The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - The CBP #192 (Notables News Stories) - GST Goes On Holidays, We Love Mayor Brandon Johnson & Biden's Pardon

Episode Date: December 4, 2024

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And here we are with the rest of the news. Scott Dietl's with me, and we'll be talking about quite a few stories today. We don't have too much time because Scott is, you got some time constraints today. So I want to try to honor your time constraints. First off, of the notable news, I'm not sure if you've been following, but we have a favorite mayor in the CBP, and it's Mayor Brandon Johnson, and he he's the mayor of chicago love the guy i want to bring him on the show in fact i put out an invite to him but he's uh didn't reply back so and also eric adams too is open invite to both you two gentlemen sadly though mayor brandon johnson

his approval rating is tanked 15 approval rating and has a 70% unfavorable opinion on him as mayor. And on top of that, there are allegations that his top staffer faces racism, sexual harassment complaints, and a few other things. The mayor, I love this guy, by the way, he was trying to push for a new $300 million property tax increase. I'm going to repeat this. He was trying to push for a $300 million property tax increase, I'm going to repeat this. He was trying to push for a $300 million property tax increase, but that was squashed by city council by 50 votes against it and zero in favor. They fucking needed it.

So the city is now just struck because they have a $1 billion shortfall and they have to try to find a way to fill that. And so what's on the table? Well, they're going to probably lay out some employees over there, including police and fire. Chicago is a rough town as it is. Now you take away some police, fire, it gets even more rough. I'm not sure if you're following what's going on in Chicago, but man, oh man, we are over here. Yeah. I mean, it's a little bit other side of the continent for me but it's something

you know it makes me think of like the Christopher Nolan movies then the first two Batman movies they made they used New York and then the third movie it was Chicago and it's like Chicago has really seemed to become

this decaying, you know, picture of Fiat society, modern Fiat society. It's really sad. Maybe this is like the ghost of Toronto's future. What's going to come? And you're right there are some comparables between the two but chicago is a more advanced state of being accelerated and here they are i feel bad for the people living there and trying to do business i i have a friend uh that has a close friend in in chicago and has a business in the core and it's a professional service. I don't want to get into what it is,

but he can only remain open for a few days of the week because of how terrible it is. And with that, he's not able to meet his expenses. So he just may end up just closing shop altogether and going somewhere else. And this is just par for the course businesses that can operate. His environment is just too bad. And then, so they close up and then there's a vacancy and there's a void that needs to be filled that will never be filled. Yeah, it's like, you know, death spiral. This happened when I was, during 2020,

I was living in downtown Vancouver and kind of watched this play out on a smaller scale. You know, the restaurant stayed closed and because they were stayed closed, they eventually just closed. And when the restaurants were closed, there was no one coming down for business lunches. And those people would typically shop a little bit. And so the death of the restaurants killed all the stores. And now you have all of a sudden whole streets

where the frontage is empty and it gets overtaken. Like those, now Vancouver has, you know, has always had a problem with homelessness, but now it's like they're just lost blocks that are completely overtaken. And I think it's like, once that spiral accelerates to a certain point, how do you encourage businesses to come back in

and try to reclaim it? It's like, now it's just toast. You're old enough to remember New York in the 90s, right? It was a tough place, but somehow they were able to clean it up and make it comparatively safe and everything got so much better within the city. So it's possible, but you have to have the right ingredients in order to do that. I'm not sure if it's possible, but you have to have the right ingredients in order to do that. I'm not sure if it's possible. Yeah, I mean, I think one of the challenges that cities will face moving forward is things like online shopping, food delivery.

It's getting harder and harder, independent of all those factors, to have viable physical location businesses. And so it's not like, you know, where I live, every residential building that's being built is being built with a ground floor for a commercial. And it's like 20 years ago, that probably would have worked just fine. There would have been lots of businesses to find but um i think that it's just cities are fighting an uphill battle for planning trying to manage an evolution of what this consumption looks like anyways and so yeah it's gonna be tricky you know what works is like nail salons convenience stores shit like that in those locations because there's no online substitute for that yeah and so just something that's quick but when's the last time you've been to vancouver oh i was there a couple

weeks ago so you have some reason to have you do you go there periodically like enough that you could notice you could see a change over a long enough period of time yeah yeah and i mean i don't want to rag on vancouver because like it is a great place but yeah yeah i mean there are sections that totally feel like you're inside of thriller video it's too bad because i've never been to vancouver but in my mind it seems like one of the best places in the world because weather-wise if you like you know if you could deal with the rain it's not that cold in the wintertime and it's i guess for some people they could deal with the rain, it's not that cold in the wintertime. And it's,

I guess for some people, they don't like the heat. So it's not that hot in the summertime, but you're so close to saltwater. You could go to the States really quickly. You go skiing. Like it's just, it's,

it's in the right spot, right? Like, Oh, it's the nicest big city in Canada. For sure. I used to joke when I was there that it's district one, you know,

it's like the, it's totally feels like district one. And they have beautiful beaches. It almost even gets a wrap for not getting hot weather because the summers in Vancouver are beautiful. But, yeah. I've got to give you a stat, Scott, to show you that society is crumbling.

1.4 million american women do only fans so i did some research here so 1.4 million american women are doing only fans it's estimated there's around 100 million women in the united states over the age of 18 and if you do the math of how many people are using only fans or are doing only fans between the ages of 25 and 34 well some back of the napkin math indicate that almost one quarter of all women between the ages of 25 and 34 are doing only fans it It's fucking incredible. If nothing else that shows that society is fucked, at least in a digital way.

But like on top of this, there's also a recent study that shows one in four adults are going to remain single for their whole fucking life. You got low birth rates, abortion, sky high threats of climate change change fucking driving people bonkers. Like all this shit's going on. There's so much to see here to say, yeah, man, society is fucked.

Yeah, it's really, it's like really tragic. I think the porn thing is like, it's a total epidemic because, you know, the other side of that stat are all of the men who are like have total closet addictions and um you know a lot of those guys are probably like married dads and you know secretly squirreling their paycheck away to spend on these women i saw on the weekend there was i don't know who it was but some some OnlyFans girl, made more than almost every player in the NBA last year. I saw that.

It should be like $50 million or whatever last year. Yeah. I don't understand. How does anybody get away with it? Because I assume you have to pay with a credit card. Doesn't it show up as a statement? It must, yeah. Right?

Like, what the fuck? Yeah. It's a sad... And the fact that we have so many single people and people that will remain single. Like, the fact that the birth rate is low, this is why countries like Canada encourage immigration. And Canada has had immigration through its history.

But lately, because birth rates are very low, the only way to sustain society as a whole, because you have a lot of older people, the boomers, taking out all the, you know, they're using health care, they're pensioners and so forth. Something has to pay for this. And if it's not the young people that are having kids that are helping pay for it, you got to fill that gap somehow. And it's got to be with immigrants and people.

We bring in immigrants and people get it. You know, if you bring in too many people get angry he's like there's there's no fucking solving this fucking problem it's a societal issue there totally is this problem solved like it's solved but they we're just not going to do it like the the eastern european countries um they you have a certain number of kids you never pay taxes again so yeah like 100 i just think these are all fiat broken money problems manifesting in society. Like, you know, women are doing this because it's no longer like there aren't sort of like, I don't want to speak for women, but like, you know, it's harder and harder

to like create a lifestyle for yourself that you would want to do by earning the kinds of jobs that you would have done 20 years ago the kinds of jobs that you would have done 20 years ago. I think the same thing, you know, having families and kids that this is a cost of living thing. People don't feel like, like when we were in university line, or like when we were that age, if you were in university, like everybody assumed they would own a home. Like it was just, that's not that long ago, but like nobody, when I was in university, I remember thinking like, oh, I wonder if I'll ever be able to own a home. I never once worried about that ever. Like you just assume that you would get yourself like into adulthood, get a job and, and like all these things kind of happen.

So, um, to me it's like the crumbling value of money. These are all the sort of second order effects. And the culture stuff is the worst. You know, it's like, it's like OnlyFans to me is sort of like meme coins. It's like a, it's like a pulse on the cultural nihilism. Like degeneracy happens when you really just stop giving a fuck because you don't really think you have a chance anymore. And yeah, this is honestly partly why I'm involved in Bitcoin and why I'm doing what I am is because I think that this has proven to be a problem that governments are not willing to fix on their own. And is a solution and this is why i like the tornado cash guys and samurai guys too because it's like yeah the solution is going to come from outside the system and it's only going to come from people willing to really just do something about it

uh in terms of the government solving problems there was one issue or one problem that was solved just today uh president joe biden decided to pardon his son and he believed that he was being targeted because he was joe biden's son and so he decided to resolve this issue by simply pardoning him i i absolutely love it bring it on yeah i mean i know it i know it's normal for outgoing presidents to be pretty like loosey-goosey with the pardoning thing but uh yeah this is why like for me man i i stopped really paying attention to politics almost entirely and i when i was like i studied politics and uh in the university but it's you know we've arrived at this place where there can be a 600 page document detailing all of the

escapades with like, you know, underage girls and all this stuff. Like, this is like, it looks pretty real to me. And there's just no auditing. It's the same in Canada though. I mean, like we have, there is no incident of corruption big enough to topple a government in Canada. Like there is no way for us to audit the corruption that happens in government. It's like the Arrive Canada app or SNC-Lavalin. Like there's just nothing. And so I don't know how people can get caught up in it anymore even because just the whole thing is uh you know only has the appearance of democracy we we it's been a long time since we

had any like meaningful ability as regular people to influence what's going on remember the gomery inquiry back in the mid-2000s? They called it, quote-unquote, the sponsorship scandal. Do you remember that? No. Under Kretchen's government, there was money, and I couldn't be wrong on this, but money that was funneled through the province of Quebec, and it was

used to try to build national unity, but it seemed that money was ending up in some people's pockets that shouldn't have got the money. A whistle was blown, and it was used to try to build national unity but it seemed that money was ending up in some people's pockets that shouldn't have got the money a whistle was blown and it was uh became a big thing they ended up having an investigation done with justice gomery that ended up toppling the liberal government because at that time people were just they the liberal government at that time was 12 years in 11 11 years in to their mandate. And they decided, you know what, we've had enough.

And so they rewarded them. Instead of having a strong majority, they had a minority government. And then next election after that, they were toppled. So there are things in Canada that could topple governments. It doesn't happen this century. Or they did. It feels like a lot's changed. That's a long time ago for everything that's happened since, I would say. I don't know.

I mean, now all the members of parliament are holding on for their pensions. So nothing will happen until everyone's hit their pension number next october i think it is well there's a story i want to bring up and i absolutely love this story a everybody i hope that's aware that hurricane helene they it wrecked north carolina it flooded a lot of areas and it was just simply devastated one company over in north carolina they were they're in a business of selling trees christmas trees right and every year they grow, they're in a business of selling trees, Christmas trees, right? And every year they grow trees, they cut them down and sell them around this time of year. The hurricane came by, devastated this company. All the trees, almost all of them were just wrecked except for one, one solitary tree remained standing. And it's like this tree was the beacon

of hope for the area. Like it was this one that just stood up against this mighty storm and it survived. What did they decide to do with this fucking tree? The white house, they decided to hack this motherfucker down, drag it hundreds of miles over to DC and put it on display in the white house as a, well,

that's your Christmas tree. And it's now going to wither away slowly because it's obviously not on the ground. So look at this. This is just a symbolism of what's going on over there. I can't believe when they're talking about this tree,

it was Dr. Joe Biden was there giving the speech. Nowhere was President Joe Biden. He was just fucking nonexistent. I don't know where the hell he is but he wasn't there it was just funny to see the story was funny joe biden giving this speech was funny just everything was just fucking classic and just oh i just i think they could have at least put some guy in a joe biden mask up there um wander around for 10 years like lost it's gonna be that hard to act that out not sure if you saw this one there's the 24-hour d gens are going to get their act in order because

the sec has approved 24-hour trading for the s&p 500 and nasdaq 100 stocks by 2025 so they're going to allow 24-hour trading and it's going to be between the hours of overnight sessions between Sunday and Friday. And there's gonna be no holiday or weekend trading. So Bitcoin never stops. But man, Bitcoin is changing the apps. I'm sure this is as a result of people has to be right. I love seeing that like, but you know what? I love seeing that. But you know what? I'm just curious to see what happens when they open things up 24 hours. Is the volume going to be slowing down at night? Will there be potentially more weight?

I don't want to say manipulate the market, but at least move markets more so than the daytime. Because it's much more thinly traded in the after hours than it is between 9.30 and 4, right? So I don't know. I don't understand why anybody would own stocks. Like, you know? That's a topic of, one day we can go down this rabbit hole and I don't think we'll be able to solve it. But you know what?

There are people out there, I don't want to defend them, but from what, but you know what? There are people out there. They, I don't want to defend them, but from what, you know, they have these tax advantage accounts that they want to take advantage of like TFSA or Canada. The only thing I'm afraid of is there will be a point in time where you may want to get your money out ASAP because shit's hitting the fan and you're not going to be able to get your money out ASAP because shit's hitting the fan and

you're not going to be able to get your money out ASAP. There's, there's the delay from when you first sell and then it's got to go through the brokerage and then it goes to your bank account and then you take it out. That's like a long process. That could take days and a lot could happen in days. One of my favorite podcast episodes we've recorded

was with Tony Yazbek from the Bitcoin Way. And Tony's story is he was sort of like, you know, really successful, like internet security professional, sort of retired living in Lebanon. And do you know Tony's story? Have you? So he had some, significant sum of US dollars

sitting in a Lebanese bank when the bank of Lebanon devalued the Lebanese pound by 90% overnight in US dollar terms. But when they did that, during like the evening of the night before, they auto-converted any U.S. dollar deposits and confiscated all the dollars. And so basically everybody got totally rugged and lost everything. And yeah, his story is one I think that, you know, what's interesting about that story is Lebanon was not some like, you know, Sri Lanka, like not to offend anyone who's from Sri Lanka, but this is like, you know, firmly sort of second world country developed economy. Yeah, billionaires, there was like, there's a lot, there was lots of wealth there.

And so it of wealth there. And so it can happen there. It can happen anywhere. And I think this is where Canada, Australia, Europe, we're just totally frogs in the boiling pot with trust in the legacy system. And at a point in time, like I say, if it happens in these places like Lebanon or wherever, can't say it's not going to happen here it's possible the chances are low but you're rolling the dice every day oh i think the chances are very high over a long enough period of time yeah i don't think it's going to happen overnight and i don't think it's going to happen within the next

year i think this is something like over a long enough period of time absolutely it's going to happen that's just my opinion i could be totally fucking wrong but that's why the bitcoin network at least right now doesn't stop as long as i have my keys i'm good i could move around my wealth wherever i want to whoever i want whenever i want it doesn't matter it's I have total control over it I can't say the same with my money in a bank or at least from the stock exchange I love that meme that's like one it's not your money two it's not in the bank three it's not even money let's talk about the state of Canada these days and it's interesting what's going on because we have canada post that's our national courier our national post office it's now on strike it's been on strike for two and a half weeks now so it's been going on and on we have a gst holiday that's now been proposed i think it's

been passed and so that's going to take effect for the next couple of months starting this week, I think. $250 may be airdropped by the federal government. I think that still has to be worked out, but we're going to be getting $250, everybody. And there's going to be a 25% tariff, it looks like, that's going to be put on all goods

coming from Canada to the United States. The dollar didn't really react all that well to that news. Here in Ontario, they have also said they're going to match the gst holiday on those items 200 checks are going to be coming to ontario residents you're not i'm not sure if you're aware but ontario the provincial government decided to airdrop 200 to everybody next year so it's gonna be nice just before the election they could just look at all these little things and say this is there's you know shit It's going to be nice just before the election. You look at all these little things

and it's like, there's shit that's going on you would have never expected 10 years ago, but it's happening here and it's all just piling in. Then, on top of this, the United States said that they're going to stop taking

any mail because of the strike. I'm not sure if you saw this. I didn't see that one, no. said that they're going to stop taking any mail because of the strike. Right. Did you, I'm not sure if you saw this, but we haven't seen that one though. Yeah. So the incoming mail from the,

from Canada is going to be stopped because of the strike. So you can't mail shit out at least using traditional means. And it's not going to be picked up by the people over there in the States. So like, well, we're definitely on an Island over here. Oh,

and there's one last thing i just wanted to mention about the gst holiday and the money that's going to be airdropped to 250 dollars the toronto star was reporting that a liberal by the name of chad collins he's a liberal mp out of hamilton he says that he was considering voting against this and when he talked about this, they took him aside and they said, there will be consequences. If you decide to do this, I expect it would probably kick him out of the party, but either way,

like even people within the party, liberal party, there are some people that don't like this type of move. I don't know. There's a lot here to unpack. I'm not sure if you want to add anything. Yeah. I mean, I, you want to add anything. Yeah. I mean,

I, firstly, I think like, you know, you'd be insane to hold any assets that are denominated in Canadian dollars because of the managers, like the management team of Canada, like it's,

it's just, it's fucking ridiculous. Honestly, I just shake my head at all these small things. Even the fact that we're talking about a GST rebate of $250. And I don't know the exact number. The carbon tax is going to scale up by something like 700% over the next two years. Do you know the exact numbers?

No, but I know it's going to be 4x next year. So it's going to continually go up. You're right. something like 700% over the next two years. Do you know the exact numbers or? No, but I know it's going to be 4X next year. Yeah. So it's going to continually go up. You're right. Yeah. Yeah. And so like the kinds of things we do talk about versus what is like the kinds of decisions

that are actually being made is one of the most frustrating aspects of all this because we're like kneecapping ourselves. This is a self-imposed controlled demolition of the Canadian society. We should be the wealthiest country in the world. I think Canadians, this should be like Dubai. We shouldn't have to pay taxes here at all because of the resource deposits. We have everything in Canada and only a handful of people really to clothe and feed. So a well-run version of Canada would be one where like nobody pays tax ever.

So our standards for like politicians doing a good job are so low that we're impressed by free money. You know, it's just brutal. There was a period of time that we were paying off our national debt and quite aggressively, too, in the 90s. And again, in the, I guess, late 2000s, early 2000s. It's not like that. But it was done. I know for sure it was done under Kretchen government when Paul Martin was the finance minister at the time.

I know they downloaded a lot of shifts to the provinces to help balance the budget, but they did and they were aggressively paying off the debt. If things were to continue during that path, it could have came to a point that they could have started really lowering taxes because there was no need to keep them high because it was a lot less to pay off but just unfortunately there was some world events we had 9-11 take place and then we had the great financial crisis now just a few years ago we had covid hit and each time they something like this happens it's very costly for governments because

businesses are scaling back interest rates start going you know they go different directions depending on the time of year or the time of the event but there's just so many different things happening and it's too bad because in a different universe we probably would have been able to pay off the debt and or at least almost paid off and maybe taxes would be really low. Yeah, yeah. I mean, I think like ultimately the entire like mechanism of the state is just like a long con where they're like gradually rug everyone and, you know, leave more and more people just dependent on the state with no real financial independence. So for me, like I started sleeping easier at night when I stopped feeling like it was the state's job to help me.

And well, this $250 is going to help. Not really. But you know what? I don't know what you're going to do with it, but I'm going to buy corn. That's right. Write the fucking bull Bitcoin and see you later. Then buy some Bitcoin. That's going to cost the federal government, I think, in total around $6 billion, if I recall correctly,

between the GST tax holiday and the $250 that they plan to give out to the people that worked in 2023. So $6 billion in total. That's a lot of money. Separate money and state. That's what Bitcoin is hopefully going to do this alberta sovereignty act i haven't really thought of it didn't really hear about it much but this past week i saw it in the news so i dived deep into it and looks like they're putting it in motion on monday and this is alberta is going to be challenging the federal government's requirement for a net zero electricity

grid by 2035 that's one of the mandates by the government of Canada and all the provinces have to follow suit. And what this does is it gives them the province of Alberta to refuse or enforce specific federal laws or policies that they say, quote, violate the jurisdictional rights of Alberta. So it looks like they're going to try to fight this one tooth and nail because they do not want to go up they don't want to deal with this net zero electricity grid by 2035 good luck with them this is going to be a battle and i suspect there's going

to be a lot of money that's going to be poured into this by what because of judges and legal challenges and shit like that but it's funny to see how you have one premier of money that's going to be poured into this by because of judges and legal challenges and like that but it's funny to see how you have one premier out there that's fighting and she's fighting tooth and nail to make sure that this isn't happening i never heard of this alberta sovereignty act before have you oh yeah i'm from edmonton uh so i follow the politics of alberta pretty closely and uh um there's there's a lot of different things going on there that are interesting. Like Danielle Smith has investigated into Alberta leaving the CPP, Alberta creating a provincial police force. There's been, you know, some work done around guaranteeing people's rights to medical sovereignty and private property rights. So, yeah, a lot of different things. You know,

I think it's, I think it's, it's nice to see a premier's asserting, and I would like to see provinces competing with each other to let people know what it's all about to live where. Canadians have choice within their realm to live within the country where they wanna live. There should be a spectrum it's just too bad that it's so fucking cold in alberta for the most part that's the reason yeah totally it would yeah it really is i know they get some you know odd weather every so often in calgary but still for as a whole and i'm sorry people i've heard you

guys and gals and everybody else are fucking tough as nails because it's so fucking cold over there that I couldn't do it, but some people do it. Obviously they're living there, but for me, no, man, it's just,

it's too bad because it's such a beautiful province. You know, if you can more and BAMF and shit like that, right? Like there's, there's, you know, yeah. Edmonton's a beautiful city too, but, uh, shit like that, right? Yeah.

Edmonton's a beautiful city too, but you can be minus 40 for 40 days in a row, like no problem. Have you been to Alberta before, specifically Edmonton? Yeah, that's where I was born and raised. Didn't they put the LRT

in the last decade or so in Edmonton or am I wrong? It's been like chunks. So there was some LRT going back to the 80s. And it's worked in the extreme cold? A lot of it's above ground. Okay. Yeah.

I know Ottawa, they recently unveiled a new lrt system and it's just plagued with problems and i know different weather but there's some comparables like they're both oh yeah for sure i mean there was a like a hilarious mishap with edmonton bought some um german signaling system that didn't work and like the trains couldn't communicate and they need a translator that's awesome okay there's another story I think maybe the last one we'll bring up here Canada it's been noted by stats can it's at 94 000 jobs as of September year over year. So 94,000 jobs were created and added to the job bank in Canada. And in addition to that, 1.2 million people immigrated to Canada during that time. 94,000 jobs, 1.2 million. Yeah, that's, that's a pretty crappy number. If you ask me, like, it's just it's unsustainable.

And that's why the government has decided to react and to scale back the number of people coming to Canada. And it's going to take some time for this to actually play out, but this is their idea. So, yeah. I don't know if you want to add anything. Yeah, I mean, I think it's a total boondoggle. The situation is, you know, now it's gotten, it's pretty bad. I might not actually weigh in on this one.

No, that's fine. But one thing that we can note is the government has reacted and they are scaling back quite a bit of the temporary residents coming to Canada. But also they have stopped renewing the permits that are already in Canada. And so a lot of them, their status is going to expire. And the hope is they're going to return back to their country of origin. So we'll see how things play out. I don't know.

Well, I guess, you know, one last thing that I should have mentioned is too, we talked about the GST holiday that's coming up in Canada. Apparently this is a huge nightmare for a lot of businesses because they have to program their software to exempt GST on the items that are listed over there because it's like Christmas trees, children's clothes, prepared food, shit like that. So apparently this is becoming a huge problem that they have to figure out. So I'm not sure if this is going to be a new cost that's going to be added to

our final bill because you know, shit doesn't happen for free. They have to work this out. And maybe this whole GST tax break will be, you know, all for not if they end up just passing on the cost of setting shit up and it'll just be like all for naught. I don't know if you saw this story. No.

I mean, I did see the Bank of Canada canceled a planned 25 basis point rate cut when the GST rebate was announced because they thought that the GST rebates would be inflationary? They did? I didn't hear that. So the rate cut was going to take place this month, right? My gosh. You know what? Let's see what happens. What were they thinking?

Another 50 basis points. That was the idea that they'll do that type of card. I don't know. Um, yeah. What a disaster. Anyways, you know what?

We're getting close to the time limit. Scott, I appreciate you coming on. You have any other stories you want to talk about before we sign off? Anything that's just burning at you that you want to talk about? Yeah. Uh, no,

nothing that I can think of. And it's been a lot of fun. I appreciate you about? Yeah. No, nothing I can think of. It's been a lot of fun. I appreciate you having me on. I appreciate subbing in for Joey. So with that, any final words? Maybe just if you want to make sure that you're earning Bitcoin at work, blockrewards.ca. We're the best way to get paid in Bitcoin in Canada.

Check them out and don't be a cock.