A Canadian Summarizes America's Collapse: "Everyone Takes, Nobody Makes, Money Is Free, And Money Is Worthless"

Tyler Durden's picture


On this lackluster Boxing Day dominated by illiquid moves in every asset class, we thought a few succinct minutes spent comprehending the US and European government policies of social welfare and their outcomes was time well spent. Canadian MP Pierre Poilievre delivers a rather epic speech destroying the myths of US and European 'wealth' noting that "Once the US citizen is in debt, the US government encourages them to stay in debt," noting that "the US government encouraged millions of Americans to spend money they did not have on homes they could not afford using loans they could never repay and then gave them a tax incentive never to repay it." His message, delivered seamlessly, notes the inordinate rise in the cost of all this borrowing, adding that "through debt interest alone, soon the US taxpayer will be funding 100% of the Chinese Military complex." From Dependence to Debt to the Welfare State and back to Dependence, this presentation puts incredible context on the false hope so many believe in the US and Europe. Must watch.


"By 2020, the US Government will be spending more annually on debt interest than the total combined military budgets of China, Britain, France, Russia, Japan, Germany, Saudi Arabia, India, Italy, South Korea, Brazil, Canada, Australia, Spain, Turkey, and Israel."


"Through government spending the indulgence of one is the burden of another; through government borrowing, the excess of one generation becomes the yoke of the next; through international bailouts, one nation's extravagance becomes another nation's debt"


"Everyone takes, nobody makes, work doesn't pay, indulgence doesn't cost, money is free, and money is worthless."

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Wed, 12/26/2012 - 14:57 | 3096715 Godisanhftbot
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 It all started when they began paying ballplayers millions.

 Everyone figured out it was all bs at that point.

 It's the Herbalife Nation (c)



Wed, 12/26/2012 - 14:59 | 3096723 kevinearick
kevinearick's picture


Wed, 12/26/2012 - 15:13 | 3096773 knukles
knukles's picture

They hate us for our fiatdoms.

Wed, 12/26/2012 - 15:32 | 3096821 francis_sawyer
francis_sawyer's picture

 "Everyone takes, nobody makes, work doesn't pay, indulgence doesn't cost, money is free, and money is worthless"


It should be obvious that CENTRAL PLANNING brings about this result... But I guess if you happen to have wormed your way into the small committee of central planners, you really don't give a fuck...

Wed, 12/26/2012 - 15:50 | 3096889 ZerOhead
ZerOhead's picture


For those who don't know Pierre Poilievre let me you that his guy is just another neocon scumsucking asshole.

His Conservative government has created the same subprime bubble as was created in the U.S. by decreasing lending restrictions on our banks back in the May 2006 minority budget. Since then his Finance minister Flaherty has increased CMHC loan guarantees to the bank from $300 billion dollars to $900 billion to keep the Canadian sub-prime bank scam going.

These fuckers just increased Genworth's (a private company) limit by $50 billion to $300 billion just 4 days ago!.


Wed, 12/26/2012 - 16:02 | 3096935 francis_sawyer
francis_sawyer's picture

Oh ~ so he's completely wrong then... He should have said...


"NOBODY takes, EVERYBODY is gainfully employed in righteous manufacturing, it PAYS to work [where bankers skim your labor], greed is good, paper money is precious, gold is worthless"

That makes a lot more sense...

Wed, 12/26/2012 - 16:10 | 3096949 ZerOhead
ZerOhead's picture

Don't be an idiot.

The Harper government is full of the same intellectually lazy, and morally bankrupt morons we see everywhere around the globe.

From his Finance Ministers lips back in 2005 just prior to the subprime debacle..


Do we really want to ‘look more like Ireland?’

Published on Thursday February 24, 2011
Share on twitter Share on facebook   Les Whittington
Ottawa Bureau  

OTTAWA—Shortly after rolling out the Harper government’s first budget in 2006, a boisterous Finance Minister Jim Flaherty was asked during a visit to New York what Canada would look like in five years under a Conservative majority regime.

“It will look more like Ireland — more dynamic, more attractive to investors, brighter, more positive, outward-looking,” Flaherty said in a published report of his comments.


Wed, 12/26/2012 - 16:31 | 3097014 francis_sawyer
francis_sawyer's picture

I could give about as much of a flying fuck about him or the Harper government as Snake Plissken gives about your war or your President...

My comment was about the comment [which I'd synchronize as being valid]...

It's yet another example of a case of image versus substance [& the lack of capacity for folks to differentiate things that are really important versus things that really aren't]... I'd invite you to ask me for more examples of this but I'm SURE you won't like my reply...

Leave it alone... I'm tapping out... I shouldn't have wasted my time... 

Wed, 12/26/2012 - 16:49 | 3097096 phyuckyiu
phyuckyiu's picture

"I've Got One THAT CAN SEE!"

(from the movie They Live!)

Wed, 12/26/2012 - 16:50 | 3097111 Pinto Currency
Pinto Currency's picture


Pretty funny.

Canada has the same fiat money and debt bubble that the US does.

According to the system, this guy is an MP of the party in power and he and the Conservatives are supposed to be doing something about the situation - yet he and his party are doing squat.

Wed, 12/26/2012 - 17:01 | 3097155 ZerOhead
ZerOhead's picture


100% hypocrite.

Thu, 12/27/2012 - 15:07 | 3099534 saturn
saturn's picture

If he is a politician then he is irrelevant.

Thu, 12/27/2012 - 15:24 | 3099572 Manthong
Manthong's picture

The bubbles on that 2007-2012 debt graphic are wrongly proportioned likely with an intent to sensationalize.

.. not that the numbers don't suck to begin with.

Thu, 12/27/2012 - 16:17 | 3099713 strannick
strannick's picture

His being an asshole doesnt make it not true.

Thu, 12/27/2012 - 16:21 | 3099724 strannick
strannick's picture



And if you think the NDP and Liberals are any different, then your just as much an asshole.

Wed, 12/26/2012 - 17:17 | 3097199 Zer0head
Zer0head's picture


The CMHC, has a $600-billion limit that has been capped by the neo-con Finance Minister Flaherty, who also shut down their backroom potrfolio insurance scam.  In fact CHMC was supposed to get involved when buyers had less than a 20% down payment but began providing backing to pools of mortgages held by the Canadian banksters who were trying to securitize them. Looks like they learned from the US disaster.



Wed, 12/26/2012 - 17:38 | 3097232 ZerOhead
ZerOhead's picture

Here's the clarification Junior...

$900 Billion total insurance to the banks. (That would equate to $9 Trillion dollars in the U.S.) $300 Billion cap on private insurers and $600 Billion cap on CMHC the Federally managed insurer. All to protect the banks from mortgage losses when things go badly to keep the Canadian 'ECONOMIC MIRACLE' alive...

Ottawa has increased by $50-billion the amount of residential mortgages that it is willing to guarantee.

But this time the Canada Mortgage and Housing Corp., the biggest provider of mortgage default insurance, is not getting any. Instead, the additional backing is going only to private-sector players such as Genworth Canada, who will see their maximum raised to $300-billion from $250-billion.

Genworth Canada disclosed the news on Thursday, which helped drive its shares up more than 5% by the end of the week.


The mortgate insurance market in this country is dominated by a handful of players including the CMHC, Genworth Canada and Canada Guarantee, with CMHC accounting for the lion’s share. In the interests of fair competition, all are given access to government guarantees.

The CMHC, a Crown corp., has nearly reached its $600-billion limit and analysts predict the government won’t be moving it up any time soon.


Wed, 12/26/2012 - 21:14 | 3097843 Crawdaddy
Crawdaddy's picture

The Cannucks hold out hope their central bank saluting assholes can outlast our central bank saluting assholes. Not gonna happen. Both CBs work for they same team so decisions have to be made. If North America goes tits up simultaneously it makes it easier to herd us into a common "solution".

Thu, 12/27/2012 - 15:40 | 3099616 ZerOhead
ZerOhead's picture

That is in fact the plan. Did you ever wonder why Scotiabank and Bank of Montreal became Federal Reserve primary dealers ack in 2011?


Thu, 12/27/2012 - 01:28 | 3098231 Jreb
Jreb's picture

Zero - agreed it is hypocracy. Doesn't mean his speach wasn't spot on.

We have a lot of problems to fix here. A Liberal/NDP gov't will make things worse. We need to to hold the Conservative's feet to the fire - if they are willing to admit the problem then they can be turned to the dark side :-)

Best thing to do is to email the guy - tell him you saw his speech - tell him you agreed with what he saw as the problem then hold him accountable as to the the same thing is in fact being done here.

In a world where everyone wants to deny there is a problem at least they can see what's happening around them. Not perfect but it's a start.

Thu, 12/27/2012 - 15:23 | 3099570 ZerOhead
ZerOhead's picture


However if Hitler ever gave a great speech on religious tolerance I would be calling him on it as well... regardless of the appropriateness of the message.

The entire system has been bought and paid for by special interests left, right and center.

(Confession: Former PC Party member)

Thu, 12/27/2012 - 16:07 | 3099693 onthesquare
onthesquare's picture

Conservatives quoting liberals.  Talk...just talk.

Wed, 12/26/2012 - 22:37 | 3098000 mkkby
mkkby's picture

Francis, +1 for the tap out.  Sheeple NEVER LEARN.  So why bother?

Wed, 12/26/2012 - 17:24 | 3097236 earleflorida
earleflorida's picture

"Former Anglo Irish Head, Re-arrested on New Chrages"


... seems everyone's doing it-- as the pig squeal's for mercy and vomits, altruistic emotive regurgitated latent epitaths of garbage-in, and garbage-out upon unpenn'd 'Lansdowne-Hoggish Manor', the omnivores sows appetite increases for more piglet's!

they're all fucking thieves... hang em`high   

Wed, 12/26/2012 - 17:16 | 3097200 Shizzmoney
Shizzmoney's picture

Excellent: So you are sayign he's just another Richard Fisher then?

Fisher in 2005: "We need to import shit from China, don't buy Gold"

Fisher (after OWS and Dylan Ratigan and the FOMC report revealed he was against working Americans): " We need to move jobs back to the US.  Buy gold!"

Wed, 12/26/2012 - 17:21 | 3097220 PGR88
PGR88's picture

Suddenly the socialists are full of fiscal rectitude!

Wed, 12/26/2012 - 17:57 | 3097382 Uncle Remus
Uncle Remus's picture

Sounds painful...

Wed, 12/26/2012 - 19:34 | 3097656 Toronto Kid
Toronto Kid's picture

I don't blame the government for creating this mess, I blame the cats in the mirror for jumping at the chance to toss yet more credit card debt onto the heloc so we could continue to go shopping. And we do this despite the lessons we could have learnt from the suffering occurring south of the border.

Heyyyyy, the bank's dumb enough to give me a 0 down 40 year amortization! Let's go shopping! We're gonna be rich with their money!


Wed, 12/26/2012 - 20:32 | 3097772 CPL
CPL's picture

He is taking the opportunity though to make it known.  Admitting there is an issue is the first step in letting everyone know this is now completely out of control.  If you haven't noticed our government is compromised of sock puppets nobody goes to a poll for since 1961.


What should shock you is one of the sock puppets literally told the entire House of Common's that they aren't getting their pensions and more civil servant cuts are coming.  For a communications minister he should watch how he says things in French then in English.  I've mentioned in previously, double meanings in French are very common and in politics encouraged to veil a message.  Trudeau and Chretien were masters of double speak in french.  Pierre isn't too bad either.   


He gave his french homies a heads up and the anglophones a pretty rhetoric driven speech. 

Thu, 12/27/2012 - 00:01 | 3098136 Bindar Dundat
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Zerohead is off base in every way.  "Pretty pony" would be proud you -- you little liberal shit!

Thu, 12/27/2012 - 05:52 | 3098374 Supernova Born
Supernova Born's picture

Huzzah for ZerOhead!

Bullshit alert is SO TRUE!

If only that little douche Pierre could get all those Canadian financial geniuses to take over the defense costs of our very expensive, one-way "friends".

Wed, 12/26/2012 - 15:38 | 3096841 Wakanda
Wakanda's picture

They hate us for our Stanley Cup - end of story.

Wed, 12/26/2012 - 21:17 | 3097846 akak
akak's picture

"All your hawkey are belong to us", eh?

It's abewt time!

Thu, 12/27/2012 - 00:18 | 3098155 Navymugsy
Navymugsy's picture

Nice simulated Canuck accent! "Piratish" almost...

Thu, 12/27/2012 - 01:52 | 3098257 TruthInSunshine
TruthInSunshine's picture

Listening to Canadian twat politicians give lectures on rational, disciplined fiscal & monetary policy is akin to having Don Cherry as a high-end fashion consultant.

Wed, 12/26/2012 - 21:23 | 3097854 unrulian
unrulian's picture

sure they do, that's why they keep winning it

Wed, 12/26/2012 - 21:47 | 3097893 augustusgloop
augustusgloop's picture

easy to say as a small population sitting on the better part of a continent full of natural resources & reaping all the benefits from big-anglophone-buddy-to-the-south's military empire (markets and 'shield) with little more than token skin in the game (158 casualties iraq, but total coalition of the willing bro'). 

for whom are you denuding your carbon sink boreal forests to extract tar sand oil, you hoser? 


Wed, 12/26/2012 - 15:14 | 3096776 FEDbuster
FEDbuster's picture

He won't be invited to be on CNBS anytime soon.  BooooYaaaa!

Wed, 12/26/2012 - 15:27 | 3096812 Karlus
Karlus's picture

Are you kidding, that dude is looking to get Breitbart'ed

Wed, 12/26/2012 - 20:34 | 3097777 CPL
CPL's picture

In french the message and emphasis isn't about just the US though.  listen closely.

Wed, 12/26/2012 - 15:02 | 3096732 NotApplicable
NotApplicable's picture

Assuming the owners could afford these payrolls without all of the welfare they receive in the form of cheap/free facilities and tax breaks, then there is nothing wrong with entertainers known as professional athletes earning millions.

The ability to attract millions of eyeballs has a market value. How much do you suppose people would pay to watch you run around and play?

Wed, 12/26/2012 - 15:36 | 3096830 Dr. No
Dr. No's picture

He is not arguing againts your point.  The wages of ballplayers is a "yardstick of civilization".  Much like soap.

Wed, 12/26/2012 - 16:01 | 3096930 shitting_alpha
shitting_alpha's picture

so soap is b.s.?


"Dr. Wrong"

Wed, 12/26/2012 - 16:13 | 3096979 Dr. No
Dr. No's picture

I junked you. Try watching Fight Club dumb @ss.

Wed, 12/26/2012 - 21:06 | 3097825 ronaldawg
ronaldawg's picture

Not getting the "soap" reference on a blog where the headmaster is "Tyler Durden" is pathetic. 

Wed, 12/26/2012 - 15:05 | 3096741 Dan The Man
Dan The Man's picture


Wed, 12/26/2012 - 15:21 | 3096795 Silver Bug
Silver Bug's picture

Wow a rare act of truth from a politician! Do we perhaps have an awake one here?


Wed, 12/26/2012 - 17:21 | 3097219 Matt
Matt's picture

Except they say one thing and do the opposite. Notice how he points out all the bad things the American government did, but does not point out that his own Party did the exact same things.

Wed, 12/26/2012 - 17:32 | 3097268 Go Tribe
Go Tribe's picture

"through debt interest alone, soon the US taxpayer will be funding 100% of the Chinese Military complex."


Now it's making sense.

Wed, 12/26/2012 - 21:59 | 3097915 Sudden Debt
Sudden Debt's picture

forewarding to 2020, it would be like America funding all the armies in the world and keeping the largest army itself...

reminds me how the English Empire which was even bigger and more powerfull fell...
check English history of the 19 hundreds to 1960's..... poor poor poor poor... only the elite had food and all the rest worked for their daily bread.
the once great english empire was no more. and still they haven't recovered. it's still as bad.

it's all to late. it's over. and let's not forget that the speaker didn't even mention rising interest rates....

In 2020, American taxes will fund every country in the world besides their own.

Is it a patriot who thinks this is normal or is it a patriot who faught and died to get to this point?
none shaml ask questions.... and nobody does.

everybody protests... to get more money.
Nobody protests to stop handing out money... which everybody in the end will need to repay.

By 2020... chinese will claim American territory... and America will hand it over to them to kick the can down the road for 5 more years....

and people will celebrate the president who does it... as he kicked the can one last time...

I wonder how much a 2012 iPhone will be valued in 2020....
will it be by the plastic content or the silver grains that are inside?

America has one advantage over the rest of the world. Its agro industry and it's resources, but what advantage does it have when it sells those?

it's laborforce which will be under total control by the militairy?

reminds my of china in the 90's... when we made deals with the chinese militairy to supply us cheap labor forces. cheap labor forces who worked 16 hours a day, 7/7.
And that's what's comming to the American people when debts need to be repaid. American cheap labor forces.... who live in cardboard houses build on quicksand.

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