The Canadian Economy
I introduced the TIC report in US Treasury International Capital (TIC) System Data. The most recent version of it is Table 5: Major Foreign Holders of Treasury Securities. I’ve been following it for a couple of decades. Back at the start, Russia had about the 5th highest holdings. As sanctions were imposed and other forms of economic warfare were instigated towards Russia, Russia sold their holdings over a few months as I recall.
China held the top spot for many years, but as the US has become more bellicose towards it, they have slowly reduced their holdings. Recently, gold was given tier 1 status under the Basel III agreement. This means that it is considered to be as safe an investment vehicle as US Treasuries. In fact it is probably safer since Treasuries have lost their AAA rating. The BRICS countries use gold as a monetary vehicle in settling trades.
Canada sold the last of its gold holdings in 2016. Over the last year, it has increased its Treasury holdings from $356.3 billion to $430.1 billion in May. It might be time to sell some and buy gold. The US can and likely will default on its debt but there can be no default on gold.
To see how poorly we rank in the G7 countries in economic terms (April, 2024) read From Eh to Nein: Comparing Canada to the G7.
If you ever wondered what happened to the $11+ billion that we have sent to the Ukraine, this may partially answer that: Looks like Zelenskyy had a bail out plan using American [and canadian] Dollars.
Why Projects of National Interest and Bill C-5 Are a Farce
In the following video set to start at 4:37 minutes, Carney reveals how skilfully he has constructed Bill C5, so that any project that he doesn’t want to move forward can be easily vetoed while shifting the blame to others. At the 5:09 mark he explains how he will be able to say “it’s not my decision“. Carney goes on to explain that we – that is the taxpayer – will buy the indigenous peoples off to get the project through.
It’s interesting to note that Carney mentions his buddy Doug Ford’s “Ring of Fire” proposal of indigenous involvement while ignoring Daniel Smith’s government’s existing equity implementation project. At the 9:50 mark he states that the Federal Government won’t be involved if it is not satisfied of the terms of a project. At 10:02, he flatly states that things are not going to move forward without this indigenous equity compensation.
Comment
Smith and Moe are not going to be able to get anything moving. Expect separation referenda in 2026.
The Green Economy
EVs
Sanity among Ontario mayors: 48 Ontario Municipal Leaders Call on Ottawa to Scrap EV Mandate.
A point that is not appearing in discussion of the EV mandates is that initial sales of EVs have gone to the enthusiasts. The degree of enthusiasm for owning EVs among new vehicle purchasers should vary inversely with the number of sales that the government is mandating over time.
Green Lock-downs Coming
Many have speculated that lock-downs similar to those used during the COVID scam would be used to implement climate policy. It has been suggested that air travel could be limited and restrictions in how far you can travel from your home put in place.
Nova Scotia has become the firsts jurisdiction to impose travel bans: Canada’s Climate Lockdown Pilot Scheme. New Brunswick has followed suit. Now it will cost you $25,000+ to stop on the roadside and go into the bushes to pee.
Canada: Carney’s Piggybank
In the following video (20:41 minutes), David “Moose on the Loose” gives an overview of Brookfield Asset Management Co.’s vast commercial holdings in real estate and related businesses such as modular and regular home construction, mortgage brokering and insurance. I’ve covered their energy-related holdings, particularly in carbon capture and carbon offsets, in earlier episodes. It will become clear when you view the video that Brookfield stands to befit from any poject of national interest that Carney supports, specifically, in building modular homes to meet Carney’s home-building promises and also “decarbonizing” fossil fuels to meet Liberal environmental policies. Carney will be laughing all the way to the bank.
We might expect Carney to fund the development of infrastructure for AI data centers to give the appearance that the government is interested in sponsoring modern technology development.
Series Index
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