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- November 08, 2021
Trudeau climate obsession is making our economic problems much worse
Episode Stats
Length
25 minutes
Words per Minute
202.9735
Word Count
5,247
Sentence Count
17
Summary
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Transcript
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).
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Justin Trudeau's singular focus on climate change is making our economic problems much,
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much worse. I'm Candice Malcolm and this is The Candice Malcolm Show.
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Hi everyone, thank you so much for tuning in. I hope everyone out there had a wonderful weekend
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with their families or doing whatever it is you like to do. At my house we were having a birthday
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party. My youngest daughter is turning one and so we had a one-year-old birthday party. I don't know
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if you've ever been to a one-year-old's birthday party but it's really more for the parents. The
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the baby or the one-year-old doesn't really know what's going on. It's a little like overwhelming.
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You know people are there's balloons and there's lots of kids running around and they do this whole
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cake thing which is like very confusing for the baby. So anyway it was it was a lot of fun over
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at my household and you know while we're sort of taking moments off to enjoy the little things in
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life that the picture out there the economic picture is looking pretty gloomy and I'm going
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to focus the show today on just doing a snapshot of the Canadian economy looking at where we are
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and sort of comparing that with the things that our Prime Minister is talking about what his focus is
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and what the media is focused on because the media being the media isn't really doing their job.
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Sure there's sporadic coverage of the various economic crises that are on the horizon however that's
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not the main focus you know the main focus of the media is is cheerleading behind the Liberals and
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all of their harebrained schemes that are coming out of COP26. The focus is on sort of petty partisan
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squabbles that are happening in both the Liberal and the Conservative Party and what we're not seeing
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is is really a comprehensive look at some of these various economic issues in the country so I want to
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I want to talk a little bit about that and kind of give you a ballpark picture of just how badly Justin Trudeau
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is screwing things up in our country how reckless and irresponsible he is by coming up with these
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pie-in-the-sky green schemes which will not save the planet they will not reduce carbon emissions
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what they will do though is make our economic suffering uh much worse and and create a very
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potentially dangerous situation for Canadians so so look the reality is that COVID-19 is still here you
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know we were promised that if we all went out and got vaccinated uh life would go back to normal the
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economy would open back up we'd have to we would stop having to wear masks and life would go back
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to normal of course that didn't happen uh that didn't happen we all went out and got vaccinated
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and then now we just see the constant moving of goalposts so you know at first it was we talked
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about this last week at first it was two weeks to stop the spread uh that was almost two years ago and
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then it was you know everyone get vaccinated and you don't have to wear a mask anymore you can go back to
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normal then now it's uh you vaccinate your little children and uh go get a booster shot and we're
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you know there's no end in sight they won't give you a hard number of you know what percent vaccination
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we need to see before we can go back to normal we don't get a uh a timeline of you know how many
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cases what case level there has to be to go back to normal um that's all up the window they're keeping
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vague because they know that the health experts and the politicians know that when they make specific
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promises they don't keep them so they just keep them things vague uh they don't they don't provide
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the specifics that we're looking for and that way uh their words can't be used against them but but
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back to the economic uh issues and and the sort of fallout from kobe that we're still experiencing
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all over the world so first this story is from bnn bloomberg it says canada's employment engine shifts
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into lower gear so the number of canadians in the labor force shrunk in october it actually went down
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we lost 25 000 jobs she had 25 000 jobs according to a statistics canada report the bulk of the
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gains in the month were in pandemic exposed retail sector which returned to pre-pandemic levels with a
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net gain of 72 000 jobs however there were huge job losses in other parts of the economy so elsewhere
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games stalled employment in goods producing industries went down by 6 200 and public administration
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also posted a decline of course it had jumped up in huge numbers in september because
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of the federal election federal election requires the hiring of uh thousands and thousands and
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thousands of um temporary poll workers so that those are the public administration jobs that were sort
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of fake jobs for the month of september now they're gone and we're exposed to how anemic our economy is
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so of course this is what happens when we live in a society where people don't trust the rules they
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don't trust that the rules of the game are going to stay the same no one wants to take a risk no one
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wants to go out and start a business right now whether it be a restaurant or opening up a store
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or or going into some kind of uh any kind of business there's real hesitation by small business
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owners and entrepreneurs about what the rules are going to be one month three months six months from
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now so you don't see that sort of economic engine uh that's driven by small businesses and entrepreneurs
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and then at the same time of course you have this really tight grip in terms of the the tax and
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regulatory regime in canada which already suppresses the sort of entrepreneurial spirit um in the
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country so so you kind of have these dual issues at play i'm sure there's other issues at play
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as well which we'll talk about some of the supply chain issues in this in this show but really as
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a society we've just become painfully risk-averse we see that with all of the coveted rules the fact
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that there are so many people who comply you know they don't want to contract covet they don't want
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to be exposed to covet many of them don't want their kids to be exposed to covet even though we know
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that children don't really have negative experiences from covet it's not really a threat to them in the
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same way as it's a threat to adults you can see that by the incredibly incredibly incredibly low
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case mortality rate um you know fewer children die of covet than than do of the flu um and influenza
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uh very very low number 17 kids in the last two years and uh we don't know the specifics about the
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the um comorbidity rates uh among those those 17 uh because of privacy so so really very very very
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low number low hospitalization rate as well but but people are still paranoid they're paranoid because
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they've been exposed to a um legacy media that drums up fear uh to politicians who who promise that you
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know the the key to return to normalcy is just everybody get vaccinated including little kids and so
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because of that we kind of live in this society of like heightened fear we've really let basic freedoms
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slip away and part of the real issue here is when you have a society that heavily favors um safety
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and security and even um has patience for the sort of authoritarian impulse of the government and says
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it's okay that we have all these authoritarian rules because we want to stay safe uh you do that's that
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that's a very scary picture um in terms of the loss of freedom erosion of freedom uh but also you
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know on the economic front um again that that that sort of risk averse not wanting um to go out
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there and take a risk by starting a business uh creating an idea uh building the economy that that's
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that's what's needed and those values are sort of slipping away within all this and that's something
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that's uh rarely spoken about the sort of uh second and third order consequences and unintended
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consequences of this sort of new um health pandemic mentality and and sort of connected to that lack
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of entrepreneurial drive and just a lower job creation the anemic economy that we're experiencing
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are these massive massive supply chain issues that you know we we started to experience them a little
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bit throughout the last year or so but they've really exploded they've really exploded i'll give
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you an example i was out in los angeles a few weeks ago and as i was flying into the city i i just
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looked out the window and i couldn't believe my eyes i i just saw a you know you're looking out the
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bay sort of over um long beach in los angeles and there there were probably a hundred maybe maybe
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dozens or a hundred um tanker ships just sitting out at sea just sitting there um you know waiting
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i guess to be unpacked and and and there's huge labor supply issues that are happening the port of
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los angeles it's the largest uh port in the united states largest port in north america and you just
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see these ships and just sitting there you know and those are goods that are needed to keep the economy
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going you know things that people have ordered things people need for their business and and
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and it's just sitting there so you know really really major issues with regards to a lack of
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ability to get things sent um also i know this my my mother-in-law owns a furniture store and i know
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that people who are ordering furniture people who are trying to get things for their homes are
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experiencing crazy delays like year-long delays if you're ordering a sofa or if you're trying to buy
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maybe a new car there's there's all kinds of just shortages out there that are having so many different
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impacts on the economy and it really is starting to feel a little bit chaotic uh this is a story over
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in the cbc seven products that have been disrupted locally by the global supply chain
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chaos kobe 19 has led to shortages everywhere the article is just basically saying the same thing
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kobe 19 has triggered a series of circumstances which have wreaked havoc all across global supply
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chains causing everything from transportation bottlenecks to labor disruptions to scarcity of materials
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furniture and appliances cars toys and video game consoles flowers and construction materials those
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are the seven products and as you would know uh some of those things when you talk about electronics
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or you're talking about construction materials that's not just having an impact on one industry it
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affects everything and so you can you can really you can really see that issue and how it's starting
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to rear its ugly head and yet you know last week our prime minister justin trudeau went to the g20
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meeting and i didn't hear anything about the global supply chain issues i didn't hear any kind of
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strategy you would think that the purpose of an organization where the heads of the 20 biggest
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countries in the world get together particularly for a focus on economic issues that's the whole point
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is to talk about financial global global stability the financial systems the financial markets the whole
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purpose is to talk about these issues and instead trudeau marched in there uh demanding climate change
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commitments uh from the world leaders which again cop 26 was the very next day so he had the entire
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cop 26 conference the g20 meeting was one day cop 26 i believe is 12 days so yeah you got 12 days to
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talk about climate change one day to talk about the global financial systems and the economic systems
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why not focus the whole thing on on what you can do to move these supply chain issues along to get
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to the root of the problem to try to figure out ways uh to improve the situation instead you have
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our naive ideological prime minister saying that he's focused solely on climate change that that's
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that that's what he cares about and that that's what he wants to talk about instead of dealing with
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the issues today the issues on our doorstep uh the complex uh very very difficult to solve issues of
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today and tomorrow uh trudeau is would prefer to pontificate about an issue that may or may not have an
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impact on us 50 to 100 years down the road so again strange set of priorities over there from the
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prime minister uh here's another report this was from tnc.news negative impacts of supply chain
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disruptions could last until mid 2022 according to a canadian report so canada could face negative
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downstream economic effects for some time due to current and ongoing supply chain disruptions
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plaguing the country according to the auditing firm rsm canada canadian businesses can expect
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disruptions such as port closures factors shutting down production halts and labor shortages well into
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next year 2022 and of course there's corresponding uh spike in the prices of things because if you
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can't get things if there are shortages if there are products that you can't get it drives the price
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up because of scarcity so many people are competing for the same scarce resources those prices are going
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up and that is what we're starting to see the price of certain food items is soaring across the
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country surpassing the rate of inflation according to new data from statistics canada the cost of meat
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produce and dairy up 20 to 30 percent in certain provinces again according to statistics canada
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written up over by tnc.news so according to the federal department meats produce dairy up 20 to 30
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since the onset of kobe 19 pandemic food prices have been impacted by factors such as weather supply
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disruptions and shifting consumer demands according to stats canada and and look there's multiple issues
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that play it's sort of a confluence of issues because you have the supply chain disruptions the
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the just total bottleneck in in certain areas the inability for people like the in the port of los
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angeles to just unload uh the products fast enough in order to get them to market uh whereas at the other
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side of the supply chain um lack of workers lack of ability lack of capital to invest to go extract
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materials needed um so that's on one side and then on the other side you have governments who have dealt
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with kobe 19 by and large by just printing money by by borrowing spending spending spending borrowing
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boring boring not having enough not having enough access to pay for all of the bills that they're
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spending and so they have resorted to printing money mass printing of money on a scale that we
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haven't seen in decades and the whole thing is justified by this sort of new left-wing monetary
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theory economic theory that's really just an old economic theory but it's wrapped up as this new
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theory is called the modern monetary theory and the idea is just that our economies are really strong
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that countries are really wealthy and that we have um if you know if you have your own currency
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you can just print a lot of money and pay for it and there won't be a huge consequence so that's a
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very simplistic way of explaining it but more or less that's the idea is that uh you know we're very
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prosperous we're very stable we're very rich so we might as well just print all this money and you
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know we don't know exactly what's going to happen but let's just try it and see what happens and so
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that's where we are it's not just canada it's happening across the west it's happening across
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western europe and of course in the united states um but what we know about uh the printing of money
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is that the more money you have uh the less it's worth because you have more of it and so because of
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that every dollar is worth less and that's what we're seeing huge growth in inflation every single
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month the canadian government aims for about two percent inflation and every month we see upwards of four
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it's approaching five percent and so so you know this is this is what we're seeing so it starts with
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the printing of money trudeau racked up the biggest deficit ever in just two months so this was back in
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april and may of 2020 the shortfall so the amount that trudeau was spending that he didn't have that
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was less than the amount that they were bringing in through revenue through taxes uh was 87 billion
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dollars uh according to the finance department figures that were released so so sure canadians supported
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this idea canadians wanted the trudeau government to dig in and borrow a bunch of money so that
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people wouldn't have to uh necessarily go into their own debt you know if you lost your job if
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you were laid off it was the government that forced the economy to shut down so it sort of only made sense
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so the government would then uh pay your bills while you were forcefully unemployed i do understand
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that and i do support the idea i didn't really support the idea of mass lockdowns but if you're going
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to have mass lockdowns then i do support the idea that you have to at least pay the people because
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otherwise it's just completely unfair so it did have political support but it was a dramatic
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departure for uh canada which was uh had a long-standing aversion to high debt to big deficit
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spending and really what it did was just push the problem down the road leave the problem for future
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generations canada is now years away perhaps decades away from balancing the budget uh remember the
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parliamentary bureau officer um had a projection that under trudeau's plan canada will not balance
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since budget until 2070 so you know we're talking about almost 50 years of piling on more and more
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and more debt uh in in 2021 uh the liberals again created an absolutely staggering deficit a 354 billion
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dollar projected deficit for this year so so they really blew the bank out last year and then instead
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of you know calming things down and removing all those temporary measures they kind of just kept it going
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kind of just kept it going and continued to absolutely uh blow the budget spend on an unprecedented
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level uh we've never seen anything like this uh canada's federal debt is expected to cross the 1.3
00:16:01.280
trillion dollar mark remember when justin trudeau was first elected he promised to do tiny little
00:16:06.960
deficits 10 billion dollars small little deficits relative to the size of government and then get back
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to normal well that of course was total nonsense totally totally untrue he's more than doubled the debt
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he's almost tripled the debt and canadians will pay for it and what happens when you blow the bank
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when you when you spend all this money borrow all this money it's hard to get bonds to actually cover
00:16:28.800
the money that you're borrowing so again they've resorted to inflation they've resorted to printing
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lots and lots of money and this leads to inflation so we're going to talk a little bit about inflation
00:16:39.680
and how that happens but first if you're watching this video on youtube right now i'm just going to
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00:16:47.360
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00:16:51.120
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00:17:01.040
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00:17:05.920
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00:17:11.040
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candace malcolm show so why does printing money lead to inflation well inflation it's it's actually
00:17:22.000
fairly simple i know that a lot of canadians uh you know their eyes roll over when you start talking
00:17:26.560
about this kind of thing and trudeau kind of got away on the election campaign he said canadians will
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forgive me that i don't really think about monetary policy and canadians forgave him most of them just
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sort of shrugged and said whatever neither do we um and so you know trudeau got away with that but
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but really this is a serious issue and i think pierre polyev is is one of the only people in
00:17:45.760
the country who's properly reacting to this and and ringing the alarm bell and raising his concern
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and talking about how this really is a tax it's a hidden tax um that makes all of our money all of
00:17:56.240
your savings all the money that you've saved up uh your paycheck all the money that you use to live
00:18:00.560
it makes it less valuable so inflation is the decline of purchasing power of a given currency over
00:18:06.160
time inflation is the rate of which the value of the currency is falling consequently the general
00:18:10.640
level of prices and goods and services is rising so the general idea is just that the amount of
00:18:15.200
money that it used to take to pay for things is no longer the case so you know your salary remains
00:18:19.760
the same your take-home pay after taxes remains the same but it used to cost you around say a hundred
00:18:24.720
dollars to do your weekly grocery shopping and now all of a sudden it costs you 150 dollars or
00:18:30.160
even on a smaller level say you used to go and pick up a sandwich for lunch the sandwich was always six
00:18:36.080
dollars uh now all of a sudden it's eight dollars um and so those little things really have an impact
00:18:40.800
on your overall family budget because your money's just not going as far it's not like you're getting
00:18:45.840
a raise uh from your job to correspond to that so a lot of people are really feeling this pinch and
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that in a nutshell is inflation so inflation is now the highest that has been since 2003 according to
00:18:56.400
statistics canada inflation in canada is at an 18 year high year-over-year the commodity price index is
00:19:02.560
up 4.4 which is the highest again since february 2003 the the fear of all this okay so so so the
00:19:09.600
idea of inflation sucks it's terrible it's bad for again your ability to budget your ability to make
00:19:14.960
ends meet uh but the bigger fear here the underlying fear because we're talking about such huge numbers
00:19:20.240
such unprecedented spending again not just in canada but all over the world is the fear of hyperinflation
00:19:25.840
and that is what really really destabilizes societies that leads to um wars it leads to huge
00:19:33.520
mass scarcity and really just poverty poverty it's what can destroy a society so what exactly is
00:19:39.200
hyperinflation it's a term to describe the rapid excessive and out of control price increases in
00:19:44.880
an economy so it happens when the central bankers just sort of lose control they require to print so
00:19:49.840
much money to keep up with the government spending that they just create such a huge input of cash into
00:19:55.680
the system that that prices surge out of control that the value of money doesn't hold the value of money
00:20:00.960
changes we've seen it um in various places around um in recent history in the last hundred years
00:20:06.240
um where you know the price of bright in the morning is totally different than the price of
00:20:09.680
bright in the afternoon where um the the value of the money is less than the dollar that the paper
00:20:15.120
that's actually printed in or the coin that's actually held and it it's it's it's very rare
00:20:20.640
you know we're not there right now um but but we should be more aware of how this happens how we
00:20:25.680
get to these conditions and what happens after a country goes to something like that uh you know
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it's happened throughout history it's happened recently in countries like germany russia hungary
00:20:35.680
argentina in the last hundred years so so again very concerning stuff and not the proper attention
00:20:42.080
uh needed you know if you ask left-wing economists or you ask um people in the trudeau government
00:20:46.640
about the risk of hyperinflation they'll just shake their head shrug and say no that's not
00:20:50.560
that's not a concern that's not gonna happen in a stable country like canada and they don't give it
00:20:55.440
any thought whatsoever but it should be something that they think about and so instead of talking
00:21:00.320
about all these issues all the you know i just sort of glossed over things i didn't go into great detail
00:21:04.400
in any of these issues but instead of talking about any of this stuff instead of focusing on any of the
00:21:08.000
real issues that matter in the country any of the economic reasons again we have our prime minister
00:21:13.440
over in scotland at the cup 26 just virtue signaling um showing off doing things that make him feel good
00:21:20.400
uh totally over the top nonsense um about a problem that's real too you know climate change is real
00:21:27.040
climate change is a threat um humans need to be able to adapt to our changing environment uh some people
00:21:32.080
see this as a huge threat some people see it as something that is a challenge that we can overcome
00:21:37.040
uh but regardless you know instead of dealing with all of the various crises that we see in the
00:21:43.120
issues uh we have instead our prime minister justin trudeau with a singular focus on climate change this
00:21:48.160
is the only thing he cares about this is all he talks about this is what we see uh him focus on
00:21:53.360
the absolute most and so we have these ridiculous pledges first he calls for global carbon tax
00:21:59.440
not going to happen um next he says that canada is going to move forward on a pledge to cap
00:22:05.440
oil and gas emissions a hard cap that basically says that um by 2050 no more emissions zero net zero
00:22:14.240
uh emissions down the road so so we see him talking about that because really uh you know
00:22:19.280
with with the country that's struggling with job losses with a country that's struggling with their
00:22:23.200
money not going as far as it used to with a country that's struggling with not being able to pay
00:22:27.440
its bills with spending so out of control that it has to resort to printing money in order to just
00:22:32.320
pay the bills uh yeah let's kill our biggest industry yeah let's let's um put a hard cap
00:22:37.280
put more canadians out of work uh kill the economic engine of the country uh why because of uh green
00:22:42.800
ideology okay way to go justin trudeau uh this is one that i wanted to focus on because i wrote about
00:22:47.840
it in my column truly truly insane so ottawa pledges to end financing to foreign fossil fuel production
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projects in 2022 so the federal government is pledging to end all of its foreign financing of
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anything to do with oil and gas by next year commitment will place heavy pressure on export
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development canada which provides loans insurance and other forms of financial backing to oil and
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gas companies but it also impacts the canadian pension and other pensions public pensions that
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invest in oil and gas around the world so here's the idea in times of uh inflation like we're
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experiencing now there's a couple of things there's a bit of advice that bankers tend to give to
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investors uh about things that you can invest in to sort of hedge against inflation so so during times
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inflation you want to protect your assets you want to invest in things that will hold their value and
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so you might get recommendations to purchase you know precious metals or maybe go into crypto or real
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estate is usually a good one and another good one is energy oil and gas energy projects that is a good
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holder of value a good hedge against inflation so so instead of the canadian pensions and other
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assets investing in something to hedge against inflation uh justin trudeau is advising them to
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do the exact opposite and go out and and divest and sell all energy um stocks and and just get out
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of oil and gas and fossil fuel um again for ideological purposes so not exactly taking the advice of
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people who do this for a living uh going against common sense in this regard and selling off our oil
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and gas uh assets um because of ideology because of green ideology not very wise justin trudeau but this
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brings us to a broader contradiction and a bigger problem which is here we have a government uh trudeau
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government ideologically driven uh left-wing government committed to uh transitioning canada
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away from energy away from oil and gas uh blocking pipelines doing everything they can um to kill this
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industry in canada and meanwhile they're still investing in um you know you have expert development
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canada which is a bank that helps with developing countries they're still providing loans insurance and
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other financial backing to new energy projects around the world uh what a what a bunch of hypocrites
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what a huge contradiction that they are sitting at home telling canadians to transition away from
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energy oil and gas and transition away from fossil fuels towards what um unproven and risky alternatives
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meanwhile they're still investing in oil and gas and fossil fuels around the world so i i guess at least
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with this pledge now um they're being consistent across the board they're no longer punishing canadians
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more than they're punishing uh people around the world but still what massive massive hypocrites
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and again instead of justin trudeau focusing on the issues that really matter he's out there
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virtue signaling he's acting reckless he's putting his green ideology ahead of the best interests of the
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country and we're all paying a heavy price for that i'm candace malcolm and this is the candace malcolm show
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