The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - The CBP #166 (Other Notable Stories) - 15 Minute Districts, Brain Drain, Home Value Dilemma

Episode Date: June 5, 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: -The international gold bug playbook -Helping first time homebuyers -Propping up Canadian real estate -Canada’s capital flight dilemma -Canada experiencing a brain drain? and so 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.com ⁠Discord: https://discord.com/invite/YgPJVbGCZX 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/cbp⁠⁠ The CBP recommends Bull Bitcoin for all your BTC needs. There's never been a quicker, simpler, way to acquire 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. 106, 106, 105, 16. 105. Where do you want to start? I'm going to just start off with this story here.

Sure. Because I've learned something new this past week in the world of fiat. And I never knew this was the case. I naively thought that when you bought, sold stocks, shares, that they were settled on the same day. And for some reason, I thought that this was the case, especially when what happened with the GameStop fiasco. No, no.

T-3 or something like that. It used to be T-3. T-3 was 2017. Since 2017, it's T-2. And since last week, it's T-1. Hey. So that has been slowly being reduced. It's just funny because

think about how much of a fucking joke because they say Bitcoin is slow. But on average, an on-chain transaction is settled every 10 minutes this is t minus one it's one day and this is an improvement a 50 improvement from the week before that and it was two days which is incredible but i just don't understand how long did like why did it take this long for trades to be settled in one day took until 2024 before this changed you know it's we have all this access to technology computers all this shit and from what i understand it was the gamestop fiasco which caused them to make the move i don't know granted it took a few years for this to come out into reality but still i guess you

know the you have to work out these bugs and these soft forks but either way the one benefit from this is that people can potentially get access to your money sooner after making a trade and i'm just shocked that it was like this i again i was naively it's pretty it's pretty crazy like my wife and i are in the midst of paying for a vehicle. And I think we had to, I can't remember. The rule was we had to finance it for six months to get this $500 or $1,500 cash bonus fine. They just assumed that no one will pay for the vehicle after six months. You'll just keep riding the monthly payments.

But we're getting ready to pay the thing off. And I was telling her that when you sell stock out of the TFSA to pay for the car, it takes four days to clear. Now you're telling me it's only going to take two days? I don't know. It may reduce the clearing by one day since it went from two days trading to one day. I'm guessing four

days subtract the one. It's now three. I don't know. How bullshit is that? It's standard though. Everything is bullshit. The bank closes at six. But it bullshit is that? It's standard, though. That's like everything is bullshit. The bank closes at 6. But it's accepted. It's accepted bullshit. It's like I will take this, and it's the industry norm.

No problem. Man, oh, man. Maybe I've been so into Bitcoin, I just totally lost focus what goes on in Fiat world, where Bitcoin, theoretically, you can make a trade 24 hours a day as long as you know that you get added to the next block that's going to be built but it does that 24 7 365 days a year 366 in the leap years you have that ability you don't fucking fiat world and you know it makes me now i'm really thinking about this see you know markets close on friday armageddon happens over the weekend you know you can't get access to your money until maybe wednesday next week

that's remember the silicon valley bank thing happened on a sunday and so like if you don't have if you're not like connected then what do you do you just like eat dirt right you're done you just lose your your deposit your money like if you're if you're a shareholder you know your equity's zeroed out it sucks it sucks big time no and everyone the problem is everyone who who knows that something is going to happen on the weekend they get out on friday it's like you're just left holding the bag over and over again it's it's terrible it's but luckily you're insured up what is it 250 000 for the fd thank god thank god yeah yeah and it's it's all funny

though like if you think about it and you just like if you look at it through the lens of a bitcoiner it just it makes sense it just you never accept this anywhere else like it's it's wild it's wild that like what it's funny like banking is what i would call an actual essential service for people like you need a bank and yet you can only bank five days a week uh like monday through friday from like 10 till 6 maybe till 8 in some places i know the banks around here closes six the fucking home hardware here closes at 6 on weeknights you believe that? Dundas so that's one problem the other problem is that

yeah I know only a matter of time actually that'll never happen here these people will never allow it so that's why I moved here the other thing is that the other thing that I think is crazy that we accept maybe not you and me

I haven't been to a bank teller in a long time but do you remember even when we were trying to incorporate the show, the kind of level of service you could expect from people at the bank? What are they really giving you in terms of expertise at the bank? Not much. And then when you actually want to talk to an expert, it's impossible. It can't be done. So you can't actually get expertise at the bank although they charge you as though they're experts you can't get your money out of the bank although they tell you that it's yours and you can't use the bank at all times

even though they tell you it's essential what what are we doing I hope you're doing the same it totally makes sense right you get access to your fund 24 7 if you want to send it you can do it look at this comment in the chat i don't know who this person is murray wife went to the bank to get some euros 10 fee and 10 business day wait 10 business days that's you know what's it you know what else is a scam the business day the business else is a scam? The business day. The business day is a scam too, honestly. This whole thing is a scam. I don't know why you have to wait so long to get 10 business days. Christine Lagarde personally signs off on every single euro. Because if there's a few holidays in between, you're talking like two weeks and change.

Christmas? Yeah. Holidays and all crazy you're not gonna touch that till february yeah and there's holidays here in canada like every month there's a long weekend right sometimes there's two long weekends in a month every calendar month in canada has a long weekend now so you're actually waiting more days uh i don't think they count the day that you make the request so that does that day doesn't count it's just completely insane it's anyway whatever it doesn't matter good luck out there for people who are using banks get off get off the bank asap i think so i would recommend it but do your own

research federal reserve though let's talk about them because they have made note that there are declining dollar shares in official reserves around the world yeah and it's a great story i love this well now we've suspected this for quite some time but now we have some official wording from the federal reserve i think the new york fed was the one that released this statement but so it seems like countries like china india russia and turkey are in the process of scooping up gold and they are in the same time reducing their US dollar balance. So you do the math there. Less gold, more US dollars.

That's interesting. Sorry, more gold, less US dollars. It's interesting. And I can guarantee you that the ones that are purchasing this shiny rock, they're not going to keep it in a vault in London. They've learned from their mistakes and they're having this held somewhere within your borders although india might be bucking a trend as they still buy and hold some of their gold overseas so they're the only ones i think

may be bucking a trend but the rest understand the perils of that and this trend of buying gold has been going on for some time, because in 2022, it was reported that 1136 tons of gold was purchased by central banks. And that was the highest number since 1950. We don't have any data after 2022. But I assume that number, it has either remained constant, or gone higher so with all that being said you have all these central banks that are buying this hard and hard asset gold which is hard to store hard to transport difficult to verify how much time before they start buying bitcoin even a small portion you know they put they buy one bitcoin where the fuck it may be but it's just a matter of time before they start doing that as well.

If they're going to buy a hard asset, it makes sense for them to buy a hard asset that is in a digital form. But that's a different comment. But what we know for sure is they're buying gold and reducing their U.S. dollar reserves. That's pretty troubling for people that want to see the U.S. dollar continue to shine. Didn't the Fed also tweet out that, like the way they phrased it, it was like a sort of doublespeak headline. A small number of countries are, you know,

reducing their exposure, but it's actually, I think, like 40% of the world's population, something like that. It's like actually an enormous number of people as far as the market is concerned. I mean, these guys are losing. This is what it looks like to lose, right?

I'm pretty sure. I guess. Now, you're saying 40 of the world if you take my population so like china india yeah if you get those two you basically have 40 and those are the two they're part of that list but did you also uh turkey too by the way did you see what happened to turkey the inflation is back up like the 70 something percent percent. So they're buying gold, but they're devaluing their currency like crazy. What's that called? What's that called? What's it called when you devalue the currency or your stock by issuing more and buying hard assets? What's it called?

It's called speculative attack. And it turns into hyperinflation. So the Turkish lira, I think think it is that's going to shit as a result so what's going to happen there and i mean i'm really going to tangent i feel bad for the people that rely wholly on the turkish lira because they're the ones that are going to suffer the most pensioners shit like that that they have worked their life in turkish lira and put that in the bank and now when they go get access to it may take weeks to get access to it we talked about the banks a few moments ago it's worth a heck of a lot

less so all that time and effort they put into working all those years gone just gone because it's operated yeah yeah because people are making moves to they're buying gold machine guns and chopped off jeeps they're entering into the gold machine gun index buddy they're they're they're there now right that's sad yeah that's really sad and i feel bad for people like that and you know doing the same thing of just printing money to buy bitcoin achieves the same thing for these people it screws them over in the end somehow you gotta i don't know what's the answer to be honest i'm just thinking aloud but i don't know i feel bad for the anyways go on with the story they They're buying gold. Everybody's buying gold. The US dollar is going down.

And that's all I have to say. I'm not sure if you have that anymore. When rates come down in the States, the dollar will exhibit further weakness. Yeah, it's true. Elections are going to cause instability. The thing that people will talk about when it comes to the dollar and DXY specifically against that basket of currencies, which includes the yen somehow still. The thing that people will talk about is it's not about how much weakness the dollar shows, in my opinion, it's about when it shows the

weakness. So for example, if you have weakness over lowered rates, economic weakness, election uncertainty, war, that stuff in a vacuum is not that big a deal if Bitcoin is $10,000. But if Bitcoin is $250,000 when that happens, you might be looking at a little bit more trouble, if you're the Federal Reserve, if you're the United States government, if you're that country. It's not about how much, it's about when. And the when isn't a moment in time, it's a Bitcoin price now. I think this is something people are underappreciating. You're walking into what may be the most unstable globally four-year period coming up

we've had in the last hundred years, right? Apart from the world wars. Bitcoin is going to be worth a ton of money. It's already, you know, kind of consolidating underneath all time highs having just happened. Everyone is losing faith in narrative and currency, economic norms, all these things, right? It is, it is the moment when all these things happen that really, really matters and never had a moment like this. So I say to people all the time, even if you don't like Bitcoin, you have to appreciate that there's something happening here that is going to cause instability.

In the past, gold filled that instability bet and it still does in a lot of ways. It's up, what, 20%, 30% in the last year? It's up a lot. That 1900 level was a hard thing for it to crack. It's up to 2350, 2400 now. I'm not saying gold will not do well. I think like Larry Lepard says all the time, gold will rip, but Bitcoin will rip harder. People don't trust things in the way they used to. And there's never been an easily accessible second option. Gold bars and gold wafers have never been easy for people. Bitcoin is. And all these things are going to happen at a time when everyone's got an eye on this other thing for the first time ever. So let's see what happens.

I'm interested in seeing what happens. I am like 85% certain that we'll see $150,000 Bitcoin by the end of the year. I think that's like a pretty safe bet, honestly. To be honest, anything could happen. And you're right. You mentioned the earlier part about the rates. When they change, that's going to drastically impact the value of the US dollar. And that will also drastically impact the price of Bitcoin as well.

And let's talk, I guess, one more story on Notable International. And that's President Joe Biden of Notable International. Joe Biden back in International Notable News. Okay, yeah. So he's asking Congress to do something to make it easier for first time homebuyers to, and so one of the options he's proposing is for Congress to look at into a $10,000 tax credit, and this could be used to lower their monthly mortgage costs. And Biden is also proposing a separate $10,000 tax credit for current homeowners who sell their quote unquote

starter homes in order to jump into a bigger house. Effectively, this is keeping the real estate value propped up at the expense of having tax incentives, so less taxation dollars coming in. So the problem is, there are a few people right now that are looking to lock into a new mortgage because rates are much higher than they were a few years ago. So those who already have a home and an existing mortgage, even if it's a starter home, something small, the terms right now are way more favorable. So they're less likely to move, they need a real incentive to move to lock into a much higher rate. And for those without those without a home well it's very difficult for them because the price of homes have gone up tremendously in the past few years and mortgage rates are high so they're very a lot of them are priced out

unfortunately so this is just you know it's uh an election policy they're bringing this up to try to appease a few people i don't think it's really going to impact anybody i don't think how they can you can you not do the math on that if you're someone who's going to lock into a mortgage at these rates like 10 000 is not going to make a difference for you you're still going to be wishing you didn't you know it's almost like i think it's front loading it and what was the the subprime stuff where yeah yeah it kind of reminds me of that in a way i'm not sure if that's going to be the case where your payments are going to go up over time where you start off where it's very very low and it'll go up over time but it just seems to me that this it's not enough it's not enough meat on here to help people come into a home for the first time

or entice people to move from an existing home to another home the ones a home for the first time or entice people to move from an existing home to another home. The ones that are the real decision maker here is going to be rates. And if rates are low enough, that will be the deciding factor without that. It's going to, you know, it's not going to change very much,

but also when rates go low, the home prices will probably go up even higher. So the starter home for people trying to get into the home for the first time, it just gets further and further away. So their thumb is on the scale and it's over and over again, the same kind of story. You and me can figure this out in 30 seconds on CBP on a Monday night without thinking about it, without really deeply focusing on the outcomes or having to go to some kind of economic council of advisors at the white house to figure out what's going on.

Why, you know, the answer, the question I should say is why can't they, the answer to that question is they know already that this is not going to work, but they don't care. They need the votes.

So they're just going to throw $10,000 out there as a number. Len, who, who is... I told myself I would soften my language on this show. Who is taking advantage of this kind of bonus? Are these people going to use that money for something good to help them with their first time home buy? Or are they going to use it on something stupid?

What do you think? I can't answer that because i'm not sure if this is if you had to guess which one would you guess i don't know i and the reason why i can't say for certain joey is i'm not sure if this is gonna if you're on the cusp for getting a mortgage if this is gonna say yes you're gonna get or not. I'm not sure if this changes somebody getting a mortgage. I think it's either you get it and here's a bonus along with it or you can't get it and this bonus doesn't apply to you. So if you're able to get the mortgage, I think that you're probably there's going to be a fair number of people that probably will fuck around with that money. But there's a fair number of people that probably will do the right decision as well because they qualify for a mortgage and they did the right thing to qualify for them i have no additional comments on this i'm disappointed you didn't agree with me there but you know what

maybe one additional comment uh this is the tip of the iceberg for what you're going to see as far as vote buying in the states it's very early still and this is's going to be nuts, the kind of stuff these guys come out with. Nuts. I can't wait. Okay, let's go to Notable North. We've got some stories here we've got to chop off here. Let's hope we get them all in. These are some doozies.

Our Prime Minister, Trudeau, came out this past week saying that the housing market is a cause for concern because elderly folk in canada who are retired may be more willing to rely on the value of their home to remain high as a way to fund their retirement and he says quote it's a huge part of people's potential for retirement and futures nest egg end quote and so keeping the price of homes high comes with a challenge for younger folks out there because they're trying to enter the market and a higher price of the homes make it difficult to buy anything. But still, he's committed to cutting shelter costs. But at the same time, he's trying to ensure that the value of the homes stay high. So it's kind of difficult to achieve both.

Schrodinger's affordable housing. Is that what I'm hearing here? What is that? Schrodinger's affordable housing is that what i'm hearing here what is that schrodinger's affordable housing it's like an old philosophy slash you know yeah schrodinger's cat look it up anyway it's like it's there but it's not there you know it's like what it's just a figure of speech i guess in this case what you would say if someone is kind of playing both sides he's yeah it seems like he's trying to achieve both goals and and I think it's impossible, but it could be my... Anyways, some initiatives are being thrown out there, such as programs for first-time homebuyers,

and that's allowing those folks to take out uninsured mortgages. Sorry, take out insured mortgages, my mistake, with 30-year amortizations for pre-construction homes. So it's a very small segment that could take advantage. But all this shows in the end is that it's desirable to hold hard assets, desirable hard assets, right? These things appreciate single family homes are going to be the most valuable thing in the country inside of 10 years if they're not already, I think. Well, they've been going up. Look, they've gone up way faster than the official inflation. And even if we achieve that mythical 2% inflation number, the price of homes will continue to go up

just because, like we say, it's desirable. People coming in, they're not building homes fast enough to accommodate people. So single-family homes and just homes in general, they're going to appreciate their value because people need to live somewhere. You can't live in your Bitcoin. You got to live somewhere. So I'm live in your Bitcoin. You got to live somewhere.

So I'm not saying go out to buy a home, but the reality is either you rent or you buy. Those are two options or a cardboard box. So you're kind of stuck. You got to live somewhere. But anyways, I just wanted to bring out that Trudeau was talking about the price of homes. Ideally,

he'd prefer to keep them high to ensure that people that were lying in for their retirement, they were able to fund it. But at the same time it's trying to encourage people younger people to buy in that's a challenge man this is why i think it's so important that they i mean i i think it's a it's i think it's unfair but i think that it's important that this um capital gains change comes into effect so that boomers can't pass primary residences to their offspring. Because if they can, then these things will never hit the market. But if they can't, then they will hit the market and you get some relief while also maintaining sort of retirement security for that generation. This whole housing thing is

a big mess, man. It sucks because it was- Boom, Gus just said that in a chat, exact same thing. Yeah, not quite the same way, but yeah. This sentiment aligns, yeah. It's a mess because it's pretty straightforward for a lot of people. And by the way, in 2016, when Trump mania was really taking off, there were people in Canada,

and I would count myself among them, who were saying, look, you may not like the guy. You may think he's chauvinistic. You may think he's abrasive, but he's right about a few things. One of them is that immigration is something that needs to be carefully considered. He was right about that. We didn't carefully consider stuff like housing and healthcare and stresses that it places on those two sectors. We took in a lot of people. Some of them have managed to find their footing. Many more have not. And as a result, the price of housing has been up and to the right only since about 2016. How do you fix it, Len? JT's in a bit of a pickle

because he's right. We do need more affordable housing, but with affordable housing, the implication is that the price of homes, the value of homes, I should say more succinctly, comes down. And when you have that problem, boomers find themselves in difficult situations as far as their retirement. And it's frustrating. I see guys like TD Leaker on Twitter talking about how we shouldn't have mercy on the boomers because buying a home is not investing for retirement. You're a fucking moron, buddy. That's a fucking stupid thing to say. Boomers invested in assets that they knew would deliver for them at the time they bought them. And you may disagree with whether or not housing is something that should be an investment. That's completely rational. If you want to have that discussion, that's a different story.

But boomers were thinking about housing as a retirement plan because it outperforms the stock market. It was clear we weren't building enough housing starts. And in recent years, it was clear that we were bringing in too many people to allow those prices to ever come down, even in a depression, even in a recession. We didn't suffer at all in 2008. We haven't suffered at all in terms of housing prices here, even through COVID. It was the opposite. Why should they have to pay the price for this? They shouldn't. And why should, again, I have a hard time and I'm biased in this regard, of course, I've mentioned why a number of times, I'm not going to mention it again tonight, but why should my parents not be able to pass their real estate holdings to their kids?

Some people would say, well, you didn't do anything to deserve it. I would say that what actually happened is generations of good decision-making, planning, long time preference, and low impulse behavior led to an opportunity for my parents to pass me that real estate. And what I see on the other side, the people who demand that I don't get it are the ones who need loan forgiveness, can't seem to find a job, took stupid majors in college, didn't play any sports, didn't take good care of themselves, didn't make good decisions about who they hung out with. All these things, these people chalk up to luck. I chalk up to compounding rational decision-making. And it's frustrating to me when I hear that people think it's just

pure chance that an entire generation of people my age, even your age, Len, at some level, are going to be targeted by people who didn't make good decisions, people whose parents didn't make good decisions. The answer to all this, of course, is very simple. Life's not fair. there. And the expectation that I should give you an opportunity because your lineage squandered opportunities along the way is wrong. The idea that we should punish boomers for investing in the asset that they found to be the most safe, and by the way, they were 100% right, is wrong. And the idea that we need affordable housing at the cost of destroying those retirement plans is wrong too. So what's the answer, Len?

I don't know. To me, what's it look like? It looks like there isn't one. Not a simple one anyway. Correct. There's no simple answer. It's going to be very difficult to get out of this for either the liberal party or the conservatives or the NDP or the block or the PPC, whoever wins,

whoever wins, it's going to be very difficult to wiggle out of this. And it's not an enviable position. I'll just say that. Agreed. But one way to fix this is to make things easier to live in, I guess, which brings me up to my next story, Edmonton, because you're looking at the possibility of these 15 minute communities neighborhoods cities i don't know what they're fucking gonna call it but 15 minute areas we'll call them so edmonton has proposed district plans with the goal of meeting most residents daily meets within a 15 minute walk unbelievable bike or transit trip trip from their home

and public transit trip not personal transit public public transit yeah so 15 different districts have been shown to council for consideration and each one will be equipped with an urban center and primary and secondary corridors that support more density along certain routes. So I'm not going to go too much into this. I know you probably want to talk about this at length, but I'm wondering if Edmonton is the best city to meet this type of design. It's notoriously cold for many months, very, very cold in the winter. So walking and biking is not an ideal solution when it's very cold and transit i'm not sure how well transit works over there i know they have a lrt but i'm not sure how well it operates either way i'm gonna pass it over to you because i know you probably want to talk about this i tweeted

about it i'm not gonna i'm not gonna black pill everyone although it's easy to do it but like put aside the klaus schwab stuff for now put aside the wf kind of 15 minute city um you know claims over the over the years which by the way seem to be coming to fruition here unbelievably consider that in the same way what's the best way to put this? The same people, the same sort of bureaucratic organizations that gave you the 15-minute city and are saying that we can figure out a way to make sure you have all your needs met inside of a 15-minute district. They can't even make sure all your needs are met in a three-hour district like Toronto or Hamilton or Burlington or Oakville, whatever. Education is boundaried. And if you're stuck in a low-income area, you get a shit school. Sorry, that's the way it goes. You get a shit hospital. Sorry, that's the way it goes. They're overcrowded. Too much crime down there means you're going to get influxes of people who are on drugs, et cetera, et cetera. You're going to get shit doctors. You're going to get shit shopping because no corporation is going to open a high quality grocery store near you. You're going to get shit parks. You're going to get shit services from the

city because they're not going to be able to keep people down there working. You can't even do it now. What makes you think you can do it with this futuristic high density? And by the way, I'm sick of hearing high density. Ron Butler describes it well, right? These dog crate buildings where you're living in a fucking dog crate in the sky, they are an abomination, both from an aesthetic point of view and from a human spirit point of view. It's completely unpalatable, completely insane that this is being embraced. And we should be laughing these people out of the building. It's nuts. No one has ever asked for a 15 minute city. The only reason you start doing things like this is so that you can limit movement or penalize or

otherwise disincentivize movement and using services outside of that area. We already do this by the way. Okay. You can't, like I said before, it's hard to go to a school outside of that area. We already do this by the way. Like I said before, it's hard to go to a school outside of your boundary. They make it difficult for you. It's hard to find a doctor outside of your boundary because there's not enough doctors as it is. I don't understand who thinks that this is a good idea. And maybe more importantly, who's asking for it? Certainly not you or me. Certainly not people listening or watching. Certainly not the people of Edmonton. So who's asking for it? You know, and the other thing too, Len, like, again, since I'm already using language that is pissing off some people in the chat here when it comes to the boomers, why not just keep going? I don't want every need to be met in a 15 minute radius to me. I don't want low income supports

on the corner near my house. I don't want drug and addiction services on the corner near my house. I don't want any of that shit. It's not wrong to say that. I've chosen to live in a place where this stuff is not prevalent. I don't want it to become prevalent because some McKinsey-style consulting agency decides that 15 minute cities are a good idea and they just put all these supports on the corner near my house or within 15 minutes or on the route where my kids have to go to school or on the route where I go to the gym. Is that abrasive language? Probably, but fuck it. I don't want that stuff. That's not where I want to live. The answer is not to force everyone to deal with these problems on equal footing. The answer is to solve the fucking problem in a way that makes sense,

but nobody wants to do it. This is what you end up with. You got, you got to get the fuck away from anyone who thinks this is a good idea. It's not. People are missing the forest for the trees here in a major way. And, uh, and I don't know, there's not much I'll say about it besides that. Accelerate. Accelerate. Yeah, sure. Let's accelerate it. Yeah. Why not? I'm finding that I'm more willing to say things that are, you know things that maybe were considered abhorrent and that I wouldn't share at a dinner party when I'm on the show. And I say them more and more out in public too. I don't want to be around these people. I don't. And I don't want to be around

people who think it's a good idea. And I don't want to be around people who support this stuff. And I don't want to be around people who think it's a conspiracy. Wake the fuck up. Wake up. All this stuff is happening faster and faster, and you're sitting idly by. I can't wait to talk to Professor Michael Geist. He's going to come on the show at some point in the not distant future about all this stuff and how fast it's happening and how little consideration is being given to things regarding your freedom of speech, your freedom of movement, your freedom of electronic searches. You got to snap out of this idea that none of this stuff is happening. Just because you don't want it to happen or you're ignoring it doesn't mean it's going to

ignore you. It's quite the opposite, listener and viewer. Pay attention before it's too late. The people that are going to most likely form government next in Canada are the ones that I think they want to put restrictions on what you can search for online. They do. I don't want to add any specifics. We're going to talk about that. Professor Geist told Mark that if we got in touch with him, he'd come on the show. I want to talk to him about this stuff.

We've talked about it in a joking manner before when we were like Canadian Bitcoiners webinar or whatever, a couple of, you know, a few months back, but like it's, it's happening so fast, so fast. And people are worried about like, like pride parades and Gaza encampments. Like who cares? Who cares about that stuff? The stuff that's important is coming so quickly. Stop worrying about this 0.01% issue and start worrying about the stuff that's going to affect you every day living here. That's what you got to put your attention on. That's where you got to put your focus, not on this other nonsense it doesn't matter this the stuff that matters is coming through the back door you got to pay attention you know

joy as i get older my the things that were important to me when i was younger are no longer important and the things that are important to me now were not important when i was younger yeah so my things have changed i mean i'm at the point in my life things happen and so far out of my control that i'm not going to waste any time but like len it's going to affect i mean we're not going to talk about these bills we'll wait till till professor guys is on but like fuck man it's just no it's just there's only one thing that matters to me right now it's do i have more stats today than I did yesterday? That's a great way to think.

But pragmatically, there are things that matter just as much. I'm not looking at my time here. I have one on the way. You have a daughter. It's going to affect the way they live. If you're allowed if you're allowed not allowed it's right like you're able to pick up and they're not going to say you can't leave fuck they're they're damn near saying it already right you get you get a you do you know i'll renounce my citizenship and that's enough. Do you know how brutal the taxes are for renouncing your citizenship?

Do you realize how brutal it is? I don't want to get into specifics. Everything you own is deemed disposed. And you pay taxes on all that stuff. It's like insanely high, including your primary residence. Sure. I don't want to get into specifics, but that is definitely... What I'm trying to say is when shit hits the fan it's an option and i really don't want to get into them the details but what i'm trying to say is for me uh i'm looking at

what things are happening and i hate the cold i absolutely hate the same i fucking hate all that stuff as i get i never liked it when it's, and I hate it even more as I'm getting older. So that's why I see things happen, and these things are far out of my control. And let them happen. I'm not going to waste any energy to either support something or go against something. Let it be on its own. And the only thing, like I said said it matters to me is do i have more sets today than i have yesterday if the answer is yes i'm trending in the right direction

and that's this is something like as i get older that's what really matters after the show yeah and so fuck that the rest it's all fluff i'm just you know i'm just saying like time just to just to echo something i said in the chat, it's never going to get easier to leave than it is right now. Correct. Speed at which it gets more difficult is going to increase, is all I'm saying. I think a lot of people are saying,

I'll just leave if it gets really bad. I would suggest to you that it's going to be very difficult. Very difficult. Because every country will be tackling the same things and working together to make sure that people are not fleeing just because things are going sideways. That's, that's the big concern. That's another sovereign individual thesis, but like, yeah, I don't want to get into specifics,

but what I have to say is we had a year's worth of preparation. You could have done that window is slightly There's still options. You can still prepare. I'm being very vague on purpose. Hopefully you have taken advantage and hopefully you continue to take advantage. And as long as you do that, options are available.

Make sure you abide by the law, pay your taxes, do everything. Don't make yourself a target. If you do, good luck. If you don't make yourself a target if you do good luck if you don't all the more power to you you have options that are available i'm being very vague but you know el salvador looks nice yeah yeah you know the world is large there's a lot of places out there in i don't want to say too many places but there's a lot of interesting places you could live

and enjoy decent weather. Let's do one more story. What do you got? It's getting late, but we can. I have two more if you want to do. We'll do one. CBC article, which it actually ties into exactly what we're talking about. This article mentions that tens of

thousands of Canadians are emigrating to the United States. And so there's a number of people that are picking up and packing their bags and leaving, has not been seen since a level since 2012. The number of people that left in 2022 was around 126,000 people. And that's a 70% increase from 2012. And if you want to break this down further because initially i was wondering gee that i would imagine there's a good chunk of them that are probably

recently landed permanent residents that just and things are challenging and they decided to pick up try somewhere else of the 126 000 30 000 are people that have uh they're not born in canada they're either recently landed or they've been here for some time and they're not citizens. So that leaves, you know, it's a good chunk of people, around 100,000 people that, you know, they left that, you know, were either born here or whatever. But either way, it just goes to show you that between this

and the relatively low birth rate we have had for a number of years, the landscape of Canada is changing. And it's just people, they're picking up their bags and leaving. Now, these numbers are from 2022. I suspect that number would probably remain the same or even increase since then. So I'd love to see what they are for 2023. And obviously, we're not done 2024, so we can't have those numbers yet, but I don't,

and this is going to be an interesting analysis of the stats once it's available to us. But I want to see if you have any thoughts on this one. What else is any more thoughts? We just talked about this. I mean, what is there to say if you're, if you're a kid with a STEM degree,

why would you stay? Good question. Family is really one of the only things I think that is really driving one to stay here. There could be other reasons, but that's the one that really comes to mind initially. Pretty rare, right? Like family is a good sort of reason to stay, but you got to think that just the dire situation for new people, like what is the, you basically have to earn $250,000 a year to buy a home

in Toronto. Is that the number? I think I saw Martin Pelletier talking about that a couple of weeks ago, but there's just no reason to stay in Canada. There's no national pride, I think, which is another issue that we didn't talk about today, but it clearly, I think, is looming, this lack of national pride. There's a lack of willingness to quote unquote, stay and fight for a country that you don't really think is headed the right direction. And these kids are, you know, they're, they're born in an era where digital nomadics are

the norm, right? You kind of pick up and go wherever you want. You're sort of in, you know, you don't have a relationship the same way that maybe you and I did when we were younger. And like, it's just like, there's less and less sort of traditional reasons to put roots down after school. To me, you know, if you're a kid now with a decent degree and a chance to go somewhere, why not? And by the way, other countries know that about us. I think I wouldn't be surprised to hear like Facebook, Google, these guys head

hunting in Canada in a way they never have before because it just doesn't take that much to pull away good people from like University of Waterloo, right? Notoriously high quality computer and engineering school, STEM school. Why not just put a booth, you know, outside the convocation hall

and just say like, hey, we'll pay you 120K coming out, US dollars, we'll put you up into place. They do. Exactly. They recruit straight from that school. It's only going to become more intense, right? Those efforts and more focused.

And you can guess the result. Why would you stay? And then we'll be told that GDP is low. We'll have to follow the same playbook we're following now. No, GDP is going up, GDP per capita. That's what I mean. That's what I mean. We'll have to keep doing this to bump GDP, and GDP per capita will continue to drop. We're the lowest in the G7, by the way, GDP per capita. That's what I mean. We'll have to keep doing this to bump GDP and GDP per capita will

continue to drop. We're the lowest in the G7, by the way, GDP per capita. I think it came out today or yesterday. Those numbers are official, being widely shared. I don't know. My other big concern about Canada is just the sentiment. You and me talk about it on the show. I'm not just saying it for the podcast. I do really have the concerns that I share with you and me talk about it on the show. I do, I do, I don't, I'm not just saying it for the podcast.

I do really have the concerns that I share with you guys every Monday. But out there, there are a lot of people who don't have, who are not insulated from it the way that I am or the way that you are or the way that a lot of people are. And those people who are not insulated from it, man, like it's going to do a number on them. And you don't know what that's going to do a number on them. And you don't know what that's going to do to social cohesion down the road or retirement projections or any of these things. And I say this all the time, it's unprecedented is the best way to put it.

This kind of situation is unprecedented. And to say that we know what's going to happen, you know, or that we can rely on the same old strategies. I think it's a mistake and you have to be prepared for that. That's one of the things I take solace in my Bitcoin about. Yes. Yeah. Like I, I just, I don't think you can rely on the old strategies to get you through what's

coming. It just doesn't seem right. It doesn't seem like a real thing to me. I'm going to do one last story. We're going long long but that's yeah we gotta get here i have to pick up my wife from pottery she's just telling me she's got a bunch of shit to bring home she can't walk we'll be very quick because foreign money has left canada poured out of canada in q1 at a rate i don't think there's ever been see we not just

here minister freeland telling us that we were like the hub for foreign investment i'm positive I saw that. And so this story is another one. It's sort of confounding, right? It doesn't match what we're being told. Well, there may be some reason for this. So foreigners withdrew $6.2 billion Canadian out of Canada in Q1. And this is quite high. But i just want to say one thing hsbc sold

its canadian assets to rbc and the deal closed in march so this may be what kind of skewed numbers slightly but so you have to take this in with the total number because HSBC is no small potato here. But still, there's a lot of capital flight that's moving us. Not just we have people leaving in Canada in higher numbers than they were before, but also capital. This is the thing that is, for me, the scariest thing. And what I always go back to when it comes to the shit like the ETFs and all that, you want to stay away from that? What the heck is that? I don't know.

The fan on your computer? Yeah. Something's going on. We figured it out. I'll be back. Can you mute your mic? The thing I would say about the foreign investment leaving is, well, two things I would say. One, and Keith Dicker talked about this when he came on the show back in November, that pretty soon the data is going to be too hard to ignore and foreign investors will try and leave anything denominated in CAD. My computer fanned. I had to tap it. RIP.

What the heck? Canadian investors will realize the stuff denominated in CAD is a bad idea. They will sell CAD for USD. They'll sell CAD for Euro. They'll sell CAD for every other currency. The problem, like I've said in the past, is that when the Canadian dollar becomes worthless, and we're headed to under 70 cents here, I think in the next six months, because I think we're going to cut either this week or next month, whatever. And we're going to cut multiple times before the Federal Reserve cuts in all likelihood.

The problem is we don't produce anything. And so as a country of net importers, we need the currency to be valuable to keep living affordable. And it's not. If you think shit is bad at 73 cents, CAD, USD, wait till you see it at 65. Wait till you see it at 60. Wait till you see it at 55. There's guys who are very highly respected. Kevin, you're who I would love to bring to my house to do a show on Canadian dollar risks. Cause I think he's in Toronto.

I get it. I'm going to message him and tell him like, I'll, I'll even buy you dinner. I'll dip into the CBP. I don't know if we have anything left. Yeah. We need to get paid.

We need some sponsor money. So, uh, I would even i would even say to him like come come by the house i'll buy you a dinner and we'll talk about this for an hour and change because i think a lot of competent people have been pointing to this for a long time and it's starting you know the chickens are coming home to roost here tiff is in again like a an unenviable situation it's not a strong enough term, but man, the trouble we are getting into here in Canada is significant. We refuse to embrace natural resources and it's one

thing after another, after another. And yeah, to answer Boomer's comment, Kevin Muir. Kevin Muir and I have an open DM, so I will propose to him again that he come by. But yeah, it's, I don't know. To say the least, Len, this idea that every time I see a tweet from the Liberal Party or commentary from a Liberal MP, it's all rosy. I'm not sure how you can make this case anymore to the general public. It's one thing to be politicking, and I appreciate that there's always politicking in communications, but it's another thing to pretend that things are okay and cause people to think that it's just them. I've said this before so many times. Causing people to think that it's just them is like, it's nefarious. It's not fair. And it causes problems that are wide ranging. Internal strife is something that's so hard to deal with. And to be adding to that with rosy messaging, I think it's not right. It's not fair. And we have to aware that uh politics and messaging from politicians is not always the truth and you have to prepare yourself for what you think is coming and what a lot of

people think is coming in uh in canada over the next year or so it's rosie barton joy yeah yeah rosie barton glasses that's right let's call this one joy rosie colored glasses yeah i gotta get the fuck out of here god bless everyone thanks for listening. Black pills being handed out tonight. Like MDMA at a rave. So enjoy that. And we will see you. Len will see you Wednesday for the interview with Tomas. Until then, take care of yourself. Don't be a cuck.

That's for you, Boomer. Are you a fan of the old school NHL 94 game on the Genesis or SNES? Why not check out my show, the NHL 94 podcast from tournaments and tactics to the people who make up this community. Check it out wherever you listen to podcasts or find it on YouTube.