The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - The CBP #180 (Other Notable News Stories) - More Elections, American Debates, Bitcoin Price Action

Episode Date: September 11, 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.com⁠Discord: 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/cbp⁠⁠The 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. D-Central Technologies - https://d-central.tech/Your home for all things mining! Whether you need a new unit, a unit repaired, some support with software, or you want to start your own wife-friendly home mining operation, the guys at D-Central Tech are ready to help. With industry leading knowledge and expertise, let the D-Central team help you get started mining the hardest money on Earth.

okay first notable story um i had a baby shower on the weekend god bless all my friends and family who supported us uh len i was looking for your gift i didn't see it i must have got lost in the mail so i'm your gift among uh my wife probably actually wants that more than anything you could have bought us the you know what we got uh i got so we're unwrapping the gifts yesterday and there's a bunch of baskets, right? Baskets of diapers and little knickknacks that'll help you with the kid. Great stuff. In two of the baskets, I guess, we got two varieties of booger maintenance and control tools.

One was a booger picker. I guess it's like a little plastic thing you put in your kid's nose and help the kid get boogers out when he doesn't know how to do it or when she doesn't know how to do it. And the other one, Len, is a booger siphon with a photo on the front of the package of a happy mother with what looks to be a hose in her mouth and a happy baby with what looks to be a hose in his nose and so i put this on twitter i said listen i just had this baby shower what the hell is this thing you know how many people responded and we're like you don't think you're gonna need that but it's gonna be a lifesaver for you 100 everyone simone belanger plate liquor uh all kinds of people who you know are like listen this thing seems gross but you're gonna need it for sure you know what i i'm so i'm gonna try it i'm gonna try it on myself on air that's the only way to see

i'm gonna we're gonna stream it maybe this week if we don't get a guest len i'm gonna open that thing and i'm gonna just suck my own boogers down uh the way that ricky siphons gas from from people in sunnydale trailer park i'm gonna do it for a full hour on stream do it old school don't even bother just let gravity work its way just let it run into the kid's mouth how was things done in the past right i don't know i don't know it's worked and we've we have strayed so far from god's light at this point, Len. Booger siphons. Come on. What are we talking about? What are we talking about? How is that even? That wasn't on the registry.

Look at all the people in here. That'll save booger siphon stream. Those things will save your sanity. Needed to get sleep. People in the chat, they're supporting. New parents think this is a good idea. So I don't know what to make of it. You know what?

I never use it. i never use we never use it and um make that for what you what you think is just yeah so great oh my god btc priestess i've been nursed to my dog's anal abscesses sucking out baby boogers is nothing the woman who comes to cut moose's nails offers to do his uh anal glands he doesn't have any uh any problems with that yet he's still a young pup but maybe at some point other thing i bought len uh kenzie bought me for my birthday a playstation portal you heard of one of these things no basically play your playstation on the run you're five on the run it's like a screen with a graphics card and a wi-fi adapter baked in around a controller i tried it today works pretty good all the guys that i know who are gamers like i am oh listen i take a lot of shit for gaming but i

don't really do anything except the podcast work workout play video games and do social stuff with my wife like once or twice a week and so like you're gonna start reducing that because you have 24 hours a day i know something's in life my plan is to just keep this thing in the nursery so that when the baby's sleeping i can stay in there and give my wife a break and either read to the kid if the kid's asleep play some video games on silent whatever right um keep everyone sane a lot of new fathers also uh big on on portable games so all this to say that uh a productive weekend but one that has left me len with a lot more questions and answers a lot more questions yeah you said you seem like you're

mentally scarred you know it's hang in there joy it's only going to get better from here great maybe not good that's your first notable story anyway yeah well i think that's it's a good segue into another uh great notable story is that the jobs report that came in this past week and this was an absolute doozy. And you know, if you look at it, like just on the whole, they added like 140,000 jobs,

right? Like you just look at this, it's like, man, it's not too bad. 140,000 jobs were added. It doesn't sound all that bad, but any,

like just about anything you have, you can start scratching the surface. You realize there's shit underneath and the deeper you dig the worse it gets so they would before we even talk about this you're talking about the american the american jobs numbers yeah these are insane yeah they're that's exactly and we have to to you know just preface everything that and recognize the fact that we had sharp revisions, downward revisions for June and July. So with that being said,

we have now the table set. Everything's been revised sharply downwards. August comes in 140,000 jobs have been increased or created for the economy in the month of August. Really good. No, because part-time employment, this is as CNBC part-time employment increased 527,000 jobs while full-time employment this is as cnbc part-time employment increased 527 000 jobs while full-time

employment fell 438 000 jobs you do the math it's 120 000 jobs ish that's been created as a just it's an insane amount of jobs that are lost full-time it's going in the wrong direction and it's continually going in the wrong direction this is not an economy that's strong this is not an economy that's booming this is an economy that is flatlining and it's going to in the wrong direction. This is not an economy that's strong. This is not an economy that's booming. This is an economy that is flatlining and it's going to be tits up not too long from now. And the sad reality of this is this is happening now as we lead up towards the election.

We are now a month and change away, almost two months away from the election. And this stuff is being reported now. It's not going to help out the incumbent because let's be honest what the uh vice president harris is the pseudo incumbent here it's only only going to add fuel to the fan of flames for trump to make him say look shit's going pretty bad how can anybody look at this and say fuck things are going well it ain't when you're having jobs like engineer jobs

with doctor jobs whatever they're being cut because the economy is hard because there's less people coming into user services because it's more costly to run your businesses and people are doing uber and fucking waiting tables shit like that that is not long-term growth i got a bigger banger for you here go ahead okay just in august okay foreign-born workers plus 635 000 jobs that was next on the thing go on this is insane native native-born american workers minus 1.325 million jobs so 1.3 million native-born americans lost a job in august while 635 000 uh foreign-born workers gain a job. This is not a lot of migrants. This is not a right-wing conspiracy show, okay? We don't dabble in conspiracy.

We try and speak to the data. We try and speak to what's in front of us. I know you do for sure, Len, because you're gathering the stories, but I try to read a ton of stuff, including the bank letters from Derek Holt and guys at TD and CIBC and Scotia, you name it, right? I subscribe to the QTR blog. I subscribe to a bunch of blogs that I read regularly, right? I'm in Telegram chats where this data is being shared. None of these guys are conspiratorial. They're writing to produce content that they think makes sense and presents a viewpoint on the data. One of the things I see a lot is this idea that, you know, native-born Americans, Canadians, whatever,

are being replaced by foreign-born people. This is a broadly accepted right-wing, you know, sort of extreme right, right? I won't say far right, but I will say extreme right conspiracy. How are you supposed to contend with people who think that when you look at data like this? There's nothing. This is black and white in terms of punching in the face.

Now, the only thing I would say about this, the only thing, because it's saying native-born Americans versus the rest. That's what I'm saying. It could theoretically be, there could be some people in the rest yes that's what i'm saying so it could theoretically be there could be some people in the rest category that have been in the united states say for 30 40 50 60 years and part of that so there are going to be people not to say that they have any more value

or less value i'm just trying to say at least they have more skin in the game there's wiggle room on the fringes right to make the data if you dig not as bad as it seems yeah but what i don't but what i don't see is anyone from the administration making that case there's no way you could take this and massage it and say one of the things so one of the things in the notes for some of these tweets is that the data is misleading because prime age employment among native-born workers is increasing it is factually incorrect to say that these numbers represent 1.3 million native-born Americans losing their jobs. They're retiring. I sort of sympathize with that, but the idea, you know, if even a third of those people are retiring, you're still down, you know, a million jobs while foreign-born workers are

gaining jobs. And 30% of the people who lost jobs in August didn't retire. We're in the middle of a recession, right? The numbers are weakening everywhere. The data shows this. The Federal Reserve is about to respond to this with a rate cut. So people who are saying that this is based on retirement or demographics, no, no. And by the way, what does retirement mean? Retirement could mean what, Len? Here's your golden parachute. Take care. See you later. Don't let the door hit you on the way out.

We're not paying you another two years. Here's your severance package. You go now. That's retirement. But it's not the retirement that you wanted, for sure. And it's not the retirement that's going to get you to the day you die, for sure. And so all this data, we used to say this all the time when we first started doing the show, because I think we were one of the only shows talking about the data like this.

It's a shell game. The numbers are meant to look a certain way to enforce an action that's coming from a government agency, in this case, the Federal Reserve. Well, it's not government. Yes, it is. The data is only meant to support a narrative that means that these guys can act a certain way. There's no other reason to pretend that this data is good or bad or in between.

Like you said, it's very black and white. Foreign-born plus 635,000, native-born minus 1 million. If the strongest case to be made that this data is cooked is that we didn't include retirements i i think this is really really painting a picture that's going to add fuel to the fire of the lack of cohesion in society how else can you paint this right there's no other way well and before the election we have at least one more month of data that's going to be reported yeah for the month of september i don't think the revision the revision will come in november right for the you don't even need to revise it well you'll have to they'll revise it somehow it's never sure they will this data is

not good but the real data is going to be worse than this and so exactly that's a good point but in terms of this, it's really bad. And this is going to be, for September's numbers, is going to be even closer to the election date. I'm not sure if October's numbers are going to be released in time for that. Not that this is really going to make a decision for people, but it's just going to hammer the point that it's not going well. And the United States economy, for a long time we've been hearing

things are going road things are great everything is rosy and rate cuts are looming rate cuts are going to be coming because they just want to fucking get things moving in the right direction oh my understanding is that rate cuts come when things are going well i heard from uh the finance minister no it's gonna well in the united states it's gonna be at a cost they're it's going to be they're going to lower rates and inflation will probably start going up just because of the fact that we have this humongous debt 35 trillion dollars it's costing them a trillion dollars annually to fucking just service this yeah and the only way to do this is to add a more debt they're adding

a trillion every three months to the debt now. Yeah, every 100 days. It's another trillion. A trillion in every 100 days. That's insane. People see this stuff and they just pretend it doesn't matter. To be an economist is to pretend that that doesn't matter. This is the correlative

relationship between debt and professional economics. It does not matter because now we're talking about trillions and we've lost sight of what a trillion is if we had the same type of debt 20 30 years ago we it would have fucking made people's heads explode yes over a period of time it happens i'm gonna say slowly enough we just we just accept it but now it's happening at a pace it's not slowly anymore it's much quicker 100 sorry a trillion every 100 days soon it's gonna be every 90 days and every

80 then that number you just look at that chart it's just parabolic what happens at that point vibes are gonna be heading lower i'll tell you that it's not gonna be all-time high vibes the party of joy and soy is not going to be able to win an election on the back of vibes if this continues. They can't cut rates. I know. They can't cut rates in an environment that they're

going to have inflation. The rate of change go up. They're going to have to raise rates, and then you're going to be back to square one. People are going to be suffering because there's going to be less debt that could be accumulated so businesses won't be spending as much and borrowing as much to to try to grow and then getting into homes will be more costly and so do you think len not to cut you off but do you think if you were renewing a mortgage in uh let's

say in canada yeah february all right let's say they cut every month until february so you get the rate down to i guess it'd be like 3.5 at that point, something like that. Whatever. Do you think you would lock in for five years at 3.5? Or would you go variable with the expectation that things keep going lower? It sounds to me like you're at least thinking that there's potential for inflation to really kick back up and rates fly upward again over the next five years. Instead of kind of sitting in the lower bound i'm gonna have to make this decision soon because january i think when really yeah live

stream your visit to the bank yeah no you imagine walking into the office with your phone running in a wireless mic friends and you know what slen here we're at the bank i went to the bank this past week and it was the first time i stepped in a bank in a long time yeah it's because um i wasn't able to withdraw cash um so i had to like go there and they had to like set up my account like it's just so fucked up yeah but it's the first time i stepped i should have like live streamed that whole event because me in the bank just doesn't really work that well i've been in the bank with you a few times when we were setting up our – It's been a long time. That's been a few years.

I think that's maybe the last time I stepped into a bank. That was when I still had my Achilles boot on, I'm pretty sure, the first time I went with you. So I haven't stepped in the bank in a few years. Yeah. And it's probably going to be a few years before I step in the bank. So we'll see. We got people in the chat saying by 2025 they would lock in. P-Man, Boomdust, 2025 they would lock in p-man boom dust it's 2025 yeah

i'm not sure what else you want to say i don't have a i think i'm on a blended because i moved i'm pretty sure when i renew if the rate is under four percent i'll probably lock in it will be under four percent yeah i'll probably i'll probably lock in and you know what len i may even say to the bank i I'll lock in for 10 if you give it to me at 5%. Throw in a pen. We got a deal. I need a pen and a t-shirt. T-shirt is always a price, right? Oh, a t-shirt, yeah.

BMO or TD Bank or whatever. Yeah, yeah, yeah. I locked my mortgage for 10 years and all I got was this lousy t-shirt. CBP, we got to go back to Chicago. It's been a while since we've been this week i guess but yeah seven days um i've been you know we've read stories about people making claims in chicago you know if you call the police you could take up to an hour or plus for cops to show up and maybe

some of the reason for this because the lack you know the workforce they're just stretched thin because apparently a chunk of the police force is assigned to guess who mayor brandon johnson's person he is this guy's balling this guy is just a fucking sponge for content for us incredible so apparently the number like the overall workforce 1.2 for what's 1.25 percent of all sworn cops sworn officers are assigned to mayor johnson's personal police detail so former chicago police lieutenant john gorito came out this past week and he recommended that the city give up consider giving up 100 of the 142 officers that are assigned to the security detail so that way they can improve public safety and so

forth 142 officers that are just assigned him that's interesting i'm not sure if that's a par for the course for every other big city but from compared to the previous mayor gosh i forget her name now um she actually had a lesser amount of cops that were assigned to her police detail so it's gone up like everything inflation everything goes up so he's he has more were assigned to her police detail so it's gone up like everything inflation everything goes up so he's he has more people assigned to him uh police assigned to him than the previous mayor what was her name she she was an interesting fellow uh beetlejuice yeah um lightfoot lori lightfoot yes yes so i guess to her credit she had less people that were assigned to her unless police officers that were assigned to her in comparison. Either way, 1.25% of all cops sworn are with Mayor Brandon Johnson.

I'm looking for some Chicago cop-to-pop ratio stuff, but it's not easily accessible. In Hamilton, the cop-to-pop ratio is accessible through the sergeant's or police chief, I should should say his annual report when he proposes his budget to city hall he has to do a slide deck and it's it's very well attended in person and online because it's trendy at the moment to hate police officers though oh we have a chicago resident here oh good who is it let's see chicago resident here striking d-y-o-r media we gotta get some boots in the ground what's going on over there no we

need to know to ask brandon what he paid for a haircut last week uh okay so i i'm trying to find some chicago pop uh cop the pop you should be like i think in the 500 or so range something like that 500 or a thousand i forget exactly what the number is so for every thousand people in your city you should have one cop basically and i And I don't know what Chicago is, but presumably, it's hard to keep that number at the correct ratio as crime is going up for two reasons. One, as crime goes up, generally, it means more criminals show up in town. And two, as crime goes up, it means less people want to be cops so why would this guy take one percent he said one percent of the force for his 1.25 percent for his own personal detail like

i mean presumably you're sleeping seven hours six hours a night as the mayor maybe not that often or not that much um you know you're in city hall while you're sleeping but like city hall doesn't need additional protection like presumably city hall is protected anyway right so like you don't need a guy walking with you while you're at work at city hall unless you never work at city hall do you remember rob already surprised himself yeah because he was a man of the people people say that that guy people say people say that guy wasn't popular but like it's hard to argue with some of the stuff he did his brother's the same way his brother's like out there all the time doing shit at stores is going to go stations like he's you can say you don't like the guy but he's popular uh google police recruiting classes in chicago listen buddy i my

sanity is already at like run pretty thin maybe i'll do that for next week but i can just imagine what the hell's going on over there i i don't know len do you think that uh do you think that brandon's gonna you know change this policy based on uh the comments of a former police sergeant chief whatever i doubt it you know i'd love to know if uh the mayor was supportive of the defund the police back in the day i'm curious life wasn't i don't think they can't be over there it's a war i don't know iraq i don't know but and again but to her credit again i just keep going back to it she had less people assigned and it wasn't all that rosy at that time it's been pretty tough so whatever it is what it is good for her and good for him like you know he's

living a good living a good joey let's move north let's go to Canada and where are you 20 minutes in I'm not sure if we talked about this story I'm not sure if we did like we may have but if we did it certainly deserves a revisit the province of Nova Scotia

and they're building what the nova scotian government has called the palette village this is nuts in dartmouth nova scotia specifically the west fall area and i don't know if like palette village doesn't have a lot of cachet to it they should have given it like Pallet Village or something. I think that they wanted to ride the coattails of the famous Pokemon City Pallet Town. But Pallet Village doesn't really... I like Pallet Village. Pallet Village, yeah.

You kind of, you know, Billionaire's Row. You're like, Pallet Village. I like that. But I'm trying to make fun of it. That's pretty shit. Because what they're doing over there, they're constructing in Pallet Village 41 pallet homes. This is not Sunnyvale boom dust. It makes the size of these homes.

It's just like I've seen bathrooms that are bigger than this. Each home is 76 square feet. That's it. And from the outside, it shows a good visual at how big that is. That's basically from wall to wall, wall to wall. They're very, very tiny, Joey. So in conjunction with this...

Hang on a minute. You're telling me this woman here, her name is what, Len? I wouldn't even have a clue. Come on. Senora Large... Debra Large, the manager of Tiny Meadows. This has got to be, like, again, are we in a simulation here? We got an oversized woman named Deborah Large presiding over, you know,

she's the queen of this little, this tiny, tiny meadow shelter village. What are we, this can't be real life it can't be let's just move on i mean len come on like what this is this is nuts there's more to this too because not only is this 41 pallet homes being constructed in conjunction with that with that there are housing options that they are providing for 35 black and african nova scotians in a project dubbed the aquaba reverend wallace smith senior campus this is this is going to be you're you are like entering into the hall of fame of not laughing during some of the stuff you say on this show so If you're able to keep a straight face for the next 15 minutes. I'll try, man.

For that project, the government is forking out $2.3 million annually for operating costs, staffing, wraparound services, supportive programs, and building leases. So there's two different things. We have the 35 pallet homes that they're setting up and the 35 housing options. Sorry, the housing options they're providing for 35 black and African Nova Scotians. As per the Nova Scotian government webpage, like this makes the trailer park homes look huge by comparison. And the goals of these two projects are to help transition people to more permanent housing.

And I fear this may more permanent housing and i fear this may become permanent housing you got that right and so this i'm looking at this we've talked about was it trailers like actual trip this is like a trailer almost we talked about a guy renting a campsite we talked about a guy living on a cruise now we're talking about a guy living on a cruise and now we're talking about a guy living on a pallet in a pallet house in pallet village tiny meadows pallet village it's just big enough to use the drugs you got from your safe supply vendor i'll tell you that um i mean what what do you what can you say about this my instagram algo feeds me these videos of this Chinese woman who always starts her videos with hello boss. And she sells 38 square meter aluminum, the way she says it, uh, trailers. And I went on Amazon

and went to the website one time just to see like, what, why am I getting fed these ads? And then I noticed last week, maybe, or on the weekend, I forget, I got an ad from that company and it said, hello, Balsa, aluminum trailer shipped to Canada. They know that there's a market for these things in Canada, the $30,000 aluminum trailer home, right? Well, why is there a market for them? Well, because people are living in stuff like this. We're building this stuff on government land,

presumably, and charging the taxpayer for it. Now, I'm not saying this is not better than tents. It is better than tents, of course. It's safer than tents. It gives you a little bit of privacy. And with privacy comes the chance for self-reflection and things like this that I think can lead to good outcomes. But on the whole, the bigger picture is that, like you said, what is the plan to make sure these are not permanent residences for these people? I don't see one. The article on CBC doesn't have one. And I've yet to see a real strategy, a pipeline for people to go from the pallet home to a home of their own or an apartment of their own or a permanent job or a

permanent community. I haven't seen anything like that. And so I just wonder what's the intention here? The intention may be pure, but without a plan, you're really doing a disservice to not only people living here, but the people who are paying for it via their taxes, instead of paying for things like healthcare, instead of paying for things like education, instead of paying for things like roadwork or other infrastructure. These are difficult things to talk about. And I'll tell you what else as, as infrastructure crumbles, what you, what you will find is that people with, um, you know, beliefs that are niche, you know, they're, they're harder to support. Uh, and people are more willing to let things fall by the wayside that maybe they weren't five years ago because they want to see things improve.

And if healthcare and education are crumbling, it's not going to be a lot of support for, you know, pallet shantytowns on the outskirts of your city, even if they're needed. This is the cost of doing business. This is the cost of decades and decades of poor monetary policy, bad politics, uh the cocktail of mistakes that those things produced when they were stirred together so you know that's um that's where we are i hope it gets better i think it'll get worse before it gets better but in the meantime

you know we'll just talk about on the show have a laugh shed a tear and move on go on amazon just type in modular home yeah it's gonna be the etong the Etong house, I bet. I'm looking at it right now, and Canadian dollars as low as $7,000, and you see a bunch up to like $25,000, $26,000. So this is the way things are going to move forward. Just slap down a slab of concrete. 100%. And just put one of these guys on, and away you go. Like, what the fuck?

Like, a good gust of wind could just pick this guy up it's sad like you're saying it's probably going to be the norm moving forward stats can for the month of August actually no sorry for the second

quarter they showed that canada's economy grew at a faster clip than expected so in q2 it went faster faster than expected so it annualized it grew uh 2.1 percent and it was above the 1.5 to 1.6 that was the number that was expected by economists and the uh thinking heads the second quarter growth that was expected by Economist and the Thinking Heads. The second quarter growth, though, was led by government expenditure. Shocker. And also they're saying increased business investments and consumer spending was higher on services, according to StatsCan.

So the consumer spending is higher because inflation is higher. Everything goes up. So they have to pay for a plumber. It's obviously going to be more. And so that's probably how it's being captured. Anyways, according to the CBC article that I have, they said the government spending can be attributed to higher wages for public employees and with an increase in hours worked across all levels of government. And look, I'm not an economist. I'm just some dude in the basement.

And what the fuck do i know but government spending leading the way i don't think it's a long-term solution for moving the economy um if maybe one quarter fine maybe two but if it's for a bunch of successive quarters really i don't know if that's what you really want to see but hey again i'm just some guy in a basement maybe i'm wrong um we'll see what could go wrong with you know 50 60 70 of the population relying on government for their income also are we growing on a per capita basis you know i don't know we're not the seven out of the last eight quarters we've gone downward in per capita basis. So for people who say that things are good, they're not. For people who say, look, the G7 this, G7 that, no. People who say, oh, the IMF said this, IMF said that, no. Per capita is your overall quality of life.

If that's going down, then your situation is headed the wrong direction. It's worsening. There's a lot of consequences for policies like mass immigration and currency debasement and avoiding energy production, even though we're producing more natural gas than we ever have here. But I digress. Financializing real estate instead of putting that money in productive assets. The guys on Looney Hour do a good job covering this. Rich Diaz, especially, friend of the show, who's very passionate about this topic. There's consequences for this. And anytime I hear someone say that we're high in GDP,

I always just assume 100% of the time correctly, by the way, that we're down in per capita GDP, which is the only metric that matters. That's the one that matters. Everything else is secondary. And people are going to start finding this out in Canada sooner rather than later, because there's going to be more of these little pallet towns popping up, even as GDP is great, even as the economy is booming, even as policies are allowing for the Bank of Canada to cut rates. I'm not sure that that's the hill I'd be dying on, personally,

because oftentimes that's not the case. We see cuts when economic data is softening. And so you can tell me that the data is improving and that we're doing well. But what I actually see on the other side of the coin where rubber is meeting the road is that steps are being taken to protect us as we come crashing down to the runway here. And I'll tell you, Len, the seatbelt sign is still on for sure uh it's going to be a bumpy ride canada is reporting unemployment for the month of august stands at 6.6 and it's been seven years since this number has been this

high in quote unquote a normal year during the early 2020 2021 obviously unemployment shot up way higher than that so you have to kind of throw those numbers out the door and so without taking those into consideration it's been seven years since we had unemployment at 6.6 percent and the bank of canada has to date already lowered rates three times this year um the past few months in fact and each time was 25 basis points so the latest news may fuel them to do a 50 basis points cut next time they decide to do this and with canada now putting the brakes on temporary foreign workers so we've talked about that at length last week and they they're also stopping the issuing of student visas or slowing that down, at least.

It's going to take time for that to feel effective. But theoretically, over a long enough period of time, the unemployment rate should drop because those categories of people that fill those categories are going to be dwindling in numbers. So another metric to consider too is that the average hourly wage growth for permanent employees, they're showing signs that it's starting to slow down. That's brutal. What a time for that. That is just terrible timing. It's not a huge drop. It went from 5.2% in July to 4.9% in August. But if the trend continues, it's going to make lowering rates much more attractive.

But then the debt, trying to service it, blah, blah, blah. The Bank of Canada, they're put in a tough position. They're going to be painting themselves into a corner. So that magical 2% that they're trying to achieve, and that's, I don't even know why 2%. They're not trying to achieve it anymore. They care about employment more than they do about inflation this is the case in all the big modern economies big i mean canada's like you know whatever top 15 isn't that one of the mandates though for the central banks it is in the states it's not here it's different here no it's different here i'm pretty sure someone can correct me on that if i'm wrong the states has the explicit two-prong mandate but i think here we're a little different all right take a peek but next month i think or in two months is uh the

next time they're going to be meeting and releasing information for the rate cut by the way the bank of canada's mandate is to promote the economic and financial welfare yeah so yeah so it's part of their their mandate so it's it's defined in the bank of canada act so it's nice and vague you can do it in their job something in between something else who knows right these central banks like you break it down what the heck are they they're just there to create money and it just it doesn't make sense and yeah they make they make the creation of money easier or harder through the rate lever and like i don't know what else to say to people who think that the central banking thing is a good idea if you go back a couple of hundred years and tell somebody this like somebody that has an idea to grasp all this what the fuck is going on

but because we were born and it's just been ingrained you know when you when you go to the store you drop a fiber and to buy something it's just you know that five dollars has some fucking value to it and you're able to buy pack of gum or to fucking buy with five dollars these days but that's what it is because we are born in the environment it's like an inherent right that we understand it if we're using this money and it's just that's the way it is and the central bank's the one that administers it creates it destroys it whatever the fuck they want to do with it it doesn't seem like right i mean that's why bitcoin man that's why it's so true it's so true boom dust in the chat bank can't i can't

really do much to fight inflation right now we're in fiscal dominance territory i agree kevin muir and i talked about this and uh although we had some disagreements on the sort of details, I think everyone thinks we're in fiscal dominance now. You know, the Bank of Canada can't fight spending programs. They just can't. They can't fight deficit-based governments. They can't fight currencies that are not based on any sound backing. Nothing they can do.

Central banks are a relic of a time when that stuff was possible but now um as in all previous cases where democracy was tried governments try and buy votes with money that they don't have and uh what did margaret thatcher say then eventually the problem is you run out of other people's money to spend so that's um that's the direction we're headed i think anyway it seems to me that that's the case. Not sure if you saw this one, but somebody on Reddit posted something interesting. And it's someone in Canada who claimed to be a new grad for mechanical engineering.

And he said that he was offered a job at $45,000 Canadian starting salary. And a poster explains that he has two years of co-op and internship experience and some lab research experience so it's not like some paper champion this guy has some real life skills he went through mechanical engineering is that's a legit yeah stream he's got that ring on that pinky so yeah exactly this person like i mentioned was offered a position starting salary of 45k so assuming that there's some massive upward mobility,

I expect that in this type of field, but a story like this makes me wonder how many people will read this and hear this digest this people, you know, this guy went to university four to five years, this internship, all this shit. And he's making slightly more than somebody working at Tim Hortons.

Yeah. You know, uh, bless McDonald's. McDonald's has a poster up near my place, I think for 24 bucks an hour to be a manager. So you actually, it's that'd be 48,000, right?

Plus I think McDonald's has benefits and a bunch of other stuff too. Yeah. So it's, you know, if you add it all together, it should have been a burger flipping engineer. Hmm. So this just highlights,

I don't think this is systemic and it's representative of every mechanical engineer but it just goes to show you the economy how tough it is but also how difficult it is for young folks out there to this guy or gal not sure what it is but either way you know he's got to pay for his roof over his head for sure food to go in his belly and he's got to get drive to and from work on with 45k man that's tough the fucking dude now he's got i assume that that he has to pay back from schooling i don't know sure if you you know just you got us all together man it's fucking tough for young folks i feel bad for them pretty crazy like it's not like this is uh again you and me are doing the show every week, so we

see this, but I think when you talk to people about this, they view it as a hypothetical. People are working, there are people out there who are getting mechanical engineering degrees, who are getting offered jobs for 45,000. And I think folks who don't see it are often assuming that this is an imagined scenario or something you saw online. In this case, it's Reddit. But a lot of people post proof. I mean, there was famously that guy a few weeks ago who was saying that he was applying for jobs everywhere

and he was also an engineer, I think. Right? And then eventually he got a job and he applied for like 700 jobs and got three calls back or something like that. That's an amazingly bad you know return rate and there was a and there was a job fair at the convention center on the weekend too in toronto 17 000 attendees 17 000 can you imagine that and so i'm wondering how many of that 17 000

are part of the student visa slash temporary foreign worker 80 it looks like in the line yeah i'm generalizing there big time but but that number over time as i mentioned it's it's going to start dwindling it may take a few years but because they put the brakes to these programs yeah but they're putting the big again like i just said this to a buddy of mine today they're putting the brakes to the programs but it doesn't mean that these bodies are just going to disappear no it takes a long time for that no no i yeah i actually don't think it's going to dwindle at all like i think you're just going to change that to this is a new canadian resident or this is a you know permanent or whatever right like they'll become canadians

they'll still be here looking for jobs and we just don't have the jobs we just don't have them we don't need that sort of, again, I feel terrible saying this because these are people too, and they deserve a chance, but we just can't, we can't be the dumping ground for everyone who wants a better life. You know, that's, that's at the end of the day, the fact of the matter, we live in a world where resources are scarce. Those resources may be human. They may be commodity. They may be employment opportunities, but everything has its limits. And to pretend that they don't, there's not much you can say to people who just think that we can do everything for everyone. And at some point, the modern world

has to accept this and come up with a better solution than come on over, we'll build you a pallet house. That can't be the fix. It can't be. It just simply cannot be the case. I think that's it, Joey. Wow. 40 minutes or something like that. Time to watch the NFL.

Aaron Rodgers is on TV tonight, buddy. The Achilles ayahuasca champion. Is he playing for the Jets still? He's playing for the Jets. Alex Pouya, who works for Bull Bitcoin, him and I have an ongoing football slash other DMs because we have a lot of common interests that the rest of you guys don't share. So he was telling me today,

this is the beginning of the Jets Super Bowl season. Do you have thoughts on that? Nothing. Okay. I don't know. Remember the last time they had hopes of winning the Super Bowl last year? Four plays into the season. Achilles tear.

And 25 years ago, the same thing happened. Testaverde? It was one of the first series of... I'm not sure if it was their first series, but it was the first game. It was the first quarter. It just seems funny that the same type of injury was Achilles.

Pima advancing the same thing all right jt that's that's let's see if they could do it i mean i don't really don't give a rat's ass it's i can't name one player besides aaron rogers and i don't even know if he's any good anymore i have he might be i i beat boom dust in our week one matchup thanks to jameson williams heroics last night on the Jameson lock, right? Not Jameson lock. No, actually they're quite different.

The two of them. But anyway, neither here nor there come back later this week for an interview show with someone remains to be seen. Maybe we'll get the lions in a super bowl. That's like, am I reading this right? Is lions.

Lions could be good. They're a good team. They got a lot of fun. What universe am I living in? And that is the chance that the Detroit lions can. I don't know. We got, I just, I just got a message from Alex. What universe am I living in? That's the chance that the Detroit Lions can make it. I just got a message from Alex. That's a professional offense. So I don't know if he means that I just offended him or if he's watching the game.

But we're going to wrap this up because I want to go watch it too. I have to edit this show at the same time. God bless you. We'll see you this week for an unknown interview show. And until the next time we talk, take care of yourselves. Don't be a cuck.