The Canadian Government Unveils a Fiscal Debt Bomb- The Loonie Hour Episode 10

[@Karengmeade]

Can I just say I appreciate Rich’s frustration in regards to the outrageous virus restrictions and how this is just an opportunity for those that have the power to unlock all the plans they have had tucked away for many years.. we as Canadians NEED to start getting frustrated and angry with these measures.. A large majority of us are currently being held hostage in this country and no one bats an eyelid.. are we that blind and obedient?!

[@diasx12]

thank you!

[@DiabeticDawg]

This whole panel is so damn good 👌🏻

[@Kevin.Boyle007]

I don't understand why it is in our best interests that our bank is outside of our gov'ts control? Isn't it our money? Our country? If you were to be a true student of our history - the day we gave up control of our central bank in 1974 - is the day when we were sold out by our political leadership (Pierre Trudeau) to big banks. We used to have a surplus, now we run deficits. Our deficit is so bad now, every year our interest on the debt is our single largest expenditure. The greatest con game ever put over the citizens of our country was convincing us / our leadership that having an independent bank was a good idea. All it means is that we are boatloads in debt to big banks. Who do you think owns Canada now? The guy who owns our debt.

[@jupitereye4322]

Canada is not a sovereign country. It is more like a protectorate of the USA. The USA is in full control over the North American continent, and Canada is more like a purpose given organ of the machinery that is the US economy. Canadian skies are protected by the US army, through NORAD, and any country that has another country taking care of its security is not a sovereign country.

[@monkey3210ify]

That's an interesting point. I'm curious, would having the bank in government control somehow limit this government deficit? I guess they wouldn't owe it to anyone, but couldn't that deficit still happen?

[@Kevin.Boyle007]

@@monkey3210ify As I stated go back into history - prior to 1974 we had no deficit. We also had control over our money.

[@monkey3210ify]

@@Kevin.Boyle007 Fair enough, the results do speak for themselves. Also now that I think about it, servicing our debt alone is a massive expense; so I think I might've just been misunderstanding your point. Almost makes me think we shouldn't have elected this guy's son 🤔

[@luckyPiston]

Kevin, what do we need a bank for other than the for a store of wealth, ie gold, cash or some asset ? theoretically all countries should live on what they earn (or at one time what they could steal) So you are talking about "isn't it our money" , well in reality there is money till there isn't , and this is where the bank comes in and allows the country to borrow on its future. So how does a government follow a fiscally responsible line when it gets to make the rules on how the bank is run ? Banks should just be banks and not have anything to do with government otherwise you have a conflict of interest. There is way more to it but i'm trying to put it in a nutshell.

[@notalmostfamous9773]

Been waiting for this since yesterday. Hopefully Keith talks Turkey! Get it, Keith talking TURKEY?!?!

[@Jaywed]

You're failing to hold Canadians in addition to Government responsible for fiscal matters. They're simply doing what we continue to vote in. There needs to be more recognition on holding Canadians ultimately responsible.

[@donm2067]

It's like trying to hold a spoiled child accountable, have you had to interact with the general public? Spoiled, entitled, brats, and the boomers are the worst.

[@Jaywed]

@@donm2067 Yes but do you continue spoil and enable their behavior?

[@dwightcarlson7136]

@@donm2067 I'm a boomer and don't feel entitled. Have always been frugal and have only once collected EI after being laid off shortly after our twins were born. Now I frequently see ads on TV for companies whose only job in life is to get people out of paying the debts which they owe to others. I remember listening to a middle aged guy 30 years ago who bragged about declaring bankruptcy and about all the stuff he got to keep which he didn't pay for.

[@Caitgreenham]

As a people we Canadians are very spoiled and entitled. I've come to the conclusion we need to hurt bad so we pull our own heads out of our own asses..

[@donm2067]

@@Caitgreenham Some of us already have, it's burned into me, it's part of my DNA. I don't think most people are going to make it, too many have it too good for too long.

[@jacklonergan9991]

Great content guys….perhaps a deep dive into the euro dollar market and how it’s driving everything!!

[@wiseone2890]

If you’re interested in eurodollar I’d watch Robert Breedlove’s “What is money show”. There is a 4 part series with Jeff Snider on the whole history. That series was more worthwhile than my university degree.

[@derykvaccaro7904]

I don't look forward to a lot of content, but I find myself looking forward to this show. This is my favorite podcast to listen to now. Thanks for continuously putting out quality content Steve!

[@thegoatstore7814]

Steve "The real news" Saretsky breaking glass ceilings all day long!

[@Beastofcookies]

Steve is there a place to watch or listen to your answers in the House of Commons or parliament or whatever?

[@pierre-yvesmonin2117]

I agree with you, nobody in Quebec talk about it...and nobody wants to look over the frontiers

[@Awakenedkarolina]

But our actual inflation rate is closer to 15% and that’s not been taken into account in tour conversation.

[@HybridHunterBC]

This is great!! Hard to find good commentary on Canadian finance, keep it up please!! Will be referring the loonie hour to friends!!!

[@JF-mu3rk]

Best show yet imo, good work guys. Keep it coming.

[@chriss729]

Very informative podcast. Thanks guys.

[@steveshideler1333]

First… Thanks for these shows. Just great content.

[@ariell8962]

A fresh dose of reality. Thank you.

[@fbalien5417]

Lol cases cases cases. Bullocks

[@luckyPiston]

I'd like to invest in Canadian LNG (if it was going anywhere !?) right now i can see demand worldwide increasing and Canada does not export beyond the USA, talk about missing a golden opportunity ! Countries are on the verge of going to war (economic or otherwize) over market share and meanwhile Canada's LNG shipping port is ten years behind. Will Canada ever be an LNG exporter to one of the worlds biggest markets, China ?

[@bernie6355]

MMT my friends. This is where we are all heading.

[@oneclickandclosed]

If you don't own real estate in Canada, where should you put your money?

[@luckyPiston]

The world will always need energy and whatever it takes to make store and use it...

[@donm2067]

If you don't own real estate in Canada, you don't invest lol.

[@xyxx-zn6vf]

Rich please keep talking about oil

[@athome8849]

I enjoy listening to Keith’s viewpoints. Learning a lot. It’ll be nice if Keith can host few episodes and just do some freestyle talking.

[@nathanhorton8993]

Great Show! Always very interesting.

[@benvicius672]

Question for Richard, does that government spending/GDP include crown corporations, or is that spending separate? I ask because government mentality would also be prevalent in places like CMHC and Canada Post, where P/L isn't necessarily top of mind either.

[@ic3b3rgi23]

great n very very important show man. keep this up guys 💯

[@christopherd7957]

Great content as always gentlemen!

[@valerienikkel3072]

Looking forward to the Loonie Hour website, and Rich's charts!

[@klrrafman]

Outside the Fed and ECB everybody is actually raising rates. ECB can get away with it because Germany still has some weight to throw around and it is fiscally sound. US can get away with it because of reserve currency status, so far and down the line it has room to bring federal sales tax. How Canada plans to get away with it is a mystery to me except maybe by joining US dollar and giving up on having central bank.

[@omegafile]

They increase immigration.. creates demand for goods and services and housing. It creates a housing shortage and inflation. Without immigration there is no economy as the population would shrink and there would be a home surplus causing prices to fall and jobs to be lost.

[@harlzberg6068]

It's hard to really know, predictions are just that. Throw a curveball like covid and lockdowns, hard to see unemployment rates and market plays. One thing we all know as CDN's is taxes are high and winter is a non productive time, wasteful, staying heated, pumping out emissions to stay in igloos lol

[@brianpereira7483]

how can they tell you and investors that canadas economy peaked in 2014 and had to buy bonds since then. bet against the debt and economic slowdown with fiscal put

[@dwightcarlson7136]

Where can Rich's chart re imports and exports be downloaded if possible?

[@morgank.1249]

Mildly terrifying and utterly interesting!

[@purethinking269]

Who pays over asking on housing, again and again ... if you have the money you may buy housing but not over asking. If you pay over asking you don't have extra money you have money to burn. Money you have to spend. If you over pay how can you make money on it?

[@purethinking269]

@@joeycowan3037 rich people do not get richer by burning money. If you hold illegal money you will pay anything to get clean money or property for it.

[@rosewildbill6368]

We did see Powell with Janet Yellin ...same same ...they are not supposed to be together because they are separate entities ...

[@luckyPiston]

Its says 40 comments and i count 15, where'd the other 25 comments go ?

[@dirtyburger7528]

Yep! Because they are shadow banned. Makes sense because Steve's viewers are gonna be critical thinkers and not leftist sheep.

[@seanjohn5991]

Everyone's favorite boomer and Tom Brady! Lol

[@DiabeticDawg]

To the point made by Keith about buying gold or shorting bonds knowing inflation rates, would it not make sense to load up on depreciating assets and cost average down with the future expectation that there will be a correction?

[@luckyPiston]

That would make sense but my thoughts are there may never be a big correction, the market may be roboticized enough now that the big players don't care anyway, it's just a smaller percentage of retail investors that would fry and to what degree ?

[@pathmasasikumar]

Buy us big tech & Bitcoin short CAD all day

[@philshyu5248]

I think the best approach most of the time and most importantly in the current investment climate is to be as diversified as possible. The answer to what do you own should be "yes", in my opinion. Yes to gold, yes to cash, yes to real estate, yes to stocks, yes to private equity, yes to venture capital, yes to derivatives, yes to international markets. OK, so I am not into crypto or fungible tokens... 🙄 But for everybody else other than me, it can be yes to those as well...

[@Rawdiswar]

Put out another episode please.

[@gdi1093]

Don’t tell us what to do.

[@Rawdiswar]

@@gdi1093 I said please.

[@jbay088]

Heh. I did know that inflation would be 6~8%, and so I loaded up on gold. Oops.

[@GearsDemon]

42:08

[@dwightcarlson7136]

I guess migrants crossing the southern US border are called essential travelers???? ROTFL 😁😁😁

[@deltaskyhawk]

and these migrants are not being vaxxed because they are non-citizens who can sue the Big Pharma for injury and death.

[@ronmclaughlin2515]

Steve, please buy a better mic so you don't have to hold it in front of your face. 🙂

[@ebayfield]

Get out of debt NOW

[@DiabeticDawg]

Just leveraged up, let’s goooo. Markets will remain irrational because the public is ignorant.

[@donm2067]

Staying out of debt was the dumbest thing I did from 2010 till now, I should have leveraged everything, I'd be sitting in Mexico living the easy life.

[@dirtyburger7528]

I love Trudeau. He has made me a millionaire because of his spending

[@luckyPiston]

Part 2 of Trudeau's plan needs you to spend it back into the economy on solar panels and a greenhouse.

[@Andrei-gg7xn]

@@luckyPiston too late for that, already left the country and extracted the millions in irrational gains.

[@johnnycroat]

@@TheWoodfordreserve that's what people don't understand. How would we feel if we go from 7K/yr to 15K/yr for example

[@deltaskyhawk]

If you own anything ... be prepared for wealth tax! When the Liberals have you bent over a barrel, how much are you going to love him then.