Shaun Newman Podcast - #823 - Brett Oland

Episode Date: April 1, 2025

Brett Oland is the President and Chief Executive Officer of Bow Valley Credit Union in Alberta, Canada. He has over 20 years of experience in the banking industry and is a Chartered Professional Accountant. We discuss his paper on the Loonie-Dollar System.Cornerstone Forum ‘25https://www.showpass.com/cornerstone25/Get your voice heard: Text Shaun 587-217-8500Substack:https://open.substack.com/pub/shaunnewmanpodcastSilver Gold Bull Links:Website: https://silvergoldbull.ca/Email: [e-mail] Grahame: [phone]Bow Valley Credit UnionWebsite: www.BowValleycu.comEmail: [e-mail] Use the code “SNP” on all ordersProphet River Links:Website: store.prophetriver.com/Email: [e-mail]

This is Viva Fry. I'm Dr. Peter McCullough. This is Tom Lomago. This is Chuck Pradnik. This is Alex Krenner. Hey, this is Brad Wall. This is J.P. Sears. Hi, this is Frank Paredi.

This is Tammy Peterson. This is Danielle Smith. This is James Lindsay. Hey, this is Brett Kessel, and you're listening to the Sean Newman podcast. Welcome to the podcast, folks. Happy Tuesday. How's everybody doing today? We got an interesting one on tap for you today.

But before we get there, let's talk a little bit of junk silver, shall we? Well, I tell you what, actually, I'm going to tie in a little bit of Brett Olin today because he's talking about some pretty wild things behind the scenes when it comes to the financial system. And if after this, you're like, this is unnerving, then maybe it's time to get a little junk silver in your pocket, in your vault, in your closet, under your bed. I don't know where you start, wherever you start. Or just any precious metals at all. And all you got to do is go down on the show notes, text or email Graham, for details about today's feature, which is on junk silver, old coins, older circulation coins, that is, like dimes, quarters, half dollars, and dollars from back before our government debased their money by removing the silver from the coinage. Or, of course, you know, if you had questions around selling, storing, using retirement accounts to invest in precious metals, or just buying, just straight old buying, text Graham. Or any, you know, you're on SGB.com.com, you know, silvergold bull.

you just make sure that you let them know that you heard about them from the SNP helps me helps them helps you profit river well uh to all the hunters out there we're just talking to a guy what be right before i walked in here and he was talking about how he the gophers are out the gophers are out on top of the snow never a better time to uh get out and a boat and maybe uh do a little uh gopher hunting and i was like oh well when you go in to buy your 22 shells just make sure you let them know about the podcast SMP. That's the promo code you've got to use and you're entered for $100. He's like, really? I'm like, yeah. So to all you fantastic listeners out there, if you're in Lloyd, that's one thing.

Make sure you walk in the store and you're on any purchase, you just say, hey, we put that under SNP, and that's going to get you tossed in for a $100 gift card from the store. If you're anywhere online and you're buying something online, anywhere in Canada, remember to put in SMP or over the phone, SMP. All your questions direct them to Joel at SMP at Profitriver.com. us down the show notes as well. He can answer all your questions. So just go to profitriver.com for everything, folks.

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Maybe I should talk to them about that. All that jazz that you're like, I don't have the brain capacity to worry about. Yeah, yeah, Cardinal and team can take care of you. Substack, free to subscribe to Sunday nights at 5 p.m. And then for paid subscribers, we've been doing the debrief. So you're getting a little instant access to after every interview,

which has been interesting, I think. I think people have been enjoying it. I think I've been enjoying it. It's kind of healthy, to be honest. I've been really enjoying the feedback from all the listeners. The new studio is coming along. So if you want to be a part of that, skills, labor, materials, monies. We, uh, monies.

Money. Anyways, the monies. Anyways, value for value. We got a wall being built in there as well, and look forward to putting your name on it, your company logo on it, you get it, and I want you to be a part of this because a lot of you certainly have been here for a long time.

If you're listening or watching on Spotify, Apple, YouTube, Rumble, X, make sure to subscribe, make sure to leave a review, make sure to retweet this section. Make sure to do it all. Appreciate all of you, fine, folks. Now, if you haven't bought your ticket to the Cornerstone Forum, I don't know what you're doing. I think we're at 39 days today, 39 days, just over a month.

And just go down and scroll down on the show notes. I'm telling you, we're all talking about this election. Two weeks after it, a little less than that, we're going to be all meeting in Calgary, and we get to talk about a whole lot. All right, let's get on to the tale of the tape. He's the president and CEO of Bow Valley Credit Union. I'm talking about Brett Olin.

So buckle up, here we go. Welcome to the Sean Newman podcast today. I'm joined by Brett Olin. Sir. Thanks for hopping on. Oh, thanks for having me. I've got a black shirt on to please twos. He's very concerned about my attire in just about every video I put out.

So, you know, this one's up to you there. For the listener who doesn't understand, you remember when Mark Kearney and that whole gang of people, Justin Trudeau, everybody started wearing this gray shirt. Brett Olin puts out a video, and he's wearing a gray shirt. Tews is like, is he trying to? signal something here. Anyways, we thought it was rather clever. That, that's, I'm glad you're taking twos into account.

I probably shouldn't, but air. Interesting times these days. You, you wrote a paper and that paper started to blow up. And, I don't know, walk us through this whole thing. I had a conversation with Tom Luongo. He talked, I think, about different little things in your paper, not specifically because you've written the paper after. But there were things going on there.

Walk me through this and we'll see if we can make sense to the lawyer. Sure, yeah. Yeah, and absolutely credit where credit is due. I leveraged a lot of Tom Longo's work with this. It's very Canada, Alberta centric for my perspective of what's happening. And I think, you know, Tom covers a lot of worldly issues. but of course because we both live in Alberta, we're more focused on Alberta and Canada. And he plunks out ideas and, you know, the good people that are sort of listening to what he has to say

sort of leverages those materials to try and make a difference where they are. And that's exactly what I'm trying to do with this open letter that I basically crafted earlier this month. Well, what was it about Tom, right? Like, uh, man, when I go back to that chat, I'm trying to like wrap my brain around bond markets and, and, and, you know, the fact that, you know, in certain banks, you can leverage person's money 10 times and another, it's infinity. I'm like, I don't even have, make sense of half of it. And that's why I got the lovely listener and others that are smarter than me. What was it that when, when Tom's talking, walking everybody through it? What stuck out to you? And you're like, holy crap.

He might be right here. Yeah, this probably started about three years ago. And Tom is very good at that, is putting forth these ideas. And all of a sudden I get aha moments and go, holy moly. And specifically it was around the LIBOR and the SOFER. And what I've really done with this open letter and there was a subsequent article that's written on it and then podcasts like this. is try and put it in terms that people can understand and relate to because a lot of the times Tom's speaking over people's heads unless you have a significant amount of financial background,

it, you just glaze over with this top. So you're literally speaking about me. I'm like, uh, uh, yeah. Well, and so that's what this attempt was to do is, is really it was an open letter to try and wake up specifically Alberta politicians about what what I think is going on, but also in a general sense Canadians as well. And I don't think it's any surprise that they come out with these things that just completely gaslight people. You know, it's like you saw the turn from, oh, you know, the Trudeau administration, the liberals are getting kicked out of power, all of a sudden the tone completely changes and its elbows up and Team Canada and whatever that means. And the 180 that Canadians have seemed to take on that.

This is an attempt to basically ground people in the fact, no, the NME is still at the gates here. We need to pay attention to these things and not get sidetracked by what in my mind is a clearly the propaganda based, you know, feed to the Canadian public. Yeah, well, fair enough. But I guess I keep coming back to it. I'm like, okay. So you have an aha moment. You look at Tom Longo.

He goes, he rattles off a ton. And you go to a financial mind. What he's talking about makes sense. What is it that he said that you're like, that makes sense? Well, okay. So why don't I put this in the terms that just everyday language, and see where we get with there. And then I can, if you want, I've got some slides that can walk it through for more visual people

and really try and help people get their hands around what I think we're dealing with here. So firstly, it's important to note that the Western world, in my opinion, is going through a sovereign debt crisis. And what that means in just everyday terms is that the Western world is broke. We're not producing enough income or return to basically service all the debt out there of all these promises that the Western world has made to specifically, I think, the baby boomers, because a lot of these came about during the age of the baby boomer. But also, they continue to double down on throwing money at the problem, and it's no longer going to work anymore. There's just not enough collateral or income to be able to service this debt.

And so I think what's happening is you're really, everything goes along hunky-dory, well, everybody can make their payments and support their people. people and their citizens, but the moment it comes to a time where this debt is just an overwhelming burden to everyone around the Western world, they start pointing fingers and they start dividing up into different blocks around the world. And you see that, right? You see the world in the United States. They're split down the middle of direction.

You see it over in Europe in a different block of they're getting torn apart at the seams over there. You see Russia basically trying to walk away from the entire Western world and say, I don't want to deal with this problem. You see China scrambling for access to resources and direction for the world. And it's not a real surprise to me. And I'm sure your listeners are familiar with the fourth turning, the book that's out there. And these types of things happen every 100, 125 years where the world basically needs to reset.

And I think this is one of those times. And typically during one of these, I hate using the term reset, but that's exactly what we're sort of going through. And typically the Europeans who have been in control of the situation in the past drag us to war. And so wouldn't you know it? We're about 100 years away from, you know, in between World War I and World War II. And in my mind, those big wars were, in a large part, operations to basically reset the system so they can get away with printing massive amounts of currency to basically hide the malfeasance that they've done countless times over in the past of governments overpromising their citizens, being able to

undeliver because of too much debt, we need to reset the system. And so it's not a surprise to me that the Europeans continue to play their playbook of trying to drag us to war. And really what's happening now is with the Trump administration saying, no more. We're not doing this system and the cycle of dragging a bunch of young people to war and basically blowing up half the world. And so just so you elites or whatever you want to call them can reset the system and get away Scott for you with with all this financial malfeasance that you've produced in the past. So. Okay. So when it comes to dragging us off to war and everything else, I, you know, I sit here and I am going to go, like I can just see it trying to play out. You know, instead of just people,

I don't know, some days I think grownups other days, I just like, I don't know if that even, that even fits. I'm just like, you know, peace. Let's just let's get to peace. Let's not. Let's stop all the, you know, what you're pointing to is that it's an underlying issue of debt, of money, of money issues. And that's why they're pushing so hard for war. Enter Carney. Your, how does Carney fit into this plan?

Okay. So why don't I sort of walk through it step by step? And I've got some notes here. Just make sure I don't miss anything. And you'll sort of see the pictures come into clear view, if you will. So, as we all know, the U.S. has the world reserve currency. And as the U.S. has the world reserve currency, all the commodities around the world are priced in U.S. dollars. specifically oil because whether the greenies like it or not, oil is the most important commodity that is around the world. Still a significant amount of dollars or shloshed around the world because of oil and gas. If I may, I'm going to, I'm going to butcher this and I should just let you talk, but I'm like, I want to make sure my brain gets it. When we say the world

World Reserve currency, the reason why oil is paid in US dollars and other people use US dollars is trust in that currency that it actually means what the papers printed on, correct? Yes, and there's also a social agreement that oil will be priced in US dollars. And that stems from the 1971 petro dollar system, where the US basically went to Saudi Arabia, who was the biggest, marginal producer of oil at the time and basically said, hey, we'll give you protection from Israel and if you price your oil in U.S. dollars. And Saudi Arabia agreed to those terms. And at the time, it was very significant, the amount of oil that Saudi Arabia had. It was enough to basically throw weight around on the system if,

If they priced their Saudi Arabia priced it in Russian rubble, all of a sudden we'd be living under a different standard than we are today because that's how much money is actually sloshing around the world because of this very important commodity oil. So what was it priced in before 71? The oil? Oil. I think it was a mixed bag of a number of different things. But it's really the Saudis accepting U.S. dollars.

So the Saudis could have accepted whatever at the time, a Swiss franc for the oil, and then they'd throw it into their reserves. Or they could have accepted a German mark or something like that and put it into the reserves. But Saudi Arabia announcing to the world, no, we're going to basically use the medium exchange of the U.S. dollar and stick all these oil contracts in U.S. dollars. And what happened was the Saudis then recycled all those U.S. dollars that they got into U.S. treasuries. And so what happens was when you're getting billions and trillions of dollars worth of U.S.

dollars worth of spending money, you can't just stick it in a checking. You have to stick it in something that basically is going to earn a return. And at the time, what started down that path and we've been under for 40, 50 years, is that they'd recycle all those US dollars into US treasuries that were earning a certain amount of interest on them. Now, in 2014, the world started to change. And countries like Russia, China, Saudi Arabia started waking up to the fact that the U.S. was just continuing to print more and more U.S. dollars, basically devaluing the currency, the U.S. dollar, by the tune of about 8% per year. So now, if a U.S. Treasury is only paying 5%, and your underlying currency, the U.S. dollar, is getting devalued by 8% per year,

basically you're losing 3% per year just because you're using these U.S. treasuries. And so what did we see right around 2014 was that China quit buying U.S. treasuries. For the most part, Russia stopped buying U.S. Treasuries. Saudi Arabia was on a bit of a different path, but has now, for the large part, quit buying U.S. treasuries because they recognize that the fiscal problem that U.S. is in. And if your savings are just going to be constantly undermined by a country in a foreign region printing to high heaven that currency, then you're going to stop saving in that currency. Make sense? Yeah, I'm keeping up, I think. I'm just like, if I don't say anything,

it's because I don't want to interrupt your train of thought as you walk me through all the things. I'm just, when I interrupted at the start on the reserve currency, I'm just, I want to make sure that I'm starting at the right point and not getting my brain, making sure my brain and I assume others, we're all seeing the world for how this is playing out.

Carry on. 2014, okay, things start to move in a different direction, Russia, China, and, you know, other things are starting to shake out where they're like, this doesn't make any sense anymore. Grownups on the other side of the world, they're like, we're losing money this way and we're being basically influenced off of a money printing machine that is the United States. Correct. Yeah.

And they basically look at that and it's, and think of it in terms as a view in, in, uh, your money in a bank account. So if you have $100 in your bank account and you know, know for a fact that they're going to print another 10% say of currency in a year and everything's going to be worth basically 10% less in your savings account every year, you're going to do something about it, right? You're either going to find a different investment or you're going to spend it or you're going to do something to basically combat that if you know that. that. And that's really what the situation is in foreign countries. They look at these not, not billions, but trillions of dollars in debt that basically your dollars are being devalued

at 8% per year. You're going to do something about it, right? Correct. Yes. So now let's, let's level set again. So the US dollar has the world reserve currency. Commodities around the world, specifically oil, are priced in US dollars. The next step to understand is that Europe has a very poor currency. So the euro. Europe in general doesn't produce much. They don't have any energy reserves. They have massive social programs.

And the important thing to note is because the U.S. dollar is still the reserve currency, they need to pay for all these commodities for their citizens. in US dollars still. It's not like they can, there isn't much of it where they can go, hey, we've got this euro, we want to buy some oil from you, Saudi Arabia in, in euros. And Saudi Arabia has made that agreement with the United States and basically would be shooting themselves into the foot with the United States if they started pricing things in euros, right? So now enter Russia. that had significant amounts of oil and gas that they were selling to Europe.

And they were starting to do it in Europe, in euros. So it's starting to make those trades in euros. And it's in all likelihood that the United States started looking at something like that and saying, we're losing control of the system. If Europe starts buying oil and gas in a currency that they can print, all of a sudden the world, the risk of the world's dominance of the U.S. dollar is at risk here, right? So really the key is that the Americans print, can print U.S. dollars. Nobody else in the world should be able to print U.S. dollars.

Correct? Correct. All right. So because Europe's massive social programs, If the price of U.S. debt is too high, that causes a big problem for Europeans because they still need to buy all this oil and gas and these products and services in U.S. dollars. And we just went over why they can't print them to high heaven like the Americans can. Basically, what they have to do is take on more and more U.S. denominated debt. to be able to purchase all these commodities around the world.

And so Europe recognizes the problem that they're in. They need to pay for all these products and services in US dollars. They can't get access to enough US dollars, so they basically create debt in US dollars. And to be, this is exactly what's termed the Euro dollar system is. system is. And so the Euro dollar system is effectively creating US dollars outside of the United States. So there's a country, let's call Germany. They need to buy oil and gas from Saudi Arabia or other parts of the world. They need U.S. dollars to do that. They don't have enough U.S. dollars.

in their bank account, so they basically create U.S. dollars within Germany debt. So they sell a bond, and it's denominated in U.S. dollars. So they sell that bond to the greater market to basically capture U.S. dollars so they can pay for that oil that they want from Russia or, say, Saudi Arabia. follow me? I'm going to ask a bunch of dumb questions. Sure. Okay.

You're sitting in Europe. Yep. And you want to buy oil. Yep. Because you need oil to heat your house, etc., etc., to all the products you make, et cetera. Okay? Yep. Like there's just like there's a whole bunch of things that come off of oil and gas that your people need.

But you don't operate in U.S. dollars. You operate in the Euro dollar. Yes. So you have to, in my mind, you're changing in your Euro dollar for American dollars. Right. In order to buy the oil. Yes. So, yeah, that's something, you've tripped on something there.

So the euro, if you're selling, say, say you need to sell not just billions, but trillions of dollars in Euro to buy US dollars. What happens is there's more demand for US dollars. So the price of US dollars basically strengthens. and the euro basically declines and weakens. And so over time,

all of a sudden, print more and more and more euros because it gets weaker and weaker and weaker. Yeah, but then your dollar gets weaker and weaker and weaker. So how do you keep your dollar? So this is, I guess,

and maybe this is what you're trying, I don't know. I'm like, if I'm sitting in Europe, I understand the need for the US dollar because I have to pay for it. Very strategic move by the United States. One might say brilliant

because now everybody has to compete with you and as they do, they're strengthening your dollar at all time. So no matter what you do, you still have to buy the American dollar to have a civilization of where we are. So you can understand why dealing with Russia and others that become even Canada, you would have thought, right? How do you keep your dollar strong against the US dollar? What can they do? And that's that's exactly what they're doing with this, what's termed the euro dollar system. So rather than printing countless amounts of euros to basically weaken your dollar and strengthen the U.S. dollar, what they do is issue U.S. denominated debt. And all of a sudden, you can pay for all those commodities, especially oil, in U.S. dollars.

But here's the crux of it. You actually have to pay back that debt in U.S. dollars. So it's a bit of a shell game of you need to be able to pay back the debt. and the coupons in US dollars. This is where we come to, I feel like, the LIBOR versus the SOFER, correct? Yes, correct. And now refresh my memory, the LIBOR is the European controlled one or is that the American one?

Yes. So it stands for the Lunter Interbank offer rate is what LIBOR stands for. And so since about the 1950s, because all the US debt was based off of LIBOR, it's basically like the tail wagging the dog. It's all the European nations basically saying, hey, you know, I don't care about the strength and the weakness of the euro versus the US dollar and pricing commodities and things like that. Because you know what? We control the price of those dollars. So as the social contract is basically broken in Europe and they keep on spending more and more and more money, the problem gets worse and worse and worse, right? So they want to basically

push the cost of U.S. dollars lower and lower and lower. And to be able to do that, you have to have control of the pricing mechanism, and that is LIBOR. So if you're able to sort of price the cost of money, you can print those trillions of euros to basically suppress the price of the U.S. dollar and basically the tail wags the dog is is effectively what it is and so back in in 2021 because they're effectively because they're effectively issuing u.s. debt correct? Yes but the thing is they're controlling the price of it with live with with but with US debt because what they're doing is they're they're issuing forgive me this is where I can I can just hear financial people going like Sean just figure it out but I feel like there's a whole bunch of

us trying to like race at the speed of a light train no ask away yeah well I'm just like okay so they're trying yeah everything's priced in US dollars and the more you print the more your currency gets devalued it goes down and and now you can afford less so you're trying to find no way to bridge the gap there correct exactly and so by Finding a way to print essentially more US dollars abroad, you're bringing down the price of the US dollar, which makes more in line with the Euro dollar, which means you can afford this. I'm like, this is this is shadow games within shadow games, Brett. This is why my brain is like, okay, I'm trying to grapple with all you're bringing up. Yeah, no, and exactly. So if, if you could basically outside of the system, um, create as much money as you wanted to. So you personally, Sean, and let's say, you know what, I don't really like paying 5% for my mortgage. You know what? I want that rate lower.

If you have control of the switches in the background and can basically, yeah, no, I'm going to talk to my buddies in London and over in Europe. And we're just going to print to high heaven all those dollars. So, you know what? I can actually manipulate the system enough to control the price of that. mortgage that I have there and I'm going to push the rate of that mortgage down to say 3% instead of 5%. That's exactly what they're doing is basically trying to goose the system to a point where they're controlling the dollars of the U.S. pricing, U.S. dollar pricing. It's a world that most of us would never even dig into, you know?

No, because it's complicated and it was made to be that way, right? So 2020, carry on with your, your analysis here. So I think it was 2022, uh, that's really I was struggling. And this sort of where Tom Longo's work intersects with mine. I was looking for, I had a question in my mind. And that's like, why is the US raising rates here? This doesn't make sense. And I had a whole thesis behind.

basically inflation, printing to high heaven, gouging the system, and enter Tom Luongo, and he put this idea in my head that maybe Jerome Powell, who's the chair of the Federal Reserve, is on, let's just call it our side versus the globalist side. And then all of a sudden things, I have to, had it in my head that Jerome Powell was basically on the same side as Davos and the elite and whatever you want to call them. And it didn't make sense that Jerome Powell was raising

rates to basically cut off this system to make US dollars more expensive. And so Tom put it in my head that basically no, maybe she's on our side. Maybe he's on that libertarian side that basically wants to squash Davos and the elite. And by raising rates, it basically, all the capital started to flood back to the United States because capital goes where it's treated best. So if you have a financial institution and you're like, hey, you know what? I got a thousand bucks. I want to put it in a GIC. Are you going to go to the bank that offers you 3% or the one that offers you 5%. It's not a true question. No, it's 5%.

Right. So as I'm literally writing this down. I'm like, I'm like, it's 100%. I'm like if, if Canada gets a prime minister who allows capital to come in and thrive, you watch how our country is going to go. If we go the opposite way here in less than a month, you watch how capital flees. We've already had it flee once or multiple times under Justin Trudeau. Carry on.

Yes. And so you nailed it and, and we'll get into that a little later about, uh, the direction of that with Canadian politicians. So that's exactly what Jerome Powell did. He basically signaled to the world, no, move your capital over here to the United States. And basically what it happens is it drains the euro dollar system. So if Europe can't support all this trillions of dollars in debt that they've basically put out there in U.S. dollars, they have a big, big problem. Right. So basically they wouldn't be able to service their debt in US dollars because all the capital starts flying out of Europe. Right. So now what no now I'm not going to ask it. You carry on and I'll ask my dumb questions a little later on. And so Trump recognized the problem with the euro dollar system and basically the tail wagging the dog in his first term and started the process.

of moving to a new overnight lending rate. And so he saw LIBOR and said, wait a minute, why is London controlling the price of U.S. dollars? And with the help of the people I'm around him, I'm sure, came up with this new system called SOFERS, the secured overnight financing rate, which is priced in the United States,

which is critical. You don't want U.S. dollars priced over in London, you want it priced over in the United States. And what he did with the help of Jerome Powell in, I think it was 2022, 2023, is they moved the sulfur rate, five basis points, which is 0.05% above the LIBOR rate. So again, capital is going to move to where it's treated best. So it started flowing out of the LIBOR priced funds into the SOFA price rate funds. And so effectively, Jerome Powell started this process of recapitalizing the United States way back in 2022, 2023.

And capital started flowing out of Europe and into the United States. Follow me? Yeah, I do. I, why can't just dumb question. I guess I'm full of them today when I get into this, this realm. Why can't the, the, and I'm going to space on it, is the, the, the LIBOR, why can't the LIBOR go up 0.05, above what Sofer did it? Why can't they just play that game? They can play that game to a certain extent, but all of a sudden the market wakes up and says, you know, what, Europe is in rough shape.

Its economy is garbage. You've got all these social programs you're going to pay for. and basically all of a sudden it catches up to them and they're going to be playing that game of trying to outcapitalize the United States. Sure, they could say, oh, you know what? We're going to start paying 6% on our debt instead of the Americans 5.5 or 4.3, I think it is around today for 10-year debt. But the problem is if they've got so much debt outstanding, they can't make the coupon payments on those trillions of dollars that are out there. standing, right? So they're not, not to mention the United States is a reserve currency, which means they, uh, they have money flowing in at all times, correct? Like they're

only playing with the rig deck. They can print it too. So if, if you have debt denominated in, well, it doesn't matter what, but say you have a hundred thousand dollars outstanding in US and dollars and you need to make those coupon payments or those interest payments in US dollars. And say, it's $1,000 a month in U.S. dollar payments. You can't out-compete and basically say, oh, you know what, I'm going to pay $2,000 U.S. a month now because the thing is, you just don't have enough products and services that Europe is producing that they can actually service this debt. So now the same thing happens with LIBOR and sulfur. It's, yeah, sure,

they could try and compete with Sofer on those rates, but they'd very quickly go bankrupt. If, if, I mean, but, but it's, it's, it's, it's, it's, it's, it's, it's, you're, you're, you're competing against something where the game isn't rigged, but it's almost rigged because the US can literally, because of the cards they have or options they have on their set of the table. It's like, you want to go up? Sure, we'll go up. Because they can, they can, they can print and print and then print some more because of the position they have in the global economy. Right. But the thing is that the game, works on say Davos's side when there's politicians in the United States that are letting this happen,

right? Sure. If you basically got people on both sides of the game board, then like you've seen in the past 50 years when this Euro dollar system started, you can you can basically manipulate it to Is there another way they can manipulate it? Yes. By like USAID or USAID, right? Yes. Giving away American dollars from the Canadian, American taxpayer through the government. Hey, you want American dollars here?

I'll probably give you $200 million and you go deal with gender, whatever. And we're never going to follow up with any of this jargon or climate or whatever. And you can filter that back through your economy, et cetera, et cetera. And now you have American dollars ready to go. Yes. And so I think Trump understands this. I think Vance understands this. I think Powell, who's the chair of the Fed, understands this. And I think Besant, who's the Secretary of Treasury in the United States, understands this. And basically said, if you cut off the flow of U.S. dollars through this change from LIBOR to silver, and then things like U.S. aid, you're basically cutting off the ability of the Europeans to fund their debt in U.S. And that's exactly what is happening. Okay. So, okay.

I actually, I actually follow that now. So. If you're Europe, what do you do then? You find another sucker at the card table that's willing to basically take up the charge. Enter Mark Carney. Yes. And so I'm, I'm sure you've gone over it a little bit, but Mark Kearney used to be the governor of the Bank of Canada and more importantly the governor of the Bank of

England where the LIBOR rate is set right so you enter in somebody like Mark Carney who understands this whole Euro dollar system and you create a new sucker at the card table to basically try and start something in Canada like they've done with the Euro dollar system So I'm terming this, the looney dollar system is effectively the same thing that they tried to do with the euro a dollar system. Denominate U.S. dollar debt that's paid for by Canadians. And the timing around this is just, it's too close to be coincidental. And I can sort of go through the timing of that.

Yeah, sure, please do. March 9th, 2025. All these are in 2025. March 9th, 2025, Kearney voted in by 150,000 votes. And you know the story about 250,000 of those $450,000 votes basically being eliminated. And so he basically gets installed. For anyone not up to speed the night before the results, 250,000, I don't know, were there some bots in there, I'm sure, but 250,000 registered members of the Liberal Party

knocked off. They're not going to allow those to come in. So he's voted in off the remaining 150,000 of which I think it's 120 voted for Mark Carney to be the next leader of the Liberal Party and at that time, Prime Minister of Canada. Great. So installed. Installed Carney.

The very next day, March 10th, the Department of Finance issues a statement that they're going to issue US denominated debt. March 11th, Canada actually issues that U.S. denominated debt. March 14th, Mark Carney is sworn in. March 17th, the morning of Carney met with Macron in Paris, so he's the Prime Minister of Paris,

and in the evening he met with Mark Carney met with King Charles and Kirstarmer, who's the Prime Minister of the UK. And so to me, it's this game is, it's way too coincidental that they're issuing this US denominated debt. They're basically going over before even Carney goes to talk to Trump. He's over in Europe, talking to the Europeans. Like what, that doesn't make sense to me. If the biggest risk to Canada, like he says, is the tariffs on Canada.

Why is he running over to Europe to kiss the king of the ring or the ring of the king? Doesn't make a lot of sense to me. And so what's important to note about the LIBOR and London, specifically the city of London, is they have the ability to infinitely re-hypothecate. And so that's a $10 word. But what basically re-hypothication means is you have a base-lipotification. layer of something, some collateral, you have a base layer of, and then you can basically leverage it up 10 times, 100 times, a thousand times to basically continue to roll out different things on top of that. So there are rules against this in Canada and the United States, but there's no rule about around infinite rehypification in the city of London over in the Bank of England. So, Faisal and I have had a back and forth about this and says, well, we only issued three and a half billion.

That doesn't really make a lot of sense. That's too small to basically have the tail wag the dog. Now, if you're able to basically infinitely re-hypothecated over in the Bank of England, all of a sudden you're a different story. All of a sudden you can turn that debt issued about three and a half billion into, 35 billion, into 350 billion, into 3.5 trillion, effectively the same thing that they did with the Euro-dollar system, except you're using the base layer of Canada to be able to do that. So now, the big crux of all of this is, as we've seen with U.S. aid and the movement from LIBOR to sulfur, drain the U.S. dollars out of Europe and basically say, no, no, we're not letting you

play this game anymore and manipulating the U.S. dollar. We're not letting it happen, type thing. If Canada attempts to create this loony dollar system, with Trump and Basant and Powell and Vance having an understanding of this, they're basically going to crush it within Canada before it even gets going. And hence, the tariffs. And so if you can't get access to U.S. dollars, then the system basically dies on its feet. And so I think there's a bigger game at play with the tariffs. And if this proves out specifically around April 2nd, Trump will basically double down on his tariffs talks on Canada to basically snuff out the looney dollar system before it can even get going.

And so we've heard a lot of rhetoric around, oh, you know, I had a great conversation with President Trump and a very productive meeting with Mark Carney, that type of thing. We'll see. We'll see what happens actually here on April 2nd. If basically, if Trump tries to eliminate this trade deficit with Canada on April 2nd, we'll see. April 2nd, then he's basically snuffing out this loony dollar system, what Kearney was trying to create within Canada to perpetuate this notion of the tail wagging the dog or Canadian rather than Europeans basically controlling the price of US dollars. And the importance of April 2nd is? Well, Trump calls it American Liberation Day is what he calls it. And so that's long thought, well, not long thought, but the last number of weeks thought is he's going to announce some significant tariffs on the world on April 2nd, including Canada.

And walk me back through it one more time. I'm like, some days my brain catches everything. And other days, I'm like, why can't it just pick up on that last part? Walk me back through April 2nd. If Donald Trump does X, this is what you believe it means. So currently the Canada has a trade surplus, which means that there's more US dollars flowing into Canada than US dollars flowing out of Canada. Right. So Tom puts that. Which which which makes kind of sense, doesn't it? Yeah, for sure. Especially with oil and gas because I mean we got think of all the resources we got and then think of our population. Yes. We're but we're a. We're a. We're a. We're a. high producing, we have to be the envy of like a huge chunk of the world. We should be much farther ahead. Yes, we should. Yes, we should.

Yes, we should. But you think of all the resources we're shipping to everywhere. And then you think the size of our population is like, we should be like that pretty much with any place in the world. We should be shipping out way more than we're bringing in. Now, carry on. Yeah. So as mentioned, the Trump administration is wise to this game.

if we can actually service the debt on what I'm terming the loony dollar system, basically everything that they've done before, moving LIBOR to SOFER, cutting off US AID is all for not, because then all of a sudden they lose control of the pricing of the US dollars again. Again. Again. And so my idea is that the Trump administration will never let this happen.

They just basically got control back over the pricing of the US dollar system. They are not going to let it slip away again. And so hence, if you put high enough tariffs on Canadian goods, then that trade surplus disappears. So now you touched on a bit there. The majority of the trade surplus with Canada has to do with oil and gas. And so how do you basically stop U.S. revenue coming into the Canada from the United States if most of that is a trade surplus due to oil without basically crushing the oil and gas industry? And this is why this was an open letter to the Alberta government is basically you need to be aware that this is the system that Trump is trying to break. we need to be able to basically circumvent this somehow to eliminate the trade surplus, number one.

And so he can continue to crush the loony dollar system. But the thing is, we need a solution that Alberta oil and gas can continue to flow. And so the idea of the open letter is that rather than taking payment in U.S. dollars, for the Alberta government could take it in a different form. So my idea around it was that you sell the Americans, the oil. The Alberta government collects their royalties in U.S. dollars. You could immediately convert those U.S. dollars into gold. And if you purchase them from the Americans, that stack of gold,

you can actually reduce the trade surplus with Canada and the U.S. And so everybody's happy. The U.S. dollar doesn't flow into the loony dollar system. We get our store value in gold. And basically, the oil keeps flowing. And what was really interesting is that the weekend after I wrote this paper, I think I wrote it on the 14th, the weekend after on the 14th,

the Smith administration, the premier of Alberta, announced that they were going to accept royalty payments in bitchement, which is oil. So effectively, it's the same thing that I'm talking about here, but rather than keeping your store value in gold, you're actually keeping it in oil and gas revenue. But the key is to keep it out of the US dollars. So it doesn't filter up into the Bank of Canada and the Treasury at the government level

so they can pay for this whole system. Oh, once again, I hate apologizing. So this is the last time I'm going to do it. folks okay apologize now i got some slides too if it might help well what you're saying is in order to pay the 10-year bonds issued in u.s currency us dollars is we need the trade surplus so that we can paid in us dollars correct so that we can facilitate that because as soon as we start having to paying Canadian dollars we have to transfer it over to american dollar and like it all becomes like we're literally, we're going to have to print off more Canadian dollars, which is,

it just becomes a whole crapshoot, I assume. Correct. So you need the trade surplus to facilitate, um, the debt or the, the bonds. The interest payment on that debt. Thank you. The interest payment. And the huge crux in that is the fact that a huge portion of the trade surplus actually comes from Alberta, which is kind of funny, um, through oil and gas that they hate and

they want to get rid of. and yet in order to facilitate this giant plan against the United States, they would need that to continue. So you issue this going, if we actually just don't take payment in US dollars, the Canadian government can't use the US dollar to then facilitate payment. Correct. Am I catching this so far?

You're bang on. So they take payment in bitumen instead of, or yeah, I got you, instead of the US dollar so the Canadian government can't take hold of that because it's a resource. Where does the where does the bitch where does the bitch okay so you sit on this this whole thing of bitchman what do you do with it then? Well the thing is what you do is you specifically what Smith talked about is actually selling it to the heavy refiners right so you only do it as you need it. So if say you need you're sitting on reserves of 10 billion dollars worth of bitchman sure you just basically. keep it in that store of value, but all of a sudden, hey, you know what? We've got this new

hospital we need to pay for. We need a billion bucks. Then you sell off that bitumen. It immediately gets converted into US dollars, but it's pegged and it's like earmarked. And it's like, no, we're spending it on this hospital. We're not doing anything with it other than building this hospital. So it doesn't get wrapped up into the system and they can't use it to service the debt. How does the Canadian government, if you just, so you're the U.S., sorry, you're the Alberta government, and let's just say you stayed on the U.S. dollar, okay, for payment, and now you got $10 billion. Why is that different than keeping an abitement and spending it earmarked? Why can't, why can they get a hold of that first $10 billion if it's, if it's U.S. dollars,

instead of if you keep it in bitumen and you only use it when necessary? What, what's the difference? Why can the Canadian government get their hands on the first, but not the second? I'll bring up a slide and it should help with this. Our screen, share. Can you see that come up there? I cannot yet. Share.

Click share. Okay. Here we go. Here we go. Add to stage. There we go. Okay. I can see everything now.

Okay. So this is exactly what happens in the Euro dollar system. We'll skip this for now because we'll skip this for now because we're, we'll move into the Canadian system that's happening right now. So that trade is happening with the majority of the trade surplus is oil. So you see it in the oil company and there's production of oil that goes into the US and the US dollars are sent to the oil company first. And so that oil company owes the Alberta government royalty.

So it skims off that those royalties and puts them in US dollars into Alberta. And they have, the oil company has expenses that they need to pay, but At the end of the day, if Alberta is collecting royalties in U.S. dollars and the oil company is collecting dollars in the U.S., it all goes into the commercial banking sector. Once there's overnight settling, it goes into the Bank of Canada, and then into the Canadian Treasury that can use it for those coupon payments for that debt that they issued in U.S. dollars. And so that is effectively what I'm terming the loony dollar system is they have access to that U.S. dollars. So by holding it out of currency, what you're saying is the money in the banks doesn't all get compiled eventually into the Canadian treasury where they can use it. Because if you store money in any bank, they can then lend off of it because there's money in there. Correct.

So by holding it in bitumen, they actually lose it because it's not in the system. and when they go to use it, it's in and out of the system so fast that they can never actually lend against it. Exactly. Okay, that makes sense. So here's, here's if you can see the slides. Thank goodness for the slide, folks, because that actually makes sense. Okay, carry on. So what I proposed is actually the Alberta government could take those royalties, immediately convert them with gold into gold, talk to the Trump administration because it's very important to do that. If you don't do that, then basically they take it in a little. as an act of war, that you're pricing things in other than the US dollar, and especially oil,

right? So you talk to them, maybe even buy the gold from them, and all of a sudden you reduce the trade surplus with the United States. So that helps number one. And it gets out of the Canadian banking system. So they can't perpetuate the loony dollar system number two. And the oil continues to flow. Because I have no doubt in my mind, if the Americans lose control, of the dollar again, they will snuff out oil and gas in Alberta in a heartbeat if it means risking losing control of the dollar system again, right? Yeah. Yeah. And probably here's the best scenario is if Alberta government basically purchases all the oil production gets paid in royalties in bitumen or US dollars, they do the transactions with the United States. They can put all that

oil production revenue as well as the royalty revenue into gold is was my idea. So completely stays out of the commercial banking sector and basically snuffs out the loony dollar system. So oil continues to flow and Trump gets what he wants that he has control over his dollar dollar system. The only people that lose in the scenario are Mark Carney and the globalists that want to perpetuate this loony dollar system and keep control over the US dollar. Gold, why can't they lend against gold? Is that because they took it off that a long time ago? Is that, and that's one of the things that's been to follow to gold?

Because isn't gold, or is gold seen the same, I guess, in financial terms as bitumen? It's outside the system and it's just a store of value. Well, I think it's even better than bitchement because the thing is it's more easily convertible in gold. And I would think that there's probably more people around the world that would accept gold for payment if push team to shove versus, hey, do you want this drum of oil dropped off on your lawn type thing? So it's, it's, it, the, the bitumen, what Smith announced the weekend after the letter was issued, does the same thing. But the thing is the idea with gold is, is more accepting around the world than I think bitumen would be because the thing is you need a heavy refiner to be able to upgrade the

bitchamine whereas gold it's just universally recognized around the world as a store of value well i tell you what for an hour this has been about as hot and heavy as it's come uh brett olin trying to make uh well i don't know doing exactly what tom and alex do to me all the time where i'm like i'm trying to hold on i'm like i better go back and relishness i do appreciate the graph so that actually that um when you see all the arrows you're like oh i see you're getting it away from because once again when you're in the banking world you're can understand this problem from a certain set of eyes. When you're just a minion at the end of the banking system where I, you know, like I have

a little bit of interaction with banks, I don't understand the full scope of what you're talking about. It's almost not impossible, but you've got to spend a lot of time talking and studying to get to where you're sitting, to where you understand the system playing out, especially on a world scale, right? And I think, I think you've done a fair job of bringing a lot of us, I think. I'm going to speak for a few people up to where you think this is sitting. So April 2nd will be a day to watch. That's also what I'm taking out of this. Yeah, no, that it'll be really interesting. If Trump sticks it to Carney and basically says, nope, tariffs, I think you'll know where he stands.

Doesn't that also cement though? Well, I don't know. Doesn't that also cement if he does that? Man, the team Canada is going to be thick. Well, it's going to be thick. Yeah, I think that's right. But the thing is I'm almost even of the perspective that it really doesn't matter who wins. And I think that's an awful thing to say at this point. But depending on your perspective, if Carney gets in, I think it's almost getting to be a certainty that Alberta is going to be pissed off enough that they're going to want to detach from Canada. And what's really interesting is you might think, oh, yeah,

I know it's safe. There's enough voters in Alberta that will never go down that road. Oh, don't be so sure, because I bet you 80 to 90 percent of rural Albertans would just love to get out of the system. Even if it's 20 or 30 percent of the people in Calgary and Edmonton and the bigger cities want out, this will happen. And it's a simple vote. It's not a regional vote. And, oh, you know, we're voting in just this area in Medicine Hat, Brooks, or this area in the Canaanascus. It's basically every vote counts for something. And I think there'd probably be enough to carry the day. So with Carney getting into power, I think it's going to start the impetus of that.

With Poliav getting to power, exactly what you talked about earlier, the way you get out of a sovereign debt crisis like Canada is in, the United States is in as Europe is in, you need to ramp up the action. productivity of the country. And so what has been, what Polyev has been saying, he's eliminating the capital gains tax on assets that you've had in the past, if you re-in the best them back into Canada. This will spark an absolute productivity boom in Canada if Poliiev gets in and carries through with these tax issues. And all of a sudden, the sovereign debt issue of Western nations disappears if you had that much productivity. And so that's exactly what Trump is trying to do in the United States is create a productivity boom.

And I think that's the direction that Canada needs to go down to get out of this mess that we're in. But all is part of it is basically detaching from Mark Carney and the globalists. Brett, thanks for hopping on and doing this. You bet. Appreciate it. Anytime. Thanks for that.