The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - The CBP #155 - Mining Excise Tax, Convertible Notes, CSW Loses (Other Notable Stories)

Episode Date: March 20, 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: -Biden going after Bitcoin miners?-More news on the Portal Wallet-The CBP rebrand to the Salvadoran Bitcoiners Podcast-MSTR keeps buying-Ocean Mining & Lightning-Strike Business-CSW is not Satoshi?-CPI-Sheltering the homeless-Leave your car keys by the front door 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 one hour eight minutes 56 seconds okay where do you want to start with variables sure we'll be quick on this so janet yellen is in the news this week because fox news and other outlets too is cbsbs whole bunch of others because

reporting that she is starting to think that a soft landing just may not be possible we were talking about this for some time this may just be um more of a dream than anything else and she's also coming out and saying she is is regretting that she said that inflation is transitory. That's the funniest thing, man, that it's, it's, it's sad, but it's also like, it is pretty,

you gotta admit seeing her, seeing her on TV, like cop to being wrong about that is significant. I think. No. So let's, I'm going to go on a side with her here. Okay.

I honestly don't think, I honestly don't think she believes it was transitory all along. She was saying that because she was in the position she was and her association with the White House. It made sense politically to say that, to try to ease the market, to try to instill some confidence in the general population. She got her PhD in economics a long time ago 1971 granted you know it was a different time back then but also it was a time when hard money was in existence she went

to yale as well that's she went to yale that was you know you can say what you want that's a prestigious school so she i don't think she is obtuse. I think she understands what the fuck is going on. I think a lot of what she says is just because it's politically advantageous to say what she says. So when stuff, when she's talking about transitory, I don't believe she believed that. I think it was just, you know, she was forced to say that just because of a variety of different things. But, and now it's becoming a real problem because there was a poll done by CBS News

back in December. I know it was a few months ago now. But that poll back then in December was showing still inflation was number one issue amongst people that were polled. And that beat out immigration, which seemed to be one of the hot topics and hot issues these days.

But still inflation is still number one in people's minds as of december and i don't think things have changed very much since then so i'm looking at this they have a long road ahead both the federal reserve and a treasury department to writing the ship soft landing it is not in the cards there's no fucking way they could do this without wrecking the economy there's going to be some collateral damage along the way. Jobs are going to be lost. There's going to be a lot of fucking problems coming along. But this is the reality of it.

They painted themselves into a corner. They can't keep rates high the way they are. They're going to have to eventually lower them. May not happen the next time, next meeting, but eventually they're going to have to lower rates, not just because it's an election year, but also it's getting costlier for them to service the debt. They're paying more than a trillion dollars a year, the United States is, to service their debt. It's already unsustainable, but they can't keep it like that. They've got to somehow lower the rates to lower the cost of servicing the debt, which may buy them a little bit more time to keep this thing running.

Eventually it's going to fail, but that's what they have to do. They got to somehow lower it, lower the borrowing costs and the interest rates and all that shit. But man, oh man, I feel, I kind of feel bad now for Yellen after hearing all this. I'm actually starting to see her as, you know, I'm starting to feel bad for her. You think she's a sympathetic figure in all this i i'm actually starting to see her as you know i i'm starting to feel bad for her you think she's a sympathetic figure in all this now you know what

i think she's put in a bad position they inherited yeah you can see he's took this off put that shit back on joy put that out joy Joey. Listen. When they came into power, the economy was stopped. QE was going nuts. They could have stopped QE sooner, but they were fucked to begin with.

They didn't help themselves out, but let's be honest, they weren't in a position that they could have continued success it was fucked to begin with their decisions fucked it even further and here they are a lot of decisions were political but she's not she's not a dummy she knows what's going on and she understands i'm not saying she's i'm not saying she's a dummy i'm not saying you are but some people like they look at her and they mock her and all this but fuck you know like she she she does understand it's just everything is just it's just

wrong and just she has to make you yeah you know what i'm turning over a new leaf okay i'm not going to be mean this this is like to me i understand that she is a political animal. And I understand that there's value in calming the market during times of turmoil, specifically the time of turmoil we had in 2020. That was crazy. Stock market went limit down twice in the same day. Bitcoin dropped 75%.

You're talking about negative prices on crude contracts. And I get that there's value there, of course. But the problem I have is that when you say things like that, it influences the behavior of people who are not smart enough to know that what you're saying is meant to calm markets and not meant to be actionable advice. And so when people do things like take out big loans or quit their job or do other things that would imply, actions that would imply that times are otherwise stable and the landing will otherwise be soft. And then you tell them three or four years later that you wish you hadn't said that and things actually don't look like they're going to be so soft now. Where does

that leave the average person? It leaves them. It leaves them in a, yeah, I was going to say a tough spot, but you're right. That's another way. That's another way to say it.

And so what, they were fucked to begin with. There was no way around it. There were things. The problem is the, you know, sort of the, the rate at which they are fucked now,

right? The speed at which has accelerated, right. And to, you know, sprinkle at which they are fucked has accelerated, right? And to, you know, sprinkle that word in for the first time this show. So why should I feel bad for Janet Yellen? I understand that she was put in a tough position. Of course, we all were, Len.

But I wasn't able to say and do things that I thought were untrue. Instead, I had to make decisions that are going to affect me for the rest of my life. You know, I've renewed my mortgage twice since COVID. I've bought a house. I moved. I've renewed my mortgage twice since COVID. I bought a house. I moved. I've done a lot of things since COVID that I had to make decisions

based on what I thought was best. And unfortunately for me and for many people, I couldn't look to the people who were at the podium or in the press gaggle for accurate information because I knew and you knew and people who listen to and watch this show know, even though we weren't doing it at that time, we know that there's a reason they speak this way and that the people who are up there are not necessarily there to tell you the truth, but are rather there to pacify you in some cases or

calm you for the moment, right? Put a little rum in your bottle, as the saying goes. It doesn't mean long-term it's going to be accurate, or it doesn't mean long-term that the intention wasn't to just quickly mislead you or misdirect you so that you avoid a catastrophe in the immediate future. And now people are paying for that in a big way, big way. The layoffs we've seen in the last year in tech, the layoffs we've seen in journalism, layoffs we've seen in trucking, layoffs we've seen in all kinds of places. US, Canada, Europe,

everywhere. Do you think they see Janet Yellen as a sympathetic figure? No, they don't. The reality is a lot of bad decisions were made before she came in and after she came in. Not just by the came in, not just by, not just by the treasury department,

not just by the federal reserve, but also the general population as a whole. Yeah, for sure. A lot of people were funding lifestyle on credit card. Maybe they're doing so based on, on her words, or maybe just based on poor financial decisions.

I get what you're saying. I'm with you. There's a lot of everything that's wrong. It's just, it's cumulative decisions up until today that got us to this point it's not one particular person that is to blame it's everybody it isn't no no you're right but i'm saying like for the average person okay the waiting that those decisions during covid should have had you weren't able to accurately gauge how much you should be waiting those decisions during COVID should have had, you weren't able to accurately gauge

how much you should be weighting those decisions because of the information you received from people like Janet Yellen. And so you made decisions that you otherwise perhaps would not have made. Now, you're right. Some people would have made them anyways, right? There's a lot of people living beyond their means

and doing things that are irrational. They've been doing that long before COVID. Broadly unwise. Yeah, exactly. Right. Since time and more, right. So there's, yeah, there's all these things to consider, but I don't, I don't view her as sympathetic

and I don't view Powell as sympathetic. I think that Powell is doing his best in a lot of ways, but I think in other ways, he's, you know, also trying to, you know, to tame the crowds the crowds he's he's a guy who's sort of dancing he's a he's a marionette sometimes it feels like you know like he's he's doing what is best to get the crowd laughing and smiling and trying to keep them from leaving the theater but i think everyone's got an eye on the exit now right so i hypothetically and and figuratively or sorry um literally and figuratively so um

yeah i don't know i just i disagree with this take i i don't think i don't think these people are sympathetic i'm not sympathetic to them i i i hold them in some respects in contempt but also i i was bright enough at the time to realize that that's their job but so many people weren't so many people weren't right everyone was worried they were going to die of covid and you know among other things for a year and you know now they're they're realizing well yeah i did some other stuff during that year too that i kind of whiffed on because i didn't give it the thought it deserved i just listened to what i saw on tv well you know here you are now so hopefully you don't make that mistake again but again uh not too much faith right that's

a that's the model a lot of people use and they've used it for many years as you mentioned she's going nowhere by the way too so that's another thing that she's going to stay in that position until there's going to be potentially a change in administration and then they'll assign a new person in that position so she's going to be there until the bitter end and then she's going to go off into the sunset do her speeching engagements making six figures for every time oh she'll be balling for sure 100 yeah and just like you know the president the former presidents do just you know people want to hear didn't she also do a speaking engagement not too long ago i don't know what do you think we see first i think we see a see a ray cut in the United States or a Kate Middleton public appearance?

Is she away? My wife thinks she might be dead. I don't really follow the Royals, but I know there was a Photoshop picture of her that the press refused to run last week or two weeks ago or something. And the palace had to walk it back and say, yeah, sorry, this is Photoshop.

She's not actually in the picture. Like pretty bad. Why is she gone? I have no no idea she got surgery or something somebody in the chat will know for sure but she got surgery or something like that and just never came back this should be on me i don't follow that so you don't know you don't have a bet is this on uh can we get like a predicted market on this predicted if i had to guess because i middleton public appearance or ray cut versus states it's for me it's a coin flip because i have at least somewhat more knowledge on one topic and the other one i have zero knowledge so for me to formulate an opinion which is going to come first i'd rather flip a coin and let the odds dictate it that way so i have no clue there's

but there's gonna be i can say that you're probably going to have it's maybe one or two before the election it seems like they're going to be waiting a lot longer for cutting these rates both in canada united states for a variety of reasons and that's that's interesting because a lot of people were talking about it being there's going to be cuts shit we should have had already some cuts yeah so man this, man, this is messed up. Now, is there any chances they could even raise rates? I don't even, I think that's still a possibility. Wall Street Journal or New York Times ran an article today that, or yesterday, I think it was yesterday.

I guess not yesterday, it was Sunday. But recently, about how the US economy still seems to be on solid footing and maybe conditions aren't restrictive enough we really need to knock things down a key thicker on looney hour last week saying that if he was tiff macklem he would raise 50 points at the next meeting and just set the whole thing on fire and wash out the leverage and wash out the garbage and wash out the ill risk and uh but what's the what's the end goal there because the risk eventually come back. It's not like it's lost forever. You just need to reset. You need to get rid of all these bubbles,

and you need to get rid of all this garbage in the economic data. That's so fiat. The only way to do it is to burn it down. I get what you're saying. To rely on interest rates is basically the key lever, not fundamentals, not growth, not anything except basically M2 and interest rates.

But this is the way it's been, right? This is the way it's been for a long time. We're only coming to this realization as a Bitcoin group in the last 10 years. But yeah. What do you think is going to happen with the election down south? Do you think that Biden is still going to be the Democratic nominee? Yeah, I do. And I think that if he gets on the same cocktail

or whatever he was on during the State of the Union and the debates are only an hour and a half, I think he could win, honestly. How's that? Could you repeat that? I want to make sure I heard that correct. I think if they put him on the same cocktail he was on during the State of the Union

and he's lucid for an hour and a half with Trump, I think he could win. I think he could i i don't know trump trump trump uh i i think he's a good politician and i don't think he's this evil guy that everyone says he is but on a debate stage he needs his opponent to be rattled. Clinton was rattled in all her debates with him. And in the last election, Trump tried to rattle Biden. He couldn't do it. And the feedback was that this guy was just trying to interrupt him all the time. In the second debate, he didn't interrupt Biden at all. And he was on that lucid cocktail.

And I thought he handed it to him. And he looked good in the State of the Union the other day. I disagree with the politics but from the material delivery i know from the point of delivery and and coherence you can't tell me it wasn't all there engaging with the gallery you know again i don't care man i don't think this is the like this is not the baseline for joe biden at this point i don't think any sane person believes that but if you can get him on whatever you know let him sleep for two days put him in the crowd in a chamber like i don't know

what they did no no no no you have to feed him softball questions and you have to steer the conversation away from all the contentious issues to even have a hope in hell for him to win a debate because there's so much material that could be brought forth to show why it is that he is not a good person to run the country for yet another term and it's not like this is ancient information history yeah all they have to do is just bring up shit that's going on right now all the money that's being spent towards ukraine all the migrants coming over look at the economy which you know you can say it's doing well it ain't you know there's still so many people out there that are suffering and there's so much shit out there that you could bring up and just engage people's emotions and just just draw upon and trump could do that and good but fuck man there's if i had to say

there's a chance that biden could win an election it's like the leafs winning the stanley cup this year i think it's a lot higher than that buddy i gotta be honest with you they're both zero i think it's a lot statistically there's a chance but i mean i mean not not to get too far afoot on politics here. Maybe we can bring on our American friends to talk to us about it. I would love to bring on a sort of dyed-in-the-wool Democrat to talk to us about it. Because we don't get the other side of that coin a lot in Bitcoin. I had a chat this past week.

I can't say too, too much. Yeah, tell me after. Yeah. But I will say that, yeah, look, man, from a political point of view, and to tie it back into Bitcoin, okay, you don't need a Trump presidency as a Bitcoiner to be successful with your Bitcoin bag

because I think that the policies from the Democrats are more favorable to inflation, they're more favorable to a ripping stock market, the more favorable to paper wealth than maybe the Republican platform is. Only because it seems like the more we have, I think it's a lot of left-leaning politics these days in here too. You could say what you like about the political scene in Canada, but generally these days, left-leaning politicians want to put money in the pockets of voters.

And that's proven to be inflationary over the years. COVID is a good example. And when there's an inflationary environment or an environment that's friendly to asset bubbles, Bitcoin benefits, it is a liquidity vacuum. There's good and bad about that. We're seeing Bitcoin perform in an environment where there's not tons of liquidity from the average person or from retail. But make no mistake, man, if you get another $100 billion, $500 billion, trillion dollars over four years in the pockets of people, we cancel debts,

we cancel loans, we do all these things, raise minimum wages, all this stuff, that money's got to go somewhere. And I think a, that money's got to go somewhere. And I think a lot of it's going to go into Bitcoin and that's good for Bitcoin. So from the perspective of someone who holds Bitcoin as a store of value, I don't really care who wins. I don't think it changes the direction. The inertia on this cruise ship is so strong now that maybe you get changes on the fringes but generally speaking you're going to be going in the same direction domestically for sure and uh you know it is what it is at this point the the interesting thing to think about and i mentioned this to you and the bull bitcoin guys in our chat last week

the interesting thing to think about is if you look at the policies that are being put in place you know all over the modern world when it comes to stuff like immigration and and um you know sort of what some people will call buying votes um i would just suggest that you know these guys are really serious about winning one election but i don't think it lends itself necessarily to winning more than one and so i i just wonder why they're so concerned about one election and not maybe the future of elections something to ponder your cycles yeah something always something about four years something to ponder there i think but um we don't have to talk about it on air well china i mean i just want to talk about that really quick china if you look at their the way they're

planning things it's with a much more long-term thinking it's like a hundred year plan it's that's lacking in other countries as well they're not looking that far in advance to try for sure for sure and not to say that china is doing things that are good i'm just saying with that type of thinking you're trying to you're aligning your focuses in a different way instead of trying to figure out what's going to happen this year next year you're looking what's going to happen 20 30 50 years and how to improve people's lives then is if you look at what's going on in china like if you if you really break it down look at the past 20 years 30 years how things have changed improved i would say yes yeah because some like roads have been built uh

office skyscrapers have been built subways airports everything it's a modern society now it's it's now like 30 years ago is nowhere near like this and they've done this all very very quickly because they have a long-term vision oh well, well. We'll talk about that. Let's go to Notable North. Sure. And we'll be quick, because we don't have too much time. Peterborough, I'm not sure if you saw this story that came out, but they're tackling the homeless situation over there with a different approach.

And it's almost, if you look at what they're offering the homeless it's almost like a glorified garden shed that's the way i'll describe it i'm you know maybe that's a wrong way to say but it's not they're very large it's very very small like a garden shed more permanent structure though and they're charging people less than six hundred dollars canadian a month to use it and they even say that drug use is allowed over there. So the people that are homeless, that are, you know, they're unfortunately they're addicts. They're still able to do their thing over there. So they're not going to suffer from withdrawal.

But apparently this is something that is so successful that other mayors are calling the mayor of Peterborough to try to see if they could implement the same type of setup in their own neck of the woods man they're fucking garden sheds though like that's what they are they're like but this is what we're moving towards we're moving towards like these trailers you ever see that home you could buy from amazon that they just drop ship it to you and you just i looked at it i went to amazon and looked at it actually yeah yeah i don't know what it costs like twenty thirty thousand dollars yeah you know that's what we're going towards these like cheap small cookie cutter type situations i don't know it seems like it's going in the wrong direction we've talked about this let me talk about this from the point of view of the drug use first you guys know i'm on the board at Wayside House here in Hamilton,

and we take very seriously this idea that supervised use and safe supply are just oxymorons. They don't work. Safe supply makes it out into the street. It gets sold and causes further overdose deaths. There are no examples of safe supply centers producing good outcomes for communities or the people who use them.

There's a video circulating that you may have seen on Twitter that I'm not going to share, but you can find it. I think Adam Zavino tweeted it out, of a safe supply house in British Columbia. It's a flop house. It's people who need support, need help, and are getting anything but they're just getting drugs and being left alone to use them and basically trying not to die while they get high on what's been called safe supply. Insane. So that's one problem. When you put people who have substance abuse problems in tiny homes, you're basically just moving the tent city, right? It's a sanctioned, subsidized tent city now. So

instead of the tents coming from Canadian Tire, you're actually paying for them as a tax base and getting the same result. You're still getting an unsafe area. You're still getting no additional GDP support. You're still getting danger in the streets. You're still getting drug abuse. You're still getting overdoses. You're still getting all these problems and you get nothing back except that maybe you get your city park back and someone else has to live with this in their backyard now. Great. I would also argue that since those tiny homes are in lower income areas, you're more likely to get a spread of that lifestyle through osmosis than you would be if those tiny homes were in high income or high education areas. They would never be there, of course, because that's a tax base that no one wants to piss off. And that's a tax base that's well-versed in influencing

municipal policy. So you'll never get those houses in those areas. The problem when you put them in houses that are low income is you're already in an area where people are more likely to adopt that lifestyle if things go sideways for them. This might be difficult to hear, difficult to say, but it's true. And it's demonstrably true. In fact, Hamilton has this problem that I'm sure Toronto and other major metropolitan areas have this problem. So you're not getting any benefits. Now, if you want to talk to me about, well, this is more dignified living, I would tell you to fuck yourself is what I would say. And I would say that for a couple of reasons.

And I mean that wholeheartedly with every ounce of my being, because I've seen this many times over the year working at Wayside House, the importance of putting people in situations where they can succeed. And if you don't put people in situations where they can succeed and you don't give them the tools to succeed, they will fail. A roof and a door are not tools to succeed. It might be part of the equation, albeit a small part in a lot of situations, but these are not tools for success.

And when you talk about what it means to live, and I tweeted this out the other day, and I'll say it again here. Things like living have meaning. Living is being in a situation where you have a job that's fulfilling or at least not demeaning or degrading that allows you to put a roof over your head in a community where you can contribute and volunteer and raise a family if you like and have a fucking dog and some leisure time and contribute to the growth of your society, the growth of your town, the growth of your community. This doesn't do any of that. It doesn't do any of that. It is a jail cell in a place where people need anything but this type of closed-in quarantine with other people who are of the same mindset and

suffer from the same problems, you're going to get the result that you expect to get, listener viewer, when you put these people all in the same boat with no supports around them. You're going to get the same result. Everyone talks about insanity being defined by trying the same thing over and over again and expecting different results. This is what I see here. I hope that we don't go this direction in Hamilton. I hope we don't go this direction in Burlington. But to your point, Len, mayors are looking to sweep this kind of thing under the rug and they don't want it in parks. They don't want it near schools. This is exactly where they want it. They want it in low income areas where nobody goes anyways. And they want the problems contained more than they want them solved and

it's a sad state of affairs but i think a lot of this stuff is just beyond debate it's the easiest way for them to deal with it on a short-term basis just set it up set up these small homes almost like somebody was making a um somebody was comparing it to bubble situation where he has his cats and everything so it just set it up and have instead of having a homeless as you mentioned in parks or whatever just have them at least they have a roof over their head and then from there you could try to tackle the issue i don't think that the issue will be tackled it's just you know you're sort of moving the problem from one area of the city to another but at the very least you know there's an opportunity for them to take

or to pay for cheap uh cheap rent cheap real estate who's paying do you think people who are living in tents before suddenly have the means to pay rent when they move of course they don't of course they don't the people that are paying this like i don't know who the heck is going to be doing it like if if you're like really on down on your luck you don't have the money to pay for this so you're you know whatever it is it's it's fucked up it's not a good situation i know i said i wouldn't be mean you know i don't mean to be mean to these mayors but like man you have to look around and ask yourself what what am i getting for this initiative?

You know, what are these people getting for this initiative? These are, these are people like you and me, you know, they're down there. Yeah. You know,

like they deserve better than they were born. They were babies. Then they were, you know, these are fucking people. Yeah. Right. Like something they need,

they need support. They need support. And, and, and like, I understand, don't get me wrong. i'm not a bleeding heart i understand that some people are beyond help yeah i know that i know that but it doesn't mean you don't try you don't just half ass it and then say wow look what we did we built these you know bubble shacks like like it was it It was comically funny to live in a shack 15 years ago, 20 years ago, and now living in a shack is municipal policy in some cities in Canada. How's that for a shift in the Overton window?

Does that worry you? What's the next 20 years going to look like? Well, I could give you a glimpse into what that's going to look like because the Toronto police, they're saying out there to avoid conflicts with thieves. One thing that you should consider doing is leaving your keys next to the front door. So that way, if they are going to break in and take the keys for your car, at least there's not going to be a confrontation to take the keys,

take your car and run away. And it's a, it's a cleaner way of doing things. And it's a cleaner way of getting your property stolen. Yeah. Yeah. So that it's incredible that, that they're even suggesting that, but there's a rash of car theft that's going on throughout Canada.

And somebody mentioned, I don't know if I said this in the show before, but somebody told me that there's even people that saw cars in nigeria with ontario plates still on it and they didn't even they stole it they shipped it to nigeria and they didn't even take the plates they just left the plates the ontario plates still on it and they're driving around over there it's it's a fucked up situation and that's why like if you have a newer car be careful because you know you never know if you're gonna get that thing so that's why like if you have a newer car be careful because you know you never know if you're gonna get that thing so that's why i'm happy i drive the the beater because who the fuck's gonna want to steal it number one number two nobody can fucking drive my car but yeah i'm

a big fan of the beaters and hopefully everybody else is gonna do the same thing the the beige corolla that's the way we gotta go man but there should be a spike in the price in beige corollas if we're all gonna start buying it so i might have to go to cavaliers or something else we'll we'll see i'm looking for a clip that i saw of pauliev talking at a the campaign is that the one where he's talking about the somebody car theft yeah the car theft so he talked about the house of commons yeah so i'll break it down he he went to brampton or something or burlington and was talking to community leaders there and someone brings up the story of he had his car stolen and he had an air tag in the car and was able to trace it to a rail yard and got to the

it's even funnier than that it's he had his truck stolen first yeah then he got it replaced by insurance yeah replacement he decided you know what i'm gonna take action and be proactive and put an air tag on the replacement car truck sorry did that and that was too stolen yeah and that ended up in the he follows the air tag to a rail yard and when he gets to the rail yard one of the cn guys or whatever um you know comes up to him i don't know if it was cm but one of the guys in the rail yard comes up to him and he's like, thank God you're here. I just tracked my stolen car. It's inside this box car, this rail car. And the guy goes, whoa, buddy, slow down. You can't be here. He fines the guy, issues him a fine for being on whatever private property, I guess, or real property. And then the thing ends up overseas. Another guy, another video I saw the other day or today actually was taken the other day in Toronto, or not in Toronto, in, geez, it was like, I want to say like a rural community

almost, but the people who live in that city will for sure be mad at me if I call it that. I can't remember the name of the city, but it's like six guys breaking down a deadbolted door, a door that's deadbolted from the side, like in the way you'd normally deadbolt and from the top. And they spend like a minute kicking this fucking door down, breaking the glass, kicking the door out of the frame. They grab the keys. They go to the back of the house. They identify the car they're looking for. It says Rolls Royce. They take the car. The guy's got an alarm going off, spotlights on, a gated lockup. They just ignore all of it. They all get in the car. They bulldoze the gate and they drive away in the car. That's a pretty brash robbery. And I get what the Toronto police are saying there. I think it was, if I want to just defend kind of the public facing constable, that's not an enviable job,

by the way, to do media for the police, especially this day and age. I know that all too well. It's difficult to answer those questions on the spot. What he's saying is if you want to avoid being shot or stabbed by a guy who has nothing to lose, who just wants your keys, if he's already broken into your house, just leave the keys by the door and it'll help your odds. Fine. I get that cops aren't going to be able to help you with a home invasion generally anyways. It's going to be too late when they get there, even in the best case scenario. But there is such a thing as reading the room. And the concern that a lot of people have is for their safety. And what they

can't understand is in an environment where police forces are asking for greater budgets, and they're being told that they need more money, cop to pop ratio is down, blah, blah, blah, violent crimes are up. They get a lot of pushback. There's no pushback. There's always pushback. Why are the police raising their budget? Here in Hamilton, Chief Frank Bergen parried questions from our counselors. Some of them I thought were pretty poorly thought out. How much are they raising it by percentage-wise? I don't know. I'm not sure off the top of my head.

I mean, you could look it up. Somewhere in the line between 7% and 12%. That's average. That's average. That's average. Right. Yeah, exactly. And you can't fault anybody for, you know, because everybody's trying to get that five. And, and they're, you know, they're, they're doing, they're, they're asking for these things for reasons that are becoming more and more clear every day.

And people in the press can get upset about, well, look, I can't believe this idiot cop said this. Well, if I look back in your newspaper, am I going to see that you guys publish a story about why the police shouldn't get a raise in their budget? Am I going to see a story about how we're discriminatory in our policing practices? Am I going to get a story about how certain neighborhoods don't get enough police surveillance while others get too much? Am I going to see those stories? Because if I do, then I don't want to see stories about how the police guy flubbed the answer about violent crime. These two things are two sides of the same coin. You can't tell me that you want to raise the standard of living for everybody.

And then as the standard of living goes up in some neighborhoods, people who don't have that standard of living come to your house, steal your shit, and don't get caught. And you're not allowed to chase them down, engage with them, or expect the police to do anything similar to that. That's not good for growth. People who want nice things, want their nice things protected by property rights. property rights if not enforced by the person who owns the property need to be enforced by the people with the monopoly on force the police and if neither of those parties can enforce property rights there are no property rights then you have a problem that's when you get breakdowns of society when property rights no longer exist, sort of prima facie, right? At first glance. And when you don't have property rights, people leave. People leave. Productive people don't want

to be in areas like that. Look around the world. If you want to see the two data points that are most easily correlated, it is property rights and GDP. Those are the two big ones. They're always together. They never stray. Tight, like white on rice. This is the beginnings of a problem with property rights, in my opinion. And it's something we should be keeping an eye on.

It's something productive people will not stand for. And as digital nomads become more common, it's something they won't hang around and find out they won't fuck around and find out as the saying goes uh they'll just take off right they don't want to chase their car with an air tag to a rail yard to have some guy tell them they're being fined for being on private property it's not a desirable outcome and it's not one people will stand for and i'll reiterate that i'm a big fan of treating the disease but in this case it's the easier way to treat the symptom get a shitty car get a shitty car that nobody could drive me it's stick for instance my fucking

car died on friday fucked speaking of shitty cars or died on saturday now i'm maybe in the market for a new car you yeah oh i thought you got a newer car no my wife and i just bought an suv because her car was cut yeah and now my car is fucked so please please donate please boost the show joey needs a car help me get a 2010 kia or something i can drive the 10 kilometers. That's new. Wow. I'm driving a seven. I'm driving a seven right now. So that's still new, man. What was the,

what was the new tech in 2010? That didn't, uh, that wasn't 2007. I don't know. Bluetooth, Bluetooth decks by default. Maybe.

Is that the big change? I'm not sure. My deck has, there's no Bluetooth. There's nothing. I had to put an aftermarket, uh, head unit.

So it has hooked up up so now yeah but yeah like and mine's old too my car is so fucking old that it's the parts were designed in the 90s because the first model year of my car was in 1999 so the parts that they were making manufacturing for that from from the factories they were designed in the 90s that's a classic classic but it works and that's what that's what you got you got to find a car toyota pa were designed in the 90s. That's the way of my fucking car. But it works. You got to find a car. Pauly in the chat saying Toyota. I was looking at keys. Toyota's are good. Maybe I will look at Toyota.

I'll buy Toyota. I'll buy anything, man. I don't want to spend any money. Something mechanically fine with a good deal of rust on it. You want it to look awful. You can leave the key in there. No one's going to fucking touch that car. A good deal of rust on it. You want it to look awful. You want something. You can leave the key in there.

No one's going to fucking touch that card. But you know when you turn the key, that motherfucker starts and it goes. That's what you want. You don't want something that is mechanically shit but looks good. You want the reverse. They got some bangers here.

You can get a 2014 Elantra GL with 122,000 kilometers. Guess how much, Len? What year? Sorry? 2014 Hyundai Elantra GL with 122,000 kilometers. Guess how much, Len? What year? Sorry? 2014 Hyundai Elantra GL. $7,500? $9,900.

$9,900. That's not bad. I just need a car to get around when it's raining, honestly. I'll just walk. Ride my bike on there. Garwall driving a 92 Ford F-150. Is that a gap? Insane. That is-150 is insane that is being long bitcoin that is being long bitcoin you love this paulie now telling me not to buy okay listen we're wrapping this show up okay i got shit to do which includes editing this program and now also shopping

for a vehicle so we gotta we gotta get off this do you want to give me closing thoughts? What's in the train yard and just find some new car over there? Give the guy a few extra bucks and you're good to go. Hey, buddy. I just want to check out what's in the train car. It comes with plates and everything. It's already registered. That's so good. I love that.

Good night and God bless everybody. We'll see you Wednesday. Until then, take care of yourselves. Don't be a cuck. 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.

If you 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.