Flashback: Trudeau’s ‘literally frightening’ spending plan has some Liberals, bureaucrats very worried
Public servants in Canada have traditionally operated under cover of anonymity and have no identity beyond their minister. The exception has been the department of Finance, which has often provided a challenge function to the government of the day, turning back the flood of requests for funding from other departments. The idea that the prime minister and the finance minister are pulling at the opposite ends of the blanket took a hit under Bill Morneau. One Liberal MP called Finance a “vassal state” during the first Trudeau mandate. But Morneau was determined to impose himself during the second mandate, which may be one reason he was retired.
With Trudeau and Freeland apparently simpatico on the plan to “build back better”, concerns about affordability at Finance have been trampled. “They are fiscally conscious people but they have thrown up their hands and said, ‘How much do you want to spend.’ There is a state of discouragement that I haven’t seen in 25 years in Ottawa,” said one senior bureaucrat.
Also from September…
Oh but the Bank of Canada is independent.
(so the Prime Minister's Office have hatched a plan)~Speculation the deputy minister of finance might be replaced by Carolyn Wilkins, Bank of Canada senior deputy governor. Wilkins was championed by chief of staff, Katie Telford,~ pic.twitter.com/XbWKJWnmcv
— not inklessPW 💎 (@inklessPW) September 4, 2020
Remember the “budget will balance itself” commentary…! Ha, ha, ha, ha…….
Fiscal probity isn’t a big seller in these Covid times.
In whose lifetimes?
Wallpaper paste futures are going up as we speak; invest NOW!
Prosit!!
Hans Rupprecht, Commander in Chief
1st Saint Nicolaas Army
Army Group “True North
Most Canadians will find out that the exhilarating feeling of getting your first million dollars paycheque doesn’t last more than a few days. Take it from somebody that lived through hyperinflation.
“Trudeau’s ‘literally frightening’ spending plan has some Liberals, bureaucrats very worried”
There actually might be some Liberals out there who know that they really can run out of other people’s money.
I don’t believe it. I saw the bureaucrats at External Affairs greet Trudeau like a rock star on TV. If they have buyer’s remorse now I have no sympathy.
That may have been the case in a more sane time not too long ago, but our last hope NOW is the breakdown of the printing presses at the Canadian Mint. The evil children who are the Liberal Party are printing money with nothing to back it up. Inflation will come and kill what’s left of the middle class.
Canadian elections are rigged by buying off the entire Canadian Media so that no knows there is a conservative option.
I have it on good authority from PPC voters that Andrew Scheer would have been doing the exact same thing./
I think most of them are aware that you can run out of other peoples money, but the prayer of the politician has always been “Dear Lord, don’t let this explode until I am out of office”
Keep in mind what I have said about a hungry man with a family to feed.
“Oh but the bank of Canada is independent”
The BOC has been awfully vocal of late about the build back better and new green initiatives, and the economic effects of climate change are the most serious issues facing Canadians today.
Apparently the desire to pass truckloads of debt on to your grandchildren are not as concerning.
But credit is cheap right now and Trudeau wants to drink from this fountain until it’s dry…
I don’t know, I look around and see all this asphalt and Trudeau wants Canada to go green with penalties to the Provinces when they can’t make this self-imposed destruction.
What I find concerning is the journalists in the Ottawa bubble that were told back in 2015 this was exactly what was going to happen and did everything then to ignore or cover for the sock monkey to keep that mean old Harper from getting re-elected.
If they are worried now about a financial meltdown they need only look in the mirror for the contributing factor.
Trudeau Income Plan. An oppressive tax, I assume.
Canada to tax foreign homeowners
https://thinkpol.ca/2020/11/30/canada-to-tax-foreign-homeowners/
Libs to further meddle in markets. What could possibly go wrong?
Like i wrote yesterday, 12 months ago a 20 billion deficit was no big deal, now its 400 billion and for many Lieberals and stupid Canadians still no big deal…and that’s just federally.
Wait till the GST/HST goes up 2 points along with the air tax and provincial taxation rates and then cities and townships add on so lets raise the minimum wage and tax the rich and increase immigration…
PM Queerdo is the poster boy of everything that is wrong with people today.
Pick a government that affects you directly and ask one simple question: Have they ever done anything really well such that you would remark about how clever it was to your friends? I would bet that you can’t. And that is why we are here today because “clever” and “well” are not adverbs that describe government action, period. That is why government must be kept small and under control with very limited responsibility because it is a beast built out of the worst of human ignorance with the presumption of absolute rule and it serves itself first.
Nothing to add to that. Great comment.
mhb23re
Codex
Calgary’s Municipal water supply.
Most people have no idea what’s involved in supplying basic services we take for granted.
But I get your point.
Yes, I hear we’re getting Flouride in ours (Calgary). Hope my lawn likes it, and trees, perennials, ’cause like most of us here, we do water in the dry period of summer. And the runoff goes downstream, to the east. Can you say Whale Oil Beef Hooked. Cows with the brightest smiles. And don’t forget Hen’s teeth. Say “Hi” Saskaboonians and you’re welcome. Winnipeg, too. Then off to the Hudson’s Bay.
There’s nothing worse than a lawn with tooth decay…..
I wonder if it cures “fairy rings”?
Not Winnipeg. The Pas.
We are becoming Venezuela without the nice weather.
An asset tax will come. Wait and see. So you have RRSP, home equity or more than $5000 in the bank? Too bad. It’s unfair that you have that and Other People Don’t™
We are screwed. Especially once these idiots tank the economy and the private sector – the only ones floating the mess – croaks. Do you like your dog? You’ll like him better with ketchup.
Just. Like. Venezuela.
I don’t see how we get out of this mess. With more trudeau-adoring 3rd worlders imported every year to be placed on the dole we will never be rid of the bast@rd. I talked to one of them at work as I worried about the debt and he said “the government has the money”. I said yeah, by taxing us into poverty, borrowing even more from the chinese or running printing press and inflating us to $20 loaves of bread or worse. His reply: “The government has the money”. He’s likely disappointed his great grandparents are dead and he can’t bring them over for all the free stuff.
We are done.
Off topic but not really: what is it about that smug, smarmy smile on freeland’s face that makes me wish someone would punch it away. Hard.
Convention has been that Turdeau is simply a no mind cocktail party sycophant. A uber leftard which economics will inevitably correct. He is non of these things. He is taking advantage of Covid to destroy the capitalist base of Canada. Any vestige of economic independence from Ottawa is being destroyed. When the majority of people become reliant on what government decides to give them then the Liberal Party of Canada becomes the ruling party of Canada and that will never change.
Qualms within the public service of Canada about ‘spending’. Seriously? Give me a break! Ottawa is designed to aggregate ever more share of the economic pie to that city. It is all about personal aggrandizement. There is not a patriotic bone within the public service or the whistle on the crooks in power would have happened years ago.
When they have expended all that political capital to become rulers what will actually be left worth ruling?
I think it is all being orchestrated by Soros and the globalists at the UN. The Great Reset includes collapsing world economies. That is what they are working towards.
The UN is a useless body comprised of dictators and despots in numbers that make it dangerous.
No one is more enamoured with it than Trudeau and company.
Here’s an anecdote way back when when Paul Martin was finance minister. The then Bank of Canada head had a son, an indifferent economics major, and he was sent to study at my economics department way out in the New Brunswick boonies. (Not that relevant, but at the same time, the son of the then owner of the Ottawa Senators hockey team, and an even worse ecomomics undergraduate, was sent to study economics at my economics department). Anyways, both were scions of well-to-do Liberal families, and they became fast friends.
The two average students were outgoing enough, and we often chatted about the goings on in powertown Ottawa after some of our classes. One tale the son of the Bank of Canada told me, is that when Paul Martin was finance minister, he and his senior staff would have a weekly, informal bag lunches with the Bank of Canada head and his senior staff. (The son was invited to many of these sessions and listened wide-eyed, taking it all in). Don Drummond and other senior federal honchos felt at home lunching with the Liberal power-thingies.
The point of this post is that the Bank of Canada and the Department of Finance are in no way “separate”. They are one big happy family. Today, Finance is spending like crazy, and the Bank of Canada is buying all of the debt. Keep that in mind as you buy gold.
Imho, this falls under the no shit Sherlock category. Here’s evidence, originally brought to my attention by Michael Campbell.
Nobody wants the feds’ shitty bond yields, so the Bank Canada underwrites massively increased debt.
“Canada’s central bank is increasingly buying newly-issued government bonds that pay for pandemic spending.”
Market operation data from the Bank of Canada show benchmark bonds — those currently being sold by the government, as opposed to older debt — are making up a growing share of the central bank’s secondary market purchases.”
“A move to buy larger quantities of benchmarks is natural for the Bank of Canada, as the growing size of its holdings forces it into the most liquid parts of the market as older issues become less available. But it comes with a risk: It means the bank’s quantitative easing program will increasingly mirror government debt sales at a time when opposition lawmakers are warning it against directly financing Prime Minister Justin Trudeau’s fiscal agenda.”
The bank plunged into financial markets in the early days of the pandemic. But analysts are predicting the pace of government bond purchases — at a minimum of $5 billion a week — will prove too large for the nation’s outstanding bond market.
What could go wrong? Everything. We are near federal deficits so large we have to borrow debt servicing costs, as happened with Chretien. What does that signal? 1. primary residences with suites attacked. 2. 100% capital gains inclusion rate, and 50%+ marginal income tax rates above $100,000 in income. After that, pensions, RRSPs and RRSP, all considered “tax expenditures.”
Remember it’s their money, not yours, and don’t you forget that you revolting peasants. The rich won’t play, so we will be made to.
https://www.bnnbloomberg.ca/bank-of-canada-already-pushing-limits-of-domestic-bond-market-1.1513097
Inappropriate but I’ll ask it anyway. Why is it that very picture you see of Freeland she looks like the grinning village idiot or is she just laughing at Canadians because, being on the inside she knows what’s going to be done to us by sock monkey and his minions ?
Liberals seem to forget that a government big enough to give you everything is big enough to take everything you have.
When inflation divides your assets by 10, 100 how will you cope then? When your million dollar nest age is now worth $10,000 how will your retirement look now?
https://www.bankofcanada.ca/2020/08/the-great-reset/
But hey…it’s a conspiracy theory. Just sit back and enjoy what they have planned for you and me.
“Independent” – Thanks for the morning laugh.
thanks for the boc attachment. it would be funny if…….
Rex Murphy hits on the great reset pretty well
My accountant told me that since Justin took charge more and more people are cheating on their taxes with a clear conscience.
The Bank of Canada is about as “independent” as the RCMP.
Canadians have not fully clued in yet that it is over. The amount of total public debt incurred in our names can never be paid off Canadians and Canada is finally bankrupted.
We had one downgrade by Fitch, a warning ignored by everyone. Ottawa instead of coming to their senses just doubled down.
What comes next or so history tells us, because believe it or not the Liberals/Cons/NDP/Green/BQ inspite of what they promise can not suspend the laws or rules of mathematics or gravity.
People who already pay more in taxes than they take home to feed, and cloth and house their families are going to be picked clean.
You will lose your homes, auto’s will be repossessed, bank accounts cleaned out, jobs lost for those who still have jobs.
Now you will begin to experience the fruits of socialism. All your choices.
Before there is layoffs in government at all 3 levels of government they will come after every last dime they can squeeze from you.
Bank accounts will be stripped. Savings consumed. Possessions sold off, larders emptied and finally you will be stripped.
It has been the same playbook forever. The faces change the game is always the same. You Can Vote Your Way Into Socialism. But History Tells Us You Always Have To Shoot Your Way Out.
Let’s examine this.
Democracy assumes that decent people that get elected will govern with the intention for wellbeing of the citizens. Not selective identity groups. All citizens.
Democracy requires that every citizen should know the affairs of the cities, provinces and the country.
That being said, democracy requires that those that want to take away rights and privileges of a citizen be thrown in the dustbin of history.
Democracy also requires certain duties of the individual citizens. If they fail, democracy will decay.
Do we have decent people running the government?
Don’t think so.
The government of Canada is willfully destroying one province for the benefit of one self-admiring buffoon, megalomaniac idiot that has an aspiration to run the world. Can anybody in this country see that?
As mentioned before, the prime minister of Canada is your basic dicktator (sic) for the duration of his/her government.
He chooses the ministers without debate of consequence, that is diktat.
He appoints Supreme Court judges, no debate of consequence allowed, that is diktat.
Pretend debate does not qualify.
Keeping proper finances in mind? Don’t think so, the idiot has no clue so it’s not a problem for him.
If he does not approve of obviously right decision, he can sack his minister no questions allowed, though this is somewhat relative.
The ministers of the government actually must completely submit to the will of the prime minister without reservation, they can be fired instantly if they have an objection. This applies as a matter of fact to government of any shade. Shadier, more corrupt.
In his defense, he is an uneducated idiot and he could not do it alone, there are a few perhaps millions Canadians that actually think that this idiot can run a country to this very day. And run the world in ‘future’.
Who you gonna call?
Of course there is more to it,
Hafta hold back and stop.
Ready for a new country yet?
Have you reconciled yourself to the brutal necessities involved?
Whichever Xprovince starts first will at least have a ROC to herd the parasites into.
Ralph’s ,”Bus Passes to Socialist Paradise”will considered a kindness.
John Stuart Mill covered most of the problems “Democracy” creates for itself.
I wonder how many of our “publicly educated” graduates even know that name?
And how many fewer actually read “On Democracy”.
Bottom line,the further decision making moves away from the taxpayer,the less any decisions are to the taxpayers benefit.
Can’t imagine why.
As for the concerns of civil servants over at Finance,even the most political “servant” there has at least some math skill.
And Finance of all government thieves knows that there is a threshold where theft becomes war.
Kleptocracy must synchronize the lie and the steal,so that the mark,yea olde taxpayer,is not aggravated enough to make the effort to kill the thief.
Canada hit that threshold some years ago,except government is buying forbearance with borrowed money.
And lying big time about the actual cost.
All the minions at Finance want,is to prolong the game until they retire,as long as they get theirs,”Screw you guys.”
Ran into a guy from Finance that wanted to know why I was against solar powered cars. I asked him if he thought he would never drive at night.
Had a toe to toe argument with a NDP MLA. Name does not matter. But it was insightful.
It is a general held view of a great majority of elected Officials that all any citizen should be allowed to keep of their income is around 20%.
And you should be thankful for that, after all the many important things they do for you.
Do you understand where we are going yet. Do any of you remember the fear in the land when in PET’s day interest rates were in the 20% range, there were no job’s and men were sent out in squads along the roadsides clearing brush and stacking firewood, burning brush etc. Stagflation they called it then.
What is coming will make that look like a picnic. Work gangs. If you are lucky.
No one is coming to save you.
The screws will be tightened. The modern Communists we are facing will not be going out and sweeping the grain from your granaries as they once did.
But they will starve you just the same. The CMHC paid 250,000 tax dollars on a study about having a tax placed on the sale of your home. And Trudeau also is still mulling a Home Equity Tax. They never reduce government scope or reach always more. 40% of Canadians now work for 1 of 3 levels of Government. It’s what Canadians demand. Canadians are not freedom loving rugged individuals. They love the womb of government. They love Mommies basement. Canadians are going to get it good and hard dry. https://www.youtube.com/watch?v=7lxM1ycDp4c&feature=emb_logo
STOP THE RESET
If there’s no reset, then what’s the point in all this “togethering”?