But it bends toward a return to whites-only schools.
We Need A New Country
Had coffee with a friend this morning. He has one of the largest bricking companies in the area, employs 23 guys. He can no longer afford to keep business going. Layoff notices handed out. He is closing shop and moving his family and business to Florida. What happened Canada ? 🇨🇦
— John Lee Pettimore (@JohnLeePettim13) March 22, 2022
Read the thread.
A Tragedy of Biblical Proportions
DarkHorse Podcast Clips- NONE of these problems get fixed if the mandates get lifted
We Need A New Country
Because we won’t survive three more years of this: Trudeau announces a Liberal and NDP deal to keep him in power until 2025
Based on the announced details, it’s clear the Liberals get all of the benefits of a coalition and the NDP gets none of the benefits of a coalition. Did Singh even think to ask for a cabinet position?! Or anything tangible in return?!
— Anthony Furey (@anthonyfurey) March 22, 2022
I Don’t Like Lentils
Freedom Must Begin At Home
My latest at the Brownstone Institute:
“The end of the Covid-19 pandemic is being declared by most countries in the world at almost the precise 2nd anniversary to the day of the entire world shutting down voluntarily for “two weeks to flatten the curve.” Mask and vaccine mandates, along with vaccination passports, are dropping all over the world.”
“But if you thought that the end of the pandemic meant a return to normal life, you would be wrong. In the blink of an eye, we have seamlessly transitioned our attention from a pandemic enemy to the new Tsarist enemy in our global village. But have no fear, Sheriff Zelenskyy and his elite, woke allies in the West are going to save us from Vladimir Putin. And if you’re not on Team Ukraine, then you know, like whatever. “
Keep your eyes on the prize, people.
Permanently Unexpected
Last week, Nancy Pelosi brought Build Back Better up again when discussing ways to bring down inflation. After blaming high gas prices on Vladimir Putin, the Speaker of the House actually told her fellow Democrats that government spending is the answer to fighting inflation.
Train wreck
No matter which side of the fence you are sitting on regarding the Ukraine, one thing appears to be certain: Russia is headed for default. European creditors are going to get hit the worst.
Holders of Russian government dollar bonds with coupons due on Wednesday have not received confirmation of payment as of close of business in London, according to Reuters, raising fears that the Russian default – the first since 1998 – may be imminent (once the 30 day grace period expires).
At issue are two dollar-denominated government bonds which have $117 million in interest due today. Failure to pay – or attempting to pay in rubles instead of dollars – would potentially place Russia in default by its creditors. As discussed last night, the bonds have a 30-day grace period, so creditors can’t officially declare default until April 15.
Panic borrowing
So far, it seems that the Bank of Canada’s eagerness to raise interest rates has actually sparked the opposite of what was intended.
Canada’s average home price rose more than 20 per cent from the year before in February to $816,720, according to data from the Canadian Real Estate Association.
“Combined with higher interest rates and higher prices, we could be at a turning point where price growth begins to slow down and inventories finally begin to recover after seven years of declines,” Cathcart said.
Inventories can also “recover” due to something else: debtor defaults and foreclosure sales. It probably won’t take long at this point.
Temporarily Unexpected
Brace yourselves. The trans-oceanic shipping containers that cost $4k to move 18 months ago are now at $20k per container, with a possible increase to $40k. Containers that once took 4 or 5 days to find spots on ships are now languishing for weeks on docks. Ocean shipping could triple, and airline shipping could quadruple. It’s a recipe for “catastrophic” inflation.
Roy Green interviews Jake Phipps, CEO Phipps International;
The World Is In The Very Best Of Hands
This is real.
Unedited.
Actually happened.
pic.twitter.com/VKMjKQnI2s— Rising serpent 🇺🇸 (@rising_serpent) March 11, 2022
Nothing to see here…
Financial markets seem more than a little concerned about the impact of using trade sanctions as the main tool to end the war in the Ukraine.
The London Metal Exchange (LME) cancelled nickel trading on Tuesday after an unprecedented 250% price spike triggered by Western sanctions against Russia.
Prices for the metal, mainly used in stainless steel, soared to a record above $100,000 a tonne amid a vicious short squeeze — the largest-ever on the LME.
It looks like those sparky cars are set to get a lot more expensive going forward:
Russia not only is responsible for about 10% of the world’s production, but Moscow-based Norilsk Nickel (MCX: GMKN) is the biggest provider of battery- grade nickel at 15% to 20% of global supply.
Inflation and useless ingredients
Rising prices due to regulatory edicts, Covid whiplash, green energy boondoggles, and now, war in the Ukraine. Economic dislocations are likely to get worse in the coming months, not better, if this analysis by Monetary Metals is correct. The main takeaway: don’t expect all prices to simply rise in tandem with each other either. This crisis is going to throw a lot of curve balls our way.
And this leads to a phenomenon that would be curious if it were a simple case of money printing. Prices are, at once, both lower and higher. Growers of chickens are getting less per bird, while consumers are paying more. Canadian timber growers are getting paid less, while American home builders are paying more. Russia is getting paid less for its oil (and selling less volume), while freezing Europeans are paying more.
This is what economic discoordination looks like. Wider spreads, with both producers and consumers kept apart by a growing gulf.
Savings? What savings?
If the Bank of Canada insists on doing what these authors insist it will, the result could be a lot worse than rising prices.
Money growth has slowed from its peak a year ago but is still robust. And with pandemic uncertainty declining, this big pool of money is now beginning to move. Over the last few decades, the velocity of money’s circulation — the rate at which a given stock of money moves through the economy — has gradually but steadily trended downward, in large part because low global interest rates have reduced the opportunity cost of holding more liquid assets. Then, during the pandemic, the demand for liquid assets soared and velocity plummeted as people willingly built up their bank account balances.
Are we now facing a situation like that of Russian savers at the collapse of the Soviet Union, when supposedly huge Ruble savings accounts could not buy a fraction of what consumers were led to believe they could?
The “miracle” of zero percent interest rates is actually pummeling the capital structure of the economy into dust. A brief period of rising rates will not undo any of the damage but actually compound it. Buckle up.
The Ukraine Mess
Victor Hanson on the crowded road to Kyiv.
For Whom The Bell Tolls, It Tolls For Thee
Neil Oliver writes on how we should watch what our leaders are up to.
Coulda Had A Pipeline
Just to be clear, both Canada and the US will continue to import oil from Russia. Because our national governments consider the construction of oil pipelines from western Canada a greater threat than Russia, apparently. pic.twitter.com/dx5XGIjMBd
— Scott Moe (@PremierScottMoe) February 25, 2022
Tipping points
What’s surprising about the current economic climate is how little it takes in terms of an increase in interest rates to drive the marginal borrower out of the housing market. Once the defaults begin and protests over mass unemployment take hold, we will long for the days of the kind of peaceful mass gathering we saw over the past three weeks in Ottawa.
But mortgage rates have been rising since August, reaching 3.92% last week, the highest since May 2019. With borrowing more expensive, applications to refinance mortgages have fallen about 45% in the last six months, according to the Mortgage Bankers Association.
Some lenders have already begun to cut back. Mortgage lender Homepoint Capital laid off nearly 10% of its workforce. Better.com, an online mortgage lender, fired around 900 workers in December during an infamous video conference call.
South of the Border
Something very interesting is happening in America. One wonders if President Brandon will be so quick to threaten these truckers and their supporters as easily as #BlackFaceHitler did to their Canadian neighbours.
Update: Live views this evening
The Honking Will Continue Until Freedom Improves
The Canadian Senate: The Final Frontier
Basically, with the exception of the lawsuits being launched against the government by the Canadian and Ontario civil liberties associations and the province of Alberta, the Senate is the final chance for Justin Castro’s draconian power grab to be stopped. Will Senators rubber stamp the Emergencies Act? Or will they act in the interests of Canadian citizens and democracy?
Interesting rumblings here:
Should we have faith? I mean hey, Canadians are so very principled lately.
More stuff:
Has the Great Canadian Underbussing started? Dean has thoughts here. The international press coverage of Trudeau has been absolutely ruthless and the CBC fangirls and his inner circle cannot possibly be blind to the condemnation. Will the Libranos backtrack?
Lastly:
If you would like to communicate your thoughts to members of the Senate, you may do so using this contact form.
The person who created it and shared it with me knows it probably won’t help, but he felt he had to do something.


