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Forget China: This Extremely "Developed" Country Just Suffered Its Biggest Money Outflow Ever
While understandably all eyes have been fixed on every monthly capital outflow update from China (even the ones that the Politburo is clearly massaging), few have noticed that one of the biggest total outflows currently in the global developed economy is taking place right in America's own back yard.
According to BofA's Kamal Sharma, Canada’s basic balance - a combination of the capital and the current account: a measure of national accounts that spans everything from trade to financial-market flows - swung from a surplus of 4.2% of GDP to a deficit of 7.9% in the 12 months ending in June. That’s the fastest one-year deterioration among 10 major developed nations.
Citing Sharma's data Bloomberg writes that "money is flooding out of Canada at the fastest pace in the developed world as the nation’s decade-long oil boom comes to an end and little else looks ready to take the industry’s place as an economic driver." In fact, based on the chart below, the outflow is the fastest on record.
"This is Canadian investors that are pushing money abroad," said Alvise Marino, a foreign-exchange strategist at Credit Suisse Group AG in New York. "The policy in Canada the last 10 years has greatly favored investments in energy. Now the drop in oil prices made all that investment unprofitable."
The reasons for the accelerating otflows are familiar, or mostly one reason: the collapse in crude oil, among the nation’s biggest exports, has dropped to half of its 2014 peak. "The slump has derailed projects this year in Canada’s oil sands - one of the world’s most expensive crude-producing regions. Royal Dutch Shell Plc’s decision to put its Carmon Creek drilling project on ice last week lengthened that list to 18, according to ARC Financial Corp."
Worse, there does not appear to be any improvement, despite the recent stabilization in Brent prices:
More recent data on where companies and mutual-fund investors are putting their money show the trend extended into the second half of the year, suggesting demand for the Canadian dollar and the country’s assets is still ebbing. The currency is already down 11 percent this year, after touching an 11-year low against the U.S. dollar in September.
Where is all this capital going? Canadian companies have been looking abroad for acquisitions. Royal Bank of Canada is expected to close its $5.4 billion purchase of Los Angeles-based City National Corp. Monday, its biggest-ever takeover. It’s part of a net outflow of C$73 billion this year for mergers and acquisitions, both completed and announced, according to Credit Suisse data.
Canada's stock market confirms this trend: nine of the 10 best-performing companies on the country’s benchmark stock index in the past two years have favored buying growth abroad rather than expanding at home.
Individuals are following suit.
"While international appetite for Canadian financial securities has held steady this year, domestic mutual-fund investors have pulled money from Canada-focused funds and plowed it into global choices for six straight months, the longest streak in two years, according to Investment Funds Institute of Canada data compiled by Bank of Montreal."
Bloomberg calculates that more weakness for the CAD, and more capital outflows, are on deck as the Canadian dollar has to get cheaper to make Canadian businesses outside of the oil industry competitive enough with foreign peers to make them worth investing in, according to Benjamin Reitzes, an economist at Bank of Montreal.
Canada's economic weakness was recently confirmed when it reported two months ago that it had entered its first recession since the financial crisis.
Earlier today, Canada's manufacturing sector got even more bad news when the latest RBC Canadian Manufacturing PMI survey dropped to a record low in October, with output, new orders and employment all declining since the previous month. Moreover, new export sales dropped for the first time since April, with survey respondents noting that weaker global economic conditions had weighed on new business volumes.
In other words, not even the tumbling loonie is helping boost exports: a bedrock assumption of modern monetary policy.
Meanwhile, input costs rose at a sharp and accelerated pace in October, which placed pressure on operating margins and contributed to a further slight increase in factory gate charges.
Finally, the country is expected to post its 12th straight merchandise trade deficit this week, according to every economist in a Bloomberg survey.
Perhaps it is ironic: a year after we predicted the death of the petrodollar would cripple Emerging Markets around the globe (something which was confirmed in the China devaluation/EM debt crisis of 2015) the nation most impacted by the collapse in oil is neither China, nor - as many had expected - Russia, but what to many is a bedrock of economic stability: the AAA rated Canada.
How long until not Putin but Harper's successor is seen in the White House, begging Obama to put an end to QE so that the US shale sector, thanks to infinite junk bond refills courtesy of the Federal Reserve and "investors" allocating other people's money, will mercifully die and prevent Canada's economy from sliding from recession into an outright depression?
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Canada on strike!
https://www.youtube.com/watch?v=pFCd4ZOTVg4
Give us internet money!
Ya the decline in oil has caused problems. But the capital outflows (or actually vanishing capital assets) pale in comparison to the total loss in capital when the property market up there finally gets a dose of reality.
crack shack ---> mansion ---> back to crack shack. Everyone act surprised!
If those canadians are smart they converted CAD => USD and are smiling quite pretty at this point.
Or CAD to Gold. Same result more or less.
You know Canada is fucked when it's own predatory banking sector has to travel abroad to find new victims to enslave... killing the value of their currency in the process.
Top that off with the Conservative and Liberals decision to roll up the countries dairy sector in the TPP sellout and they are going to have trouble feeding all of those welfare recipients in Toronto when the housing bubble pops.
Obama will not finish his second term! Current Events Linked to Ancient Biblical Prophecy!
http://motivationdose.com/is-america-babylon/
We're gonna need to build another wall.
and yet Chinese outflows into Canada are also at records
the irony
Ehhh? HSBC.ca woud NEVER launder money stolen from roadside squatting Chinese shitizens! It's simply, uncivilized!
Hoser ;-)
Looney fucking shit!
Not looney anymore, it is in the mainstream media - what a big surprise, it shows the mega shitstorm is at the door
http://www.thestar.com/business/2015/11/02/money-flooding-out-of-canada-...
Chairman Mao said "political power grows out of the barrel of a gun". His successors, starting with Deng Xiaoping in the 1980s, quickly dumped this maxim and are using capitalism's own tools to slowly overtake it and eventually launch a "takeover" bid for it. In the 21st century political power grows out the ka-ching of a cash register
For now, power still grows out of the ability to issue infinite junk bond refills in our current instance, courtesy of the Fed
How many gun barrels can a jb refill provide? Is there a chart that tracks this ratio?
More to this than meets the eye:
BANK MORTGAGES, NOT BAGS OF CASH, BEHIND MAINLAND CHINESE HOME BUYS: Vancouver study shines new light on the role financial institutions play in the B.C. home-buying process (Vancouver Sun, 2-Nov)
"Almost 70 per cent of all sales on the Multiple Listing Service in a recent six-month period, worth more than half a billion dollars, were bought with mortgages extended by just three Canadian banks: CIBC, BMO and HSBC Canada."
Why don't you stop trying to sell your silly Babylon book in every comment section?
He has three upvotes so must have three ID's on ZH.
Why? You are going to blow him so good that he will leave Reggie and Michael and run away with you to San Francisco where you two are going to brade each other's hair?
Your spot on, this is going to end badly for them.
lol it's not popping
it dips -10% and all that says is FIRE SALE FIRE SALE COME CHINA COME ALL
only way it's going down any time in the next decade is if the government restricts foreign ownership which will never happen because they're too reliant on propping up the housing market
If we were smart, we would exploit the magnesium extracted through the asbestos boom which puts the entire oil sector to shame in terms of market value. $300B in surface picking and we're just planting trees on it all.
https://atokenmanblog.wordpress.com/2015/09/11/379/
Actually converted CAD to Maples and haven't lost a cent even though the CAD is at 0.75 USD now. THAT'S called a 'store of value', unlike fiat bumwad.
+1 nope.
Except that - I don't think there is EVER going to be a correction - especially as the $CDN continues to fall and interest rates reamin zero bound. I keep waiting for housing prices to correct (since 2011), and they've done nothing but go up. $400K for 70 year old pieces of shit in an "up and coming neighborhood" - that two years ago boasted highest crime rates.
That dose of reality you're talking about........just not seeing it. Not anywhere.
Not even close.
That just means when it does happen, it will be fugly. Same for Australia.
wont happen. been waiting since i was 18 in vancouver
How old are you now?
Keep looking...it's coming.
Its coming like a mother fucking steam roller.
2001: it's coming!
2009: it's coming!!
2015: it's coming!!
you're waiting an awful long time for that facial...
Well, I don't know about you, but I painfully recall both the tech bubble and the housing bubble going BOOM!
2008/9 was worse than the tech wipeout, and the next one will be orders of magnitude worse than either of those.
The math has changed.
Prices will remain high while our currency evaporates in value. No big reset, no reconciliation, just massive devaluation of everything we own and prices for everything we need will go up. The "bubble" is that we just haven't felt it yet. Debt has been the massive insulator separating cause and effect. It is like a big elastic strap that has stretched out and we keep thinking it will snap back, but it won't. It will just continue to stretch as they add more and more weight of debt on it, all while carefully monitoring it to be sure it doesn't break. We are seeing the end of that elasticity now. The economies are slowing down and have absorbed about all the debt they can hold. We are all trapped in this, bankers and population all. Of course the banker's situation is far better than ours but they will not see any more expansion, and we will simply see a slow stagnation. Our only choice is to try and deliberately cause a crash or pray for a black swan to do it. And it could happen for sure. But what we have is stagnation with everyone struggling to keep what they have, be it big or small. Slowing, slowly...down...
the best art of it is that finally, possibly gambling will lose its allure, as stagnation will offer very little upside for speculators. Everyone will find themselves having to work for a living again, what living that may provide.
It is a perfect biflation scenario indeed.
All mandatory and fixed costs : up
All buying power : down
Biflation is going global. The economies will indeed grind down to a middling crawl, happy to break even.
But as incomes drop in real terms and the cost of living, going to work and doing business rise, margins will compress and profitability will depend on downsizing, more outsourcing and cost cutting
Demand and supply will slowly grind down while loose monetary games will make wealth trickle up to the 0.001%.
0.001%? So you're talking about 3,000 people?
In America only 3,000 odd people benefit from the current economy??
Wow, if you given them an average family size of 5 people what you're saying is that only 600 families benefit from the current economic system & economy!!
Wow, even to me that seems incredibly low. There would be millions of millionaires being shafted in that case. I doubt the average multi-millionaire would allow themselves to get shafted so well without buying some sort of political influence/ insurance.
I just can't see it myself really.
A drop of water can carve it's mark into a mountain given time. All it takes is time and pressure, it's coming.
Agreed. Somehow property prices are sticky as glue. They rise and rise and rise, then stick where they have no reason to be. Governments use every trick in the financial book to manipulate housing prices upwards, and then stick them there.
Homes are no longer where people live, they are the world's biggest casino asset class. Where once people bouth homes, now the speculator class using zirp are all over the place gambling with people houses. Same old story of casino crony capitalism.
when and why will that occur?
Following in the footprints of the scandanavians......whens the first million refugees get there?
Canadians are in denial.
Socilism is distributing the debts of the rulers on the people.
RIPS
shut up selfish working class racist sociopaths
ouuuch
About 20% more homes on sale compared to last year, sitting on the market 11% longerhttp://www.cbc.ca/news/canada/calgary/calgary-housing-prices-down-in-oct...
Looks like a bloodbath, eh. But my guess is the prices still have another 50% downward correction as they revert to the mean or below.
You got that right.
The property bubble has already collapsed in the small mid Vancouver Island town of Port Alberni where my Dad lives. The assessment on his house went from $185/165/147K from 2012/2013/2014, and continues to fall in value in this economically depressed community. There are literally hundreds of homes/condos for sale, and commerical RE is in even worse shape with well over 50 empty buildings in the downtown area. Many schools have closed and many private businesses are getting absolutely killed.
The town is finished. It used to be one of the top wage earning communities in the entire country in the 1970's and 80's.
I was in Crofton, a pulp mill town near Nanaimo on Vancouver Island. I was shocked to see a nice rancher just up from the beach with a for sale sign at $79,000
You may know this already, but Crofton is bathed continuously in cancerous felch emitting from the pulp mill. Barring that, it would be a beautiful place to live. No, wait. I forgot; the government said everything was OK and the mill meets all their air quality standards, pay no attention to that strange smell.
I believe there are no short sales with Canadian mortgages. You owe the difference.
Known in the US as a 'deficiency judgment'
Trudeau will certainly push for some flavor of 'debt forgiveness.'
Called "Full Recourse Loans"
Debt slavery......for the children!
RIPS
Corfton has a smelly mill in it thats why. Vancouver Island is about 1/4 to 1/3 the cost of the Urband mainland real estate.
Bay of Pigs - Port Alberni was a plup mill town - the mill closed. Period. Dah...
Having said that the town is in a really interesting inlet from the Pacific Ocean and about half way cross Vancouver Island. It is in a spectacular setting.
No. Paper mill is still hanging in there. Workers had to take a huge wage/benefit cut to keep it alive, but I guess they thought it was worth it.
Exactly. The alternative is no job, like when unions closed the mill in Gold River.
Correct. These days Port Alberni is best known for filming some scenes of Twilight.
Foolish exaggeration about port alberni, the town has always been undervalued making it affordable for first time home buyers. 50 empty buildings is a bit of a silly claim,and as far as businesses getting "killed"it has more to do with the big box stores. AS far as "hundreds" of homes for sale this is normal and if you look on mls you will see hundreds of homes for sale in every town on vancouver island. FYI homes are still selling in alberni genius, and once you get to sproat lake good luck finding one for less than 500 k. The town is in process of gentrification and is far from finished because it is one of the best places on the island (don't tell anyone).
Foolish exaggeration about port alberni, the town has always been undervalued making it affordable for first time home buyers. 50 empty buildings is a bit of a silly claim,and as far as businesses getting "killed"it has more to do with the big box stores. AS far as "hundreds" of homes for sale this is normal and if you look on mls you will see hundreds of homes for sale in every town on vancouver island. FYI homes are still selling in alberni genius, and once you get to sproat lake good luck finding one for less than 500 k. The town is in process of gentrification and is far from finished because it is one of the best places on the island (don't tell anyone).
Who's on strike in ONtario this week? Garbage men? Teachers? TTC? Doctors? That province needs one giant punch in the face.
Ontarians elected a libtard provincially, and now Canadians chose a libtard federally, a smarmy twit who (get this) won the zombie vote by promising TENS OF BILLIONS IN NEW DEBT, IN A RECESSION, ON THE VERGE OF A MACRO COLLAPSE. Apparently, young Trudeau is a friend to the banksters, just like his daddy.
Canada is ruined for the next generation, especially the most indebted provinces like Quebec and Ontario, and now Alberta. I hear anecdotes from meetings of representatives from different parts of the oil and gas industry. Thanks to a mature Western Canadian sedimentary basin, out of control oil and gas industry operating costs (absurd salaries), disruptive technology (shale oil and gas) and resultant oil and gas prices, a big portion of the economy that every Albertan has taken for granted for the last fifty years is KAPUT. Alberta real estate has much further to fall. All those new residences extending the city limits in Calgary and Edmonton are mortgaged to the hilt. Parts of the province are predicted to turn into ghost towns.
Competition by devaluation! HOW FUCKING ORIGINAL.
CANADIAN SAVERS AND INVESTORS: YOU HAVE BEEN WARNED.
By the Grace of God, the pipeline / facility construction company I work at has work well into next year. That being the case, as well as the fact that I'm prepared for a meltdown makes me say BRING ON THE MELTDOWN.
I'm not your friend, buddy!
I'm not your buddy, guy!
He's not your guy, friend!
(PS - we named my Canadian son Terence Philip about 20 yrs before their appearance on South Park) His friends still laugh abooot it.
Biggest money outflow ever?
Great.
Make sure it will never come back to steal your resources and slave your citizens.
Biggest outflow ever is to get the assests away from the new taxman in the new gov, which is going to be cruel.
Economic expansion willl come from gov spending into deficit budgets.
Those with lots have known for months that the old gov with friendly business tax policy was going down, and owning money will cost through the tax burden.
I was wondering when someone woulld mention Trudeau, he is going to absolutely rape Canada.. Taxwise and cuturally, your very own bamster, you must be so proud..
Put a fork in it. Canadas done. Socialism Sucks.
RIPS
Canada did fine until...
- It loosened its immigration policy: From Merit-based to Linkage-based. Instead of skilled or educated Europeans, it got unskilled relatives from the British Commonwealth.
- NAFTA expanded from a US-Canadian treaty, to a US-Canadian-Mexican treaty. Very little gets designed and made in Canada now. It's all made in either Mexico (final assembly of complex products, to overcome Import Tariffs), or from Asia (China, India, Vietnam). As for high-tech products, the first chance that Canadian entrepreneurs get to sell their biz to someone in the US, they do it, and then move to FL or CA.
Whatever hot money was flowing in, it was mostly from China (Hong Kong) and India, and settled in Toronto and Vancouver. That was their version of "Simon Black's Sovereign Plan: dual citizenship or foreign residency in US, Canada, Australia".
Those HK'ers started buying houses there in the late 1990's when Red China took over HK and they wanted another place for safety. The buying never stopped as the Canadain gubmint made it even easier for them to come in and shove locals out. Then they let millions of Mainlanders, Punjabbis, Pakis, etc flood in.
Big Gubmint screwing its own citizens is very 21st Century.
You Sikh bruv ?
Same with USA; it's never been easier to walk across the border, overstay your visa, etc. Make it to a "Safe Zone" and get on Medicaid, plus go to college for free, free food, free cell phones and free housing. Oh yeah, pop out a few dozen anchor babies/citizens while you're at it!
"Forward!"
HK money arrived well before that. I remember parties with wasp yuppie whiners complaining in 1986 that foreign money was pushing up the price of their next planned home in the Bridle Path area.
The successful Canadians around the world should be called to invest in their nation as a matter of patriotism. Return home perhaps, like the you-know-who is doing, it would also assist demographically/voting wise. The Canadian doctors in USA should be flooding the border...so there's that.
Media responsible for this charade
Canada?AAA?ROFL
When oil is Cdn$150.oo/bbl we are AAAA++ :D
Its all good, our incoming Prime Minister has good hair, and women think "He's cute".
Cuteness is all socialism needs and Turdeau fits the bill.. It'll work this time, honest it will.
Give them their due, eh?
don't forget, he's exceptional at... falling down stair on purpose?
https://www.youtube.com/watch?v=lRnwK01n904
Did Zero forget Harper's out?
Calling Canada a "developed country" is a bit of a stretch, don't you think?
I know, I know, a lot of people are going to take a lot of offense at that, but I don't mean it in a cultural/societal way. I mean that ECONOMICALLY. What floats Canada's economy? Exporting raw materials (and ag products).
I heard the Canadian voter sent a message by voting more socialist since the oil price collapse. Not sure what the message was but I am sure the answer will be misery and higher taxes. Since that was going to happen anyway...hope they felt good sending the message.
I think the message was "The Free Shit Army is a worldwide phenomenon".
Yep. Bankers live everywhere.
Canada doesn't have EBT or foodstamps or any "free-shit" program like you do in the US. No free phones, no free internet.
In this regard, the US is much more socialist than Canada. Hate to break it to you...
Really? You mean Americans also respond with "the government oughta ____" for every little problem that comes along just like Canadians?
No welfare in Canada?!? LMFAO!!!!!
You ought see the crowds at the welfare office on "payday" in BC lined up. It's a fuckan madhouse.
That guy is completely full of shit.
He didn't say welfare, he said "free-shit", ie phones, internet, ebt.
I feel sorry that you think I'm full of shit. My opinion is just as valid as yours. I live here in BC too, and I don't see great masses lined up where I am. You must live in the armpit of BC=Prince George
@Misnomer: You must understand the absurdity of your statement in the broader context of Canada's immense welfare state. I hired a data entry operator a few years ago who was the first in three generations of her family to hold a job. For doing so, she was ostracized, her home vandalized, her children set up by welfare-dependent neighbors to make her appear as an "unfit mother." The list of supplements and subsidies and supports that she received and/or had access to was astonishing. There is a supplement for everything from pet food to cell phones to condoms to cold weather. Your previous statement would appear to suggest that Canada is something less than a nanny state. That said, many programs are stretched, more so as time goes on, and the impulse to expand government is strong as ever, buttressed by Agenda 21 brainwashing in the schools.
WHAT?? Do you even live here?!
Do not way too many Canadian's enjoy "free" socialist healthcare? Does socialist welfare also not exist here? Is it all private and personally paid for elementary and public schools? Is the government here in all it's municipal, provincial, and federal arms not a socialist paradise for those who do very little actual work but just paper push for the most part? Go back to your fucking basement and think before you speak.
Nothing is free in Canada. This is why I pay $75 thousand a year in tax right now, and this will likely jump to over $100 thousand by 2017. I'm sending this to Turdeau's email when he gets settled into the PM office:
"You can't legislate the poor into freedom by legislating the wealthy out of freedom. What one person receives without working for, another person must work for without receiving. The government can't give to anybody anything that the government doesn't first take from somebody else. When half of the people get the idea that they don't have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that my dear friend, is about the end of any nation. You cannot multiply wealth by dividing it."
I'll bet he knows that but he also knows that saying it won't get you elected. Ron Paul can tell you that.
I highly doubt that his Arts and Crafts degree taught him this basic economic function.
And being an art teacher for 10 years likely did nothing to promote that type of understanding.
Most Socialists don't need to be good at anything except giving OPM away.
Yes, I do live here. We pay top dollar(taxes) for healthcare, therefore not free.
Welfare exists here, but not the "free-shit" that the poster was talking about. ie. phones, ebt.
Think what you want, I live in rural town Canada, and I pay lots for our "free" healthcare.
I ain't no punkass teenager either, so YOU go back to YOUR basement.
well, i live in toronto and i can assure you this free healthcare is worthless shit, unless you fixing do die- in that case, yes, they will bring your ass back to life. everything else is shit.
Agreed, BUT a working man can actually afford to seek private medical and pay 100% out of pocket.
I had private reconstructive shoulder surgery for just Cdn$4000.oo!
And, yes, a real surgeon not a veterinarian...shoulder works great!
well, i live in toronto and i can assure you this free healthcare is worthless shit, unless you fixing do die- in that case, yes, they will bring your ass back to life. everything else is shit.
No. It was because the Harper regime was out of control, alienating it's voter base and censoring science. The meidia was muzzeled, every major newspaper in Canada editorialized in favor of Harper, at the behest ofownership. The Chief editor of The Globe and Mail, our most staunchly conservitive paper resinged over it. Bacicaly Canada has been run by the Bush regime for the last ten years. It's like the School of the Americas set up shop. We have been semi-socialist for quite some time, it's going ok, if not perfect or great. You can't say socialism failed here though, because it's still a pretty great place to live.
The Liberals have a majority government but only achieved 39.5 % of the popular vote. That is the problem with representative governments, including the US and many other so called democratic countries. A minority can actually win an election and call the shots! A Direct Democracy, such as being used in Switzerland for the last 150 years, is the only pure democracy. All politians are self-serving liars; all laws should be subject to a vote/referendum of the people with a double majority.
That is my recurrent dream for Quebec, a direct democracy. Not just one big chamber of commerce. First sovereignty, then that. Maybe it's just one too many battle...
We are all self-serving liars. Now design a government around that bit of truthiness. Not easy is it?
Yes, but my needs are so much less!
and how would your economically developed country be doing without massive debt and money printing?
...quite nicely I'm sure
No Debt??? What calls USA a "developed country" that is a bit of a strectch. Do you not think or read?
USA is based on DEBT and petrodollar. Economically it is debt, military, petrodollar. OH AND legalized/condoned theft in every market throughout the world. Tick tock. USA really has no pontificating left available.
Starting at the Canada/US border, the southern 100 miles is the "developed" economy...the economic enomoly is north of there, all the way to the north pole. If it wasn't for that we would already be a Scandinavian country!
Not to worry. We've just crowned another Trudeau and, like his father, Justin has promised to delve deeply into deficit spending to 'fix' everything...because it seems to be working everywhere else...
http://olduvai.ca
Richard Duncan is still a moron.
I don't even care if we run our debt through the roof. None of the debt in the western countries will ever be repaid so why not beef up the infrastructure and put everyone to work.
EU, Japan, China, and the US are all running up huge debts. Why not us? Five billion a month in my province would sure create a lot of opportunities. I've voted conservative my whole life but have come to realize that it just don't fuckin matter anymore.
If you were at a card game and all the other players just printed more money every time they were getting low, you'd have to be an idiot not to be doing the same. It'll all work out in the reset I'm sure.
owensdrillin
Government deficits are to build up Infastructure ?????? Whodathunkit.
And silly me, I thought government deficits were to rob the future from private taxpayers, so the present is more than swell for government employees.
I think his point is, borrow tons of money to buy assets, and then stiff your creditors. That is the basic strategy here, or more like the US, borrow tons of money, stiff your creditors and do drive-bys waving your guns to scare them into lending more.
There's no way that could go wrong! /sarc
Screw em', they're bankers.
There's real risk involved in lending, even to insolvent govt.s
We got the guns. What are they going to do? Foreclose on the entire US?
It's just swapping one IOU for another, only the other has no dead presidents printed on them.
It says IOU. HaHaHa.
Way to stand up and display your true character there. If you can't beat em, join em. Forget honesty, integrity, due diligence, self respect, and doing right by others. Hell if they rob us blind, no problem, isn't that their job in the first place. Cowards do die a thousand deaths.
canadian gov. can borrow from bank of canada interest free because they own the bank...but they won't.
Not quite, google COMER the Committee on Monetary and Economic Reform
How long until not Putin but Harper is seen in the White House, begging Obama to put an end to QE
Harper???
justobserving...harper's successor.
LOL!, define money...
Only Ben Bernanke knows.
Whatever the muppets will accept as money.
They have not done one QE yet. Its not a problem....till they get to QE4. Ask Ben...its true!!
They did just buy into the TBTF market, however. Hell, it's a pretty good investment, when you see it in that light. Now the FED be looking out for them, too, when TSHTF again.
I blame Justin Bieber.
twat...it wont be Harper begging in Washington...it will be Trudeau....
In either case the PM will need knee pads. I think Barry will enjoy the slow burn.
does it matter that Canada has the best ag and nr and water on the planet. plus a huge country with low population? i love to see a yankee skwirm.
SSSHHHH SUSH...and keep the secret please. Canada does have all the above. Provided they stand up. Stand up to GMO and Glyphosate poisoning. (like EU and Russia). Provided they enforce the popular opinion that water is not for sale nor to be controlled by foreign let alone domestic corporations, provided they quit privatizing Hydro in order to rape the populations with "smart grids".
Trudeau JR. is not the guy to stand up and do any of the above.
Too late. That fuckhead Mulroney gave away our water rights with the NAFTA agreement.
Check it out - water is classified as a "necessity of life" and as such can not be withheld if required.
Also. contrary to popular belief, the water, like some other NAFTA commodities, cannot be sold to the US for more money/unit than it is sold in Canada.
Thanks Dickead Brian
57-71 +100. & the father & marc lalonde selling the country to the banks.
Trudeau will ratify TPP, so no, he will not stand up to GMO and Glyphosate
standard of living and quality of life is going down, but then, that trend was decided decades ago
(Trudeau is just a front man for the moneyed interests, he doesn't decide, he repeats)
rumor is that trudeau is homosexual, so he'll likely be sucking cock, not begging.
Everybody on the "left" in North America is always rumored to be a gay once elected to office. It gives those on the right (one more) something for which to hate them.
Much like Barack Obama, whom I don't believe for one single second is a homosexual. Nor is Michelle an ex-male, but then again, I'm giving way too much credence to those who do not deserve it.
Probably not a big Joan Rivers fan I take it.
I heard it was one of Hillary's aides, a certain Blumenthal, who came up with the rumor about Obama. It's just an entertaining part of the mafia turf wars.
So Mr. Orangegeek? Are you standing in line waiting to be serviced or provide your butt? WTF with your idiot comment? Trudeau SR. made a statement years ago that (I paraphrase) "the state has no place in people's bedrooms". one reason , give me one good reason that I should take you seriously (or one good reason why you should have any self respect?).
Your intelligence amounts, once again here on ZH, to homophobia as a rational political criticism. Are you a closet homo? Seems to me you are. But a psycho closet, likely violent if actually approached. Go away.
Trudeau is a raging homosexual and will be sucking Obama cock for financial favor. There. All fixed from above.
Hey what other country can lay claim to ousting the dollar bill for a dollar coin and call it "the looney"
You spelt it wrong
Canada is a pile of socialist shit that speaks a dialect of French that no one else speaks in the world. How fucking retarded is that???
And this retarded version of French that no one uses in the world, is engrained through Canada's system.
What a fucked up place, but Canad had enough oil to fuck up over and over again, until oil recently fell to $38 (and it will likely head lower).
Bye bye Canada.
They got some decent titty bars. So there is that.
+1 AWESOME titty bars PB. AWESOME!
The Drake used to be a great spot in Vancouver to watch dancers. Same at Orange #5.
IDIOT IDIOT IDIOT. Guess you want your daughter to become a pole dancer hey?
Years ago when I was in the tourist business, Most of my Murican clients would almost beg me to take them to the local strip bar, hence they get totally naked here. They said that never happened in the south.
Outside of Vegas, and a certain River City in the south, Canada has some of the best topless bars in North America, so I hear.
This is true, I did the titty bar scene in southern Ontario in my 20's for a few years and those girls were smokin! And it's amazing I got out disease free. Canada just needs to manufacture more titty bars, their debt we'll be paid off in weeks!
Damn straight. Friendly girls too.
"Canada... speaks a dialect of French that no one else speaks in the world... And this retarded version of French that no one uses in the world, is engrained through Canada's system."
Speaking of Retards... you seem a perfect avatar of one.
FACT: The French that French-Canadians (Québécois) speak is the French that was spoken 300 years ago in France, when their settlers (mostly from Brittany and Normandy) came over. It hasn't changed, but the French in France has. In that sense, it can be argue to be more 'authentic' than the modern French, that is full of Pan-Euro and Pan-African influences.
Got any more half-baked horseshit to sell? Or will you just junk me for exposing your arrogant ignorance?
Froglais spoken in Quebec is more like what the hillbillys spoke 300 years ago... it is hard to understand even when you speak french.
Franglais is an aberration that comes from the fact that almost all business, spare small local ones) were run in english only. Even the ads from the big business were in english only. So the modest french-canadians learnt to talk their way around english speaking bosses and discover new stuff and technologies with english names only. That's been true for almost 200 hundred years, from the conquest of 1763 to the Levesques government language laws of the 70ies. So yes, languages tend to be modified under such "pressure".
KIRK....like any language kept in a confined community French Canadian dialect has evolved. Incorporates English. Encorporates slang that has developed. It is a unique "dialect" of French, as is French spoken in Louisiana, or North Africa.
Like English is when spoken in Cockney or Oxford or Canada or Aussie....it is language that grows.
Is that like the Ebonics variation of English?