The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - The CBP #154 (Other Notable Stories) - Bitcoin All Time High, Stanford Bets Big, Economic Woes

Episode Date: March 13, 2024

FRIENDS AND ENEMIES Join us for some QUALITY Bitcoin and economics talk, with a Canadian focus, every Monday at 7 PM EST. This week: -California illegals can buy homes with zero down-Egyptian Pound is pounded to dust-Taxing billionaires-Government shutdown averted-Mortgage defaults creeping up-Insolvency stats-Use heloc to pay for the mortgage And much more From a couple of Canucks who like to talk about how Bitcoin will impact Canada. As always, none of the info is financial advice. Website: ⁠www.CanadianBitcoiners.com⁠Discord: ⁠https://discord.gg/ESRCZWpb A part of the CBP Media Network: ⁠www.twitter.com/CBPMediaNetwork This show is sponsored by: easyDNS - ⁠⁠https://easydns.com/⁠⁠EasyDNS is the best spot for Anycast DNS, domain name registrations, web and email services. They are fast, reliable and privacy focused. You can even pay for your services with Bitcoin! Apply coupon code 'CBPMEDIA' for 50% off initial purchase Bull Bitcoin - ⁠⁠https://mission.bullbitcoin.com/cbp⁠⁠The CBP recommends Bull Bitcoin for all your BTC needs. With their new kyc-free options, there's never been a quicker, simpler, more private and (most importantly) cheaper way to acquire private Bitcoin. Use the link above for $20 bones and take advantage of all Bull Bitcoin has to offer.

The Canadian Bitcoiners podcast is just two guys and maybe a guest or two discussing Bitcoin, Bitcoin equities, and the related macroeconomic space. It's not meant to be financial advice, so please, if you're doing any investing, after listening to our program, do your own research, do your own due diligence, and understand that any money you invest can be lost. The show is meant for entertainment purposes only, and we hope you enjoy the program. Okay, 5608. All right, let's rip other notable stories here from the adjacent Bitcoin world here. Yeah, it's very notable. Bricks. Yeah We haven't mentioned much about BRICS lately, but the Russian news agency TASS, they're reporting that BRICS is going to start working

on the creation of a payment system. Yes. And this is going to be based on what they claim to be blockchain and digital technologies. The fuck does that even mean? I'm guessing it's going to be a CBDC, but I could be wrong, given the fact that China has released a CBDC, at least on a pilot scale. So there is some technical knowledge on how to roll it out. I'm not sure if any of the other BRICS nations also have

that type of history, but I'm guessing that's what it is. Hopefully there's no pre-mine and tokenomics or air gap involved, because then it would be truly a shit coin. But a lot of this has to do with de-dollarization. So this is going to help them in terms of achieving that goal to streamline payments. And maybe I'm not sure if this is going to be one advantage to everything, but there may be possibility to attract more people, more countries, more businesses to just adopt this type of thing. So this would be very interesting to see how it plays out moving forward. And as they continue to de-dollarize, this is going to make the U.S. dollar less prominent in the world and as a result, less valuable. And that's going to have some widespread implications throughout the world.

But yeah, there you go. CBDC might be coming up through BRICS, but I'm not sure how it's going to be rolled out, when, or what's it going to look like. But that's just my guess. I expect to see this at some point. I'm not 100% sure they have the technical competency to do something with commodities. It's two things, really. It's trust between the nations who are establishing the currency, blockchain or otherwise. And it's trust from other countries who are using it. And I don't think those countries have either. Do they? No.

So then what are we talking about? These guys, if they were serious about the dollarization, they would be going to Bitcoin. Period. Period. Period. Period. Period. Period. Period. Period. Period. Period. Period. Period. Period. Period. Period. Period. Period. Period. Period. Period. Period. Period. Period. Period. Period. Period. Period. Period. Period. Period. Period. Period. Period. Period. Period. Period. Period. Period. Period. Periodization, they would be going to Bitcoin. Period. They don't seem to be.

One of them probably is. We could guess that Russia probably is, I don't know, ankle deep in Bitcoin. They're certainly not neck deep. But if they're doing it, they have an abundance of energy. They've been shut out of global markets. It was always assumed that they're mining Bitcoin. And there's talk about that they have um they're getting involved with bitcoin so it makes sense so if one of the countries are doing

it i don't know will all of them adopt it probably not though hard to say i i don't think i don't know but like you know what i'm saying it's it's we talk about how trust has failed in the modern sort of fiat economic world currency is a huge part of that, obviously. And the trust that's required for a fiat currency to succeed is both internal and external. And these guys have neither one. There's these clips of the countries who are apparently collaborating on currencies. The guys refuse to drink the champagne before the other guy drinks it. These guys can't do a currency. They can't do a currency they can't do a currency it's not going to happen would you trust it if putin no i would not drink the champagne either i don't blame the man

there you go so there's no honors amongst thieves i guess in this case and yeah i don't know maybe they're able to roll something out and you know what we could even talk briefly about it cbdc is we always talk about i i i'm on the same page as you this it's a matter of when rather than if but we are on different pages with the when do you still think that the united states is going to go ahead with a cbdc relatively soon in my opinion i would think they're the last of the big countries i can see canada doing it the uk doing europe doing it first almost a testing ground but the united states in my opinion maybe the last would be like how far how far are you talking what's your timeline here

for united states or canada and the rest of the i mean canada i think canada we're inside of five years but the u.s what do you think i i would say on a pilot scale, a pilot project, seven plus years. We're talking a very small, very narrowed and controlled rollout. This is the world currency. You can't fuck this shit up. It's something two guys in a cottage can't handle. Why don't we say this then? I think we've had this conversation before, but there's a lot of people here who maybe haven't heard before us talk about this

i think we have to we have to like talk about the definition of what a cbdc is if it's like controlled spending in a currency that you can't save or invest in the stock market or whatever i think we're i think we're pretty close to that. It's proof of authority. That's what CBDC is. If you have a central node, the central bank issuing it, and it's not proof of work, it's not proof of stake, it's proof of authority, that's CBDC.

I don't think every dollar that's spent is going to be like that in five years, but I think that you're going to have some percentage of the currency, if you can even call it currency at that point, in that format. I think it's out of five years in Canada. I think it you're going to have some percentage of the currency, you know, if you can even call it currency at that point in that format, I think inside of five years in Canada, I think it's all but guaranteed. I mean,

you see this, you see the way these guys are, are forming with the online harms act, for example, whether you agree with the online harms act or not, it requires certain things of users, certain verifications, terms of age,

identity, stuff like that. That's the first step. Everyone has these identity, these identifiers online. And then before you know age, identity, stuff like that. That's the first step. Everyone has these identifiers online. And then before you know it, it's on your phone. And the next step is that here's some money to spend. You can tap your phone at X, Y, and Z, retailer, outlet, mall, whatever. Pay your, I don't know what else you pay for, your veggie burger, whatever it is.

And that'll be some percentage of the money. I don't think it'll be all percentage of the the money i don't think it'll be all the currency or all the spending in terms of like you know official tender in five years but you want to capture boomer saying is ubi that's an easy one to capture why not why not right sure yeah the second one is something you put into the market so you buy shares in something yeah when you sell you get it back in ubi or in a digital currency yeah i like that but floyd floyd marinescu comes on in may you know i started looking at some of this ubi stuff because he's obviously a proponent i do want to ask him like you know has the ubi crowd thought about how detrimental this could

be in the fight against digital currencies. If everyone wants that thousand bucks, it really accelerates what would otherwise be a difficult thing to get through. If you guys thought about that, do you care about it? I suspect they haven't given it much thought. I don't hold that against them. I don't think a lot of people think about this stuff, honestly, I think it's like a niche thing in Bitcoin more than anything else. A lot of it is hypothetical even what we're proposing obviously is hypothetical we have there's no real world examples especially how it would be done over here it's just the theoretical how it can be given what's transpired in the past little while it just makes you wonder why would anybody be in favor of this it just

creates more hurdles more roadblocks and then the reality is you may not be able to spend it where you want to it's your money can't read that out loud but that's a good comment from opti it might be yeah you never know it doesn't have to just be that segment of criminals that's a good good testing ground you're right right yeah your commissary your commissary card once you leave the pen yeah story from fox la i'm not sure fox la gets a lot of coverage because of given where they're located but there's a new california bill that is working its way through the legislature over there the assembly sorry and it would make illegal immigrants eligible for the first time homebuyer loans and this is the assembly bill 1840 and it was introduced earlier this year and the bill is hopefully going to expand on who is eligible for a state loan program to include undocumented

migrants and this would be for people that are first-time homebuyers and those who do qualify for a state loan program to include undocumented migrants. And this would be for people that are first-time homebuyers. And those who do qualify would be able to secure a loan that covers up to 20% of the property's purchase price that will not accumulate interest or have required monthly payments. Oh, my God. I'll leave it at that. What more do I have to say? I'll leave it at that. What more do I have to say?

I leave it at that. What can you say about this? Nothing. Where is this money coming from? Where is it coming from? I don't know. They don't want to close the border, and then they want to give home buyer loans with no interest?

Am I hearing that right? Yes. And zero down. With no interest? Like, am I hearing that right? Yes. And I thought here I am thinking I'm loopy after days and days of cold and flu medication, but I'm actually hearing it correctly. It's completely insane. What do you mean? That's extremely notable. I gotta get the hair on.

That's a fucking notable. It is my notable hair. So let's just keep this thing rolling on joey because egypt this is actually pretty sad they devalued their egyptian pound this past week and egypt 50 in a day right did i see that right i know it's like 30 39 okay okay something like that still not good but yeah no 20 sorry 20 overnight but egypt are getting wrecked and it's all thanks to the well not all that so it is thanks to the suez canal because it's being less utilized these days and we could thank the security concerns that are

causing it the houthi militants they're causing all these shipping companies to be spooked by going into the red sea and they're avoiding the area as a result instead of going through there then i have to take the longer route around africa's cape good of cape of good hope is it like a nice like you know trip like his carnival going there on cruises or disney or i have not really uh is it a gold gold machine gun type of body of water or what like what are we talking i have i don't know if it's choppy waters i have no it's just a significant delay for having goods be delivered because of the time and the fuel just it's a

waste because they just can't cut through the suez i got daylight savings time over there this is daily savings time is fucking me up good if they don't have it over there maybe it's worth it i don't know take a little longer but get your sleep back i don't know i i've i've been okay i took a nap i'm good to go already i love my naps so yeah but what i'm reading is the suez canal makes up revenue about two percent of the egypt's overall gdp so it's you know not a huge amount but it's you know it's a decent proportion. And so this past week we had the currency, the Egypt pound, that was weakened by some 20%.

It was dropped overnight. What was the cause of this? Because there was an $8 billion funding from the IMF and a 600 basis point rate hike by the central bank. And all this is taking place while the price of bitcoin continues to rip unreal and they're not the only one in the north african regions that are

experiencing problems it looks like a variety of countries in north africa are feeling the pinch if you look at the inflation rate collectively through those countries it's double digits year over year like it's not just like 10 it's 20 30 year over year so they're really feeling the pain right now and boomer's saying this is kind of fake news stuff like argentina there's a black market for uh for this but i still think there are people that are getting paid in egyptian pounds and they have to then convert it to something else like u.s dollars so they're going to feel the impact so you're talking about teachers and people along those lines but it just it's so sad to see this happen and maybe we should talk we should bring back um ali from tahini's because

he's originally from egypt he gave us like a boots in the ground or at least family with boots in the ground types of uh update what's going on over there but it's fucking nuts assalamu alaikum uh muslim bitcoin or uh it's a ramadan ramadan mubarak to you by the way yeah right now so yeah this is this is fucked up what's going on right now in egypt so it's it's but it's spreading it's just all throughout the north part of uh currency problems are you know fun to talk about for us but isn't it weird that we see the same people at the scene of the crime all the time? Central banks and the IMF? These guys are always there. Why are you always there?

It's like, where's Waldo? If you look hard enough, you find the same guys. Augustine, he's there. He's just hanging out. On the side of Ramadan, I saw a great post today on the NBA subreddit a Miami Heat fan claiming he's going to fast until the Heat get a victory I think they're playing a shitty team tonight

and they lost yesterday and someone's like pretty sure this guy's just celebrating Ramadan are they 0-4? no no no they're like on a losing streak I think a little bit of a downward skid but they're going to be okay I just had to laugh about that.

I forgot. It reminded me of Muslim Bitcoin. He was always in the chat. When you do Ramadan, you fast till night? Is that right? It's sunrise to sunset. So per country, it depends.

So if it's summertime here, it's a long fucking time you're not eating. Yeah. So Ramadan only happens like what? times a year what is it what is the cadence there Muslim Bitcoiner come on I believe it's in the chat get in the chat but it's based on the the lunar calendar so it changes year over year okay I don't know if it goes uh backwards next year or forwards next year but I think it's based on the lunar calendar. But it's been a while since I looked into this. We await Muslim Bitcoiners'

confirmation there. But anyway, yeah. Oh, there it is. Sunrise to sunset. Okay. Listen, currencies. Egypt. I mean, how much has your currency been debased in the last 10 years? Any idea? 30%? 40%? Well, you can take a look right now. You know, it's not that hard to figure it out. So when people

are like, oh man, Egypt lost 20% in a day. Like a day like bro you lost 50 in the last decade what do you think you're immune you think you don't you know you're not going through the same thing just because it's not a news story just because there's not riots doesn't mean it's about one eighth where it was 15 years ago so there you go give or take no that's that's a bullshit number two by the way if i had to guess but one eighth yeah i bet she's fucking a little worse than that all right this is an official from um from google so you know what's doing well though is the mexican peso oh really if you look at that it compares in the u.s dollar to canadian dollar it's doing pretty darn good man

it's it's let's get it by the way body more rich uh mexican uh you know american expat living in mexico corration expat living in mexico talk talk to currency there april 2020 it was 25 to 1 ratio for every one dollar you get 25 mexican pesos now one dollar gets you less than 17 Mexican pesos. Wow. I did see a story today about how we are losing ground to Mexico in terms of the second economic power on the continent. So not surprising, I guess, right? If all those things are as true as they say. You know what else is true is those fucking banks, those regional banks.

Oh, man. as they say you know what else is true is those fucking banks as regional banks they're oh man yeah so the new york community bank shares dropped 40 this past week in a single day and we were talking about the btfp which has since ended as of today we were saying it was going to be ending well that ending is now it's now in the past it's done so you know so with respect to why the new york community bank corp took a dive this past week they announced that they secured a lifeline of more than one billion dollars from a group of investors this past wednesday they needed this money in order to stay afloat and funny enough to remember their stock price tanking they had to borrow money just to keep their heads above water.

Well, they have a new CEO coming in, and he's starting April 1st. And this dude, Joseph Odding, is going to be paid $1.25 million, plus a bonus of up to $4.5 million a year. So it's going to be up to close to $6 million a year to pay for this guy to head a bank that is failing. I love it yeah well the land looting the empire like what else you say you either i saw a post i forget who wrote it but like this is the time where either you admit that the empire is being looted and head to the trough yourself or you you know valiantly try and fix it well everyone's just getting fat

and you're getting you know skinnier and more disease ridden but like everyone is heading to the trough here are they not i mean come on bro look at like look at what's going on the states they're they're and like even here right like all the new medicare spending and everyone is at the trough everyone is at the trough except boeing who can't even screw a fucking door on a plane anymore but everyone else their planes are still flying nobody's grounding them and the fucking wheels are coming off yeah that's a bad story don't even say that on the air oh my god but it's true bbc's reporting it i'm not fucking pulling this from some far fringe news this is normie news this is bbc's reporting it and apparently he died from a self-inflicted gunshot wound amazing that's being reported so two of them probably anyway what's next sad story payroll numbers payroll

numbers we get to see i'm gonna just be brief on this 275 000 jobs created i love it uh this is going to be obviously revised did you see what the expectation was the the analyst expectation 184 like do we really think that the market like the government numbers they they had a 275 000 uh job number they beat by 100k do we really think i think i'm wrong with what's expected maybe but either way it was they're way off yeah they have a number what they think it's going to be and then what they're reporting is way over it's like and then they're going to revise it to way under where they thought it was going to be initially what a fucking joke yeah insane i'm looking here uh let's see yeah 275,000

jobs yeah the economist projected 200,000. So you tell me, okay? The Department of Downward Revisions will get on this anyways in about a month and revise it back down to 210 or 205 or something like that. And we just had this, I don't know, do you have the Canadian job numbers on the docket this week? Yeah, I do. Okay, give me those numbers. I want to talk about those.

That's a little closer to home for you and me. Well, so 41,000 jobs were added for the month of February. And something of note is that, remember, 41,000 jobs were added just in the month of February. Last year, Canada's population grew by a little over a million people. Yes. I call it a million, but it was slightly over a million. In that same timeframe where a million people, just a little bit over a million people. Yes. I call it a million, but it was slightly over a million. In that same timeframe where a million people, just a little bit over a million people came here,

our employment increased 368,000 jobs. So that's like a 650,000 job difference if every one of those million people are going to work. I don't think that everyone was coming into work. Some are children, some are seniors. So I could assume 20 maybe 30 or not but even if we say 30 is not that 700 000 people that came here that probably are looking for work but we only increased the jobs 368 000 that's a huge difference it's a lot of people that came here that are unfortunately not going to be able or struggle to find jobs.

And on top of that, there's even closures. We'll talk about that later on. But yeah, that's just the Coles notes of the job report in Canada. Okay. I'm dipping into my health reserves here, staying on this air, but this is important. I responded to a CTV news tweet about the 41,000 jobs created in February. And I said, the actual data says public sector added 18,000, private sector lost 16,000, and self-employed, which is basically Uber and Uber Eats. And CBP. Yeah, yeah. Added 38,000 people.

And in the comments, in the replies to that tweet, there's a bunch of people asking for the source, Len. The source is the StatsCan report. These are the people who... This is the kind of person who the data is for, right? They look at 41,000 jobs, they clap like seals at fucking Marine Land, and they don't think about what the actual jobs, where they came from, what happened, all that stuff. Now, I'm going to give a shout out to a guy who I've been following for a long time and he follows me too, Martin Pelletier. I'm for sure saying that wrong. My French is not good enough to get that right. But he put out a great thread the other day about jobs. And it's about how the country has been materially changed since the

liberals came into power in 2016. And it's an incredible chart. We have added in the last eight years or nine years, the federal public service, this is his tweet, the federal public service has grown by 38% since 2015. In February, public sector jobs rose by 18,000 while the private sector lost 16,400, the same numbers I said before. Over the past year, employment in the public sector has grown 4.7% versus 1%, 1.2% in private industry. A 4X difference in growth in the last year. 23% difference or 38% difference since the beginning of the liberal administration. Now, I don't have an opinion on whether or not this is necessarily good or bad, especially for those people who are working in the public sector. But sustainable, this is not. You can't just run government programs to

employ your entire population. We've talked before about how if you look across all the different public sector silos, whether it's municipal, federal, or provincial, whether it's administrative services like the CRA or City Hall or stuff like police and fire or stuff like hospitals and teachers, it's 22% of all Canadians working on public sector dimes. Those are unionized jobs where union wages are far outpacing productivity, certainly far outpacing GDP contribution, it's not sustainable. It's just not. And that's not the sign of a healthy economy. Now, how do we fix it? I don't know. We have a lot of people who have probably been working

in those jobs for a long time who don't have a specific set of skills or training. And don't get me wrong. I'm not saying that those people are not employable in places. I'm sure they are. But it's difficult at this threshold to say, okay, the 40% job growth or 40% expansion in the public service you saw since 2015, we have to go backwards on it now because it's not good for the economy. How do you fix that? What do you do i don't have an answer but you're going to have a relatively large public service in canada just because our taxes are high i'm not saying it's just a direct result but because your taxes it's a cycle it's a cycle right there's a famous quote the bureaucracy is always expanding to meet the needs of the expanding bureaucracy like you just yeah but at some point you know there's there's an event horizon somewhere like where is it i don't know but we're gonna find an equilibrium where it works given what is the tax dollars coming in the services that they have to provide yeah and because that

we have we're gonna per capita compared to the states it's going to be higher in terms of public sector jobs here than over there because our healthcare system is publicly funded for instance our school system a lot of people choose to use the public school so there's more people that are working in those fields and it's a result of our taxes being higher our look income tax look at you know you pay sales tax yeah taxes there's no doubt you pay i think the other thing and mike campbell says this all the time. I agree with Mike. Like I'm not as like,

I'm not quite as like anti-public spending as Mike is. And I don't want to say that he is. I actually don't even believe that. So I'm going to take that back. But I want to know like, what are we getting for the increase in spending from you and me for the increased take from you and me in terms of like hospitals, schools? Yeah.

I can't answer that. This is hard. It's hard. It's way above my pay grade i can't answer these guys i don't fucking know but what i do want to touch on is the government shutdown that was potentially coming up united states i didn't even realize this what happened until two days ago when they signed some deal on the weekend i thought they had carte blanche to run with this thing when the republicans yeah run up the debt ceiling to whatever the fuck you want wasn't it like a two-year deal or something like that i thought it was a two-year election i thought or something but whatever the fuck it was like i i'm incredibly like shocked that we were going to have this partial shutdown so what happened a 460 billion dollar package was released and this is going to only fund it until september

so we're going to have to cross this bridge after that oh my god this is about for half the government from what i'm reading so it includes the department of agriculture energy justice transportation housing and urban development and veterans affairs yeah so those are the ones that are being impacted so this 460 billion is going to take us, take them until September. And then after that, it's has to be dealt with again, right in the middle of an election too,

by the way. So where's the focus going to be from the white house at that time, especially Biden, obviously it's going to be about if he's running again, I'm assuming he is at this moment. His focus will be on getting reelected. Get that cocktail from the other night going again, he's for sure.

He was good. I know he was good. I hate to admit it, but he was sharp. Engaging with the gallery, that was the moment I was like, whoa, this guy, whatever he's on, they got to duplicate this potion a couple more times for like two hours of debates. He might win.

The guy might win. I like it. During his speeches, a few times he looked to the left of his like the right of camera of his left yeah and he was saying like he was talking to the republicans saying i'm gonna go ahead and do it and a few things he said by the way um i'll just put one thing he mentioned the taxing 25 tax he wants to impose on billionaires and he was saying this is going to generate 500 billion dollars in 10 years now do the math if you are going to tax people of means that have the ability

to skirt the system so to speak because they could go to other jurisdictions they have the ability to do this and you're only going to and i'm saying only 500 billion over 10 years that's 50 billion a year if you want to do the average yeah how much do they spend in the last aid pack aid package for ukraine which is far greater than that with the border bill that didn't have any border in it whatsoever that was like 90 something billion dollars and the majority of that some 60 i think went towards ukraine so that 50 that you're going to get form these billions for billionaires each year it's going to be wiped off the first aid package you give to a foreign country. It may not be Ukraine moving forward, but

another satellite state that they're constantly trying to keep afloat is Israel. That's a huge draw for them. And it's an expense line that they have on their balance sheet that they have to deal with. So what I'm trying to get at is, this $50 billion you're going to get every year, it's fuck all.

It's going to do nothing today. Look at the debt clock. Just go to the debt clock and look at how fast the number goes up. 50 billion will last you, I don't know, half an hour maybe? 40 minutes? It's not much. It's not much. So probably the more you put policies in place like that, the more you take away from your

long-term tax receipts. People will find ways to get around those things. They'll leave and they'll do other stuff, right? And it falls on everybody else, the people that can't do that. Exactly. On top of that, then you had a 2025 budget that was released. I think it's the proposed budget. So what I'm gathering is they're going to be raking in in terms of taxation, user fees, and all that shit.

It's going to be around $5 trillion, which is a lot of money. But they are spending around $7.5 trillion. And now you throw in a few emergencies here. There's a hurricane there. There's a war to fund over here. You already have a $2.5 trillion gap between what you plan to spend and what you plan to take in throw in a few of these other incidences that could easily turn into five to five plus trillion dollar miss that is going to just be tacked on to the okay let me let me ask something because

you're getting to the point here that i think i want to i want to ask you about do you think the debt number that the u.s constantly bandies about is actually accurate there's no fucking fucking way. Yeah, there's no way it's that. It's got to be higher than that. It's got to be like double that. They're making it up. It's all made up. The whole thing is fabricated. This is the thing no one talks about. Everyone's like, $34 trillion, they're never able to pay it back. Buddy, it's fucking 50. You would never know. You would never know. They just make the numbers up. All the numbers are invented. That may be true.

I never thought about that. It's got to be. It's got to be. But even if it's made up and they're hiding a much larger number, 34 trillion is not like something that we could say, oh, you know, this is doable. We could pay this back.

Let's increase taxes 10% across the board, cut back our spending back our spending within three years we're gonna have this sucker paid off that's not the case this thing even at 34 trillion if it's fake and they're bringing it back to that number it's still a number that is never going to be done they just tack it on if i can throw shit onto it you got tax ukrainian billionaires one smart fella says yeah that's an option i guess how could you tax the five people that are getting the – I don't know. I don't know. I think there's so many things I want to say, but I'm not going to because I don't want to jeopardize the channel. You can't fund everything.

Let me tell you, okay? They got better uses for those guys at this point than taxes. What else do you want to talk about? Yeah, it's 125. Can we do two more? Can I get away with two more? Three more? Three more's let's start off we'll see what we could go on we have the canadian mortgage holders they're starting to miss payments in q4 this is a coin

equifax yes yes i got some really good ones on the back end here jo Joey. So mortgage delinquencies, they are surging in Ontario and BC. Ontario is up 135% and BC is up 62%. They say that mortgagers in Ontario and BC are not only missing their payments on their mortgage, but also missing payment on their credit cards. And this specifically has to do more so with young homeowners. This is troubling. And they say 153 000 consumers more consumers miss payments on credit cards this is also by

the way above pre-pandemic levels wow okay now we're talking now we're talking yeah now i said about this surge in mortgage delinquencies, and it's up 135%. But it's still a low total number, right? Yes. That's the way to look. There's two ways to look at it. Yeah. Percentage-wise increase.

London, for instance. London, Ontario, 70 homeowners defaulted on their mortgage payments. 70. That's not a large number. It is. I wouldn't want to be the bag holder for those 70, but in reality, how many hundreds of thousands of homeowners are there a month in? Yeah, there's quite a few, right? Yeah, yeah, yeah. So it's going up. Now, if this trend continues moving forward, 70 becomes 140, then becomes

280, then it becomes a real problem later problem later on but right now it's just brewing it's not a huge problem it's it definitely is an issue but it's fucking brewing and it's going to get worse but the credit cards was the one that is also really troubling where pre-pandemic levels with respect to missing credit card payments that's fucked we'll leave it at that. Listen, the only thing I would say, Len, is these things always start small, right? And people on Twitter were quick to point out, yeah, okay, it surged 100%,

but it's only a double from 35 to 70 or whatever. But the rates, it's a lagging thing that moves through the system. And now you're starting to see people suffer. The inflation is pressuring them on one side. Rates are getting them on the other side. And I know that number next month is going to be 80 or is it going to be 200? You know, then you're talking like, okay, we got, you know, two months, maybe don't

make a trend, but we got to look at that third month now if we get two months that are moving that direction. Right. And that's only one city. You know, I think there's probably others that are going to do that too and just like in 2008 in the states when you have the banks or whoever has the mortgage they're the mortgage holders there at that time like yeah at the end it's going to be power of sale it's going to be a fire they're going to sell it for whatever they can sell it for which depresses the price of the rest of the home yeah and it brings down so then then then it's fucking getting out of control and then you also have to deal with so many people renewing their mortgages now to hire

interest rate environment i know people that's that there's a large people large amount of people that are now impacted you sound pretty bad there let's just move on i just i just saw wait i want to say i want to say one thing here. I saw Sretzky tweet it out today. Yeah, here's the percentage of loans coming due in 2025. TD has 18%. No, sorry. TD between... But basically between February 24 and the end of next year. TD's got 32%. CIBC's got 48%. Scotia's got 38%. BMO's got 29%. And Desjardins has, what do they got, 37%.

And then National Bank's got 33%. So you're talking to a quarter of the people at least. One third is the minimum. You got as high as 50 there. You got as high as 50 there. I'm one of them. 2025, I'm up for renewal so crazy canada said they're holding their rates firm as of march five percent who knows

what's going to happen moving forward i'm not sure if you want to add anything to that we can leave it my rates have been firm for so long i only hold it when it's firm um do you believe them that's the question believe them on what they're going to hold firm for some time or yeah yeah well they held firm last time i i don't know anything you know what they could even raise yeah there's even a slight possibility they could raise i would not be surprised if they do that if i was a betting man i would probably say they hold next time but even if they raise i I would not be surprised. Do you opt in the chat saying once you renew your mortgage, you'll be reporting from my spare bedroom?

I got to renew part of my mortgage next year too. Actually, I'm on a blended mortgage here because I moved. Okay. So I think that he's full of it. And I think he's going to cut this year. I think that we should erase from our memory any sign or signal that central banks are separate from governments

or independent from governments. They are not. To keep his job, he needs the government that's in power now to continue to be in power and cuts will help them. I expect him to cut. Period of the story. And also,

also like the TD, TD, RBC, Scotia, I have all these stupid economics things saved on my toolbar here because I read them on Saturdays for the show.

And the chorus of people crying out for removing shelter from inflation and then dropping the rates based on this new inflation measurement is growing. It's growing louder every week. They can adjust it however they want. Yeah, exactly.

Right? And guys like Derek Holt are not holding back anymore. And it's becoming sort of pop culture to see what Derek Holt had to say about policy direction in the country in the last three weeks or quarter, whatever it is. So I don't know. I think a cut's coming, man. That's my expectation. I think that's probably the case.

Well, Canadian insolvencies, that's another metric we should be looking at because business insolvencies are also higher than what we experienced in the pre-pandemic levels. I think this is a bullshit stat, though, because I think people spun up businesses this is a bullshit stat though. Because I think people spun up businesses during COVID to get the loans. That may be right.

So they're looking, but this is a one-year window, by the way. So those businesses might've failed. This is within the last 12 months from January to January. And it's 129% increase. So capturing is late, I guess guess or early as january 2023 so maybe it might be the might be the case there might have been a company spun up just to get the money and but some things to consider too like there are businesses that are closing down for a number of different reasons there's a bad economy criminal activity going around there so some

businesses are experiencing more crime and insurance is going up. It just doesn't make sense. Sure, sure. Businesses that used to rely or have relied on low interest rate environments is no longer the case. Municipal taxes have gone up, so they have to pay that. Yeah.

Sizable amount of the workforce are still working from home. So there's a lot of reasons here you could say, yeah's some validity to this and everyone spun up businesses to steal the money from the government yeah i think that's i know i know a handful of people who spun up businesses during covid to get the loan good for them good i remember reading this story and this was in the states about companies doing that like people doing that spinning up companies and they were going every weekend flying into miami and going to eat board meetings they're having board meetings for their company they weren't having they were just going to purposely just to eat a high-end restaurants i'll send you the the twitter feeds on that there's some fabulous ones and this is fucking

funny and the company names joey i can't even repeat them but they're just well let's leave it at that the government of canada i'm not sure if you saw this they are offering now suggestions for people out there who are having difficulties with paying their mortgages brand new landing page on a dot gc dot ca domain yeah yeah so one thing they are saying though i mean this is for everybody out there looking for some not financial advice but at least some, you know, assistance for where they should be looking. They do say that extending your amortization should be done and considered thoroughly because you have to stomach in the longer duration of the mortgage. So a lot of people were talking about this, how they were, this is now on the Government of Canada webpage,

how to afford your mortgage. The fact that they're doing this, it goes to show you there are people out there that are struggling and looking for information. Big time. Last story, I guess, we'll talk about. Please, yeah, put me out of my misery here. I'm talking to you. So we've got three more stories.

No, last one. Ottawa School Board. This is a great one i think i've saved the best for last could make graduation ceremonies more inclusive and how are they going to do this by allowing people that did not pass to participate so this is the ottawa carlton district school board if whichever one you're considering sending your kids over there. And they're considering a way to do away with graduation ceremonies. And instead of opting for commencement ceremonies that will be based on equity, not students getting passing grades. And they say for a variety of reasons, students may not have completed all the requirements for a move on from secondary school

with this change these students will be able to join their peers and celebrate their achievements this is the ultimate in participation awards this is you show up you get the fucking participation award and a certificate that comes along with it i love it It's a good story to end on. I mean, what are we doing here? It's amazing. I saw this on rCanada today, the subreddit, and it's amazing. Even those guys are like, why are we taking away the rewards?

The very few things people who work hard get to enjoy for their hard work and instead just throwing everyone into it and just giving it as a participation medal now. Why? You don't get to go to the grad dance if you didn't graduate. At least you didn't when I was in high school. You didn't get to go to the athletic banquet if you weren't on the fucking team.

You know what I mean? But everybody should be included. Why? Why? Why not? This is true Isaiah's job content. We got to get Francis to talk about this. The message has been neutered so deeply and so horrifically at this point that it just has no potency left.

Graduating doesn't matter. Your test scores don't matter. None of it matters. It's all just made up anyways. Well, the next graduating class for the medical doctors, I'm showing up. I'm saying, where's my fucking degree give me the knife and yeah give me a fucking knife i'm ready to start the job so pay me right away oh fuck that's great if that can be done why can't what i'm saying be done i love it you know i always wanted to be a race car driver i'm gonna show up to the track and

say buddy it's easy i just saw a brand new Candle put out a video of him driving a car. So if he could do it, truly, probably anybody can. They'll just let anyone do that now. Why not? That's it for tonight. Len, thank you for carrying the show. I appreciate you doing the majority of the talking tonight. My voice is leaving me fucking fast here.

And thanks to all you guys. Len says, I've been messaging lab behind the scenes here i can see if i look on twitter there's like 24 it's 27 now it says 27 on youtube on twitter youtube and everywhere else it's like that for the past week it's not right when i was talking or maybe it is right no no no if you look at the number now this is behind the scenes shit the number doesn't come down it's always going up so i think everybody watches it just keep adding to ramp it let's ramp it anyway it's fiat make it a billion i appreciate it i appreciate you guys coming to the show and sticking with us uh while i was fucking struggling to talk so until wed, when I either talk to tour or we talk to each other again, take care of yourselves.

Yeah. Don't be a cock. Oh, I got to end all the streams fucking separately here. Hang in everyone. Still here. Everybody's still here. Oh, okay. Don't forget everybody lots of other stuff on cbp media network including two whites and a blue me joey my brother-in-law mike and our friend will talk about all the problems millennials

are having with finance romance and just getting by uh if you'd like cbp if you like the nhl 94 podcast i guarantee you'll like that one search for it two whites and a blue anywhere you get your podcasts we look forward to seeing you