The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - The CBP #182 (Notable News Stories) - You Are the Yield, Riot and Bitfarms Settle, Blackrock and Coinbase (Bitcoin Podcast)

Episode Date: September 25, 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.

one hour 27 seconds hey great that was a that was a good hour there um i mean where should we start on the notables we got a couple of bangers here well 50 basis points right that's the i think that's the biggest news right maybe they're trying to catch up the bank bank of canada because i don't know 50 basis points it seems like it's a rather steep cut. I'm surprised I didn't test a water with 25 to see what happened, but local pressure probably. Yeah. The thing,

and Keith Dicker mentioned this on loony hour as well, front of the show who we, you know, we should probably get back on maybe in November. Oh, I guess not. I'm having a kid. We, I got to figure out my schedule for that,

that stretch, but mentioned this on loony hour. And we talked about it last week too. We've talked about it in a number of different group chats that you and I are both in. You know how many times the Federal Reserve has cut 50 points when there wasn't either a known crisis or a crisis on the horizon? Zero?

You know when the last time they did a 50 basis? People on audio, zero times. Yeah, I don't know when 2008 was it or was it 20 when did they cut what did they cut in 19 uh when the repo market went sideways in november i think was that wasn't a 50 point cut or was it a 25 point cut the the information i have the latest one the last one was done in 2008 i believe it yeah so that's so what so where's so where's the crisis right the the currency market for the states is the big fish in the pond so devaluing the currency has impacts on on global markets maybe they're doing that to help protect another

you know g7 g20 whatever uh market from collapsing and starting a domino effect who knows no one knows the problem is all the 50 IQ reporters in that fucking conference room with Powell just keep asking the same question. What date are you looking at? And why did you only, and are you going to cut 50 again in November? And do you think this is going to influence the election? Like just brain dead, man. You know, even if you, even if you're one of these people who's like the media doesn't just lie about everything, you have to watch those press conferences and just think that these people are incompetent. Everyone's short of probably like Tim Morose, right?

Who actually does a little bit of writing, it seems like, on Fed policy for the Wall Street Journal. But the rest of them, man, oh my God, just brutal. So what's going to happen now to inflation? They're basically saying, if you're on main street you know sorry ttyl good luck well like how you know prices are going to go back up everything's going to start to roll again they're saying it's 2.5 percent the last uh number last so right like it it's not going to be instant whatever the reaction is going to be it will take a year or two before it's finally captured in whatever statistic they

want to manipulate so at that point it's long we can't do anything gas is up quite a bit and whatever if you look at what's happened this is not going to be the only one because i did some research um they did 11 consecutive rake hikes prior to this 11 consecutive rate hikes and so it's not like you're going to do a simple 50 basis point cut maybe 125 it's going to be a series that maybe not 11 maybe it won't be more who the heck knows but it's going to be a chunk that's going to be done until they get to the the ground floor and then when they realize you know we gotta start raising again but credit is now cheaper now than it was a week ago so guys carrying like credit cards auto loans line of credit shit like that they're paying slightly less than they were doing before so it's a little bit easier to stomach what's going to be

the end result of this who the hell knows um it's it's all fake right it's just totally fake right like i don't understand like every time i see this and then just i just am so numb to it and it impacts my life because my savings, my wages, everything gets impacted, but it's so fucking fake. Bank is going to start calling you pretty soon and asking you to lock in five years at the current rate. I'll tell you that because this is the indicator that the easing cycle has really started. We're already a few cuts in over here, but's you know now there's no end in sight to um the relief you'll get through interest rate uh lowering you know what i didn't check what's the yen doing because that's always a big topic of discussion yen is one to look at and the other

one i've been looking at is the dxy uh dollar index you're a big fan of that well because it's it's like a pretty good indicator about what's going to happen next with Bitcoin, right? Like, you know, under normal circumstances, dollar weakness means Bitcoin strength, means equity strength, means commodity strength. So, you know, I think if you subscribe to that train of thought or that school of thought then something it is something to keep an eye on i think you know and like it's it's kind of trending it's been trending down the last little while so you know how's the singapore dollar doing they don't have an index unfortunately hard to say they're not they're not included in any major currency baskets over there how do we get them involved i get them i don't know certainly they're underrated in my

opinion and something which is not underrated in what's going on i guess in a lot of parts of the world because we're on the brink of world war three right look what's going on yeah fucking pagers man pagers are fucking explore who the fuck uses pagers these days doctors i think are the last group of individuals that use pagers i think yeah yeah aside from that who the fuck would use this i mean it's like cd cb radio territory if you ask me like i'm just flabbergasted like let's break this down i can't get over this for whatever reason joey how can anybody carry a fucking pager these days? What are you going to,

Oh, somebody paged me. Now I have to go to the fucking, uh, toll toll booth. If I can make a call, everybody has a fucking cell phone. You're going to pick up a cell phone and call.

Why don't you call the cell phone directly? Instead of like a paging the pager. We talked about this with Mark. Cause we were like, we said the reason they do this is because there's less tracking. It's lower, lower fi tech, right?

Great. Fine. I guess that's a reasonable thing to think do you know the story of how they were able to pull this off they they set up a shell company and the shell company manufactured pagers and sent them to these like hamas hamas nicks or whatever all over the region over the course of like a year len these guys have been wearing these pagers and i think that it's weird to me that uh they like do none of these guys like go to the airport or like you know go through x-ray machines or anything like that you would imagine a terrorist would be like doing these sorts of things but i guess they didn't for a while and so these pagers with all this basically gunpowder inside uh never they were never discovered to have this gunpowder inside because they never went through any security checkpoints at least not the ones that they needed to go through to catch this stuff and then they hit them with the message bombs right they just like sent them a bunch of text the battery heats up and then boom crazy man that that is now the other question i have for you do you think the united states

could ever pull off something that like tightly targeted and tightly executed i mean either no i mean how would like you're gonna go it would have to be a different device you'd have to instead of using pagers it'd be something short of nokia or something you have to move up in terms of the tech and maybe then you could probably pull it off but nobody's gonna use a nokia these days you get fucking laughed at it get laughed at using a fucking pager i don't know that's not necessarily true like they're like trendy land the old tech is trendy now don't you have a rotary phone in your house it's a discussion piece well it's right next to my a-track player so yeah people come in the hell is that let me just tell you about dancing at the disco buddy you want your music to have texture

let me show you what that sounds like like this thing like it's getting close to like World War III. Yeah. Because Hezbollah, now they're launching these fucking missiles back, these rockets at Israel, and they call it like an open-ended battle. Like this is just, it's open warfare over there. You know, I like studying World War I or World War II. World War I, it's kind of, I'm not saying it's going to happen, but it was a domino effect right you know there was tensions already to begin with and then that guy uh killed the the um the prince and then ferdinand ferdinand archduke ferdinand and then you know the blank check from germany

and the reliance the alliance between russia and france and all this shit just spiraled out of control but now you kind of have the same thing you know iran is involved heavily with hezbollah and with iran now they're part of bricks and you would imagine china somehow involved then you can't forget about what's going on between ukraine and russia that's still in the background and ukraine is now sending shit over deeper into russian territory and russia wants to annex part or all of Ukraine. I don't know what the fuck they want to do. Like, it's just a disaster.

And you have this guy at the helm of the United States that what Donald Trump says, he's his wife. It's his wife. She's leading all these meetings. I don't know, man. You see this. This election is going to be an absolute disaster if one wins. I don't want, man. You see this, and this election is going to be an absolute disaster if one wins. I don't want to say who, but you don't want somebody

that's going to be a pushover. You want somebody there that's going to be able to just calm things out and iron out all these fucking problems, but whatever. We're just along for the ride, right, you and me? It's like, whatever. There's nothing i can do about it i'm just happy to have my sat my sat stack and the memes right the memes have been great you know it's good trump tweeting out like all the haitian cat ai pics like that's pretty funny i've enjoyed those but see even like an iranian ambassador was hurt in lebanon a hezbollah mp there's the son of the hezbollah or one of the hezbollah mps was killed in this pager attack brutal like you're now

escalating it you're getting into people that are in the bureaucracy or elected officials yeah that are and at that point because now you're getting closer to the higher ups or people that are able to manipulate or change laws or then it becomes okay things could really escalate from here and what happens what's the end game i don't know i mean i think it's going to be just a a global conflict but i'm not sure how to get around this and you have fucking syria is still a mess and they're trying to get out of iraq united states is trying to get out of iraq united states is trying to get out of iraq and that's going to be like a fucking vacuum then you have the taliban one of the fucking most armed militaries in the world after that bug out so they could do whatever the fuck

they want they could control all the middle east with what they have yeah what a fucking disaster right like i don't know whatever is what it is. UK, brother. Let's talk about the UK. Sure. Which story? It's a good one because teachers. It's a good acceleration story. Why is that a good acceleration story?

Because teachers over there looks like they're going to be allowed to work from home as a way to boost recruitment. I love it. I love it. I love it. They're going to be potentially being offered opportunities, potentially, I say, to work from home during free periods. And those are periods where they're going to do prep work for a class or markings or other stuff. Prep periods, by the way, in school is completely fake. I've been in schools in Ontario as a teaching student, and teachers just talk shit about the kids during the prep period there's no prep being done that's a fact so it looks like they might be doing this as sort of

going to be doing block times for this prep they're trying to at least try that and then if that's possible then potentially allowing these teacher to do that stuff from home. And, you know, let's go back to COVID times. You know, how good was it when teaching was being done remotely? I know we're not talking about teaching here per se, the prep time, but it's a step away from then actually class being conducted remotely. And I can say firsthand my daughter was home doing grade two and three at a time when they lock things down it was difficult to get much

out in terms of the whole experience it's i understand why they did i'm not trying to discuss i'm just trying to tell you what's the end result it's when you're dealing with other kids you get more out of it i think because you're in an environment with them, social, you build on those tools. Plus, you know, there's illnesses that go around. And I think you build some immunity when you interact with people that are sick to a degree, you don't want to get something that's gonna fuck you permanently. But getting common cold, I think there's some benefit to that, for the most part, if you're young, because then you can build an immunity that as you get older so like man these teachers over there potentially they're going to be working from home maybe opportunities for us to go work over their

joy like right let's let's go we can work from home and do the prep time the show at the same time get a visa fuck let's do kids really kids really getting fucked by this um which is terrible like that's that's the the saddest thing right because you just can't and like look i i i yeah i went to teachers college i did my placement or whatever i'm not an educational professional but you don't need to be to understand that there is no good way to teach from home or to have teachers working from home or doing prep, you know, whatever this is from home. There's no good way because schools are a community environment and they're one of the very few community environments that really need two things. They need quality people and quality people attending the community events,

attending classes in the hallways, at the gyms, at the seminars, at the, you know, whatever, right? At the assemblies. I don't know. I don't know why they want to increase, you know, I don't know why they want to headhunt this way, because what kind of people are you going to get applying for jobs are arguably maybe the most important job in modern economies, the one that needs the most attention, the highest quality people at this point anyway, you know the dead weight fall off um fall off the vine a little by little and and you know over time you get a better product the other story from

the uk i don't know if um you have this one either kira starmer wants to start closing bars earlier because he thinks people drink too much no beer here no beer two-tier cure unbelievable can you can you believe that this guy is like the least popular man on the planet at this point. Just he can't get it right. Well, those pubs are going to fucking get... I don't know, man.

He got in and it was recent that election, right? It was this year. It was like two months ago. Yeah. What happened to the guy that he replaced? The Sunak guy? He's working for the WBF. He's working for the WBF. We both came to this

conclusion. Whatever. That's the graveyard for a lot of politicians. Him and Justina Ardern, probably there too. I was going to say, I don't know if I pronounced her name. We are on the same wavelength tonight. That's great. Well, there was talk about her in one of our

chats as for there's a spiral. Whatever. Not going in the right direction. Canada seems to be heading in the right direction with respect to inflation though. They're saying inflation is now down to two percent it's not really though it's not really it's just because oil is lower like every like shelter is

still up you know food is up everything is up well there's other okay the price of homes yeah have come down though and that's just a reflection sure sure so there's that you're right uh oil is gasoline is stagnant in terms of the price and that's directly from the price of oil so yeah but this is political points are being scored here because two percent this month in the previous month, if I recall correctly, was somewhere between 2% and 2.5%. And it's been a bunch of months like that. And if you listen to the House of Commons, they always talk about it's been a bunch of consecutive months within the target range of the Bank of Canada that they have achieved. And now they're at lower rates faster and more aggressively than any other country in the G7. Very good.

This is it. And you know what bank of canada the the governor tiff macklin came out saying that they're also going to be trying to find out how inflation will be impacted by ai they're doing a study into this too so um they targeted and they tackled inflation now they're going to try to figure out how ai is going to impact it moving forward who better than tiff and the boys to work on that initiative i have nothing to say about that like i found it to be really interesting that they're looking at the two percent though the reality is right the

rate of change has slowed down tremendously and it could be to your point it could be because oil has been you know stagnant for a long time but it is true like the nothing in terms of the price hasn't really changed all that much in the past few months prices are still high though right let's be honest prices are never going to revert back to insert your here because it's not going to go back to that it's just going to be high and tomorrow's going to be slightly higher and slightly higher so the bank of canada are doing high fives people in power doing high fives is this going to result in anything politically though i don't think so i don't think there's going to be a bump in the liberal party saying to say like we achieved who would they even who would they even pass that message to, Len? They're sending it to everybody. Who would listen to it at this point? It's too late.

I've talked about this at length before. When the economy is not doing all that good, when prices get higher, the people that get punished first are the ones in power. I guess everybody gets punished first. But what they do, what's the recourse of that? They tend to vote out those that are in power so that liberals are in a huge uphill battle just because prices are high and are going to stay high. There's nothing they could do to reverse that.

It's just the reality. Yeah. Yeah. And then we had the by-election, not two by-elections just last week. Rough results for the governing party. And to be honest, I don't think it's all that good for the NDP because they didn't run away with it in Manitoba. I think that's where one of the by-elections were.

It was much closer than what it should have been and i think that they might have had a chance to win the riding in quebec if they had a leader that was that could resonate with the folks over there he's they needed a federalist party to to be the alternative they didn't have one i totally agree i. I totally agree. Yeah. Yeah. That's how Quebec, that's how NDP won quite a bit of seats in Quebec in 2011 is because they were the only federalist party standing that people would want to vote for. Conservatives never get voted in over there. Liberals, if they are torpedoed, who's left?

The NDP. And even now, man, oh man, Jack Mead's not even going to win his riding according to the latest polls. You just said that. Yeah, that is insane to me. I would love to know the number of times a federal party leader has lost his own or her own riding. 2011 is the last time I remember it

when Ignatieff didn't win his riding at Topoful Lakeshore. And before that, I think it was kim campbell maybe yeah in the 90s i'm talking about like a major party yeah well those i only care about the three big ones right yeah so i think those are the last two but that could be proven wrong um yeah it's also it's not good the liberals i was, I was watching Jean-Yves Duclos and which other minister was on with Capello's last few days. They're doubling down on the messaging. The problem is the Canadians don't know what we've done for them. I'm not sure that's the – even if you think that,

I'm not sure that's what I'd be saying in these media appearances at this point. What's going to happen moving forward i honestly i'm you've long been in the camp there's not going to be an election anytime soon i don't think there's going to be one this year because if the block want one which they may and the conservatives want one you still need may, and the Conservatives want one. You still need to have the NDP get on board. I don't think the NDP want to have one. Well, that story came out today that they only have $240,000, something like that, in cash. Oh, see, I didn't realize. I've always questioned about their finances. That's what the story alleges.

There's a couple of documents to go along with it, but $240,000, Len, that might not even be enough to run a fucking student union election at a university. No, nothing. Yeah. Two elections ago, I think it was, or three, they mortgaged their property in Toronto to run that election. So they're not going to get corporate authority. The rates were at historic lows or what? What, sorry? the rates were at historic lows or what they were low but still that goes to show you that the borrow they're

not going to be relying on corporate even corporate still limited by how much they could do but corporate is not going to be out there to support ndp and mass yeah so you're going to be relying on grassroots individuals unions and how much are they going to get people with no money ndp supporters are poor so it's gonna they are relying on the voter subsidy so the liberal party too is getting a lot of that too yeah the conservatives they have cornered a market on that grassroots just getting ten dollars from this person twenty dollars they fucking got millions of dollars it's a war chest they're gonna unload all these attack ads next election it's gonna be disgusting yeah works so well in 2011 they're already starting pauliev is spending big money on unskippable youtube ads i can skip almost every ad i get but pauliev is

paying the big bucks to make sure i gotta watch the full 30 seconds listen i come on let me go through i don't want to watch this come on let me get to my video maybe maybe ndp should go all in on hot eight or something and try to fucking roll the dice they go why don't they go leverage long on uh buying a coin or something cup and and handle. See what happens. Would it be against their MO if they got into Trump coin? I think their constituents might have something to say about that.

Anyways, Bank of Canada, you hear that they're not going to move forward with the CBDC? That's what they say. At least they say they put it on pause for now. I don't think it's going to be something that's going to be forever. They'll come back to it in the future because they already sunk in millions of dollars in several years into the project.

Not that money really means anything to them if they're the ones printing it, but I'm sure it does in the end. So I'm very certain they learned a lot from all this so far. And they say that they have undertaken significant research towards understanding the implications of a retail central bank digital currency. So right now they're just put on a hold. I suspect we're not going to hear about this for at least one election cycle, maybe two. And then that point it will hear about it moving forward. Also, as other central banks around the world start releasing it i think the bank of canada will also do the same it's good that they're waiting that you don't want to be at the forefront of this you'd rather let all these

bugs work out if agreed and i like this approach not to say i'd like to see a cbdc come into reality but i'd rather play it safe the thing kind of works as it is let's not fuck around with it anymore can i convince you that the actual cbdc is going to come on the back of one of these online identity bills i never thought of that but those are coming against those are coming soon right next year probably latest but probably it's been dead set against these CBDCs. Do you think he'll flip on that? I don't think he's dead set.

He flipped on Bitcoin. I don't think he's dead set against anything, honestly. I think they're all headed the same direction, right? The wind is blowing that way. You saw Telegram today. They're going to be giving up information to governments from now on anytime someone asks. CBDC is the next logical step in the Panopticon.

So I expect maybe they won't come from a, you know, a central bank initiative or whatever, but some of these bills for identity, for example, will be perfect for starting your online, uh, you know, identity app requirement. You know, you're going to have to use your government app everywhere you go. And by the way, you know, I can think of an app that was close to being able to pilot this kind of stuff about four years ago. Directionally, you cannot miss these signposts, man. You cannot miss them. They're everywhere.

There's a link I shared with you in a chat. Open it because it's another interesting thing that uh i had no idea this was going to share this yeah because this is from the international.gc sda it is a link that shows that canada is giving foreign aid to a lot of countries out there and one of the countries i am i don't know how but china even gets foreign aid from canada china got last year 13 million dollars in total from foreign aid so you scroll just type ctrl f and then type in china i think it's a second china click again one more time yeah there it is there you go this is the list of countries that get on the left side it's a second China. Click again one more time. Yeah, there it is. There you go.

This is the list of countries that get on the left side. It's in millions of dollars that get money from Canada. So Afghanistan is getting a hundred million. Almost. Look at this. Singapore's on the list, by the way. And we're,

we're paying for all India's kids to come here and giving them another 110 million. Singapore's on a list. Yeah. They're there. So what, you know china second largest economy in the world insane and they're getting i don't know how this age is like what fashion but if anything i thought it would be the opposite where they would have sent us 130 million dollars worth of aid but i

just learned that this is from 20 sorry 2003 sorry 2023 my mistake so last year information and yeah man just i'm just flabbergasted at the fact that there's a lot of aid being sent out to india china china well people getting in who decides what like where aid money goes i don't know like i need to know what the rubric is you could probably file an information request for that but like the rubric for deciding fund money obviously needs to be reviewed let's say if china's getting you know 110 million the other thing too is like even if you think china needs help they're clearly a country with human rights issues right clearly a country who's been on the offensive in terms of influencing elections over here they're a country who's on the offensive in terms of cornering supply chains cornering

supply lines cornering all this stuff do we really need like how like why send them any money at all singapore singapore's are like fucking rich man yeah yeah it's like you know that place i gotta fuck this thing we're getting money from this this is like you. Yeah, it's a financial hub, right? I got to fucking think of where I get money from this thing. It's almost like we're at this point now where- North Korea is on the list. North Korea. I'm not saying this is a huge scandal, but in quote-unquote normal times,

this would have gotten attention, right? In quote-unquote normal times, you would have had bigger news stories about, for example, I think it was table salt or everybody been rinsed. One of those accounts on Twitter posting recently the number of dollars that immigrants to the country get, asylum seekers to the country get. It's like $70,000 or $80,000 a year, basically. Huge amount of money. That would have got more attention but the the missteps and unbelievable resource allocation stories are so great in number now that no one can focus on any one thing you're like the zone

is flooded with stuff that's just it's bewildering maybe not you know maybe it's not like you know enraging people but it should be bewildering to people. It's just that there's so much. No one can spend more than a day or two hours or 15 minutes or whatever on any one story, and they just move on to something else. I'm guilty of that too, by the way. My friends send me stuff all the time. I'm just like, I don't have the bandwidth to care about this. There's other things going on.

There's so much. Yeah. Did you see that a lot of the... There's an uptick of those people here that are in student loans that they're filing claims for asylum? Amazing. Well, who would have thunk? Like, what the fuck, man? That's why I said, I said on Tom's show the other day that, like, if you think, not the other day, it was like a month ago now or whatever, but if you think.

Yeah, if you think. Why? What? Why does it seem like yesterday? No, it just seemed like we just won it. You know what? I made him once change his shirt. Did you?

He was wearing a bad shirt? He was wearing a... I just showed up. I'm not a very nice person. He changed his shirt. Okay, so I need to know, where were these people who a month ago were saying that when Mark Miller got on TV and said, yeah, we have to reduce the number of international students.

What did I say on this show and on Tom's show? I said, all he's going to do is shuffle the deck. He's going to play a shell game with the terms that are related to these people and their current status. It's not going to actually change the number of people in the country, which is really what needs to happen. The number of people in the country needs to drop. The people who are here on temporary visas have to be told to go home. India, I'm told constantly by every Tom, Dick, and Harry in the media, is the world's largest democracy. It's a perfectly functioning government. It's this, it's that. Well, then how the fuck can you claim asylum from there then? Go back home when your visa's expired.

That's all. That was the deal. It's not like we're changing the rules here, okay? That was the deal. We should just stick to the deal. Whatever backlash you get, who cares? Who cares? What are they going to do? Protest? They'll be in Bangladesh or whatever. It doesn't matter at that point. But you can't stay here and you can't change the rules, claim asylum. I can't remember if I said this on the show, but I'll say it now. Anyone who claims asylum should be immediately deported if they ever go back to that country on a vacation, the original country.

If you claim asylum from country X and land in Canada and then go back to country X x uh for a vacation you're deported you're not allowed back that's it boys i don't get it so let's play this out because because when you claim asylum it's like the country you came from is dangerous right that's generally the the the sort of rules of engagement when it comes to those claims and so if you leave a country because it's too dangerous and then you go to vacation in that country for two months in the summertime every year from Canada, like it's obviously not that dangerous. You can't come back here. That generally doesn't happen.

The only time that would happen is if you become a Canadian citizen. So if you come here. Yeah. Okay. Go ahead. I could play this out for you. So if you come here and you make a claim for asylum, when during that claim,

you can't leave for the most part, right? don't have any travel documents you can apply to canada for a travel document yeah there's very few places that will allow you to go there anywhere yeah so you'd have to wait to become a permanent resident okay so you get your permanent residence and you can't travel back home toward it so where they made a claim from asylum because at that point then you know what's the fuck but they can once they become citizens of canada then they are free to fly back to where they came from like but at that point in time to me a long period of time has elapsed to me that's to me that's to me that's enough like it just doesn't you're at the point now where something about the rules has they have to change they have to change but as a canadian you have the the right to travel wherever you can't like i could live anywhere maybe i'm being maybe i'm being too harsh

i get what you're saying but like i just think that there's so much backlash about all this stuff from you know the indian community and the international student community and and you know the universities and the colleges and the corporations who are using low-wage labor to supplement their their you know quarterly reporting i just don't care like i do i do not care i all these things need to burn down man all of them the systems are so broken at this point that you know we we actually for the first time ever went from calling everybody who said these systems were broken a racist to i think capello's quoted a survey 75 of canadians now have soured on immigration not soured on permanent residents

not soured international students soured on immigration was it working better say 10 years ago in your opinion it's hard to say honestly i don't i don't know i don't think a lot of the problems that that we see today i think that the system was functioning in a much better state when you were allowing in every year 300 000 people small number of people yeah because it was easier to absorb them yeah they come here they go find jobs and they help there should be there should just be rules about like who can come to len like i've said this before but if you know 20 years ago 10 years ago whatever you couldn't just come here with a tiktok video scam and claim asylum at the airport, right?

Like you had to come here and show you had income. No, for asylum, you needed nothing. Not for asylum, but to immigrate here, right? Like this was the sort of more standard operating procedure from a place like India, for example, right? How many Indians claimed asylum 10 years ago? Not many. And now?

I think it's uptick because there's a lot more and they don't want to go back. It hasn't just uptick. In the minister's own words, the number is alarming. Something's got to be done, for sure. I don't know. The process is they'll be heard. The asylum case

will be heard. If it's fraudulent or doesn't have it, eventually then they'll be asked to go back if they don't go back willingly then they'll be forcibly removed yeah yeah and then it's going to be that's ugly that's ugly yeah it is and then they can't come back at all at that point um last story i'm not sure if you heard about this, but in Vancouver, everyone knows the price of homes is so fucking high. Oh, yeah. And the government of BC is going to try to invest $670 million in this new program.

2,600 new housing units are planned in the Heatherlands in Vancouver, and they're going to be sold at 60 percent of market value this is going to be a joint announcement uh but it was a joint announcement by the province the city and three first nation uh communities and i would like to say their names um sorry i'll try it squamish is one of them the other two is hard for me to pronounce i'm so i'm just going to leave it at that sure um so this is an attainable housing initiative and so 40 of the financing is going to come from the province as i mentioned 670 million dollars so example market price of a 620 000 studio unit is going to end up costing the buyer 372 000 in the end what could go wrong from this

i don't know but this is one way to make things more affordable but man you can't have everybody get it there's only 2400 units 2600 units let's let's tie this into the mortgage rule change right so you got you got all these things that are pushing on demand while supply is not just stagnating, it's actually dropping, right? Lower number of starts than 2016 or 17, I think I saw. So there's two problems. One is that the people who are being quote unquote helped

don't seem to understand that the prices of all the things they want to buy are just going to go up. That's one problem, right? And you're seeing that as far as supply and whatnot, including in the story you just mentioned. The thing that really caught my attention though, Len, is that the new benefit for the mortgage rules here. So just the rehash for people who only listen to the second half of the show. If you are a new buyer of a home, you can get 30 year AM on an uninsured mortgage or an insured mortgage now. And also if you're buying a new build, you can get 30 year AM on uninsured or insured mortgage. In both cases, the cap for the total cost of the home is $1.5 million. No, that's the insured part.

So that's going to be CMHC insured will be up to 1.5. Previously it was 1 million. Right. So the implication for me there, Len, is that there's some portion of the government that thinks that the Canadian starter home costs one and a half million dollars. What's that 12 times 13 times your income way more i'm not sure how many people are earning a buck and a quarter yeah um so like what no one thought that was something we should maybe double check on before we launch this initiative? No, of course not. Because there's an election around the corner. That is bad. The idea that a Canadian

starter home should cost, again, like I said, 12 or 13, because if you're a couple, maybe it's 12 or 13. But if you're single, yeah, you're talking 30 times probably, right? Something like that. Crazy. And a 30 year AM will cost you a bunch more in interest payments. Um, it'll cut into your retirement years. I don't know, buddy. Like this is why you Bitcoin, right? This is why you don't like real estate is this. I can continue to think it's like a ticking time bomb. And I think a lot of people who have like rental companies and rental properties and students rentals and whatever, like good for you. Keep the train rolling as long as you can, especially if you're not leveraged up, you know, if you're buying cash or whatever.

But the housing market here is about to go into bubble territory that has never been seen anywhere on the planet. Never. And how will this be backed it's it's gonna have to be with some sort it's backed by the taxpayer at the end of the day right yes yes and that's gonna absolutely wreck the valuation of the canadian dollar yeah and then the price of homes are gonna go i mean it will drop down tremendously during that initial crash but then eventually you'll find a floor and then ramp back up because there's going to be a flood of currency that's going to be going to be floating around and then there'll be more demand stimulus too probably right demand stimulus is what you get is what voters think they want

basically so anything that helps you but with your buying power that's what you will get that's they'll they'll bail out these people with your tfsa joy so that's what's going to be done i think we finally come full circle here and i think that's what what's going to be done is people's tfsa specifically oh my mstr and coinbase stock yeah they're, they're going to sell that, liquidate everything. It's going to be gone to a Squamish condo. So somebody could enjoy living in a shoebox. Remember those Nova Scotia homes, which are like, I forget, 70 square foot?

Yeah, the trailers or whatever. Fuck, man. Now, these are both sides of the country. The East Coast with those very tiny units now the west coast for these homes that are going to be partially subsidized up to 40 of financing by the province you know whatever those are two stories extreme ends of the country but it just paints a picture of what the real estate industry is what's going on right now and it's very important they're so high i've never i've never felt better about having bitcoin i'll tell you that every day every

day i'm more every day i'm more and more glad because i just think like you know if you if you're looking at all this stuff and you don't have any like i don't know man i don't know what to tell you i got i got buddies who still don't have any and think this is a scam. I just think, man, if you only knew how bad it was, you guys, you know. There are a couple of big events away from being totally

wiped out. 2008 was a big event, but it pales in comparison to what happened, say, four years ago. And the next one's going to make 2020 look fucking tiny by comparison. And every time we go through this exercise, it just absolutely wrecks the dollar. Come on. Let's be honest.

The U.S. dollar didn't go up and didn't lose value like 10 or 15 or 20%. It lost a heck of a lot more in four years' time. Look at the price of homes the price of cars look at what your grocery bill is that's the real price of how much your dollar is lost yeah it's a real cost inflation yeah yeah so that take that for what it's worth you know when you're shopping around for that new car and you can't find one for under 40 that's decent but before we could buy cars for 70 000 i mean this is 35 40 years ago but that's in my lifetime okay so update here before we go dollar index was 106 in april is

now down to 100 so like it's like kind of doing a little bit of a bottoming pattern here but you know we'll see they're doing it near my house uh an underpass under the train tracks it's going to cost a quarter of a billion dollars to do that joy insane insane we used to send people to the moon for that i mean that's a stretch it wasn't the case but yeah fuck we can send people in orbit for that amount and now we can only build an underpass or that eventually that's going to be you got to put 250 billion to fucking do the same thing yeah fucking crazy strap in go watch monday night football everybody uh i'll see you tomorrow night with carrie lutz financial survival network uh we're gonna be talking about um all the things coming down the pipe.

You should be worried about until then. Take care of yourselves. Don't be a cock.