The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - The CBP #171 (Other Notable News Stories) - THE PRICE IS DOWN BUT THE VIBES ARE HIGH

Episode Date: July 10, 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.

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. just today i saw like six of them i thought there's no way we're gonna be able to hit all this well who knows let's see we've got to bring in the pti we got to bring in the pti side panel here put it over here that'd be awesome 30 seconds at a time who wants to be reality we'll have a contest who wants to be stat boy for the show that's actually we should do that let's let's look into that chicago story well we always got to do a nice cb story. Yeah. Well, this will be very quick. I'm not going to dive deep into this because last week I mentioned that Chicago is one of the larger cities in the United States that has a debt load that's unsustainable.

Right. Like that. The revenue coming in is really not able to support all the expenses they have. So I've learned this past week that the property taxes that Chicago collects, I believe this is the majority of the revenue that any city collects. Right. It's from property taxes that Chicago collects. I believe this is the majority of the revenue that any city collects, right? It's from property taxes. I know they have user fees and shit like that, but property taxes are,

is the biggest slice of the pie. Either way, 80% of all property taxes are earmarked to go to pay pensions, just pensions. So, you know, like if you have to pave a road or you have to pay for something else, like the salary of the police or the fire,

like all this shit, like they don't have money, right? Like property taxes too. Like, it's not like it's been stagnant. Even with all this property taxes have been skyrocketing. The medium property tax bill has gone up around 70% from 2022 to 2023.

So that's a significant jump has gone up. What percent? 70%. 70 in a year? A year. So in 2022 to 2023, some are, like if you look at some of the neighborhoods, are well over 100%.

Well over it. They've doubled the property tax in some places? In some places, in sure. Oh, shit. So like the city I'm looking at with all this do you think makeup is like it doesn't just come from the heaven this guy was just on my twitter feed before the show too anyway continue i'll find that story we'll do it together well i just wanted to say that

really sadly this city is starving for cash. They're cash-strapped. And they had an issue not too long ago. We talked, I think, last year. It was a grocery store chain that they closed up, and it was underserving the community. So Chicago decided they're going to spin up their own grocery store. So all this is going to be coming at a cost, right? They just don't have the money to make ends meet. And what are they going to do?

Detroit declared bankruptcy. Did they not, like about a decade ago like yeah can't chicago do the same thing like i don't know so what are you doesn't go to that doesn't bode well for the reparations first does it how to maybe the state is gonna put the bill on that i don't know i don't know laurie life got out just in time and she lost that election this guy was also blaming the uh you know inordinate actually unfortunately very ordinate uh number of uh young black people being killed in chicago on i think richard nixon about an hour ago at a press conference so what happened it's like a street or something or no no no no he just there was like a there's a bunch of shootings in chicago over the weekend as usual i mean we could do a chicago shooting

hour every week if we wanted to on the show we don't because uh you know lost life is not not to be taken lightly but um yeah he was saying that he blames it on uh some president from 20 years ago or 30 years ago this is before i was born yeah i mean i it could maybe it wasn't nixon i forget exactly who that's why i'm kind of parsing my words here but okay yeah this is like what the fuck happened in 1971 moment i mean this guy this guy is not a serious guy you know like at what point len again like do you remember if you call the police call 9-1-1 you have a yeah no one might no one might show up. This is another thing, right? If you vote for a mayor, you get a 50-50 chance the guy has any brain in his head.

So, you know, sort of the same odds as the fire department and police chief. But there's not much else you can say. Like, is this guy stupid or is he lying? That's the question you have to ask yourself about a lot of things that are uttered by modern politicians, unfortunately. And it seems to me like some of these third world cities just haven't figured that out yet. They just keep electing these nincompoops over and over and over again. And what can you say? You go from Lightfoot to this guy. How about looking at someone who's not obsessed with blaming everything on other people, obsessed with giving free money away obsessed with uh villainizing corporations in favor of

you know what communist food banks basically try try something else you know give it a shot you might like it i don't know the water's pretty warm uh i would say i would say it might be time to dip your toe in you're a chicago uh voter they did have a you know number of years of watching michael jordan so things were much better 35 years ago and now it's not so good a lot more income in that city when jordan was there yeah the the craps tables were uh buzzing same with the golf courses they were buzzing over there let's go to california we can't uh talking about that we'll go to the bay area that's what seemed to me about my favorite so those people that are delivering inventory to convenience stores you know shit like uh bags of chip vanilla coke or whatever they well they are constantly under

threat over there because it's being reported that they are now being escorted by fucking armed guards to fucking deliver inventory this is not the secret service secret service gets knocked over by so like how fucking this is like third world bullshit right like this is obviously the shit whole city man you know somebody a wise man once said that and he was criticized you know very incessantly and and you know he's he's been proven right i think in a lot of ways think about it silicon valley is there you have companies kind of close to um apple and google and meta apple just built apple just built uh or was building during covid and i think stopped and now it's building again as I drop my football here. A huge campus in Texas, 15,000 people. They're moving out of California.

They may not be saying it, but California is no longer a place where people do fentanyl and shit on the street and piss on restaurant goers and steal from you at tax rates that are akin to something you might see on the Sopranos. And people are starting to figure this out, including guys who have to stock convenience store shelves. What else can you say about this? I want to know what company's doing it yeah me too me too i want to go long in that company because they're going to have business for decades to come and in fact i don't think they're going to be slowing down isn't the other isn't the other funny thing here len that you know in a state that's so anti-gun they realize that they have to have guns to protect uh the chips and cola you know isn't it isn't that something these people are so dumb

they're all so fucking stupid i can't stand any of them they're anti-oil too but you know isn't it isn't that something these people are so dumb they're all so fucking stupid i can't stand any of them they're anti-oil too but you know in the city of los angeles there there's oil derricks within the city and they're disguised well so they're sitting on a lot of oil and they're extracting it but still they vilify oil as well they can't i mean they can't keep up with their tax regime that's another state that wanted to do reparations, another state that wants to pay down student debts or whatever. These guys are addicted to giving money away because it's the only policy position they know wins and votes. They don't have anything between their ears to come up with something that's innovative or progressive in the real sense of the word, not the political sense of the word, to drive voters and to drive business investment and to drive all these things that really make an economy go. So they just give money away. And when you give money away, you find out pretty quickly that, as I think Thatcher once said, right, doesn't work because you run out of other people's money to spend. They might be there now.

I think, you know, they're getting closer. They're certainly running out of other people's chips. They have to start protecting their own chips now with uh beyond that even the ones that they do sell now there's going to be more overhead for hiring that security guards so that cherry coke that would cost you a buck before is not going to cost you a buck 50 people are getting priced out not just and newsome and newsome will get up there with his greasy ass hair okay and he'll say you know we're tired of corporations gouging the California citizens. You're a moron. You're a moron.

It's whatever. It's fun for us. I don't really care about these people. I don't think they matter in the grand scheme. But these guys are hilarious. Yeah, Boomer in the chat. California is moving up the Golden Machine Gun Index 100%. There's guys riding around with guns and trucks now.

That's signpost. It's Grand Theft Auto in real life. Signpost. Yeah, yeah, yeah. So let's stay in the Bay Area. You ever hear of this place called the In-N-Out Burger? Yeah. In-N-Out Burger. To be honest, I've never heard of it. It's a chain that's been around for decades, right? Popular, popular. Yeah.

Apparently, in its history, in its 75-year history, Joey, it has never closed one of the locations. Once they expand, they plop a store down. It's there. Until now. Until now. Until now, unfortunately.

Until this. In fact, it was earlier this year. Because there was an In-N-Out Burger that was operating in Oakland. And even though it was profitable, it wasn't like it was hemorrhaging money. This thing was making money. But it couldn't keep it open the operations they had to shut it down because of a wave of car break-ins property damage theft robberies and all this were affecting customers and employees so so numbers since 2019 police have logged over 1300 incidences in that

vicinity of the restaurant so it's a lot in just a few short years this includes nine robberies two two commercial burglaries four domestic violence offenses and 1100 car break-ins so anyways 1100 1100 1100 1100 yes so i'm not sure if you call it 911 i'm not sure what the the percentage rate of somebody's going up so who knows maybe it could be much higher 550 replies so either way in and out decided they got the hell out of that area they shuttered a place up people complained right they liked the place it was making money like why the hell would they complain so complain they did but you know what somebody posted this week on twitter or an ex that the gas station just across the street from this

old abandoned in and out burger joint because they couldn't stay it is a crime well thieves ransacked this fucking gas station 4 30 in the morning joey this is we're talking in the wee hours in the morning you know very early 70 fucking people inside this gas station pick like Oakland A's can't even draw 70 people to come to a fucking baseball game. And that's a nice time. It's 4.30 in the morning. Thieves are coming hand over fist, out of the bushes, out of their tents, anywhere. They're coming in

to take the bags of chips or whatever they can from this gas station. What a fucking disaster, man. I don't even know what to say to that. The best way to spend their time in the middle of the night is to ransack a gas station i mean this is not a video i haven't seen the video but the video oh it's like you see all it's just packed inside there and it we probably probably can't we probably can't show it on this air but uh no you know it's just like

how many more times does this have to happen before someone eventually just, you know. A gas station owner. Do you remember during the George Floyd riots, there was pictures of Filipino, I don't want to say all Filipino, but Asian denomination shop owners? You know, on top of their shops with guns, like on the roof of their shop. Oh, they're protecting their... Get the fuck away from my store. Exactly. You don't want to see that everywhere.

Like I'd prefer not to have, you know, sniper installments on every gas station and convenience store and every, you know, vape store or whatever. But pretty soon you're not going to have a choice. You either subject yourself to the whims of the fentanyl addicted, vagrant crackhead crowd, or you protect your shop. And eventually there'll be too many people who want to protect it for it not to be the norm. And then you're in a bit of a different world at that point.

There's a lot of places where the danger of robbery is so high that there's armed guards out there. I think about Mexico, Mexico City. I was there last year or the year before. I forget when. Even places like Punta Cana, Playa del Carmen, another Mexican tourist area. There's a lot of places like this. And is California going to become one of these places?

Is it one of these places already? Is the only reason it's not more densely filled with people who want to defend their property because guns are difficult to own or because the state legislature is unfriendly to gun owners and gun users in this case? I don't know. But at some point, those people will either protect their property or they'll or they'll leave taking their tax you know tax contributions with them i mean it's funny to me that people still don't seem to understand how all this ends it's it's really a testament to the sort of stupidity of the average npc right

these people that want to tax and tax and tax and take property protection rights away over and over and over again in favor of, I don't know, rehabilitation, sending psychiatrists instead of cops, using DEI cops instead of people who have proven to be, through a meritocratic process, capable of doing the job. Where does it end? It ends with those places becoming run down empty holes where no one wants to live and no one pays taxes. And then what? Well, then you get government-run food stores and guys with machine guns roaming the streets

and vagrant gangs and drug addicted uh you know homeless people i don't know or unhoused people whatever the term is i mean these guys really spend more time criticizing people for saying homeless than they do fucking thinking about what caused them to be living in a tent in the first place truly fucking stupid a lot of them and uh i don't know what else to say besides that it's getting kind of late i'm falling to biden program so anything after eight i'm done no i make no guarantees on my I don't know what else to say besides that. It's getting kind of late. I'm following the Biden program, so anything after 8, I'm done. No, I make no guarantees on my confidence here. I'm out of here, Joey,

because I'm not scheduling stuff. How many times has a private neurologist been to your house in the last... Eight times in the past year. It doesn't seem out of the ordinary to me, so I'm happy with it. Either way, at 8 o'clock, we fucking shut it down. I like that biden that's the way we do things he might be the president united states but come eight o'clock wherever

he is he's fucking who's running the show at eight o'clock then like who takes over it's like running at 7 30 remember nickelodeon used to run nick at night you'd see like it would go from like kid-friendly cartoons to like rocco's modern life and beavis and butthead and you know all these other sort of off the beaten path that happens in the biden household they start watching the tv with swear words they get the baby blue movies on starting at eight o'clock over there because you're eight o'clock he's had enough guys it's been a long day if i put a solid two and a half hours here net yahoo done. Netanyahu, I need to actually go to bed here. My faculties are leaving me. Give me a call in the morning.

I know it might be a 12-hour difference, whatever the fuck it is. Did you watch the Stephanopoulos interview? Are we talking about Biden and notables here? Yeah, go ahead. We'll talk about Mr. Biden. Did you watch Stephanopoulos' interview with him? It's 22 minutes. It looks to me to be unedited.

I saw a clip. It is not very good for that campaign at all. Stephanopoulos asked him about the debate a bunch of times. He's like, did you watch the debate afterwards? Biden looks at him. He's like, I don't know. I don't think I did. Was I there?

Who was in it? What debate? Was it good? Like, no, it was not good you were there and he's like yeah i didn't prepare i don't blame anybody but myself i don't blame anybody but myself i feel so bad for the guy his wife's fucking psycho but anyway story for the time where do you want you know what all right well let's go to france i think it's a good time oh sure sure so france i gotta put on my don't get fired hat here like i said to you earlier but yeah do your best like i'll give you a little bit of time to think about what you're going to say because for those who are unaware france is undergoing

an election i think this is the second round of elections that it's taking place so it looks like initially the right wing le pen uh government looks like it was going to be formed but look there's been a change left-leaning coalition has formed and they have taken first place or looks like they're taking first place nothing is yet set in stone but either way if they do go ahead and form government the left-leaning coalition do there's going to be some new tax rates that are going to be implemented they've been mentioning that as of right now, the highest tax bracket is at 177,000 euros. And anybody that's earning more than 177K euro in France is subjected to a 45% income tax.

Okay. They're thinking about putting a new one of if you earn over 411,000 euros. And if you do, you're going to be subjected to 90% income taxes. So it's progressive. So every dollar past 411,000 euros will be subjected to 90% taxes. And on top of that, they are also talking about raising the minimum wage to 14 per hour, 14 euro per hour. Also thinking about... What is 14 euro per hour also thinking about it's recent what is 14 euro per

hour in canadian like 70 grand like a lot like what if i had to guess it's 19 dollars i don't know my wrong i gotta look let me find out i'll find out keep talking and so there's also what they want to do is they want to reverse macron's pension reform remember he was subjected to a lot of public protest because they increased the age in which you could retire and get pension they want to reduce that to where it was previous to macron's changes so more taxes 90 percent uh income tax over 411 000,000, higher minimum wage, and reform, reverse pension reforms. This is going to be interesting to see if they go ahead with it. Nothing's set in stone. I don't know who's going to be forming

government there. Why do the French keep voting against their own self-interest? What is it about them? They always vote for a leftist. I think the guy, I was watching a video today and a professor from from france he was talking about the last time and i can't believe you said the last time

that they voted in a right-leaning government they were pro-nazi was it no wasn't sarco that's what he's i don't know i don't know. I don't know. I don't know. I think Sarko was more right than, I mean, everyone was more right than these guys 10 years ago. Sarko would have been probably closer to 20 years ago at this point. But I mean, look, man, these guys are voting against their own self-interest. It's a phenomenon that you see over and over again in the modern world all of a sudden. I think Canada does it too, to an extent.

The states do it. Be very careful how you dance around. Yeah, yeah, yeah. Don't get me wrong. I think there's people who don't understand the damage they do by voting for something like this tax bracket, right? This is something that was floated before the election, during the election, and now after.

And it's not like they didn't know about this, but the widget buying class doesn't have the mental faculty, the mental capacity to think past the next thing they buy on Amazon. And it's evidenced by voting for a policy like this. We've talked about this many times. Let's just break it down once more for the people in the back. If you take from your most productive people, the money they earn that puts them in a category where they are like national producers of X product or service, they will take their company and leave your jurisdiction. How do I know this? Look at Canada. No company wants to do business here except for Loblaws

and Robelis. That's it over here. We basically have no other services over here except for those major telecos and the grocery chains. And tahinis. And tahinis, I guess. Although once Ali gets to a certain number, I wouldn't be surprised if he sends out the tweet that he's closing up shop too and moving over to Texas, Texas-inis or whatever. And so the people who vote for this stuff don't really understand. They think they're voting in their own self-interest, Enies or whatever. And so like the people who vote for this stuff

don't really understand. They think they're voting in their own self-interest, but they're not. They think they're voting in their own self-interest because as we've discussed on the show, they may see a short-term bump in the affordability of certain things because they get a new check in the mail or a new stimulus. But long-term, inflation comes with STEMI and it will destroy the affordability of all the things in your life. Your salaries won't keep up because new companies are not going to come and compete for your labor. And when that happens, you end up working in public sector jobs or poor paying jobs.

And the general sort of competence of the population goes down. The general availability of services the population goes down. The general availability of services and products goes down and you wind up with a stripped out, you know, hollowed out tax base that can't replace things that are lost. Things like roads, hospitals, schools, and all those things get worse too. And over time, it's actually the people at the bottom of the food chain who vote for these policies, who feel these effects the most. The people who you're voting, who you think you're, quote unquote, voting against will just leave.

They'll just leave. And I don't think there's any, there's not really much debate about this. I've heard on many shows. And like I said to you guys today, I'm wheezing a bit here. My cat must have hair in this room. Like I said to you guys today in the bull Bitcoin chat, the number of people who are now thinking about their exit plan, I think is higher than ever. And I know that's the case here. I know that's the case in the US. I know that's the case in European countries as well. And for France, I'm sure it's the case there

after the selection, probably even before too. 90% is untenable for people who are making that much money. They're not going to agree to pay 90% of every dollar they earned, but no matter how crazy that law may seem now, in five years, when there's another 500,000 million immigrants in the country with little or no resources, when there's another generation of kids who feel like they're underrepresented in politics and aren't earning the same living their parents did, when there's another set of politicians who say that it's just going to take one more tax to set things right, and we're going to make sure that you get another $500 every month, 500 euros every month, whatever, we're going to raise the minimum wage again. It just compounds.

And I mean, there's no precedent for any of this stuff because we've talked about a bunch. I think we're kind of at the end game, end stages of the fiat experiment, it seems to me. I don't know how long that'll take, but it seems to me like we're there. We don't have- 25 years, according to some folks. Yeah, exactly. Yeah, the acceleration is. I don't think that this is out of the realm of possibility that you see two more elections, three more elections like this. And actually, I know we joke on this show about the Canadian election sometimes coming up next year,

but I don't really... I wouldn't put any money on Polyev winning that election. I just think that there's too many people who will vote, again, against their own long-term self-interest in favor of short-term, easing their short-term burden. an incentive to continue voting this way because there's no hope on the horizon thanks to decades of poor policy from all sides of the aisle in a lot of countries that's really damaged currencies and damaged value maintenance through different products like Bitcoin or gold or whatever, and forced people to make otherwise, not foolish, but strange decisions in terms of financial behavior, just because the currency doesn't work anymore.

You know? And so like, again, I don't want to paint the French people as stupid, but they're not thinking long-term. The people who are voting for this stuff are not thinking long-term. And I hate to say it, if you look at the people in these videos where they're celebrating the left-wing win, I mean, do any of those people look like net producers to you? I don't know.

I'm not one to judge a book by a cover all the time, but look at the videos and see what you think. And you be the judge if you think those people are net producers or not. I don't think a lot of them are, if I had to guess. I see yesterday there was riots in the street from the quote unquote winners of the election for buildings on fire. These people are not net producers. If you want to tie your carriage to that horse, go for it. But I think it's going to be to your detriment long term.

Did you see that in the U.s last month the jobs number that came out apparently three quarters of the jobs that were created yeah part-time to government jobs yeah oh sorry yeah yeah sorry sorry you're right yeah yeah that's not familiar to you i yeah and i don't want to go into that. So that's truly not sustainable, right? Like when you have not enough tax dollars coming in and there's going to be more- You print the money, you increase the tax capture, you print the money to pay people, and then take the money back through tax and call it GDP. Now you explain to me how that data is reviewed with a straight face by any economist, banker, politician, or otherwise, and called GDP, called productivity, called anything. It's completely insane.

Anyway, continue. It works in the short term. It does boost the gdp but what then will eventually happen is the gdp per capita will take a huge impact and especially as you bring in people too that's another uh thing that you're doing here in canada a lot of people come in and that does increase the gdp it's measurable but the gdp per capita goes and suffers as a result but you said that you don't there's a chance you don't think poliev is going to form government in canada i i think that i think i wouldn't i would not bet on anything len honestly well nothing's for sure but if i if i had to bet i i would say that the conservators will get the

most seats in the next election not to say that they'll form government but they'll get the most seats because a lot could happen between now and October 2025. A lot of people's minds may change. A lot of things could happen. People's minds will change. More people will come here. There's a push to vote. They cannot vote.

You have to be a citizen of Canada to vote. And in order to get citizenship, there's requirements. I've been to a polling station and not had to get citizenship there's requirements it takes years i've been to a polling station and not had to show id and not have my name on the polls so like you can do it and the question is you know will it be done i don't know i'm not sure i i really don't know what to say about any of that it's hard it's it's hard the fact of the matter is there's a lot riding on these

elections in the states you know the uk just had one france uh uh norway uh germany germany um more elections this year than i think in any year the last 50 and there's a lot of you mentioned them yeah yeah there's there's a lot of policies that I don't want to say are unpopular, but are certainly polarizing. And you're in a polarized world now in a way that I don't think a lot of people really realize. And the ballot is secret for a reason. A lot of people will say, oh, I don't like this person, that person, this politician, that politician, and then vote the other way. Or Len, you know, how many more economic situations are going to be so dire that people need another 500 bucks every quarter from, you know, the green energy check or whatever, you know, whatever new drop comes here in Canada or other countries.

You know, anything can happen. You know if if you if you think that the economic situation is going to get worse then you know that the the other side of that coin is that more people are going to be desperate in a way that they're not desperate now and desperate people don't make good decisions at the ballot box the only problem for the liberal party is polio sorry trudeau is not popular yeah that's that popular at all. Yeah, and I don't know a way around that for him. He doesn't seem to care. And to his credit, I think, you know, I listen to pollsters say things like, oh, there's never been a prime minister that's unpopular in 30 years or 40 years.

You know, the pollsters I get are doing a job and are asked a question and they answer the question to the best of their ability. But they're operating in a world they've never operated in before. News cycles are shorter than ever and anything can change week to week, month to month. There's entire teams of people now digging 24 seven into the backgrounds of every politician they need to beat. And they're not sharing those stories right away. They're waiting for the highest impact moments. The liberal party as a machine is a monolith. It is called the natural ruling party for a reason. And whether you agree or disagree with that designation, these guys mean business

when it comes to elections. And I will not put anything past them in terms of the competence internally and the capability they will put on display as that election draws near. Because it seems to me like these guys do not give a fuck about any of the polls that are coming out. And that tells me something about what's going on inside the party machinery. Don't you think? I don't think they have an ace up their sleeve.

I think that they're just running on history. And historically, if you're a prime minister, you run again. You don't get kicked out for within the only time I recall it, like they pushed somebody who was crutchy on it, and he was pushed out, right? Like he was just a better time. Before that, I can't remember the last time that happened.

Maybe Trudeau? No, not even then. Either way. I don't know. So he has – remember remember he took the party from third party status to governing that yeah but that's but never happens he okay he took him there did he take him there or was it just their time to return to that you know people were tired of harper they were telling they didn't want ndp the perfect storm it was the perfect but he was

the one that was there nobody would have guessed that they would have been from two years before the election they would have been third party to forming government shit never happened in canada yeah they did it but they were put in that position too um the fact that ignatiev ran a really bad campaign so if you're thinking that the liberal party yeah and so like that's the thing if there was remember i remember vividly the attack ads do you remember them yeah of course just visiting correct yeah so remember that still 14 years 13 years later it's still it's ingrained in your head what's going to happen next year is the same type of thing there's going to be attack ads like crazy that's going to resonate with people and it's going to stick in their head against the the prime minister because they have the money they're

raising a ton of cash more so than the other parties combined and they're going to be spending it in the same type of ways they did in the past run negative campaigns do it over and over again and that shit will stick it's look they lost tor, St. Paul. That shit doesn't happen. I know. And that is just a, according to that one prognosticator, there was election interference. We can't discount that. That guy seemed to be sharp and on the ball.

We don't want to discount that guy's opinion. I like the, the backdrop was perfect too. We had the homeless guy that was lying down experiencing houselessness. Yeah, that he was in, you know, let's transition

to another uh topic another guy that's transitioning that's experiencing houselessness 37 year old electrician in st john's newfoundland and this is a cbc story and cbc published this and it was interesting story about how this guy's trying to find a way to have a roof over his head because he's been priced out of the housing market over there. And he's being creative. And how he's renting office space. Hell yeah. And $450 a month he's renting the office space for.

So he put two and two together. This is cheaper than renting a home. Because if you look at the average in St. John's, it's $1,060 per month for renting a place in st john's in fact in canada it's 2200 um yeah just crossed 2200 the first time right yeah so he said he could afford up to 750 dollars per month so he was priced out around the you know the thousand and dollars on average you couldn't find anything less than 850 in fact in st john's so he but he rented this office space for 450 a month and yeah he's doing that and then they ask how do you eat well he eats a lot of

potatoes and pizza pops stuff that you could put in the microwave and he sleeps in a futon mattress and uh when it comes to showering he says he bird baths it in a sink this is how he makes ends meet this is how people are doing it you know st john's is not a place you could live in a tent 12 months of the year it's fucking cold over there and it's like it's not just the cold it gets to your bones because it's that humid cold too so what did this guy do renting office space you know what good for him i hope he doesn't get kicked out because you know somebody could look at this and say this is against your terms of agreement and something like that and he'll be on the street but sad story friendly tip for that guy add 50 bucks to your monthly costs and get a gym membership and shower shave all that stuff at the

gym um might not be a bad idea plus do a little networking maybe someone can help you out you might meet somebody who's in the same boat maybe Maybe you guys get a house together. That'd be my advice to him. Sad story, but I love the creativity. Can't wait to hear in two weeks when we talk about this again that he's been tossed out because it made national news. That's true because the radar is on him.

Of course. Anyways, talk about a recent survey that was done by Ipsos Read and Global News was reporting on it. recent survey uh that was done by ipsos read and global news was reporting on it and this survey says that seven in ten canadians feel that the country is quote-unquote broken and incredibly canadians age between 18 and 34 78 of those people have the viewpoint that canada the country needs to be fixed so the older you get the less likely that people think that it's broken and there needs to be changed because people that are older they probably have

a hard asset like uh like a home they probably have savings investments job that pays more than than the world younger so they're able to shield themselves from inflation and see a younger individual so either way people that's a lot of people seven and ten feel that the country is broken and you know we just talked about the election in toronto st paul's and that's an indication that there's people that are very upset with what's going on and they're looking for some sort of change and they're doing this with voting but we'll see what happens next year yeah um you know i said this last week, and I thought about it a little bit after, and I really stand by it. There's a level of spiritual poverty that a lot of Canadians are experiencing for the first time. And with that spiritual poverty comes this feeling like the country's broken. or camaraderie in your school or camaraderie in your community or all these things that really give you purpose and you can't start a family and you can't find a partner,

you're going to feel like things are broken. Regardless of how good everything else is, if you can't find companionship in one way or another, everything else is going to seem more gray. That's natural. That's the natural state of affairs for humans. We're social creatures. We found that out, I think, for a lot of people the hard way during COVID. You need to be around other people. You need to have something to build towards and a goal to achieve and all these things, meaningful life, right? And when you think about surveys like this and other ones we've seen where people are

talking about, are you ready to leave the country? Are you ready to leave after school? Are you thinking about starting a family or not? When was the last time you had sex with a partner? All these things, they point to a certain level of spiritual decay, let's say, in the country. We talk a lot about moral decay and ethical decay and stuff like that. But this is a sort of spiritual decay that I think religious people would say used to be filled by the church and is no longer filled by the church because people are kind of moving away from organized religion.

I would say it used to be filled by community and partnership and partnership and and uh romance things like that that that's more difficult now thanks to things like dating apps and the Pareto principle and being priced out of housing and things of this nature um I go to a protest you can probably find somebody like-minded yeah sure sure yeah I'm sure everyone's got you know a Palestine flag or whatever at their house they can just swing around downtown meet some friends but like the the thing I think I would say is this is a symptom of a larger problem and it's not necessarily a strictly economic one it's part of it is economic but the other part is a little deeper than that and it it's harder to fix and i see it unfortunately

with like some people i know i won't say who but there are people i know who i think are experiencing the beginnings of this or the sort of you know know, the buildup of these feelings like, yeah, you know, I don't see anybody after work. I don't like hang out with people. I don't like hang out with the opposite sex. I don't, you know, have a community. My neighbors are kind of weird. They're low income.

They're not on the same plane as me in a lot of ways. And this is a problem, right? Like I know we rag all the time here on people who are like, sort of think they're too big for their bridges. But if you're a person like this guy who's an electrician, I think you said living in the office, right? 37-year-old electrician. So 37-year-old electrician, the guy's clearly a competent fella. If he buys an apartment in a low-income part of town or like a rent-controlled part of town, you can't kick people out. So who else is he going to see there? He's not going to see other people who are

electricians like him. He's going to see people who are kind of stupid. You know, I hate to say it, it's harsh, but it's the best way to put it. And you can't- They're down on their luck, Joey. Yeah. Some of them are, but some of them are not. You know, how much luck does it take to move out of a low income house after 15 years? Some of those places have been occupied for that long because you can't raise rents and you can't boot them out. And I hate to put that label on people, but think about what it would be like living with people who are clearly a rung below you in terms of competency and confidence and communication skills. And that's fucking hard, man. It's hard.

All this stuff, these are questions that we never had to answer before. But there is something to this idea that birds of a feather flock together. And right now, they're not being allowed to. And so what do you do? You feel like you're alone. And when you have that feeling, it really does affect every other part of your life. And like I said, I've seen it in people that I know and I don't like it. it but again there's no easy solution for this stuff but to pretend it's not happening is more detrimental than to at least acknowledge it and try and solve it and unfortunately we're choosing the former in almost every case it feels like at this point well maybe you gotta just go with a different group of people joy look at that this global mail article for instance because i was considering buying hotels to house the growing number of

asylum seekers there's a number of silence here that asylum seekers here but i'll actually give you the numbers in a bit and it's it's not what we think it is okay immigration minister mark miller he's been indicating that there's a possibility to buy up these hotels to deal with the high cost of dealing with the asylum seekers because they have to block bookings of hotels right now and so far canada has booked 4 000 hotel rooms for the 7300 asylum seekers and this is a way to get you know say savings will be cost efficient and this option of being thrown around to buy hotel and convert it into a place to house these refugee claimants, you know, maybe make sense in the long run. And it's being reported the federal government spent more than $100 million for asylum seekers for housing for them in just Niagara Falls alone, just for using hotels over there.

$100 million between February 2023 and February 2024. God, that is not a long time yeah and that's that's just in niagara falls so on average refugee claimants stay 113 days at a cost of 208 dollars per person each day including room meals and security and i took a look at the number of asylum seekers i couldn't find it for this year or last year 2022 is the latest one i could find but do you know the number of people that are claiming asylum in canada is down significantly from other peaks 1994 was the highest that i've seen 2007 was slightly lower than that and we are significantly lower what was

94 kosovo yes yeah that and i guess the very beginning of what was going on in somalia yeah yeah yeah okay and 2007 i'm not sure what would have been the reason for asylum seekers maybe it was strife in the middle east that may be it i i can't remember what's not sure significant event there's always a way at least like i don't know what would have been the but there was seven there was a between afghanistan and then uh iraq war uh iraq was iraq was 2001 really afghanistan or afghanistan was a one iraq was oh three afghanistan went for a long time i don't want to get into that yeah but either way if you look at the number of asylum seekers that are claiming refugee status in Canada now, at least 2022, it's much lowered than it was years ago. So there may be a perception that there is a lot of people that are making claims for asylum here, but in reality, there isn't.

I don't think that perception exists. I think the government wants you to have that perception, but it's not actually what's happening it's tfws that are causing the problem yeah that's yeah yeah that's definitely not only it's increasing the amount of the burden it's causing a problem it's causing a problem schools roads infrastructure housing it's causing a problem and then in addition to that story also the city of ottawa is looking to buy a nunnery for around 11 million dollars and this is 10 million dollars plus an extra 1 million dollars that nunnery on mtv cribs for that price what the fuck does that place look like it's humongous it's a huge lot of land because it's i saw uh aerial footage just

lovely from above either way why are they doing this is because the ottawa the city of ottawa is having issues with dealing with a number of newcomers and they want to relieve the pressure on the overburdened shelters so as a way to do this 11 million dollars has been earmarked to purchase this retrofit it and set it up for a place for um as a shelter for newcomers to canada so there you go that's a couple of stories you think you think a retrofit you think a purchase in a retrofit of a nunnery can be done for 11 million and no it's just this is the purchase this is oh and so that's gonna take what five years ish probably longer i don't know i'd say i'd say i mean probably longer

you gotta see this place it looks beautiful yeah it's probably gonna take longer than that like I don't know man it's a lot of fucking money you know we talk about you know people who can't afford food you know what I don't know I just to me it's like there's clearly a problem with the math here and I'm you know I'm not going to go too much further than that but we got to start looking at both sides with the math here. And I'm not going to go too much further than that. But we got to start looking at both sides of the equation here, not just how much more money can we pour into this side, but rather how can we cut the expenses of this? We got to stop. It has to stop sometime.

It has to. Unemployment and PEI I saw in terms of the TFWs, up near 14% for young people. Canada's youth unemployment is 13.5%. Just for Canada. PEI is 14 or 15. Super high. And that's the same place where you see these protests where temporary foreign workers are calling PEI residents racist, discriminatory for wanting them to leave at the end of their foreign worker thing. Um, something like 86% of temporary foreign workers are working

in food service in Canada. Um, you know, that's not a place we had a shortage of workers, 50, there's lots of 15 year olds walking around that could take those jobs anyway go ahead let's talk about the unemployment numbers so to give you the number of temporary foreign workers in canada in fast food increased between 2018 and 2023 so in a five-year period it increased 4,800 percent wow cooks almost 300% truck drivers, 360% construction workers, almost 4,000%. Yep. That's in a five-year period of time. Anyways, unemployment did go up in Canada, 6.4%. And economists were expecting-

Ticked up from 6.2%, right? Was that the jump? Yeah, okay. I think that's the number. But what was concerning is that economists were expecting a 25,000 job gain, but it was the opposite. Not the opposite, but it was 1,400 were lost as a result. So we have the increased the decreased interest rates last month. Yeah.

Two months ago. Right. A month ago. I forget now. Maybe you're right. It's the last time they met. So then inflation went up month over month. Unemployment is going up month over month.

So I'm wondering what's their next move, if they're going to extend that. They're going to cut again. You think so? Yeah. Mortgage is the only thing they care about. Home values is the only thing they care about. They'll sacrifice everything else at the altar of home values, including the dollar. Did you see that the Citibank was saying that the Federal Reserve is going to slash 200 points over the next eight meetings? it's believable i don't know like i if you you could tell me anything you know if i if i went

into a coma and you told me rates were the same in the states a year from now i'd believe you and if they were half what they are i'd believe you like there's nothing the thing about the data is that it's all made up and there's no way to get reliable data the street doesn't have a reliable prediction method we've talked about this so many times. The state revises data down by 50% some quarters, the next quarter, the next month. Data is meant to support a narrative. And the narrative is based on how do we want the economy to behave at this moment in time? And I think the core concern is, at least in our case, housing. And we've talked a lot about how in our CPI measurement, they have rents and mortgages,

which I think drives up the CPI number more frequently and with more inertia than it does in other places because it's not added to the CPI basket. And we have short-term mortgages here. Five years is short-term. And people who did their mortgage in 2020 for four years or five years, they're starting to come due here. And the government and the bank simply do not want those people to struggle with mortgages that are 50% higher every month in an economy where they might not have a secure job. That's really all it boils down to. And so they have to keep the cost of money low, the price of money low via the interest rate, and they're going to do it. There's no two ways about it. The question isn't, are they going to do it? The question is, should they have started this

earlier? Do they think about the repercussions and side effects? Yeah, I think they probably should have started earlier, but you know, the bank is almost never right. Uh, many people say Macklin is the worst bank of Canada or the worst central bank governor in the world. Of course he did also put his son in charge or as part of the people in charge of CPP IB,

which underperformed the index last year. That's the story. Did he put them in or somebody else did? What's the fucking difference? He's the bank of Canada governor. If his son works for CPP IB, it's because he fucking put them there and of story and you know this this sort of nepotism you know not seen since uh the 2024 lakers and lebron's kid uh you know really speaks

to the level of competence you see at the at the highest levels here you have to look out for yourself in such a major way these days. It's just never, I don't think anyway, then that it's ever been this bad. And I'm not supposed to think that in my thirties, right? I'm supposed to think that in my sixties or whatever, that kids are,

you know, doing the wrong things and people are fucking things up and whatever. But I look around and I'm like, man, this sure does look pretty bad for a lot of people. And I think, you know, boomers could catch some unfair guff for this.

And people say it's like they're protecting their wealth in an unfair way and the government's supporting them and blah, blah, blah. Yeah, maybe. But the bigger problem you have is that the sacrifice is always being made at the currency level to make sure that debt is perpetuated. This is the case everywhere. And it's the case here too. And you're going to see another round of it as the bank continues to ease. Maybe not next meeting, but they're going to do it again before the end of the year.

And our economy is clearly slowing down. For us to have lost jobs, had rising unemployment, and still had significant net immigration, now you want to talk unsustainable. That, my friend, is unsustainable. It's time too that kids are coming out of school. They're getting jobs in fast food and services, whatever. So it's not a time when jobs are being cut, where jobs should be.

They're open. There's demand for doing things that are well you know in the natural in the natural order of things like i think about my time at zeller's years and years ago the natural order of things is when you're in school right for those i think it's uh it's probably still eight months for universities it was eight months when i was in school so you're there september to may the eight months a year in school you work pretty sparingly you work maybe some evenings might work a friday saturday sunday if you're home for to May. The eight months that you're in school, you work pretty sparingly. You work maybe some evenings, you might work a Friday, Saturday, Sunday, if you're home for the weekend, whatever, try and put some cash in your pocket.

And during those months, the senior people, Maureen and Terry and Nancy and Sue, whoever's working the cash, they're working 40 hours a week, every week without exception, sometimes more if your ass can't make it in because you're hungover or you partied too much on Friday night and couldn't get home on the Saturday morning bus or whatever. In the summertime, when you're home and you want the 40 hours because you got to fill your pockets, the nice ladies who've been covering for you all year, that's when they take their cottage weekends, when they take their vacation, when they see their grandkids, when they see their kids, whatever. That's the natural order of things.

And so to your point, yeah, it should be a lot of hours opening up in the summer for people. But this time it didn't, you know, and you got to ask yourself, I mean, any sensible person would ask themselves, what changed? And, you know, I've got a couple of ideas.

You can go back and watch the earlier part of this show or other episodes we've done. I think we got a pretty good handle on exactly what changed it said joey yeah great you're gonna watch it yeah so it sounds like you're a big fan of brawny then uh my god did you watch me the night house highlights had uh his highlight package and the youtube thumbnail is great it's like his big face brawny james first game, just has four points. And in the highlight package, they put a bunch of missed field goals.

Like everyone is on this, onto this guy, his grift. How much time before, like, do you think that he may discover he's not who he is? It doesn't matter now

because the Lakers signed him to a four year deal with three years guaranteed for $5 million. So they're burying him on a bench? He's got a roster spot. Most guys who get picked at 55 or 56, wherever he got picked, get what's called a two-way contract, which I'm sure you're familiar with.

You play a little bit in the developmental league, a little bit in the pros. If you meet a certain threshold, you automatically sunset into a one-year contract with the team. It's usual stuff, right? It's sort of a prove-it deal. And for him, he's not had to prove anything so yes we're gonna see how you're looking that's nepotism yeah big time what happens when his career's finished in the nba he's it doesn't sound like

he from what i'm hearing he's he has longevity i don't know him and his dad will start once his dad retires what's anchoring him to stay around le, right? LeBron just signed a two-year deal with them, so he'll be there. But he's not going to play forever, right? No. It comes to a point in time, everybody gets... I think you're right.

Yeah, I think he's going to be done. LeBron, there's no way he plays. Do you think there's any possibility that he may come out as something else and maybe have a chance to play in the W side of things? He's going to have to stay in the MNBA, I'm pretty sure,

not the WNBA. Yeah. Too late now. to stay in the MNBA, I'm pretty sure. Not the WNBA. Too late now. Anyway, that's it for tonight. See you guys Wednesday. Maybe a dominant force over there. Okay. Good night. God bless you. Talk to you soon. Take care. Don't be a cock. Dominant force, he says.

He could be a dominant force. 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