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“ Canada's balance sheet is deteriorating and the consequences could be significant for investor”

There is a clear and present financial danger mounting in Canada that few outside of the investment community appear to be concerned about.

The problem involves the country’s deteriorating balance sheet, which, if we continue to ignore it, could leave us in a very precarious place, with loads of debt and an economy that has not recovered enough to support it.

Such a situation would have all kinds of consequences, from the value of our currency to the cost of borrowing going forward.

As we see it, the prime culprit is the federal government, which appears to be putting considerable effort towards things that have completely nothing to do with the virus, such as tackling climate change.

Canada is leading the G7 in deficit spending but in our opinion it is not about how much you spend but where it goes and what kind of an impact it will have.

And Canada is spending in places that may not directly repair the damage that has been done by the virus. Why not get our country back on solid economic footing first before introducing policies that could impede the pace of the recovery, such as the five-fold increase in the carbon tax and the new clean-fuel standard?

Interestingly, other nations are so far delivering better results in tackling this virus despite facing more challenging conditions. Despite an election and chaos in the White House, the U.S. has been able to vaccinate its citizens at nearly three times the pace as Canada and even while dealing with Brexit, the U.K. is at more than four times. And don’t point your fingers to the provinces; the data shows that they are about to run out of federally supplied vaccines even at their slow pace of vaccination.

To make matters worse, in the midst of the lockdowns, it appears Canadians could soon face the potential for an election, something for which the PMO appears to be readying itself via its recent cabinet shuffle. It’s important to note that this isn’t the end of a four-year term, therefore an election is not a necessity — waiting until more citizens are vaccinated and the economy is in a stronger position would be the more prudent thing to do.

All of this leaves the Bank of Canada in a very uncomfortable position. The irony is it can only hope that the rebound in oil prices will continue in order to provide a much-needed economic boost as well as supporting the Canadian dollar. Meanwhile, they will have little choice but to keep the printing presses in overdrive in order to backstop the tidal wave of Trudeau debt.

If the Liberals were to win a majority in a snap election, we do worry that they could impose material tax hikes in order to relieve some of the burden on our central bank. Unfortunately, such a move could further impede the recovery, especially if the billions of dollars in climate-change spending don’t yield the kind of immediate results the government might be hoping for. One has only to look at the meagre returns from their infrastructure program for an indication of what may lie ahead.

So, what can Canadians do to protect themselves?

Holding some U.S. dollars is probably a good place to start. It’s not only the world’s reserve currency but has also proven to be a good store of value. Fortunately, the Canadian dollar has rocketed back from the depths of the March 2020 meltdown and we think this representing a good opportunity to hedge. Another way would be to diversify one’s holdings of government debt away from Canada to other international jurisdictions including EAFE, or even emerging markets. We’re already seeing some the smartest institutional investment managers we follow pursue these kinds of strategies.

To conclude, don’t let the political intrigue south of the border distract you from what is happening closer to home, and the potential consequences for your finances. We all need the vaccine, but a dose of financial reality wouldn’t hurt, either.


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14 minutes ago, Kargokings said:

Not likely to ever happen but an interesting article:   How to remove a rogue PM — it's more complicated than Canadians might think | National Post

How to remove a rogue PM — it's more complicated than Canadians might think
National Post Staff  4 hrs ago


Being as your NEW here ????, already posted 3 hours ago 

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New Rumblings . Just heard this from someone I know personally who owns a Real Estate appraisal company  in Ontario.

Word in the industry is Trudeau is (again) considering taxing profits on primary residences.

Voting Liberal = BEND OVER 




Edited by Jaydee
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Trudeau Government Immediately Folds On Keystone XL

When news reports first emerged that Joe Biden was planning to cancel the permit for the Keystone XL pipeline on day one of being in office, the Trudeau government mused about how they supported the pipeline and how they would push back, at least trying to make the case for its importance.

They didn’t.

Instead, it turns out they simply folded immediately.

“The Canadian government was formally notified that President Biden would cancel Keystone XL late last night, a source says. The govt says they will accept the President’s decisions and will not fight to change his mind on a key campaign promise”


So after they heard Biden would cancel it, they just gave in.


Those words, “will not fight,” are going to cause many Canadians to feel hurt and abandoned by the federal government.

The Trudeau Liberals were willing to bend the rules, boot out their own Attorney General, and court massive scandal, all to try and protect SNC-Lavalin, but for a pipeline that is so important for the economic future of Alberta, they simply rolled over.

It’s this kind of disparate treatment of different provinces and different industries that has led to much of the regional division we see in Canada today, and that may only deepen as people learn how little effort the Liberal government put into standing up for Canadian jobs.



Edited by Jaydee
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Tomorrow is the Presidents call with Trudeau. instead of all out speculation why not wait and see if it was just the EXISITING work that was cancelled and a better solution to be presented and agreed upon.

Glass half full I know but give them a chance to talk.  It's only been 24 hours.


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Another Trudeau Failure

“Review of Gov. Gen. Julie Payette’s treatment of staff paints ‘scathing’ picture”


The high-profile review into allegations of a “toxic” workplace at Rideau Hall is now complete.


And sources tell Global News that results offer what they called a “scathing” portrait of Gov. Gen. Julie Payette.

Global News can confirm the report first broken by The Globe and Mail on Thursday morning that the independent review of workplace abuse allegations against Payette paints a damning picture of the Queen’s representative.

Sources tell Global News the results offer a stark choice to Payette: either step down or face removal.

READ MORE: Can a Governor General be forced to resign? Here’s a look at the protocol

The Privy Council Office hired Quintet Consulting Corporation in the fall to conduct the review.

It came after a series of allegations made against Payette by current and former staffers to several media organizations. CBC News first reported accounts by employees at Rideau Hall that Payette had yelled at and publicly humiliated staff members.



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Will Trudeau sell out Canada again?

“ Premiers tell Trudeau they ‘want to go to war’ with U.S. over Keystone XL: sources “

Prime Minister Justin Trudeau faced anger from some of Canada’s premiers Thursday over U.S. President Joe Biden’s decision to cancel the Keystone XL pipeline project — including heated calls for punishment that could fracture ties between the two allies.

The First Ministers call, which lasted just over an hour, also touched on the coronavirus pandemic and issues with the nationwide vaccine rollout, sources told Global News. But Canada-U.S. relations in the wake of Biden’s controversial move dominated the discussion.

“Some premiers want to go to war” with the United States over the cancellation, aides of those who participated in the meeting said.

The aides spoke on the condition of anonymity to frankly discuss a private discussion that they said “got pretty heated.”


During the discussion, aides said Ontario Premier Doug Ford cast his lot in with Alberta’s Jason Kenney and Saskatchewan’s Scott Moe, and warned the prime minister he should stand up to “a bully” like Biden on Keystone.

The characterization surprised some of the other premiers on the call, aides said, given the behaviour of Biden’s predecessor, Donald Trump.

Ford, along with premiers of other non-oil producing provinces, fear that if Biden can cancel Keystone XL, he’ll also bring in “Buy America” policies to help the American economy recover from the pandemic. A “Buy America” policy, which Biden has promised on the campaign trail, could freeze out Canadian steel, aluminum, and manufactured goods — something that would cause widespread harm to the Canadian economy.




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Former Liberal MP calls Trudeau a ‘fool’ unconcerned with increasing costs

Dan McTeague said Justin Trudeau’s Clean Fuel Standard and $170 carbon tax are far worse than the “Green Shift” proposed by Stephane Dion

“There was a time when Liberals actually did give a damn about the cost of living and they don’t today,” said McTeague, who once chaired a government task force on gasoline pricing and is now president of Canadians for Affordable Energy."


A long-time Liberal and former MP says Prime Minister Justin Trudeau is a “a fool who is nothing more than a marionette for the Laurentian elite.”

Dan McTeague, who has helped Liberal campaigns since 1978 and was a Liberal MP for Pickering from 1993-2011, said Trudeau’s Clean Fuel Standard and $170 carbon tax are far worse than the “Green Shift” proposed by Stephane Dion as Liberal leader in 2008.

“There was a time when Liberals actually did give a damn about the cost of living and they don’t today,” said McTeague, who once chaired a government task force on gasoline pricing and is now president of Canadians for Affordable Energy.

By 2030, Trudeau’s Clean Fuel Standard is expected to add another 11 cents per litre to the cost of gasoline, while the hike in carbon taxes will increase gas prices by another 36 cents per litre.

“We’re being led down this path of high costs, less jobs, all to be brought even into this fear, the aura of wokeness on the belief in the green climate front,” said McTeague in an interview with the Western Standard.

McTeague insists Trudeau’s “climate alarmism…has gripped the country at a time which would have the most devastating impact.” He also expressed concerns with Trudeau’s “virtue signalling” and “preachy” approach to government.

“It’s left a good number of Canadians without them knowing whether it’s a party that has their back, that has their interests. It’s really about top-down lecturing, moralizing about the new [climate] cult, and conform or be cast out. And that’s really the divide and conquer that I think has unfortunately gripped the nation beyond its economic woes, beyond its lack of accountability in terms of representation, beyond its dangerous move towards a fiscal collapse,” said McTeague.

“It’s important to have a strong energy sector to be able to pay for the social programs – you start messing with those as this Prime Minister has done, and his gang, you start cutting away the very economic and social underpinnings of this country.”

The 18-year Liberal MP believes the Trudeau government has deeply divided Canadians.

“We’re looking at really an undeniable collapse in our democracy and it’s unfortunate, but it’s created significant divides that I never thought would be ones a country could withstand – regional divides, city versus rural, West versus East, have and have nots versus haves, and…public servants versus those who work in the private sector.

“All these things tend to demonstrate there is no common purpose. The goal of government to make everyone work together and to get all the cylinders firing up and are rolling in the same direction has all been thrown out in favour of one or two handpicked issues in which you, your opposition, each either track or stand or fall.”

McTeague interned on Parliament Hill in 1981-82 when the first Trudeau was in power, and says the elder was more tolerant of debate and disagreement.

“The Liberal Party was far more tolerant and far more objective about future of Canada and everyone had a role. And that was true under Pierre Trudeau, whether we liked him or not. That guy could stand up to people in a good debate unlike his son who can’t tolerate anybody who is opposed to him. And that would not be like Paul Martin or Jean Chretien or Bill Graham or Stephane Dion or Michael Ignatieff.

“If you had something to say, you could say it. You could say it publicly, you could disagree with him, you could disagree with him on the floor of the House of Commons. At the end of the day, we were all Liberals. That is no longer the case. It’s an intolerant, academically intolerant group of people whose whole purpose is to divide and conquer and win by the narrowest of pluralities.”

McTeague believes Canada is on a path toward greater authoritarianism and that “this prime minister and the technocrats who dictated this policy to him are really only interested in attaining their woke objective, getting their carbon offset markets up and running, and enrichening their friends.”

Every Canadian should be prepared to throw these bums to the side…these guys are not Liberals, they’re pretenders – and dangerous ones at that.”



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It might be to head off an unpleasant question period in the new parliament session,  a distraction to Trudeau’s vaccine problems, keystone Xl, and the GG or just pre election advertising .... take your pick:

The Protecting Canada Project is airing its first 30-second ad, in English and French, on television and online.

The ad predicts that an O’Toole government would cut funding for health care, even as the country struggles through the COVID-19 pandemic, resting that assertion on decisions under the previous Conservative government and O’Toole’s support for similar cuts made by current conservative premiers.


The tag line concludes that O’Toole and the Conservatives “are hazardous to your health — at the worst possible time.”

Group spokesman Ian Wayne, who formerly worked for NDP leaders Jack Layton and Tom Mulcair, says Protecting Canada was formed by Canadians “with diverse political experience” and a common goal of ensuring the Conservatives don’t win the next election. He says it is backed by “progressive” individuals and organizations who believe it’s “crucial” to counter the Conservative-friendly messaging peddled by what he calls “well-funded, extreme right-wing” advocacy groups like Canada Proud.




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3 hours ago, st27 said:

The ad predicts that an O’Toole government would cut funding for health care

I wondered what the new lie was going to be.

Their previous "white supremacist" accusation didn't work out well for them; I bet they desperately wanted to work racist or white national into the accusation though.... this is much safer and likely a better choice.

They certainly can't use "O'Toole plans to tax the sale of your primary residence" since they're planning to do that one themselves. 

Edited by Wolfhunter
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Canada gets zero, takes the brunt of vaccine slowdown

Canada is being hit longer and harder than other countries


Canada will receive zero new doses of COVID-19 vaccine this week. None, zip, zilch.

Moderna wasn’t scheduled to ship any vaccines this week; we are hoping for 230,400 doses to be delivered sometime next week. Unlike Pfizer, which had promised weekly deliveries, Moderna is on a slower three-week delivery schedule.

Pfizer cancelled their entire shipment for this week which was supposed to be in the neighbourhood of 200,000 spread across the country.

Next week we were supposed to get close to 360,000 doses but will instead receive just 79,000 — a cut of 78% over what was promised.

When Procurement Minister Anita Anand announced the reduction in shipments from Pfizer on Jan. 15, she made it sound like a small reduction over a period of a few weeks and that all countries would be affected.

What we have since found out is that Canada is being hit longer and harder than other countries.

As Canada was still reeling from the news that we would be getting zero doses this week, Pfizer was assuring European countries their impact would be negligible.

The EU now expects Pfizer to deliver across the 27-nation bloc 92% of what was expected over this week and the next one. The missing 8% is expected to be recovered during the week of Feb. 15,” the Associated Press reported last Wednesday.

Reuters was reporting, meanwhile, that some countries, like Poland and Romania, were seeing 50% reductions over two weeks. Italy was told to expect a 20% reduction for one week and 30% the next while the Czech Republic was told to expect drops of 15% and 30%.

You don’t need to be a math scholar to realize that all of those reductions are a lot smaller than the 100% reduction that Canada is facing this week and the 80% reduction for next week.

Federal officials said they don’t know exactly how many doses we will receive in the following weeks, but it will be less than originally planned.

Prime Minister Justin Trudeau rightly took some heat for not calling Albert Bourla, the CEO of Pfizer’s global operations to demand answers, or better yet, the actual delivery of our vaccines. Instead, European leaders made those calls and changed the length and depth of their cuts.

Trudeau took two personal days and then held a cabinet retreat.

It’s understandable that there will be hiccups in new ventures like this, understandable that Pfizer says this short-term delay in deliveries will allow their plant to produce at a higher scale and deliver even more vaccines later in the year.

What is not acceptable is that Canada appears to be taking the brunt of this slowdown. The lackadaisical reaction of the Trudeau government isn’t something any Canadian should be putting up with but appears par for the course.

Anand was bragging about Canada’s vaccine program by saying that Canada was in the top five of G20 countries in administering doses. Perhaps, but we are also behind other countries that we never should be.

Serbia, Iceland, Ireland, Slovenia, Denmark, and even Malta have vaccinated a higher percentage of their population than Canada. While we have vaccinated just over 2%, the United States has given a shot to more than 6% of their country, the U.K. more than 10%, and Israel over 40%.

The slowdown in deliveries will not help. Every delay in vaccinating our most vulnerable populations means more days at risk, more hospitalizations, and more deaths.

We need solutions from Trudeau, not excuses.




Edited by Jaydee
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I would think that for something as critical as a vaccine, one would have the schedule spelled out for delivery dates with penalties for non compliance in the contracts.....and to be clear and transparent, to avoid embarrassing questions from the opposition and to quell public skepticism, the liberals would release the contracts for the purchase of the vaccines. Other countries have spelled out the agreement to purchase.The liberals haven’t, so what is one to think?? Were they too late and Canada is just receiving the leftovers??

Looks that way so far.

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Being recognized as a Trudeau lacky is having its inevitable affect.


Bill Morneau pulls out of bid for OECD's top job after failing to secure support to move onto third round of voting

'I have decided to withdraw from the race to become the next Secretary-General of the OECD, as I do not have support,' Canada's former finance minister said.”

This is the Trudeau government’s second failed bid for a prestigious position on the international stage, after Canada’s loss in the run for a seat on the United Nation’s Security Council last summer.




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Canadian National Anthem!

In order to cover all bases of Politically correct Bovine Excrement....these are Trudeaus proposed new lyrics.

"Oh Canada!
Hmm hmm hmm hmmhmm hmm!
Hmm hmmhmmhmm, hmm hmm hmm hmm hmmhmm.
Hmm hmmhmm hmm hmm hmm hmm hmm,
Hmm hmm hmm hmm hmm hmm!
Hmm hmm hmm hmm
Oh Canada, hmm hmm hmm hmm hmm hmm.
Hmm hmm hmm hmm hmmhmmhmm hmm hmm!
Oh Canada, hmm hmm hmm hmm hmm hmm
Oh Canada, hmm hmm hmm hmm hmm hmm.”

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Trudeau paved the way for Biden’s rejection of Keystone

Under Trudeau’s leadership, the government is deliberately squandering a stupendous legacy — the third largest proven oil reserves in the world.

Prime Minister Justin Trudeau got a taste of his own medicine when on Inauguration Day, President Joe Biden dealt a body blow to the Canadian energy industry by cancelling the partly-built $8-billion Keystone XL (KXL) pipeline. What Biden did to our country was hardly different from what Trudeau had inflicted on us before. And for the same fatuous and hypocritical reasons.

When I served as minister of natural resources I called the proposed pipeline, which would bring Canadian crude oil to U.S. Gulf Coast refiners, “the most studied energy project in the history of the world.” Biden, like president Barack Obama before him, ignored the State Department’s Environmental Impact Statement (EIS) on KXL, which concluded approval or denial was “unlikely to significantly impact the rate of extraction in the oilsands.” Moreover, Keystone would be less risky and produce fewer emissions than rail. According to the EIS, the line could have no adverse effect on the global climate. Just as tellingly, the U.S. Defense Department said it would not stop buying oilsands fuel because there would be no environmental benefit from doing so.

Biden also ignored the negative impact on industry revenue, energy security and thousands of union jobs. His rejection was unvarnished political symbolism, catering to militant ENGOs, jet-setting Hollywood dilettantes and the far-left Democratic “Squad,” including Alexandria Ocasio-Cortez, whose support helped him win his party’s nomination. They want to transition fossil fuel to extinction, to preclude a dreaded sixth mass extinction. They could not care less that the oilsands are responsible for a minuscule one-thousandth of global greenhouse gas emissions. Or that emissions per barrel from the oilsands have fallen 36 per cent since 2000. California crude produces more GHG per barrel.

“ Why would the U.S. president give a thought to Canadian jobs when the Liberal government’s own policies have devastated employment in our energy sector and supply chains across the country?”


Trudeau’s biggest problem in trying to sell the U.S. on KXL — hypocrisy — is largely of his own making. He asked Biden to approve a pipeline from the Alberta oilsands to the U.S. even though he put the kibosh on the Northern Gateway and Energy East pipelines, which would have transported petroleum across Canada from the same reserves (and would have reduced net global emissions by substituting oil and gas for coal in Asia). Why would the U.S. president give a thought to Canadian jobs when the Liberal government’s own policies have devastated employment in our energy sector and supply chains across the country?

If an additional pipeline is socially unacceptable to Quebecers, as Premier François Legault says, why should a Canadian oil pipeline be acceptable to Americans? “Rules for thee but not for me” don’t migrate well across international borders. On the other hand, last year Canada accounted for 56 per cent of U.S. crude oil imports or 3.8 million barrels a day, so it is a bit rich for the president to suddenly go all judgmental about the oilsands.

Hypocrisy, ideological fervour and partisan politics make for a noxious brew that can justify any policy, no matter how costly and counterproductive. Under Trudeau’s leadership, the government is deliberately squandering a stupendous legacy — the third largest proven oil reserves in the world: 168 billion barrels. Uniquely among energy-rich countries, Canada is prepared to deprive its citizens of an enormous economic opportunity in fully developing, transporting and selling our fossil fuel to an energy-hungry world. If renewables one day supplant oil and gas, that wealth will evaporate.

This immense financial sacrifice supposedly is justified by our moral obligation to confront a looming global-warming apocalypse that, even if “the science” did clearly predict it, Canada has zero ability to prevent from happening. Meanwhile, oil-exporting competitors with appalling human rights and environmental records are delighted by our self-destructive inanity. The Greens, NDP, progressive media and assorted socialist fellow travellers shed nary a tear for the lost revenue even as they demand yet more costly social programs.

Carrying more than a trillion dollars in federal debt, and with our economy staggering from pandemic-induced lockdowns, we can ill afford the luxury of stranded resources and foregone revenue. Canada is becoming a less prosperous country, struggling to afford the social services both this and future generations of Canadians want and need.

Now that Keystone is dead, what will Justin Trudeau do, assuming he is not secretly relieved? The Trans Mountain expansion to Vancouver and Enbridge’s Line 3 replacement and expansion to the U.S. midwest are both under construction. But much more is needed. Ideally, Trudeau would drop his hostility to the energy industry and get busy encouraging pipeline construction to access tidewater and overseas markets. Unfortunately, every government talking point suggests that is as likely as the sixth extinction.

Joe Oliver was minister of natural resources and minister of finance 2011-15.




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Ottawa reopening section of Rideau Canal, skaters required to wear masks on ice

I guess there is so much hot air in Ottawa it’s impossible to catch Covid ...( apparently it’s only dangerous only in back yard rinks in the rest of the country)



Edited by Jaydee
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