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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 | 3096794 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 | 3096799 Treason Season
Treason Season's picture
Canadians are all tapettes [gasbags] at heart underneath all the big free open spaces.


Wed, 12/26/2012 - 15:23 | 3096802 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 | 3099629 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....


Thu, 12/27/2012 - 15:48 | 3099630 Miles Kendig
Miles Kendig's picture
Wed, 12/26/2012 - 15:23 | 3096803 A Lunatic
A Lunatic's picture

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

Wed, 12/26/2012 - 15:25 | 3096805 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 | 3096962 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 | 3097020 TruthInSunshine
TruthInSunshine's picture

Do Obamafones work in Canadistan?

Wed, 12/26/2012 - 21:51 | 3097898 TheFourthStooge-ing
TheFourthStooge-ing's picture


Do Obamafones work in Canadistan?

Francophones do, at least some of them.

Wed, 12/26/2012 - 15:26 | 3096809 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 | 3097322 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 | 3097823 Salon
Salon's picture

Dont forget Tibetan Tiki torches.

I heard tibetans burn real good

Wed, 12/26/2012 - 22:01 | 3097920 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 | 3097916 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 | 3096811 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 | 3096824 Wakanda
Wakanda's picture


Wed, 12/26/2012 - 15:29 | 3096815 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 | 3096822 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 | 3096831 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 | 3098084 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 | 3096835 TheMayor
TheMayor's picture


The truth can set you free.


Wed, 12/26/2012 - 15:38 | 3096840 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 | 3097076 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 | 3096857 OutLookingIn
OutLookingIn's picture

It all sounds good.


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 | 3097031 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 | 3097244 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 | 3096858 Irelevant
Irelevant's picture

Political bulshit. Canada is not any different!

Wed, 12/26/2012 - 15:43 | 3096860 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 | 3096923 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 | 3096925 OutLookingIn
OutLookingIn's picture


Wed, 12/26/2012 - 16:29 | 3097043 Yes_Questions
Yes_Questions's picture



Absolutely Correct!


Wed, 12/26/2012 - 15:46 | 3096876 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 | 3096880 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 | 3096927 ZeroPoint
ZeroPoint's picture

war is peace
freedom is slavery
ignorance is strength

Wed, 12/26/2012 - 16:06 | 3096952 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 | 3096957 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 | 3098091 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 | 3096958 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 | 3096971 zerotohero
zerotohero's picture

Great pot too

Wed, 12/26/2012 - 16:12 | 3096976 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




Wed, 12/26/2012 - 16:21 | 3097016 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 | 3097059 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 | 3097206 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 | 3097237 TruthInSunshine
TruthInSunshine's picture

Is a mixed economy analagous to a little pregnant?

Wed, 12/26/2012 - 18:35 | 3097503 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 | 3098247 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 | 3098095 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 | 3097407 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 | 3096982 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).

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