The right things

Do you support Ukraine?

This blog does. The world’s a worse, riskier place when we stand back and let one country invade another for economic and ego reasons. The Ukraine war has cost hundreds of billions, killed tens of thousands of combatants and civilians, set back the goal of climate justice by at least a decade and is daily the scene of state-sponsored terrorism as Russian pounds the population into cold, dark, hungry desperation.

It’s a financial, human disaster. Putin is a dipstick. And you can do something about it.

Got a spare hundred bucks? Then consider investing in the new issue of Ukraine Sovereignty Bonds.

This is a triple-A rated, five-year bond issue from the Government of Canada that will allow you, me, your neighbour and your BIL to support the people of that broken country. Money will be spent buying fuel for homes and also repairing the electrical grid which Russian missiles have been deliberately shattering. The bonds are risk-free, guaranteed by Ottawa and they’ll be paying a competitive interest rates (to be announced, but at least 3.3%). Interest will be distributed twice a year.

The funds will flow to Ukriane via the International Monetary Fund (IMF) and will help to fund basic services. There is a single maturity date – August 24th, 2027 – which just happens to coincide with Ukrainian Independence Day. The bonds can be held inside a registered account (like a RRSP or TFSA), as well as non-registered investment accounts, and will be available to retail investors for a limited time only. The securities will be issued by the end of the month, and are available through investment dealers.

Be proud that Canada is the first country outside of Ukraine to float a bond in support of those folks, and of the principals of democratic rule and sovereignty. Full marks to Trudeau for this one. If you gave money to the truckers last year to support ‘freedom’ in the freest country, consider atoning here. This is a real cause.

                   

After peeing away $130 million of client funds on a corrupt, mismanaged, Ponzi crypto exchange, the outfit managing the retirement assets of Ontario teachers is trying to save face.

It’s not working.

“We are disappointed with the outcome of this investment, take all losses seriously and will use this experience to further strengthen our approach,” said the OTPP in a statement which also admitted the entire amount invested now has a new value. Zero.

“Recent reports suggest potential fraud conducted at FTX which is deeply concerning for all parties,” the pension plan said. “We fully support the efforts of regulators and others to review the risks and causes of failure for this business.” Of course, teachers would be excused for asking what level of due diligence the fund managers went through before throwing all this cash at a cool crypto thingy. As FTX unravels, it appears billions of dollars have evaporated, disappeared, been stolen or squandered. The exchange was unregulated and constituted extreme risk.

The plan’s defence? This money is just a small fraction of the $242 billion the fund administers. So what’s the fuss? (By the way, Quebec’s huge Caisse pension fund recently wrote off its entire $150 million investment in another crypto pooch, Celsius Network.)

The optics of this are awful. People with a fiduciary duty failed. If my colleagues had put clients’ personal retirement money into an asset like this – especially without their knowledge or permission – the securities regulator would have them hanging from a high place by their private parts.

What a wake-up call. Clowns.

                  

If you dislike tax, you will love this. The TFSA contribution level for 2023 moves up to $6,500 and the maximum amount that can be stuffed into an RRSP shoots past $30,000 for the first time.

Everybody should have at least a tax-free savings account. In fact, millions of us do. But an incredible 90% of Canadians fail to dump in the whole amount on an annual basis. Worse, in excess of 80% of the money contributed goes into “high-yield” savings accounts and comatose GICs. And scads of people consider their TFSAs to be short-term repositories for shoe or vacation money. Sad.

Remember that payments derived from a TFSA can support you in retirement with none of it considered taxable income. No effect on old age pogey. No pushing you into a higher tax bracket (as RRIF income can do).

As of next year a couple with two stuffed tax-free accounts will have $176,000. If that grows for two decades at an average of 7% (consistent with balanced portfolio returns for the last few decades), it becomes $700,000, even without additional contributions. That would provide a monthly supplement of about $3,500 – doubling the CP and OAS that most people collect, while adding nada in tax.

Do it.

About the picture: “Long time reader, first time writer,” says Kayla, in Northern Alberta. “My fiancé and I both work in the business and read your blog every day for our daily dose of sanity-preserving perspective, and also the caustic wit and quality pet photos (I was going for tasteful MSU, did I succeed?) Anyway, here is our boy Max, about to turn 6. We tried for a while to keep him from napping on the couch but finally gave up and started putting a sheet down to try and contain the dog hair. He enjoys fetching balls in the backyard and snoozing with his chew toys before promptly tearing them to literal shreds. Here he is with his latest victim.  Thanks for all your wisdom. Keep roasting the haters and being yo bad self.”

110 comments ↓

#1 Dogman01 on 11.18.22 at 3:40 pm

FTX given higher ESG “Governance score” than Exxon Mobile

https://www.reddit.com/r/wallstreetbets/comments/yu2jmf/sam_bankmanfrieds_fraudulent_ftx_got_a_higher_esg/

https://www.fnlondon.com/articles/esg-firm-raises-eyebrows-for-ranking-collapsed-crypto-giant-ftx-higher-on-governance-than-exxon-mobil-20221117

“The crypto exchange, which moved its headquarters from Hong Kong to the Bahamas last year, was given a score of 50 for governance out of 100 by Truvalue, despite having just two directors on its board, one of whom was founder Bankman-Fried. It scored 12 points higher for governance than Exxon Mobil, which has an 11-strong board and has been operating for more than 135 years. “

“If you see fraud and do not say fraud, you are a fraud.” — Nicholas Nassim Taleb

ESG Scores – crony capitalism virtue signalling at its finest.

#2 Ankush on 11.18.22 at 3:41 pm

first to post… LAst to crypto.com….heard thats on the block next

#3 chalkie on 11.18.22 at 3:42 pm

Hoping that Russia gets held accountable and must pay for every dollar damage in Ukraine that the Russians have destroyed, they need to be held accountable for what they have done, invading Ukraine and laughing at the rest of the world as we help supply Ukraine with humanitarian needs and arms to defend themselves. Pay up Putin.

Twitter is failing, the employees are running for the hills, Musk is running around in circles like a chicken with its head cut off, not enough complete teams left to run the company properly. Something must give or Twitter will be up for sale quite cheap.

I would not want to be in Elon Musk’s shoes right now, its not only Twitter troubles he has, Musk’s TESLA stock touched a 52-week low this morning, with no yield payout with an EPS of 3.11.

Musk has his hands full with congress at the same time while trying to get a few hours sleep between the jigs and reels.

I use to follow Elon, but his slavery comments lately have caused many of us to move away from him for the liking, Musk must realize this is 2022 and not 1922, people will no longer take this type of abuse.

The Media is making it hard and difficult for everyone that is following this story, by confusing opinions with facts.
Twitter as an example: People need to feel good about their jobs, or the company and their managers will lose respect, poor moral sets in, production curbs, profits disappear, Workers Compensation rises, short-term and long-Term disability goes ramped, pilfering increases, lawsuits pile up and let us not forget the competition is digging in at your heels and capitalizing on twitter loses.

With too much baggage, finally its chapter 11 if issues cannot be fixed with respect and compassion.

Wake up Musk and step aside and allow your front-line people to do their jobs, it is their expertise and guidance that you need to survive this awful mess, right now you have an elephant in the room.

For the time being, I have deleted my Twitter account for security reasons, it is a personal choice for right now, I want to avoid confusing facts with opinions.

Companies in Canada are making excessive profits, retail is alive and well as Amazon lays off employees, there is a shift going on, people are moving away from on-line to brick and mortar shopping, time will tell how it will all work out.

Home prices are falling like catching a hot potato, watch it drop. The Bank of Canada has raised interest rates six times already this year and is expected to announce another hike in December to fight inflation, there will be at least one more rate increase in 2023.

Rent is skyrocketing out of control with the elderly and low paying jobs are not able to keep up with the runaway rent increases.

Special counsel is overseeing investigations into Donald Trump, look like Republican Donnie’s goose is cooked, everything will be done to prevent him from running again for president, his intent is there, but his rights will be stripped.

If you have the cash, you may even be able to buy a cheap Mar-a-largo soon.

Inflation has taken over and Trudeau is giving away money like a drunken sailor, go figure, it is like we are living in a transitory and have suddenly entered a time zone of 50 years later with no recollection of time, where did all those outrageous price increases suddenly come from, with no real evidence of why the price increases.

BOC has prepared us for more interest increases and a family of five is paying $80.00 for a full breakfast at your favorite family restaurant after taxes and tips.

The Canadian overnight rate hike is scheduled for December 7th and the United States rate decision is scheduled for December 14th, both will go North, unless we get a miracle, the chances of that happening is- does a leopard change its spots?

Put a few hunderd in Ukraine Bonds, consider it an act of kindness for our friends in need.

Quote of the day: Unfortunately, most ways of making big money take a long time, by the time we have made the money, we are now too old to enjoy it.

#4 Bezengy on 11.18.22 at 3:44 pm

Played Pokémon cards with a young 10 year old kid from Ukraine today. He was so happy to have someone to play with. He didn’t speak a word of English but we tried our best to make it work. Can’t imagine want he’s going through, and he’s one of the lucky ones.

#5 Foreign entanglements on 11.18.22 at 3:46 pm

I would prefer our government to focus on Canada and Canadians and stay out of other people’s fights. Canada first.

#6 CL on 11.18.22 at 3:47 pm

“The plan’s defence? This money is just a small fraction of the $242 billion the fund administers.”

I read this earlier this morning and laughed.

These fools should be fired, like, yesterday.

#7 Basil Exposition on 11.18.22 at 3:55 pm

SBF inadvertently told the truth to a Vox reporter who direct messaged him. He said he took advantage of “the game woke Westerner’s play where we say all the right shibboleths, so everyone likes us.” He was heavily promoted in the media as an altruist, just like Elizabeth Holmes, another fraudster who faces her sentencing in court today. I believe Ontario Teachers Pension, being representative of its membership, prioritized virtue signalling over due diligence. For SBF, it was just a game. Thanks for the tip on Ukraine Sovereignty Bonds.

#8 Nora Lenderby on 11.18.22 at 4:04 pm

Good timing, Mr. T.

Earlier this afternoon I spent over a half hour on hold to the green bank’s direct investment 1-800 line while a nice man rooted around to find out how I could buy some of these Ukraine Sovereignty Bonds
He and his fellows were unable to take my money, and I should call back next week. (He was a bit embarrassed.)

I shall do that. There’s gonna be $500m of these at $100 each.

#9 crowdedelevatorfartz on 11.18.22 at 4:15 pm

The Ukraine Bonds are RRSP eligible.
Nice.
I’ll buy some next week.

#10 Shawn on 11.18.22 at 4:21 pm

The Ukrainian Savings Bond is a good idea.

I hope TD Direct and RBC Direct offer it at issue.

I pity the Ukrainians without heat and electricity especially in winder. In Edmonton today it is a Sunny minus 2 or so. Not bad for a dog walk outside but I’m glad to be back inside with a gas stove warming up my sunroom / office and using dirt cheap natural gas to do so. Even minus 2 is no fun without heat.

Edmonton just had about 5 days where the temperature was under minus 20. That’s really chilly especially with the wind. It made me think about the Ukrainians. I can’t imagine winter without heat and electricity – even intermittently.

Earlier this year my family’s Clansman Motel raised over $4000 for Ukraine aid.

I have zero time for anyone who’s view is that Canada should not come to the aid of Ukraine in a big way. As for individual Canadians that’s totally a personal choice. But Canada is an important (or at least grown-up) country on the world stage and as such we have responsibilities which our government is fulfilling.

#11 Islanddave on 11.18.22 at 4:23 pm

Dogman01
Wow…… just wow
Sad state of affairs,tulips anybody…
Hoping we are going to step back, calm down, and I think I will look into this ukeranian bond thing

#12 PeterfromCalgary on 11.18.22 at 4:24 pm

The crypto crash is just starting.

#13 Faron on 11.18.22 at 4:27 pm

Thanks for the heads up on these bonds Garth! Great job for the GoC to use its machinery to allow Canadians to directly lend their money. Sure, it’s the risk-free rate, but given that I donate money to causes, knowing I’ll get my bucks back makes it impossible not to toss a few hundred thattaway. Lets hope that, by the maturity date, Ukraine (and Russia) are on better courses.

Also: when you use the acronym WEF, you should really issue a trigger warning for the conspiracy snowflakes out there who will be deluging your inbox shortly if they aren’t already.

#14 NOSTRADAMUS on 11.18.22 at 4:28 pm

ASKING FOR A FRIEND?
I understand the plight of the Ukraine, however, a question that begs for an answer, how many Canadian tax dollars has Trudeau sent to the aid of the Ukraine to date? 50 million, a 100 million? Perhaps more.
In my little town, the food bank is running out of food. Children are going to school on an empty stomach.
Mortgage payments are now tripling for all the little people who listened to our esteemed Central Bank head. I remember well his honeyed words that interest rates would not not be going up until well into 2023 and even then gradually. Perhaps your plea for Ukraine aid should be directed to every government employee from the boss hogs on down to the toilet brush.
Taxes, let me try to get my head around this concept, people are starving, so to help them along you tax them to death. Sorry for the rant, but in my world charity begins at home.

People are starving to death in your town? Where, exactly, is that? – Garth

#15 dave on 11.18.22 at 4:28 pm

Too many people have died in Ukraine.

Best path is a truce and give the land bridge from Russia to Crimean and be done with it.

Sadly I dont think the Americans will allow it…they would rather keep the battle going and financially ruin Russia into bankruptcy.

#16 Huh??? on 11.18.22 at 4:29 pm

Disengaged I am. When politics and msm talking points dominate the “advice”.

#17 stealth on 11.18.22 at 4:30 pm

Why are Canadian banks down disproportionately to the overall Canadian Market(10%)? Especially Scotia (27%) and Cibc (24%)?

Thank you

#18 Faron on 11.18.22 at 4:31 pm

#10 Shawn on 11.18.22 at 4:21 pm

I have zero time for anyone who’s view is that Canada should not come to the aid of Ukraine in a big way. As for individual Canadians that’s totally a personal choice. But Canada is an important (or at least grown-up) country on the world stage and as such we have responsibilities which our government is fulfilling.

Agreed. I’ll add that Canada is loaded with Ukrainian immigrants who helped make the prairies the productive heartbeat of Canadian ag.

#19 wallflower on 11.18.22 at 4:33 pm

Putin/Kremlin.
Every day I scorn.
And say a prayer for frozen in Ukraine.

What I fully think and say about Putin/Kremlin, Garth would likely ghost.

But as we go through this, as ridiculous and unspeakably outrageous these consequences are for Ukraine, I do marvel that perhaps for an historical first, we are not piling on and just ramping up and making it all so much worse. Containment, at the egregious expense of Ukraine, is a small step for mankind.

Doncha just wanna jump on the sofa and schnarfle with Max?

#20 Peter in AB on 11.18.22 at 4:35 pm

DELETED (Pro-Russian)

#21 Dr V on 11.18.22 at 4:37 pm

“Remember that payments derived from a TFSA can support you in retirement with none of it considered taxable income. No effect on old age pogey. No pushing you into a higher tax bracket (as RRIF income can do).

As of next year a couple with two stuffed tax-free accounts will have $176,000. If that grows for two decades at an average of 7% (consistent with balanced portfolio returns for the last few decades), it becomes $700,000, even without additional contributions. That would provide a monthly supplement of about $3,500 – doubling the CP and OAS that most people collect, while adding nada in tax.

Do it.”
———————————————

Yes, yes I will.

As the major employment income is now nada, I may start drawing income from the TFSA in 2023. This will add contribution room for 2024 at which time I may start contributing “in kind” from the registered account.
All part of a plan to be discussed with my advisor.

Perhaps I will add a small Unkrane war bond component.

Thanks Garth.

#22 Dolce Vita on 11.18.22 at 4:37 pm

Gave €50 in March for the Ukraine kids crossing the border to Poland to help pay for food, clothing, medical, shelter, etc.

Initially on Amazon.it.

For Save the Children (not the ones on the Mediterranean).

Ukraine School Kids Blackout Effects, of course use Google Translate …

https://www.savethechildren.it/blog-notizie/ucraina-blackout-elettrici-spengono-anche-istruzione-dei-bambini

Thanks for reminding me to Euro up again. Online donations …

https://www.savethechildren.it/supportaci/dona/scopri-come-donare

To me it’s about the KIDS Garth. Give them some hope for a brighter future to come.

Prefer doing it this way. More direct & immediate for me.

#23 Marquis on 11.18.22 at 4:38 pm

Imagine a “For Ukraine Lottery” in this country. Like the Olympic lotteries back in the 70’s. It could make the Powerball draw look like a church raffle! Scratch the ticket, if you find Putin laying next to Lenin…. you win!

#24 Prince Polo on 11.18.22 at 4:42 pm

If the Liberals government does more common sense things like this, I might vote for ‘em at the next go-‘round!

https://www.canada.ca/en/department-finance/programs/financial-sector-policy/ukraine-sovereignty-bond.html

#25 baloney Sandwitch on 11.18.22 at 4:44 pm

Thanks, Garth. I will be investing in the Ukrainian bonds. Those good folks are going through hell because of a bitter old man next door who covets their land.
Regarding Teacher’s and Caisse – hopefully, a head or two will roll, but I doubt it. The high-priced suits close in to protect their incompetence. Unless they are outperforming a B&D portfolio of ETF’s they are overpaid.

#26 Joe on 11.18.22 at 4:44 pm

When ever i saw some investments by Ontario Teachers Fund i would be like wow smart move etc etc..i always looked at their moves in awe, even their returns were stellar.

What does this FTX debacle say about Ontario Teachers Fund Team. It says alot about their due diligence:

1) did they deep dive the CEO – did they know he bought 56,000,000 shares of HOOD at $11.52 for $514,000,000..this type of purchase says something

2) risky market to invest $100,000,000

3) i guess this shows like everyone else they want to make that big kill or burner

4) should Upper Management be forced to wear shirts for a year that says “fiduciary duty”

5) how is it possible that the team responsible for the purchase all agreed or majority agreed to this purchase

6) no one at Ontario Teachers listened to Charlie Munger

#27 Nonplused on 11.18.22 at 4:44 pm

Yesterday I commented on how the human brain isn’t really very good at knowing things, especially things it does not have hands-on experience with. Also that the news is mostly false, and filled with propaganda, more interested in clicks and revenue than “truth”, whatever that might be.

The Ukraine situation is no different.

From the Russian point of view, the Donbass and Crimea have always been Russian, at least for far longer than any of us have been alive. Longer than Canada has existed. Ukraine as it is currently drawn on a map was the result of an administrative decision made by Khrushchev in 1953. Ukraine as we know it is no older than that. For some reason, that was one of the few Soviet things that was left to stand when the Soviet Union collapsed. But it didn’t matter much as Russia and Ukraine were friendly.

Fast forward to the coup in 2014, and life became very difficult for Russian speaking Ukraine. They separated. War ensued. That was Kiev attacking the Donbass. The Minsk accords were signed, proposing a road towards peace. Ukraine simply ignored them and used the time they afforded to build a 60,000 man army set to crush the Donbass. It would have been bloody and oppressive. Most likely a true genocide. But Russia intervened first.

That is the war from the Russian point of view. It, of course, is diametrically opposite of the view in Kiev. It is not a story of a crazed Putin.

But is it true? Probably not. But that doesn’t make Kiev right by default.

And since I am not on either team, I don’t need to cheer for either side. It’s sort of like the Grey Cup this year. My team isn’t in it so I don’t care.

I don’t really know what the truth is anymore than any other common citizen in the west does, but given the fact that the two viewpoints are so far apart, I’m not getting involved, and I am certainly not sending either side any of my money. My only concern is to get through the winter with some money left after heating my house.

Remember folks, if the neighbors are fighting and you get involved, when the police arrive you’ll be the one they arrest. Stay out of it. You’ll only make things worse.

No. There are principles worth supporting, and democracy is one of them. You have turned into a Putin shill after dazzling us with Trump love. Still think he won in 2020? – Garth

#28 enthalpy on 11.18.22 at 4:46 pm

JT has already sent 3.4B

#29 Jason on 11.18.22 at 4:46 pm

If you gave money to the truckers last year to support ‘freedom’ in the freest country, consider atoning here. This is a real cause.

Atonement: reparation for a wrong or injury.

I would agree that supporting ‘the truckers’ ONLY under the guise of ‘freedom’ would be disingenuous.

My support of the Canadians protesting (yes, some were truck drivers) was not just about ‘Freedom’, it was a much more complex issue and I felt compelled to choose a side. For me the choice was easy.

I do not feel the need to atone for my actions of supporting the ‘truckers’; however, I do, and I will support Ukraine and purchase the suggested Ukraine Sovereignty Bonds.

#30 Dolce Vita on 11.18.22 at 4:47 pm

#174 Charity, #80 The real Kip (Ret), #15 Dolce – yesterday

“If you weren’t a grumpy old prick 50% of the time, we’d be good. – Garth”

——–

The above real Kip (Ret) reply was hilarious, classic – right up there with the Urine Test.

PS #174 Charity:

“Alberta is getting a little too cold as I get older.”

Igloo/Ark dwellers unhappy.

Ciao Charity di Sunny and Warmish 17 deg C Pordenone Italia

25 deg C in Reggio di Calabria today where I will be going to the next week or so.

Winter in Italia is hell.

——————-

Mordimi Canada

(not you Garth)

#31 Mikeywhy16 on 11.18.22 at 4:47 pm

resp eligible?

#32 Wrk.dover on 11.18.22 at 4:47 pm

This was supposed to be sarcasm, but;

We made sure our TSFA’s would grow by $6000 this year, by waiting to add it this week.

Whatever it took, one of them actually is almost up by the $6000, since Jan. 1st! The one with AQN, and bought high NTR, plus had a few other cats, the $6000 almost patched.

What a year to start trading!

#33 Dolce Vita on 11.18.22 at 4:54 pm

NGO Body Trafficking Ocean Viking story taking on a New Life of its own.

Again Canada and after reading what follows, send a THANK YOU NOTE titled “You Rock” to:
https://www.canada.ca/en/services/immigration-citizenship.html

BACKGROUND

NGO ship Ocean Viking sent away from Italia to Toulon, France. 234 supposedly RESCUED “Migrants” on board. France upset they had to accept for the first time EVER from a Mediterranean Sea going NGO Migrant Ferry Line ship to one of its ports – blames EVIL ITALIA.

STATUS UPDATES

Original German Deutsche Welle Math, Nov. 15
“France said on Tuesday it will deport 44 migrants”

234 – 44 = 190
(44 are Minors, keep that in mind)

Italia RAI news today, not one to miss out on French Indignity.
“Paris denies entry to 123 of the landed migrants. Eliseo: “A bad gesture from Italy, but go ahead””

+123 now rejected … Math time

190 – 123 = 67

Le Figaro hounding Macron.
“The case of the Ocean Viking migrants pursues Emmanuel Macron to Thailand”

26 Minors escaped from Toulon, France (DIY Youth Immigration)

Math time again …

67 – 26 = 41

17.5% of the original “Migrant” NGO Ferry Line passenger list left over, somewhere in Toulon?

Anybody here ‘wanna bet that those 41 aren’t going to be trapezing down the Champs-Élysées singing La Marseillaise with onlookers yelling Bienvenue! anytime soon?

——–

Forgot … meanwhile in BREXIT:

UK home secretary complains of asylum seeker ‘invasion’
https://www.reuters.com/world/uk/uk-interior-minister-braverman-sent-official-documents-personal-email-six-times-2022-10-31/

[39,000 have arrived so far this year, up from 28,526 last year vs. 88,000 in Italia that the rest of the EU will not take, 0.19% uptake so far]

Don’t blame us for UK border problems, says Albanian PM
https://www.bbc.com/news/uk-politics-63489276

Sunak vows to stem migration to UK, but signals delay to refugee cap
https://www.theguardian.com/world/2022/nov/14/sunak-vows-to-stem-migration-to-uk-but-signals-delay-to-refugee-cap

——–

https://www.dw.com/en/france-to-deport-44-migrants-after-row-with-italy/a-63770652

https://www.rainews.it/articoli/2022/11/ocean-viking-francia-nega-lingresso-a-123-dei-migranti-sbarcati-a-tolone-da-italia-brutto-gesto-e79372cf-8f4c-4bd6-88ae-1dc69ffa29d5.html

https://www.lefigaro.fr/politique/l-affaire-des-migrants-de-l-ocean-viking-poursuit-emmanuel-macron-jusqu-en-thailande-20221118

——————-

Send that thank you note 🍁 to you know who Canada.

#34 db on 11.18.22 at 4:55 pm

The timing is really good as end of the year giving season is upon us… I’m guessing the total amount will be capped, nonetheless it’s a good idea and a sound initiative…

#35 Yukon Elvis on 11.18.22 at 4:56 pm

#8 Nora Lenderby on 11.18.22 at 4:04 pm
Good timing, Mr. T.

Earlier this afternoon I spent over a half hour on hold to the green bank’s direct investment 1-800 line while a nice man rooted around to find out how I could buy some of these Ukraine Sovereignty Bonds
He and his fellows were unable to take my money, and I should call back next week. (He was a bit embarrassed.)

I shall do that. There’s gonna be $500m of these at $100 each.
+++++++++++
Good info. Thank you. I use TD also and I will do the same.

#36 Victor Llearna on 11.18.22 at 4:58 pm

Speaking of TFSA, I thought loading up regularly on the VEE ETF over the years would be a good idea since the divy’s it pays out don’t get the tax credit. Turned out to be a big mistake as far as taking advantage of tax free growth.
Current Price of VEE is at same level it was back in June 2015 ($31.37) , if not for the divys would be red overall on that position!

#37 Yukon Elvis on 11.18.22 at 4:58 pm

#3 chalkie on 11.18.22 at 3:42 pm
Hoping that Russia gets held accountable and must pay for every dollar damage in Ukraine that the Russians have destroyed, they need to be held accountable for what they have done, invading Ukraine and laughing at the rest of the world as we help supply Ukraine with humanitarian needs and arms to defend themselves. Pay up Putin.
++++++++++++
Russia will be making reparations for the next hundred years. Just like the Germans after WW2. The wheels are already in motion.

#38 active on 11.18.22 at 5:04 pm

many billions in taxpayer dollars already sent to Ukraine … and yet you want more ? lol

#39 Yukon Elvis on 11.18.22 at 5:07 pm

#15 dave on 11.18.22 at 4:28 pm
Too many people have died in Ukraine.

Best path is a truce and give the land bridge from Russia to Crimean and be done with it.

Sadly I dont think the Americans will allow it…they would rather keep the battle going and financially ruin Russia into bankruptcy.
++++++++++++
Crimea is sovereign Ukraine territory, recognized by the UN, illegally annexed by the the Rooskies. The Rooskies get nothing but their asses handed to them.

#40 Reddy on 11.18.22 at 5:07 pm

I’ve been wanting to do something for Ukraine for a long time and didn’t know what to do… This is an easy and obvious first step, and I appreciate you guys bring it to my attention…

Yep I’m going to be buying lots of these bonds… It’s the least we can do

#41 Sail Away on 11.18.22 at 5:08 pm

I’m not a fan of government bonds for Ukraine relief, because that is just, in the end, more debt incurred by our profligate talking heads. Government excesses should not be encouraged.

On the other hand, when the bonds come due, we’re all going to pay for their repayment anyway, so may as well buy some bonds.

I’d prefer donating directly to avoid enabling country debt, but since we’re all going to be on the hook for repaying… sure, we’ll get some.

#42 Sail Away on 11.18.22 at 5:11 pm

#32 Wrk.dover on 11.18.22 at 4:47 pm

This was supposed to be sarcasm, but;

We made sure our TSFA’s would grow by $6000 this year, by waiting to add it this week.

Whatever it took, one of them actually is almost up by the $6000, since Jan. 1st! The one with AQN, and bought high NTR, plus had a few other cats, the $6000 almost patched.

What a year to start trading!

——–

Good work. I’m pulling for you and the Caribbean vacations. Spend like a drunken sailor! Watch out for hammerheads.

#43 Yorkville Renter on 11.18.22 at 5:13 pm

I max my TFSA every year, by January 4th…

#44 Yukon Elvis on 11.18.22 at 5:16 pm

#17 stealth on 11.18.22 at 4:30 pm
Why are Canadian banks down disproportionately to the overall Canadian Market(10%)? Especially Scotia (27%) and Cibc (24%)?

Thank you
++++++++
Don’t know why they are so down. I bought them both during the last 3 downturns and i am still adding more. Even at these lows i am ahead of the game price-wise and they have paid me 5-6.5% div. to hold them and i caught the CIBC share split as well. Good value right now I think.

#45 Dr V on 11.18.22 at 5:24 pm

16 Huh?

“Disengaged I am. When politics and msm talking points
dominate the “advice”.”
——————————————————–

Here is Dr V’s disengagement list (so far)

– immigration
– abortion
– All things Musk
– Trump
– Danielle Smith
– trail crampons

I had considered adding Ukrane/Putin to it, but felt it could still be logically discussed, and it has an economic
effect. Most posters appear to be strongly supportive of Ukraine, as I am, but blogger Non-plused raises interesting points.

#46 ElGatoNeroYVR on 11.18.22 at 5:27 pm

I ususally stay out of the whole Elon debate , however I will agree with poster #3 here ; asking employees to work 80 hours weeks in today’s date and age is absolutely despicable , no matter how much you pay .
I think even the fact that he fired 10,000 employees on a whim ,with no due diligences or understanding of what they do shows that he lost the plot somewhere along the way.
Maybe he should focus on getting Tesla up on the reliability scale. When you are 19 out of 20 manufacturers in North America you have a major problem with the consumer at large.
Either way ,a sad showing for someone who was touted as an infallible visionary just a few short months ago.

#47 crowdedelevatorfartz on 11.18.22 at 5:29 pm

11.5 years in a US prison for being a fraudster that took billions from investors…

https://www.reuters.com/business/healthcare-pharmaceuticals/elizabeth-holmes-faces-sentencing-friday-defrauding-theranos-investors-2022-11-18/

Former FTX crypto “Dude in Charge” take note…..

#48 Dolce Vita on 11.18.22 at 5:29 pm

Sorry Garth but there is more to the Migrants story with Brexit getting extorted by France …

July 20, 2021
UK to pay £55m to French border patrols to fund migrant clampdown

Oct 9, 2021
France calls on UK to ‘pay what it owes’ for policing Channel

Nov 13, 2022 (French reminder to Brexit)
A thousand migrants crossed the Channel this weekend, several hundred more were rescued

Nov 14, 2022
UK and France sign €72 million deal over Channel migrants

– London has agreed to pay for France to increase its patrols along the English Channel.

You can’t make this stuff up.

—————–

Poor Brexit.

yeah allons, enfants de la patrie!

Italia should extort France to keep NGO Migrant Ferry Line Ships from its ports.

Just sayin’ quid pro quo.

#49 espressobob on 11.18.22 at 5:30 pm

Speculation plays are what they is. Some look to a new world of currency utopia out of spite to prove legal tender a dead asset.

Reality is a bitch.

#50 Kurt on 11.18.22 at 5:31 pm

#27 Nonplused

“Remember folks, if the neighbors are fighting and you get involved, when the police arrive you’ll be the one they arrest. Stay out of it. You’ll only make things worse.”

This is standard mistake people make when thinking about international relations. At the international level *there are no police*. None. There are relationships and arrangements of convenience, and the more powerful the parties, the less fidelity there is. Your brief history of the conflict from the Russian point of view is interesting, and is the sort of thing a bully tells himself to rationalize his actions. Given that there are no police, the only way to enforce order in international affairs is for those interested in order to work together. Should Canada be concerned about this breakdown in order? Sweden and Finland are, Estonia already got the message. To the extent that some sort of rules-based international order is important to Canada, Canada should be supporting Ukraine.

#51 crowdedelevatorfartz on 11.18.22 at 5:31 pm

It seems the British Finance Minister is not only raising personal income taxes and cutting services….
Seems they are rolling back the amount that can be contributed to their version of the TFSA in Britain.

Sign of the times.

#52 jess on 11.18.22 at 5:32 pm

Hedge funds ‘extremely surprised’ by FTX collapse, eye tighter due diligence

=========

3.3bn now what worth 1bn?
Monday, November 7, 2022
U.S. Attorney Announces Historic $3.36 Billion Cryptocurrency Seizure And Conviction In Connection With Silk Road Dark Web Fraud

In November 2021, Law Enforcement Seized Over 50,676 Bitcoin Hidden in Devices in Defendant JAMES ZHONG’s Home; ZHONG Has Now Pled Guilty to Unlawfully Obtaining that Bitcoin From the Silk Road Dark Web in 2012

Damian Williams, the United States Attorney for the Southern District of New York, and Tyler Hatcher, the Special Agent in Charge of the Internal Revenue Service, Criminal Investigation, Los Angeles Field Office (“IRS-CI”), announced today that JAMES ZHONG pled guilty to committing wire fraud in September 2012 when he unlawfully obtained over 50,000 Bitcoin from the Silk Road dark web internet marketplace. ZHONG pled guilty on Friday, November 4, 2022, before United States District Judge Paul G. Gardephe. 

On November 9, 2021, pursuant to a judicially authorized premises search warrant of ZHONG’s Gainesville, Georgia, house, law enforcement seized approximately 50,676.17851897 Bitcoin, then valued at over $3.36 billion. This seizure was then the largest cryptocurrency seizure in the history of the U.S. Department of Justice and today remains the Department’s second largest financial seizure ever. The Government is seeking to forfeit, collectively: approximately 51,680.32473733 Bitcoin; ZHONG’s 80% interest in RE&D Investments, LLC, a Memphis-based company with substantial real estate holdings; $661,900 in cash seized from ZHONG’s home; and various metals also seized from ZHONG’s home.

U.S. Attorney Damian Williams said: “James Zhong committed wire fraud over a decade ago when he stole approximately 50,000 Bitcoin from Silk Road. For almost ten years, the whereabouts of this massive chunk of missing Bitcoin had ballooned into an over $3.3 billion mystery. Thanks to state-of-the-art cryptocurrency tracing and good old-fashioned police work, law enforcement located and recovered this impressive cache of crime proceeds. This case shows that we won’t stop following the money, no matter how expertly hidden, even to a circuit board in the bottom of a popcorn tin.”

read more here
https://www.justice.gov/usao-sdny/pr/us-attorney-announces-historic-336-billion-cryptocurrency-seizure-and-conviction

#53 Mr Fox on 11.18.22 at 5:33 pm

South Park already had an “I am sorry” video before lol. It was about BP and the oil spill, but it could be used for the lost pension money. Here it is:
https://www.youtube.com/watch?v=15HTd4Um1m4

#54 Mathematics on 11.18.22 at 5:37 pm

People get threatened with prison time for lying on their tax returns, yet the bureaucratic Ontario Teachers Pension Plan willingly handed over hundreds of millions of dollars to crypto Ponzi schemes?

$200 million dollars is a large amount in the Toronto budget. It’s not a mere statistical rounding error.

#55 Felix on 11.18.22 at 5:38 pm

There is a photo mixup error today.

‘The right things’ are cats.

Happy Feline Friday!

Did you know:

In Japan, cats are thought to have the power to turn into super spirits when they die. This may stem from the Buddhist belief that cats are temporary resting places for powerful and very spiritual people. A train station in Southeastern Japan is presided over by an adorable “stationmaster”: a 6-year-old calico cat named Nitama. ABC News estimated that this cat’s presence and the resulting cat-inspired merchandise sold by the station helped channel an additional 1.1 billion yen into the region’s economy.

Cats have both short term and long term memory. This means that they can remember, short term, up to 16 hours ago. Yet they tend to be more selective compared to dogs. Meaning they only remember what is beneficial to them.

#56 Guy in Calgary on 11.18.22 at 5:39 pm

TFSA’s are a no brainer.

At least the crypto shills are gone.

I am excited for the FTX movie. I almost want to stop following the situation to avoid spoilers.

#57 Reality is stark on 11.18.22 at 5:46 pm

Ukraine is a worthy cause, I like the way they fight.
Punch the orcs in the mouth.
As for the Teacher’s Pension Plan they have a motto down at the office, “Whatever we lose we make up for at the next contract, so it really doesn’t matter what we invest in”.
“Just remember that we are pro union until it comes to our money, at that point unions can go to hell”.
They win either way, you lose.
You are dumb when you reward the risk averse.
There is a reason your dollar is only three quarters of a USA buck and most of it is due to the fact that the average Canadian is stupid.

#58 Fit Mcduff on 11.18.22 at 5:49 pm

Re. Ukraine, why not volunteer to go fight, rather than opining from the safety of your cubicles. That’s what Hemingway would have done.

Re. Healthcare, simple fix. Keep current system in place, but make it completely free, no premiums. Basic barebones universal services for all. Then add in 2 free market layers, semi-private, and private healthcare, pay as you go. Expensive, but on demand service covered by your own private insurance or personal funds. No more waiting.

Final trick, ban smoking, sugary drinks and tax junk food at 1000%. Too many fat folks lumbering around living off burgers,fries burritos, and fancy hi cal coffee

#59 Dolce Vita on 11.18.22 at 5:50 pm

#27 Nonplused

Thanks for mansplaining that to us.

Where are the missiles flying to now and dropping?

Whose country is being wrecked, shattered into ruble?

Whose country has had millions of kids shipped off to the EU?

On whose soil are soldiers dying?

Pathetic apology for an aggressor nation, Russia. There is NO their POV.

Their Government is criminal, plain and simple.

——————-

Deeds and actions speak louder than words.

Watch what they do and not what they say.

#60 jess on 11.18.22 at 5:50 pm

…a $310,000 bond. As part of his plea agreement, he signed over to the government his 80 percent stake in the real estate company.

https://therealdeal.com/2022/11/12/developer-pleads-guilty-in-3-4b-silk-road-bitcoin-theft/

#61 Linda on 11.18.22 at 5:59 pm

‘Max’ looks like one blissed out pup:)

Ukraine Sovereignty Bonds sound like a good thing. Will be checking out purchasing some. Given they have a maturity date of 2027, would these bonds be something one should hold within a TFSA?

No. RRSP is better. Go for growth in the TFSA. – Garth

#62 Dogs Not Barking on 11.18.22 at 6:05 pm

Garth, Climate Justice isn’t a thing. The reason is simple; no two people can even agree on what is a comfortable temperature for the home thermostat to be set at, let alone what the weather outside should be. Someone will always feels aggrieved. And aggrievement, no matter how slight, means Injustice, or so we are now instructed.

Imagine the fingerpointing and screams for reparations if the UN ever managed to change the weather and someone gets a drought and another gets a flood.

And if the UN can’t change the weather, why do they want 2.5 Trillion a year for it?

Sounds to me like the old Burt Lancaster movie “The Rainmaker” where a con man bilks locals caught in a drought.

The only thing worse that spending trillions on the UN in their failed bid to change the weather is spending trillions and then they’re successful at it.

And please don’t comment that weather and climate are different things. They aren’t. All that matters is your time frame. Pick one time frame and the climate is a catastrophe. Pick another and it’s nice and stable.

#63 willworkforpickles on 11.18.22 at 6:05 pm

BANNED (Abusive)

#64 Yukon Elvis on 11.18.22 at 6:09 pm

#27 Nonplused on 11.18.22 at 4:44 pm

From the Russian point of view, the Donbass and Crimea have always been Russian, at least for far longer than any of us have been alive. Longer than Canada has existed. Ukraine as it is currently drawn on a map was the result of an administrative decision made by Khrushchev in 1953. Ukraine as we know it is no older than that. For some reason, that was one of the few Soviet things that was left to stand when the Soviet Union collapsed. But it didn’t matter much as Russia and Ukraine were friendly.

Fast forward to the coup in 2014, and life became very difficult for Russian speaking Ukraine. They separated. War ensued. That was Kiev attacking the Donbass. The Minsk accords were signed, proposing a road towards peace. Ukraine simply ignored them and used the time they afforded to build a 60,000 man army set to crush the Donbass. It would have been bloody and oppressive. Most likely a true genocide. But Russia intervened first.
++++++++++++
In 1994 Ukraine and Russia signed the “Budapest Accord”. Ukraine gave up its nuclear weapons and Russia agreed to respect Ukraine’s sovereignty which included Crimea and The Donbas. Security guarantors were USA,UK, France, and a few other countries. Ukraine was poor and weak. In 2014 the Rooskies invaded and annexed Crimea and and sent Russian troops and arms to the Donbas to help/encourage them separate from Ukraine. Prior to being part of the Soviet Union and/or Ukraine the Crimean Tatars were the indigenous people of Crimea who were annihilated and dispersed by the Rooskies at which time the Rooskies moved in. Now you know the rest of the story.

#65 don't look up. on 11.18.22 at 6:13 pm

3.4 Billion$$ in aid.. So far..No receipt required

#66 Don Guillermo on 11.18.22 at 6:16 pm

#58 Fit Mcduff on 11.18.22 at 5:49 pm
Re. Ukraine, why not volunteer to go fight, rather than opining from the safety of your cubicles. That’s what Hemingway would have done.

Re. Healthcare, simple fix. Keep current system in place, but make it completely free, no premiums. Basic barebones universal services for all. Then add in 2 free market layers, semi-private, and private healthcare, pay as you go. Expensive, but on demand service covered by your own private insurance or personal funds. No more waiting.

Final trick, ban smoking, sugary drinks and tax junk food at 1000%. Too many fat folks lumbering around living off burgers,fries burritos, and fancy hi cal coffee
####№№#Burritos######?

Ban burritos? You nuts?

#67 Millennial on 11.18.22 at 6:41 pm

There is even better way to support Ukraine.
Anyone can do it directly by using their credit card at the National Bank of Ukraine website:
https://bank.gov.ua/en/

There are two options available: For Army or Humanitarian Assistance.

Maybe you should write about it on your website, Garth?
Definitely a better way to spend money than lose it at the crypto-gamble.
Thank you!

#68 Senator Bluto on 11.18.22 at 6:44 pm

Which is the Motherland? Ukraine or Russia? Most people would say Russia, but the Ukrainian culture spawned Russia. The history between the two countries spans a thousand years at least and is long, involved and terrifying.

The only thing that never happened was a Ukrainian invasion of Russia.

#69 Marvin on 11.18.22 at 6:44 pm

I made a 2k donation directly to the gov of Ukraine shortly after the war started. Ukraine debt was being sold at a major discount. The hedgies bought it all up. And then my donation (and that of all the others) allowed Ukraine to make their full coupon payment on the debt. Fool me once, shame on you. Fool me twice, shame on me.

#70 Shawn on 11.18.22 at 6:50 pm

Kudos to the Bank of Canada?

The Bank of Canada’s balance sheet assets are now down 28% from the peak.

Someone here a few weeks ago suggested this was simply due to market value losses on bonds as interest rates rose. That was a good theory but’s wrong because the government of Canada is indemnifying the Bank of Canada against those losses. See the balance sheet.

It seems to me that Pierre Poilievre and all others who bashed the Bank of Canada for printing money to expand its balance sheet should now congratulate the bank of Canada.

If the increase was so bad, the decrease must be good, no?

https://www.bankofcanada.ca/rates/banking-and-financial-statistics/bank-of-canada-assets-and-liabilities-weekly-formerly-b2/

Click the different buttons to see that total assets are down from a peak of $575 billion to now $414 billion and going down fairly rapidly.

#71 Ohm on 11.18.22 at 6:53 pm

This is why I have cash on the side, eff crypto, never understood it and never would put a dollar into it. The Ukraine bond sounds good, at least that will make a difference to people that need it. I still cannot believe that it is 2022 and we are still dealing with lunatics like Putin, crap, we are just a little blue speck in the vastness of space. When are these lunatics ever going to get that???

#72 TurnerNation on 11.18.22 at 6:55 pm

Who is on the other side of this trade? That is who is funding Russia’s War effort?
Should we peer behind the curtain or accept the limited/sanitized version on the TeeVee.

#73 mark on 11.18.22 at 6:57 pm

Given these clowns often hoot about their private equity and unlisted real estate being less volatile, anyone know the standard deviation on a mark from 32 billion to zero?

#74 Ohm on 11.18.22 at 7:02 pm

#72 TurnerNation

Please tell us and back up your statement.

#75 Reality check on 11.18.22 at 7:02 pm

15 Dave

Too many people have died in Ukraine.

Best path is a truce and give the land bridge from Russia to Crimean and be done with it.
—————

The problem of rewarding Putin for his monstrous invasion would just be to enable him.

It would show him that the democratic west will just let him invade a country, start slaughtering civilians, sue for peace and keep all the territory he invaded.

So after the Ukraine he would just start invading other non-NATO former Soviet countries knowing the west would let it happen. Think it’s a coincident that 8 years after the west let Putin invade crimea that he’s felt empowered to invade the Ukraine?

Putin started the war without just cause or provocation. His war will likely result in the needless deaths of 200-300,000 Ukrainians and Russian. He needs to be stopped.

The west, by supporting the Ukraine to the inevitable defeat of Putin’s army, is drawing a line in the sand showing we will support civility and democracy.

Yes it is enormously expensive. But not supporting the Ukraine wound cost the world much more in the future in terms of dollars and lives if we did not stand up to Putin.

#76 Ed on 11.18.22 at 7:12 pm

I’ll be doing my part buying Ukraine support bonds to support freedom from tyranny and oppression.

I also did my part supporting conscientious Canadians that travelled to Ottawa to hold government to account.

Both actions provide positive results.(And I actually give a sh_t about doing the right thing rather than checking the wind first to see where consensus lies.)

Thanks Garth for promoting help for Ukraine.

#77 BK on 11.18.22 at 7:13 pm

People are starving to death in your town? Where, exactly, is that? – Garth

How did you come up with that? Did you actually read the post?

Insert smug comment here…

You mean, did I read this part?: “In my little town, the food bank is running out of food. Children are going to school on an empty stomach…people are starving”. Yeah, I read it. Where is this starvation occurring in Canada? – Garth

#78 Gen Z on 11.18.22 at 7:22 pm

The major issue with the OTPP is that they insist that the amount invested and lost in FTX is negligible, but this wasn’t a stock investment regulated by the SEC which went down due to economic forces.

FTX was a scam from the get-go. There were no prospectus papers, no regulation and no accountability. FTX created a crypto coin out of thin air.

Why did the Ontario Teachers Pension Plan even consider this in their portfolio in the first place? A lot of internal controls were broken.

C$130MM is not pocket change. A mutual fund dealer would have to answer to the provincial securities board if this happened to a client’s portfolio.

#79 PeterfromCalgary on 11.18.22 at 7:25 pm

Those crypto kids at FDX are probably very scared today. Elizabeth Holmes was sentence to 11 years for her blood testing fraud.

#80 SK on 11.18.22 at 7:32 pm

‘Climate justice’ is a liberal ‘ activist’ buzz phrase to rally their troops. If Alinsky were alive today, I am sure he would have coined that term himself. Green is the new red. Sadly , Junior and Singh are poorly formed in matters other than popularity and personal power monging.

#81 crowdedelevatorfartz on 11.18.22 at 7:48 pm

@#67 Millenial
“There is even better way to support Ukraine.
Anyone can do it directly by using their credit card at the National Bank of Ukraine website:”

+++
No disrespect but
a) An RRSP eligible Bond guaranteed by OUR govt is a no brainer for the tax savings and fully refundable in 5 years.
b) I would never give out my credit card number to an eastern European website.

#82 Don on 11.18.22 at 7:50 pm

DELETED (Pro-Russia)

#83 Yukon Elvis on 11.18.22 at 7:53 pm

#72 TurnerNation on 11.18.22 at 6:55 pm
Who is on the other side of this trade? That is who is funding Russia’s War effort?
++++++++++
Nobody. The Rooskies are going bust. They can’t even pay or arm their soldiers.

#84 crowdedelevatorfartz on 11.18.22 at 7:53 pm

@#63 Emptypicklejar
Banned
++++

Banned : prohibit, forbid,
A formal prohibition.

Not to be confused with
Banal : Trivial

#85 Ohm on 11.18.22 at 7:58 pm

#76 Ed

I am with you on both your supporting roles; did the same myself and will not apologize for it.

#86 crowdedelevatorfartz on 11.18.22 at 8:04 pm

Wow!
Another female billionaire indicted.

https://www.reuters.com/world/africa/interpol-issues-arrest-warrant-angolas-dos-santos-lusa-news-agency-2022-11-18/

A year after “Daddy the Dictator” dies……
Angola wants it’s money back….

I wonder where she’ll flee to a gilded cage…
Somewhere with no Interpol extradition…. Russia perhaps?
Maybe she can build a palace next to Putin’s on the Black Sea……

#87 Faron on 11.18.22 at 8:08 pm

#74 Ohm on 11.18.22 at 7:02 pm
#72 TurnerNation

Please tell us and back up your statement.

But, first, put on your jammies and brush your teeth. It’s almost nite nite time.

#88 cow man on 11.18.22 at 8:15 pm

Can someone help me understand why Canada and the USA allow Russian hockey players to play in the NHL and the CHL and OHL ?

How much of the millions that the Russian NHL players get paid go to supporting the Russian Government?

But Ovechkin also said this regarding Putin: “He’s my president, but … I’m not in politics.” So I asked him Sunday: Can you understand, given the horrifying situation in Ukraine, why people would want you to make a more forceful stand against Putin? “He is my president, right?” Ovechkin said.May 17, 2022

#89 Leftover on 11.18.22 at 8:24 pm

Crypto…yep

The only guy I know who genuinely made out like a bandit on crypto (profit on which he used to pay for his Mexican Riviera villa where I was staying) objected strenuously when I emphasized “bandit” during the discussion. As in, “Q – Did you pay tax? A – Are you kidding”.

#90 Summertime on 11.18.22 at 8:26 pm

And here is your former BOC governor:

https://ca.yahoo.com/finance/news/team-transitory-holdout-stephen-poloz-201410698.html

talking stupidities about how inflation is close to be under control

while totally failing to recognize that we have supply side driven world inflation as one of the key contributors to the current situation.

He apparently has PHD in economics so one wonders if he is just incompetent or intentionally lying in order to preserve his ‘legacy’ of low rates.

He also is on record talking about inflation being ‘transitory’.

Remember the guy?

He and the previous BOC governor, Mark Karney were all talk and no action, keeping rates at practically zero for a very long time

Tiff is just the fall guy to pay for all the idiocies of his predecessors.

He also failed miserably in assuring that rates will stay close to zero for a very long time. Just before they started rising.

Thank them all for their contribution to the situation that we enjoy currently and will keep enjoying for a while.

One wonders in which universe do these guys live and
on why they are not hold accountable for their actions
and words.

—————————-

Note that the US Fed sounds the alarm that rates will stay higher for longer:

https://www.zerohedge.com/markets/stocks-gold-yield-curve-tumble-after-weeklong-flood-hawkish-fedspeak


Bostic: more rate-hikes needed, “must keep rates at peak” until inflation on track for 2%

Bullard: rates could rise to 7%, “burned two years in a row on inflation optimism”

Waller: Fed still has “long way to go” on rate-hikes

Daly: “pause is off the table”

Kashkari: “not seeing evidence of underlying demand cooling”, “not there yet” to pause rate-hikes

Collins: 75bps still on the table, “no clear evidence that inflation coming down”

So which one it is dear Central Bankers? Did not the former and current guys at BOC get the memo?

Pathetic, intellectually limited, not knowing when to stop talking stupidities clowns.

#91 Outrage on 11.18.22 at 8:30 pm

Yes ,just like Canada ,USA supports democracy. That’s why they fought wars in Korea, Vietnam, Syria, Libya, Afghanistan and Iraq. How did that work out ?

#92 Ohm on 11.18.22 at 8:31 pm

#79 PeterfromCalgary

What gets me is that She and others like her/him in the past have ruined countless peoples lives through there lies and deceit and really 11 yrs, probably out in 5. She should be in jail for life.

Sure there were those who strictly invested for the quick buck but the others who were advised to do so; that paid for the advice only to lose everything in the end.

This is where capitalism goes wrong; as well CEO’s getting millions in severance that lays off tens of thousands who built the companies.

There are no easy answers; our current system world wide needs a big time adjustment..

#93 cow man on 11.18.22 at 8:47 pm

Can someone help me understand why Canada and the USA allow Russian hockey players to play in the NHL and the CHL and OHL ?

How much of the millions that the Russian NHL players get paid go to supporting the Russian Government?

#94 Summertime on 11.18.22 at 8:48 pm

Ah, and Poloz talks about demand destruction at times when there is upward pressure on wages, money velocity is increasing, demand is increasing on global scale due to the developing countries economies getting stronger and total overall world consumption increases so supply side can not keep with it.

Apparently talking about inflation causes the inflation to rise.

Continuing to ignore the fact, that we are hitting a wall of resource constraints on world scale among booming world demand and sticking to his baseless academic views of past times.

And lying about it that it was low while it was hidden in CPI/evident in asset prices was a good thing!

And this guy insist on having excellent inflation management for 30 years, ignoring the fact that we pay for it now and will pay for it for quite some time.

While the current BOC boss says that currently central banks manage inflation better and other utter BS.

Where are your double digit rates people?

And why are you so detached from other central banks and governments whose message is very different and who start austerity, government cuts, tax increases as it becomes evident that we are facing a very difficult situation down the road.

Is it just lies or total incompetence?

People deserve answers.

#95 Fit Mcduff on 11.18.22 at 9:04 pm

66 Don Guillermo on 11.18.22 at 6:16 pm

Ban burritos? You nuts”

No one said anything about a ban. Think of it as a gluttony tax “impuesto a la gula”,

Your waistline and the taxpayers will thank you

#96 The Lunatics are Running the Asylum on 11.18.22 at 9:37 pm

Despite a number of polls showing her [Danielle Smith’s] United Conservative Party trailing Rachel Notley’s NDP, she seems determined to keep pushing unpopular ideas and polarizing policies.

Her throne speech, set for Nov. 29, will almost certainly feature the controversial Alberta Sovereignty Act, which she has promised will be the first piece of legislation her government brings forward. “That’s going to be Bill 1,” Justice Minister Tyler Shandro said last week. “One of the directions I’ve received from the premier is for this to be constitutionally compliant and the way of confronting the federal government’s repeated intrusions and stepping into provincial jurisdiction.”

These sorts of constitutional theatrics are standard fare in Alberta politics these days, and Smith performs them more enthusiastically than almost anyone. But it’s the contents of the mandate letter she gave Finance Minister Travis Toews that should really raise eyebrows. In it, Smith asks him to “review and provide recommendations” regarding an Alberta Pension Plan (which would replace the Canada Pension Plan) and an Alberta Revenue Agency, ideas that have long animated far-right conservatives and almost nobody else. As University of Alberta political science professor Jared Wesley tweeted, “These firewall measures are zombie policies: governments have killed them repeatedly, hardly anyone wants them around, yet they won’t stop wandering around conservative cabinet rooms.”

https://www.nationalobserver.com/2022/11/17/opinion/danielle-smith-deep-trouble-and-she-just-keeps-digging

#97 Ohm on 11.18.22 at 10:09 pm

#87 Faron

Huh?? I get it, it is Friday evening and you have had one too many. Jump into those Jamies and snore yourself to sleep; sweet dreams!! Tomorrow is another day!!

#98 PeterfromCalgary on 11.18.22 at 10:16 pm

Whoops I meant crytpo kids at FTX the folks at FedEx FDX will be fine. Can you get sued for a typo? I hope not.

#99 Barry on 11.18.22 at 10:23 pm

#27 Nonplussed.

Really? Crimea has always been Russian? No. It was seized by the Russian Empire in the late 18th century and has a history of successive ethnic groups hitherto such as Turks, Greeks, Genoese and Tartars. The latter still compose 13% of the present population and are discriminated against by the Russians. But the point is not about “who got here first”. The point is to move forward and learn to live together instead of fueling the rage of nostalgia which only favors some tinpot dictator like Putin or some autocratic wanna be as Orban in Hungary or Trump in the USA. Western Europeans learned this after blowing their brains out on national pride and conquest, ending with Eastern Europe under Soviet occupation. If there is anyone who should be bitter while remembering a “great and glorious” past it should be the Germans but guess what? Even though they went through the largest ethnic cleansing of any nation – the “relocation” of 12 million Germans from the East at the end of WW2 – from locations with at least 700 years of German residency (Konigsburg now known as Kalingrad) they realized the folly of the past centuries of idiotic warfare. Don’t you think that learning to live and trade together is a better idea by peaceful means rather than finally realizing this at Ground Zero as Germany and Japan experienced in 1945?

#100 S. McDuck on 11.18.22 at 11:00 pm

Every Canadian’s share of government debt:

(The following amounts include $34K federally)

Alberta – $65K
BC – $53K
Man – $55K
NB – $52K
Nfld -$54K
NS – $51K
Ont – $72K (winner, winner, chicken dinner – if you can afford it!)
PEI – $50K
Que – $59K
Sask – $49K

By all means continue to spend money we don’t have on: (please insert your favourite cause)

Source: Canadian Taxpayers Federation

#101 mike from mtl on 11.18.22 at 11:29 pm

#97 The Lunatics are Running the Asylum on 11.18.22 at 9:37 pm
“One of the directions I’ve received from the premier is for this to be constitutionally compliant and the way of confronting the federal government’s repeated intrusions and stepping into provincial jurisdiction.”

These sorts of constitutional theatrics are standard fare in Alberta politics these days, and Smith performs them more enthusiastically than almost anyone. But it’s the contents of the mandate letter she gave Finance Minister Travis Toews that should really raise eyebrows. In it, Smith asks him to “review and provide recommendations” regarding an Alberta Pension Plan (which would replace the Canada Pension Plan) and an Alberta Revenue Agency
//////////////////////////////////////////////////////////

Honestly AB is trying to pull the QC card and I am conflicted sooner than later; we need to seriously look at the QC/Canada compromise. It makes zero sense to replicate the CRA towards just one province but, here we are.

Why is one more acceptable than the other?

#102 Don Guillermo on 11.18.22 at 11:38 pm

#95 Fit Mcduff on 11.18.22 at 9:04 pm
66 Don Guillermo on 11.18.22 at 6:16 pm

Ban burritos? You nuts”

No one said anything about a ban. Think of it as a gluttony tax “impuesto a la gula”,

Your waistline and the taxpayers will thank you

######
I have a better plan. Have a burrito and go for a jog on the beach. No wasteful government involved.

#103 Tim on 11.19.22 at 12:40 am

I always respected Trudeau and Freeland but today even more. Damn it feels good to be on the right side of history and to see our leaders doing something that is unabashedly, full-throatedly so.

The FTX/Teachers thing is not wildly surprising. For all the trolling and envious whingeing about public-sector employees and their Gold-Plated Pensions (TM) my experience has been that public-sector DB pensions are as much a guaranteed trough/casino for Bay Street douchebags as anything else. This summer I left the OMERS pension system and took the commuted value out. Year after year the fund had grossly underperformed even the brain-dead five-ETF balanced-and-diversified Dr. Garth portfolio I put my own money into; every few years we got letters telling us that because of reasons, they had to whittle away some more of the benefits, inflation protection etc.

I don’t know if the pension fund I just left also held FTX or crypto but it would not surprise me, and the fact that I’m out of there and managing my own money means I don’t have to lie awake at night wondering/worrying about it.

#104 Tom from Mississauga on 11.19.22 at 1:21 am

Shale multilateral drilling made US a net oil exporter. Last component keeping the US bleeding and dying for global security overwatch. Putin was first to step into the breach. We’ve now seen Turkey in Iraq, Azeribaijan in Armenia, Rwanda in Congo, Burkina Faso, Tigray war, Saudi Yemen, more brush fires to come. Most important to follow is Iran drone attack on Omani oil tanker. Qatar will have a hard time finding crews for its pressurized LNG fuel tankers. Peter Zeihan sums up what’s coming.

https://youtu.be/vM8OTN6ONFY

#105 Faron on 11.19.22 at 1:24 am

#97 Ohm on 11.18.22 at 10:09 pm
#87 Faron

Huh??

My fault for lack of clarity, I was hitching to your train and aiming that at TurnerNation.

#106 SoggyShorts on 11.19.22 at 4:27 am

#93 Joe on 11.17.22 at 5:45 pm
If you love the following you should Rent an apartment:

1) listing to your neighbour play loud music
2) listing to the person that lives below you playing with his video games with surround sound all hours
3) listing to your neighbour cook hearing cupboard doors slammed and pots and pans
4) lising to your neighbours let their doors slam when they come and go
5) listing to your neighbour pee at all hours of the day
6) your on the top floor because you dont want to hear your neighbours above you but instead you have the mechanical systems that are on the roof vibrate into your unit
7) deal with covid on the elevator
8) listing to parties late at night
9) dealing with building manager who could care less
10) vehicle breakins in the underground garage
11) pot/cigarette smoke coming into your unit via the electrical outlets
12) etc etc etc

————————
1-6 & 8 = noise. No problems, our building and those in it are quiet and respectful.
7) covid is basically done, and the stairs are better exercise anyways.
9) my building manager/owner is a saint, always available and extremely attentive to all our needs. We actually took her out to dinner last night.
10) Nope, we have excellent security
11) Nope, smoke-free property

So yeah… Just pick a better building. Also, the last time I lived in a house I had all of those issues you listed(minus covid), and if I’d been shackled to that place for a whole mortgage instead of a short lease I’d be super pissed.

#107 Name right here on 11.19.22 at 7:44 am

How was the OTPP to know other than the people involved in FTX saying out loud that crypto was mainly memes, BS and wizard farts?

#108 crowdedelevatorfartz on 11.19.22 at 9:19 am

@#107 _______ Name
“How was the OTPP to know other than the people involved in FTX saying out loud that crypto was mainly memes, BS and wizard farts?”
+++
One would think that a multi billion dollar org such as the OTPP would be able to hire auditors to check the FTX books.
Especially when they are arriving at the door to spend $200,000,000 in pension money.
Due diligence was not done.
Heads should roll.

#109 Sail Away on 11.19.22 at 9:39 am

#103 Tim on 11.19.22 at 12:40 am

I always respected Trudeau and Freeland but today even more. Damn it feels good to be on the right side of history and to see our leaders doing something that is unabashedly, full-throatedly so.

—————

Incurring more national debt? Yes, that is indeed one of their secret powers.

#110 jack on 11.19.22 at 6:55 pm

“climate justice”….I stopped reading at that point….just another socialist scheme to impose leftist guilt on the West….while China builds more coal power plants.