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Vancouver Off-Topic / Current EventsThe off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.
__________________
Gold is the money of kings;
Silver is the money of gentlemen;
Barter is the money of peasants;
But debt is the money of slaves.
-Norm Franz
reads most threads with his pants around his ankles, especially in the Forced Induction forum.
Join Date: Mar 2004
Location: Vancouver
Posts: 10,645
Thanked 2,191 Times in 1,131 Posts
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Quote:
Originally Posted by belka
It's not a majority government anymore, that tax raise was rejected by opposition.
Quote:
Originally Posted by Jmac
The Liberals tried to sneak it in and the opposition parties rightly fought it and had it removed. Minority government doing its job.
Without any kind of tax increase or new tax how will the government come up with the money for the release package? We can keep printing money forever.
Fathered more RS members than anybody else. Who's your daddy?
Join Date: Aug 2002
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Thanked 11,628 Times in 4,966 Posts
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I often wAnder what it would be like if the real Trudeau were the PM today. Not the offspring, which was the result of a union between Pierre and that promiscuous, commando, hippie chick.
Over time, the marriage disintegrated[26] to the point, as recounted in her book, Trudeau had an affair with US Senator Ted Kennedy. She was also associated with members of the Rolling Stones, including Ronnie Wood[27] and, according to Keith Richards's autobiography, Life, Mick Jagger.[27][28]
To her defence, she did have mental issues.
I would love to see Pierre go toe to toe with Dotard. I think Dotard would know better than to cross paths with Pierre. Anyway, a rose is a rose is a rose.
__________________
Quote:
"there but for the grace of god go I"
Quote:
Youth is, indeed, wasted on the young.
YODO = You Only Die Once.
Dirty look from MG1 can melt steel beams.
"There must be dissonance before resolution - MG1" a musical reference.
I often wAnder what it would be like if the real Trudeau were the PM today. Not the offspring, which was the result of a union between Pierre and that promiscuous, commando, hippie chick.
You spelled Fidel wrong
__________________
Gold is the money of kings;
Silver is the money of gentlemen;
Barter is the money of peasants;
But debt is the money of slaves.
-Norm Franz
Without any kind of tax increase or new tax how will the government come up with the money for the release package? We can keep printing money forever.
Not quite.
Borrowing was a tool that ran its course (for Canada) during the 08 financial crisis.
Now, even the BOC is jumping on quantitative easing. They've agreed to purchase $1b of debt every week, through government bonds, mortgage backed securities, corporate equities, etc..
Where does that money come from? Out of thin air.
A tool used to "print money", inject it, and then once the economy is stable, the currency gets removed from supply. Removing it will supposedly keep inflation at bay and allow for rates to remain artificially low.
However, the debt, and interest on it, are NOT removed.
Another leg used to prop up the system of fiat currency.
When this system does run out of "tools", i fear that the crash will be much more devastating than if it had run its course and failed naturally without being continuously propped up.
This is just my basic understanding of this financial situation. If I'm wrong, on any of these points, someone with more knowledge, please correct me.
__________________
Gold is the money of kings;
Silver is the money of gentlemen;
Barter is the money of peasants;
But debt is the money of slaves.
-Norm Franz
Welfare, I've stuck to my standards of simply ignoring your posts, as I've said before, you're a troll.
I'm curious though since you've been railing along in this post, and the COVID post, regarding these bailouts by the Trudeau government, knowing your disdain for him and "liberals".
Curious though, in 2008 when the Harper government granted bailouts to the banks, were you as bothered?
Borrowing is what countries do in these types of recessions, whether or not this is good practice can certainly be debated. Personally, I don't think many of these industries should be bailed out, as much of this is simply wealth distribution which will affect future Canadians in order to protect the current 10%.
Your lack of consistency is what is grating. What is good for the goose is good for the gander. Your viewpoints are objectively hypocritical as you attack the policies of one government, yet give a pass to the same policies as the previous government in which you support.
Welfare, I've stuck to my standards of simply ignoring your posts, as I've said before, you're a troll.
I'm curious though since you've been railing along in this post, and the COVID post, regarding these bailouts by the Trudeau government, knowing your disdain for him and "liberals".
Curious though, in 2008 when the Harper government granted bailouts to the banks, were you as bothered?
Borrowing is what countries do in these types of recessions, whether or not this is good practice can certainly be debated. Personally, I don't think many of these industries should be bailed out, as much of this is simply wealth distribution which will affect future Canadians in order to protect the current 10%.
Your lack of consistency is what is grating. What is good for the goose is good for the gander. Your viewpoints are objectively hypocritical as you attack the policies of one government, yet give a pass to the same policies as the previous government in which you support.
It's tired.
That article certainly puts into the question the whole narrative Canadians were told that the Canadian banking system was "sound" and had avoided making the same mistakes its US counterparts made.
Welfare, I've stuck to my standards of simply ignoring your posts, as I've said before, you're a troll.
I'm curious though since you've been railing along in this post, and the COVID post, regarding these bailouts by the Trudeau government, knowing your disdain for him and "liberals".
Curious though, in 2008 when the Harper government granted bailouts to the banks, were you as bothered?
Borrowing is what countries do in these types of recessions, whether or not this is good practice can certainly be debated. Personally, I don't think many of these industries should be bailed out, as much of this is simply wealth distribution which will affect future Canadians in order to protect the current 10%.
Your lack of consistency is what is grating. What is good for the goose is good for the gander. Your viewpoints are objectively hypocritical as you attack the policies of one government, yet give a pass to the same policies as the previous government in which you support.
It's tired.
You're confused.
I never mentioned a government bailout once in that post.
The BOC is not controlled by government.
__________________
Gold is the money of kings;
Silver is the money of gentlemen;
Barter is the money of peasants;
But debt is the money of slaves.
-Norm Franz
__________________
Gold is the money of kings;
Silver is the money of gentlemen;
Barter is the money of peasants;
But debt is the money of slaves.
-Norm Franz
Not quite.
Borrowing was a tool that ran its course (for Canada) during the 08 financial crisis.
Now, even the BOC is jumping on quantitative easing. They've agreed to purchase $1b of debt every week, through government bonds, mortgage backed securities, corporate equities, etc..
Where does that money come from? Out of thin air.
A tool used to "print money", inject it, and then once the economy is stable, the currency gets removed from supply. Removing it will supposedly keep inflation at bay and allow for rates to remain artificially low.
However, the debt, and interest on it, are NOT removed.
Another leg used to prop up the system of fiat currency.
When this system does run out of "tools", i fear that the crash will be much more devastating than if it had run its course and failed naturally without being continuously propped up.
This is just my basic understanding of this financial situation. If I'm wrong, on any of these points, someone with more knowledge, please correct me.
This post is pretty close to what I would have said. The key, for any central bank, is to control inflation. I think if they can QE their way out of this and remove the money supply after. Then BOC would have pretty much saved us from a recession/depression. We can only sit and watch as it unfolds.
For the record, as I recall, the borrowed or saved companies for the most part paid back their debt, with interest. So the goverment made money from lending companies cash.
I wonder if the goverment is going to bail Bombardier or Air Canada. They're in for a world of hurt.
I wonder if the goverment is going to bail Bombardier or Air Canada. They're in for a world of hurt.
History has shown that the GoC is unwilling to let AC fold. AC will continue to be around. Westjet would've been the worry. However, now that they have a new owner with deep pockets (ONEX), I suspect WJ will also weather this storm and be around when its all said and done.
Andrew Scheer, outgoing leader of the Opposition Conservatives, billed expenses to his party including private Catholic school for his kids, private security, an extra housekeeper, a minivan and clothes for his family, according to an internal audit.
Federal Politics
Internal audit of Scheer’s expenses turns up money on school, clothes, minivan
OTTAWA—Andrew Scheer billed the Conservative party for his kids’ private Catholic school, private security, an extra housekeeper, his minivan and clothes for his family, a party review of the outgoing leader’s spending has concluded.
__________________ Until the lions have their own historians, the history of the hunt will always glorify the hunter.
And WTI just plunged 321% as people came to realize the OPEC deal was bullshit and you can't just turn off the taps of shale oil production. Permian basin reservoirs are 100% full. WTI is now -$35 USD a barrel. Even OPEC is down to $17 but they don't give a fuck. Canada could have been in a reasonable position to weather this but blocked pipelines, refineries, and other infrastructure that would have diversified our market and given us options have left us totally exposed. Game over.
Congratulations to the ignorant that wanted the end of the energy industry, they've gotten what they want thanks to COVID and OPEC. We are almost certain to enter the next great depression now as the North American economies will crater.
Just for a little perspective. The negative WTI prices are for contracts that expire tomorrow. For contracts of any longer duration, prices are in the more normal - albeit still low -$20 range. The only people who would hold a futures contract that expires tomorrow are the people who physically want the oil. And, prices are going negative because nobody is demanding the oil and storage facilities are already full.
Today's flash crash were a limited number of sellers (trading volume was low today) realizing that the game of musical chairs for the month of May was coming to an end and they would be stuck with physical inventory with real holding costs. So, it was rational for them to pay someone to take it. This is not really indicative of anything long-term.
Just for a little perspective. The negative WTI prices are for contracts that expire tomorrow. For contracts of any longer duration, prices are in the more normal - albeit still low -$20 range. The only people who would hold a futures contract that expires tomorrow are the people who physically want the oil. And, prices are going negative because nobody is demanding the oil and storage facilities are already full.
Today's flash crash were a limited number of sellers (trading volume was low today) realizing that the game of musical chairs for the month of May was coming to an end and they would be stuck with physical inventory with real holding costs. So, it was rational for them to pay someone to take it. This is not really indicative of anything long-term.
IMHO, I'm not that optimistic about June's future either.
It goes into trading right after the May one ends. And with many countries continuing in lockdown or quasi-lockdown, how much demand can the market create under this kind of situation?
I know there are talks of re-opening economies, but really, it would be only in a very limited capacity. Even looking into June/July, I'd say even 1/3 of re-opening would be the most optimistic scenario.
Today's pricing was so deep into the negative territory, we aren't talking a few cents per barrel, it was -$40 at one point. It gives you how bad the demand for oil actually deteriorated and how limited the storage the world currently has.
All that glut of oil has to be sold down the road and the market continue to pump out millions of barrels per day and again, with nowhere to go. So we are flooded in a sea of oil. Refineries don't want them. Storages are full/too costly. Pending a major cut in production, I just don't see the price improving significantly. It's just a matter of time June contract holders realize that the situation isn't improving and start dumping their holdings again.
More signs that the spread of COVID-19 is slowing in Canada emerged on Wednesday, prompting further talk of easing the isolation measures that have proven economically crippling.
Prime Minister Justin Trudeau, who has already announced more than $100 billion in various forms of assistance, offered more financial supports on Wednesday.
The money — a total of $9 billion — would go to students struggling to stay afloat but who have lacked access to previously announced emergency financial assistance. Students will receive $1,250 a month from May to August under the assistance, he said.
We want to make sure that you will be OK
“As young people what you’re going through matters,” Trudeau said. “We want to make sure that you will be OK.”
Student grants would be doubled for the coming academic year, the prime minister added.
In addition, the government said it would create 76,000 new summer jobs for young people in sectors that “need an extra hand.” The jobs would be in addition to those on offer through the government’s regular summer jobs program.
Canada's COVID-19 pandemic didn't need to be this bad
COVID-19 patient discharged into cold after 10 days on a ventilator with no instructions
The country’s largest province, on Wednesday, reported its slowest growth in identified cases of COVID-19 in weeks — 510 new cases or a daily increase of 4.3 per cent. Ontario also reported 37 new deaths, bringing the total to 659 deaths on a caseload of 12,245.
Also encouraging was the fact that the percentage of resolved infections has surpassed the 50 per cent mark for the first time.
Premier Doug Ford has mused the province could start easing restrictions ahead of next month’s long weekend if the moderating trend holds.
Trudeau said the trends were positive, showing the measures were working even as he noted that long-term care homes had been “hard hit.”
Nova Scotia, for example, reported two more COVID-related deaths on Wednesday — both at a nursing home in Halifax — bringing the province’s total deaths to 12.
Regardless, the financial fallout of the anti-COVID measures — social isolation and the shut down of non-essential commercial activities — has been profound.
The impact of the epidemic was seen on the inflation front, where Statistics Canada reported the consumer price index for March was up a scant 0.9 per cent compared with a year ago. That was the smallest increase since May 2015 and compares with the 2.2 per cent annualized rate recorded in February.
The government is set to announce its fiscal update for February on Friday — including a deficit number that is bound to look positively microscopic compared to the red ink in which the government has been awash since the pandemic forced the economy to a virtual standstill in mid-March.
Trudeau also said the closure of the Canada-U.S. border would stay in place until May 21 at least.
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You spelled Fidel wrong
