter the other day.

“After taking possession of a property back from defaulting tenants my clients discovered receipts for the tenants plastic surgery. Not to mention the Gucci purses. She couldn’t pay rent during 2021 but had $18k in cash for this.”

So this chick didn’t pay her rent, but had 18k laying around for liposuction and a boob job.

May she look good in the dock…

M48BC

https://mobile.twitter.com/VarunSriskanda/status/1573485510709878801

#16 KURT H EDWARDS on 09.25.22 at 11:16 am

#12 Joe Lalonde

DELETED (Puerile)

Hey Garth, maybe I haven’t been watching closely enough, but that’s the first time I’ve seen that one. I’m torn between asking what a dog has to do to get that, and hoping that it gets used more often.

#17 SW on 09.25.22 at 11:17 am

Everything returns to the mean eventually. Interested to see how far things swing the other way before it all settles. I’m more curious to look back at the funds rate chart 10 years from now. No idea where anything is going but the long term downtrend in the $TNX has been broken but where it stops, no one knows despite all those Bay / Wall street analysts telling you they do. They get paid to be wrong time and time again.

#18 CL on 09.25.22 at 11:17 am

“Nothing happening now has not happened before. ”

This applies to everything in life. Read it somewhere.

#19 Mattl on 09.25.22 at 11:18 am

The past decade was not sustainable, have been saying for a while that the roaring 20s are not coming, rather we just lived through them. What else would you call a decade where everyone has 3 cars, 2 homes, a trailer and a designer dog.

Agree completely that this reset is healthy. I suspect savings rates will go up, consumer debt will go down. I do think we are in for a longish period of dead money, consumer habits will likely change and that won’t be great for corp profits in the short term.

#20 jess on 09.25.22 at 11:19 am

The answer to this is YES and so why is it we hear nothing of this with our politicians and what they will do?

Is Canada a Haven for Money Launderers?
The Agenda with Steve Paikin

September 22, 2022

https://www.tvo.org/video/is-canada-a-haven-for-money-launderers

=======
More than EUR 200 million laundered

Based in Spain, the main suspect and his associates were in charge of collecting large amounts of cash from criminal organisations which they would then ‘deliver’ to other criminal organisations in other countries.

The money was transferred using the hawala underground banking system, an informal method of transferring money without any physical money actually moving. During the course of the investigation (1.5 years), it is believed that the suspects have laundered over EUR 200 million using this method. The scope of activity of this criminal organisation is worldwide.
Shell companies and premium brands

The main members of the organisation in Spain had created a brand of vodka promoted in nightclubs and restaurants in the Costa del Sol to disguise the source of their earnings.

In a similar fashion, they had founded a company in the United Kingdom, dependent on another company based in Gibraltar, in order to hide the true identity of the administrators of the companies that were being used to launder the illegal profits using the hawala system.

One of the suspects arrested ran a car dealership and was in charge of providing vehicles to the criminal organisation in which he had built concealed compartments to transport the large amounts of cash undetected.
Europol coordination read more @
https://www.europol.europa.eu/media-press/newsroom/news/one-of-europe%E2%80%99s-biggest-money-launderers-arrested-in-spain

========
snow washing? see how this involves canada
Swiss-Based Fund AOG Poured Cash Into Joint Accounts With African Politicians

=======================
Earlier in July the Joint Money Laundering Intelligence Taskforce (JMLIT), a collaboration between law enforcement and the financial sector in the U.K., issued a red alert

Mr. Usmanov main portfolio investments, that is, in Russia. This excluded the need to re-pay taxes on income in Germany, according to the double taxation treaty between Russia and Germany.”…“the properties concerned are in family trusts of which Mr. Usmanov is not a beneficiary.”
…”German authorities are believed to have received nearly a hundred such reports from leading German banks, including some filed as recently as this year.

…case against him for money laundering in German court could prove challenging. According to German law, a conviction of money laundering requires proving a predicate crime. ”

whereas in USA Leitta James has a lower bar using 63 (12)
===
https://www.occrp.org/en/daily/16734-report-switzerland-ill-equipped-in-fight-against-money-laundering

=======
a school to teach fraud?

Nigerian Authorities Raid Cybercrime Training Centers

Nigerian authorities raided several schools specialized in teaching internet fraud and arrested two owners and seven students, according to a press release by the country’s Economic and Financial Crimes Commission (EFCC).

jefferson-santos-9SoCnyQmkzI-unsplash – SmallNigeria is known as one of the global cybercrime hotspots. (Photo: Jefferson Santos, Unsplash, License)Cybercrime, known in Nigeria as ‘yahoo-yahoo’, is a flourishing industry that attracts many young people who are looking for any kind of jobs in a country with a 33.3% unemployment rate. Clandestine cybercrime schools offer lessons in internet fraud to those interested to try their luck in this sector.

#21 BC Doc on 09.25.22 at 11:29 am

This high inflation economy reminds me of the early 1970s back when I was a grade school kid. If this keeps up, I may have to pull out my bell bottom jeans.

Going with a Retro Sunday theme, here’s former Fed Chairman Paul Volcker testifying in front of the Senate Banking Committee (circa 1983) per the clip, all the while smoking a big cigar. A longer clip of the same hearing talks about whether Volcker will be pressured to cap mortgage rates below 13%.

One question— does the guy standing behind Paul Volcker’s shoulder wearing the powder blue seer sucker suit and pink shirt look like a younger version of anyone we know?

https://www.c-span.org/video/?c4730496/user-clip-volcker-bad-cop

#22 Angry White Male on 09.25.22 at 11:40 am

#5 crowdedelevatorfartz on 09.25.22 at 10:24 am

@#97 Phylis
“The cbc should be defunded. I’m tired of them telling me about mental health. ‘
+++
Agreed.
$1.2 billion in taxpayer handouts to harangue the viewers about their racism, colonialism and misogynism wears a little thin after the second decade
___________________

Thank you so much crowdie, for this and also your comment #8 that “…the Canadian Military recruitment of “young , white, males” is being curtailed to encourage more women and minorities.”

It makes me feel at least relatively safe in this comments section when people like you speak up for our kind, fast becoming the most mistreated and oppressed part of our population.

#23 millmech on 09.25.22 at 11:47 am

#11
Happy wife, happy life, the other half has been well trained to keep their mouth shut.

#24 Parksville Prankster on 09.25.22 at 12:10 pm

The longer I’m on this planet, the more I realize with investing, as with life;

Pain is inevitable, suffering is optional.

#25 Iman Opportunist on 09.25.22 at 12:15 pm

The Optimist said the glass was half full.
The Pessimist said the glass was half empty.

I drank the water.

#26 baloney Sandwitch on 09.25.22 at 12:26 pm

Great post today. Cost of money is normalizing. The last 14 years were definitely not normal. It took a pandemic to knock the world to its senses. Let us get on with it now.

#27 crowdedelevatorfartz on 09.25.22 at 12:28 pm

@#15 Floppie
“…..sadly during this time lots of people saw it as a chance to rip their landlords off, stiff their boss, and take the free cake from the government, that was all to willing to hand it out to people that didn’t qualify….”

+++
Yep.
They allll loved ( and voted) Trudeau then.
Let’s see how many vote Liberal after the CRA finishes with them.

#28 TurnerNation on 09.25.22 at 12:33 pm

Anybody living in Atlantic Canada with its storms may wish to vacate the area within 5 years.
Why. When gas/diesel engines are banned by then the clean up efforts will become near impossible.
Stuck in the stone ages, no electricity.

Am I exagerating? My city already uses the “Hybrid” ambulances. It says so on the side.
I mean that’s just want you want in a mission-critical vehicle, the extra weight/complexity/dis-ease of repair?

Imagine a day when the emergency and repair vehicles fall into discharge and may not be charge fast enough to meet the call demand.
It’s coming. California is to set to ban ICE delivery trucks by 2040. Those truck which are to bring us food.

But our Climate! It will be superb. It will be world-class by then. Best. Climate. Eva.

Is there anything that the element of carbon cannot do?
We are told it causes more rain. Less rain. More wind. Less wind. More snow. Less snow. More heat. Less heat, more coldness. Rising sea levels. Falling sea levels and drought.
That rascally atomic mass has caused a Climate Crisis! Look around surely you see the crisis?

#29 Sam on 09.25.22 at 12:38 pm

Why didn’t you include a chart that shows real estate price increase over the last decade as well next to the stock market one?

Why? They are entirely different asset classes. – Garth

#30 TurnerNation on 09.25.22 at 12:51 pm

What’s up with digital currencies? And will they one day be linked with your digital ID, social credit score, and Carbon Credit Allotment? Sounds like a wild Internet Consp. Theory.

Look all of this is a done deal. Globally. Wait 6 months to a year, and a Consp. Theory Comes true.
LOCKSTEP, like the Social and Economic Lockdowns. The kick off was in March 2020.

https://www.businessinsider.com/recession-risk-inflation-interest-rate-hikes-threaten-global-economic-downturn-2022-9
More than 80 central banks are aggressively raising interest rates to cool inflation.
The synchronized rate hikes could throw the world economy into a slump.

https://www.whitehouse.gov/ostp/news-updates/2022/09/16/technical-possibilities-for-a-u-s-central-bank-digital-currency/
A “digital dollar” may seem far-fetched, but modern technology could make it a real possibility.

A United States central bank digital currency (CBDC) would be a digital form of the U.S. dollar. While the U.S. has not yet decided whether it will pursue a CBDC, the U.S. has been closely examining the implications of, and options for, issuing a CBDC.

#31 Linda on 09.25.22 at 1:02 pm

‘Griffin’ looks like a contented pup:)

The affordability chart is quite educational. As for how tough life is these days, for those who haven’t previously experienced this be assured that it is nothing new. Read up about the ‘Dirty 30’s’ for a perspective regarding just how tough things got. As for the wealth divide, it existed then too. Maybe not so in the face, but back then media/the Internet wasn’t pumping out examples of ‘us vs them’ 24/7 like it does today.

Here is the thing I see. Despite all the cries about how bad things are, Canadians have never had more of a social safety net. Those of us who live here have a lifestyle that only the very top tier of folks had in previous generations. Makes me wonder whether folks have to literally lose said lifestyle to appreciate what it is they have. Myself, I prefer to keep it & make improvements whenever possible. Much more enjoyable.

#32 Quintilian on 09.25.22 at 1:03 pm

“What are the odds current inflation will fade, rate hikes will end, the supply chain heal, corporate profits grow and markets advance? Over time, it’s 100%.”

That is why you make the big bucks Garth.
You know how to hedge your bets.

Yes 100% iron clad guarantee you will be correct.
The unknown variable is over what time frame.

Crowdie may not be alive by the time the recent losses are wiped out.

Tick Tock Tick Tock

#33 Austin on 09.25.22 at 1:04 pm

The Canadian Dream.

Get ripped off renting rooms and paying $700 a head or more to share a bunk-bed in Toronto or Scarborough.

https://www.thestar.com/business/2022/09/24/foreign-students-face-a-wave-of-rental-ripoffs-as-landlords-illegally-demand-up-to-six-months-rent-upfront.html

#34 jess on 09.25.22 at 1:15 pm

Read why this danish city banned from the local schools Google’s education products—its Chromebook laptops and school software—are deeply embedded in Denmark’s education system. Around half of the country’s schools use Google, and some students in Helsingør get their first Chromebook at the age of 6.

https://www.wired.com/story/denmark-google-schools-data/

#35 Lil potatoe in the Maritimes on 09.25.22 at 1:21 pm

https://twitter.com/i/status/1573815779744948224

Trudeau savimg Canada from deadly stormy Daniels…loool

#36 ulsterman on 09.25.22 at 1:21 pm

I understand showing a 10 year S&P chart to demonstrate that long term the market always goes up. It certainly seems to. But, as a previous poster mentioned, 80% of all the money every created by the Fed has been created in the past 2 years. Maybe we did unleash an ultra-low interest rate / money printing, Frankenstein-type monster that MAY this time be different. Or at least it may take far longer than anticipated to clean up the mess?

#37 Brett in Calgary on 09.25.22 at 1:21 pm

Assets will appreciate again, when the value of money decreases again. Without favorable secular trends, cheap debt and QE are the drivers. We are not Japan, but we are not Mexico (mostly young) either.

#38 Franco on 09.25.22 at 1:34 pm

“There has never been an equity correction that was not reversed. Ever. Get over yourself.”

There could always be a first time. We have no idea how Russia will respond if things get really crazy and will NATO respond in kind? This may be the reset that could bring us back to the starting line. Let’s hope we all stay in the living column, but in the meantime, live.

#39 WTF on 09.25.22 at 1:37 pm

#15 Flopster

Yes waaay easier for CRA to target the low hanging fruit.

Dealing with ongoing criminal activity that distorts economies and rewards malfeasance on a gargantuan scale, negatively impacting Canada’s standing as a country with the rule of law? Not so much

https://www.tvo.org/video/is-canada-a-haven-for-money-launderers

#40 DOWn on 09.25.22 at 1:39 pm

Deflationary pattern forming.
Fuel & food costs will continue to rise.
Products sitting in warehouse’s prices will decrease.

#41 Søren Angst on 09.25.22 at 1:47 pm

paleo dino Boomer colonial oppressor

– Garth

You forgot:

Overlord …

My Liege.

TOO funny Garth. I burst out laughing when I read that. Yes I did.

————-

PS:

Will let you all know later this evening if me having bought a BLACK SHIRT was the reasonable thing to do here in Italia after the Nat’l Elections results.

#42 Søren Angst on 09.25.22 at 1:55 pm

Nothing happening now has not happened before. Rates, prices, war, debt, crisis, inequity and struggle. Been there. Done that. Got through it in the past. Will do so now.

—————–

History repeats, she is a good teacher – few pupils.

Tonight one of her star students relates her wisdom.

Nicely said tonight Garth, indeed.

And, it will get better 🍁. Always has. Always will.

#43 DON on 09.25.22 at 1:57 pm

#8 crowdedelevatorfartz on 09.25.22 at 10:35 am
10,000 vacancies in the Canadian Military.

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwih3cTtkrD6AhVbHjQIHaB_AjYQlO8DKAB6BAg0EAE&url=https%3A%2F%2Fwww.burnabynow.com%2Fnational-news%2Fmilitary-sounding-alarm-over-recruiting-problems-as-canadians-steer-clear-5867623&usg=AOvVaw3bw9syYtHqeHm0_51w98oP

As the world slow marches into a possible global conflict the Canadian Military recruitment of “young , white, males” is being curtailed to encourage more women and minorities.

“Recruiters are given targets to meet, with spots divvied up by trade, as well as minimum targets for female recruits and maximums for men. There is also a high-level push for what the military still refers to as “visible minorities” and Indigenous people.

“Diversity is what we’re after,” Clark says.

A $20,000 signing bonus.
Seems like the Armed Forces might need a long, hard recession to help swell the ranks.

*************
Sign me up.

Just one condition: Can I fly the Drones from my own home command centre? Starlink coming to a theatre near you.

We have some of the best gamers in the World. Was bound to come in handy someday.

#44 Dogman01 on 09.25.22 at 2:43 pm

#8 crowdedelevatorfartz on 09.25.22 at 10:35 am

10,000 vacancies in the Canadian Military.

—————————————————-

Our globalist ruling class is smarter than you think, think Feudal.

Yes the military defends their fief from control of other “foreign” systems, but one of its primary purposes in the eye of the rulers is to be the last full measure to ensure domestic power is retained. Ultimately “power comes out of the barrel of a gun”

During the Freedom Convoy and the Covid Emergency our ruling class realized a good portion of the Police and Military will only go so far. Disciplined, motivated, rough Men whom deal violence in the night will usually break conservative.

https://www.peacequest.ca/cbc-reporter-reveals-close-ties-between-police-and-trucker-protesters/

Intersecting examination of the dynamics of a hypothetical civil war in the USA.
Who will win America’s Next Civil War : https://www.youtube.com/watch?v=5JDLrSRROC8&t=1530s

What he says about the Western young males ethos and where they would stand when push comes to shove rings true.

#45 Angela on 09.25.22 at 2:45 pm

I have no sympathy for people that had a chance to be responsible with their life or lives and blew it on purpose. They knew they were blowing their money and did not care. Remember the life is to short to plan, be prudent, try to prepare for some financial and their cushions crowd. Okay deep debt junkie. I know alot of people made fun of me because I actually saved my money for many years. How about that what a concept, actually trying to prepare for the future. Yes, some people just have bad circumstances that are not their fault they could not control and these are not people I am not referring to.

#46 Warren-the-lagging_indicator on 09.25.22 at 2:47 pm

Politics is war, fractal though it is, hence the dense fog. That gap will get filled…. it always does, so the markets will surely recover. No, the Germans are not going to be allowed to freeze to death en masse in their homes and we never went to the moon, Boomers.

#47 Elon Fanboy on 09.25.22 at 3:03 pm

Well let’s just hope this correction doesn’t lead to a repeat of the 70’s.

Market went sideways for 16 years….

Talking of Elon, he’s gonna do a pretty big static fire test soon on his Mars rocket down in Texas.

Contrast with NASA which is between a rock and hard place trying to get its $4B SLS rocket off the ground. 2 failed attempts, various on board components approaching end of life, and today they will probably be forced to roll it back inside due to tropical storm Ian.

#48 NOSTRADAMUS on 09.25.22 at 3:19 pm

DOWN MEMORY LANE.
Once again Garth, from your lips to my ears. “What are the odds current inflation will fade, rate hikes will end, the supply chain heal, corporate profits grow and markets advance? Over time, it’s 100%. There has never been an equity correction that was not reversed. Ever. Get over yourself.”
Garth you are 100% correct regarding your above statement, however, there are two sides to your good times are coming back story. Being a grey beard, I remember only too well the carnage and lives that were financially destroyed back in the 1990’s real estate correction, 30% plus , poof, gone, if you were one of the lucky ones, even more for the not so lucky. It was 12 long years before real estate values got back to the 1989 peak in my area. Lives, forever altered, and not in a good way. So yes, your above comment is correct, however let’s not sugar coat reality. A generation of “Wee Little People” are not going to survive, financially, emotionally, or health wise this turn of events. Finally a voice of reason.

#49 Piano Girl in B.C. on 09.25.22 at 3:29 pm

Amen!
Thank you Garth!
Hope you’re feeling much better, please keep up the informative messaging and take care of yourself and your loved ones, Dorothy and pup.

#50 The General on 09.25.22 at 3:35 pm

I only wish I still lived in a country where we are all equal. Not a hodge-podge of special interest groups vying for attention/money/power. Especially the ones who believe their victim hood allows them to force everyone else to bow down to them and their cause. Canadians are not equal! Some have special rights, while others are blamed for our past mistakes, which happened before they were born. Our leader cries, apologizing incessantly for things the vast majority had no hand in. Technology, the Holy Grail of liberating the masses from their own ignorance, has achieved the opposite effect. Woe, Cana-duh. In the great game, we are the goldfish, with daily feedings of claptrap, living in ornamental castles in the sands at the bottom of our glass prisons.

#51 crowdedelevatorfartz on 09.25.22 at 3:56 pm

Regular gas is $2.33.9 in Burnaby today.

I filled my truck at $2.19.9 yesterday
71.5 liters = $155.
Winter will be cold and long.
I’m seeing more and more Gas sucking SUV’s with private For Sale signs taped to the windows.
Good luck selling that huge motor home with the Motorboat trailered behind it..

#52 Fact Checker Fred on 09.25.22 at 3:58 pm

I am exceptionally good at making charts.

FRED

#53 kommykim on 09.25.22 at 4:07 pm

RE: #5 crowdedelevatorfartz on 09.25.22 at 10:24 am
@#97 Phylis
“The cbc should be defunded. I’m tired of them telling me about mental health. ‘
+++
Agreed.
$1.2 billion in taxpayer handouts to harangue the viewers about their racism, colonialism and misogynism wears a little thin after the second decade.

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

I’m sure you’ve noticed that the comment section on CBC is always disabled when they post an article about “racism, colonialism, misogynism, etc”…
I guess they’re afraid that their censor AI bot would crash taking the entire website down with it…

#54 Quintilian on 09.25.22 at 4:11 pm

#40 DOWn on 09.25.22 at 1:39 pm
“Deflationary pattern forming.
Fuel & food costs will continue to rise.”
Products sitting in warehouse’s prices will decrease.

Not deflation, only disinflation, which will be temporary, but the CB’s would have some historical reference to it.

And if they don’t submit to political pressure, and do the right thing; they won’t change the course they are on now.

#55 Sail Away on 09.25.22 at 4:21 pm

#53 kommykim on 09.25.22 at 4:07 pm

I’m sure you’ve noticed that the comment section on CBC is always disabled when they post an article about “racism, colonialism, misogynism, etc”…

——–

Yep. Only so much of that garbage can be crammed down peoples’ throats before the centrist majority pushes back. Thankfully we have now achieved pushback.

Swing pendulum, swing.

#56 AM in MN on 09.25.22 at 4:25 pm

Lots of good to come out of the present rebalancing.

Could be a sideways market for a long time like the ’70’s due to corporations that were loading up on cheap debt to buyback their own stock and goose the payouts to the Sr. Executives, now need to re-finance at higher rates, dragging profits, possibly selling shares, all bad for their stock price.

This will lead to a re-shuffling at the top as boards pick new leadership that actually focuses on running the company, not running up the stock price.

Worker shortages are here to stay, leading to better wages but lower corp. profits, again less for the rentier class and more for the workers.

The good part is many who can work, but have stopped, might go back to work, thus leading to more overall productivity.

Technology will march forward as well, one of the benefits of globalization. Another is for the smart ones to not latch themselves too hard to one political entity and keep their fingers in several different countries for opportunities, thus putting some discipline into the ruling classes not to go overboard with taking away freedoms.

As the western world ages, let’s hope some sanity comes back to the young in terms of valuing family over Government!

#57 Faron on 09.25.22 at 4:45 pm

#2 crowdedelevatorfartz on 09.25.22 at 10:19 am

Sitting in the grass in the Chilcotins….watch out for the small cactus!

Or the gulf islands for that matter. I’ve nearly stepped on a few there. The rain shadow hereabouts is no joke.

#58 Interstellar Old Yeller on 09.25.22 at 4:50 pm

I really appreciate the perspective and especially the charts. Thanks Garth, hope you’re having a nice weekend.

#59 Niagara Region on 09.25.22 at 4:52 pm

RE: Flop #15
I usually find your posts very informative, but I can’t help but wonder if the liposuction tale on Twitter is an urban legend. Regardless, the tale pales in comparison to an exclusive Ottawa golf club having a one million dollar surplus thanks to the Canada Emergency Wage Subsidy (CEWS) program, a surplus the club refuses to return. Here is a CBC News report:
https://www.youtube.com/watch?v=_rz3qEOw8f4

#60 yvr_lurker on 09.25.22 at 4:58 pm

Well let’s just hope this correction doesn’t lead to a repeat of the 70’s.

Market went sideways for 16 years….
———–

Very good comment. If one shows the graphs of the index as Garth has done but only since 2013, it obscures the phase that you mention where the market went sideways for an extended period. Coincided with staglation, and we are now getting to the period where inflation will be hard to tame, but where a recession will very likely occur. I don’t see the roaring 20s in our horizon, as I think that it was the last 8 months where there was huge pent up demand for travel etc…

For balance, it would be interesting to show a graph of the average SFH house in Vancouver from the mid 1980s to now.

#61 Loonie Doctor on 09.25.22 at 4:59 pm

#6 It’s bad. Really really bad. :-) on 09.25.22 at 10:29 am
We now have more income and wealth inequality than at any time in the last hundred years. In the year 2022, three multibillionaires own more wealth than the bottom half of American society – 160 million Americans. Today, 45% of all new income goes to the top 1%, and CEOs of large corporations make a record-breaking 350 times what their workers earn.

*******************************************
Yes, there are outliers at the top. That is not new. If this is the worst ever, I ask how many of those 160 million Americans in the lower half lack electricity, running water, food, cell phones, cars, public education, etc? Someone from even 20 years ago will call them all wealthy – look at their TVs, computers, and cell-phones! Lifestyle of the rich and famous. It has never been better and we probably have some of the people at the top to thank for it. Everyone has gotten lifted up. Just some more than others – will always be that way. Communism has tried to drag everyone down to equal and hasn’t worked out well many times.
-LD

#62 Søren Angst on 09.25.22 at 5:04 pm

Oh Garth.

Centre Right (the NEW Black Shirts):

Crushing victory for them

Exit polls seconds ago.

I am choked.

What was that you wrote, it will get better?

Still, Viva la Repubblica Italiana … the People have spoken.

#63 DJT on 09.25.22 at 5:06 pm

Nancy Pelosi Booed At NYC Global Citizen Festival: ‘Doesn’t Bode Well For Dems Ahead Of Mid-Terms’.
Young people are not fooled by midterms publicity stunts after the past two years and are moving to The Right in droves.

#64 Nottawa Hpusing Bust on 09.25.22 at 5:15 pm

Nice chart Garth. I agree that investing markets is the path to financial succes. BUTTTT that chart was built on the lowest ever interest rates we have ever seen. They are gone. And our countries FED debt doubled in 9 months.

This is not like 08. We had rate cuts and CHINA to bail us out. This is a full on 1981…heck 1929 type crash. I still stand by my prediction. A Canadian bank will fail.

And with rates rising this fast it may be more than one. Just read the notes about hundreds of thousands of trigger warning letters being issued. This has never happened in history.

CHMC has never insured this much in history. House prices have never been this high. Debt levels this high. Russsiahas not been engaged in a full on war like this since 1940s. China may be in the midst of a military coup

It sure seems like the planets are aligning for the mother or all corrections.

So cute. No major Canadian bank will fail. – Garth

#65 Reality is stark on 09.25.22 at 5:20 pm

The middle class are not paying more tax.
That’s because the carbon tax is not a tax.
Also the middle class does not have to buy gas to go to work, nor do they need to heat their homes.
Also gasoline prices have come down dramatically in the last two years as have natural gas prices so carbon taxes and HST has decreased.
That is why overall the middle class is paying far less in tax.
Thank you T2 for creating the seeds of future prosperity as reflected in the dramatic increase in the Canadian dollar which is forecasted to skyrocket.

#66 earthboundmisfit on 09.25.22 at 5:27 pm

“Regular gas is $2.33.9 in Burnaby today.” Wow, are you ever getting hosed!!! $1.43.9 at Costco, Winona, ON. Pretty much commensurate with no-card Rez gas at Six Nations.

#67 Bob on 09.25.22 at 5:29 pm

We won’t have a drop of 80%. But some believe it’s another 25% down from here. I guess we’ll see.

We are not in Japan’s situation. Patrick Boyle has a nice video about this subject, what do you think about it? https://youtu.be/12ddOpt7Hio

Things will recover, eventually. Might take a while.

IMHO there’s a very little chance Putin will nuke the world. He’s crazy but not that crazy. Ukraine won’t stop advancing and Lavrov said russia will defend the newly annexed territories by all means necessary. I guess we’ll see soon enough.

#68 islander on 09.25.22 at 5:35 pm

“Life is good” – and short.
Every single day that you’re alive.
Don’t blow it.
Amen

#69 Mike on 09.25.22 at 5:40 pm

The “everything’s going to be alright’ SPIEL….put that spiel on a plate and let’s eat ! Induce appetite by bolstering confidence. Perspection: cats purr, dogs wag tail, men whistle. Whistling past the graveyard?

So worry and be paralyzed. Your choice. – Garth

#70 Wrk.dover on 09.25.22 at 5:55 pm

It will be a hoot when the big banks report their latest profits! Gobs and gobs of money.

I have 2% of our total worth invested in them, directly and in various ETF’s.

Somehow, I expect punishment from a woke PM will ensue.

#71 IHCTD9 on 09.25.22 at 6:08 pm

#53 kommykim on 09.25.22 at 4:07 pm
RE: #5 crowdedelevatorfartz on 09.25.22 at 10:24 am
@#97 Phylis
“The cbc should be defunded. I’m tired of them telling me about mental health. ‘
+++
Agreed.
$1.2 billion in taxpayer handouts to harangue the viewers about their racism, colonialism and misogynism wears a little thin after the second decade.

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

I’m sure you’ve noticed that the comment section on CBC is always disabled when they post an article about “racism, colonialism, misogynism, etc”…
I guess they’re afraid that their censor AI bot would crash taking the entire website down with it…

———-

CBC’s article detailing Trudeau’s drunken karaoke escapade had like 10K comments the first day. It probably won’t be long over there before every article regarding our overripe PM will be posted sans comment section.

#72 Shawn on 09.25.22 at 6:14 pm

Fed Interest rate panic.

Indeed. The chart shows the FED interest rate is just staggering to its feet off the floor. Not even up on its knees yet. So a lot of panic over a small increase.

Then again Warren Buffett has always mentioned what a powerful gravitational force interest rates are. For a while there we had almost no gravity. Now we have some.

#73 Diamond Dog on 09.25.22 at 6:24 pm

Excellent piece, I agree with everything you’ve said Garth at least in the context of economics.

The only contention I have and it has to do with context, is “nothing happening now has not happened before.” You defined it in context of “rates, prices, war, debt, crisis, inequity and struggle”, we’ve seen this all before, this is true and its just as true that the younger generation, lacking experience, discounts or doesn’t acknowledge the suffering of past generations even though past generations have truly seen this all before. It’s not intentional, but it’s almost misleading in a way to stop there because collectively or globally, it implies that we have somehow gotten past these struggles and yet, they remain.

Each generation seems to need to re-learn how to handle these conflicts and struggles because, in truth, our past generations haven’t just never fully solved these problems and these same problems are scaling up as global populations scale up. By scale and the tech alone connecting us socially on a global scale, things are different.

Because of this, there are some struggles and crisis’s that we have not seen before at least on a global perspective. This relates to overpopulation, degrading environments, man made climate change, the threat of nuclear war etc., these problems are manifesting on a much larger scale than before and they aren’t going away any time soon.

I guess what I’m trying to say is, I agree with everything you say, but there is much room for criticism with the past and present, meaning there is much room to build on what you’ve said. We have systems in place to get humanity as far as it’s gotten, but these systems have flaws and are still vulnerable to collapse because we have not effectively learned to safeguard what do have that works for us at least, collectively (look at the number of authoritarian/totalitarian regimes out there or the corruption within democracies as an example) and we aren’t recognizing our collective failures as well as we should meaning we are not as successful as we might think precisely because history is repeating itself.

In other words, what you saying Garth is true and it needs to be said that youth does not own suffering. Because of it, I enjoyed reading what you’ve said, as per usual, I might add. Past generations have worked with much less than we do now.

In the same breath, our collective problems we’ve all seen before are scaling up meaning what you’ve said is but a fraction of a beginning chapter of a book on how to solve the world’s problems, problems that youth has a right to worry over but should be reminded to take a breath because the rest of us have seen it before. Welcome to the human experience of life on Earth.

So, y’know, take a knee and have water resting assured knowing that “steerage” has got it from here ;).

Joking of course, (partly :).

#74 Shawn on 09.25.22 at 6:26 pm

Money Printing?

A couple people here lately quoted an article from seeking alpha claiming that 80% of all the U.S. dollar money in existence was printed in the past two years.

That’s utter nonsense. They must be talking about “base money” the kind the federal reserve creates with bond purchases. (I can’t access the article but see their stupid fear-mongering claim which they hope will be repeated and believed.)

Actual spending money, the kind we all can use to buy things, is M zero, M1 and M2.

Can anyone show a link or chart showing those measures up 400% in the past two years? Of course not.

Do not be misled by wacko doomers.

Below is a link to a chart of M2. Its shows the M2 money supply up to 21.7 trillion from about 15.4 trillion pre-pandemic.

Do that math and yes 29% of the M2 money was created in the past few years. That’s a lot. But it’s a far cry from 80%.

Why do people believe in absolute utter nonsense?

Five minutes or so for me to debunk that crazy claim. Sheesh.

https://fred.stlouisfed.org/series/M2SL

#75 Steven on 09.25.22 at 6:39 pm

Just follow what Central bankers DO not say and investing is simple.

End of story.

#76 Linda on 09.25.22 at 6:44 pm

#51 ‘crowded’ – actually, I’ve read that not a few people have purchased motorhomes to use as housing on at least a semi-permanent basis. So sales might be better than one may think.

#61 ‘Loonie’ – exactly! Thing is, folks take this stuff for granted & only see what they haven’t got, not what they have. I guess that is human nature, but geez, one would think folks would have clued in by now.

#77 jess on 09.25.22 at 6:45 pm

have they seized this guy’s assets?

Russian Orthodox Church leader Patriarch Kirill preaches in support of Putin’s unholy war and assures all draftees that if they are killed in Ukraine they will go straight to heaven. Patriarch Kirill said in his sermon today that soldiers dying in Ukraine would have all their sins washed away
a poster wrote :It’s always old men preaching to young about the glory of death. Perhaps the Patriarch himself should go to the front lines in Ukraine and embrace the blessedness of ascending to the pearly gates during wartime.
https://twitter.com/i/status/1574058496324157440
====================
New ‘Proekt’ investigation uncovers millions of dollars in real estate belonging to Patriarch Kirill and his family membersIn December 2019, Novaya Gazeta drew attention to previous media reports about Patriarch Kirill’s involvement in automotive, oil, jewelry, and fishing businesses. The newspaper cited unconfirmed reports claiming that the patriarch’s estimated net worth is $4–8 billion, underscoring that these figures can’t be verified since Kirill keeps his savings in banks in Switzerland, Italy, and Austria.

According to Novaya Gazeta, the patriarch also owns a chalet in Switzerland, near Zurich, and allegedly owns shares in various properties in Moscow, as well as in the Moscow, Smolensk, and Kaliningrad regions.

#78 Bezengy on 09.25.22 at 7:04 pm

What’s up with these surplus budgets at the federal and provincial level? Too good to be true maybe, and no doubt too early to celebrate, but it’s definitely encouraging from my perspective of course.

https://www.reuters.com/markets/rates-bonds/canada-records-c633-bln-budget-surplus-over-first-four-months-202223-2022-09-23/

https://www.cbc.ca/amp/1.6593362

#79 Ronaldo on 09.25.22 at 7:08 pm

#11 Grateful in Victoria on 09.25.22 at 10:48 am
As i read your blog, I see Moms get a good portion of the blame here for the problems we see in real estate. After all, they primarily financed the crazy purchases thereby inflating the bubble even further.
So Garth, where were the Dad’s? Did they not see the hundreds of thousands of dollars going out of their joint assets? Or did they simply bury their heads in the sand?
Hmmmm. Not much wonder we are in a financial pickle, half the mature population was missing in action.
—————————————————————-
Realtors were promoting the loans from the Bank of M&D. M&D with their illusionary gains felt guilty that their spawns could not afford a house so they took out a reverse mortgage to fund the down payments. Now M&D are stuck with a huge loan compounding at ever increasing rates and watch as the value of the house the kiddies bought drops by more than the loan given to them to buy the place. Now the kids are sitting in a place worth less than the mortgage and faced with higher rates going forward at the next renewal. Since they have no skin in the game and no other assets they can declare bankruptcy and walk away or move in with M&D who are now watching as the equity in their house melts away. If M&D co-signed for the mortgage they would be equally responsible for the loan. Going to be lots of pain going forward.

#80 Ustabe on 09.25.22 at 7:09 pm

Re: CBC

Those of you advocating for the demise of the CBC are missing a couple of things.

You get your fevered dream wish and CBC is poofed. Immediately many tens of thousands of our northern residents are without their information/programs/entertainment. You see it isn’t profitable for Bell or Telus or Shaw or whoever, Rogers, to put repeater stations, run cable in isolated communities, etc so they rely and I mean really rely on CBC over the air. Yes I’m aware they have cable in Whitehorse. I’m talking about Faro, Keno, Gillam, Pukatawagon, etc.

Secondly, there are real economic reasons why Sportsnet allows the CBC to carry Hockey Night in Canada on Saturdays. You see there are many tens of thousands of Canadian homes without cable, who rely on over the air TV. With Sportsnet moving HNIC and associated stuff to a cable only situation they upset advertisers big time. Solution: bring CBC back into the fold despite just outbidding them for the HNIC rights.

So, by advocating for CBC to be gone you are saying you do not care a bit for thousands of your fellow northern citizens while at the same time you also do not care for the financial health of Bell/Sportsnet.

Not very thoughtful.

#81 Ronaldo on 09.25.22 at 7:12 pm

#66 earthboundmisfit on 09.25.22 at 5:27 pm
“Regular gas is $2.33.9 in Burnaby today.” Wow, are you ever getting hosed!!! $1.43.9 at Costco, Winona, ON. Pretty much commensurate with no-card Rez gas at Six Nations
—————————————————

1.269 in Red Deer.

#82 Karey on 09.25.22 at 7:13 pm

I just retired at 55 and no I do not believe in Freedom 55 advertising and their products. I am completely debt free and will remain that way. I have been waiting for years to finally lock up my remaining RRSP for a long time as I have been saving for 30 years and interest rates kept dropping, pushed down by policymakers. I have turned 20% of my RRSP to a RRIF, this is $12,000 a year for 10 years and is depleted plus live off my maturing savings bonds, GICs. By 65 I will get my full CPP, OAS in 2032 which will be a good approximate of $30,000 a year. I always paid the maximum CPP contributions.The other remaining 80% of my RRSP will grow by 67%, $250,000 total or by $25,000 a year, 5.25% GIC compounded for 10 years. I can finally set it and forget it. No more on the rat wheel, daily grind.

#83 WTF on 09.25.22 at 7:15 pm

#66 EBM ““Regular gas is $2.33.9 in Burnaby today.” Wow, are you ever getting hosed!!! $1.43.9 at Costco, Winona, ON. ”
—————————————————————
Yes, Yes we are, and you will too soon. You see we had a Premier who was a Liberal (which in BC is really a conservative) He implemented a “carbon tax” in 2008 (which is not conservative) well before Saint Trudeau. R U with me so far? It was graduated so each and every year UPPA. Here we are.

Guess what? Libs Federally (who used to be Liberals but are now NDP) Will be gifting the whole country with a BC like “carbon tax”

The agenda is all about Increasing general revenues with the windfall. (in spite of claims of revenue neutrality) I particularly like the GST on top of the Provincial portion of the Tax.

We won’t mention BC derives its power from Hydro already but hey……

https://www.timescolonist.com/editorials-archive/editorial-carbon-tax-just-another-cash-grab-4687153

Enjoy the prices while you can.

#84 Grunt on 09.25.22 at 7:20 pm

Are we really in 70s stagflation? You have to look at the correlation of the price of crude against interest rates. We are not in that situation. Yet 2023 may still prove to be a year most investors will prefer to forget.

The UK and the pound seem basket case with Brexit and the new governments tax cuts.

#85 crowdedelevatorfartz on 09.25.22 at 7:31 pm

@#50 The General-izations.

“Technology, the Holy Grail of liberating the masses from their own ignorance, has achieved the opposite effect. Woe, Cana-duh. In the great game, we are the goldfish, with daily feedings of claptrap, living in ornamental castles in the sands at the bottom of our glass prisons.”

+++
The flowery prose had me spell bound.
Until the goldfish comparisons.
Even goldfish will eat their own when the tank gets too crowded.
I see us more as “sheeple”.
Compliant, obedient, easily led, cud chewing, sheeple.

#86 jess on 09.25.22 at 7:31 pm

Jeff Neiman, a Florida-based attorney who represents a number of Credit Suisse whistleblowers, believes the sheer number of scandals involving the bank indicates a deeper problem.

“The bank likes to say it’s just rogue bankers. But how many rogue bankers do you need to have before you start having a rogue bank?”

the collapse of the controversial lender Greensill Capital and the US hedge fund Archegos Capital, and was fined more than £350m over its role in a loan scandal in Mozambique.

‘tuna bonds’ loan scandal
Credit Suisse has been fined nearly £350m by global regulators, pleaded guilty to wire fraud, and agreed to forgive hundreds of millions of dollars worth of debt owed by Mozambique in an attempt to draw a line under the long-running “tuna bonds” loan scandal.
The tuna bonds scandal arose from $1.3bn (£940m) worth of loans that Credit Suisse arranged for the Republic of Mozambique between 2012 and 2016.

The loans were said to be aimed at government-sponsored investment schemes including maritime security projects and a state tuna fishery, located in the capital Maputo.

However, a portion of the funds were unaccounted for, with one of Mozambique’s contractors later found to have secretly arranged “significant kickbacks” worth at least $137m, including $50m for bankers at Credit Suisse meant to secure more favourable deals on the loans, according to regulators.

The international scam snowballed and eventually caused the International Monetary Fund to suspend its assistance to Mozambique, leading to a crash in the country’s economy.

#87 Brian on 09.25.22 at 7:33 pm

Looking at the major banks charts it seems the market does not like what it sees!

#88 crowdedelevatorfartz on 09.25.22 at 7:41 pm

Hmmm
Have the truly oppressed minorities started to push back?

https://www.reuters.com/world/europe/police-clash-with-people-opposed-mobilisation-russias-dagestan-2022-09-25/

The “Mother Russia” of 40 years ago is no longer.
Corruption, Alcoholism, Aging demographics, the young fleeing….
Putin and his War is the worst possible outcome for a fading Communist empire.

And they have Nukes.

What do the Americans’ know about Putin’s intentions?

https://www.reuters.com/world/europe/us-warns-putin-catastrophic-consequences-if-nuclear-weapons-used-ukraine-2022-09-25/

Will they actually declare eastern Ukraine Russian territory and start a “limited” nuclear war if Ukraine continues to advance into the Donbas?

Time for Tsar Vlad to go?
He should be given two choices.
Window or stairs.

#89 Faron on 09.25.22 at 7:48 pm

#28 TurnerNation on 09.25.22 at 12:33 pm

Anybody living in Atlantic Canada with its storms may wish to vacate the area within 5 years.
Why. When gas/diesel engines are banned by then

Who is banning ICE engines by 2027? Can you provide a link?

#90 Ask in Japan on 09.25.22 at 7:48 pm

“There has never been an equity correction that was not reversed.”

Ask the Japanese, the second economy of the world sometime ago and a very advanced economy/society with markets as diversified as the US’s. Ask them how long it took them to recover?

Ah. Never bet against America. We are not Japan! You say. I say, if you think that, you are biased in more than one way.

#91 THE DANDADA on 09.25.22 at 7:54 pm

Every day above ground is a good day!

#92 DJT on 09.25.22 at 7:56 pm

Now that Ukraine has conscripted all its men, starting Oct. 1 the conscription of women begins.

#93 crowdedelevatorfartz on 09.25.22 at 7:57 pm

@#89 Faron
“Who is banning ICE engines by 2027? Can you provide a link?”

++++
Possibly.
A recurring dream Trudeau has while sleeping on the couch..

#94 Faron on 09.25.22 at 7:58 pm

#55 Sail Away on 09.25.22 at 4:21 pm

#53 kommykim on 09.25.22 at 4:07 pm

I’m sure you’ve noticed that the comment section on CBC is always disabled when they post an article about “racism, colonialism, misogynism, etc”…

——–

Yep. Only so much of that garbage can be crammed down peoples’ throats

Weird, my radio hasn’t arms and has crammed nothing down my throat. Not even my ears. If I don’t like what I’m hearing I just crank up some Dinosaur Jr. But… I’m also a mateur adult and can look out for my own ideas and opinions and am grateful that I can stream unlimited Olympics every two years. That alone is worth my $34 annual subscription.

Private media will not be less biased. Further, private media that attains some kind of Canada-esque oligopoly will be even more biased. Seek reform if you don’t like the CBC. Publicly funded media is the only way to get any kind of unbiased broadcasting and once it’s gone, it’s gone to the detriment of everyone.

Itty bitty PP is probably making someone at Rogers, Pattison and Bell media very very happy as he deftly pulls the wool over the eyes of the idiots who will vote for him.

#95 DJT on 09.25.22 at 8:00 pm

Meloni’s Wins Clear Majority In Italian Elections

“the pendulum swings, for the horse like a man, it is ice cream to him” -Gord Downie

#96 Faron on 09.25.22 at 8:02 pm

#85 crowdedelevatorfartz on 09.25.22 at 7:31 pm
@#50 The General-izations.

I see us more as “sheeple”.

Whew, I was thinking the other day that I hadn’t read the portmanteau “sheeple” in a while and feared that those of shallow vocabulary had abandoned it. Nice to see it back. So evocative. Much Wow.

#97 Victor Llearna on 09.25.22 at 8:03 pm

Life not goo for the sheep that bought house in November 2021 in bidding war, paying 4 times what it actually worth. Best option is probably to declare bankrupcy and walk (run) away.

#98 crowdedelevatorfartz on 09.25.22 at 8:04 pm

@#90 Japan is old
“Ah. Never bet against America. We are not Japan! You say. I say, if you think that, you are biased in more than one way.”
+++
Thats rich.
Japan is the “oldest” country in the world.
Why?
Their “homogenous” immigration policies.
If you’re not Japanese….you’re not welcome.
Aka: Immigrants are given temporary visas, which the must renew , every 6 months, indefinitely.
A Canadian Jesuit Priest was arrested a few years ago because …after living there non stop for 40+ years as a Christian missionary….he refused to renew his visa.
I have friends that have lived in Japan for decades. They speak the language fluently. Married Japanese women. Hold jobs. Pay taxes.
They will never, ever be accepted as citizens.
Careful about the racism accusations.

#99 Arto on 09.25.22 at 8:05 pm

The stock markets will recover way before the housing markets do

#100 Faron on 09.25.22 at 8:10 pm

#71 IHCTD9 on 09.25.22 at 6:08 pm

CBC’s article detailing Trudeau’s drunken karaoke escapade

WHAT!!!??? How can this be? How can our extra extra extra doubleplus biased STATE MEDIA, the CBC, criticize our poor PM? How dare they bite the hand that feeds them…?

Oh….

Wait…..

You are telling me they have editorial standards…? Like… real journalism…? Where they just report what happens woke or not woke and if there happens to be a lot of “woke” stories it’s just because that’s where Canadians are at? Oh, but old stock, red-blooded Canadians don’t like that stuff? They must be leftist then…

#101 45north on 09.25.22 at 8:12 pm

This post is not about hectoring or telling the Mills to stop with the moans. It’s simply to add some perspective and context. Nothing happening now has not happened before. Rates, prices, war, debt, crisis, inequity and struggle. Been there. Done that. Got through it in the past. Will do so now.
Life is good. Every single day that you’re alive. Don’t blow it.

there’s a problem at the level of society. There is the expectation that government will solve housing affordability. We had a gathering of the community association on Saturday. A man said that the government needs to concentrate its resources to solve the housing problem. I don’t think he knew exactly how the government was going to achieve that goal. He expressed a general feeling that somehow the government should act. The Ontario Government commissioned the Housing Affordability Task Force to appeal to this expectation. Then before the general election this summer, they buried it . The opposition parties went along with this cover-up. In society as a whole, there is an unrealizable expectation.

here’s a post from a couple of days ago: In Toronto, Altus Group just found that a third of all developers are halting or pausing condo construction projects – eliminating about 10,000 units. This comes after the province of Ontario said 1.5 million new homes are required within ten years – a goal that is instantly unattainable since it would require a doubling of production, not a pause.

It’s unattainable because rising interest rates have produced turmoil in the housing market and of course development is a part of the housing market. You cannot talk about interest rates without talking about inflation but these topics are outside the bounds of community associations.

Other factors are the scarcity of labour, the built form of cities and immigration. The built form of cities is something within the purview of community associations but the scarcity of labour and immigration are not.

Ottawa’s Official Plan is a brilliant document that provides for a substantial increase in the number of housing units. The increase will be in areas next to transportation hubs. The land owners are in agreement. The good news is more housing units are planned. The bad news is that development is slowed by the turmoil in the housing market, the actual completion of the housing developments is uncertain and they may be inadequate.

#102 crowdedelevatorfartz on 09.25.22 at 8:14 pm

A $0.38 price jump in gas per liter…..in less than a week.

https://vancouver.citynews.ca/2022/09/25/metro-vancouver-gas-prices-rise-3/

Does anyone in the rest of Canada still want to move here?

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwiw4eXAlrH6AhX7GzQIHcTLD1wQFnoECAgQAQ&url=https%3A%2F%2Fvancouver.citynews.ca%2F2022%2F05%2F24%2Fmetro-vancouver-highest-rent%2F&usg=AOvVaw2–tae6_OSwW3IWygHOV0c

We also have the highest rent in Canada.

#103 Faron on 09.25.22 at 8:18 pm

#72 Shawn on 09.25.22 at 6:14 pm

The /t matters as much or more than the magnitude.

#104 Faron on 09.25.22 at 8:18 pm

oops, character was stripped out of that last.

The d/dt matters as much or more than the magnitude.

#105 crowdedelevatorfartz on 09.25.22 at 8:36 pm

@#96 faron
“…and feared that those of shallow vocabulary had abandoned it….”
+++
Bwahahaha

As John Cleese once opined in “A Fish Called Wanda”

“My God! Are you mercifully devoid of the ravages of intelligence?”

Sheeple….a much quicker way to say “people who act like sheep”.

Soon to be included in a Oxford Dictionary on your shelf

#106 Moh on 09.25.22 at 8:36 pm

To be young and rich right now is the best feeling ever lol!

#107 crowdedelevatorfartz on 09.25.22 at 8:39 pm

@#99 Faron
“You are telling me they have editorial standards…”
++++
Nah.
They reported it after it went world wide.
Journalistic guilt.
Apparently even the pension gorged, overpaid, politically correct, hacks at CBC feel guilt and shame every so often.

#108 Martha's Vineyard is an Island! on 09.25.22 at 8:39 pm

@#7 The Jag

“Especially on this blog where if you hold contrary opinions to others you are roasted. ‘How did we arrive at this place ‘ is just too complex for the feeble minded.”

I know exactly how you feel. Just the other day I saw Alex Jones lamenting the same thing in court.

By the bye, it seems the good residents of Martha’s Vineyard had a feel good, sort of “come from away” moment last week when 50 migrants arrived via PLANE. Thanks for alerting me to the WHOLE story.

You can find it here:
https://nationalpost.com/pmn/news-pmn/tears-uncertainty-as-migrants-depart-marthas-vineyard-amid-political-standoff

https://nationalpost.com/pmn/news-pmn/migrants-sue-florida-governor-over-marthas-vineyard-flights

#109 Inflation on 09.25.22 at 8:39 pm

Hi Garth, in the GTA for a non-condo it takes over 98% of your income to service the mortgage and around a $266,000 income, good luck everyone.

#110 Doug t on 09.25.22 at 8:44 pm

#102 fartz

Yup my son has had 7 friends recently leave Victoria- 3 went to Welland Ontario and 4 to Quebec – gas, rent, food etc much much cheaper on the same wage – when your young it’s the time to do it

#111 crowdedelevatorfartz on 09.25.22 at 8:48 pm

@#80 Ustabe
“You get your fevered dream wish and CBC is poofed. Immediately many tens of thousands of our northern residents are without their information/programs/entertainment.”

++++
Well

I’m quite certain that the taxpayers of this vast land wouldnt have a problem nuking the $1.2 BILLION dollar sluch fund that is the politically correct, Woke, CBC ….
We could probably give everyone up North free high speed fiber and acccess to Elons Starlink.

Guess which one most northerners will choose?

Oh and we’ll cut off the Northern Allowance cheques ( $5k per person?) after the CBC is done and everyone is happy with nude Japanese mud wrestling Live from Tokyo

#112 The General on 09.25.22 at 9:02 pm

#85- c.e.f. : What you said about eating their own reminded me of Soylent Green for some reason.

#113 crowdedelevatorfartz on 09.25.22 at 9:02 pm

@#110 Doug t
“Yup my son has had 7 friends recently leave Victoria- 3 went to Welland Ontario and 4 to Quebec ”

+++
Thats awesome.
Finally Canadians are emigrating East.
Discovering the rest of this great country.
Long overdue.
A shame they were forced out as economic refugees in their own country.
But they will be much much richer for the experience.
New places, new friends.
Awesome.

#114 DJT on 09.25.22 at 9:05 pm

BANNED (Libel, defamation))

#115 A01 on 09.25.22 at 9:11 pm

Thanks for the wisdom Garth, that’s why I read this blog every day.

#116 Sail Away on 09.25.22 at 9:11 pm

#111 crowdedelevatorfartz on 09.25.22 at 8:48 pm
@#80 Ustabe

“You get your fevered dream wish and CBC is poofed. Immediately many tens of thousands of our northern residents are without their information/programs/entertainment.”

———

Well

I’m quite certain that the taxpayers of this vast land wouldnt have a problem nuking the $1.2 BILLION dollar sluch fund that is the politically correct, Woke, CBC ….
We could probably give everyone up North free high speed fiber and acccess to Elons Starlink.

———

You bet. Punt CBC and give 10,000 families paid Starlink: $700 setup/equipment cost + $110/mo for $2000 per fam per year.

Total cost? Setup: $7M Annual operating: $20M

Taxpayer savings: $1.18B

It’s a winner.

#117 crowdedelevatorfartz on 09.25.22 at 9:24 pm

Sheeple

The word was first used in 1945 to describe “people who act like sheep”.

And now it’s an “official” word in Webster’s Dictionary.

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwiLwYGzpbH6AhVxIDQIHeiADJYQFnoECB0QAQ&url=https%3A%2F%2Fwww.merriam-webster.com%2Fdictionary%2Fsheeple&usg=AOvVaw3AuuCBgkT5PhdFYrkWq6uw

So I guess people….. other than sheeple….still use the word.
Amazing.

#118 Faron on 09.25.22 at 9:33 pm

#107 crowdedelevatorfartz on 09.25.22 at 8:39 pm

They reported it after it went world wide.

Wait, the CBC didn’t break a story happening in London, UK? How daren’t they?

Here are some facts:

National:

https://rsf.org/en/country/canada
https://rsf.org/en/country/united-states

The press in Canada has far more integrity than that of the US.

The majority of Canadians trust CBC’s reporting as factual. Given that Canada skews liberal, one would hope, in a democracy, that the reporting is factual and the editorializing reflects the interests of Canadians. If you drill into the bias checking, the government of Canada is further left than the CBC. Let that sink in. One would expect a propaganda arm to skew outside of the government in order to help shape opinion. Doesn’t seem like that’s happening with the CBC.

There’s this:

https://mediabiasfactcheck.com/cbc-news-canadian-broadcasting/

vs:

https://mediabiasfactcheck.com/national-post/

These are two sides of the Canadian coin. Good, reliable media outlets that skew a bit to one side or the other. Comparing the CBC with Fox news is an utter joke.

vs Rebel News (far right and low credibility):

https://mediabiasfactcheck.com/the-rebel/

vs Fox News (far-right and low credibility. You will find that all of Murdoch’s outlets are right to far right and most are medium to low credibility outside of the WSJ):

vs Bizpac Review (far right, medium credibility. Seriously, who reads this garbage?)

You can now see how Fox News with its outright lies has pulled the entire center of the media landscape to the right? This makes center left CBC seem far left and center right NP seem center to people who lack critical eyes for this. That, sadly, is most people.

#119 crossbordershopper on 09.25.22 at 9:37 pm

i was in downtown hamilton getting some wine for my 85 year old dad. What a dump Hamilton is, it has always been a depressing city with obvious poverty, drug and alcohol use.
its been 10 years since I was there and not much has changed. with cheap flights from hamilton airport I dont know why anyone will want to live there, even on minimum govt pension at 65, you can live much better in mexico or jamaica or florida.
my dad likes dry white, i never got a taste for wine.

#120 Gen X'r on 09.25.22 at 9:41 pm

I appreciate the blog, I read it daily.

Do you happen to have any thoughts or insight into the Smith Manoeuvre?

Don’t. – Garth

#121 The General on 09.25.22 at 9:41 pm

To put it mildly, the C.B.C. needs an ENEMA. Not abolishing. Does the silent majority, which is most of us, want real news, or the latest outraged clique berating everybody who disagrees with them? Or the victim of the day tripe they dole out to guilt us all? What happened to the Mr. Dress-up, Beachcombers, Tommy Hunter network which bound us together? I LOATHE them for what they’ve done to OUR national network. Collaborators Bamboozelling Canadians.

#122 Shawn on 09.25.22 at 9:42 pm

Money Supply

It seems the 80% is about right for M1.

They also changed the definition of M1 in May 2020 not sure the impact of that.

Anyhow, M2 is a better measure of the actual money available to spend.

https://fred.stlouisfed.org/series/M1SL

#123 IHCTD9 on 09.25.22 at 9:53 pm

#102 crowdedelevatorfartz on 09.25.22 at 8:14 pm
A $0.38 price jump in gas per liter…..in less than a week.

https://vancouver.citynews.ca/2022/09/25/metro-vancouver-gas-prices-rise-3/

Does anyone in the rest of Canada still want to move here?

– ———

I’d move to BC, but nowhere near Van, that’s for sure. Prince Rupert would be about as South as it’d get for me. High 1.30’s here in sticksville Ontario today. Buddy at work just got back from a fly in fishing trip in northern BC, sounded awesome, and he has a freezer full of Coho and Halibut. The rain and lack of Winter would suck huge, but the great fishing and scenery might make up for it.

#124 crowdedelevatorfartz on 09.25.22 at 9:55 pm

@Sail away
“You bet. Punt CBC and give 10,000 families paid Starlink: $700 setup/equipment cost + $110/mo for $2000 per fam per year.

Total cost? Setup: $7M Annual operating: $20M

Taxpayer savings: $1.18B

It’s a winner.”

+++
Shhhh.
Don’t tell Faron.
It makes economic and political sense.
He’s a taxpayer that LOVES to pay higher and higher taxes to support the politically correct, Woke, blame agenda of the CBC.

One wonders when the CBC’s ratings are completely in the tank (now) and a majority of voters have had enough (now) ….
Will it’s execution become a possible vote winner for a minority govt (now?)

#125 Steven on 09.25.22 at 9:55 pm

Show the 10 year chart with the QE applied and see the co-relation.

See the British pound tonight..the system is cracking under the weight of the USD…

Just like CB want, purchases for pennies on the dollar…

#126 Faron on 09.25.22 at 9:58 pm

#116 Sail Away on 09.25.22 at 9:11 pm

#111 crowdedelevatorfartz on 09.25.22 at 8:48 pm
@#80 Ustabe

You bet. Punt CBC and give 10,000 families paid Starlink

There are more than 120,000 people north of 60 in Canada. Also, Starlink only seems to be available south of 58. ’cause, you know, orbits and such. Not even rocket science, just simple ballistics.

LOL. Also,

Gosh, it almost seems like the CBC understands the north better than certain canivores we know.

#127 crowdedelevatorfartz on 09.25.22 at 10:02 pm

@#118 faron

Sad.
You spent time to justify the unjustifiable.
The CBC.
Biased, left wing, misandrist, Woke, Politically correct, boring swill….
Packaged in a Utopian version of their version of “perfection”.
Nauseating, endless blame for past wrongs that will never be made right.

Time to pull the taxpayer plug.
Severance off the dreary hacks that infest every level of the CBC
Canadian Health Care needs those billions.

#128 IHCTD9 on 09.25.22 at 10:03 pm

#119 crossbordershopper on 09.25.22 at 9:37 pm
i was in downtown hamilton getting some wine for my 85 year old dad. What a dump Hamilton is, it has always been a depressing city with obvious poverty, drug and alcohol use.
its been 10 years since I was there and not much has changed. with cheap flights from hamilton airport I dont know why anyone will want to live there, even on minimum govt pension at 65, you can live much better in mexico or jamaica or florida.
my dad likes dry white, i never got a taste for wine
———-

I bought a YAMAHA 350 Banshee off a dude in Hamilton about 15 years ago. What a dump. Super sketchy ‘hood. Saggy houses and ancient infrastructure. Guy “lost the ownership” for the bike. I bought it anyway – he was selling real cheap for some reason. I ended up parting it out using better judgement.

I can only imagine what that place looks like now.

#129 crowdedelevatorfartz on 09.25.22 at 10:17 pm

@#126 faron is wrong….again

“Also, Starlink only seems to be available south of 58. ’cause, you know, orbits and such. Not even rocket science, just simple ballistics.”

+++
Painful.
I guess that’s why the stations in the Antarctic at 90 degrees latitude south …..are looking forward to having Starlink?

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwiRjpvcsbH6AhVBAzQIHTKcAdMQFnoECAcQAw&url=https%3A%2F%2Fwww.livemint.com%2Ftechnology%2Ftech-news%2Fstarlink-is-now-active-on-all-continents-elon-musk-11663563040662.html%23%3A~%3Atext%3DElon%2520Musk%27s%2520satellite%2520internet%2520service%2Cextreme%2520locations%2520in%2520the%2520world.&usg=AOvVaw2LNJ3rOzihhlcC_dL5rbtW

Please stop.
You’re embarrassing yourself.
Even we “carnivores” ( a new Woke insult?) are cringing for you.

#130 IHCTD9 on 09.25.22 at 10:18 pm

#121 The General on 09.25.22 at 9:41 pm
To put it mildly, the C.B.C. needs an ENEMA. Not abolishing. Does the silent majority, which is most of us, want real news, or the latest outraged clique berating everybody who disagrees with them? Or the victim of the day tripe they dole out to guilt us all? What happened to the Mr. Dress-up, Beachcombers, Tommy Hunter network which bound us together? I LOATHE them for what they’ve done to OUR national network. Collaborators Bamboozelling Canadians.
——-

Most would like to see the online end of it get smoked. It’s not following it’s mandate, and has been overrun with woke doctrine. I find myself fact-checking their articles, and just about always find they haven’t lied, but have omitted major chunks of the story. Just chop these guys now, we’ve got a 13 figure debt to service.

They had a purpose back in the day, but they’ve clearly outlived their shelf life. Let ‘em stand on their own two feet. If craploads of Canadians want to read their garbage, they’ll have no problems staying solvent.

#131 crowdedelevatorfartz on 09.25.22 at 10:23 pm

@#123 IHCTD9
“I’d move to BC, but nowhere near Van, that’s for sure. Prince Rupert would be about as South as it’d get for me. H”

++++

Recession or not.
Rupert is gonna boom.
The rail lines are being upgraded from The States to …Rupert.
Terminals being built for Transpacific container ships.
The gas pipeline for the LNG plants.
On and on and on.
Pluss . Its the wet coast.
Almost never snows in Rupert.
You could do worse.

#132 Sail Away on 09.25.22 at 10:26 pm

DELETED (Homophobic)

#133 The General on 09.25.22 at 10:30 pm

Some people reject the moral order. But they have no problem moralizing to the rest of us, who mostly just want to be left alone. But nobody is allowed to question THEIR morals, that’s off limits. Am I wrong? Enough moralizing, good-night.

#134 Faron on 09.25.22 at 10:31 pm

#127 crowdedelevatorfartz on 09.25.22 at 10:02 pm
@#118 faron

Sad.
You spent time to justify the unjustifiable.

Nope, those are unbiased facts that support my claims that the CBC isn’t all that far left and is a respected and valuable news source and in a private media wasteland like the US you get garbage reporting/bias/lies.

#135 IHCTD9 on 09.25.22 at 10:32 pm

#116 Sail Away on 09.25.22 at 9:11 pm
#111 crowdedelevatorfartz on 09.25.22 at 8:48 pm
@#80 Ustabe

“You get your fevered dream wish and CBC is poofed. Immediately many tens of thousands of our northern residents are without their information/programs/entertainment.”

———

Well

I’m quite certain that the taxpayers of this vast land wouldnt have a problem nuking the $1.2 BILLION dollar sluch fund that is the politically correct, Woke, CBC ….
We could probably give everyone up North free high speed fiber and acccess to Elons Starlink.

———

You bet. Punt CBC and give 10,000 families paid Starlink: $700 setup/equipment cost + $110/mo for $2000 per fam per year.

Total cost? Setup: $7M Annual operating: $20M

Taxpayer savings: $1.18B

It’s a winner.
————

Aye. But even without Starlink, folks up north already have access to 20 meg wireless. That’s enough to watch Netflix at 1080, and more than enough to load up a news website. They can decide if they want to pay 2.00/mo to remove the paywall.

The fact is, technology has obsoleted the need for a public broadcaster. It had its day, but now it’s time get with the times and save a Billion for paying down our gargantuan debt load.

#136 Scott in Gibsons on 09.25.22 at 10:32 pm

What kind of risk management should we be deploying here? It looks like Russia will declare war on Ukraine in a few days and ramp up their attack. Europe has sanctioned itself into a energy crisis that will reverberate back to North America via missing profits. US midterms circus. The Fed telegraphing their next moves higher. Is the bear coming back for another swing at us?

#137 crowdedelevatorfartz on 09.25.22 at 10:35 pm

Perhaps I could encourage all the “carnivores” on the blog to go out and buy a juicy, delicious, gutted and cleaned, slice of dead animal and cook it up tomorrow night.

In honor of Faron.

#138 Ronaldo on 09.25.22 at 10:52 pm

#123 IHCTD9 on 09.25.22 at 9:53 pm

I’d move to BC, but nowhere near Van, that’s for sure. Prince Rupert would be about as South as it’d get for me. High 1.30’s here in sticksville Ontario today. Buddy at work just got back from a fly in fishing trip in northern BC, sounded awesome, and he has a freezer full of Coho and Halibut. The rain and lack of Winter would suck huge, but the great fishing and scenery might make up for it.
—————————————————————-
Lived there for many years til retired. We used to say, “It rained twice last week. Once for three days and once for four”. Average 110 inches per year. A nice little city but definately at the end of the road. A very healthy climate imo. Nobody suffers from sun exposure hence the great skin.

The population has come down a lot since the 90’s with the pulp mill (Columbia Cellulose) shutting down. Rupert was the place to go and make the big money which enabled us to retire at when turned 54. Plenty to do if you’re an outdoorsman/woman.

I used to go there as a teenager during summer holidays to work in the canneries. That was hard work but the pay was really good so pretty much able to buy my own clothing and school supplies and spending money for the year. A big help to my mother who worked at a minimum wage job trying to support 3 of the 6 still at home plus pay the mortgage.

Good memories of the place. It was a great place to raise my two sons who both worked from ages 12 and 13 until they left home after graduating and now both very successful businessmen.

#139 GW on 09.25.22 at 11:15 pm

#80 Ustabe on 09.25.22 at 7:09 pm

Re: CBC…..Immediately many tens of thousands of our northern residents are without their information/programs/entertainment…..

———-

Complete nonsense. I have lived in several communities north of 60. Everyone has satellite. Once you get up north of 70 degrees those dishes are pointing more towards the horizon than up at the stars, but the signal’s just fine. CBC, pffft. What do you think? they all got bunny ears on top of the TV sets, watching a grainy feed of HNIC? No, they’re all watching full HD on their big screens. What year are you living in??

#140 IHCTD9 on 09.25.22 at 11:20 pm

#98 crowdedelevatorfartz on 09.25.22 at 8:04 pm
@#90 Japan is old
“Ah. Never bet against America. We are not Japan! You say. I say, if you think that, you are biased in more than one way.”
+++
Thats rich.
Japan is the “oldest” country in the world.
Why?
Their “homogenous” immigration policies.
If you’re not Japanese….you’re not welcome.
Aka: Immigrants are given temporary visas, which the must renew , every 6 months, indefinitely.
A Canadian Jesuit Priest was arrested a few years ago because …after living there non stop for 40+ years as a Christian missionary….he refused to renew his visa.
I have friends that have lived in Japan for decades. They speak the language fluently. Married Japanese women. Hold jobs. Pay taxes.
They will never, ever be accepted as citizens.
Careful about the racism accusations.
———

Japan now has a “doomsday clock” that sets the date for Japanese extinction. It’ll be interesting to see if they’ll eventually cave into the need for immigration, or if they’ll choose the path of extinction like the Parsi’s of India. Right now, it looks like they’re banking on robots to care for the elderly.

#141 the Jaguar on 09.25.22 at 11:26 pm

108 Martha’s Vineyard is an Island! on 09.25.22 at 8:39 pm
@#7 The Jag
“Especially on this blog where if you hold contrary opinions to others you are roasted. ‘How did we arrive at this place ‘ is just too complex for the feeble minded.”
I know exactly how you feel. Just the other day I saw Alex Jones lamenting the same thing in court.
By the bye, it seems the good residents of Martha’s Vineyard had a feel good, sort of “come from away” moment last week when 50 migrants arrived via PLANE. Thanks for alerting me to the WHOLE story.+++++++++++

Oh yeah, baby. You remind me of ” I Don’t Know”, who hasn’t posted for a while, because the concept is to move from ‘blog to blog’…….then again from ‘blog to blog’, etc. Does it pay well?

Don’t waste your time on my ramblings, kiddo. Your ship already sailed. Just like the Lusitania with direction not to provide an escort once British waters reached. Not the first or last time such a tactic has been employed…

Or maybe similar to a coup d’état. All dressed up like a piece of misinformation birthday cake. Too bad everyone has already had a piece.

“Reports that say that something hasn’t happened are always interesting to me, because as we know, there are known knowns; there are things we know we know. We also know there are known unknowns; that is to say we know there are some things we do not know. But there are also unknown unknowns—the ones we don’t know we don’t know. And if one looks throughout the history of our country and other free countries, it is the latter category that tends to be the difficult ones.” D.R.

(translation, ‘F-The EU’, –V. Nuland).

Anyway you slice it, the adults have left the room.

#142 Faron on 09.25.22 at 11:38 pm

#137 crowdedelevatorfartz on 09.25.22 at 10:35 pm.

In honor of Faron.

Aw, thanks bud. I’ll grill something up too. My seeming spelling error was not. Use yer noggin.

#143 Faron on 09.25.22 at 11:42 pm

#129 crowdedelevatorfartz on 09.25.22 at 10:17 pm

McMurdo is S of 58, no?

#144 Faron on 09.25.22 at 11:47 pm

#141 Faron on 09.25.22 at 11:42 pm
#129 crowdedelevatorfartz on 09.25.22 at 10:17 pm

And this: map, straight from the horse’s mouth that shows coverage stopping at… 58N and S

https://www.starlink.com/map

#141 Faron on 09.25.22 at 11:42 pm
#129 crowdedelevatorfartz on 09.25.22 at 10:17 pm

#145 IHCTD9 on 09.25.22 at 11:53 pm

#138 Ronaldo on 09.25.22 at 10:52 pm

The population has come down a lot since the 90’s with the pulp mill (Columbia Cellulose) shutting down. Rupert was the place to go and make the big money which enabled us to retire at when turned 54. Plenty to do if you’re an outdoorsman/woman.
————

Ain’t that the truth everywhere you go. Along hwy 11 in Ontario, all the small Mill/mining towns are aging and shrinking into obscurity. They all were boom towns at some point. I occasionally hop on YouTube and load up committee meetings from small northern Ontario towns. The last one I watched was the “revitalization committee” for the little town of Schreiber On, they haven’t had a new house built in town since 1983. A bit northeast of there is a small town by the name of Manitouwadge which has like 34 houses for sale right now. Must have been a WFH destination.

Dying or not, that’s my kind of place. Simple living, outdoor paradise. PR looks great to me activities wise, although I’d greatly miss a real Winter.

#146 Faron on 09.25.22 at 11:55 pm

https://explorersweb.com/starlink-in-antarctica/

“high-speed internet in Antarctica doesn’t look like a reality quite yet, the McMurdo terminal still establishes a milestone: Starlink is now, at least theoretically, operating on all seven continents.”

Sounds like FSD… Vaporware. Typical musking. And you doobs fall for it all the time.

#147 Nonplused on 09.26.22 at 12:01 am

#88 Gravy Train on 09.25.22 at 7:47 am
#81 Nonplused on 09.24.22 at 11:08 pm
[…] Many in the west and indeed in these comments are cheering for the demise of Russia.

Nobody is “cheering for the demise of Russia.” Quite the opposite. We’re hoping for the removal of Putin.

You never did answer Garth’s question he put to you the other day. Will you answer it today?

Here it is again in case you forgot it: You (pro-Kremlin, for some unknown reason) said the objective of those nations assisting Ukraine to survive is “the total elimination of Russia as a military threat and independent economic entity.” Please source that. News to me. (And Rumble, Telegram or Truth Social don’t count.)- Garth

Same question to ‘The General’. What are your news sources?

————————————–

Sorry, I missed that. Even I have to sleep sometimes.

The was harder than I thought it was going to be. Google seems to have “memory holed” it, so I had to switch to DuckDuckGo.

Total elimination of Russia as a military threat:

https://www.cnn.com/2022/04/25/politics/biden-administration-russia-strategy/index.html

https://foreignpolicy.com/2022/05/04/yes-the-united-states-should-weaken-russia/

US moves to ‘weaken’ Russia by robbing its top scientists, will it work?
https://www.globaltimes.cn/page/202204/1260676.shtml

https://www.washingtonpost.com/politics/2022/04/26/us-has-big-new-goal-ukraine-weaken-russia/

https://consortiumnews.com/2022/04/25/us-makes-it-clear-its-aim-is-to-weaken-russia/

https://mronline.org/2022/04/16/u-s-eu-sacrificing-ukraine-to-weaken-russia-fmr-nato-adviser/

Putin says West seeking to weaken and destroy Russia
https://tass.com/politics/1511161 (Ok, I admit on this one Putin probably isn’t a good source, but all he is doing is extrapolating)

This one contains a lot of editorializing:
https://orientalreview.org/2022/04/26/the-us-self-declared-goal-to-weaken-russia-exposes-its-true-strategy/

I will have to admit Secretary of Defense Austin was the original source of most of this, but wouldn’t he be in the know? I don’t think he was suppose to say it out loud though. Unfortunately the Russians heard him.

On the economy:

https://www.barrons.com/articles/russia-economy-job-growth-western-sanctions-51662663467

https://www.washingtonpost.com/business/2022/08/23/russian-sanctions-economy/

https://nairametrics.com/2022/02/24/eu-to-weaken-russias-economic-base-by-freezing-all-its-accounts-others/

Attempts to weaken Russia did not succeed — Hungary’s PM
://tass.com/economy/1504813

———————————

Now, I suppose all of this could be considered justified in response to the invasion, and maybe it is. But if you’ve read “The Art of War”, you know that it is best to leave the enemy an escape route. If you corner the enemy, they will fight to the death. This is so simple it has been known for thousands of years. But the weapons have changed significantly. It is not best to threaten to destroy an enemy who has nuclear weapons. And right or wrong has nothing to do with it. Being right is significantly less satisfying when everyone is dead.

———————————–

In any case, it is probably a good time to stop talking about what “ought” to be. The war is already over. Russia has largely withdrawn from the non-Russian speaking parts of Ukraine. The are now mostly parked where they have at least some local support. They are no longer in “hostile” territory. I’m no mind reader, but I think Putin does not intend to advance any further, as the non-Russian speaking parts of Ukraine would be impossible to govern, and he doesn’t have the resources to do it anyway.

We are probably looking at a stalemate right where things are at, and it could last years.

#148 Ustabe on 09.26.22 at 12:06 am

#139 GW on 09.25.22 at 11:15 pm

#80 Ustabe on 09.25.22 at 7:09 pm

Re: CBC…..Immediately many tens of thousands of our northern residents are without their information/programs/entertainment…..

———-

Complete nonsense. I have lived in several communities north of 60. Everyone has satellite. Once you get up north of 70 degrees those dishes are pointing more towards the horizon than up at the stars, but the signal’s just fine. CBC, pffft. What do you think? they all got bunny ears on top of the TV sets, watching a grainy feed of HNIC? No, they’re all watching full HD on their big screens. What year are you living in??

Everyone has satellite. No they don’t. That is like saying everyone down south has cable. They don’t.

No, they’re all watching full HD on their big screens All? See above.

Oh, GW, I have lived (as in for years) in the far north in Manitoba. I have also traveled/visited/camped extensively in northern Saskatchewan, Manitoba, Yukon and Northwest Territories. We just recently got back from our third trip to Tuk, Arctic Ocean, NWT and guess what? Grandma remembered me! By name.

I made my first mini fortune back in the early 70’s trading furs in Pukatawagon, MB.

Need more? Because I have it.

#149 Adam on 09.26.22 at 12:32 am

It is absolutely fitting that today’s blog is called “Perspective” because gold is about to hit an ALL-TIME HIGH when priced in GBP. I bet the folks in UK wish they had converted some of their fiat currency into gold. Too late now!

They wish for something useful, like US dollars. – Garth

#150 Wizened Elder on 09.26.22 at 1:29 am

The flaw in the underlying thesis here is that of endless growth. The laws of capitalism are such that capital becomes increasingly concentrated in the hands of the few. The proletariat are left sucking the hind teat. The last 20 years have been an illusion of growth caused by low interest rates, dot-com bubbles, real estate bubble, and digital currencies. Now the music has stopped…..and the musical chairs game begins as the lemmings all race toward the economic cliff of oblivion.

#151 Boon Don on 09.26.22 at 1:34 am

And PS. Sweden has shifted. Obviously people everywhere are become sick and tired of the globalist woke claptrap. A red wave in the US might open the flood gates world wide and wash the Green Woke goons etc away.

#152 Cash Carry on 09.26.22 at 3:44 am

‘Perspective’? Try a cold dose of reality.

https://oilprice.com/Energy/Crude-Oil/An-Oil-Supply-Shock-May-Be-Imminent.html

Got oil shares? ETF or straight up equity. The utopian dream of zero emissions is absurdity. Buying stuff on sale is a no brainer.

#153 crowdedelevatorfartz on 09.26.22 at 8:31 am

@#134 faron
“support my claims that the CBC isn’t all that far left and is a respected and valuable news source…”

+++

I never realized the CBC was so popular…..I guess they’re just misunderstood.
Since they are consistently at the bottom of the tv ratings.
Time to pull the public funding and let that 86 year old Zombie corporation stagger along on its own two feet.

My tax dollars can go to the non existent “free” govt health care instead of a bloated , staff heavy, media company that continuously bites the racist, sexist, colonialist hand that feeds it..
Eventually
It’s budget and it’s endless burning of cash will become a political hot potato that even the Woke-ist of Prime Ministers can’t defend.
Bye bye Cash Burning Corpse.
:)

#154 crowdedelevatorfartz on 09.26.22 at 8:36 am

Just curious Faron.

Has the President of the CBC left her multi million dollar New York Brownstone to run the company or is she still mailing in the work schedules?

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwiryenju7L6AhVkIH0KHSWlBS8QFnoECA0QAQ&url=https%3A%2F%2Fwww.westernstandard.news%2Fnews%2Fcbc-president-lives-in-luxury-new-york-city-house%2Farticle_faa48f57-7fb1-5cfe-b4ab-ec8194c69255.html&usg=AOvVaw1tHwZx2eIksCVR8IYr_dQU

I guess living in New York allows her to feel the pulse of the Canadian nation to really really REALLY know what they want to see and hear.
CBC via Ham radio?

#155 Dharma Bum on 09.26.22 at 9:06 am

#137 Crowdmeister

Perhaps I could encourage all the “carnivores” on the blog to go out and buy a juicy, delicious, gutted and cleaned, slice of dead animal and cook it up tomorrow night.

In honor of Faron.
——————————————————————————————————

Hahaha…………No encouragement necessary!

Nothing like a 2 inch thick prime heavily marbled striploin steak seared over a real wood fire.

However, I prefer not to think about the cringeworthy while eating.

#156 crowdedelevatorfartz on 09.26.22 at 9:23 am

British prisoner of War captured by Russian troops in June says,
“It wasnt the constant beatings, the mock executions, the electrocutions that almost broke me…”
It was the two songs I was forced to listen to non stop for months….”

https://www.youtube.com/watch?v=unfzfe8f9NI

https://www.youtube.com/watch?v=nZXRV4MezEw

#157 IHCTD9 on 09.26.22 at 10:49 am

#131 crowdedelevatorfartz on 09.25.22 at 10:23 pm
@#123 IHCTD9
“I’d move to BC, but nowhere near Van, that’s for sure. Prince Rupert would be about as South as it’d get for me. H”

++++

Recession or not.
Rupert is gonna boom.
The rail lines are being upgraded from The States to …Rupert.
Terminals being built for Transpacific container ships.
The gas pipeline for the LNG plants.
On and on and on.
Pluss . Its the wet coast.
Almost never snows in Rupert.
You could do worse.
___

Time to buy up a block or two worth of houses then? : D PR RE seems semi-reasonable – a bit high, but workable option seem to exist. Tiny houses a lot of them. Right now there’s 92 listings on the PR MLS!

#158 jess on 09.26.22 at 11:39 am

A $20,000 signing bonus.
Seems like the Armed Forces might need a long, hard recession to help swell the ranks.
===========
incentives are really not new signing up also was a pathway to citizenship /scholarship etc

i guess the her should be his
royal Canadian navy Waterloo region co-op program …her majesty canadian ship STAR is offering a paid co-op program in kitchener that provides students the opportunity to enrol in the naval reserve and earn high school credits for completing basic training.

https://resurrection.wcdsb.ca/

#159 Wrk.dover on 09.26.22 at 12:17 pm

#157 IHCTD9 on 09.26.22 at 10:49 am
Time to buy up a block or two worth of houses then?________________________________________

On this of all blogs? That’s advice?

#160 Gravy Train on 09.26.22 at 12:29 pm

#155 Dharma Bum on 09.26.22 at 9:06 am
[…]Nothing like a 2 inch thick prime heavily marbled striploin steak seared over a real wood fire.[…]

#137 crowdmeister on 09.25.22 at 10:35 pm
Perhaps I could encourage all the “carnivores” on the blog to go out and buy a juicy, delicious, gutted and cleaned, slice of dead animal and cook it up tomorrow night.[…]

Hope you two get regular checkups. You may want to get a blood test for cholesterol and hypertension. Just trying to extend your lives a few more years on behalf of your loved ones. :)

#161 IHCTD9 on 09.26.22 at 12:30 pm

Nice pooch by the way Sailio. Have in-laws with a GoldenDoodle. Friendly and smart.

Went for my usual stroll down the old railbed trail at breaktime this am, and two dudes were walking along with a couple brindle Cane Corso’s. One Male, one Female. Awesome looking breed. The Male was a sight to behold. No one going to bother those dudes while out for a walk!

#162 PBrasseur on 09.26.22 at 12:31 pm

“ Nothing happening now has not happened before. Rates, prices, war, debt, crisis, inequity and struggle. Been there. Done that. Got through it in the past. Will do so now.”

Dear Garth is that supposed to be comforting?

Actually we have seen worse than what is happening now, like the 2 world wars, the rise of communism which killed millions, for example. Yet just because we have survived these things doesn’t make them less catastrophic.

So thankfully we are better off today and no matter what happens it should remain so. That doesn’t mean some severe hardship is not coming our way, quickly.

History doesn’t repeat itself, it rimes and every time there’s something different. Demographics come to mind first along with the fact that we have consumed so much of tomorrow’s wealth. There’s hell to pay for those mistakes and the bailiff is knocking at the door.

For as long as you have been on this blog, the message has been one of impending financial disaster. World, 1. You, 0. – Garth

#163 PBrasseur on 09.26.22 at 1:48 pm

“ For as long as you have been on this blog, the message has been one of impending financial disaster – Garth”

During the GFC I was calling it a big recession, not the second Great Depression like so many.

Since then however the developed nations, including China, have been working very hard at preparing a financial and economic disaster. And Canada has certainly done its share to push forward the utopia.

Not sure when and how this unfolds, no doubts attempts at kicking the can down the road will occur. But inflation is a sign that has become difficult. That being said “the markets can stay irrational longer than you can stay solvent “ Keynes said. So you may be right, but that doesn’t mean you’re right.

I just call it as I see it.

(Still 100% in stocks BTW, besides a good pile of cash to make sure I can spend without worrying about markets)

#164 Ronaldo on 09.26.22 at 1:48 pm

#145 IHCTD9 on 09.25.22 at 11:53 pm

Dying or not, that’s my kind of place. Simple living, outdoor paradise. PR looks great to me activities wise, although I’d greatly miss a real Winter.
—————————————————————–
Well IH, you only have to go 20 miles out of town to a railway point known as Tyee and it is known to snow 1 foot per hour. Go 50 miles further east to Shames Mountain Ski resort and the average snowfall is 40 feet. I recall many times the higway between Terrace and Rupert closed due to slides. Sometimes 10 within a mile stretch. Kinda like on the island here, some years you can get a lot of snow and others none at all. Last couple years only shovelled the driveway twice. Having being raised in northern Saskatchewan, I dont miss the minus 40s, the shovelling or scraping the windshields. When my sons used to complain about the cold I would tell them about the times on the farm when we woke up to find the woolen blankets stuck to the wall by frost. Now that was cold. And schools did not shut down for snow days or cold.

#165 Shawn on 09.26.22 at 2:33 pm

Show Me the Money!!

Okay so there has been substantial money creation since early 2020. Whether printed by central banks or created by commercial banks and their customers (us) and whether driven by government of the central banks, it’s a fact that a lot of money was created.

Let’s focus on United Sates M2

https://fred.stlouisfed.org/series/M2SL

Up by 41% since early 2020.

So where is this money? Show it to me.

Is it in houses or stocks or bonds? No it is not becasue when you buy a house the money does not stay in the house it goes to the sellers bank account. Stock purchases go to the sellers brokerage or bank account.

So are bank deposits up something like 41% since the start of 2020?

In fact they up by 35%. So indeed most of the new money is in bank accounts whether, corporate or household.

https://fred.stlouisfed.org/series/DPSACBW027SBOG

If you look at the definitions of M1 and M2 it appears to exclude bank deposits owned by government and currency at the FED.

Anyhow, some corporations and households apparently have massively higher firepower cash to spend and that may well be a major cause of inflation. It’s hard to imagine that supply constraints are still a big issue given the incentive to produce more supply.

In summary, I now see where the new money is. It is a shocking percent increase indeed.

#166 baloney Sandwitch on 09.26.22 at 2:34 pm

Came here looking for a new post and then started reading some of the posts. Some times you learn something.
Couple of good comments but many bad ones. Some blatantly racist. It left a bad taste in my mouth.
Canada is a multi-racial country. Get along and get used to it or get out. It’s a feature not a bug.

#167 Steven on 09.26.22 at 2:37 pm

The #1 reason people are depressed and unhappy is they keep comparing themselves to someone else who they think is doing better. The fact remains we live in the greatest time in human history. 100 years ago we would probably be dead by now. So let’s stop worrying and enjoy our life with people we love and love us. That is all that matters.

#168 Tony on 09.26.22 at 4:55 pm

It was a lot easier paying cash for a home or homes back in 1980. Today detached homes cost like 30 times income whereas in 1980 detached homes were 3 times income.

#169 DON on 09.26.22 at 7:14 pm

Geezus…comments section is a can of worms today. Things get rough and people get nasty because things aren’t going their way.

Is it not enough to stand in the middle with common sense rather than rush into the arms of the nutty right or left? FFS!

Let’s just get started on WW3 and see what you all think when we start losing our loved ones.

People age but not everyone matures with wisdom.

#170 Diamond Dog on 09.27.22 at 6:41 am

Correction:

Wup’s, Putin was not responsible for the war in Afghanistan, also known as Russia’s Vietnam (oops, heavy eyelids?). Brezhnev started the war and Gorbachev ended it. It was a war that had estimated Afghan casualties of between 562,000 and 2 million from 79′ to 89′.

Putin however, was not without wars of his own:

https://en.wikipedia.org/wiki/Post-Soviet_conflicts

One example that gave me an idea of what Putin is really truly capable of, that I want to bring to the readers attention on how extreme Putin is, is the precursor to the 2nd Chechen war known as the Russian Apartment bombings that happened when Putin was a few months into his first role prime minister in 1999:

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

The Russian apartment bombings were a series of explosions that hit four apartment blocks in the Russian cities of Buynaksk, Moscow and Volgodonsk in September 1999, killing more than 300 Russian’s, injuring more than 1,000, and spreading a wave of fear across the country. Putin, who enjoyed a big boost in popularity, blaming these bombings on Chechen in what many at the time perceived as a false flag for the 2nd Chechen war.

As an example, On 13 September, Russian Duma speaker Gennadiy Seleznyov made an announcement in the Duma about receiving a report that another bombing had just happened in the city of Volgodonsk. A bombing did indeed happen in Volgodonsk, but only three days later, on 16 September. Either state media or the FSB got the date wrong? (only in Russia)

Another bombing happened in an apartment rented by an FSB agent. Another bombing still was thwarted by Russian policy who arrested 3 KGB agents on suspicion of planting a bomb in an apartment.

The 2nd Chechen war led to approximately 60,000 casualties (military & civilian) with up to 5,000 more disappearing after the war. The City of Grozny in Chechen was a city thought to have been around 450,000 population and was estimated by the U.N to be 99% destroyed from Russian missiles and artillery. The destruction of Grozny mirrors the destruction of Ukraine’s Mariupol and other cities complete with mass graves and war crimes:

https://en.wikipedia.org/wiki/Battle_of_Grozny_(1999%E2%80%932000)

Getting back to the Russian apartment bombings, the political opposition tried independent investigations after the war in 2002 & 2003. The public commission was rendered ineffective because of government refusal to respond to its inquiries.

Two key members of the Commission, Sergei Yushenkov and Yuri Shchekochikhin, both Duma members, have died in apparent assassinations in April 2003 and July 2003, respectively. Another member of the commission, Otto Lacis, was assaulted in November 2003 and two years later, on 3 November 2005, he died in a hospital after a car accident.

The commission asked a lawyer to investigate the case. A few days before he was to provide damning evidence, Trepashkin was thrown in jail for a few years on a charge of revealing state secrets. Artyom Borovik was among the people who investigated the bombings. He received numerous death threats and died in a suspicious plane crash in March 2000 that was regarded by Felshtinsky and Pribylovsky as a probable assassination.

Journalist Anna Politkovskaya and former security service member Alexander Litvinenko, who investigated the bombings, were killed in 2006. Ultimately, the investigations into the Russian apartment bombings were put to rest.

I want to go through the detail of the Russian apartment bombings in particular to show readers just what Putin is capable of. His rise to power came from taking the lives of 300 Russians, and through terror. Putin received bad press from ORT and ONT in 1999 and 2000, 2 large private TV stations owned by Berezovsky and Vladimir Gusinsky. Putin essentially confiscated the media networks for himself (to this day it’s thought that Putin still owns them) and Putin forced both men into exile from Russia:

https://www.theguardian.com/world/2013/mar/23/boris-berezovsky-kingmaker-vladimir-putin

Who is Vladimir Putin is more like what. He’s a fascist, without question:

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

And he’s a malignant narcissist:

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

Is Putin crazy? Yup. But he’s functional crazy, like a functional alcoholic. If we combine the definitions of a malignant narcissist and fascist together, we’ll have a good understanding of what Putin is and what he’s truly capable of.