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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 - 15:21 | Link to Comment pain_and_soros
pain_and_soros's picture

Leave it to a French-Canadian politician of all people to draw attention to the US & European debt problems & away from the mind boggling debt Canadians, including & especially the constituents of his own la belle province, have accumulated since the global financial crisis...

And the biggest reserve asset of the Canadian Central Bank/Gov't????

US & Euro currencies...despite being a country rich in gold deposits & mining...

 

Wed, 12/26/2012 - 15:22 | Link to Comment Treason Season
Treason Season's picture
Canadians are all tapettes [gasbags] at heart underneath all the big free open spaces.

Hemingway

Wed, 12/26/2012 - 15:23 | Link to Comment lizzy36
lizzy36's picture

Born and raised in Calgary. Not suprised.

BIL (his parents immigrated here in 1950's) has three Italian counsins visiting from Italy. All three are staying. Mid to late 20's, want to work, want opportunity. They say it doesn't exist in Italy. So we get them, 3 young adults, working 12 hours a day and going to school at night. 

It is a myth that all Euro's are lazy and want cradle to grave care. What they want is opportunity. 

Thu, 12/27/2012 - 15:47 | Link to Comment Miles Kendig
Miles Kendig's picture

Reducing scarcity to excess makes everyone subjected to it hungry for some of the real, even more scarce, scarcity.  A real that simply cannot be funk faked by those that remain clueless as to what is really blowing their hair back....

http://www.youtube.com/watch?v=B2WcBi9mu6A

Thu, 12/27/2012 - 15:48 | Link to Comment Miles Kendig
Miles Kendig's picture
Wed, 12/26/2012 - 15:23 | Link to Comment A Lunatic
A Lunatic's picture

Yay, another meaningless speech from an outsider............

Wed, 12/26/2012 - 15:25 | Link to Comment yogibear
yogibear's picture

Are the Canadians jealous? Free food, Cell phones, health, rent and spending money!! How about that Canada! 

Plus we have Ben Bernanke and the Federal Reserve to make money from thin air to pay for your goods as well as the Chinese.

 

Who is the bigger fool? The US that thinks they can keep printing or Canada and China that keeps taking these worthless US dollars in trade?

 

 

Wed, 12/26/2012 - 16:09 | Link to Comment Joe A
Joe A's picture

Until Chinese funny money becomes the new petrodollar. And China might have lot of dollars as reserves but commies don't give a shit about millions of their people starving when they would dump their dollar reserves. Small price to pay according to them in order to become a superpower.

Wed, 12/26/2012 - 16:22 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Do Obamafones work in Canadistan?

Wed, 12/26/2012 - 21:51 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

.

Do Obamafones work in Canadistan?

Francophones do, at least some of them.

Wed, 12/26/2012 - 15:26 | Link to Comment AnAnonymous
AnAnonymous's picture

Yep, 'americans' have it hard.

Could someone imagine a worse situation that be able to consume it all for free?

So hard.

It is inhumane, and an aggression on the natural rights of human beings.

Wed, 12/26/2012 - 17:41 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

.

Could someone imagine a worse situation that be able to consume it all for free?

Yep, I can imagine a worse situation: AnAnonymous moving into the neighborhood.

Dogs begin to disappear and feces-encrusted roadsides blobbing up all around, making for a stinky communauty.

Wed, 12/26/2012 - 21:05 | Link to Comment Salon
Salon's picture

Dont forget Tibetan Tiki torches.

I heard tibetans burn real good

Wed, 12/26/2012 - 22:01 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

.

Dont forget Tibetan Tiki torches.

I heard tibetans burn real good

In Chinese Citizenism Communautist Occupied Tibet, the monk tiki torches are self-igniting.

This in in contrast to the Chinese citizenism citizens who have blobbed up into Tibet and avoid self indiction at all costs.

Wed, 12/26/2012 - 22:00 | Link to Comment akak
akak's picture

Here comes our Chinese dishwashing friend once again, latching on to the tail end of the thread.

AnAnonymous: the official ZH dingleberry.

Wed, 12/26/2012 - 15:27 | Link to Comment Treason Season
Treason Season's picture

Canadians are so sophisticated that in the States they've just got AAA  but in Canada we've got  AAA A?

Wed, 12/26/2012 - 15:34 | Link to Comment Wakanda
Wakanda's picture

AAA A Eh?

Wed, 12/26/2012 - 15:29 | Link to Comment youngman
youngman's picture

What this shows me is that the rest of the world can see through the forest...they see it...they get it...and they will make future decesions on this information....if we think they are forever going to love our dollar...we are wrong

Wed, 12/26/2012 - 15:33 | Link to Comment sethstorm
sethstorm's picture

While Canada's current situation can be summarized as appeasement of Third World despots at the cost of Canadians (see Hongkouver for an example of it run rampant).

Wed, 12/26/2012 - 15:35 | Link to Comment yogibear
yogibear's picture

LOL, as long as the US dollar is the world's reserve currency Obama, Bernanke and the Fed will scam the rest of the world.

Those in the rest of the world are real chumps for going along with the scam. 

Canada, China and the Middle east are the US punch dummies.

Obama, Bernanke and the Fed laugh at these global fools.

 

Wed, 12/26/2012 - 23:22 | Link to Comment mkkby
mkkby's picture

Finally somebody gets it.  Canadians are chumps for trading their natural resources for Bennie bucks.  The Chinese give us their labor for the same worthless paper.  Foreign central banks, mainly China, pay for the US military.  US tax payers get back nearly double their money, subsidized by foreign CBs.

When the system blows, the biggest free lunch in history will end and Americans will suddenly learn how to earn their keep.

Wed, 12/26/2012 - 15:36 | Link to Comment TheMayor
TheMayor's picture

www.truthinaccounting.org

The truth can set you free.

CUT SPENDING!!

Wed, 12/26/2012 - 15:38 | Link to Comment TheMayor
TheMayor's picture

Can we import him and replace Harry Reid with this guy!

Someone that tells the truth, wow!

How refreshing!

Wed, 12/26/2012 - 16:38 | Link to Comment markar
markar's picture

Please! same old conservative BS. The poor and the GSEs caused the financial collapse. Not a word about the repeal of Glass-Steagall and the securitization of mortgages across the board as well as Greenspan's bubble blowing with low interest rates after 911.

Wed, 12/26/2012 - 15:41 | Link to Comment OutLookingIn
OutLookingIn's picture

It all sounds good.

Right?

NOT! As one Canadian, our household debt remains in record territory. Our housing bubble has not popped - yet! When you pay over 1 million dollars for a small 3 bedroom bungalow in West Vancouver - something is drastically wrong. The US dollar is in the crapper as per value. The Canadian dollar is worth 8/10's of one cent more! Our manufacturing jobs have gone the same way as the US's - to China. Our social spending is way out there in the stratosphere! Public pensions, medicare, Canada pension plan, old age security, etc. etc.

Our current federal government under "King Stephen the First" is autocratic, socialistic, anti-labor and quite 'drunk' on a power trip. The recent inking of the secret deal with China, without ANY parlimentary debate, shows their true colors.

Canada is walking around with it's head in the clouds and yet the economic shit line is just under our chin and rising - fast!

Wed, 12/26/2012 - 16:26 | Link to Comment TruthInSunshine
TruthInSunshine's picture

shhhhh! Not so loud! The Globe and Mail will call you a muckraker (that's a polite Canadian term-- Canadians are super polite --for terroristy conspiracy type).

Wed, 12/26/2012 - 17:27 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

.

Canada is walking around with it's head in the clouds and yet the economic shit line is just under our chin and rising - fast!

Nice shit analogy, Randy. </Lahey>

Wed, 12/26/2012 - 15:41 | Link to Comment Irelevant
Irelevant's picture

Political bulshit. Canada is not any different!

Wed, 12/26/2012 - 15:43 | Link to Comment Loose Caboose
Loose Caboose's picture

I'm Canadian.  At the end of the day, the USA and Canada are both being shaped by the same, unseen forces (old families in the City of London) so there is nothing to be done, politically, to save us from the debt slave's fate - outside of a mass awakening of the sheople in which the banksters are called out for what they are doing and what they have done. Stephen Harper, himself, has said publicly that sovereignty is dead and we live in a global economy.  To look south and point a finger is ludicrous.  Any flag, of any country with a central bank, is simply a corporate logo.

Wed, 12/26/2012 - 15:59 | Link to Comment blunderdog
blunderdog's picture

     To look south and point a finger is ludicrous.

Makes for popular rhetoric, though.  Lot of that going around.

Wed, 12/26/2012 - 16:00 | Link to Comment OutLookingIn
OutLookingIn's picture

WELL SAID!

Wed, 12/26/2012 - 16:29 | Link to Comment Yes_Questions
Yes_Questions's picture

 

 

Absolutely Correct!

 

Wed, 12/26/2012 - 15:46 | Link to Comment Everybodys All ...
Everybodys All American's picture

Romney said it first. His mistake was he didn't believe his own words enough. He should have added ... well prove me wrong.

Wed, 12/26/2012 - 15:46 | Link to Comment jal
jal's picture

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

What a lovely picture.

The chinese buy from the US military complex. Reverse engineer the hardware. Produce it for pennies on the dollar. Sell it to the US. Watch the US military complex die.

Game over.

Reset game.

Wed, 12/26/2012 - 16:00 | Link to Comment ZeroPoint
ZeroPoint's picture

war is peace
freedom is slavery
ignorance is strength

Wed, 12/26/2012 - 16:06 | Link to Comment Yes_Questions
Yes_Questions's picture

Way to run cover for the Banksters, fucker.

 

No, the .gov does not control the issuance of currency through a housing or any other bubble.

Wed, 12/26/2012 - 16:08 | Link to Comment CheapBastard
CheapBastard's picture

Those Canadians better mind their own business before we invade Canada for the resources...after all, they are close and conveneint.

Wed, 12/26/2012 - 23:26 | Link to Comment mkkby
mkkby's picture

We don't need to dumb ass.  We get to pay them for it in green paper.  Wakey, wakey little sheep.

Wed, 12/26/2012 - 16:08 | Link to Comment kedi
kedi's picture

From a guy who never really had a job, but politics. His parents both had good paying union jobs. Put him through school. Now he is pushing right to work legislation so people can have even less money. Little people that is. So they can get out of debt? This guy never had to scrimp or worry. Never had to fight for a decent wage. He has been on the dole since birth and now says it's a bad thing for everyone else.

Wed, 12/26/2012 - 16:11 | Link to Comment zerotohero
zerotohero's picture

Great pot too

Wed, 12/26/2012 - 16:12 | Link to Comment proLiberty
proLiberty's picture

 

It is not the collapse of America, it is the realisation that socialism itself is not sustainable no matter what country attempts it.  From a moral perspective forcing everyone to live at the expense of everyone else violates the Commandments that forbid coveting and theft.  That society will actually be more prosperous is a lie.  

From a secular standpoint, none other than Vaclav Havel showed in his essay The Power of the Powerless [1] that socialism induces a moral corruption in every interaction people have, when truth itself must be suppressed to sustain the political ideals that elites are attempting to force society to adopt in their lives.  This stirring essay tells us what living hell life in a socialist Utopia really is.

 

 

[1] Václav Havel: The Power of the Powerless

http://www.vaclavhavel.cz/showtrans.php?cat=clanky&val=72_aj_clanky.html...

 

 

Wed, 12/26/2012 - 16:21 | Link to Comment busted by the b...
busted by the bailout's picture

It seems to be working OK in the Scandinavian countries, doesn't it? And Germany is not a laissez faire economy either, is it?

I think a mixed economy can work, it just depends on how it's "mixed".  It has to be managed well.

Wed, 12/26/2012 - 16:35 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Mixed, or "fixed?"

Or "mixed and fixed?"

Mixed per by whose directive?

Fixed by/for whom?

Wed, 12/26/2012 - 17:17 | Link to Comment busted by the b...
busted by the bailout's picture

I suspect you are a libertarian, and if so, there is nothing I can say to change your opinion.  The libertarian view is simple, back and white - no interference, no restriction on corporate or personal freedoms, etc.  But for the non-absolutist majority I say, the "mix" of the economy should be determined by the will of the people through their elected representatives.  This means the level of taxation, regulations, social programs, and the extent of government ownership of business, such as water companies.

Of course, we had (and still have) a mixed economy, and we won WW2, put a man on the moon, and became the world's sole superpower and largest economy with it. 

But now it has become unbalanced with too much power in the hands of corporations, Wall Street, and the wealthy.  As a result, these powerful interests are sucking the lifeblood out of the middle class, and, by continually demanding lower taxes, starving the government of revenue in order to reduce entitlement programs and further dismantle the power of government to regulate their affairs, which, supposedly, reduces their further gains of wealth. 

This is just as unsustainable as our rising debt.

We do need to reduce our spending and our debt, but we also need to free ourselves from plutocracy.

Wed, 12/26/2012 - 17:24 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Is a mixed economy analagous to a little pregnant?

Wed, 12/26/2012 - 18:35 | Link to Comment busted by the b...
busted by the bailout's picture

No the economy is not like a woman who is either pregnant or not.  It is comprised of over 300 million people, 100s of thousands of businesses; it is highly complex and capable of many more states than two, many more than simply completely free or totalitarian socialist. 

There is a whole spectrum of possibilities in between, and, I believe, some of them are capable of working quite well to create and sustain the greatest good for the most people possible, instead of maximizing the wealth of a few, while others become increasing poor.  We had such an economy, but we let it slowly slip away over the last 30 years or so.

Thu, 12/27/2012 - 01:40 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Your lack of specificity couldn't be greater.

I'll ask again but won't expect a specific, rational answer:  Who should "plan" the portion of the economy, to achieve the right "mix" you romanticize?

What portion of the economy should be planned, and with whose resources, to achieve that ideal "mix" you hold so dear in your dogma?

What part of the government should be grown ever larger, which would be necessary to identify the particular sectors of the economy that need to be "planned," and what private sector entities or entire sectors should be snuffed out by these larger and more powerful governmental entities, in order to achieve your idyllic "mix?"

Wed, 12/26/2012 - 23:28 | Link to Comment mkkby
mkkby's picture

"It seems to be working OK in the Scandinavian countries"

Let them fund their own military and the house of cards comes down fast.  Thanks for playing, dumb ass.

Wed, 12/26/2012 - 18:05 | Link to Comment Kayman
Kayman's picture

" socialism induces a moral corruption in every interaction people have,"

And Central Banking is the means of moral corruption; continuous, silent theft from the producers to the parasites.

Wed, 12/26/2012 - 16:14 | Link to Comment busted by the b...
busted by the bailout's picture

It could have worked out OK, if the economy had kept growing.  But that game has been over for many years now as debt - living beyond our means - replaced growth in real wealth as the means of funding consumption and expenditures. 

Now inflation - the debtor's friend - is the only way out.  They think they can manage inflation and keep it under control, but that is unlikely to happen.  Chain Weighted CPI is the next trick to mask increasing inflation.  The Fed's shifting target from inflation to unemployment is another ruse to take our eye off the ball. 

Creating money to stoke inflation is the only tool left to save us from the crushing debt, and the Fed knows it.

Will we go the way of Wiemar Germany or Zimbabwe?  Or will the Fed be able to create just enough inflation for long enough to reduce the value of our mounting debt until it becomes manageable again?  That's a lot of inflation and a lot of debt, and it would take several years to pull off.  I'm betting they can't control it and more economic pain will ensue despite their best efforts to "protect" us from it (and their positions of power).

Wed, 12/26/2012 - 16:15 | Link to Comment lindaamick
lindaamick's picture

The US housing bubble was a collaborative project between the banks and the government.

Indeed socialism is alive and well in the US.  It is socialism for the elite class.   They want total control and total riches and do everything to get them. (lobby, subsidies, tax breaks etc etc)

Your average Joe wants a job that pays a living wage, probably a beer and someone who loves him/her.

The great irony is that the elite class projects THEIR laziness, evil and slothful tendancies onto the average Joe and that is why we hear nothing but info on how US citizens are looking for a free ride.

This is BS.  The elites are the ones who want the free ride.

Wed, 12/26/2012 - 16:38 | Link to Comment busted by the b...
busted by the bailout's picture

Yes.

Our system cannot long endure privatizing the gains and socializing the losses.

Allowing an increased concentration of wealth at the top has reduced the wealth of the middle class and inevitably led to a weak economy. 

Thus when losses occur, they take it in the form of bailouts from the public coffers and free loans of newly created fiat currency from the Fed, also to be paid back by the public. 

This is rationalized by claiming we need them so much.  Like children, we are dependent on them for jobs and are incapable of starting new businesses and creating new jobs elsewhere.  They have us by the short hairs and we don't have the guts to pull away from their grasp, take the pain, and rebuild again, free of their control.

 

 

Thu, 12/27/2012 - 16:20 | Link to Comment aphlaque_duck
aphlaque_duck's picture

Like children, we are dependent on them for jobs and are incapable of starting new businesses and creating new jobs elsewhere.

Speak for yourself. Give me freedom and I can provide for myself just fine. I might even have a job for you.

Wed, 12/26/2012 - 16:17 | Link to Comment muppet_master
muppet_master's picture

banksternanQE

is UNDE DIRECT ORDERS OF the QEorganizer to PRINT BABY PRINT..

the canadian....according to the mainstream media MUST BE A:  RACIST...and wants odummer to FAIL In his quest to PRINT and bankrupt  the US...the mainstream media wants the QEorganizer-madoff-corzine PONZI scheme to continue...

 

Wed, 12/26/2012 - 16:37 | Link to Comment rodocostarica
rodocostarica's picture

He sounds good alright but me thinks this PP aint no Canadian RP

 

http://www.youtube.com/watch?v=b9aJKDqqP4A&feature=player_embedded

 

Wed, 12/26/2012 - 16:40 | Link to Comment americanspirit
americanspirit's picture

Cancel all debt. Close the borders - no more imports or exports. Convert all vehicles to NG. Eliminate corporate farming and remove all taxes on small farms. Make charging interest over 5% a capital crime. Same with child molestation and wife-beating. Same for rape - any kind. Same with use of guns in any crime. Anyone who has immigrated to the US who commits a felony is automatically deported. Legalize all drugs and pardon everyone in prison for drug possession. Eliminate all overseas military bases (but leave nuke subs on patrol). Impose term limits on congress. Fire all school administrators and raise teacher's salaries. Impose stringent standards on teachers. Eliminate all "teaching to the test". Eliminate unions for government employees. Impose 100% tax on all overseas bank accounts held by Americans. Eliminate the income tax and impose national sales tax. Make trading in derivatives an automatic 20 year irreducable prison sentence. Impose rent controls nationwide. Kill the cigarette industry. Eliminate patent protection on pharmaceuticals. That's for starters.

Boy, that felt good.

Wed, 12/26/2012 - 20:40 | Link to Comment emersonreturn
emersonreturn's picture

americanspirit: it felt good to read too...but who/what exactly will enforce this?  some great ideas, implementation though?

Thu, 12/27/2012 - 02:18 | Link to Comment Vidar
Vidar's picture

Some of this is good stuff, but the rest is just more statism that is unenforceable and immoral. Just kill the state and all the good things you mentioned will come to pass without all the control-freak bullshit. Let people live wherever they want, and do whatever they want, as long as they respect life, liberty , and property; let people make any contracts that they choose, let parents educate their children in the manner that they see fit, at their own expense: all of these things would happen naturally if the state was not there to point guns at people and try to tell them what to do.

As long as you harbor the desire to control others you will never be free.

Thu, 12/27/2012 - 17:37 | Link to Comment cranky-old-geezer
cranky-old-geezer's picture

 

 

Downvoted for posting meaningless fantasy bullshit.

Wed, 12/26/2012 - 16:44 | Link to Comment hplcguru
hplcguru's picture

 

This talk does not mention the US Military/Industrial/Congressional Complex which along with "security" agencies spend more than 50% of the Federal Income.  (Chalmers Johnson "Blow Back Trilogy")  

We are in a structural depression due to the FIRE part of the economy controlling much of the $ not spent by the military.

One good comment highlighted CENTRAL PLANNING. This is definitely a trap:  All central planning, no matter what the name, fails because the planners cannot accept feedback.  Feedback is what a "free market" is for.

 After extensive reading, I realized that much changed after the election of 1912.  None of us has lived during the time when: Our country had even somewhat of a free market (tickertape could be seen by anyone in US), the dollar wasn't fiat, the Federal government supported itself on tariffs and duties, the US did not get involved in foreign entanglements as Washington had warned (We had wars of empire but had stayed out of any of Europe’s messes), no income taxes, we were a Republic (Rule of Law, not a democracy which without rule of law is just a way for propaganda to convince people to vote against their best interests) and we had NO FEDERAL RESERVE. 

There was no such thing as "Free Trade" but there was something far more stable: Balanced Trade.  Over the course of history, one either has balanced trade or war.

The gold bars in vaults with the names of countries on the vaults under the streets of NY were part of balanced trade: Every 90 days the trade was balanced by moving some gold bars from one vault to another.  Bills were paid during the 90 days by bonds backed by the gold bars. 

The world needs balanced trade and an economic system based on available resources, not constant growth.

We also need to shake off the 24/7 hologram that tells us that debt is sacred.  Again history shows that one has a choice: Either human life is sacred or debt, never both.

Humans have lived on the excess production from agriculture, mining and manufacturing since the beginning of written history.  We do not live on financialism, constant war and destroyed ecosystems.

 "Those who cannot remember the past are condemned to repeat it" George Santayana 

 

Thu, 12/27/2012 - 17:39 | Link to Comment cranky-old-geezer
cranky-old-geezer's picture

 

 

Central planning = looting.

Wed, 12/26/2012 - 16:52 | Link to Comment Massholio
Massholio's picture

Every fucking retard canadian I meet keeps telling me how resource rich Canada is. NEWS FLASH: Canada doesn't own shit. It is a protectorate of the USA.  TPTB in the USA will grab whatever they feel like from Canada whenever they feel like it. Wake up Canada, buy some guns and ammo and fund your own military. douchebags.

Wed, 12/26/2012 - 16:59 | Link to Comment Abednego
Abednego's picture

Thank you for solidifying my previous point - I guess if we followed the US plan we could just go out and print some money to buy a military - thanks for the advice

Wed, 12/26/2012 - 17:05 | Link to Comment Massholio
Massholio's picture

I don't think you get it. the rest of world accepts USD at the barrel of a gun. Canada has no such advantage. they do what they are told. too bad they didn't see it coming. 

Wed, 12/26/2012 - 18:13 | Link to Comment emersonreturn
emersonreturn's picture

china, france, britan, sweden, germany, russia, india all own a fair bit as well...canada doesn't just give herself to sammy, she likes lots and lots of  good time charley's.

Thu, 12/27/2012 - 10:50 | Link to Comment Doowleb
Doowleb's picture

Hey shithead, Canada isn't Iran. We can have a nuke ready by next Tuesday. You can turn us into a glass parking lot for sure...but it will be a few millenia before your border cities cool off as well.

Now that you yanks have voted for communism we think your stupid remark may well be a possibility. Be carefull who you threaten jerk.

Thu, 12/27/2012 - 23:26 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

As it happens some of us are figuring out how to do serious harm to whoever does come across first. We did burn that white house of yers back in the day, after all, and that was on YOUR territory.

I personally think we'd get a lot more oil-sands reformation done with thermal recycling from a nearby nuclear plant with the added bonus that if you come to take our shit we'll just eject all the radiation all over any oil and/or tar-sands bitumen and then I guess you're fucked because it's not worth taking anymore.

Wed, 12/26/2012 - 16:52 | Link to Comment deepsouthdoug
deepsouthdoug's picture

BLAME CANADA!

Wed, 12/26/2012 - 17:43 | Link to Comment ItsDanger
ItsDanger's picture

Unfortunately, Canada is making the same mistakes the US made.  5% down payment low interest mortgages.  May not be on the NINJA loan level like the US but fairly close.

Wed, 12/26/2012 - 18:02 | Link to Comment q99x2
q99x2's picture

What was the blonde doing before she came in and sat down.

The schmuck never says that the NWO globalists implemented these policies to rape the planet and its people.

Wed, 12/26/2012 - 18:15 | Link to Comment JLee2027
JLee2027's picture

Same financial problems apply to Canadians as they do to Americans. Idiot.

Wed, 12/26/2012 - 18:47 | Link to Comment bunnyswanson
bunnyswanson's picture

Maybe the Canucks have decided to learn from others' mistakes.  I can only hope.

http://marketsmedia.com/dark-gets-lighter-in-canada/

http://www.goldmansachs666.com/2012/04/goldman-sachs-closes-dark-pools-in.html

"Goldman Sachs Group Inc. (GS) (GS) closed Sigma X Canada today, shutting down the dark pool for equities seven months after starting it.

The stock trading venue stopped taking orders, according to a statement from the Investment Industry Regulatory Organization of Canada. Since all orders expire daily on Sigma X Canada, none will be open after it closes, the agency said.

Virtually no trading occurred on the platform, which finished last on a list of 12 Canadian venues ranked by market share compiled by IIROC. Dark pools are private stock trading systems that don’t display offers to buy and sell shares to the public. "

____

"Dark trading in Canada is about to get lighter with new regulatory provisions on dark liquidity around the corner.

On October 15, new rules that were approved by Canadian securities administrators and the Investment Industry Regulatory Organization of Canada (IIROC) will go into effect.

The rules require that an order entered on a marketplace must trade with visible orders on that marketplace at the same price before trading with dark orders at the same price on that marketplace.

“October 15 will bring significant changes in the dark trading environment in Canada,” said Robert Young, chief executive of Liquidnet Canada, a buy-side focused block trading broker. “That’s causing marketplaces in Canada to make radical changes in their market structure, or, in some cases, like Goldman Sachs’ Sigma, to be shut down.”

Canada is no free market country by any standard. But according to the Heritage Foundation's 2010 ranking of countries' relative "Economic Freedom," Canada (national health care and all) is the 7th most free country in the world. The U.S. has dropped to 8th. But at least we still beat the pants off North Korea!

http://www.heritage.org/index/Ranking.aspx

"With the implementation of our country's new, full, "free" national health care, we should drop several more notches in coming years' comparisons.

But I digress.

One financial area where Canada excels is the way they have handled their home mortgage business. The widespread banking disaster we see in the U.S. is nonexistent there. I'm told that Australia has the same banking system as Canada, and also has little problem with real estate meltdowns.

Here's some quick factoids from economist Mark Perry's excellent "Carpe Diem" website blog:

http://mjperry.blogspot.com/2010/02/bank-failures-12000-in-us-vs-2-in.html

http://open.salon.com/blog/richard_rider/2010/03/22/12000_us_bank_failures_vs_two_canadian_banks

 

Wed, 12/26/2012 - 18:25 | Link to Comment Flakmeister
Flakmeister's picture

So suddenly a Canadian pol, from the lair of the socialist beast, is now a font of wisdom???

Chalk one up for the the echo chamber...

Wed, 12/26/2012 - 18:28 | Link to Comment Cycle
Cycle's picture

Captain Grudge sez that money is free in America only for a select 30,000 +/- individuals, some of whom live in the Hamptons. 

Wed, 12/26/2012 - 20:16 | Link to Comment uncle reggie
uncle reggie's picture

This is nothing more than cutesy revisionist history re: the crash. Only a "must watch" for those who want to play along with the banksters.

Wed, 12/26/2012 - 20:29 | Link to Comment ramacers
ramacers's picture

2020? anyone care to outline the miracle 'tween now and then? "poof" beckons folks.

Wed, 12/26/2012 - 21:00 | Link to Comment Roandavid
Roandavid's picture

Two words ... oil sands.  Canada is flat ass broke without em.

Thu, 12/27/2012 - 11:22 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

Actually we have gold mines & prime farm land. Plus, I know not a big economic whammy, but we have maple syrup.

Wed, 12/26/2012 - 21:00 | Link to Comment DollarDive
DollarDive's picture

People that live in glass houses shouldn't throw stones.

Wed, 12/26/2012 - 21:19 | Link to Comment UGrev
UGrev's picture

not so OT as it relates to collapse.. but when it does collapse, you better have a gun:

 

Feinstein & Cuomo Admit Planning Australian Style Government Gun Buy Back

Read more at Ammoland.com: http://www.ammoland.com/2012/12/26/feinstein-cuomo-admit-planning-australian-style-government-gun-buy-back/#ixzz2GD6XuR8z

Wed, 12/26/2012 - 21:32 | Link to Comment larz
larz's picture

can I move to Canada?  Pleaase?!!!!!!

Thu, 12/27/2012 - 11:15 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

YES, But, you must tell any retards trying to follow you that French is mandatory. It isn't but they're retards so they'll walk away (at first)

Wed, 12/26/2012 - 21:42 | Link to Comment dark pools of soros
dark pools of soros's picture

Hey kids, that debt... you didn't build it!!   but u own it!!!

Wed, 12/26/2012 - 22:11 | Link to Comment Bicycle Repairman
Bicycle Repairman's picture

Traveled from New England to Montreal after the tech crash of 2000.  Went into a bar and ordered a whiskey. Said to the bar tender "want to see the best investment I made last year?"  I pulled out a $ 10 CDN bill from the trip one year previous.  "There it is."  And I paid for the whiskey.

Wed, 12/26/2012 - 23:38 | Link to Comment mkkby
mkkby's picture

Wow, your best investment was finding $10 between the couch cushions.

Thu, 12/27/2012 - 00:43 | Link to Comment Radical Marijuana
Radical Marijuana's picture

I agree with the comments posted above by Zer0head, and TruthInSunshine, posted above.

I will copy below what I said to this Member of Parliament, shortly after he made this speech:

I SENT THIS MP AN EMAIL, VIA HIS WEB SITE:

To the Honourable Pierre Poilievre:

Regarding House of Commons Speech, as featured on your Web site 4/26/2012:

http://www.pierremp.ca/budget/

Economic Freedom Speech - Budget 2012

That was an interesting mainstream Conservative analysis of the debt problems, WITHOUT looking at the deeper fundamentals. The statistics are all real enough and shocking, however, you missed the main points about our privatized fiat money-as-debt system.

IT WAS THE PRIVATIZED ABILITIES TO MAKE MONEY OUT OF NOTHING THAT WAS THE CAUSE!

THE SYMPTOMS WERE RUNAWAY SUB-PRIME MORTGAGES, & THE POPPING OF THAT BUBBLE.

But nevertheless, your speech was well worth my adding in this thread:

http://www.marijuanaparty.ca/forum/showflat.pl?Cat=&Board=CMPmarijuanaparty&Number=5378&page=0&view=collapsed&sb=5

That is where I have been collecting my thoughts on the matters related to monetary systems.

Canada is integrated into a global system of privatized fiat money-as-debt. That whole system is the result of the almost total triumph of organized crime on an astronomical scale by international banksters. As a whole, the world's money system has become electronic frauds, backed up by atomic weapons.

Canada has not yet gone as far down that path as the USA. Up until the 1970s, Canada was still making better use of the Bank of Canada. However, since then, we have started on down that express trip to hell too. The combined governmental debts in Canada have passed the one trillion dollar mark. While that is nowhere near the American or some European sovereign debt levels, the inherent nature of our financial system will drive us more and more that way too. Canada has not quite done what the USA has done, which was a near perfect match to an exponential growth curve for total debts since 1970. However, the inherent dynamics of that fundamental system is still operating inside of Canada too, especially since Canada is integrated and interdependent with those global monetary systems.

Canada may well be one of the best off countries, in terms of the relative size of our population, compared to the amounts of natural resources we have left to strip-mine. However, we have the same FUNDAMENTALLY FRAUDULENT FINANCIAL ACCOUNTING SYSTEM as the rest of the world does!

Your analysis of what went wrong, and how Canada could or should avoid that, was too superficial. The list of shocking statistics was certainly right. However, your speech seemed designed to score political points, without looking at the bigger picture: Canada's privatized fiat money-as-debt system is just as INSANE, and we are headed the same way as the rest of the world.

You were right that Canada is one of the few countries in the world whose levels of debt slavery have not yet reached debt insanity. Canadian banks are not now as over-committed to derivatives, etc., as the big American banks already are. However, the basic nature of our financial system, and its integration into the overall world systems, practically guarantee that Canada will later descend into debt insanity too. We will be dragged down when the American debt slavery degrades into debt insanity.

Of course, within the current political realities, wherein the Conservative Party has more money than all the other registered parties combined, and wherein the ownership of the mass media allows for endless lying by omission, to continue to mislead enough Canadian voters worse and worse about economic issues, I understand that your approach will probably continue to be quite successful in the short-term, and into the medium term.

However, the longer term future of the privatized fiat money-as-debt system will surely be profoundly dismal. What one can still expect is most likely going to happen is that the debt insanities throughout the rest of the world shall get bad enough to drive through more INSANE WARS! The reasons are that the debt controls actually depend on the death controls, because the money system depends on the murder system, and the money system pays for the murder system in return, to keep the money system going.

The shocking statistics that you illustrated in your speech are driving even mainstream economists to recently recognize that fiat money (whereby the government's power to deem what is legal tender that everybody must pay their taxes in) has made our money system become our STATE RELIGION. Our "money" system was truly due the triumph of organized crime, in the form of the international banksters, effectively taking over the government of almost all countries, including Canada.

In that context, the American Dollar and the American Military have become like flying unicorns and dragons, because their astronomical magnitudes have miraculously still kept them up, despite that common sense suggests that they should have crashed already. History built the paper money frauds backed by gunpowder weapons systems, that quickly developed into the current global electronic frauds backed by atomic weapons systems. There are now literally quadrillions of units of electronic money, that collectively are an order of magnitude greater than the entire real physical world's economic activities!

The probable crash of those systems in the USA will become the main factors that determine the longer term future of Canadians. Your superficial notions of what the problems where, and how to avoid doing those things, come nowhere close to how EXTREMELY BAD THEY ARE!

While I found your speech to be far more interesting and informative than most speeches made in the House of Commons, your conclusions strike me as not going beyond political expediency. Of course, I am NOT saying that the NDP or Liberals are providing anything better. I am saying that the entire mainstream economics theory is deliberately ignorant of the deeper problems! But nevertheless, as I already said, the contemporary and foreseeable context of political realities in Canada make your practical approach look like it will be relatively successful.

The deeper problems may only be worked through AFTER the worst case scenarios of collapse into chaos in the USA and Europe work themselves through.

This link about WHO I AM:

http://www.marijuanaparty.ca/article.php3?id_article=161

provides many other embedded links through to the issues of the funding of politics, and my court cases on the laws controlling the funding of politics, which relate to the ideas that I have outlined in the letter to you above. In this context, the most important social fact is that 99% of Canadians NEVER claim their political contribution tax credit. Almost all of "our" politics has been paid for by less than 1% of the population. Most people know hardly anything about economics, but what they see on their television. Hence, your political strategy makes practical sense, for the foreseeable future. However, the global consequences of the runaway debt insanities, which you outlined in your speech, will finally drive us to have to think more deeply about these matters?

Yours truly,

Blair T. Longley,
Marijuana Party Leader
__________________________________

I received this reply to my email above:

On 30/04/2012 pierre.poilievre@parl.gc.ca wrote:

Blair Longley, info@marijuanaparty.ca

Blair,

Thank you for taking the time to share your viewpoint and perspective on Canada’s economy.

It is my belief that freedom of enterprise is responsible for the material prosperity we enjoy. I hope to present a number of Parliamentary speeches to that end in the weeks ahead.

Thanks again for your note.

Sincerely,

Pierre Poilievre, M.P. Nepean-Carleton

Parliamentary Secretary to the Minister of Transport, Infrastructure and Communities
_________________________

And so, I sent a reply back:

Dear Pierre Poilievre:

Thanks for your reply.

Of course, I agree with the principle of freedom, including "freedom of enterprise."

I include that inside the general concept of facilitating greater use of information.

However, central banks dominated by international banksters are NOT freedom.

They are the triumph of the supreme organized crime gang around all the world.

Canadians gave away their power to make money out of nothing to

PRIVATELY OWNED BANKS.

That was due to the historical triumph of huge lies, backed up by violence.

We are now inside of a runaway fascist plutocracy juggernaut due to that!

Of course, since enormous corporations grew up around those banks, which now own a handful of media corporations that dominate politics, there is practically nothing that any politicians could do about that now.

It is too late for "freedom" in Canada, we are IN DEBT SLAVERY! Even worse, in the rest of the world, as your speech outlined well, we are seeing runaway debt insanity, leading towards world wars!

Too bad, so sad.

Yours truly,

Blair Longley.
_____________________________________

P.S.

In the real world with facts like the following, it is quite ludicrous to talk about promoting "freedom of enterprise" when we have this:

http://www.cbc.ca/news/business/story/2012/04/30/bank-bailout-ccpa.html

Banks got $114B from governments during recession

Support for banks 'more substantial than Canadians were led to believe': CCPA report

Canada's biggest banks accepted tens of billions in government funds during the recession, according to a report released today by the Canadian Centre for Policy Alternatives.

Canada's banking system is often lauded for being one of the world's safest. But an analysis by CCPA senior economist David Macdonald concluded that Canada's major lenders were in a far worse position during the downturn than previously believed.

Macdonald examined data provided by the Canada Mortgage and Housing Corporation, the Office of the Superintendent of Financial Institutions and the big banks themselves for his report published Monday.

It says support for Canadian banks from various agencies reached $114 billion at its peak. That works out to $3,400 for every man, woman and child in Canada, and also to seven per cent of Canada's gross domestic product in 2009.

The figure is also 10 times the amount Canadian taxpayers spent on the auto industry in 2009. ...

During October 2008 and June 2010, the banks combined to report $27 billion in profits on their balance sheets.

CMHC mortgage program aided banks ...

One of the most well-known ways in which policymakers helped the banks during the crisis is through a $69-billion CMHC program whereby the housing agency took mortgages off the balance sheets of big Canadian banks. In contrast with other support facilities, all of the funds granted by the CMHC were through selling assets (in this case mortgages) to the housing agency. They were not funds that had to be paid back. ...

But Canadian lenders also dipped into a program set up by the U.S. Federal Reserve aimed at providing cash to keep American banks afloat. CIBC and BMO took almost $3 billion each out of the fund, RBC and TD took out $8 billion and Scotiabank drew down almost $12 billion, the CCPA report found. That data came from the U.S. Federal Reserve, which released it publicly. But Macdonald's analysis found that Canadian banks got a comparable amount — $41 billion — from Bank of Canada facilities, an agency that has been far less transparent in sharing information. ... "Despite Access to Information requests for the data, the Bank of Canada refuses to release it," the CCPA report states. ...

"The federal government claims it was offering the banks 'liquidity support,' but it looks an awful lot like a bailout to me," says Macdonald. "Whatever you call it, Canadian government aid for the country's biggest banks was far more indispensable than the official line would suggest.

"The support for Canadian banks was much more substantial than Canadians were led to believe," Macdonald said. ...

To show the scale of the funding, the CCPA report contrasted the total value of the support Canadian banks took against the bank's total value at the time. Under that comparison, CIBC received $21 billion in support — almost 1.5 times the value of the company at the time. BMO maxed out at $17 billion or 118 per cent, Scotiabank peaked at $25 billion or 100 per cent of its value, while TD and RBC maxed out at $26 billion and $25 billion — good enough for 69 and 63 per cent, respectively, of the total value of those companies at the time.

"It would have been cheaper to buy every single share in these companies," Macdonald said.

For more on that report:

http://www.policyalternatives.ca/newsroom/updates/study-reveals-secret-canadian-bank-bailout
_______________________________________

Recall some of the very FEW previous news stories:

http://www.cnbc.com/id/15840232?video=1043703424&play=1

Canadian PM on Banks

The first half of this interview talks about Canadian banks.

At about 35 seconds in, Harper admits that

the Canadian government

"has gone in and done some market transactions with our banks to improve market liquidity ..."

See:

http://www.cbc.ca/money/story/2008/11/12/flahertyloans.html

The Canadian government did put $75 billion into the banks.

That was about 10% of the initial American TARP plan ...

http://www.bloomberg.com/apps/news?pid=20601082&sid=a7sjoD0SQkV0&refer=canada

Former Bank of Canada Governor David Dodge said today that the Canadian government’s deficit, which will exceed C$50 billion ($46 billion) this year, is right given the recession, though lawmakers must commit to cut it later.

“To preserve confidence in the future stability of public finances, it’s very important that Canadian governments, federal and provincial, now make commitments to the reduction or the elimination of that discretionary spending at some point in the future,” Dodge also said.

... Ah yes, welcome to the double-speak of MONEY-AS-DEBT!

Consider, that the government of Canada bought $75 billion worth of bad assets off the Canadian banks, last year, in so-called "market transactions" ... & now, this year, the government is going to borrow more than $50 billion in fiat money made out of nothing from private banks, thus enslaving future generations to pay that back, with interest, that probably can never be paid off, since there will be a runaway compound interest!

AND FURTHERMORE, IT SHALL CONTINUE TO BE PRACTICALLY IMPOSSIBLE TO COMMUNICATE WITH MOST CANADIANS EVEN ANY HINT OF WHAT IS REALLY GOING ON HERE. ... DODGE DECLARES GOVERNMENTS MUST COMMIT TO STOP DOING THAT IN SOME INDEFINITE FUTURE, WHEN CANADIAN TAXPAYERS HAVE TO PAY BACK THE FIAT MONEY THAT THEY "BORROWED" FROM PRIVATE BANKERS, WHICH MADE ALL THAT MONEY OUT OF NOTHING.

http://thechronicleherald.ca/Opinion/1188139.html

‘Not a bailout’: the great Canadian bank caper

By Ralph Surette, Jun 19, 2010.

You know how wonderful Canadian banks are. They didn’t fail when others did, and didn’t need to be bailed out. We are standing tall among nations in that regard, and the Harper government can stick out its chest and preach the Canadian model of prudence and caution to a profligate world. Even the Americans are agog at our fiscal virtue. ...

Does this sound too cute? Here’s the inevitable other side of the story. The banks were actually "bailed out" to the tune of $125 billion just before and after the 2008 election — in the form of a massive purchase of questionable mortgages and other "rotten paper," in the words of one economist, held by them. This was done through the Canada Mortgage and Housing Corporation, a federal agency. The taxpayer is now on the hook for these mortgages, 40 per cent of which are considered at risk, with more to come if interest rates rise and the economy dips again.

But the kicker is this: Hardly anybody noticed. It wasn’t an issue in the election, and the financial press said nothing. ...

http://www.theglobeandmail.com/news/national/budget/ottawa-closing-the-tap-on-bank-support-measures/article1478910/

The federal government provided about $135 billion in various ways help Canadian banks. Government of Canada did buy up tens of billions of dollars in mortgages that were causing troubles. It bought tens of billions of dollars worth into mortgage pools

How that worked:

* Institutions lend money to Canadian borrowers.

Corporations that the government has legalized get to make money out of nothing to lend to us.

* Pools of mortgages are packed together and sold to investors.

Everybody in the stream takes their slice of the faked pie.

* The government of Canada, through Canada Mortgage and Housing Corporation (CMHC), buys up the pools.

* The money flows back to the lenders and the loans come off their books.

The government finances the move through increased issuance of Treasury bills and bonds.

There is NO other way to understand this, than as a triumph of a gang of organized criminals who have succeeded in symbolically perpetuating systems of robbing people to pay their robbers to rob them! The budget of the federal government is like that of a family suffering from a home invasion, going ever deeper in debt to the banksters using financial terrorism against them! Money was based on robbery, backed up with murder. We run that with maximum deceits and privatizations! Our government was based on repeating huge lies. Our mass media mostly give our government a free ride with respect to most of its huge lies.

http://www.vancouverobserver.com/politics/commentary/2011/11/10/canadas-right-wing-media-monopolies-move-further-right

Canadian news reporting and commentary is controlled today by a handful of wealthy families and corporations.
 ... a growing gap persists between advertising-financed journalism and everything else ...

Gang of Seven: billion-dollar corporations that control what Canadians read, watch and hear about the world’s daily happenings. Many of its chief executives are members of the Canadian Council of Chief Executives, promoting its business-friendly agenda. THAT evolving domination of the mass media reveals how it was possible for government
to borrow and give away $tens of billions to Canadian banks, after 2007 events, while the public barely was informed.
_______________________________________
_______________________________________

Meanwhile, the downward spiral towards total destruction of "democracy" continues ...

Another, after another, huge omnibus "budget" bills, combine extraordinary changes to many, many different issues, from environmental protection. to privatizing atomic energy ...

http://fullcomment.nationalpost.com/2012/04/30/andrew-coyne-bill-c-38-shows-us-how-far-parliament-has-fallen/?utm_source=dlvr.it&utm_medium=twitter

... That Parliament has lost control of the public purse is now a commonplace. Governments routinely spend billions more than they were budgeted. Estimates are voted through without serious scrutiny. ... But the increasing use of these omnibills extends Parliament’s powerlessness in all directions: it has become, if you will, omnimpotent — a ceremonial body, little more. What is worse, it cannot even seem to rouse itself to its own defence. ...

Thu, 12/27/2012 - 01:46 | Link to Comment Jreb
Jreb's picture

Good post - I have been giving a lot of this some pretty serious thought. There is still hope here - but some changes need to be made - firewalls built - and banksters chased out of town. The question is how to go about it?

 

Not looking forward to the welfare/policestate financial kelptocracy that will ensue if we don't.

Thu, 12/27/2012 - 15:09 | Link to Comment Tinky
Tinky's picture

That's all you got?

 

Thu, 12/27/2012 - 01:45 | Link to Comment Jreb
Jreb's picture

Posting error.

Thu, 12/27/2012 - 10:40 | Link to Comment Doowleb
Doowleb's picture

So many conservative hating leftist loving Canadian commenters here spouting their usual bile and lies.

In 2012 Obama's deficit spending created a debt of approx. $4600.00 per citizen. Stephen Harper's government deficit spending created a debt of approx. $600.00 per citizen.

Nuff said.

Thu, 12/27/2012 - 11:17 | Link to Comment Jreb
Jreb's picture

Ouch - was like someone just drove a stake through my heart.

Doowleb - I am not a leftiist by any means (nor do i consider my self a righty - so let's get rid of the antiquated terms and deal with the issue of freedom vs authoritarianism). What I do see is a man who spoke the truth but glossed over our own problems which are the same as every western nations. This is not an issue of politics - it is an issue of math and human freedom. Our system is better only because it is not as far along the road to serfdom as others. My suggestion is we capitalize on the sentiment and get them to own up to the real problem - unbacked fiat money in the hands of a criminal banking cartel.

The bible warns us about usury - how much more "conservative" can we get?

There are other things that need to be addressed as well - such as the purpose and function of our military, the income tax and our natural rights.

It is uplifting to hear our politicians speak this way but it is nothing more than political masterbation if the root problems are not addressed.

 

Thu, 12/27/2012 - 15:39 | Link to Comment jimmyjames
jimmyjames's picture

So many conservative hating leftist loving Canadian commenters here spouting their usual bile and lies.

*********

Being neither left or right-here's a tidbit for you about what your complete pos hero Harper has done for you and in fact all Canadians-none are so blind as those who will not see-

***************

CMHC’s total insurance-in-force increased to $576 billion at the end of the second quarter of 2012, nearly 2% higher than total insurance-in-force at year end 2011 and 1% higher than in the first quarter of 2012.

CMHC’s guarantees-in-force totalled $377 billion as at 30 June 2012, 4% higher than total guarantees-in-force at year end 2011 and 1% higher than in the first quarter of 2012. CMHC’s authorized guarantees-in-force limit is $600 billion.

http://www.cmhc-schl.gc.ca/en/corp/about/core/upload/CMHC-Quarterly-Financial-Report-June-30-2012.pdf

************

Back of envolope calculation = $33,000 per debt slave- to save your crooked banks and clueless asshole politicians-

Thu, 12/27/2012 - 17:25 | Link to Comment Doowleb
Doowleb's picture

USA 2012 deficit  1.4 trillion divided by 300 million = $4600.00/citizen

Canada 2012 deficit 21 billion divided by 35 million = $600.00/citizen

Canada has no housing bubble. Vancouver and Toronto do. Canadian mortgages are not tax deductable and our government didn't force banks to extend loans to deadbeats.

No matter how you try and couch the debate in your Stephen Harper hate, these figures are true and impressive.

Thu, 12/27/2012 - 15:02 | Link to Comment q99x2
q99x2's picture

Looks like the ghost of Mao Tse-tung giving him dirty looks from behind. Was Mao gay? Why's that guy keep looking at his butt? 

Thu, 12/27/2012 - 15:31 | Link to Comment Monk
Monk's picture

Encourages? Looks more like a two-way street to me.

 

Thu, 12/27/2012 - 15:32 | Link to Comment Super Broccoli
Super Broccoli's picture

"so soon the bailout fund will need a bailout plan"

Right ! But where does the bank bailout money come from ? The european states that borrowed it from ... duh ! the precise bankrupted banks they were bailing out !

Stupid politicians !

Thu, 12/27/2012 - 15:57 | Link to Comment Miles Kendig
Miles Kendig's picture

Ya, we've heard all this from Pierre before ....

http://www.youtube.com/watch?v=LqQCyAQBgXY

Thu, 12/27/2012 - 15:56 | Link to Comment delivered
delivered's picture

Just another politician, spouting off on an issue that has been well now to everyone with half a brain for over a decade. Sounds more like grand standing and posturing which of course is exactly what we would expect from a politician. Doesn't matter if it is France, Canada, the US, Italy, China, Japan, or for that matter, the balance of the world as everyone is saying the same thing - The uncontrolled actions of central banks and indebted countries are the root of the problem. Really? No shit as when money (which really is a form of debt) can be created out of thin air and debt issued with no ability to repay it do you think we might have a problem? Business 101 as capital, whether debt of equity, must generate both a real return of and on principal.

So let the politicians continue to vent and spew their BS as until they can move from identifying the problem (known for quite some time to those that have a clue yet which the politicians are just figuring out) to putting real solutions towards solving the problem (most likely won't happen until the masses revolt and force the issue), I will remain unimpressed and heavily invested in real assets including PMs.

Just like Tony Montana stated in Scarface at the end of the movie right before his empire crumbled - "You people need people like me to say there goes the bad guy". Canada is just pointing south and saying there's the bad guy yet Canada is creating its own debt problem and bubbles (but will look to shift the blame). Imagine that, a politician shifting blame and taking credit for success. The more things change the more they stay the same.

Thu, 12/27/2012 - 15:58 | Link to Comment orangegeek
orangegeek's picture

This guy is full of SHIT.

 

Canada has a national VAT of 13% and and income tax rate of about 50% over 50K.  Canada has virtually no military except was has been rebuilt over the last five years - still a joke.

 

Over 1 in 2 jobs is a government job.

 

Canada, like Australia, survives on rocks and trees.  When oil and gold fall, Canada will collapse and it's going to be ugly beyond what the US is experiencing.

 

 

Thu, 12/27/2012 - 18:52 | Link to Comment Doowleb
Doowleb's picture

Strange that Canada is the USA's largest customer and largest supplier. Anyone who thinks the US doesn't need Canada is crazy. Canada has a free market conservative economist running our economy and the US is in the control of communists.

Speaking of being full of SHIT, every comment you wrote is incorrect, as the most perfunctory of Goggle searches would attest.

The USA is in decline. The 21st century will belong to Canada.  

Thu, 12/27/2012 - 20:09 | Link to Comment orangegeek
orangegeek's picture

Every comment is incorrect?  So Canada does not have a 13% VAT?

 

You're a politician and a debater that likes to void facts of inconvenience.  Love that socialism.

 

You're also a maple syrup sucking puck slapping windbag.  When oil and gold falls, as the US Dollar rises, Canada will collapse financially.  Enjoy the ride.

Fri, 12/28/2012 - 07:51 | Link to Comment Doowleb
Doowleb's picture

Hey Geek, other than ad hominem attacks and totally false info, do you have anything to add to this discussion?

Canada has a 5% GST. (Goods and Services tax)

Public Sector Workers as a percent of total employment:   Canada 20.2      USA 17.3

Manufacturing jobs as a percent of total workforce:   Canada 10%    USA  9%

Corporate tax rates: Canada 15%  USA 39%

When it comes to financial collapse, you Yanks have nothing to crow about. Watch the drain of talent become a torrent from the USA to Canada now that the USA is communist and punishes it's productive sector.

 

 

Thu, 12/27/2012 - 16:12 | Link to Comment AgAu_man
AgAu_man's picture

Look, having more than 'goosed' a few Canadian 'chicks', I love Canada and its Canucks (the team too).  But...

Let's be honest here:  As a former colony of England -- and present colony or the 51st state of the US, many Canucks argue -- the "be nice" and "perma-colonial" mindset is in its very DNA.  This is mostly invisible to themselves, but visible to others.  They have and always will look to other (super?)-powers for bench-marking their domestic and foreign policies.  A consensus-driven people, mimicking the consensus of the Left and Right in the US.

Perhaps this is a prudent, peaceful and sustainable survival strategy, but let's not inflate Canadian confidence into hubris.  Or beyond the fact that its prosperity is mostly based on (a) its rich natural resources, and (b) its 'branch-plant' economy linked to the US.  When the US sneezes, Canada catches a cold.

Basically, when Washington/Wall St (the Elite) says "jump", they typically ask "how high?".  Like good little colonials/Canadians.  Eh.

p.s. Old Canadian beer joke (Pierre Burton?):  Q:  What does American beer and making love in a canoe have in common?  A:  Both are fu**ing close to water".

Thu, 12/27/2012 - 19:00 | Link to Comment Doowleb
Doowleb's picture

As a Canadian I've enjoyed the company of women from both sides of the border as well. Canada doesn't have as high a percentage of bubble gum chewing Jersey girls thank God.

The USA wasn't a world power until late in the 19th century. What hubris to think a huge country like Canada with only 35 million well educated people to support couldn't quite easily become the best place to live, in the world. (If it isn't already)

The USA was the shining city on the hill, don't forget what has happened to the economy of every single country that has chosen communism. If you don't think that the Marxist Obama and his cohorts aren't communist...you don't know the meaning of the word.

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