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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ATM's picture

The USA isn't making it to 2020. 

Fish Gone Bad's picture

The USA has plenty of guns.  It will be here for a long time.

Supernova Born's picture

Pierre, talk is cheap you ungrateful douchebag.

Atlantis Consigliore's picture

An Obamaphone and mortgage for everyhome buyer, its a right, and if you dont give it to me, NO Doc, Ill sue, for discrimination....LOL

hows that RE investment going for you?....Realtors and Banksters...anyone hanging?


shitting_alpha's picture

if ballplayers are overpaid, you're a hypocrite no matter what you do for a living.

rwl160's picture

i enjoyed the videos.. very enlightining. two thumbs up

ball-and-chain's picture

Isn't Canada just another welfare state?

Life's easier when you don't have to fund a military.

They get to sit in their igloos and smoke dope while we protect them.

It's nice to have powerful friends.


Fish Gone Bad's picture

Oh Please.  Canada isn't even a real country.  Fuck Canada.

PAWNMAN's picture

How about multi millionaires Kim Kardasian and Honey Boo Boo. Whe are doom-doomed!

kevinearick's picture

kettle might want to be careful calling the pot it depends on entirely black....

NotApplicable's picture

Well, they have to start somewhere, and externalization is far more popular than introspection.

Diogenes's picture

He can say it where no American politician would dare. It's refreshing to see such talk outside Zero Hedge. Maybe tinfoil is going mainstream. If this keeps up you may see the truth on the mainstream media one of these days.

Vendetta's picture

The truth will be told post collapse in the media's no-one-could-forsee type analysis.

Salon's picture

It was Bush's fault.

Yeah and free markets too.


Poetic injustice's picture

More regulations will solve this problem, comrade!
There is law for every problem out there, you just need to put it on few thousand pages of paper.

mkkby's picture

None of this financial stuff is worth bothering over.  There are gay people getting married and TV shows to watch.

Abednego's picture

Yes Kevin the Canadians should be terrified of the protectionist government they depend on so much... perhaps the Americans will throw another lumber tarrif at 21% on or steal some more water or create more imprt taxes deemed illegal under the Free Trade agreement.... Canadians have the foresight to see trouble and are quickly finding other trade partners - given a few more years the only thing besides cable channels Canadians will share with the Americans will be a border and in typical US fashion a tank wil roll north demanding more of their natural resources and poutine.... nough said. 

kevinearick's picture

Canada solved that problem once before...I believe fire and a white house was involved, and I am sure others are thinking along similar lines now.

francoismathieu's picture

The American Canadian dream.

NotApplicable's picture

Wait a minute... Canadian?

Ralph Spoilsport's picture

I know! And they like to put mayonnaise on french fries too!

petolo's picture

Vinegar. This french boy is a good fiscal analyst but doesn't say a word about the incipient Police State growing daily here in Kanuck Land . Those superbly uniformed mounted police have an inflated above par sadistic streak.

Flakmeister's picture

You took a wrong turn near Brussels...

TruthInSunshine's picture

And a big LMFAO @ Canada's broke-ass, welfare state, socialist, cradle-to-grave, system of unsustainability, that's been existing thus far on a massive housing bubble & commodity sector miracle that's allowed their central planners to kick the can thusly with thrustly, which already has begun to see its manufacturing base contract (and it will only get much worse; look at the collapsing automotive sector in Canada, from Oshawa to Brampton) -- preaching fiscal gospel.

Good luck with your model of economic growth and fiscal prudence going forward, in the brave "new normal" world that's just begun to tear at the seams of your system, Canadistan, and a Happy Boxing Day (and many more) to all Canadian pensioners and retirees, too.


algol_dog's picture

My sentiment exactly. Aren't they sitting on a housing bubble of epic proportion themselves?

Diogenes's picture

When the US housing market blew up like an exploding cigar a lot of people predicted the same for Canada (including me).

That was 5 years ago and we are still waiting. Around here, the market dipped 5% or so for 2 months then recovered. Once I found out what was really behind the US collapse, and found out the same shenanigans were not going on in Canada, I got back in the market and am doing fine.

Vancouver and Toronto are special cases especially Vancouver. A house that sells for $175000 in my local market, that has dropped from $450000 to $250000 in California, is $1000000 in Vancouver.

I can see where they are all really worth $150000 but will not insult your intelligence by pointing out who gets hurt the worst if the world comes to its senses.

TruthInSunshine's picture

Yes, it will be different this time, blip dee da blah blah.

The Vancouver/B.C. housing market is being floated by MC's legacy mad skillz (now doing "God's work" at the BOE), asians (many from abroad) investing their money into "it's never been a better time to buy a bubble" housing (with huge carrying costs), and B.C. Bud grow house operations (many of British Columbia's rooftops & windows are a beautiful & warm hue in the lens of the aerial, infrared cameras).

Nu Yawks hottest club is's picture

The BoE job starts june 2013 I think so you've still got him for a while yet.

tickhound's picture

They are sitting on the same faulty models that the entire "civilized" world sits on.  It just hits different areas, with different symptoms, at different times... with the same inevitable conclusion.  IT WON'T WORK.

All nations and bureaucrats are BUSY deciding how to "fix" the consequences left in the wake of the ponzi-growth model.. while NEVER disturbing the model itself!  The plebes cheer the results, often nationalistically, with no understanding of long term effects... Particularly when these "results" are instantaneous.   


weburke's picture

Hi name POUTINE is the name of a heart stopping treat in canada.....Here is Dame Edna commenting on POUTINE.




zerotohero's picture

The strength and growth that has been continuing in Canada is going to end but alas it has helped me buy more PM's over the last several years - so when the party does end at least I have been able to add to my stacks and pay off debt.

mayhem_korner's picture



It is true that no team from Canada has won Lord Stanley's Cup since, what, les Habitants in 1993 (thanks in large part to Tim Thomas)?

Well, they've still got their coveted "sport" of curling.

Abednego's picture

23 roster spots - 17 Canadian players on the Bruins in 2011 and 15 on the LA Kings in 2012... thank God for curling....

Abednego's picture

Truth is sunshine - you should hire a fact checker.  Canada is RICH in the untapped natural resources many on this board crave and tend to maintain a bullish attitude toward - ie. gold, silver metals... the only fear Canadians need to be aware of is the very real threat that the US will elect another Bush who will see fit to bring an arsenal of WMD's to the border and demand the American share of the oil, gas and hell why not take the metals for good measure.  Time you woke up and smelled the proverbial coffee.... there is a huge economic crisis in the world today and the root cause of it is American - from American greed - to American bullying - to downright American thievery.... while it may be unpopular amongst the redneck economists who troll this site, the best thing that has happened to the American people in years is the election of Barrack Obama -he might not be the saviour of the economy but he sure as hell looks great pissing in the wind of the shitstorm he was given by the teabagger retardicans whose mandate is so sickeningly clear that the ENTIRE world cheered when Obama was re-elected - wait the entire world minus the die hard retardican members whose bitterness will never be abated.... you my friend have a truly blessed holiday and remember, Canada is truly a proud nation and owns all the nice things you crave, there may come a day when we just take our ball on go home.

TruthInSunshine's picture

I have my facts in order, and I have nothing against Canadians on a personal level. Just because the U.S., U.K., Japan and almost every EU member state is de facto bankrupt (due to the fractional reserve Ponzinomics/fiat charlatanism), doesn't mean that Canadistan is going to fare any better, since its being run off the same model.

Canada is the Australia of the west, and both Canada & Australia will see their economies tanked by the exact same forces.

Bay of Pigs's picture

Still buying into the Red/Blue thing are you? 

You might want to drill down more than a half inch.

unrulian's picture

Please...if you live in Ameristan you have nothing to say...because as rediculous and piss poor as our welfare state is...yours is wayyyyyyy worse

zerotohero's picture

What makes it worse is being mistaken as an Amerikan when travelling.

mayhem_korner's picture



Canada has Red Green.  The Benny Hill of the Klondike.  They are good at making fun of simple truths.

NotApplicable's picture

Are you trying to tell me that Handy Man's Corner isn't about reusing old junk around the farm?

Good thing you told me while I've still got ten fingers!

dogbreath's picture

Red Green is the truth.  Just travel to northern ontario and discover its hardly a parody

James-Morrison's picture

We're all in togeather

Keep your stick on the ice...

insanelysane's picture

Bernank is missing a roll of duct tape.  You need QE Infinity and a roll of duct tape to fix the economy.

David449420's picture

Sorry, you're wrong. A factory producing duct tape 24/7 and Red Green & a million more like minded individuals can't patch/fix this problem.  This world-wide problem has to be completely broken down & finished before we can start over & hopefully we can re-build something that actually works.  And all the assholes that are perpetrating this current mess arn't willing to move on.  I cannot see any way forward that this does not get FAR worse before we start to see solutions & improvements in our living situation.

dick cheneys ghost's picture

gotta blame the Rothschilds here and just about every other of society's ills