Okay, Mr. Rosenberg....

Always agree with Mr. Rosenberg’s conclusions, video above, not so much his arguments. I differ on the Population figures, hence Mr. Rosenberg’s points, because I don’t trust Statscan Data.

The curious thing is I found out another Chief Statistician for Statscan resigned. 2024. This year: https://www.theglobeandmail.com/business/article-anil-arora-retires-as-chief-statistician-pushing-the-boundaries-has/. Off the top of my head, I now know of 3 Chief Statisticians, at least, to have resigned over the past 15 years. Mr. Sheikh, the first to resign in 2010, under PM Harper, said Statscan would become increasingly inaccurate with the cancellation of the long form Census: https://www.theglobeandmail.com/news/politics/statistics-canada-chief-falls-on-sword-over-census/article1320915/. So, I think it is right to be sceptical of the Population numbers, and the arguments premised on them being factual when they are not. The figures are not trustworthy, and conclusions derived from untrustworthy figures, therefore, can’t make sense.

I think.

Anyhow, the following article is interesting to me.

From Bloomberg: https://www.bloomberg.com/news/articles/2024-08-02/bank-of-canada-seen-cutting-rates-faster-after-weak-us-jobs-data?srnd=homepage-canada

It is about the divergence between interest rates in each country, Canada and the US, and, ultimately, the Canadian Dollar verses the USD.

First, I can’t believe I am citing Kevin O’Leary:

He emphaszes the American National Debt is $35 TRILLION dollars, and growing!!

Why compare everything to the US?

Being a contrarian, I think we should be removed from dealing with the US, and wonder about OUR financial analysts who think OUR balance of payments should be reconciled to the American market. They are in trouble. The rest of the world is not. So, we shouldn’t be.

Sean Foo has an interesting video explaining what’s going on with the Americans:

I just thought it was good. And, note Presidential Candidate Trump believes Bit Coin can pay the debt off: https://www.forbes.com/sites/digital-assets/2024/08/03/donald-trump-proposes-radical-plan-to-pay-off-35-trillion-in-national-debt-and-beat-china/.

More importantly, Kevin O’Leary suggests taking money from ANRA, the institution for collecting oil revenue royalties, to pay off the American debt.

To state the obvious, $35 Trillion Dollars in debt can’t be paid off.

And, I refer back to Micheal Hudson, my favourite Marxist, ‘Debts that can’t be repaid, won’t be.’

Unlike the States and about which Mr. Rosenberg acknowledges above, OUR debt is individual. 160% Private Debt. So, housing and credit card, school debt and cars. The country can absorb it, so, the debts can be written off; mortgages via CMHC written off, tuition via government institutions writing off debt, and, negotiating with the banks for the rest. No money changes hands, debt is absorbed.

Which can and will be done because the result is Customers for businesses.

Including banks. People who can buy, borrow, and set up new companies. Interest Rates don’t HAVE to be lowered, but they should be for International Trade, but they don’t HAVE to be. In effect keeping OUR CAD stronger for those who want to trade with the US. I don’t think that’s a good idea, but there is breathing space to make a decision made available.

If we.don’t cancel debt, lowering interest rates, here, is just going to make houses more expensive. The BOC has just spent the past year making sure Wages stayed low. So, now, we’re in a predicament where no one can buy a house, so, no one will sell the one they have and the country is stuck.

IMO..