The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - The CBP #168 (Other Notable Stories) - The Show is Completely Derailed by Insanity

Episode Date: June 19, 2024

FRIENDS AND ENEMIES Join us for some QUALITY Bitcoin and economics talk, with a Canadian focus, every Monday at 7 PM EST. 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. Check out the other podcasts on the network: The Canadian Bitcoiners Podcast (https://www.youtube.com/c/CanadianBit...) The NHL 94 Podcast (https://www.youtube.com/@NHL94Podcast) Two Whites and a Blue (https://www.youtube.com/@twowhitesand...) Bitcoin and Barbells (https://www.youtube.com/@JoeyBBandBTC)

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. Nice. Good. 59.10. That was a lean hour compared to last week. Where do you want to start here on notables? Well, okay. Well, obviously this is the notable side of cbp so we'll talk about you know we'll be the californian bitcoin podcast right now because with cbp we might as well use that those initials for something yeah to lead off with a story where a committee in california in the committee in the

californian state legislature in fact they voted on and approved the bill that will give up to $800 billion, which would be for slavery reparations. Not million, but billions. So let's put this into context, Joey. Yeah, go ahead. I'm looking forward to the context you're about to put around this. I've been waiting for this context all week. You're going to get it right now because the California state budget for fiscal year 23-24. Give me an idea how much you think their state budget is for the fiscal year.

And it's in the hundreds of billions, by the way. So take a guess. $600 billion. It's $450 billion. That's a lot. Canada's budget is the same thing. It's around that. So it's a massive number.

So $800 billion is a multiple of their state budget their annual state budget so almost two times the fact right so who is going to be paying for this who's buying californian bonds i'm not you're not but somebody's gonna have to or i don't know what the hell they're gonna do i know exactly how they're paying for it it's actually gavin newsom who's been stealing fire hydrants and copper wire from uh stoplights he's gonna be selling it on the open commodities market he's headed he's headed to the cme right now with a wagon full of uh metal so but i'm kind of disappointed though in in a way because let's be honest they're asking for $800 billion, right?

Like, they could have aimed for the moon here. They could have aimed for $800 trillion. Like, what the fuck stopped them from this? They should have really gone for the moon here. But one thing to note is the bill, well, it's not a law. It has not passed. This is just passed by committee over there. But still, it's, you know, being dealt with by the task force they're happy with it they're recommending it so if they go ahead with this

man like 800 billion i gotta leave it at that it's a lot of money anytime you have to involve a task force in anything it's always an abject failure so this is not surprising the politics here just like it's like a corn maze of nonsense i don't know whatever i don't want to i can't even i can't say anything about it because of where i'm going to get in trouble somehow if i say anything else but like the the whole thing just from the mathematics side len you don't have 800 billion so we're like you know why bother saying you're going to pay that much you don't have it so what are we talking about using that logic then when the united states spends what i know i know you're right you're right you're right

there's a way if there's a will there's the dollars california printing uh california coins or what i don't know they used to have a lot of gold there i don't know if this is still oil is actually they drill and they actually get a lot of oil baby drill yeah drill baby drill there's a lot of oil derricks in the city of l.a too can we just can we just drop like all the racial stuff like once and for all the reparations the like there's so many other more important issues you know these days that really do affect everybody in a big way. And we're still, there's a small group of people dwelling on this particular thing.

And it's just like, man, it's a lot of energy expended and seeing people look at the numbers and they just laugh. It's not doable. It's not feasible. You make yourself look bad with stuff like this. So think they liberate anyways let's stay true to this new cvp format because we got another california story and this is a big thanks to boomer out

there for providing this one so residents of silver lake and this is a residential neighborhood in the city of los angeles they're going to be undergoing a facelift as LA Council members have decided to remove some homophobic traffic signs. And according to LA Times, signs posted had the message such as no cruising, no U-turns, midnight to 6.m and these were posted around the neighborhood around in 1997 and apparently this was done with the intention of limiting the amount of gay men roaming the streets to hook up so as a way to fix this and make amends these signs will be coming down so as per the la times article you can't even fucking read the story. It's good,

man. It's good. This is the LA times article. They say, I'm quoting here. I'm not fucking. Yeah. Totally. Community members,

such as girl and pickle. What do you mean? That's someone's name's name like what are you talking about i don't know i don't understand the removal of these signs was a small but nonetheless important win for the lgbtq community q stands for quote it's a quote so they say like look look i'm curious with all this happening did did Grindr go public? Oh my god. Aren't they owned by Match? Well, if they went public,

we've got to look at the statistics before and after the signs come down to see if there's any increase in usage. Because that's a good indicator if this indeed did anything. But also, if they did go public, it might be time to go long on Grindr. But I say we should only

do the tip and not go truly long. That's my opinion. Okay. Makes sense. Am I supposed to offer a comment? What can I say here? How the fuck is a U-turn sign

homophobic? How can that be? There's U-turn sign homophobic? How can that be? There's U-turn signs all over the place. You can't do U-turns. It's dangerous in some parts of the city. Kids cross the street. They don't realize you're going to turn around. You can't see them because it's a blind spot.

It's not just gay people or lesbian people or whatever who hit kids during u-turns like it's like i might hit a kid during a u-turn i don't get it i don't understand this is the same thing like why why hang on i gotta just it's too fucking much man this can't be the focus this can't be the focus of this group i don't know man i don't know i knew this is gonna make it into the stories and like i listen we've done a lot of notable stories on this show a lot of them a lot of notable stories but this is like one of the just craziest that's one of the craziest ones we've ever seen this is one of the craziest ones what was the other side no cruising you know it's one side no cruising no u-turns midnight No cruising, no U-turns.

Midnight at 6am. That's the time frame in which you can't do this shit. Like, what? Holy. I can't believe it. I can't believe it. Yeah, what in the chat, Chuck? I think it's the no cruising part.

Cruising is gay slang for looking for dudes to do stuff to. Is that true? I have no idea. It's according to LA Times. I'm assuming this is going to be something. The city took the signs down. Someone somewhere

thinks this is valid. There's a valid rationale here. Len, how can this be? I don't understand. Let's go on. Can't stay in California forever. We got to go to Chicago. So the CBP is now the Chicagoans or Chicagoans Bitcoiners podcast.

We're still with the same thing. So the Chicago mayor, Brandon Johnson, made some news this past week. This is according to NBC. The mayor spent over $30,000 in campaign funds in hair and makeup. It gets better, though. 13 transactions were with Makeup Magic, and magic is with a J, not a G.

And that amounted to over $6,600. $4,000 were to AJ Styles barber and beauty salon. And other expenses were like candidate makeup, candidate makeup for TV, candidate makeup for debate, and makeup retainer. I guess when he goes to sleep, he needed this. Either way,

a spokesperson from the mayor's office mentioned that the mayor does not spend taxpayers' dollars in preparation for many events so many public events he attends every day so he goes to a lot of these events he doesn't spend taxpayer dollars to do that but when he does he when he was asked about these expenses at a press conference he mentions that he spends this these money this money on small businesses and he does in support of what he calls black, brown

and women-owned businesses. And he said that people out there should go and get their hair and makeup done by black people. Supporting him. So I think it's time that, you know, we, the CBP, the Canadian, Californians, Chicagoanians,

we got to do the same thing. We got to get our hair and makeup done before. We're here, we're live. We got to get our hair and makeup done before we were here. We're live. You know, this is our, so in support of this initiative, Joey next week, I'm going to visit my local stylist,

Punjab meet an audio video stylist, and I'm going to go out there and get some new makeup done. I'm going to be spending it. A fresh new land is going to come out, new makeup, new hair, the whole nine yards. Plus while I'm there,

I'm going to pick up a new HDMI cable, stand me maybe a goat head, the whole nine yards. It's a win-win, right? If you think about it, $30K, I'm not sure exactly how, but fuck it. We can try, man. We can try it. Spending $30K. Let's do it. We're done. This will be the one we look back on. No, man. I'm just

helping you out with small business. The landmines sprinkled in here. The jury is going to love that. When they put the headphones on and listen to Exhibit A, this is going to be you talking about HDMI cables. I want to be HDMI cables. Your Honor, I'd like to have the jury put on their audio assisting devices here

to listen to Exhibit A. I mean, I just, what the fuck is, this is all like looting the empire stuff. That's where I come down on this. This guy says he's not spending tax money, whatever. Maybe he is, maybe he isn't. I don't know. But like everyone is just constantly telling you

that they're not committing any crimes when clearly there is foul play afoot. You know? Like that's always how it seems now. There's always someone getting rich off of me and it's never me. That's the problem. I'm just told all the time that actually I'm the cause of the problem here. This guy is saying that I have to go to minority owned businesses. Okay, maybe I will, maybe I won't, but you can't tell me I have to or I should. The answer to me questioning where you're spending all this money on hair and makeup by the way I get women wearing makeup but like the mayor of Chicago has

$30,000 in makeup expenses why I got well you know like what am I missing here again I don't want I don't want to be insensitive okay I get it but like fuck well I what what else is there to say about this come on man it's beauty man it's a beauty i'm looking for makeup magic in chicago i can't find it i don't see makeup magic with a j i'm looking i can't find it oh my gosh i know did you find it i'm trying to look for it out maybe it's just looking for Illinois. Maybe. Yeah. It's it's makeup. Magic is in Chicago, Illinois, but it's with a G.

So yeah, they spell it with a J. God, that's bad. Oh my God. What the heck did LA times give me some bad information? I got a copy to paste it from. Here we go. Chicago mayor spent. Well, this is on KMPH.

I don't know what that is. Fox news. This guy doesn't look like he needs. He's got a standard mohawk fade. This is not a hard haircut to do. I've had this haircut. Chicago Mayor Brandon Johnson spent $30,000 in campaign funds on expenses related to personal grooming. He doesn't even have a good

beard. So what did he spend the money on? God. Amazing, the quote. Instead, he's using his own campaign funds to play black and women-owned businesses. Everything is a competition for oppression it's unbelievable what a mess chicago is a third world country it's like it's got to be one of the worst cities in america just completely gone to shit multiple like multiple tens of people shot and killed almost every weekend never shot that shot herself in the chicago white socks game

we talked about this she carried so this is oh she snuck the gun in right in the folds of her flesh that's right and shot herself but the funny thing is joey chicago like think about this there was a shooting in the stands she shot herself yeah in the stand this was in the outfield the game didn't stop the game played nothing changed they just fucking like nothing happened like because like a little bit of rain came down oh we'll just keep playing and you know the people around there they just looked and they just stayed there like it's just like it was a regular occurrence yeah it is incredible they not only they have to deal with all that shit but they got fucking shitty weather on top of it. Like, they're getting the worst of all worlds.

At least in California, they got fucking nice weather. Here, they don't have it. Come on, man. They don't even have good teams, right? Like, the Bears suck, right? What a disaster. The Bulls suck, right? Yeah, yeah.

Like, how bad is it? Oh, man. I don't want to shit on you. Right? Brandon. No more semi-sofa? it's like how bad is it oh man i don't want to get that right brandon no more open invite to the show mayor chicago brandon whatever your name is brandon johnson i don't know what his name is i this is nuts this is one of the worst beginnings to the notable section we've ever had it is it's absolutely it's absolutely ridiculous the stuff that's going on around the world so yeah it's not i unfortunately i i'm tapped out with respect to these types of stories we're gonna get into something that has a different type of meat on the bone so we're going from the chicken wing to the chicken breast i'm not sure if you saw i don't want

to talk about it too much but maybe you do the cpi came in month to month it was zilch change it's fake it's fake the data's fake yeah oh the fed decided to not raise rates this month they're gonna hold at the same rates but they also were saying powell came out and was saying that maybe the payrolls may be a little bit overstated so yeah maybe he said that he said they're cooking the books he said he said the white house cooking the books they're overstating White House is cooking the books. They're overstating the job. Like why? Of course. They want cuts. They want cuts.

The White House is angling for cuts. They've been angling for cuts for a long time. We just said this last week. The data comes out. It's actually just narrative. The data is invented. It's all invented. It's impossible to get down to the individual data for jobs in a country the size of america in an economy the size of america's like who believes this is it's not it's not possible to do and it's not like oh joey they

have the data they have the tools no they don't because the data is revised downward every time go watch i make a point of watching the double line uh quarterly updates from, God, what is the guy's name? Jeff Gundlach. And he makes this point during his webcast. He's like, if you look at all the data that the Federal Reserve is using to guide them, it's all wrong at the time during which they're using it. It's fucking wrong. And then three months later, it's revised downward. Some of the gaps, by the way, in the revisions compared to what the data release day said is the gaps are the size of entire universes. It's not like they're close. And like I said last week, 2% is a mistake.

50% is narrative control. And it's all narrative control with these guys. It's all they care about. The Fed wants a cut. They want it before the election. Or the White House, I should say, wants a cut. They want it before the election or the White House, I should say, wants a cut. They want it before the election.

They're going to try and get it. By the way, the jobs data, what is the term I would use here? Citizens, American citizens born in America have actually lost jobs since the pandemic and all, all, all of the growth in the jobs numbers is from immigrants, both legal and illegal, according to that data. How's that? How's that sound? That's a lot of jobs that are probably, I hate to say it, but lower wage. See a lot of immigrant populations

doing farming and stuff like that. Important work, but not the kind of work you can build a modern economy on. And that's nothing the white house is going to have to contend with. They're going to try and figure out how to mask that budget, blur it until November, but it can't hide it forever. It's the gap is widening every month. Do you see that they're even going to go through the process of removing signs in dc

what's the answer to this it says no inflation no rate huck rate hikes all day from june 2024 to november 2024 so they're doing the same thing that they're doing removing signs no no they're not oh it'd be awesome if they had nothing nothing is out of the bunch here the overton window is huge tonight it just keeps getting bigger every week i believe anything you say yeah no it's total bullshit i just said but you're right it's it's crazy that any story will come up and but anyways does this mean that there's going to be a cut in the next month two or three like next month you're betting on it for sure i'm i don't really i'm not betting that for sure if you're i'm not paying that much attention am i betting on as far as my asset allocation yeah i'm deploying i'm not waiting you're deploying regardless if they're raising

or cutting yeah it's just this i'm buying i'm buying yeah that's the way to do it i like that conviction anyways go to notable north all right angus reed they did a poll and this poll indicates that one third of people living in british columbia are planning to leave that province and this poll shows that the younger the person is the more likely they are willing to leave and i can understand so the people in the age bracket of 18 to 34 around% are thinking of picking up and moving their bags somewhere else. 40% of those living from age 35 to 54, that's

still a pretty big... So the older people are staying put, it looks like. As for the reasons, the primary reasons, same old stuff. It's not going to knock your socks off. It's high rent, right? Particularly places like Vancouver, Burnaby, Victoria, Kelowna. The rent prices are pushing people to the brink.

And it's more difficult than the stretcher dollar when housing costs rise significantly compared to wages. And it's not just simply for renters, but also people that own homes as well. But more in this study, 53% of responders are demanding help from their government to address their housing needs. Canada, we talked about in the past, they have the federal housing plan that we talked about or they talked about, and this has plans to address the problem. It's a national plan that aims to create almost 4 million homes across Canada by 2031. And they say at least 1.2 million of these homes will be directly attributed to federal actions. I tried to find a breakdown

as to how many homes of this would be built in BC, but I came up empty. So all I could get were these national numbers. But I don't need to point out that 2031 is still seven years away, right? It takes years to see these positive returns from these plans. And it also depends on how many people are going to be entering Canada during that same time frame. That could easily mitigate any gains altogether.

And on top of the federal assistance, you also have to look at what's happening locally too. Granted, this is a one-off, but it does give an idea of what's happening. It could be also on a wider scale. Serecki tweeted out that the city of Burnaby raised their development fees for high density by nearly $50,000 per unit this year. So on a one bedroom condo,

that's nearly 10% of the price that went up because of these new fees by the city of Burnaby. And with that, it makes it really difficult to find affordable units, which in turn raises rents because there's an indirect relationship

between mortgages and rent. But going back to BC's population, so while the population of BC rose in 2023, this is interesting. Angus Reid notes that 2023 was the first year that in more than a decade that BC experienced a negative net interprovincial migration. That means people are moving outside of BC to other provinces. It looks like Alberta is the one people are going to. This is according to a CBC article from 2023. So in the article, it's noted that Alberta's lower cost of living, particularly when it comes to housing and a strong job market, were the driving factors for driving people out of BC and into Alberta.

And as for the remainder of people who are thinking of leaving, this trend is probably going to continue. They're not going to change their minds. And on top of that, I wonder how many BC residents have left Canada altogether. Nevermind went to a different province like Alberta, just left Canada entirely. So it's a lot over there, Joey. A lot to digest. What are your thoughts on this? There's a problem here with the design of these tax laws. And the reason there's a problem that's being overlooked is because the province is so desperate for money. We hear a lot about how Canada, Minister Freeland talks about this a lot, how Canada is among the best in the G7 in terms of debt to GDP.

The thing that she leaves out is that we don't measure provincial debt in terms of our national debt load. We also don't measure healthcare, education, pensions, et cetera, at the national level or the provincial or municipal level. So the provinces have a huge debt load, all of them, except maybe Alberta. I'm not sure. They probably do too, actually, but whatever. Neither here nor there. In BC, you have this thirst now for cash.

And what they're doing is saying look if you want to build these greedy developers this is the problem with drawing these battle lines by the way because then people vote for this kind of stuff even though it's completely backwards these greedy developers are making too much money and not building the right kind of house

so now we're going to tax them an extra 50 grand who pays the 50 grand? you do it's going to be the end result it's going to be the an extra 50 grand who pays the 50 grand you do it's going to be the end result it's going to be the person that buys it yeah it'll just drive the cost of housing up and uh you know that's the best case the worst case land is the the builders go okay la van gool and we'll see you some other time uh when the prices come down and we're not going to put supply on the market drives the prices up in either case.

And then you have this whole other group of people. I think you said half of the people 18 to 35 want help from the government when it comes to housing. What kind of help do you want? There's only one kind of help. It's money. You need financial help to do this, to make those properties affordable. Or they do purpose-built rentals or something like that.

Yeah, it's indirectly, it's going to be money-spent. But who's going to build them? Who's going to build them? The government can't build homes. They can't do it. We don't have the institutional expertise to do home building in this country. Sorry, we just don't.

We don't have the institutional expertise to do a lot of things. It's not just home building. These are jobs best left to private sector businesses, like many other jobs. So when you have government supports, Len, what happens? The prices of these things go up. Anything that is subsidized directly, indirectly, or anything in between will go up in price because the people who are selling those things realize immediately, oftentimes before you do, that they can charge extra because the government's going to make up the difference. It's money in their pocket at the end of the day. How do people not see this? I don't understand

the people asking for this, not getting it. You've already seen how many different supports, just in the last two years. Have those supports helped keep things affordable? COVID checks, support for first-time homebuyers, the raise you got thanks to crazy inflation. Some people got 10%, 11%, 12%. Has any of that helped keep things affordable? No. If you can't figure it out by now, you might be beyond help. But most people, I think, should start to give their head a shake a little bit and say, maybe the support, financial or subsidy or otherwise, is not actually doing the thing that I need it to do. We have to think of something else. The answer, in my view, is to lower the taxes on the developers and say, you have to build this many houses in this period of time and you know we

will lower the fees for you to help keep the prices low or something like that you can't some agreement that way but raising the cost of the developer is like the worst possible outcome but they're doing it and they won't be the only one there'll be other provinces do it too i said last week on the show or two weeks ago on the show that ford gets a lot of shit because he's basically you know holding hands with the developers in the province and giving those guys sweetheart deals but man that you would prefer that outcome to what you're seeing in british columbia 10 times out of 10 and they're going to find out the hard way out there like they're finding out the hard way with everything else legalizing drugs legalizing crime uh letting

foreign money come into their market and now this keep learning the hard way is you know we got all day we talk about this every week if you want uh but there is something to talk about with this province a lot more often than there should be and they don't seem to be learning the lesson that they uh that they need to. Let's go talk about bad loans, because there's going to be a wave of bad loans that will need to be dealt with in the next little while. And yeah, banks are starting to feel the pinch as a result. Mortgage delinquencies in Canada

have surpassed a landmark number in Canada. It's topped the $1 billion mark, according to Equifax. And how does this compare with the overall mortgage situation? As of Q1 2023, the total of all outstanding mortgage debt in Canada was $1.8 trillion. So $1 billion is really not a heck of a lot, but it's still a large number. Comparatively, it's not big, but on its own, 1 billion is very large. And all this data I have is based on information provided by StatsCan. So in the grand scheme of things, as I mentioned, it's just a drop in a bucket, but it's really going to impact, significantly impact the bottom line

of those lenders is they're going to have to do something with this. And more people continue to miss mortgage payments. And as they do that, I wonder if they're going to institute some plans that they've already done during COVID. These are not ancient history. This is just a few years ago. So I'm not sure if people remember some of the things that the banks were offering, but some of the options they presented to customers at that time were mortgage payment deferrals, reduced payment arrangements, and capitalization of interest. So it's possible they might, through the will of somebody above them, say that we're going to be offering this to consumers, to their customers, as a way to make ends meet and help them usher through this very difficult time. So they're not missing mortgage payments.

They're no longer delinquent. They're just kind of just adding it on to the end. But we'll see if this happens again. And if they do it remember who is ultimately backstopping all of this because banks or bank so the bank will always be uh backstopped by the bank of canada or the government or both and because these guys are too big to fail but when that happens what happens to our beloved loonie well we know what's going to happen. Number go up. And I'm not talking about the value of the loony as a result.

This is getting worse, right? Delinquencies are just becoming a big problem. And when you're delinquent on a mortgage, it's not like you're missing. I don't want to say this is much better, but like a car payment or a credit card payment. The roof over your head is critical. Yeah, that's the one you should pay. She paid them all. Like if you,

if you're going to wait, which is more valuable to you as an individual. Yeah. The mortgage payment should be the most important thing. When you fail to pay for that, that goes to show how bad people are, are in financially. It's pretty bad.

I can't imagine looking at all this and seeing that, like you mentioned there at the end critical point that the risk for canadians is going to be expressed for the value of the dollar i can't imagine not being in bitcoin you're you're gonna watch things fall apart here again like i don't want to be a doomer but things are falling apart here so fast and they're going to continue to fall apart at a speed that no one is ready for. You know, like the capital gains thing met with disdain from producers all over the country. The housing market, you know, I see D in the chat talking about cheaper liabilities.

Like the housing market is a weird one. It's going to be bifurcated. Like single family homes, they're never going to go down in price. They're never coming down. That's an up-only asset now. It's a legislated up-only asset because of the unwillingness to build low density. Then you have stuff like these banks and mortgage delinquencies, a billion dollars worth of mortgage delinquencies. And by the way, that big wall of 20 and 21 mortgages coming due doesn't start until next year. You know, 25 and 26 is when you get the really big jump for a lot of people. And I'm not saying the jump hasn't happened for some already.

It has, but it's going to get worse. And that's going to come at a time when the dollar, the loonie, I should say, is worth significantly less. And I talked about this last week. You're going to see a bifurcation. People who own a home and own other assets, not having any problem because the price of those assets is going to go gangbusters. But the people who just own a home or don't own a home are going to find everything's getting more expensive. It's going to eat into their savings. It's going to eat into their budget. It's going to eat into all these things.

And how do you get out of it? I don't know. Ask for help from the government, maybe. I don't know. It can't be done. And I think that people are getting too excited about this election, whatever party you're pulling for, the speed and inertia that all this stuff has, the outcome is already predetermined. There's no there's

no escaping this now so you either get there quickly or you accelerate that's right you accelerate or you decelerate but i think that yeah yeah you're right this is you know obviously our buddies our buddies like talking about that but yeah like i i just think it's it's hard because man i i can't imagine what my life would be like if i didn't buy a house when i did you know nine years ago however long it was a while ago now but um you'd be living in kelowna looking to move to alberta yeah maybe like it's funny kenzie basically dragged me kicking and screaming to the bank to get pre-approved for a mortgage i didn't want to i was still like i still like one foot in the bachelor lifestyle. And she's like,

no, we're going to the bank. We'd only been together for two years. And it was the best decision we ever made. And I tell people now too, young couples, don't wait till you get married to buy a house. Don't wait till you've been together five years. Don't set an arbitrary date. Just go see a lawyer for a thousand bucks and game plan for a breakup just in case, but get your money into the asset, the fastest appreciating asset in the country, the single family home, and do it as fast as you can. There's legislation now in place in Hamilton for sure

and probably other places. You're not allowed to build single family homes. You're not allowed. Can you believe that? That's a couple of years ago that would have been unthinkable and now it's the expectation so you know just hang tight enjoy the show enjoy the uh enjoy the fireworks but um definitely you know if you think it's gonna get better i would say it's probably

gonna get worse first chuck am i i'd like to hear a little bit more about what he's going to ask fucking nuts saying that i don't want to say it just in case jock joe right like fuck that's pretty yeah yeah getting expensive right getting expensive there too yeah hopefully you're not in calgary and stuck without much water too that's another problem over there right the worst time of year to have to be without water for a significant period of time in the summertime. Anyways, poverty rates in Canada, it's growing at an alarming rate. And someone noted on Twitter that the poverty rate, this is the number of folks that are deemed to be in Canada. So poverty in Canada is defined by StatsCan.

This has risen over the past year. And it's not mind-blowing stuff that the population in Canada has risen over the past year and it's not mind-blowing stuff that the population canada has risen over the same time frame so it's reasonable that the poverty rate would have also jumped up but the rate at how much it jumped is rather concerning because it grew the poverty rate grew four times faster than the rate of population. That's interesting. So there's a lot more people entering into the poverty realm than people coming in here. So that means people that are here are becoming poor. So, yeah, people in poverty, let's be honest, they're most likely, more likely, not most likely,

more likely to use social service programs like food bank, rent supplements, mental health services, and who knows what's going to happen, right? But either way, these are services that some, most are provided by taxpayers. And when it's done, the dollar gets stretched even further to pay for existing programs like defense, infrastructure, maintenance, and so forth. So either the government has a few options here. They can either scale back on payment on existing programs, go further into debt, raise more tax dollars, or raise more taxes and that brings in more dollars,

or maybe a combination of all the above. And on top of all this, the population of Canada, well, it's pretty sad to see because they're growing like i mentioned there's more people that are that are in poverty but it's not just them it's the middle class that's being squeezed too right that's shrinking in number the the rich they're not going anywhere the poor is growing and the middle class is shrinking as a result. What happens moving forward? There's going to be a lot less tax revenues coming in. There's going to be a lot less in terms of working and collecting tax dollars from those people and having them be productive for society and working in jobs that people want. Overall, it's a downward trend for Canada.

And looking at this, I don't see a way around it. I don't see how to get out of this. But this is all part of a dollar that dollar that is just sucking and not just that economy sucks as a result too and the poverty rate goes up and then you bring in more people and just compounds the problem but yeah it's pretty sad stuff in the grand scheme of things we don't produce anything and so everything has to be imported the loonie is worth nothing so the imports cost more. It's not hard to figure this out.

Everyone knows the sort of equation that gets you to this point, and we just ignore it. To our detriment, we just ignore, ignore, ignore, and pretend that it's not happening until it's right in your face. And now, Len, it's in your face. You know, tent cities and general poverty. And by the way, you know, I've talked about this many times. I think this is something everyone should think about that, you know, when people say poverty, that's really like a lot lower than what you think, because, you know,

the cost of quote unquote living only takes into account like eating cereal and watching Netflix, you know, like to be in true poverty, you poverty, you're actually probably in poverty a lot sooner than the country data scientists view you as in poverty. And it's not good for like, it's not good for your spirit, you know? And that's one thing I've started to think a little bit more about when people say like, you know, what is Canadian culture?

There was a spirit here 10 years ago that no longer exists for a lot of people. And it's become just an idea for a whole other group of people. You can't run a society like this. It's too rocky. And I've said this many times. As soon as you have economic problems, other fault lines come to the surface that were previously suppressed.

You've seen that in a lot of places. You're seeing it in the immigration sentiment. You're seeing it in political polling. You're seeing it in clashes in schools, protests between Israel and Hamas, whatever that's all about. You're seeing it all over the place. And it's only going to get worse. You have to try and isolate yourself from it. But man's getting harder and harder that's you know that's for sure i got one last story that's going to tie into the previous one the unemployment rate in the

greater toronto area it continues to be alarming not just the percentage 7.9 it's also the total number of people who are jobless 3 317,000 people in Greater Toronto. To give some context, Joey, the city of Buffalo, they have the Sabres, they have the Bills, they have the AAA Bisons over there. The number of unemployed people in a Greater Toronto area more than surpasses the total population of the city of Buffalo. It's crazy. So let that sink in and so let's put some color to this because according to stats can there's 244 000 people in the whole province of quebec that are unemployed

317 000 unemployed people in a greater toronto area so there's more people that are unemployed in the greater toronto area than the entirety of the province of quebec yeah and this these numbers i'm quoting they don't include cities like hamilton or oshawa if it did it'll obviously be somewhat higher for sure so over the past year toronto has gone from 231000 people that were unemployed. That was at a rate of 5.9% to 317,000. So that's almost 100,000 people more in one year that are unemployed. Yeah. And the working age population of the area also went up. And this is also because of my immigration.

So people coming in, a lot of people coming in. So it is what it is. So either way, looking at this, it's another sad story. like immigration so people coming in a lot of people coming in so it is what it is so either way looking at this it's another sad story i don't know how to address this as you say like what are we producing here especially in the greater toronto area it's a lot of services banking food shit like that production i don't know some not a lot but clearly it's not enough to have these people fill the gap and they're going to stay unemployed looks like for some time until there's an improvement in the

economy explain to me how we should be allowing permanent residents to stay on extended work permits when this many people are unemployed they're different so you're a permanent resident and a work permit there are two different things so somebody could come here as an international whatever student or worker and that's no work permit or you could be a student study permit with a work permit permanent resident is you're coming here you're going to live here you're one step away from being a citizen so why should we allow either of those when there's this many unemployed people i will say that we should still be allowing permanent residents. Perhaps we could scale it back.

Based on what? Based on what kind of criteria? So there's always a need. If there are people on the street in large enough numbers, and we keep on hearing labor shortage, which is a lie. There's not a labor shortage. There's a shortage of people willing to work for basically nothing, but there's not a labor shortage. So why should we allow anyone in and i hate to say that because it makes you sound pretty abrasive but like that has to be at the top of the list of considerations does it

not what else could what what greater consideration could there be than that so excluding this i know we have to take this unemployment figure into consideration but people immigrate into canada especially if they're under the employment category so they have money they have the education and some even have a job a lot a lineup for them so they're coming here they're going to be able to assimilate there so they're likely going to be able to either they have a job lineup or they will get one relatively soon. Also, people that are coming here are spouses and children. So they're giving some sort of incentive to stay here.

So if you're already here, you're already working and you want to bring your spouse or your child here, you want to live with your spouse or child. Right. So those are other reasons why you want to bring those people into. Yeah, but the hurdle to get. Yeah, the hurdle to get someone here should be way higher than it is what no matter what level of skill it is and no matter what job they have lined up like show me as an employer a job posting that you needed to bring someone in from another country for that you couldn't get a canadian for show me because at this point theoretically that's how it's been done yeah but it's not done like that it's not actually like that lmia actually incentivizes

the opposite it incentivizes bringing people in and getting subsidy for their salary right this is the this is the problem the incentives are backwards look up lmia people in the chat if you don't know what that is that's labor market opinion or something yeah and that's not incentive uh i can't remember what it is but yeah but that's essentially the theory behind it is labor market impact assessment is what it is so yeah you put like a job ad out there nobody hired nobody is no one meets your criteria yeah yeah so that's bullshit like it's bullshit any it's bullshit any fast food place is just stuck with people from other countries. I'm not saying these people shouldn't like they're, they're like lower quality.

Like it's not about that. It's about that. There's people here who've been here for 15, 20 years of all stripes of all colors of all, you know, national origin who don't have jobs, who can't work. How is it fair that you bring more people in when the unemployment numbers look like

this? And so I'll ask again, and maybe you don't have an answer or you don't want to answer, but- I got to scale it back significantly. Not to zero, but scale it back significantly. What greater consideration should there be than this? This is your burning building. You know what they should be doing is focusing on,

on I would say again, the wife or husband, children, and also the skilled labor, like the ones that, that, as I mentioned, they have like a PhD or math.

You have to be able to prove that there's no Canadians who can fill can fill that role you have to be it's not just a canadian but they have some skill that they're going to be able to contribute to the economy so like i mentioned if you come here like as i forget what it is like the point system whatever the fuck it was like it is i don't know they still have that they do so they give you certain points based on whatever it is that you have like whatever attributes you have so if you have a is that you have, like whatever attributes you have. So if you have a PhD, you got way more points. If you have a master's, you get a little bit less.

If you have an undergraduate, a little bit less to the point you get zero, if you like have no education. So you're going to maybe increase the standard. So you're going to try to capturing people that have very high education, very high savings, the ability to speak French and English or French or English very well. So they'll be able to come in here and just work, high savings the ability to speak french and english or sorry french or english very well so

they'll be able to come in here and just work contribute be a you know a member of the society as a whole but you have to like almost limit it to those people entirely and just that's it and did you see japan's immigration numbers from last year you know many people japan took in last year hey i gotta think about this. I know they have an aging population, so it's a real problem. So if I have to guess, they're probably bringing in a lot of people. But who would move there? I'm trying to think.

Guess what the number is. Guess what the number is. In a year? Yeah. I'll guess half a million people. It was 300. Three zero zero. And what is the the population i'm

gonna guess 60 70 80 million or my way low it's probably a lot they brought in 300 people that's crazy is it crazy that's there's 125 million people in japan holy cow is way off i was like halfway so they so they you know they've chosen to protect what they view as a sort of um high priority intangible right sort of societal cohesion that's an extreme though that's i don't think it's gonna it is an extreme but but my suggestion yeah there is a balance to be struck for sure and so there's you know there's countries that are doing it improperly japan is a good example right they're they're sort of writing their own uh obituary at that level of immigration but there's countries who are doing it you know wrong on the other side and it's not just canada

doing it wrong on the other side some european countries doing it wrong on the other side you know there's a lot in around a quarter of a million people annually and when that was the case it was it didn't seem to be an influx of people here that were taking up housing and stuff like that they were just you know they came they did their things and that was it and it seemed to work pretty good that number was i mean as what was the population that time maybe like 30 35 million so like it seemed to work so you probably have to have that number and get the population the percentage for the population and adjust it so maybe it should be 300 000 a year but there was a

i mean we'll go deeper into this rabbit hole they stopped immigration for some time because of covid so then so it was stopped and then they really ramped it up and then they overshot what they would have if that is a generous interpretation of events i think that's the reality of it so they overshot it and then like to your point to your point earlier about like you know we have to let in the people who have like the language stuff down jobs here stuff like that instead we're doing the opposite like we're lowering the language requirements and telling people to have their brothers and sisters apply as caregivers to their parents just like flooding the zone with i don't know it's i can't say anything more without someone getting mad about it so i'm just not going to bother but i mean everyone everyone can see there's

an issue with immigration here and the funny thing is you know this guy was saying something along the same lines eight fucking years ago and it turned out to be a pretty prescient guess you know and i was going to say that just today he was saying that the first day he gets elected it's going to be mass deportations yeah yeah you can run on a platform honestly these days right or wrong of limiting immigration and mass deportation of both legal and illegal immigrants in the country who are here temporarily or whatever, whatever laws it breaks, it wouldn't matter. People would support it. And I'll say one more thing before we get off the air here. There's a lot of people who will tell you that your views on immigration, even limiting it,

are far right. It was only a year ago, this was unthinkable discourse, right? There's no way this is going to be publicly discussed by anybody, certainly not a sitting politician of any stripe. And now it's being discussed and saying stuff like we have to send a number of people back. These protesters in PEI keep seeing hunger strike and they're in city hall

steps and all that. These guys, they should have to go back when their work permit expires. It's not far right to say that. And it's not far right to say that. And it's not far right for two reasons. One, because it's common sense. But two, is because if 50 or 60% of Canadians support it, it's not far anything. It's popular. And so far right or left is really a relative term. If most people think it, it's not far anything. It's in the middle.

And, you know, you may not agree with that new middle, but that is the new sort of, you know, alignment now politically for most people in Canada, in the States, in Europe, seeing it everywhere. The elections don't, they're telling you something, you know, popularity of these parties is telling you something.

Yeah, you know, when they're telling you something you know popularity of these parties is telling you something yeah you know when they're here like at a work permit or study permit do you just have to get married and then apply for the spousal thing don't let them don't let them don't let them you have to close that loop but anything is it's got to be done it's got to be done fast and it's got to be done without, you know, task forces. Get fucking McKinsey, take their fucking parking space. Okay. Get them the fuck out of there. Enough. Why is McKinsey running all these things?

Century initiative, all this garbage. Get these fucking guys out of there. Are they making your life better? Are they making it worse? You know, everyone knows. Why are we pretending? Stop pretending. It's also cultural too if you have

a lady here that is permanent resident or citizen and they're single culturally as they get much much older it's they look at them at those people in those situations it's like what's wrong with them so they're they seem to like they're pressured into getting married and so that feels that cap right so they'll just get married and sometimes i just i just don't care like close it up you can't you don't but yeah like close the loopholes close the gaps you guys you guys should listen to um and it's not like if you want to say this uh you know if you want to have this fight with other people and maybe i'm not articulating this well enough, go listen to Ben Rabideau on Market Huddle from last week or this week, the most recent episode of Market Huddle. It's really good. Him and Kevin Muir have an hour-long discussion on real estate and immigration. Ben has been so good on this topic for so long, and only now people are starting to listen to him he was talking to parliament years ago about the time bomb that they were creating for themselves they didn't listen they didn't care in fact they accelerated the uh the decline so this was a problem even before when they were just bringing

in let's say a quarter a million yeah every year because it seemed like it worked it we had an aging population it's not the problem isn't necessarily the demographics it's the infrastructure too right you know if you bring in you keep writing is the thing is It's the infrastructure too, right? You know, if you bring in, you keep, the thing is, the thing is, yeah. And the thing is, you can say you're bringing in doctors and architects, but eventually you, you're sort of confronted with the reality that you're not bringing in enough of them. Um, and now, you know, I, I've been lucky. My family doctor is not retired, but he's going to at some point. And then I'll be one of these people who's in line for a gp you know what do you do you're fucked basically you can't get the provinces refuse to allow private health care as a tier um it's it's nuts man it's completely nuts and you guys are sharing

some stories here in the chat too that i'm not gonna read obviously but like you know worth reading if you're listening on audio how much do you think it costs for those those homes paid in full like that's a lot of cash somebody's been sitting on and how they got it and all this stuff like oh that's another thing too because the real estate market in canada is a great way to i don't know maybe not longer money it is longer yeah because i've talked about it many times once you have the house you can pay some anybody to fix it up with any dirty money you want yeah and the value of that home goes up and once you sell it that all that money is clean it's amazing man like sam cooper's done great work on this if you haven't listened this to him on Looney Hour, I would love to talk to Sam Cooper. We can't for various reasons.

There's a lot going on. If you don't protect yourself, if you don't advocate for your own interests, nobody's going to. Maybe that's where we'll leave it for tonight. Buy Bitcoin. KYC free, maybe. Good to know. That's it. I'll be back tomorrow with SB. Until then, you animals, take care of yourselves. Don't Good to know. Yeah. That's it. I'll be, I'll be back tomorrow with SB until then.

You animals take care of yourselves. Matt, don't be a cock. 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