Follow The Fall Of The Canadian Government Live

Tyler Durden's picture

The no confidence vote in Prime Minister Stephen Harper's Canadian government is expected to start momentarily. Just like two days ago when Portugal fell, this event will likely be seen as a buying opportunity of both the USDCAD and the CADUSD. After all - there are trillions in excess liquidity sloshing around which must be put to use even if in mutually offsetting trades. Follow the event live at the following webcast from CTV.

As a reminder, from CBC.CA, here is what is going on in the northern neighbor.

The federal government is expected to fall from power Friday afternoon, with opposition MPs saying they'll vote to show they've lost confidence in the Conservatives.

The Liberal Party gave notice earlier this week they'll put forward a motion of non-confidence in Prime Minister Stephen Harper and his government. If it passes, the government will fall and Canadians will head to the polls.

The motion says the House agrees with a committee report tabled earlier this week that found the government in contempt of Parliament, "which is unprecedented in Canadian parliamentary history, and consequently the House has lost confidence in the Government."

It comes after Liberal Leader Michael Ignatieff, NDP Leader Jack Layton and Bloc Québécois Leader Gilles Duceppe said their parties wouldn't vote in favour of the federal budget tabled Tuesday. The government can fall if they lose either vote.

Ignatieff will kick off the debate on the motion at 10 a.m. The NDP hasn’t decided yet whether Layton will speak to the motion, although Layton and Duceppe said Wednesday their parties would vote with the Liberals on their motion.

The vote is expected to come around 1:30 p.m. ET. If the government loses the vote, Harper will go to Gov. Gen. David Johnston some time over the weekend to ask him to dissolve Canada's 40th Parliament, something that’s expected to happen Saturday morning.

Just before the vote, the procedure and House affairs committee is scheduled to meet behind closed doors from 12 to 1 p.m. They're debating whether to find International Cooperation Minister Bev Oda in contempt of Parliament after she couldn't explain how the word "not" ended up on a funding recommendation from her agency's staff. The committee is supposed to report back by Friday, but debate on whether the House agrees with the report wouldn't come for at least two business days.

Earlier this week, the procedure and House affairs committee tabled a report that said the government is in contempt of Parliament for refusing to supply enough information on the cost of the F-35 fighter jets, their justice system reforms and their projections for corporate profits and tax rates. The Conservative MPs on the committee attached a dissenting minority report. Debate on that report has started, but the Conservatives control when it will continue. They have until Wednesday to allow debate to finish, and can put off the vote on the report until the following Wednesday.

All four parties in the House have engaged in procedural wrangling as they march closer to voting on a confidence motion that could bring down the government.


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Village Idiot's picture

WTF, we were supposed to annex Canada for all the good they will bring to the US. /sarc

Herd Redirection Committee's picture

In order to ensure that the CDN did not skyrocket relative to the USD the Canadian Gov't became one of the world's biggest subprime lenders AFTER the US housing bubble had burst.  Canada WAS in a very strong financial position at that time, but gov't policy was actually designed to undermine the strength of the economy, hence the currency.

It really is criminal, and the only ones who benefit are Multinationals buying Canadian commodities.

Check out the latest from the Capital Research Institute (based in Canada!) "The Day The Standards Died":

We have spent a lot of time discussing the Gold standard and what it means to have the world reserve currency here at the Capital Research Institute. But today we want to look at something a little different, but just as crucial: the importance of accounting standards. OK, OK, I am hearing the yawns already, just bear with me! When the Financial Crisis hit in late 2008 not only did Capitalism die, when the Government decided bankrupt firms (of their choosing) should no longer be exposed to the risk of failure! The history books are going to be speechless on that one, and will simple relate: “It seemed like a good idea at the time!?!?” But what may have slipped under a lot of (non-accounting) people’s noses was that accounting standards were also effectively removed at that time. The most important of which were mark-to-market accounting rules.

AN0NYM0US's picture

more importantly

Canadian general to take NATO command of Libya

(I thought canucks were a peace loving bunch)

Village Idiot's picture

"Canadian general to take NATO command of Libya"


That's what happens when the commander in thief can't find a way into his own house.

Careless Whisper's picture

it's just a middle management position. that brigadier general isn't commanding anything.

Village Idiot's picture

Yeah, I know.  I just can't help but reference Obummer trying to get into the house.  So funny.  I think someone was effing with him.  Probably his kids.  Or Joe.

NotApplicable's picture

He's what's known as a fire break.

Arkadaba's picture

I do hope Canada's participation in this "not a war" does become an election issue - ridiculous that we signed up for this with no discussion at all.

nevadan's picture

I hope he fares better than the last Canadian who was put in charge and then hung out to dry.   Roméo Antonius Dallaire was the poor chap that got stuck with Rwanda.  That didn't turn out to well.

Joeman34's picture

It's a buying opportunity for Chinese solars

Cash_is_Trash's picture

Loss of confidence bitchezz

FunkyMonkeyBoy's picture

Seriously, that's a man in that screenshot above, right? I can see the adams apple i sh*t you not.

AN0NYM0US's picture

looks like what's her face from CNBS carusso cabanera

LawsofPhysics's picture

I was wondering who would pick that up.  Yeah, it is important be able to identify your ladyboys when bar-hopping in Canada.

Eric Cartman's picture

+1. Yes, also the bone structure. This is a man (or was a man).

ZeroPower's picture

Strong words for a non-event.

The US gov sure didn't fail despite numerous marches, tea parties, Ron Pauls, etc. Am i biased, sure maybe a bit. Im also realistic though, as much as the current gov sucks, it won't get any better soon.

Jaciems's picture

x2...isnt it like the 5th time the liberals pull this shit, just a huge waste of time

BanksterSlayer's picture


Village Idiot's picture

forget oil, canada has righteous salmon.  wild, no coloring added.  LAUNCH!

Herman Strandschnecke's picture

Yeh, they had clean water befo yo USA polutshun came over the Falls.

Village Idiot's picture

Oh, shit.  Really, we ruined Canadian Salmon?  Ok, who's got good salmon...Alaska!  Hurry up and get that Palin woman in office so we can invade Alaska. Palin can call the shots from her bedroom window. Kill two birds and keep an eye on Putin, too.  I'm looking for a position as a strategist, btw.

FranSix's picture

Don't forget about Arctic Char.

tallen's picture

Vote's taking place at 2 EST. Set your clock. I've bought some VIX calls. Bring on the volatility.


Atomizer's picture

One step closer in forming NAU.

bob_dabolina's picture

This is George Bushs' fault

-Nancy Pelosi

Cognitive Dissonance's picture

Not another one! Will someone please slow this merry-go-round down a bit. I want to get off and colonize some tropical world off planet. Perhaps I can use some of that excess hydrogen being produced by the Fukushima disaster to achieve escape velocity.

alien-IQ's picture

When does America get a chance to have a "no confidence vote"? I feel left out. Why is it that every other country seems capable of tossing out corrupt politicians and we can't. I'm like TOTALLY jealous:-(

Cognitive Dissonance's picture

Yeah. Why do they get all the fun?

However my mother always reminded me that the grass is always greener........ :>)

Dr. Richard Head's picture

Bet she would never realize that in the land of Iceland, the grass is indeed greener. 

alien-IQ's picture

from personal experience I can say that greener grass is always better...especially if the buds are well formed with a slight hint of red/orange hairs...

alien-IQ's picture

LOL!!!! oh the memories associated with those words.

nonclaim's picture

We could try and bid Discovery now that it is retired. The cargo area should be enough for the gold/silver bars :)

Cognitive Dissonance's picture


Who invited you? Unless you're a hot young blond who loves older balding men, this old fart's fantasy is closed to newcomers. :>)

nonclaim's picture

ah fuck, a bid war for the only available space ship... What is another bubble?

Cognitive Dissonance's picture

Good point. OK, let's pool resources and dump this place. But don't tell anyone else. :>)

duo's picture

Is this the asshole that decided to tax the energy trusts after campaigning on  a promise not to, and wiped out $100K of my wealth in a day? 

Horatio Beanblower's picture

Fool me once, shame on you.  Fool me twice, shame on me.

MachoMan's picture

It's not real wealth until you convert it from the ether...

slewie the pi-rat's picture

do they need a new goobermint to "merge" w/ us?  go long the amero?  why tf isn't the amero being traded, anyhow?  it's imaginary?  so what?  if the banks can do it, why not the currencies? 

with Gilles Duceppe on his ass, Stephen Harper is t-o-a-s-t!

bugs_'s picture

Viva le Quebec libre`

UGrev's picture

where the fuck did this come from?