The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - The CBP #167 (Other Notable Stories) - Cuts vs Collapse, Bitcoin Treasury Plays, Sentiment Shift

Episode Date: June 12, 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: -GameStop to sell more shares -The end of the PetroDollar? -Jobs report -Banks ready to collapse -ECB and BoC cut interest rates -Caregivers to be given expedited permanent resident status 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. minutes here. Do you want to start there? Do you want to start somewhere else and go to the notable north later? It's up to you. You're at the wheel. You decide. Let's do that first because that's pretty big news. We have three Western banks, Western in air quotes. They decided to cut rates this past week.

These were the Danish Central Bank, the European Central Bank, and the Bank of Canada, all of which cut their rates by 25 basis points each. Notably, the Danish Central Bank, they were one of the first to have a, or they were the first to have a negative interest rate. And they did that as a way to peg their currency to the euro. So they're all over the place.

But either way, the European Central Bank did a 25 basis point cut. That was the first cut since 2019. And something to digest is that inflation numbers in Europe overall, they're trending in the wrong direction month over month. As of May, the cost of living went up to 2.6% rather than 2.4% in the month of April. So at least in that very small snippet of time, the inflation rate is going higher to change prices. So this cut is at a time when prices are going up. Seems rather odd, but whatever. They have their own agenda to do.

And finally, we have the Bank of Canada doing a 25 basis point cut. And this is going to be welcome news to homeowners who have variable mortgages or people looking to renew in the next few months. I'm one of those people. Also, it's going to be welcome news to people carrying debt because, you know, people carrying credit cards, line of credit, really any debt that is tied or adjusted month to month based on the overnight lending rate. You're going to be happy with this move. So something interesting is with all these three banks making this move, and it was in a very short period of time, markets didn't move at all. So it goes to show you that these banks, in the grand scheme of things,

are small potatoes. It's the Federal Reserve that drives it all. These guys, they just help their citizens or harm their citizens. That's really the way it lives. Yeah. Federal Reserve is the big one. That's Wednesday this week. I want to talk about a couple of things. I hate that the Looney Hour releases on Friday because the guys said something that I wanted to say today, but I'm going to say it anyway, assuming that a lot of you guys don't listen to the Looney Hour because it's a sort of podcast, but I still like that show. Tiff Macklem taking questions

from reporters on whether or not the next move is going to be a cut in July and saying, well, just enjoy the moment. Take it easy there, boys. Everything's good for now. Enjoy this. Buddy, you're not supposed to have that kind of demeanor, number one. Stupid. I thought that was dumb. But not as dumb as his European counterpart, Lagarde, who had the nerve, the gall, the irrational confidence, because she shouldn't have any confidence at all. The euro is going to be sort of gone, a failed experiment by 2030, I would say the latest. We can get into that in a bit. But admitting in her remarks and in their report that they don't think they're going to quote unquote tame inflation until 2026.

That's the goal now. Did you see the change she had on at the press conference? No. Oh, in charge, right? I'm in charge. You are a fucking idiot. She is a, it's unbelievable.

She's a convicted criminal. That was like, she was convicted of something convicted criminal charge. She is overseeing the greatest, fastest, most public and most sort of embarrassing decline of a currency and a currency region we have ever seen ever there's no reason for the euro to fail except these people are completely incompetent they completed they

committed uh sort of political economic and you know commodity energy suicide over the last five years and they're paying for it now and she's up there in a fucking chain that says, I'm in charge. She is. Did you see the election results over the weekend? Which country? Germany? All of them. No, there's no questions because Germany had an election. France had a parliamentary vote.

It was an EU, it was a European Union vote. It was all quote-unquote far-right candidates. You're not in charge, Christine. In fact, none of you guys seem to be in charge over there anymore. The idea that Europe is this unified area is completely insane at this point. Only morons and architects of the disinformation believe this to be the case or want you to believe this to be the case. That whole area is coming apart at the seams faster and faster every day. I'm going to pivot a bit here just because I do want to talk about the elections over there and the polling over there.

Le Pen in France, Germany in all their wisdom, big brain move. We're going to lower the voting age to 16, hoping that the 16-year-olds voted for liberal policies. They didn't. They voted for right-wing policies, including the limiting of immigration. Nobody wants what the Eurozone is selling anymore, politically, economically, or otherwise, and they're in a big boatloadload of trouble uh in in canada as far as our cut uh we you know are the state's little brother what we do i've said this many times is like playing two-player video games your big brother's playing and you have an unplugged controller thinking that you're moving the character that's what that's where we are

as far as our role in the global order. You know, 15, sorry, a quarter point saves you, I think, about 15 bucks on every $100,000 you have. Do I have that right in terms of mortgages? I'm pretty sure that's about what it is. So that quarter point, if you have 400, 500K, might save you 70 bucks. That's enough for, I don't know, two, three, four people to eat a Big Mac meal at McDonald's. Does that seem to you

like it's going to be relieving anybody? Freeland, obviously, talking about how the sitting government has, quote unquote, created the conditions

for the bank to lower. You can agree with that or disagree with that. It's not just the mortgages. Remember, it's also the credit cards. It's also a line of credit. So a lot of this adds up.

They care about mortgages. That's what they care about.'s also a line of credit so a lot of it adds up they care about mortgages that's what they care right but i'm just saying renewals are coming helping people out yeah whatever it helps out not just mortgages you know what they don't give a shit about that they care about it's not something i'm trying to argue i know there's some other yeah there's some other yeah some other like uh tertiary relief, peripheral relief, fine. When I look at all the stuff that went on over the weekend and last week, what I see, the trend I see is that politicians and banks no longer have an arm's length relationship. They're operating together. We've talked about that many times. We have gotten in arguments with guests about whether the bank is arm's length away.

I got in this argument with Jeff Booth two summers ago during a power out here where I had to go record at my wife's office. And Jeff said that he thought the banks were independent. They are not. They are clearly not. And if you continue to think that they're independent and that they're going to do the thing that's in the best interest of the economy long-term and protecting the sort of standard state of affairs, you're wrong. You're wrong. They're going to protect asset holders. That's what they always do. That's what they always do. Canada just put the loonie in the guillotine. If they cut two more times and the state doesn't cut now because of the election window until next year, can you imagine next year they cut and we're cutting two and three times trying to get ahead of this mortgage wall? I think a half trillion dollars last I checked of mortgages coming due

in 25 and 26. If we do that, I've seen this in my wife. She's asking me what's going to happen now. And I'm saying, the mortgage thing is fine. We have a split mortgage. It's not really going to affect us either way. But you're going to start to see a break in people in your life, I would guess. And that break is going to look like this. There's going to be people in your life, let's say all of the people we're talking about own a home. So you got your friends who own homes and half of them have assets outside of the home, Bitcoin, gold, equities, whatever.

Half of them don't. When you see a cut like this, what you're going to start seeing is everything else in Canada get more expensive as the loonie declines in value. Why? We don't produce anything. We have to buy everything. And when we convert the currency, it's weaker now. So stuff that comes into your 14-0s, your la-blas, whatever, it's going to be more expensive

for you to buy. Half of your friend group without assets is going to say, man, I did get the relief on my mortgage, but everything else is way more expensive. My property taxes are up. My car payments are up. My vehicle is more expensive. My groceries are up. My kid's school is up. Because all those things are derivative of the loonie. People don't realize that until it's too late, but they are. They're derivative of the loonie. So you have that problem. And they're going to be asking themselves, why did I get this relief and now everything is more expensive? I can't make ends meet. It's even harder now, actually, after the 75 basis points that they cut in 2024. Let's say this happens in a few months. Then the other half of your friends, you guys in the chat and other people who have hard assets are going to be looking around at a world where the global easing cycle has started.

And everyone is saying, oh, the US hasn't cut yet. The easing cycle hasn't started. Okay. Well, I don't know. To me, it looks like they're going to cut pretty soon. And it also looks to me like they were weighted out basically by all asset holders. People who say this, and this is friends of mine who say this, and they're like, oh, higher for longer, higher for longer. You're stupid. Bitcoin is at an all-time high. Equities are at an all-time high. Gold is at an all-time high. Real estate is at an all-time high. All the equity holders weighted out the rate cut. There's no other way to describe what happened. When they actually cut, those assets

are going to go gangbusters. And people say, well, when the cut comes, that's usually the beginning of the downturn. It is for the other half of the people. But for the asset holders, you're not going to have a problem. You're going to be reaping the benefits of the relief on your mortgage. All your assets are going to go up in value. And you're going to find that the more expensive groceries don't really matter because when you look at your bank account and your TFSA and your Bitcoin holdings, it's triple what it was three years ago. We got into this situation because we gave away too much free money, not since 2020, since 2008. And even before that, I think some people would argue, we talk about 71 in the Bitcoin space all the time. There's no going back to sound money for the government. And so you on your end have

to save in sound or sounder means, Bitcoin, gold, equities, real estate, whatever. If you don't, you will wind up like the first half of people, the sort of widget buying class who doesn't have the cashflow to save money in hard assets. It's going to be a hard few years for them because the hire for longer crowd is right. When the cuts come, that's when the pain starts. This is why the pain starts at that time. And as far as the hire for longer crowd in the States, talking about how Powell hasn't cut yet, the easing cycle hasn't started. Are you in cash? If you're in cash, did you miss out on this run up to all-time highs in basically every asset you're going to start buying now? You lost. These hire for longer people, Luongo and whatnot,

God bless the guy. But this idea that Jerome Powell is fighting a currency war with the rest of the world, are you fucking nuts? He's a political animal. He's doing what's best for that country at that moment, month to month. This idea that there's more than that going on, I think is crazy. Sometimes Occam's razor just works. And this is one of those times. I feel for these people who are wrapped up in this hire for longer narrative, because truly at this point, you have to realize that as you mentioned in Europe, they've given up on the 2% inflation target. They're going to give up on it in the States if they haven't already here as well. All these people seem not to understand that the cut is not the first part of the easing cycle anymore. It's the

last. And you're in a different game now than you were five years ago, as far as narrative and people understanding that they can just wait. And as long as they don't have to become for sellers of their assets, they'll be fine. And Len, if you didn't sell your Bitcoin, didn't sell your equities, didn't wait for the first cut you're fine so you know you did you did okay it's all fiat joey who cares and yet right it might impact the price of this or that but for me like i say i just care about the sats how much i hold the rest i have no control and it's why a bitcoin you know when you have a few select people that can control the currency, the valuation of the currency,

why let's take it away. Why, why play the game? Why? Like, I don't know. Like why exactly? So you gotta be asking yourself now,

like you, even the most normie person is going to start looking up from the barbecue and the game in the next few months and scratching their head and being like what the fuck happened here a lot of people have a go on like anytime i go on reddit it's so many things pop up in my feed from poverty finance canada yeah and stuff like that and just i subscribe to all those those things or it's just a cesspool of stories just it's growing in numbers you know so when some guy would put out a job opening and 50 applicants apply 39 are international students you know it there's the things are

changing and what can you do there's a lot of it we can't right a lot of these things it's out of our control but i mean i go back to it i don't want to harp on it too much but like buy what you want and bitcoin is what i like to buy and that's what i'm gonna do that's that's what i so i the rest whatever happens meh you know it doesn't bother me in the end so the rate cut rate hike or the fuck you know yeah sure i'll either have less in the end of the month or have more than the month i don't care it's good for bitcoin it's out of my control the easing cycle is undoubtedly good for bitcoin tell you that much yeah it sure is and i kind of want it to last longer this cheaper the states the states is the one that's going to send it to the moon so if they wait if they don't cut in the

summertime they're not going to do it in oct, November, whenever that last meeting is before the election. You presumably have time. You should be stacking. Bitcoin is consolidating just below the all-time high. There's yet to have been a cut in the United States. You have seen now the signal from other modern democracies, first world governments that the easing cycle has begun. If you're not allocating, this is not financial advice. If you're not allocating as much as you can now, I don't know what to tell you. Because clearly you're on the launchpad here and you're just waiting for the usual kind of last minute telltale signs before you rip.

That's what Wednesday brings as far as CPpi and the fomc and that'll be the next indication i suspect you're gonna get a dovish jerome man honestly i do think that you also you're starting to see the scene set for cuts in the states that you know jobs numbers for example being revised significantly downward let's go there yeah sure okay go ahead we're going to finish that because it's a great topic being They're, you know, they're, they're preparing you for a cut, you know, and whether they do it next month, month after it doesn't matter. They're setting the stage for cut. The data is only meant to shape narrative. It's not meant for anything else. It's not real. The data is made up. Okay. It's fucking invented. And if you don't know that by now, you're beyond

help. Revising the data by 2% or 3% is one thing. Revising it by 50% is narrative control. And that's what's going on in the States now. So if you think there's not going to be a cut, and you're looking at this data and going, wow, it looks strong, wait three months and see what they revised the last quarter's data to. That's where you go. There's a reason we call all these US departments, the Department of Downward Revisions, the Bureau of Downward Revisions, because that's what they do. They just kind of ease you into this idea that the economy is not as strong and they cut the rates. That's what's going to come next.

It's not that hard to figure this out, I don't think. And people are saying, well, it was higher for longer. I have this bone to pick with the higher for longer crowd because they've been so irrational. You're never somebody talks about that. Because it's a stupid take. It's a stupid take. No one in the higher for longer crowd thought they'd be talking about cuts after nine months. It's been like nine or 10 months, I think since the last time the States raised. So it's not like they kept on going. And they, when that higher for longer crowd was talking, talking like i said they're talking about like jerome

powell uh you know obsessing with a five thousand dollar glass of whiskey over over a world map where he's like in sort of war framing uh talking about fighting the global currency cabal with the u.s dollar no he's not he's looking at made up data and he's involved in it do you think that like anybody was saying that it was going to be they were going to constantly raise continually raise and then as soon as they finish raising they're going to start cutting or do you think they were saying that they're going to raise raise raise keep it where it was and start cutting this so that's for sure sure as shit they weren't saying it was going to be that sure shit they weren't saying the longer part of hire for longer was going to be a year or less.

And you're around there now. So maybe you get a bit more than a year. But the Fed has already said that the next move is going to be a cut. It's only a question of when. And like I said, the data, when Jerome Powell gets up there and says he's data-driven, he refines the data downward by 45% or whatever that last number was. Like who is still looking at that and being like, oh yeah, this is very, it's a scientific process.

Like fuck off. It's just completely insane. Anyway, is there other stuff in that story you want to talk about? No, no, no, no. There's something I do want to bring up and I want to hear your thoughts of this is there's news of the petrodollar ending. I don't know if that's true or not, because I do some digging and I can't find anything of value here.

Like any, so I'll tell you, I'll tell you the thing that happened. Uh, go ahead. I want to learn about this because I can't find anything from, you know, okay.

So I don't, I don't have a handy, but I did read this earlier in the week. Shit. It could have even been yesterday. The day before it was recently Mbs didn't renew the security for oil pact with the united states so they can take whatever currency for their oil now russia obviously doing this china doing this india doing this bitcoin the thing is even if they don't take Bitcoin, even if they take some other currency- It helps Bitcoin.

It helps Bitcoin, exactly. The DXY. Think about what the DXY might look like over the next year. Okay. Let me frame this for you. You have MBS saying that he's not going to take only dollars for his oil anymore. That's pretty significant. That would be significant on its own. But then you also have this China, India stuff, Russia stuff, where they're also paying for oil and other currencies. Cool. That would be doubly good, doubly fine on its own. Then you add in that it looks like the Eurozone is going to shift politically, not just a little to the right, but like tectonically to the right over the next election cycle. France, the UK, Germany, others, all seeing significant shifts. And in France and the UK's case, I realize UK is not in the Eurozone, but still a significant part of that region.

They're going to have elections this month. So the idea that the Eurozone is not going to look significantly different is significant to me. And when you look at the DXY, what happens if the American dollar, which the DXY is American dollar versus a basket of currencies, including the euro. What happens if the euro flops? Are they just going to take... You can't have the DXY going vertical because one of the currencies fails over political instability, like Europe's May in the next year or two, let's say. What do they do? They take it out of the basket? You're just going to hedonically adjust the DXY to remove what was the biggest second currency in the basket? This doesn't make a lot of sense to me. And like I said, a couple of weeks ago, all these things on their own, it'd be difficult to

imagine the dollar losing footing even with all these things because there isn't an alternative. But now that Bitcoin is at 70K or 75K or 80K or whatever it's at, as the rates start coming down around the world, as the Federal Reserve starts looking cuts in the eye, the alternative is there. It's accessible and it's now globally recognized as a secondary asset. And to me, I don't know. All that stuff is no precedent for this. What's the playbook? There's no playbook for defending the dollar in that kind of environment. There just isn't. And not to mention, Len, the US is in a

fucking election too. Even they can't get their feet on, even they can get their feet on the ground. So all that together tells me that you're in for a little bit of turmoil here. I would expect that, honestly, I think gold is going to perform incredibly well over the next year. Not as well as Bitcoin, but a lot better than a lot of people think. Because it obviously just had a 20% or 30% run from 1800 to 1900. But I think you're going to see $3,000 gold pretty soon. And for all the reasons I just mentioned, gold is not as much an inflation hedge as it is an instability hedge and you got a lot of instability in the pipeline here all right let's move on we'll talk about uh cambridge massachusetts and they're going to be rolling out a new program to deal with mental health calls not sure if you heard about this one

but they plan to send yeah they plan to send send social workers to deal with what they deem non-violent mental health calls, but they will not be armed or accompanied by police. So what could go wrong here? When you have somebody doing, I guess it's non-violent mental health call, but still

these could escalate rather quickly, and if they don't have if they're not armed themselves or have any backup to help them out, well, they do say that if anything does go wrong they could radio for assistance immediately like you know what i mean like the stretching resources i don't mean to laugh but man it is funny it's stupid it's stupid idea i saw a tweet the other day about this and i want to quote it i can't remember who wrote it one of these like anime uh twitter accounts they were talking about this thing and it had a picture of the people that they were going to send and i think it's a couple of sort of portly middle-aged you know i sure hope there's not you know 100 meter sprint

or anything involved in any of these calls because these people are all going to die of heart problems if that's the case if you're a a middle-aged man len let's say like a war-aged man maybe maybe like 25 or age you're talking about iraq war are you talking about like 25 to 45 let's say oh sorry you're a man and you're 20 you're 25 to 45 and you're walking down the street and like it would take a lot for me to have to call the police on somebody. Most situations I can handle on my own, short of a guy who's armed or a guy who's rabid or something, almost anything else I can handle on my own. If I call the police, the situation is maybe not dire, but there's a significant risk of danger that requires another

man to come help me with this potentially physical altercation. If I get a social worker or a woman showing up, I'm fucked. I hate to say it, but I'm fucked because the situation is already so significant in my eyes that I had to call for support. I can't have somebody who by stature is weaker than me and by armament has as many guns as me. I need more in both cases. And so the social worker is not the person I need to show up in that moment. And I think that we've seen evidence of this over the years. In the UK, there was a time when many police officers would show up unarmed to things like mental illness episodes or small altercations or robberies or things like that. And the videos speak for themselves. There's no physical testing now required in a lot of police departments, even for the armed police officers. And because of that, you get these

guys showing up who are outmatched physically by the perpetrator, but now also outgunned. And so are you really going to have a social worker come and convince a guy who's on a fentanyl trip that he's got to cool down or convince a guy who's on meth that he's got to put his shirt back on and stop peeing on strangers. Who exactly is benefiting from this practice? If the answer, and I work with an addictions crowd, okay, everyone knows this about me. The answer when it comes to showing up at an altercation or a scenario where someone had to call the police, if the answer is we have to do what's best for the addict, you're doing things the wrong way. You have to make sure the situation is safe for the people who are in danger first.

And while the addict may be in danger, he is actually causing the danger in 100% or 99.9% of these cases too. That person has to be subdued, restrained, arrested, whatever. This is backwards policy for all the reasons I've mentioned over the last few minutes and i hope it never comes here but you know if i had to bet one way or the other land i'd bet that i'd be seeing social workers on the news talking about how they're going to respond to stuff here in hamilton i don't know inside of three years probably unarmed yeah well look at san francisco that video this video of san francisco from last night or tonight so going Got to be a couple thousand people in the street setting cars on fire. San Francisco Police Department on the record saying, we don't go to stuff like that because

it's too dangerous to engage. My brother in Christ, you are paid to engage in dangerous situations to protect your citizens. You're not doing it. And so if that's the case, maybe that's a whole other side to the story. Police officers are unwilling to get involved because there's no winning for them. If they restrain a guy on drugs, they're put on leave without pay because some guy recorded them and it looks brutal in the cut up. If they don't do anything, then they don't need to be there anyway and they can pay somebody less, like a social worker to go there and do it? The whole thing is just a cocktail of stupid everywhere you look. The answer is law enforcement that takes advantage of the monopoly on violence that law enforcement is supposed to have. Train them to use that monopoly on violence appropriately

and have them use it to protect the community. That's the whole equation. That's the whole thing. If they don't want to do it, then they can't be cops. That's all. It just highlights the fact that things are getting worse everywhere and it's you know think about opportunities that are available that you can find elsewhere because if things aren't very good where you are and you can't change it then you have to change where you are

that's the only alternative vote with your feet but with your feet heck yeah heck yeah make sure what would it take you i don't want to get arrested so actually i'm not even gonna ask this question never mind but let's talk about to keep talking about california and you know we talked about the traffic lights story last week. Remember those boxes? A couple weeks ago, I think. I don't know what to say there. Now thieves have decided

to go to the next step and they're taking fire hydrants. They're stealing fire hydrants. Around 100 were stolen in LA County alone come on come on over what period of time like since last week this was in the last year or so 300 100 oh 100 okay and how heavy are fire hydrants you think they like 75 pounds 80 pounds they gotta be more than that they're like cast iron well they're 3500 each So I'm not sure how much it costs per scrap metal,

but they got to be some really heavy fucking things, right? And so the Golden State Water Company, they own and operate the fire hydrants. They say these thefts happen on a daily basis. And in fact, they've lost a total of 1.2 million dollars to date um with these these stolen fire hydrants so the reason it's being stolen is because you know scrap metal these things are as we mentioned it's a steel process either that's good i gotta sit there and i always wondered because you know if you do that don't you have to shut off the water going

into it i have no i have no idea i have no idea how would you get it out of there like people who are stealing fire hydrants have to have a truck maybe even like an onboard like engine crane at least to pick the thing up so like how are they even a couple guys on meth social worker there to prevent the theft you got at least 10 minutes while they unbolt the thing from the fucking concrete yeah so they got a bunch of them stolen and they you know how much longer before the person's holes are going to be stolen right because they they're also it's a lot of fucking metal there so yeah and they say that when these fire hydrants are stolen it puts the area in danger

how long were you sitting on that the whole time you're waiting to drop yeah man just sitting there so yeah the uh think about it if you have a fire hydrant stolen like it puts that particular area in danger because they're not able to then if if there's a fire, they got to suppress it. How the fuck are they going to do it? So I don't know what's next, man. California is just – it's getting worse. Now, fire hydrants. You see, they did raise the minimum wage in California though for fast food workers.

Are they picking them up on fire hydrants or no? Here's a jokes one for you. I picked up on one that you're gonna love okay newsome raised the minimum wage for workers who work in a fast food service setting to 18 an hour that's about 25 bucks here 24 bucks something like that pretty good money 50 grand a year here to serve sling coffee or whatever there's an exception there's an exception in the law you're ready for this unless there's a bakery on site right i remember this yeah okay so do you know who one of uh newsom's best buddies and biggest donors are uh it's one of the huge bakeries over there yeah

panera panera yeah so that's right i remember hearing he left an exemption for his buddy even though panera is like a fucking fast food they're paying fucking three dollars an hour or something oh good so good how are these i love it i love it man it just never ends over there we should just do a california hour every week or every every month and just put all the stories in there just slam them in bull and bull and dns would sponsor that for sure 100 that's good content we get a lot of views on that you know separate day well every week we'll invite gavin newsom on the show or we'll do that thing that kimmel used to do at the end of the show sorry we ran out of time for gavin newsom he was supposed to come on tonight remember he used to do that for uh yeah kimmel used to say

fuck who was it uh mark walberg or something we had mark walberg scheduled but we ran out of time so yeah if you want another show we could definitely do it yeah sure no actually we're not we're up against the wall um yeah okay let's talk about gamestop really quick okay does this happen right this whole time is it oh it's got time okay gam game stop yeah we got a few stories we could do uh you know people will fall and this is fucking fiat and it's at the extreme and deep fucking values did you watch your buddy value do you know what i i'm the only person on this earth that did not watch and i'm proud to have said it but the fact that like who was it but one of the mainstream media news companies they were reporting on it like the minute by minute they were saying they had the stream on and they were commenting on the stream like how fucking idiotic is that one guy is getting so much attention the best guy came out and cost

because i didn't know i've seen pictures that is not his regular hair and everything. Like he's, he's done something. I don't know. He might've grown his hair out, but he doesn't, he didn't look like that on the streams in 2021 when all this stuff was going on. Yeah.

But he's made a fuckload of money. He's now, he's letting almost, almost a billion dollars, right? He's got those options that will expire, not worthless, but close at this point.

And we'll see how the stock does over the next few weeks, but well, next week or so. They said they're going to be selling up to 75 million shares they're going to dilute and right now i think the floaters are on 300 million shares so it's a decent percentage of new shares that are going to be floating around and what are they going to do with that money i mean i'm wondering after seeing they're not going to do it DeFi technology, why not? Why the fuck not? When you see DeFi technologies,

when you see similar scientific, when you see, what the fuck is that? Is it good for Bitcoin to have GameStop buying Bitcoin for the treasury? I don't know and I don't care because anybody has an opportunity to buy and everybody has an opportunity to sell whatever they have. You're just moving it

from one address to another. This is Bitcoin. It's not good. It's not bad. It's just what it is. If they want to buy, great. If they don't want to buy, great. It's an opportunity. Let's be honest.

They'll be flush with cash. They're not going to just spend it on fucking game stop stores they're gonna do something else with it right they're not gonna buy the next street fighter that's coming out and try selling that they're gonna do something else what's the big game coming i don't even fucking know anyways elden ring expansion comes out next weekend or two weekends from now really yeah wait so it's not is it part six it's just an expansion for elden ring i don't know elden ring was an amazing game i just picked it up over the weekend because you need a high level save expansion okay got it yeah i'm mistaken it for a different game but okay

whatever fucking stop let's go stop game stop will not buy that coin but i agree with you that they should they just don't care they're not a well-run company that's all i don't care if they do or not to be honest it's just i'm just throwing it out there as a an idea but one thing let's go to some notable north stories because we're getting close to the end and so number one really quick our immigration minister said there's going to be some opportunity to grant permanent residents almost immediately for people on arrival for that are under the caregiver status and this will be out of fairness and they're going to be lowering the language requirements as a result so in the past there was more stringent language requirements and they're not going to be as stringent moving

forward so this is going to be a new opportunity for people to get access to care, especially the elderly. But it's also going to increase the amount of permanent residents under that category. But they are probably going to be reducing it elsewhere, at least I'm guessing. I don't know. Either way, that's an interesting story. And there's going to be some new health care providers coming here. Yeah. I'm going to play. Do you providers coming here um yeah and i'm gonna play i'm gonna do you have the video that was in the group chat do you want me to oh i have to dig for

it but everyone can go to harry underscore underscore faulkner f-a-u-l-k-n-e-r and there's a video of uh a young indian woman woman talking about scamming the new caregiver system. Invite your brothers and sisters in to be caregivers for your parents. So I'm not sure if that's legitimate or not. Well, make of it what you will. How is the system's legitimacy going so far? Has it been scammed and broken and cheated or is it all just on the up and up? You don't have to answer that if you don't want to.

But I would suggest to you that there's been holes in the past and there may still be holes and this other policy may have holes yet to be discovered and it seems that this woman this enterprising young woman has found a way to uh bring in some of her family members i would say you know which country tends to bring a higher number of healthcare caregivers than others? No. The Philippines. Really? Yeah. For whatever reason, there's more caregivers coming from that country than others.

So maybe this is going to open the door for more people from there to come to Canada. Maybe. I have no idea, but just throwing it out there. Either way. It's not good, though, to have these videos circulating on Twitter already about how to cheat the system. It sucks, to be honest with you. Let's talk about construction slowdown in Canada. And Canada is experiencing, of course, record population growth.

But there's been a slowdown in the construction of new homes. And the government's blaming regulations been a slowdown in the construction of new homes and the government's blaming regulations for the slowdown and uh well people are arguing against that saying that the real reason is because developers are taking up too much debt you know leverage so that they're not able to take any more debt and it's causing them problems with continuing to build new homes so in efforts to help developers out cmC, they're extending the amount of time that developers have to repay their loans for these multi-unit residential housing.

And it's being extended to 55 years. And this is going to make it easier for developers to make their monthly payments. But on the flip side, they're going to be able to take on more debt and it's going to make housing more expensive in the long run because well there's gonna be more money floating in the system and yeah so there you go incredibly they're giving them an opportunity to extend their repayment to 55 years joey that is an extraordinary long time it's a long time you're

right good good post here from a guy named matt young who is the ceo of republic development or republic developers on may 1st development charges increased another 20 in ontario adding millions in cost to projects which all get passed on to homebuyers. What does it mean? New projects going through applications today are going to cost more to build and prices are going to have to go up. Just when I thought it couldn't get any crazier, our cost consultants just told me on June 6th, they went up again as a result of bill 185. Here are the changes, go through a quick table, blah, blah, blah. On top of that, since you pay them in advance of pulling your permit, you must pay interest on that money because you're

likely using a bank loan to pay it. That's for the builder or for the homeowners there. The costs all get past the homeowners or homebuyers or whatever. And so when people say that it's speculation that's causing the housing bubble or crisis, I should say, that it's speculation that's causing the housing bubble or crisis, I should say, that it's nimbyism, that it's whatever. I would say look at policy related to the incentives around building. Taxes is a good one. Development fees is a good one. The bureaucracy and red tape is a good one. There's so much regulatory capture here in Ontario, especially in the GTA, there's a handful of developers. If you're not one of those handful of developers, you don't get the good lots. And so you have this other problem where government and development are kind of one in the same now. And Ford has taken a lot of criticism for that. It's criticism that I

broadly agree with, but it doesn't get helped by these tax regimes either. And I would say people should be mad about this kind of stuff because as we've talked about before, no one on this program wants to stop paying taxes entirely. Taxes are important for a lot of things. I want the tax money to be managed in a way that's helping me live a better life, that to help me live a better life, to have things like roads and homes and whatnot. And I'm not getting any of that, which is the problem. I think that's what's rubbing a lot of people the wrong way. And when you see stories like this from guys who are in the development space, it's hard to disagree.

Everyone's a sort of couch quarterback, armchair quarterback. You and me do it a couple times a week on CBP. But that's pretty good data. And that bill is available for everyone to read. And so it's not like you can disagree with it. It's right there for you. And if you think that the developer should eat that cost, well, I would challenge you to find a developer that's willing to and point me in that direction. I'd love to buy a house from that guy, but until then, you will pay for it. And you will pay for it with extended amortization. You will pay for it with more condos and less single family homes,

and you will pay for it with homes in worse places of worse quality that take longer to build and are not well-maintained. That's just the way this goes, right? Incentives are everything, and the incentives are very clear here. Vote with your feet. Yep, vote with your feet. All right, Joey, that's it. We're done. All right, good show today. That was great. You really caught

me with the people whole thing. That was outstanding by you. In Toronto, I don't want to bring this up, about 15 years ago, they were taking them, and you know in toronto i don't want to bring this up about 15 years ago they were taking them and you know where they they stole them from a fucking 427 really so i the number one i don't know how they were able to do it's got to be bigger than the normal ones right they got to be like industrial size out there because that's there's a lot of runoff what uh what do you call them basins right i think on the side of the 427.

I don't know if they were like on the lanes themselves or the side, but either way to do that, like you'd have to like put the pylons out, redirect traffic to that one. And he stole them. And if a car, you know, unfortunately ran over that at speed for whatever reason, that fucking hole like that,

it would be catastrophic to the car, but then who knows what happens to the occupants of the car, whoever they hit at the same time. So man, oh man, yeah, this is something that was done, I think around 15 years ago, and they were taking it from the highways. Like, that is nuts. Maybe those guys, they moved to California

and they're doing their expertise over there now with fire hydrants. Just go back to their roots and start doing the people cover i absolutely love it uh thanks for listening and watching everyone i see a bunch of you guys on twitter x whatever len there's almost 300 people here on all the platforms and i gotta say you know it's it's humbling to see that many people taking time out of their busy day to come shoot the shit with us and let's know what we have to say about all the stuff going on we appreciate that come back wednesday len and our gnome mr our gnome mr our gnome will be uh we'll be in the house uh discussing all things bitcoin and uh related topics so it's gonna be a fun one yeah it should be good until then take care of yourselves. And don't be a cock.

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