Juno News - Carney’s sovereign wealth fund BLASTED as debt-fuelled slush fund

00:00:00.000 The Canadian taxpayer watchdog is dismissing the Kearney government's sovereign wealth fund as a giant ATM machine for liberal-friendly pet projects.

00:00:14.820 Prime Minister Kearney announced the $25 billion fund at a news conference today.

00:00:19.880 We're proud to announce a new pillar of our plan, the Canada Strong Fund, Canada's first national sovereign wealth fund.

00:00:30.000 This will be a Government of Canada fund, but more importantly, this will be a people's fund.

00:00:38.820 It will be your fund.

00:00:41.620 The Taxpayers Federation calls it a slush fund fueled by borrowed money.

00:00:47.740 Franco Terrizano of the CTF will be joining us a little later on as our guest.

00:00:51.860 Prime Minister Carney expressed relief after another failed assassination attempt against President Trump on the weekend.

00:01:00.000 Kearney posted this message on social media.

00:01:02.440 I am relieved that the President, the First Lady, and all guests are safe

00:01:07.560 following reports of gunfire at the White House

00:01:11.020 for respondents' dinner in Washington tonight.

00:01:14.800 Political violence has no place in any democracy,

00:01:19.000 and my thoughts are with all those who have been shaken by this disturbing event.

00:01:25.160 Chaos broke out at the White House Saturday night

00:01:28.740 when a man opened fire at the White House Correspondents' Dinner.

00:01:33.520 Trump and Vice President J.D. Vance were rushed to safety when the shooting started.

00:01:58.740 A 31-year-old California man was tackled and subdued before he could kill anybody.

00:02:06.920 Afterwards, Trump ripped CBS News for quoting the suspect's manifesto during an interview on 60 Minutes.

00:02:14.020 The so-called manifesto is a stunning thing to read, Mr. President.

00:02:18.380 He appears to reference a motive in it.

00:02:21.800 He writes this quote, administration officials, they are targets.

00:02:26.100 And he also wrote this. 0.99

00:02:27.380 I am no longer willing to permit a pedophile, rapist, and traitor to coat my hands with his crimes. 0.90

00:02:33.960 What's your reaction to that? 1.00

00:02:35.000 Well, I was waiting for you to read that because I knew you would, because you're horrible people. 0.99

00:02:40.180 Horrible people. 0.96

00:02:41.340 Yeah, he did write that.

00:02:43.120 I'm not a rapist.

00:02:44.520 I didn't rape anybody.

00:02:46.780 I'm not a pedophile.

00:02:47.700 Oh, you think he was referring to you?

00:02:48.940 Excuse me, excuse me.

00:02:50.120 I'm not a pedophile. 1.00

00:02:51.400 You read that crap from some sick person. 0.99

00:02:53.900 I got associated with stuff that has nothing to do with me. 1.00

00:03:00.680 I was totally exonerated.

00:03:02.460 Your friends on the other side of the plate are the ones that were involved with, let's say, Epstein or other things.

00:03:11.380 But I said to myself, you know, I'll do this interview and they'll probably, I read the manifesto. 0.99

00:03:16.740 You know, he's a sick person. 0.81

00:03:18.240 But you should be ashamed of yourself reading that because I'm not any of those things. 0.99

00:03:23.700 Mr. President, these are the gunman's words.

00:03:25.720 Excuse me, excuse me.

00:03:27.280 You shouldn't be reading that on 60 Minutes. 1.00

00:03:29.760 You're a disgrace. 0.99

00:03:30.640 But go ahead, let's finish the interview. 0.99

00:03:32.800 Our guest today is Georgianne Burke,

00:03:34.340 who's a communications expert and political strategist

00:03:36.920 with Pathway Group, coming to us from Florida.

00:03:40.740 Welcome once again, Georgianne.

00:03:42.360 Thank you.

00:03:43.860 All right, so you heard the clip,

00:03:46.500 the exchange between President Trump

00:03:48.400 and the 60 Minutes correspondent,

00:03:51.540 and he really went after her after she read the segment of the manifesto to him.

00:04:00.340 What do you make of his reaction and the fact that CBS News would read that particular segment of the manifesto to him?

00:04:11.480 So I think that there's two parts to this problem.

00:04:15.680 One problem is that the media will be the media. And if it's bloody and gory or horrifying and

00:04:24.680 terrible, they're going to report on it. And they're going to talk about it and talk about

00:04:28.520 it until it's beaten a dead horse. That's one problem. The other problem is they have a

00:04:32.320 particular glee in reporting anything which is negative or harmful about President Trump,

00:04:39.420 which is, I think, very sad, very sad. Their Trump derangement syndrome is so out of control.

00:04:44.480 his response was completely appropriate it was disgusting that she would read such a document

00:04:51.040 out loud it's bad enough that it's out there for people to read but you know it's one thing to

00:04:54.680 look at another thing to have it quoted at you and to quote it at him was particularly um I guess

00:05:00.780 I'd use the word insensitive or thoughtless um under the circumstances um I had no problem with

00:05:07.280 his response at all I just don't understand it is beyond me as a human being even though I'm

00:05:13.360 beginning to when i actually understand them i'm going to be really concerned about myself but i'm

00:05:18.680 beginning to kind of get a glimmer of where these people are operating from they're just so uh they

00:05:24.440 they actually don't care about anything except to see something negative happen to trump even if it

00:05:29.400 means someone dying including him um and i think that's pretty horrifying that people who are in a

00:05:35.700 position of, of influence, which a CBS reporter certainly is okay to, to create a situation where

00:05:44.000 people can actually sit there and, and listen to this objectively read statement rather than her

00:05:53.100 saying, you know, even prefacing it with saying, this is horrifying and I even hate to read it,

00:05:57.920 but I would like your reaction, sir. She didn't do that. She just started reading it

00:06:02.340 with no commentary, with no with no anything about it. And, you know, I think this is a problem

00:06:09.520 that we are creating an influence when we have people of that stature, whether we like her or

00:06:15.600 not, she has stature, she has a reach, she has an audience of huge numbers that are listening to this

00:06:21.700 and being affected by it. It's very dangerous. Yeah, I think you can make the case that the

00:06:25.740 media is not only normalizing these violent attacks against conservatives, but they're

00:06:31.480 actually glorifying it in a subtle way, or maybe not so subtle way, by doing it this way. I mean,

00:06:36.500 what's the message that we're getting from her reading his quote-unquote manifesto? These are

00:06:41.220 just the rants of a lunatic, as far as I'm concerned. But here she is reading them, and I 0.97

00:06:45.720 think the message it can send to people who are empathetic to the way this guy thinks, this guy,

00:06:51.420 this California would-be assassin, is, boy, all you got to do is take a pot shot at Trump,

00:06:56.960 and they'll read your manifesto on CBS News and, you know, everybody else will talk about you,

00:07:03.660 talk about your views, almost in a way of saying, well, this is the motivation behind this guy's

00:07:10.140 murder. Not the fact that he's a crazed, deranged individual who would resort to violence, but

00:07:16.620 somehow that there's justification there. It's subtle, but I can feel it. And I think that these

00:07:22.760 media people know exactly what they're doing. I completely agree with you. I think they do

00:07:28.260 know exactly what they're doing. I think that it doesn't bother them that they're doing it.

00:07:31.580 And they're taking their lead, frankly, from the politicians who utter mealy-mouthed,

00:07:38.420 oh, gee, political violence is terrible. Not saying straight out like that one,

00:07:44.800 God bless her, Democratic congresswoman said, please stop trying to murder the president. 0.70

00:07:49.220 That's really the crux of this. 0.97

00:07:50.720 This is not what Americans do.

00:07:53.320 This is not what anyone in a civilized society does.

00:07:55.640 When they're dissatisfied with their leadership, they vote them out.

00:07:59.020 If they're dissatisfied with their leadership, they vote against them in the midterms and make it harder for them to govern the way they want to.

00:08:06.500 That's civilized society.

00:08:08.020 We may not like the outcomes of the elections, but we live with it because it's not forever.

00:08:12.380 um it is a very this is a very dangerous game that these media people and their masters in

00:08:19.180 the political world are playing it's dangerous and and in the end i have to be very honest with

00:08:25.060 you and i don't i don't know if this is awful to me for me to say but i wouldn't cry a big fat tear

00:08:30.600 if it bit them in the rear end in the end if they one day had to turn around and say oh my god

00:08:35.320 look what we've done because it's happened to us now yeah there's a duplicitous aspect to what

00:08:41.920 they're doing too on one hand kind of cheering it on on the other hand saying but we're doing this

00:08:49.080 under the guise of journalistic integrity you know we're we're journalists here we're just

00:08:54.000 reporting the story you know yeah between you know being reputable and respected journalists

00:09:00.080 which of course we all are versus yeah go for it you know and there's anybody else who wants to

00:09:06.340 take a pot shot at trump go for it we'll put you on the you know your views at least we'll read

00:09:11.800 your manifesto on the air to me it's a not so subtle way of encouraging it and of course we

00:09:17.240 have jimmy kimmel with this quote now this happened thursday so this was beforehand but

00:09:21.520 our first lady melania is here look at melania so beautiful mrs trump you have the glow like

00:09:29.200 an expectant widow and she came back and tore a strip off him but what do you make of that

00:09:36.460 so the context of his comment was he was talking to his audience on thursday night before

00:09:41.420 before this dinner occurred. And he was pretending that he was speaking, that he was like the

00:09:46.300 emcee at the White House Correspondents' Dinner, and he was speaking to the crowd.

00:09:51.140 So here, our First Lady Melania is here, you know, talking like that. Then he goes on and says,

00:09:55.840 you have a glow like an expectant widow. I mean, like, why, first of all, would anybody ever think

00:10:01.280 of something like that to say, how is that even funny? Okay, that's number one. It's, frankly,

00:10:06.720 the, at the very, at the very kindest, I would say it's dark. Um, but I would say it's subversive

00:10:13.040 and it's disgusting, but she came back at him hard. She came back at him hard. And she said, 0.99

00:10:18.100 it is horrible that you would say such a thing about my family, that you would talk like this

00:10:22.500 about my family, that you would put them in this situation. And that was after, I don't know if you

00:10:26.900 saw the video her at that dinner, when she realized what was happening, but it was, it was

00:10:31.960 a traumatic experience for her. She hadn't been present at the other two incidences, even though

00:10:37.020 it was traumatic enough to not be there. Now she was actually there when shots were ringing out

00:10:41.260 and she knew right away, like she figured out pretty quick because she ducked under that table

00:10:45.620 what was going on. Okay. She and what's her name? Levitt, Caroline Levitt, ducked under the table.

00:10:53.380 I mean, honestly, it is horrifying to me that anyone can find anything good in what happened

00:11:00.820 on Saturday night, and that Jimmy Kimmel would have made an insensitive, provocative, cruel,

00:11:09.100 vile comment like this and think that it passes for comedy.

00:11:13.640 And check out James Carville, his quote, I want to watch Trump suffer. Top Democrat strategist,

00:11:23.720 James Carville on his podcast, I do not want that man to die. I want to watch him suffer,

00:11:29.880 and i can't watch a dead person suffer so okay he doesn't want him dead but maybe he would be okay

00:11:40.040 with somebody he loved being dead or somebody he cared about being dead or some of his members of

00:11:45.100 his cabinet having been killed that night maybe that would be okay i mean like honestly

00:11:49.600 he's a sick puppy anyway i the older he gets the worse he gets uh he was someone that was almost

00:11:57.380 halfway respectable at one time. He is not even remotely that now. But he is an example. He is

00:12:05.200 an exemplar of what you hear from Democratic voices with very few exceptions, the exceptions

00:12:12.000 being John Fetterman and this one congressional person who I've never heard of before, who have

00:12:17.420 spoken up about this and been horrified at what they've seen and heard. I don't know what's

00:12:22.280 happened to decent Democrats. I don't know. I don't know where they've gone. They're all gone.

00:12:25.980 Even the ones who probably are at their core decent are afraid to speak up because the party has been overtaken by lunatics, people suffering from Trump derangement syndrome, haters, anti-Semites, vile human beings altogether. 0.96

00:12:40.940 And anybody who is halfway decent is probably scared to death to speak up. 0.54

00:12:45.380 I'll tell you what's scary is the prospect of these people getting power again.

00:12:48.860 Oh, yeah.

00:12:49.240 If they're that crazy, then the idea that they will form power, you know, gain, gain power, like right now, I think they've been pushed to the edge in part because Trump has defeated them so soundly, you know, he beat them so much, so badly last time.

00:13:07.860 yep and right now they don't have control of anything you know in terms i mean obviously

00:13:13.820 their governorships and all that sort of thing but they're out right now they don't have their

00:13:19.520 hands on the levers of power and these people are as power hungry a group as i've ever seen in my

00:13:25.700 life and the fact that trump of all people defeated them twice maybe even three times really

00:13:31.840 let's face facts yeah insult to injury that's insult to injury and the fact that he would beat

00:13:38.000 them again you know if you know he was able to run again but the fact they were not able to defeat

00:13:45.920 him politically i think has pushed them right to the edge and beyond and it says if nothing else 0.67

00:13:52.600 trump has really ripped the mask off these people just how incredibly crazed and demonic they are 1.00

00:13:58.820 for lack of a better word, these people are crazy. I think that I think that you understated when 0.99

00:14:03.920 you say that, Mark. And the fact is that that he is the only person who is blunt enough in his

00:14:13.020 language. He does not parse his words. He doesn't doesn't clean up his language. He calls them out

00:14:19.580 for what they are. They're lunatics. They're low IQ. They are whatever he calls them. That is what 1.00

00:14:24.480 they are. He hasn't been wrong yet. Okay. Um, and he's not afraid to call them out. And the fact

00:14:29.560 is that he says out loud what many, many Americans are thinking. And it's a relief to them to know

00:14:35.960 they hear him speak and they say, but I'm not crazy. I think these people are nuts. I think 1.00

00:14:40.640 they're like off their rockers. I think that they're dangerous. Um, and, and somebody is

00:14:45.540 actually calling them out. So this is, um, you know, it, it, they hate him for this. That's why

00:14:50.840 they that's why some of them actually do want him dead some of them want him out of office

00:14:55.940 some want him dead some want him whatever defanged in some way because he gets way too close to the

00:15:02.680 heart of the matter for them he scares the bejesus out of them they're i think you're right you were

00:15:08.780 saying that there seems like there's almost desperation happening here because they don't

00:15:12.740 have any of the levers of power and they are doing everything they can to ratchet up their base

00:15:17.440 and to ratchet up the haters to come out in the midterms.

00:15:22.020 And I hope that the Republicans, I can't speak for them,

00:15:24.660 but I hope the Republicans are well aware of what these guys are doing

00:15:28.120 and are prepared to fight back hard, just like they did in the 2024 presidential election.

00:15:33.020 This is just as important, maybe more important in some ways than the 2024 presidential election,

00:15:39.280 because without control of Congress, he can't get anything done.

00:15:43.920 Yeah, I think Republicans really have to appeal not only to their base, get out there, vote, but to whatever moderate Democrats are left and say, look, take a long, hard look at the crazy people who are running your party.

00:16:00.880 You know, is that really who you want in charge?

00:16:03.220 Maybe it's time that you go back to the drawing board and find some people who represent the party the way it used to be.

00:16:10.900 know if you go back to the 80s and 90s where you had you know relatively reasonable people

00:16:18.180 yeah i mean there were some very decent fine democrats they were good people they were

00:16:22.820 intelligent they were moderate they were willing to work across the floor uh there's none of that

00:16:29.140 now these people whatever he says they'd say the opposite if he said cancer is bad they would say

00:16:34.340 cancer is good that's where they're at that's where they're coming from yeah so we'll have to

00:16:40.020 to see what happens i'm glad you brought up the midterms because it's getting closer yep um the

00:16:44.920 war hopefully is scaling down i mean i'm i made a prediction that by summer the war would already

00:16:53.080 start to be you know a distant memory and i really hope that's the case i believe it is i think that

00:16:58.640 they're getting ready um i mean this is just my sort of intel from what i'm hearing from my recent

00:17:04.720 trip since then, I think they realize that Iran's not going to negotiate on the nuclear side of this

00:17:12.400 thing. And therefore, they're going to have to take some very unpleasant, serious military action.

00:17:18.480 It won't take them long. This is not something where you send 20,000, 50,000, 100,000 ground

00:17:23.280 troops and you come in and you do what you need to do from the air and other ways, and they will

00:17:28.960 take care of things. And the Iranian people have pleaded and begged, please come in and do what you 0.67

00:17:33.760 have to do we've got to eliminate this government altogether they understand this um it's a horrible 0.98

00:17:39.680 thought it's terrible and it's sad but it's got to be done um and i think he wants it to be over by

00:17:44.240 the summer too i think he understands that you can't drag this out any longer it's not good to

00:17:48.080 do it for the the american people for the economy for the world it's not good to drag it out i mean

00:17:53.440 i have wondered and asked whether or not there are back channel communications between elements of the

00:17:58.640 democrat party and what's left of the regime you know with democrats saying no hang in there you

00:18:04.880 know we're with you and nothing would surprise me mark drag this out you know uh let's punish

00:18:10.960 trump at the polls it would not i mean it would be treason yep but it wouldn't surprise me well

00:18:17.520 just based on the comments that i've heard from some of the congressmen and senators

00:18:21.520 chris murphy and others like that it's horrifying that these people are showing support in any way

00:18:29.340 shape or form for this regime and they are so i'm not convinced that you're not correct on that i

00:18:35.220 think you might very well be it's sad but i i am of the belief now at this point that they're

00:18:40.560 probably rooting for casualties you know they want as high a body count as possible yep anything

00:18:46.000 that would hurt trump i'm convinced that they will root for it they would rather have iran

00:18:50.960 nuclearized than to have Trump get a win from this whole thing. Last word to you, Georgianne. 0.84

00:18:58.900 Yeah, I don't disagree with you, Mark. And I'm just actually hoping and praying that that isn't 1.00

00:19:04.940 the case, that he doesn't have to do that. But I will tell you, I long ago stopped second guessing

00:19:09.180 my president. He is a very smart man. He's a very strategic thinker. He's surrounded by strategic

00:19:15.920 thinkers, people who deeply care about the United States. They do care about world peace. They

00:19:20.500 actually do. He really does. He has said this for decades. So I'm not going to second guess him.

00:19:25.860 I'm just going to continue to pray for his health, which obviously is something we have to do real

00:19:30.600 hard these days, and that he continues to think wisely about this and do the things that are good

00:19:36.660 for not only the United States, but the rest of the world too. George Ann Burke, thank you so much

00:19:41.060 for coming on the show. We appreciate it. My pleasure. Thanks, Mark. Our next guest is Franco

00:19:45.860 Terrazzano, Federal Director of the Canadian Taxpayers Federation. Welcome, Franco.

00:19:50.820 Hey, thanks for having me on. You posted this earlier on X. Carney did not create a sovereign

00:19:57.900 wealth fund. Carney announced a debt-fueled corporate slush fund. The government is more

00:20:04.980 than $1 trillion in debt. Carney will borrow $25 billion more, dump it into a fund, then gamble

00:20:12.980 your money on risky corporate handouts. How did you come up with that determination based on what

00:20:19.480 Carney announced today? Well, I just said what's going on, right? Carney's trying to make people

00:20:24.620 think that he's created this sovereign wealth fund. It's not a sovereign wealth fund, right?

00:20:29.340 The whole idea of a sovereign wealth fund is actually supposed to be to protect taxpayers,

00:20:34.280 right? It's supposed to be a budget guardrail against overspending. That's what it's supposed

00:20:39.340 to be. But that's not what Carney is doing. And when I say that Carney just announced a debt

00:20:45.280 fueled corporate slush fund, that's what's going on, right? Carney is going to borrow another $25

00:20:51.740 billion at a time when the government is already massively in debt, more than a trillion dollars

00:20:56.380 in debt. So he's going to borrow another $25 billion. He's going to put it into this fund.

00:21:00.820 And then the fund is going to risk taxpayers' money on this corporate welfare, on subsidies

00:21:08.420 to Canadian companies, right?

00:21:10.380 That is not a sovereign wealth fund.

00:21:12.780 That is just a corporate slush fund.

00:21:15.960 Yeah, at first I thought, well, a sovereign wealth fund,

00:21:19.340 like the kind that Norway has,

00:21:21.600 you unleash the full potential of the energy sector.

00:21:26.560 You know, you build out pipelines

00:21:27.940 and you generate billions by selling our LNG and oil

00:21:33.360 and whatever else we got to sell to other countries

00:21:36.460 in all parts of the world.

00:21:37.640 And from that, you know, you take a part of it and you sock it away, you know, and you just build that fund over the course of time.

00:21:46.000 That's a great idea.

00:21:47.400 But the problem is these guys have no intention of unleashing the resource sector as far as Canada goes.

00:21:55.180 I mean, they talk about it, but they always throw a monkey wrench into it, you know, like, oh, you got to build a 20 billion dollar decarbonization facility first in Alberta before you can do anything.

00:22:05.760 you know it's absolutely oh by the way and here's you know higher carbon taxes so on one hand they

00:22:12.060 talk about this but they do everything in their power to undermine it at the same time don't they

00:22:18.460 oh look mark it's crazy right because you were right Norway sovereign wealth fund is the gold

00:22:24.720 standard policy right but what Carney just announced is the exact opposite let's take it

00:22:31.280 Let's just take it point by point.

00:22:33.120 So number one, what Norway does, the correct way, is they save money, right?

00:22:38.900 They save their oil revenues into the fund.

00:22:42.120 And then there's strict limits on what they can spend, right?

00:22:45.680 They can only spend the interest on the fund.

00:22:48.320 And then there's even more limits where Norway must invest in projects abroad, right?

00:22:54.880 That is a huge guardrail, number one, to promote diversification.

00:22:59.320 but number two to make sure that politicians aren't tempted to use that money and blow it

00:23:04.440 on corporate welfare in their own country or their own pet projects so you see what norway did the

00:23:09.800 gold standard carney is doing the exact opposite he's not saving money he's borrowing 25 billion

00:23:17.480 dollars more he's not putting spending limits on it like just spending interest or you know spending

00:23:23.480 abroad no carney is then his government is then going to gamble taxpayers money on corporate

00:23:30.120 welfare in canada so this isn't a sovereign wealth fund this is the exact opposite of the gold

00:23:36.760 standard policy in norway yeah you can you can envision friends of the government uh liberal

00:23:43.240 friendly companies or hey even brookfield themselves uh you know having access to some

00:23:48.600 some of that $25 billion fund for various projects of one type or another. In a way, Franco, it's like

00:23:54.920 the anti-wealth fund, isn't it? Because in Norway, Norwegians have access to that. They have an 0.72

00:24:03.140 ownership. They have several hundred thousand. I think I read 350,000 or something in terms of

00:24:09.540 the Norwegian, I don't know if it's kroner or whatever their currency is, but they have a share

00:24:15.500 of the wealth in that fund, what we're getting is a share of the debt, you know,

00:24:20.780 a million dollar borrowed. So that's how we get the debt bill. Yeah, yeah, yeah. And you know,

00:24:26.320 to extend it even further, right? This is the exact opposite of what you should be doing. This

00:24:30.500 is the exact opposite of good policy. Let's look at another case, Alaska, where, you know,

00:24:34.780 the residents in Alaska, again, the government saves a portion of revenue, not going out to

00:24:40.180 borrow more money, save some of the revenue. And then, you know, residents in Alaska can even get

00:24:45.200 a dividend from their fund, right? When it builds up enough money, right? So what a sovereign wealth

00:24:51.100 fund should be doing is you're saving a portion of revenue. You're letting that fund grow. Maybe

00:24:56.180 you invest the interest on certain things, but essentially you're saving money to allow the fund

00:25:01.500 to grow. That is the exact opposite of what Carney is doing, where he just borrowing $25

00:25:07.220 billion, potentially more, by the way, where he's borrowing tens of billions of dollars,

00:25:12.000 And then he's going to risk taxpayers' money on these different types of corporate subsidies.

00:25:19.220 So one other thing we have to point out, right, and it's the elephant in the room.

00:25:23.780 It's the fact that the federal government is more than a trillion dollars in debt.

00:25:28.100 So we're not even close to budget surpluses.

00:25:31.180 I mean, the government just borrowed $80 billion last year.

00:25:34.200 So again, this is not a sovereign wealth fund.

00:25:36.900 If it was a true sovereign wealth fund, I'd be happy, right?

00:25:40.520 we'd be happy the government's saving money, but that's not what's going on. They're just

00:25:43.880 borrowing more money to dish out more money on corporate subsidies. Yeah, the Norwegians are so 1.00

00:25:49.300 much smarter than we have been for decades because their view is, okay, well, we know that someday

00:25:54.120 down the road, fossil fuels are going to be phased out in favor of something else. So why don't we

00:25:58.600 make as much possible money as we can while oil and gas is still being used around the world and

00:26:04.620 probably will be for many years. But at the end of it all, once, you know, we gravitate towards a

00:26:10.800 cleaner form of fuel, then we'll have this massive fund to help us transition to something else,

00:26:17.840 right? So because we won't, we know we won't have that much money coming in through this

00:26:22.660 oil and gas anymore. So we'll have this fund as a great way. By that time, it may be worth

00:26:29.220 five trillion i mean who knows that'll help us transition to whatever the next energy source is

00:26:35.140 and you know we can use that here we do the opposite we undermine our own sales of oil and gas

00:26:42.260 you know because we want to be i don't know trendy or we want we love net zero and then we say we

00:26:48.420 we're going to create this sovereign wealth fund with borrowed money rather than money that we're

00:26:52.900 or bringing in from the resource sector.

00:26:56.140 It's absolute lunacy.

00:26:57.940 But I guess at the end of the day, from what I see,

00:27:02.360 and I mentioned this,

00:27:03.200 it's another venue for companies friendly to the liberals

00:27:07.260 to get access to money.

00:27:08.900 And for these guys, to your point,

00:27:10.560 when you call it a slush fund,

00:27:12.040 I mean, is that what you mean?

00:27:13.400 Is that, you know, this is cash for our friends

00:27:16.300 and ourselves.

00:27:18.140 Well, I don't know who's, well, here's the thing,

00:27:19.680 I have no idea who's gonna get the money, right?

00:27:21.860 here's another aspect of this whole thing is that it was completely non-transparent.

00:27:25.700 We have no idea what's going to happen. The only thing that we can see or gather from Carney's

00:27:31.660 press conference is that you're going to have the government use what is taxpayers' money

00:27:37.240 to pick winners and losers in the marketplace in Canada. That's what we do know. And to build

00:27:42.660 on your point there, Mark, we've seen the liberal government in Ottawa for more than a decade

00:27:47.880 seem like it goes out of its way to attack Canada's natural resource industry, right?

00:27:54.360 Where you had the government reject the Northern Gateway Pipeline. That was what, about a decade

00:27:58.620 ago. You had the government move the regulatory goalposts on the Energy East Pipeline. You had

00:28:04.360 Canada's political system chase away a company that wanted to invest billions of its own money,

00:28:10.400 right, to twin its pipeline. Then you have the government impose a consumer carbon tax,

00:28:16.380 a hidden carbon tax through fuel regulations, and right now you still have Kearney cranking up

00:28:22.180 that industrial carbon tax on Canadian businesses like oil and gas, like fertilizer plants, like

00:28:28.100 refineries, like electricity generation. So you still see the government in many ways hammering

00:28:35.420 Canada's natural resource sector. I don't know if you saw it, but Pierre Polyev did an interview

00:28:41.900 on CTV. And a reporter seemed to suggest that cutting the taxes might actually fuel inflation.

00:28:52.400 I know, might actually fuel inflation because demand for fuel will then go up. Because as you

00:28:59.080 know, I mean, you do the same thing. I mean, if fuel goes down, you start driving around in circles

00:29:03.400 just for the hell of burning more gas. I mean, it was a stunning question. I mean, I give credit

00:29:10.000 for poly if he could have shredded her right now but he sort of dealt with her almost a kind of a

00:29:14.100 gentle way which is to say well that's an interesting way of putting it no if we cut

00:29:19.380 taxes that's going to lower the inflationary burden on the consumers did you happen to catch

00:29:24.460 that i saw it come up in my like social media feed and you know uh combine that with what

00:29:30.700 carney announced today like the opposite of a sovereign wealth fund and i'm just over here

00:29:34.940 sitting like uh up is down left is right like like you know like it just reminds you of like

00:29:39.900 george orwell and and political uh speech you know what i mean like up is down left is right

00:29:44.780 uh don't trust exactly what you see uh because here's the thing everyone knows that taxes make

00:29:50.620 things more expensive you want to know how i know that was the government's entire rationale

00:29:55.980 for the consumer carbon tax right higher prices wasn't a bug of the carbon tax it was a feature

00:30:03.260 and that's why i always said you know when trudeau was driving around you know the gas stations he

00:30:08.060 sees those those signs with the high gas price he must have been patting himself on the back

00:30:13.260 because that was the entire point of the carbon tax on gasoline and diesel yeah nice to see him

00:30:20.620 on that yacht with katy perry you know yes they make a pretty pair thank you so much for coming

00:30:27.500 on the show we appreciate that franco how do people support the canadian taxpayers federation

00:30:31.900 well hey thank you mark and the best way to do it in addition to social media just type in canadian

00:30:36.460 taxpayers federation is go to our website taxpayer.com thank you so much for coming on the

00:30:42.220 show we appreciate it hey my pleasure franco terrazzano if you enjoyed the show consider

00:30:47.660 supporting great independent journalism by becoming a premier member of juno news

00:30:52.300 please go to junonews.com backslash straight up you can find the link below it helps us

00:30:57.580 do what we do. Thank you so much for tuning in. We'll see you next time. Bye-bye for now.

Juno News - April 27, 2026

Carney’s sovereign wealth fund BLASTED as debt-fuelled slush fund

Episode Stats

Summary

Transcript