The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - THE STRATEGIC BITCOIN RESERVE, IMF VS EL SALVADOR, CANADIAN DEFAULTS | THE CBP 205 Pt 2 (Bitcoin Podcast)

Episode Date: March 5, 2025

FRIENDS AND ENEMIESThis week:What's In The Strategic Crypto Reserve? What's Happening In Toronto?Is the IMF destroying El Salvador?Liberals Choose Their New Leader!Zelensky vs. TrumpAND MUCH MOREJoin 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:   / discord   A part of the CBP Media Network: ⁠www.twitter.com/CBPMediaNetworkThis show is sponsored by: easyDNS - ⁠⁠www.easydns.com⁠⁠ EasyDNS is the best spot for Anycast DNS, domain name registrations, web and email services. They are fast, reliable and privacy focused. You can even pay for your services with Bitcoin! Apply coupon code 'CBPMEDIA' for 50% off initial purchase Bull Bitcoin - ⁠⁠https://mission.bullbitcoin.com/cbp⁠⁠ The CBP recommends Bull Bitcoin for all your BTC needs. There's never been a quicker, simpler, way to acquire Bitcoin. Use the link above for $20 bones, and take advantage of all Bull Bitcoin has to offer.

Nice. I made a, I showed Len this. I've been meaning to make, I'm just going to play it here. Oh, I don't have it on my phone. Shit. Is that sound? Yeah. I've been meaning to make for the old hip hop heads,

the Capone and Noriega song, Invincible. That like the hook where DJ Premier grabs samples of Noriega saying invincible, untouchable, CNN. I started to make one in Koala on my iPhone called Invincible. And it's like invincible, untouchable CNN. I started to make one in Koala on my iPhone called invincible, and it's like invincible, untouchable CBP. I got some great clips of Len for the chorus, too, for the hook talking about, what was the $175 for a painting from an Inuit carver or something like that?

So great. I can't wait. And that was actually decent value, considering what else was at. Compared to most of the stuff in that portfolio, yeah. It wasn't that bad. But I'm going to try and work that in this show intro at some point.

I don't know how I'm going to do it. But anyway, some business on there there. Tariffs, let's talk tariffs. Tomorrow's the big day, Joey. OK, so I got some data here. For people who think it's not going to be a big deal, I'm talking to you, Mark Carney, more on Mark. We supply all the semiconductors to America,

even though we're actually 0.8 percent of all semis that go to America. Completely insane this guy is speaking this way. Although I do grant that he did it at Flying Monkey Brewery and having been the Flying Monkey Brewery, I will note that many of the beers there are like nine and 10 percent ABV. So maybe a guy that size, he's pretty small in stature, probably weighs about $1.20 soaking wet. Might have hit him a little higher than he thought.

And maybe he misspoke. I don't know. But a couple of things, OK? In terms of the inflation story here, the rates in Canada right now are like what, 3%. I wish I'd written this down. I think they're about 3%. And next week, we have either a cut or a cut.

And we're going to get a cut. We're going to get a cut for sure. We're already heading lower anyways because of renewals. The bank can say whatever they want. But oh, we don't care about renewals. We're here to protect. And we're here to maintain steady inflation or whatever. I don't buy it.

No one should buy it. They say they're not political. No one should buy that either. Tiff Macklem is being bullied by every politician at all times, and probably also by his co-chair Carolyn Rogers. The rates are 3% right now. That was before the tariffs landed, right? Macklem has been steadfast in his public addresses since then. One we talked about last week and shared a clip of, or two weeks ago, maybe I forget, of him basically saying,

look, we can't do anything here in Canada. We got a big problem. We don't produce enough. We're not productive as an economy. We're gonna take a hit. We can do our best to ease the landing as far as like hitting a lower cruising altitude for the economy,

but we're gonna be at a lower cruising altitude. the economy, but we're going to be at a lower cruising altitude. Things are going to get worse here. Len and I are talking before the show on Discord for the Discord members about why the Canadian dollar is not a place you want to be, 68 cents right now and probably going to fall even further. So that's a problem. Yeah, TIFF has not been good, Boomer. I totally disagree with that. 13% of the CPI basket in Canada is imported from the US. That is,

I want you to hear this one more time of your control on the CPI basket. That's going to raise inflation. At the same time- Wait, wait. The tariffs, from what I got, correct me if I'm wrong, the tariffs are going to be placed on Canadian goods in the United States. So if somebody is selling a good into United States, it was just subjected to- We're planning on doing reciprocal tariffs.

Oh, is that the case? That's what I hear. So if we do that, 13% of the CPI basket is imported from the United States. That's going to- That's going to 25% of the price. That's going to whack us, yeah. And so your cost of living is going to go up significantly.

That's going to happen while rates are heading lower. Like, so you're going to get rising inflation, lowering rates. And then on top of that, the Canadian Chamber of Commerce, this is the most recent estimate. This is about a month ago now, I would imagine. But maybe there's another one coming or one coming soon. 2.6% drop in GDP. That's like disastrous.

You just don't see that kind of drop in GDP outside of like COVID. COVID was obviously a significant outlier, but disastrous. Don't forget too that most of Canada is on some kind of payment plan from the government. There's a huge chunk of the population that's receiving pensions as their only source of income. Those are fixed income vehicles. A lower dollar means that they just can't buy as much. When 40 percent of your country is boomers on pensions, and 20 percent of your country is immigrants on free money, you got a problem. That's a big,

big problem for the country. Then one thing I'll add here, in 2023 exports to United States land made up 21 and a half percent of the GDP. That, like, you, when you hear Trudeau, Carney, Freeland, Anand now who's risen from the dead, like Jesus Christ to run again after being dead for three days when you hear them say that we're gonna retaliate and it's gonna hurt the United States They're not telling you the truth. They either don't get it or they just hope you don't get it. The numbers I just read you are basic. I think I think if you ask somebody like Keith Dicker or Rich Diaz, right?

Who worked for ice cap who really manage money? That's that's a significant hit. So, boomer, I'm glad you're asking on the chat how much that is energy, because there's a thought that energy might be exempted. Here's the problem. Even if energy is exempted, do you not think that America is going to start trying to get the energy from somewhere else anyways?

Are they not going to start trying to do the energy from somewhere else anyways? Are they not going to start trying to do the crude that we do a different way? Are they not going to try this? They're going to find the cheapest. It's a free market. And that's if, and I think this is a bigger if than people realize, that's if Carney loses. If Carney wins a federal election, he're gonna, he is gonna bear down on Alberta

harder than any prime minister has ever buried down on Alberta. And that entire energy sector is gonna pay the price. And you will pay the price as a Canadian. The number of things happening here is insane, is insane. And people are just floating along. I was at a party on the weekend. Everyone talking about, oh, I don't buy American anymore. is insane, is insane. And people are just floating along. I was at a party on the weekend,

everyone talking about, oh, I don't buy American anymore. I'm not going on American vacation. Nobody, I'm gonna look at the camera, nobody gives a fuck what Canadians are doing over there. Nobody gives a fuck, okay? You're a drop in the bucket, you don't matter. But for them, they are all that matters to our economy, more or less. All that matters. Everything, all this other stuff about their politicking, Carney saying this stuff, like it's

nonsense. It's nonsense. Joey, we've had for years, for fucking years here, and not just here, it's been a global thing. They wanted to open things up. They wanted to buy from here, there, and everywhere else, not from here. Now that works well until one of the most important cogs in the fucking machine ceases to turn. And this is what's happening here. Do you know what else you don't have to? Sorry to cut you off. You can keep going after this, but for people who say, well, they're not going to do it, Trump is just bluffing. You know that Mexico today agreed to do, agreed to match the tariffs on China that the US is planning to put on. Do you think we have the nuts to do that over here? For people who think it's a bluff, it's working over there. Shine

Bomb is doing it for Mexico. Do you think we're gonna put tariffs on China? Do you think our country infiltrated at the highest levels by Chinese communist operatives, according to some people? Do you think we're going to put tariffs on China? Dude, Chinese nationals walking into casinos with hockey bags full of cash on camera, are we going to put tariffs on China?

Really? That's what we're? We ain't got it. We ain't got it. We ain't got it. Take this back. The Bank of Canada, I'm not convinced they're going to even cut. The reason why is if they do that,

they're really showing their cards here that they want to see the Canadian dollar go down in value. They do want to see that. They need a blow off valve. It's going to be the currency. Len, we can't take a hit in real estate values. Defaults, defaults at a 10-year high,

I think still very low, but at a 10-year high, or even higher than that. Like you're going to see all these things rolling downhill one after another after another. And the thing is that the mask, to your point, the mask is going to come off. They only care about one thing and it's protecting the economy and are protecting quote unquote the economy, but it's going to come at the cost of the dollar. The nominal value of the

economy is going to drop significantly, whether that number stays up or not. I can see the bank just holding still. No way. They're going to cut. 100% they're going to cut. Because the reason why is if the Federal Reserve hasn't budged in a while, right? And they're just creating a further divide between the cuts that the bank has made. It doesn't matter. It doesn't matter. We were saying it to you. It doesn't matter. They don't care. It doesn't matter. They're stuck. They're stuck. They are.

Because instead of trying to grow productivity, we imported a million immigrants and just hope that we could bump that GDP number up a little bit. It cost us big. It was a lost decade in terms of economic growth. And we're about to hit another lost decade for a much more difficult reason to deal with. Oh, we'll see. We'll see what happens. Yeah. Boomer's saying fiscal dominance. For people who don't know, fiscal dominance is basically like, it doesn't matter what the banks do.

The government's just going to print ad infinitum forever into deficits, into debts, for all kinds of nonsense, just to try and keep you from starving to death. I mean, that's an exaggeration for some people in Canada, but not others, unfortunately. But that's where we are. It's not hard to picture. I know Boomer is a TIF apologist. He was a sailor apologist earlier in the night.

What's the TIF, the guy that said a while back that the rates are... Sorry, that inflation is going to stay low, rates are going to stay low. Yeah, and rates are going to stay low for a long time. Yeah, December 2020, if I recall correctly. and just a year later, they were super high comparatively. So really, you can't listen to what he's saying. You can't trust what he's saying. Okay, so what do you think? Let's take a page out of the Looney Hour playbook. Are you betting on a cut or a halt or a raise? What do you think next week? Definitely not a raise. If I'm gonna, I'll say a halt.

I'll say that they're going to just do nothing. That's my guess. And then, well, from then, after they're going to see where the cards fall after the tariffs, if indeed the tariffs stay on, and then from that point, they're going to pivot. It's going to be very much reactionary. And I don't think there's enough time to react, and there's enough data for them to react to this moment.

We'll see. Let's move on. All right. Zelinsky. I love it. I love it. What a dressing down of a guy who's just been stomping all over incompetent politicians the world over for the last three years.

This is great stuff. I think this is fantastic. I can't believe that this happened in a public setting. It was on purpose. No, to a degree it was on purpose. To a degree, emotions got the better of few people Right like when you get to like when you get into an argument Did you see the whole clip? It's like 17 minutes or something. I watched a 50 minute clip. That's one. Yeah. Yeah 15

Sorry. Sorry. Yeah, no 50 5 0. Okay. Okay. You watched the whole thing in instant. Yeah, good for you. Good That is way to do it. Yeah is the way to do it. Yeah. I want to get contact. Okay. So what do you think sparked the argument? Well, Zelensky wanted the United States to provide security guarantees moving forward. He wanted that. But I mean, like in that moment, like I think, yeah, Boomer's kind of hinting at it. I think Zelensky tried to get one up on Vance

and Vance didn't like it. And then Trump just put them in his place. Zelensky kept pushing the fact that he wanted a NATO style promise, but just with one country, just with the United States. Now, the problem, I think that he didn't fully digest. If they went ahead with this rare earth, rare metal, whatever the fuck they call it, if they went ahead with that agreement, and they allowed the United States to get access to that, the way I figured it is United States companies would go in, extract it and export it for processing elsewhere. Those US companies operating there, doing their thing, if somehow they get attacked or that area gets annexed, that would be a threat against the United States directly. And I could see just having those

companies there would be enough of a deterrent for anything to happen in that area. The rest of Ukraine, I can't particularly say, but from that area. So I think that's what you should have understood is that having that those companies, they're doing their thing, extracting and then sending it off is the guarantee because who the heck is going to want to attack that area and fuck over companies that are doing the work over there? Probably US workers, too, at that when US, they have claim to that area. That's right. So he overplayed his deck of cards, which he didn't have. They kept talking about playing cards, which I found to be pretty funny.

We're not playing cards. We're not playing cards. Like, okay, we know Vladimir Zelensky, add another Y to your last name, fraud. I think like watching that, eventually like when Trump got pissed, and then when it became, I think for a brief moment, that they totally forgot that they were in a room with a whole bunch of other people. I think that emotions got the better of them,

and they were just going at it. And I can't believe that type of argument happened in a public setting. And I think just through that, we of argument happened in a public setting and I think just true that We understand what happens in a private setting that that type of debate that type of dialogue would happen also in a private setting Is I always wondered I find it fascinating how Trump would would just talk with somebody with a partner Adversary somebody's trying to do business whatever I think that's essentially how it's done when you have somebody that's coming in and trying to show off that he's a bigger dick than Trump. And in this case, he didn't. Yeah. So he's another guy who thinks 3.5 is above average. Yeah.

He's quite a tiny guy from... Did you hear? Tonight on CBP, speculating on the cock size of various world leaders. I'm talking about his stature. Then let's come to the second segment where we'll speculate on the length and girth of... RFK Jr. was saying that he passed it by him in a hall. He said, he's a tiny guy. You should see that.

He looks pretty small. He looks pretty small. Yeah. But that's a different argument altogether. I can't believe that this happened and like he should have been, this is just hyperbole, unless he should have been made a grease spot after that. Yeah. Not saying it should have been done, but this is just, you know, just.

Well, I mean, pragmatically, the funny thing is he went to Fox News after that for a segment with Brett Baer and this whole thing had already happened and Baer probably abandoned whatever line of questioning he had for him and basically said like what the fuck was that and are you gonna go back to the White House you know apologize he said no no no I'm not going back to the White House even if I'm invited I'm not going back I was throwing out blah blah blah then yesterday I think it was he you know it comes out that they're willing to sign this mineral deal for $500 billion, whatever the number is.

It's like some insane number of dollars here in value. So make of all this stuff what you will. People get upset about the way Trump carries himself. And we've been critical of Trump on this show. But at the end of the day, you have to admit that the tactics seem to be working. Strong arming these guys with economic and military pressure is working.

It's working on us. It's working on Ukraine. It's working on Europe. By the way, what have they gotten so far to date? Yeah. How much have they pumped into there? Hundreds of billions, if not more. Yeah.

So what are they at? So they got zilch from this. I can understand it if it's Poland, Germany, Romania, like some countries over there that are trying to fund this because they're closer to the front lines. And if Ukraine falls, they could be next after that. But here, let's say North America, it's different. We don't have that same type of exposure.

It sucks that you have this going on. It sucks that you have an army invading a country, but there comes a point in time. It's like, what are you getting? What type of value are you getting? What are you supposed to do? Yeah. What are you supposed to just keep dropping dollars over there, dropping men? And now you got Starmer talking about how he wants to send boots on the ground to Ukraine. No. Like what is that? I sent you this link and I can't

believe this is true. They have 25, I got to confirm this to be true, apparently they have 25 operational tanks in the UK. 25. That's it. Is that more or less than us? We might have more than that. Jesus. We have, I check Canada has way more. The Leopard 2, I believe is the name of the tank. We have way, way more operational tanks. Is that from that from the V. What era is that from? Whatever it is, at least it's operational. They were manufactured the same year that Home Alone 2 came out. Is that like, what are we talking about? It's still good enough. I'll take that versus the 25 they have. They should make United Kingdom the 51st state. You come in with 26 tanks. That's enough to say, okay, boys, you're one up on us. It's all yours.

Do you know what's that? I thought it was interesting. Crazy interesting stat here. Europe, since the course of the war, since the war started, Europe has spent more money buying Russian oil and gas than they've spent defending Ukraine. Sit on that one for a sec. They bought more Russian oil. Now, I don't know if that's direct or through India or China or whatever, but- I'd like to know if that number has gone down over time. I don't know. That's a Trump Truth Social post. People say what they want about that guy spitting lies or spitting half truths. I haven't seen anyone contradict that. So to go back, they need oil regardless. They have to get it. So I'd like to

know, is that trending downwards or stable or going up? I don't know. And yeah. Paul in the chat here, I'm just posting Paulie's thing to that end. 200 of Russian oil bought by Canada since 24, in 24. Insane! That's insane. You know how many, you could buy like eight or ten small houses with 200 million, I'm pretty sure. Couldn't you? How many tiny houses could you buy with 200 million? 10? 12? You can't anymore. They put that guy to shame and they said, this order. Ah, geez. Too bad. Too bad. You could have got some more. 200 million, you could get at least a few of them. So I'd like to know that the number if it's trending is if it's going down, then they're doing what they can to buy less Russian oil because they're dependent on it. Right. They

can't just simply say we're not going to buy. I never forget that clip of Trump at the UN saying to the German contingent like like, you guys are idiots. And they're laughing at him. Who's laughing now? Has there ever been a better self-own than that? These guys cackling until he's so stupid. No, you're stupid. You're the ones now who are going to get rolled over

by the Russian war machine. It's unbelievable. Again, I hate to praise politicians because I think, again, they're all feathering their own nest at some level. But how many things was this guy right about? There's one thing that I'm shocked about in a way is I know the Ukrainian army is getting a lot of assistance from a number of countries in just through financial and through munitions as well. But the Russian army, think of all the money they spent through its history when

you're the Soviet Union and they have nuclear weapons, they have all this shit. And essentially, it's a stalemate. There may be some ground giving and taking. I thought that would have been done like so quickly. Like this is the mighty Russian army. How fucking pathetic are they as an army? If they can't achieve these objectives. How do you know they want to? Like what is their objective? To take over whatever land they're trying to take over. And the fact that they're still fighting, they haven't achieved what they're trying to achieve. If they stop fighting, they would say, oh, we did it. It will go home. But they either they're not willing to achieve. If they stop fighting, they would say, oh, we did it, and it would go home. But they either they're not willing to fight. They have poor leadership, shitty equipment,

combination of all that. I don't know. I'll go to find a cyanide pill in his nighttime glass of milk. I'm pretty sure after these comments, Igor, Igor stopping by your house anytime now here. Don't open the door. It's just, it's the reality. So if you see what, if that happens, ladies and gentlemen, you know what truly happened. It's the Russian army. They even gone so far as to get you, uh, North Korean soldiers to help fight them. Like how pathetic is that? Like, Oh my God, this is the world we live in.

Like anyways, it's traditional warfare. It's it's, I don't know. It's a dying art in a way. Like it's asymmetrical now in a way that it has been before. There's been stories, obviously, of like Russia, you know, Russia has a $10,000 drone that'll take down a $100,000 chopper, you know, a $10 million chopper or whatever, right? This is the change in the landscape of wars is significant. You see, that's what they should be asking for, the drone technology, because apparently they're so good over there. Could you imagine they could send it over here?

They could fund their war with TikToks. You could have that shit go around, going down roller coasters and stuff like that. Think of all the views you can get. Yeah. What's that? Doing the map stance or something. Yeah. Have these guys just... That's what they should. They should monetize their fucking drone industry this way. Epstein Island. Who cares about... Does anyone really care that much about this? Yeah, I do. Do you really think you're ever going to get those files? No. Are we really... Come on. No. We're not going to get... No one's ever going to get those. No, but the fact that we're getting played like this over and over again, it's bullshit. This information, and you had this, who's in the, Pam, what's her name?

Pam Bonney, yeah, the AG, trying to get cash, Patel to give up the docs, no docs being given apparently. I don't know. I don't keep up that much with it. I'm not the guy to ask what FSC is these days. It's pathetic in a number of different ways that this we're never going to get it. And the questions surrounding Jeffrey F. he died, right? And allegedly, yeah. The connection we had between the people going there and even people closer to home here in Canada, I'm not

going to say any names, but you could fill in the blanks. Carney, Carney. Hey. Hey, Mark. Talk about the picture, Mark. It'll come up in the debate. I can't wait for that. That's going to be good. But who knows? Maybe the other guy also has something, too. You think Pierre is there, too?

I don't know. I have no fucking clue. There's a lot of things that go on. The society is tiered. There's multiple layers to it. And you, at least me, I'll speak for myself. I don't want to put it. I'm so far from the top. Oh, same. So buddy, we're in the basement talking shit to our internet friends. You're playing video games that are 30 years old. Like neither of us are going to

any Epstein parties or carny, carnivals with the Epstein and just laying there. I refused even to go to the fucking conference down in South. Imagine the island. I'm never going to fucking go there. to the fucking conference down in South. Imagine the island. I'm never gonna fucking go there. Whatever. This is a funny story, Joey. It shows that crime does pay in a way. And the UK government, they ended up buying the Albanian government almost 500,000 pounds worth of electric cars, 15 electric cars in total. And the reason why they did this is because they have 200 Albanian prisoners. I love this. In the UK system. And because they're overrun, they want to get rid of them somehow.

So they decided to buy the Albanian government, these 15 electric vehicles for almost 500,000 pounds. And with the vehicles comes those 200 prisoners so they could take this. They say the donation of the 15 electric vehicles was not only a drive towards net zero, but also part of a wider deal between the two countries. So the drive towards net zero. We're driving towards net zero with these cars. We're driving there. So here it is. Crime does pay.

The Albanian government ended up getting these cars, 500,000 pounds worth. And all they had to do is just send over some delinquents over there to cause some crime. That's a wonderful story. Is there going to be a push from the IMF and other global banking cartels to ban electric cars because they're used in ransom situations? Or is that Bitcoin only that gets that treatment? Interesting. What's the range?

We got to start a petition. We need to ban electric cars because they're being used as ransom currency in ransom situations. We can't have that. That's not good. We don't have that. That's not good. We don't want that. We should have criminals use them, especially in cold weather. That way, once they start driving away 150 kilometers, a hundred miles later, they're out of juice. Your shitty gas car might be a little bit slower, but it will get there and then beyond.

Unbelievable. You'll have time to stop at an en route for sure. And let's talk about this first transgender clinic located in This is nuts. I had to do like a triple take on this story. I'm going to pull this up. You give the story. I'm going to pull it up from the show notes here. Yeah, so this

When you show notes for people who don't mean Len, Len shares the stories with me Sunday, Monday, whatever, when I make the brain rot clickbait thumbnail that I'm trying to get better at. And I had to do a double take at this because it just says NDA and I thought this is like an NVIDIA story of some kind, but I guess not. And then I'm looking at this like, oh my God, this is like the most freakishly weird thing I think I've ever seen. Yeah. So, Mitter Clinic located in Hyderabad, India, and it was India's first transgender clinic. It had to close because there was a freeze in funding from the United States USAID. We talked

about USAID two weeks ago, last, whatever it was, but the funding is no longer flowing. And this funding freezes part of a broader 90-day pause on all foreign aid. And the clinic, which opened in January 2021, provided crucial health care services to the LGBTQIA plus community, including general health consultations, HIV testing and treatment, mental health care, gender affirmation services, and legal guidance. By early 2025, so earlier this year, it served the grand total of 200 individuals monthly and registered over 4,900. That's 200 monthlies a lot. Let's hang on, I'm gonna see the population. I don't know, because gender affirming care is basically,

I'm pretty sure that just means top or bottom surgery. So that seems to me like significantly involved surgery. So 200 a month is almost 10 a day. So the population of India is estimated to be 10.8 million people in 2023. So yeah, 10.8 million. Wow. Surgeries.

That's all I'll say. Yeah. So there you go. Um, definitely. We're concerned about this. We got to make sure that, um, yeah, let's go on. What's the next Olivia chow, Toronto's mayor. She's back. She's back. I'm not sure if you saw that video about her celebrating Jamaican Patty Day. She went to

the Dundas, no sorry, Dufferin subway station and ordered a patty for herself and her staff. And shortly thereafter, she was complaining about that the city snow removal operations it's causing some concern and some problems for residents because Canada sorry Toronto was hit by a pretty bad snowstorm about a week and a half ago yeah and Toronto took some time cleaning the snow and Sha was expressing frustration with the state of roads and sidewalks and she's very angry at how slow it takes to clear all that. And there's going to be a review happening about the contracts out there and the private

snow companies that were contracted to clear the snow and maybe some termination of contracts moving forward. But Jamaican Patty, brother, that's what she's out there. Maybe she should have just ordered the spicy ones and then walk around with them. Maybe that can help clean the snow. Weird that she didn't get a Jamaican patty at Carabana when she was there shaking her booty. Do you like Jamaican patties? You Jamaican patty guy? Yeah, I do enjoy it. Not spicy, but I do enjoy it. Yeah, I like patties. I haven't had one in a while. Patty in a bun is like, it's really good.

Yeah, it is good. I do like Jamaican patties. The 14Os near my old place had a brand that I really liked. I can't remember the name of it now. It's been a few years. But yeah, reading the story, I thought, man, I wouldn't mind having a patty. It's been a while. We should Uber Eats.

Do it on the air. Yeah, call Uber Eats and just say, hey, what's going on? Does Uber Eats even? Is there even a patty restaurant? You know, I have never ordered a a skip the dish, Uber eat, like any of those delivery service. I've never. Because you've never had a hangover. That's the only time they ever use it. I used Uber once in my life. And then after that, they kept emailing me a $25 credit for

Uber eats. And I never use it. And for months, I was like, I don't want to use it. I just never, I should have in the end. But yeah. This place that I'm looking at here, True to Roots Jamaican. I don't see any patties. A lot of like real Jamaican food, oxtail, curry goat, but no patties. Loan delinquencies are under rise in Canada. Scotiabank and BMO are saying that this is causing problems with their earnings and they have provisions. At least Scotiabank, it was noted that their provisions for credit losses rose to nine hundred and sixty two million dollars. Is that a lot? Seems like a lot.

BMO's provisions is six627 million. And apparently the forecast was much lower. I got to do some more digging into this, but it was forecasted at $922 million. Sorry, it was more than $922 million higher than what it should have been. It's incredible. Anyways, these guys, they're preparing for the worst with respect to delinquencies. And you noted that, was it mortgage payments or something? Already on a show that they're going up when you're talking about- No, the number of people missing payments is going up.

That's it, sorry. So we're in for an interesting time over here, at least in Canada, rent is going down. The value of homes are going down. Yep. And that's obviously a cause for concern for people that bought a home in the past three, four, five years when the price of homes were elevated. I wonder how many people are just simply going to walk away.

Also pre-cons, that's a fucking brutal one. There's a lot of people just in the past year or so, like we talked about stories in the past. Yeah. I'm going to get Suretsky on. Maybe he'll be my first interview back in a few weeks, because I do want to talk to him about the pre-con situation, these blanket financing pre-approvals that are keeping the market afloat in places like Toronto, where basically what's happening is people are getting approved for loans on the three-year-old value of a condo and then when the condo finally finishes and it's only actually worth you know 75% of what you thought it was, instead

of having to come up with the extra cash, what actually happens is you just use an old appraisal. So like there's a lot of finessing going on. Steve is the guy to talk to. Yeah, Boomer's talking about Aussie jerk too. I do want to get Aussie on at some point. Real estate, look, in Bitcoin we don't talk about real estate that much except to say that it's not where you should be planting your money. It's not a savings vehicle the way that it used to be

or you may think it is now. But there's, real estate is really like a signpost for the Canadian economy in a way that not many other things are, because of the way that we've monetized housing in this country, and because we've not built it to keep up with immigration, and because of the way boomers are basically retiring on the value of their homes. It's really a way to put your finger on the pulse of the economy and how the population is feeling

about their economic outlook. And these sort of stories tell you everything you need to know. Banks preparing for defaults, people missing their mortgage. You have to miss a lot of things before you miss your mortgage payment. You'd rather be walking to work and eating ramen than living on the street. And so to miss a mortgage payment is significant. We know it's been a problem because in the past, the Liberal government has told lenders to work with borrowers in terms of extending AMS, in terms of lowering payments, in terms of appraisals, in terms of first-time homebuyer,

Tomfoolery we'll call it. We know that the government doesn't actually care whether or not people can afford their mortgages because they refuse to tie pre-approvals to CRA data. It's just not on the table it seems like. So we know we know all this stuff and so when Len gives you a story about banks preparing for disaster that you know banks are the ones who are giving the loans. For them to give the loan and then also prepare for the fallout

tells you that they know, but have no choice but to play the game. Just another card in the wind, and the wind is picking up, and there's no good outcome here. It's either devaluing currency, devaluing homes, putting people out on the street, or some combination of the three that leads people to the boar house anyways. It's like, it is a brutal, brutal set of potential flow charts here for the average Canadian homeowner, especially like you said, Len, last like three or four years,

especially if it's your first home. Like if it's your first home, you have to, let's see, if you took any money from your RSP, you have about a decade to pay it back, I think. I forget how long you're supposed to take to pay it back. 15 years. 15 years, whatever it is. You have to pay all of it back, or you get taxed on whatever you didn't put back. So you probably took that money.

You probably emptied out your first time home buyers account if you had one of those, or your TFSA if you had one of those, whatever. You bought it based on the prospects that you'd have a job in three years, or that you'd get a raise over the course of that three years, if you had one of those, whatever. You bought it based on the prospects that you'd have a job in three years or that you'd get a raise over the course of that three years or that your mortgage would go down

over the course of that three years. It's possible that actually none of those things will come true for you. And so you'll go through the first term of your mortgage expecting to get a bit of a break on renewal for one or all three of those reasons and get none of them. And so what do you do? Like you said, Len, what do you do?

You walk, you mail the keys in, right? Jingle mail, whatever they call it. It's a different way of looking at it. Think of it like Bitcoin in a way. If you have no intention of trading your Bitcoin for anything for a long period of time, you don't care about the value of it really. It's same with a home. If you have no intention of selling it because you plan on living it for five, 10, 15, 20 years, the value

then doesn't really matter. It's just a number on paper. Yeah. So in those cases, it sucks. It may hurt you in the end, but as long as you have a job and that's the key, because the way things are going with the economy and you have money that you're able to put away and pay off the mortgage, then the value of the home, like you say, it's just a number. And so those are the people I think that are gonna be able to stomach it the best, or maybe even a drop in the price of homes is forcing people to become long-term holder of it.

And just because the reality, maybe they were thinking, I'm gonna buy this home and then flip it for something bigger or in a different area or whatever in the next few years. But then the economy and the way things are going with the market, it's changing their time horizon with respect to that. And maybe they're just not in a position to do that. So I don't know. When I look at the pre-con market, a lot of those people that are in it, I could be wrong, but it seems like a lot of them are just investors. Yeah. Yeah.

And banks are trying to protect them, right? They don't want them to walk away because the thing is like the government has put themselves in this box where you need investors because to build pre-con, you have to sell 80% of the units before you put the shovel in the ground. Called a pyramid, Ponzi, it's like all that shit. Yes. Yes. It is that. You need new money to come in to help prop up the old money that's there and give them called a pyramid, all that shit. You need new money to come in to help prop up the old money that's there and give them an exit liquidity.

Oh my God. And the thing that really makes this even worse is every time they do another mortgage and lending out money, that's new capital that's in the system that's just there. That's sloshing around. If it was done in a hard money system, when you're capped like Bitcoin, for instance, and I'm trying to not trying to say we should go there right now, but maybe slow transition or something like that. You can't have that. Like the value of something would stay relatively stable and it would only go up as demand goes up and go down when demand goes down and shit like that. Not when money gets introduced into system. That's fucking bullshit. That's fiat, man.

Yeah. Big time. We got to get out of that. People, and we'll probably close after this, but I would just tell people who think Bitcoin is never going to work, we're never going to go back to hard money, people are already starting to intuitively realize there's problems with debt-based money. No one is taking your credit anymore the same way they were years ago. There's always more stipulations, always more guardrails. A lot of people are realizing in their day-to-day life they don't want to take on debt anymore. Guys like Joe Barbudo, economic long wave has been saying for years that there's going to be a deleveraging, a forced deleveraging coming to the Canadian economy. And it's hard to argue with that. A lot of people have given him shit because he was a little early on

the timeline, but it's hard to argue that this stuff is not coming down the pipe. And so whether or not you want to be part of a forced money economy or want to save in a hard money or want to only offer your services for hard money, eventually you will find that the other money is not as good as you thought it was. And by the way, Len, what is the other backdrop for all this? Declining Canadian dollar against materials, against labor, against everything. It's compounding, right? And eventually you're going to have to pay the piper on all these things. And I think that time is coming a lot sooner than some people think.

What time horizon? What's the timeframe for like, a dollar just no longer being... Canadian dollar 50 cents is less than two years away. So let's go further. Give me three years. Give me three years. I'll take three years on that. Okay. Yeah.

We had, I think it was 59.60 cents around 2001. And by the way, Canadian dollar 50 cents is a Canadian dollar weakness story and a US dollar strength story. It's not just ours. It's not just our currency that gets weaker. It's everyone that gets weaker against the dollar. Are you part of the Camp 29.x years before it's gone? I still don't even know the lore of that story, the hyper bitcoinization 30 year whatever thing.

I don't get it. I know I don't say the name, but they rag on that guy all the time. Have you looked at who's been ragged on? I see the messages. I'm not digging into that. He said it was going to last for 30 years. And then so every month that passed, they'd take a 29 point X. And so now I think it's 28 point something years before Fiat's gone. That's what he's saying. But that's that's what we're going to get with you. So like, how long does Fiat have? Like, how long how long does the Canadian dollar have in terms of life spent?

Do you think it's going to be around in 10 years? Is it going to be around in 20 years? Well, like I already said before, five years, if if if you already don't save in Canadian dollars, so it's lost that functionality. Nobody saves in Canadian dollars. If you can save, you don't save in CAD. Does anybody save in US dollars? Yeah.

People buy US currency and save. I would argue, no, people are buying other things. They're buying houses. No, nation states save in the US dollar, right? They save in treasuries. I'm talking about individuals. Yeah, I don't know. Do people save in...

You're saying me. I'm using the equivalent. They're buying equities. They're buying everything. They're not holding onto that. So nobody's holding on any currency. At least they're buying US dollar denominated equities, though. Still, it's in something else. They're hoping that it's parked in something else that may be the bottom line in USD.

But they want the value of that to go up in accordance to the USD. Yeah. So how much longer does the Canadian dollar have? Not long is my answer. Is it going to go? So does it go first? Or is it like the euro or the Canadian dollar has? Not long is my answer. Is it gonna go first or is it like the euro or Canadian dollar goes first? Look we have to wrap this up in a second because I'm gonna piss myself but the thing I would say is that Canadian dollar going is something that happens in stages right?

So for example if I offer a service to people now I always prefer to get paid in Bitcoin than I do to get paid in currency. The only reason, for example, you and me take cash, like cash, take Canadian dollars for the show sponsorships is because it's easier on the tax side. But at some point, it's going to become too burdensome to carry any cash balances at all. And it's just going to be Bitcoin, Bitcoin, Bitcoin, and I'll sell Bitcoin to pay taxes or whatever. And you're getting closer and closer to that. And the other thing we talked about before is this idea

that if you tokenize, you know, this world where everything is tokenized, like the US administration seems to want to do, how many people would stop using currency altogether? How many people would just pay somebody in shares of the S&P or shares of Apple, shares of Amazon? Like everyone would do this instead. Nobody actually wants, this is the thing,

nobody actually wants these currencies. They prefer almost anything else, but it's just not easy enough, there's too much friction. If you remove that friction, that's why when I hear people say, oh, the Trump administration is gonna tokenize everything, no, they are not. That is a death knell for the dollar.

And they're not interested in that at all. At least not for the time being. Yeah, at least not for the time being. Anyway, let's wrap up. I'll tell you like that. God bless everyone. See you on Wednesday or Lendwell anyways for his interview. And until next time, take care of yourselves.

And don't be a cock.