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Canada now has the largest deficit on earth - and it's still rising.


Argus

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Well according to the liberals new Campaign media team, it all the cons fault, the outright lies begin." i don't' think there is one truth in their ads.  And we worry about the Chinese influencing the election, no it's anyone with few dollars to spend and an axe to grind, bad enough we have to listen to attack ads by legitimate parties, now we hire massive media groups to spread lies.... And this is what some people call responsible government

 New advocacy group launches pre-election ad campaign against O'Toole, Conservatives (msn.com)

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It'll turn out to be another group funded by big public sector unions. Their only purpose is to keep the flow of big raises flowing into their pockets and to prevent any government from cutting spending for any reason. Saying they're there to counter some piddling little conservative group when 95% of third party spending is done by the Left - ie, public sector unions, is on par with the truthfulness of the rest of their message.

 

Edited by Argus
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22 hours ago, bush_cheney2004 said:

 

Ontario had the most sub-sovereign debt per capita even before the pandemic.   The US doesn't worry about that.

Everyone's going down at once thanks to modern debt-driven capitalism!  Eventually, empires bring the worst aspects of imperialism they inflict on colonial subjects, back home with them. 

So, nevermind Ontario....you got a federal debt level you can't possibly pay back, along with corporate and business debt and consumer debt that has made everyone owing on skyrocketing medical debts, college loans that never get paid back, and mortgages on over-inflated homes again because inflation is a thing of the past....or so we were being told!

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21 hours ago, Argus said:

It'll turn out to be another group funded by big public sector unions. Their only purpose is to keep the flow of big raises flowing into their pockets and to prevent any government from cutting spending for any reason. Saying they're there to counter some piddling little conservative group when 95% of third party spending is done by the Left - ie, public sector unions, is on par with the truthfulness of the rest of their message.

 

Speaking as a union member, I can say that there is corruption at the top of every international union, BUT as organized labor disappears, so do good-paying jobs! It started with FTA/NAFTA, because employers - from big to pissant 'small business owners' who try to scam both their employees and their customers for their own enrichment, won't pay a nickel more or charge less than they absolutely have to!  Business wants everything and NOW.  While organized labor is just trying to grab a share. 

As for public sector unions......well we only have to look south of the border to see what you wonderful conservatives will do when you have a chance to privatize public services and schools! 

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1 hour ago, Right To Left said:

Everyone's going down at once thanks to modern debt-driven capitalism!  Eventually, empires bring the worst aspects of imperialism they inflict on colonial subjects, back home with them. 

So, nevermind Ontario....you got a federal debt level you can't possibly pay back

 

There is no intention to pay back all the debt (principal).... just keep servicing the interest, refinance with lower interest debt, and debt monetization.

Debt is here to stay !

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The only reason interest rates are so low is the governments are buying their own debt through reserves like Bank of Canada and the Fed. If they had to rely on private and corporate sources to finance their debt, rates would probably be in the 10% range. The question is, how long can they continue to do this?

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14 minutes ago, bush_cheney2004 said:

 

There is no intention to pay back all the debt (principal).... just keep servicing the interest, refinance with lower interest debt, and debt monetization.

Debt is here to stay !

Oh please lecture us more on national debt.  Your country is the leading expert after all.  

 

https://www.usdebtclock.org/

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2 minutes ago, Cannucklehead said:

Like 6 months of secret service protection for the trumps?  How much of that is going into dons pocket I wonder?  

 

Already in the budget...just like your pension payments to GG Space Cadet for the rest of her life.

Wanna buy some more vaccine  ?

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2 minutes ago, bush_cheney2004 said:

 

Already in the budget...just like your pension payments to GG Space Cadet for the rest of her life.

Wanna buy some more vaccine  ?

https://abcnews.go.com/US/secret-service-protection-extended-trump-family-members-staffers/story?id=75407711

 

Usually the ss guards the ex president but not their kids.  

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11 minutes ago, Cannucklehead said:

Or get shot by one of your own.  Sic semper tyrannis!!! 

Carrying on with Canada favorite past time i see, bashing the US, because shit is not that exciting here in Canada, can't complain about the liberals because thats not how the left is wired. And the conservatives could not make a decision if their life depended on it. 

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2 hours ago, Right To Left said:

Speaking as a union member, I can say that there is corruption at the top of every international union, BUT as organized labor disappears, so do good-paying jobs! It started with FTA/NAFTA, because employers - from big to pissant 'small business owners' who try to scam both their employees and their customers for their own enrichment, won't pay a nickel more or charge less than they absolutely have to!  Business wants everything and NOW.  While organized labor is just trying to grab a share. 

If organized labour stuck with making fair bargains for their members I wouldn't complain. And in most private sector organizations that's the case. No one wants the company to go bankrupt, after all. Where things go awry is when the paymaster is the government, then there's no restraint on the demands of the union. See the longshoreman's union as an example. How many guys getting paid for doing no work? How many guys with few skills making fifty or sixty bucks an hour?

2 hours ago, Right To Left said:

As for public sector unions......well we only have to look south of the border to see what you wonderful conservatives will do when you have a chance to privatize public services and schools! 

Yeah, you do that. You have a look at the public schools in New York City, under the control of the Democrats for ages, paying the highest per pupil rate for education in the country, filled with miserable schools falling apart for lack of maintenance and overpaid teachers who don't do any teaching.

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15 minutes ago, Army Guy said:

Carrying on with Canada favorite past time i see, bashing the US, because shit is not that exciting here in Canada, can't complain about the liberals because thats not how the left is wired. And the conservatives could not make a decision if their life depended on it. 

Gotta find something to do. 

 

 https://weather.gc.ca/city/pages/on-143_metric_e.html

 

Winter my butt.  I may have to take the mower out of storage soon at this rate.  ?

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3 hours ago, Aristides said:

The only reason interest rates are so low is the governments are buying their own debt through reserves like Bank of Canada and the Fed. If they had to rely on private and corporate sources to finance their debt, rates would probably be in the 10% range. The question is, how long can they continue to do this?

The problem of course is that the government is increasing the money supply by auctioning government securities to service the debt, while reducing the gdp with government restrictions. More money, less to buy equals inflation. More inflation requires higher interest rates increasing debt servicing costs.

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2 hours ago, oops said:

The problem of course is that the government is increasing the money supply by auctioning government securities to service the debt, while reducing the gdp with government restrictions. More money, less to buy equals inflation. More inflation requires higher interest rates increasing debt servicing costs.

Sure, it is just printing money. The reserves keep interest rates low by lending that newly printed money to banks at ridiculously low rates who then lend it to consumers at artificially low rates. Eventually it will all come home to roost.

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8 hours ago, bush_cheney2004 said:

 

There is no intention to pay back all the debt (principal).... just keep servicing the interest, refinance with lower interest debt, and debt monetization.

Debt is here to stay !

Ultimately, 'debt is here to stay' only until lenders feel they won't get paid back OR receive equal or greater compensation...such as loans to banana republic former colonies that Wall Street banks never intended or expected to be paid back....just seize control of assets or extract other favors from the debt serf nation, out of fear of US government reprisal.

And, since inflation is continuing to rise,  and rising too fast for the Fed and allied financial manipulators to hide it from average consumers and smaller investors, they are going to have to start raising interest rates, because America's (and allies) adversaries are smelling blood in the water now, and adding to their forex reserves to increase the value of their currencies in an obvious effort to push the $USD further out of the reserve currency basket. 

China’s forex reserves grow by over $100 BILLION in 2020 despite Covid-19 pandemic

If the US economy (and Canada and England and the EU) can't deal effectively with either the Covid-19 pandemic or their lack of real economic growth, all they can do is just keep pumping out $Trillions more of fiat currency coming from nations that can't even prove they are financially solvent in the long term anymore! 

For the past, almost 7 years, the US Dollar has been declining about 1% per year in its share as Global Reserve Currency. It will be interesting to see what the 4th quarter numbers are and what they will be for this first quarter of 2021, because up till last year, it was looking like major investors were looking for safe havens to avoid the Dollar, but finding few other options besides gold. Gold has run up in price, but the volatile cryptos - like Bitcoin look like they are going to make real moves, if big investors become comfortable they can park their money in Bitcoin and feel safe that regardless of hiccups - when billionaires pull back or fear of possible state interference with crypto investments, it will keep rising in value over time....since they are limited reserves ---- nobody can just instantly create $billions worth of bitcoin like they can with paper currencies!  

US Dollar as “Global Reserve Currency” amid Fed’s QE and US Government Deficits: Dollar Hegemony in Decline

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7 hours ago, Argus said:

If organized labour stuck with making fair bargains for their members I wouldn't complain. And in most private sector organizations that's the case. No one wants the company to go bankrupt, after all. Where things go awry is when the paymaster is the government, then there's no restraint on the demands of the union. See the longshoreman's union as an example. How many guys getting paid for doing no work? How many guys with few skills making fifty or sixty bucks an hour?

 

You tell me! How many?  Before checking, I'd wager very, very few longshoremen would be getting paid $60 per hour! If that's even close to top rate.....and in a union shop also!  And I'm figuring there are not very many young men hired anymore to do the grunt work on the docks, because........so many cargo ships today are container ships. The most efficient setup is to have containers offloaded by a crane operator who can drop each container on a railway flatbed or truck flatbed trailer. Not many hands are needed anymore at shipyards anywhere in the world these days. That's another example of how high tech and automation have mostly served to eliminate jobs.  And if the crane operator gets paid $60 an hour, that might be more plausible!

Now, with the declining number of jobs, having a union is extra important, because if the union has any clout, they can protect senior employees from being fired when there's no work for them. Better if the employer has to take some responsibility for looking after the welfare of their employees, instead of focusing solely on executive salaries and stock compensations!

Quote

Yeah, you do that. You have a look at the public schools in New York City, under the control of the Democrats for ages, paying the highest per pupil rate for education in the country, filled with miserable schools falling apart for lack of maintenance and overpaid teachers who don't do any teaching.

Everything's expensive in NYC! So, I wouldn't expect schools to come cheap either. Certainly private schools don't! 

It's your value judgment that NY teachers are overpaid; but if they live in New York, a teacher can't afford to live on the same salary as a teacher in West Virginia! Schools falling apart, is the fault of the city and state governments.....and possibly the feds....depending on what the Dept. of Education is kicking in after four years of having a patronage appointment in charge whose only concern was expanding her own family's chartered schooling empire!

When it's all said and done, after the failures of unbridled capitalism over the past 40 years, you rightwingers have an even steeper hill to climb to try to make your case that 'unions are greedy' while business owners are self-starting, unselfish 'job creators!'

 

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2 hours ago, Right To Left said:

And, since inflation is continuing to rise,  and rising too fast for the Fed and allied financial manipulators to hide it from average consumers and smaller investors, they are going to have to start raising interest rates,

 

Inflation has remained very modest by historical terms, and near zero interest conditions will persist for several more years.    Central banks actually strive to keep inflation in a 2% - 3% band as a matter of monetary policy.

I for one would welcome much higher interest rates....reward the savers...punish the debtors.   My first home had a mortgage at 12.5%, and passive investment products paid much more handsomely than today.

Canada has already faced the abyss back in the 1990's (Canadian peso days) compared to U.S. dollar hegemony.  Chretien and Martin drastically cut spending...not politically possible under current circumstances.   Europe has also rejected post Great Recession "austerity" measures.

 

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1 hour ago, bush_cheney2004 said:

punish the debtors.

Of course we are the debtors, and have been punished enough.

Canadian government debt, also called Canada’s “public debt,” is the liabilities of the government sector.

 For 2019 (the fiscal year ending 31 March 2020), total financial liabilities or gross debt was $2434 billion ($64,087 per capita) for the consolidated Canadian general government (federal, provincial, territorial, and local governments combined). This corresponds to 105.3% as a ratio of GDP (GDP was $2311 billion). Of the gross debt, $1145 billion or 47% was federal (central) government liabilities (49.6% as a ratio to GDP).  Provincial government liabilities comprise most of the remaining liabilities.

https://en.wikipedia.org/wiki/Canadian_public_debt

Canada also had a massive debt after WW2, but gdp was very strong with war production, which switched over to domestic production as our servicemen returned home, got married, started families, and needed to buy everything. This was a time when business was encouraged by the government, not crushed by it. With a federal debt growing by a billion dollars a day, and businesses dropping like flies, it is time to open up the economy, and let business do business.

2 hours ago, bush_cheney2004 said:

Inflation has remained very modest by historical terms, and near zero interest conditions will persist for several more years.    Central banks actually strive to keep inflation in a 2% - 3% band as a matter of monetary policy.

That was before managing the economy was turned over to unelected doctors.

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On 1/22/2021 at 5:30 PM, bush_cheney2004 said:

Ontario had the most sub-sovereign debt per capita even before the pandemic.   The US doesn't worry about that.

You should be worried about it.  The states are collectively WAY of another trillion in debt.  Same taxpayers have to retire/service it as the Fed.

https://www.forbes.com/sites/andrewdepietro/2020/11/23/states-with-the-most-and-least-debt-in-2020/?sh=70e76c2578a3

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8 minutes ago, cannuck said:

You should be worried about it.  The states are collectively WAY of another trillion in debt.  Same taxpayers have to retire/service it as the Fed.

 

Not any more....fiscal conservative dinosaurs like me have to face political reality, and take advantage of the public and private debt orgy...which is exactly what I am doing.   The banks pay me now.

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24 minutes ago, bush_cheney2004 said:

Not any more....fiscal conservative dinosaurs like me have to face political reality, and take advantage of the public and private debt orgy...which is exactly what I am doing.   The banks pay me now.

Good for you, but nothing very good anywhere in this mess for taxpayers.  What Joe Lunchbucked doesn't understand (nor apparently does Joe Economist) is that expanding the money supply results in a DIRECT liability to the taxpayer.   All of those trillion$$$ pumping into the economy are either current or pent-up inflationary forces - expressed by increasing money supply.   And ( I hope ) you realize WHO is ultimately responsible for the results.

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