Basically, Canada needs US markets a lot more than they need our markets, or anyone else’s for that matter.
Beaudry contrasted Canada’s dependence on global trade — roughly 40 per cent of the economy — with the U.S.’s much lower reliance at about 15 per cent. That difference, he said, helps explain why Washington can afford to use tariffs as a political and fiscal tool without triggering the same level of economic disruption seen elsewhere.
While monetary commodities like gold and silver continue to set new daily records in terms of their dollar price, it’s interesting to note that the dollar prices of non-monetary commodities like oil and copper continue to slide. That’s probably because economies tipping into recession don’t need as much oil and industrial metals as growing ones.
Gold prices rose by over 2% on Monday, buoyed by expectations of further U.S. interest rate cuts and sustained safe-haven demand, as investors awaited upcoming U.S.-China trade talks and inflation data out of the U.S. this week.
But zero percent interest rates ought to fix all those problems, right?
Meanwhile, traders are pricing in a 99% chance that the Federal Reserve will cut interest rates next week, with another cut in December. Gold, a non-yielding asset, tends to do well in low-interest rate environments.
In reality, it’s a way of saying “we’re moving out” while trying not to make it look too obvious.
Linamar Corp. says it’s expanding its U.S. manufacturing footprint through a US$300 million deal to buy select North American assets of Aludyne Inc.
I’m skeptical that revaluing gold would change much in the finances of the US government, or any other government for that matter, but I’m curious to hear what SDA readers think.
Here’s my take: despite a legislative quirk that pegs the dollar price of gold at a ridiculously low level, I’m quite certain that the creditors to Uncle Sam have already pegged it implicitly at it’s true dollar price. It’s as if your farm was valued at $2 million and you owed $1 million, but your balance sheet hadn’t been updated in years. It’s quite likely that your creditors would have already recalculated that balance sheet for you, or they would not have lent you the money in the first place. Readjust your balance sheet and you will find that you still owe $1 million.
US gold re-marking would have implications for both the Treasury & Fed balance sheets.
- US Treasury: assets would rise by the value of the gold re-marking & liabilities would rise by the size of gold certificates issued to the Fed.
- Federal Reserve: assets would rise by value of gold certificates & liabilities would rise by a crediting of cash in the Treasury cash balance (Exhibit 4). And here is the punchline: the Fed balance sheet impact would look like QE though no open market purchases would be required & Fed liability growth would initially be in TGA.
In other words, the best of all words: a QE-like operation, one which see the Fed quietly funnel almost $700 billion in cash to the Treasury… but without actually doing a thing!
The jump to 15% minimum suggested tips is probably playing a role, but even without that the restaurant industry is struggling with the pandemic hangover and a marginal consumer who cannot afford to eat out.
Three in four Canadians are eating out less, often because of the high cost of living, a Restaurants Canada report published Monday found. That share is even higher among those aged 18 to 34 at 81 per cent.
Restaurants Canada chief executive Kelly Higginson said it’s an “alarming” trend for the foodservice industry.
Because the promised “big one” was taking too long.
The road to recovery after the Palisades Fire has been anything but smooth for a group of historical business owners on the eastern edge of Malibu.
For years, the Reel Inn was a staple along Pacific Coast Highway at Topanga Canyon Boulevard. The famous seafood shack fed surfers and tourists for nearly 40 years.
Its sign is now in a pile of rubble, and because of a yearslong dispute over land use, the Reel Inn may never reopen.
Other businesses are facing the same roadblocks when it comes to rebuilding — The Topanga Ranch Motel, Wiley’s Bait and Tackle, Cholada Thai and Rosenthal Wine Bar.
[…]
Today, the Los Angeles Department of Water and Power (LADWP) is using the land, which is owned by California State Parks. They recently informed the destroyed businesses that their leases are cancelled and they can’t rebuild.
“Due to the catastrophic property loss associated with the Palisades Fire, DPR has regretfully determined that it will not continue to lease this site,” the letter the Reel Inn received read.
“We wanted to rebuild, remodel, expand from day one for thirty years. We thought that somebody from state parks, at some point, would go, ‘Look, we’re remodeling the whole place down there anyway. These guys have got good press. Why don’t we lean in with them and do something cool? And let’s do it rather sooner than later because it will make it look like we’re getting things going down here.’ And the phone, not only didn’t ring, but we got that letter two weeks ago,” said Andy Leonard, the owner of the Reel Inn.
h/t Joe
A timely reminder for western lawmakers: In Nepal, politicians ban social media use and citizens burn down parliament. Politicians flee by helicopter.
BREAKING NEWS: Nepal’s Finance Minister was just stripped of his clothes and chased into a river by angry protesters after they set the country’s parliament on fire.
— Dom Lucre | Breaker of Narratives (@dom_lucre) September 9, 2025
That’s quite the laundry list.
Peter St Onge- Canada enters Recession
Guess who’s buying all those new homes in Canada? Apparently, almost no one. The central question that the article fails to ask is this: whose balance sheets are taking the hit? In any case, retirees are never going to take up all the slack that investors are leaving behind.
There were just over 300 new homes sold across the entire Toronto region in April. A population of about 6.4 million people was mainly too scared to pull the trigger.
It was one of the worst months ever for sales, according to the Building Industry and Land Development Association. The market hasn’t improved much since.
“It’s a crazy market out there with condos,” she said, fully aware of the drop in sales and prices. June sales were just 510 units, 82 per cent below the 10-year average for the month, BILD said.
Learn to code, they said. But just don’t expect a job in Canada.
Canada’s tech job market has gone from boom to bust in a matter of years, a new study says.
The research released Tuesday by job postings site Indeed says August openings in the sector posted on its platform were down 19 per cent from their early 2020 levels.
Whatever happens to the housing industry in this country, the damage will invariably be papered over by financial institutions marking assets to book value instead of market value. That’s what they’ve been doing since 2008 and most everyone seems okay with it. What could possibly go wrong?
“I think the last time I saw this was in 2008-2009 during the financial crisis,” she said. “And in 2020 during COVID-19.”
Calderwood has built a career specializing in selling luxury real estate from condos to waterfront properties, and she has recently noticed both a decline in sales and prices, as well as a rise in foreclosures.
“It really picked up last year, but this year, too,” she said. “A lot of foreclosures and then you just see the price dropping. Sometimes people are losing a couple of million.”
The concept of troops going to the battlefield in armored vehicles may well be a thing of the past, if this YouTube video is any indication. In the Ukraine today, supplies going to the front have to be transported not by vehicle but by drone. It’s simply impossible to get supplies there by any other means, given the nearly impossible task of running a gauntlet of drone swarms. This ought to serve as a lesson to those in charge of determining defense spending priorities.
It’s not like the Liberals have a dark history of hating Jewish people…
At the time everyone loved the guy, right?
But now they are on the side of peace, right? The Liberals would never support terrorists, right? I mean again. I mean ever again. Ever, ever again…
Klaus Schwab was the undisputed “King of Davos” for 55 years. But when his downfall came, it was swift.
The 87-year-old founder of the World Economic Forum (WEF), which holds the annual conference in the Swiss alpine ski resort, fought until the end.
But over two days in April, beset by allegations of misusing WEF funds, manipulating research and inappropriate behaviour with staff, he was forced out of his personal fiefdom.
One WEF insider told The Telegraph: “He had the chance to step back 10, seven, five years ago. But he hung on.”
On Sunday, the early findings of a second investigation into the WEF were leaked. They alleged that Mr Schwab had misspent WEF money and manipulated research for political reasons, including rigging data to make Brexit look like a failure.
Mr Schwab also allegedly put his crotch in front of a female staffer’s face, splurged $50m on a luxury villa and ran up £836,000 in expenses that were not sufficiently linked to WEF activities.
His credibility now lies in ruins and the future of Davos is openly questioned.
In an economy overloaded with exponentially growing debt, vendors actually have very little pricing power. If they try to raise prices the marginal consumer will just say no. What they can do, however, is lower their asking price, and that’s exactly what’s happening. It’s either that or fold the tent.
IKEA announced on Tuesday it’s cutting its restaurant prices in half for adults and children eat free from Monday to Friday.
Absolute TRUTH NUKE from Stephen Miller: "The Democrat Party's objective is to flood the West with millions upon millions of illegals from the developing world…believing that in so doing, they will collapse the West…and in so doing, they think in the rubble of that, they… pic.twitter.com/fKgiZovZNL
— Eric Daugherty (@EricLDaugh) July 8, 2025
Now that the election is over the mainstream media water carriers can safely post bad news.
The largest drop was seen in the manufacturing sector, with a net loss of 31,000 jobs, a 1.6 per cent decline from March. Regionally, the deepest manufacturing impact was in Ontario, with 33,000 fewer jobs.
“Overall, we are seeing a job market that was weak heading into the trade war, now looking like it could soon buckle.”
What’s the biggest hurdle facing Trump’s efforts to deport illegal immigrants? It’s not public protests or pushback from the courts, but the simple fact that there are now 18 million of them.
The Trump administration states that its planned large budget increases for hiring more ICE agents and private contractors, and expanding detention capability, will allow the administration to deport one million people per year. In other words, that’s still just four million deportations total and the best case scenario—from the administration’s perspective—under current goals.
That would only put the administration back to near where the Bush administration was more than a decade ago. Moreover, this is in the context of current immigration numbers, and the administration’s supporters tell us that there are currently more than 18 million illegal aliens in the United States as of early 2025. So, the administration’s best-case scenario would mean the administration has few hopes of deporting even a quarter of the existing population of illegal immigrants.
