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am now having this thought: does "jamie" know "ori"?
+ Fucking Priceless.Maybe a good thing we weren't drinking buddies.
mutual memory loss, but thx, and why do you look familiar? what's your sign?
I know a lot of people who actually invested in Candian real estate these last 2 years.
kind of like a flight to... the woods.
Pardon me as I am new to this Sudden Debt, but how is that turning out for them? I reside in Canada and would like to know, cheers!
According to them, very well and the outlook they talk about was pretty high to.
If I had the extra cash like they have, I think I would have done the same.
Real estate is done in Canada. Anyone who bought in last 2 years and hasn't sold yet - is going to get raped. Anybody arguing otherwise should ask themselves where the the US economy is headed and what percentage of the Canadian economy is dependent upon that. A nice blog that Canadian housing porn addicts should read is: greaterfool.ca. Has great commentary about real estate but I don't subscribe to the "diversified, buy and hold bonds and stock stuff he advocates". Don't mention gold on the blog - he hates it.
It's a very poor plan. The risk reward ratio is bad. You can get a silver contract at two to one margin you know. Stick with what you know and what is working.
i like cananda and i like hozers, too
so do the chinese, judging from recent purchases in vancouver; if they invade us from up there, they can have seattle for on a 50-year lease. we need to have some smart mofos learn their lingo
that's it; my final offer to them; take it or leave it; but only if they come across the canadian border with ar least 2 infantry brigades. smiling, too. BiCheZ!
Theyinvested in physical real estate? Not in Vancouver, I hope. They're likely to lose it all.
The near-term collapse of their housing market is the Number 1 most likley culprit in trashing the Canadian banks as discussed in this article.
Another bad news, ???
come on , ZERO??
All your happy are mine!
Your tears are delicious.
The smartest Canadian I know (who happens to beeeee Assssian) swears that the Loonie is the short of a lifetime....not soon...but now.
Canada-Australia-New Zealand for the trifecta.
He also claims the real estate market in Canada is a ripe pustule (and that even Calgary is highly vulnerable WHEN oil drops below $50/barrel), and that austerity meets Canadian Welfare State sooner than 99% of Canadians are going to comprehend.
He could be wrong, but he is a self-made multi hundreds of millions-aire, making his money dissecting financial reports.
So maybe he's right.
And on that note, watch the EUR over the next month. It's all fun and games until nations lose their infrastructure and the politicans and central bankers lose the complete confidence of the populace (as they should lose it; bang up job, boys).
I don't even want to think about the Euro over next month, let alone tomorrow. I'm dreading the day the ECB announces their new and improved sparkling whiter than white EZ bonds. As for the Canadian real estate boohah, I'd guess your smart Canadian (I haven't met a dumb one yet) may be thinking about the fiasco experienced in Vancouver's pump and dump real estate market that pauperised a few HK millionaires.
Just thinking aloud here, but there's a strange yet compelling correlation between the English-speaking nations (Aust-NewZ-US-UK-Can) that are part of the Echelon network and their banks. I'm no philologist, but I'm beginning to form a theory that English is the language of bullshit, which corresponds with something another clever chap once said: "All language is a lie".
As for the article, is that why Barclays tanked today? Somebody had a look at the bank TCE ratio, scratched his arse and thought any bank that gave back below 3% of its stock value on liquidation instead of say, 5%, is a disaster area? I'd say losing 95% of an asset is as disasterous as losing over 97%, but then again I'm normal.
Very good post. I agree. I lived there for awhile, I love it, love the people. But, yes, I never met a dumb one either. "Never in doubt, but frequently in error". Good analysis of the permanent attraction of real estate. I sold my farm there in 1974. As you know, this is not a time to fool around with real estate speculation.
WHEN oil drops below $50/barrel),
WHEN oil drops below $50/barrel),
WTI near $70.
And we've only just begun.
Bernak Broke All Again.
He might be right, but oil needs to get to $60 or lower.
I just don't think it happens. Too many American dollars being printed.
I doubt oil gets to $54 this time.
I'm a buyer of oil between $60 and $70.
So are the Chinese and they've got lots reserves.
US 1oz Gold Eagles now only $4 away from $2,000 for purchase (by credit card). Last call.
silver is at 40 euro's a ounce already here in Europe.
It's becomming talk of the town between the upper and upper middle class right now to start buying.
Soon the middle class will start and than you have a raid on PM's.
Expecting a bump. Agree. PMs are very underowned relative to the degree of economic risks, anxiety and lack of safe alternatives.
PMs and anti-depressants.
I expect an all out war against PM's.
If the FED and the banks can't get these down, they risk of losing a hughe amount of depostis on them.
If they don't stop them in the next 2 months, it will be to late for them to interfeer.
I think that jig is up. Too expensive and politically difficult to control now. And they don't make a move without the Fed. It's slipping away from them very fast.
They'll try many more times. Don't think they won't try to force it down.
But that doesn't mean you should care :) at least I don't.
I hope they will try to force it lower for a time.
I'll go with cases of Canadian Club as a safe store of wealth.
Much more liquid.
Silver at 40 euros?
In Germany you can buy them for 32 per oz what includes 7% vat, look for Wiener Philharmoniker.
I would NEVER buy from a site like this!!
"Wiener Philharmoniker." is that German for skin flute?
over and over again I refer you to bullionvault.com, right here on your computer. read the business model carefully. It's real silver. you really get to buy it and sell it, and you really can make your profits in more silver. Don't be a complete primitive; the silver in the trunk of the car is funny, but this is business, not a joke.
Canada needs a good kick in the ass for electing the biggest one on the planet.
Scoreboard beotch . Mayhap next go around you can get your coalition of commies elected .
If China boils over, not only will it hit commodity economies like Australia and Canada directly, but also it will knock the props out from under the ever-bubbling Vancouver property market.
Maybe 2012 is Canada's turn to emulate the US housing crash.
Very well played. This has been my exact prognosis for quite some time now.
The other angle on the China meltdown is that there's a TON of Chinese youth in Vancouver who are there on mommy and daddy's dime, and who will be recalled back to China. This will kill housing demand. The ripping point will be all the big mortages that were obtained via rental income potential: many folks rent out rooms (I know about this, as my wife used to do this up there). Add in interest resets (everything is an ARM up there) and it gets pretty shaky.
There is absolutely NO upside here.
"Add in interest resets (everything is an ARM up there)"
Historically Canadians vastly prefer fixed mortgage about 75% currently.
But...but... Cramer says...............all time buy buy buy buy
Im from Canada and have been short these banks since they blasted through pre lehman levels. Its been a rough trade but since the downgrade, its paying off.
Canadian people are financially illiterate.
Sadly, you are correct. My recommendations for many Canadians has been to buy Silver, what they hear is stay in my safe paper.
The Hosers are gonna get Hosed.
Does that mean we should drop the "financially"?
Compared to who? Americans? lol!
Well, there are lots of them that are financially literate. It just so happens that since they are Keynesians, they are incoherent as well, rendering the literacy moot.
Illiterate yes. But talking about money is almost taboo here. When you care and learn about it, people think you're worrying too much.
Then they attack you and call you greedy for being so entranced by money.
Any suggestions on the best way to short Canada? I've been quite happy, to put it mildly, with results from FAZ. Is there a Canadian equivalent?
Thanks in advance.
HFD on the TSX is 2x
HIF on the TSX is 1x
Pile in. 52 week lows in these shorts where not that long ago.
Jesus Christ man, you don't go short on the lows, you go short on the highs. Talk about financial illiiterates. You buy dips, you don't sell them. Or simply stand aside. Do not go short now. the probabilities are stacked against you.
Double down HFD, baybee!
But but but.....Canada has very, very oily sands!
From PIIGS to Canadian bacon in 1 easy step.
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