Juno News - Who’s really winning from Carney’s wealth fund？

00:00:00.000 the carne government may impose a nationwide social media ban similar to those in countries

00:00:10.460 like australia heritage minister mark miller is looking at restricting youth access to social

00:00:16.620 media platforms and ai chatbots he says canada is playing catch-up when it comes to regulating

00:00:23.280 internet content like other nations do when it comes to regulation of social media again

00:00:28.680 jurisdiction that is assumed by the federal government whether we're talking about moratoriums

00:00:33.560 or the proper regulation of egregious online harms and that's stuff that we're frankly a couple

00:00:40.600 years behind in regulating as we see other jurisdictions like australia like britain like

00:00:45.160 france taking action so we need to take action as well well some critics see the move as a veiled

00:00:51.320 attack on free speech paving the way for censorship under the guise of child protection

00:00:56.760 Well, Premier Doug Ford says he would keep temporary foreign workers, at least some of

00:01:02.360 them in the province, if he had the power to do so. He was confronted by a group demanding he

00:01:07.620 help them stay in the country. Here's what happened. We have questions to ask. We just

00:01:13.400 mentioned that we don't promote any hatred. But what was the hatred that was spread by Minister

00:01:19.420 able that when we were standing at minus 17 outside this building but no relief has been

00:01:25.660 given to us we were working for skill trades and minister returned our files what about that yeah

00:01:31.820 well i will i will talk about it because you know something i've met with the community a few times

00:01:36.940 i met with i'm not too sure if it was yourself i was the one standing in front of the prime minister

00:01:42.540 telling him these hard-working people are here to contribute to the community to give back you've

00:01:47.740 You've been trained in certain areas, and I can tell you, your employers want you to stay.

00:01:53.760 I wish I could snap my fingers and say, okay, you can stay.

00:01:57.420 Immigration is a federal issue.

00:01:59.620 I stood there in front of the prime minister.

00:02:01.660 I told him in front of all the premiers, we need to keep people here.

00:02:06.420 Well, that position is not doing much for his popularity these days.

00:02:09.920 For the first time since he became premier of Ontario, Ford is running second to the liberals in voter preference across the province.

00:02:17.740 While the job numbers in Canada continue to deteriorate,

00:02:21.280 Statistics Canada has released some dismal employment numbers.

00:02:24.840 The number of workers on the payroll in Canada declined by more than 60,000 in February.

00:02:30.460 The decline more than offset the increase of workers last January.

00:02:36.160 Year over year, the country has basically produced no new jobs.

00:02:40.180 The declines were led by transportation, warehousing, administrative, retail, and construction.

00:02:46.160 As we heard this week, the federal government is borrowing another $25 billion, this time to start a sovereign wealth fund.

00:02:55.540 Normally, such funds like the one in Norway are built on wealth, not debt.

00:03:00.860 Business expert Kirk Lubomov points out the corporate interests who are granted access to that huge pot of borrowed money have a safety net available if their business venture fails, a bailout from taxpayers.

00:03:16.160 And our guest today is business consultant and political commentator, Kirk Lubomov.

00:03:22.180 Kirk, welcome to the show.

00:03:24.380 Thank you. Good seeing you again.

00:03:26.420 Good seeing you as well.

00:03:27.760 I understand that in Calgary, where you are, there was a potato giveaway recently.

00:03:33.140 Thousands of people lined up for their free spud.

00:03:36.440 And this was reminiscent of your days living in the Soviet Union before the wall came down.

00:03:41.840 yeah this is you know our family left the you know fled communism as soon as we get the chance

00:03:48.700 and this potato giveaway that was in calgary yeah with quite a nice generosity from the group that

00:03:55.040 was doing it but there was 4 000 people lined up to get food because food affordability is such a

00:04:01.360 big issue in canada and to me it was almost a little triggering in a way because there is no

00:04:07.960 there you know potato is the symbolism food symbolism of communism it's essentially what

00:04:14.840 we lived off uh you know it's easy to grow it grows in plentiful and it's uh it fills up the

00:04:20.040 stomach uh and seeing people lined up in canada where we have uh you know alberta in particular

00:04:27.320 as uh you know some of the most productive farmland in canada a huge percentage of it

00:04:32.600 and seeing that you know we can't even provide for our own people affordable food that we can grow

00:04:38.200 literally a couple kilometers away is you know just absolutely heartbreaking yeah it must have

00:04:44.760 been a bit of a flashback for you where people gathering you know or lineups for for bread i

00:04:51.240 guess in the old soviet block yeah you know i i have i i have a family that you know that doesn't

00:04:59.080 live in canada obviously not everyone immigrated here but uh they ask what is going on in canada

00:05:05.480 because everyone knows the signs of where things are headed uh you know once you live through it

00:05:10.440 once you see the little movements towards uh a specific destination and it's starting to alarm

00:05:17.000 people it's uh uh and a lot of people that i know from eastern europe a lot of friends that we have

00:05:22.600 here have have moved back or started to move back because it's uh um they know what's coming

00:05:29.880 so they're moving back to russia from canada people who bailed on this the old soviet bloc

00:05:35.880 came to canada for freedom are going back to russia uh yeah and other parts of just eastern

00:05:42.200 europe actually one of our good friends he had a big farm just outside of calgary and

00:05:47.240 they just sold that and moved back um so it's uh yeah it is what it is but you know it's just

00:05:56.920 you know you know we're talking about brain drain in this country but it's uh

00:06:01.560 it's just so heartbreaking to see what's happening here you know we have plentiful we

00:06:06.280 blessed with fresh water all the farmland we ever need to feed ourselves for cheap all the energy

00:06:10.840 we need to provide for ourselves for cheap and you know people are going bankrupt just trying

00:06:15.480 to put nutrition into their belly yeah and the government is focused on censorship internet

00:06:20.840 censorship possibly you know banning social media sites you know for get under the guise of

00:06:27.720 protecting youthful people you know youth the meantime it's really about censorship because

00:06:34.520 as you recall i mean the old soviet bloc was obsessed with censorship wasn't it

00:06:39.800 absolutely you know that's one of the first things you do to control the population

00:06:43.800 you control the flow of information

00:06:46.520 as soon as you have that

00:06:48.620 it's one of the most powerful

00:06:51.160 control systems

00:06:53.420 to be able to navigate

00:06:55.500 the population towards a thinking

00:06:57.400 system or towards the destination

00:06:59.560 you want and a big part of it

00:07:01.440 also gets played

00:07:03.620 out into the education system which we

00:07:05.560 see across Canada today

00:07:07.660 with the

00:07:08.940 essentially erasure of

00:07:11.260 our history

00:07:12.460 uh you know the guilt of our history rather than celebrating that we built such a magnificent

00:07:18.040 country you know it's all leading again towards one destination yeah and it's not a destination

00:07:25.420 that we're going to like when we get there let's talk about lost lost jobs because canada did lose

00:07:32.300 60 000 of them in february and even if you factor in the gains that were made in january we basically

00:07:39.480 brought in no new jobs over the course of the year only alberta and saskatchewan i believe

00:07:44.860 according to the chart the only two provinces really that gained over the last year

00:07:49.860 what's what's your thinking of the situation as far as jobs go in canada

00:07:54.460 you know there's this payroll employment it was extremely alarming and the reason is you know

00:08:04.160 So there's a clear separation between the provinces that are trying to do something

00:08:09.280 in the resource sector and the government heavy industries that have been relying on

00:08:15.360 printing money.

00:08:17.220 If you look at Ontario and Quebec, which is over 25 million of Canada's population, so

00:08:23.540 majority of it, neither province has created a single net new job over the last 12 months,

00:08:31.460 which is extremely alarming.

00:08:32.960 uh right so you have to factor a few things into it one is that the printing of the money

00:08:38.560 that we are doing to stimulate the economy is just not working at all and the other aspect of

00:08:44.000 it is that you know you have 25 million people that do not get into entrepreneurship or can't

00:08:51.600 get into entrepreneurship to create jobs which is probably just as alarming if not more and we're

00:08:58.880 seeing to productive industries particularly getting hit which is to construction and to

00:09:04.400 manufacturing industries which we essentially need to build things right we need construction

00:09:11.520 workers to build roads uh plants and manufacturing to actually produce things to export so it's a

00:09:18.640 serious problem when those two uh those two industries in particular are losing jobs which

00:09:23.600 which is what we are seeing right now.

00:09:26.620 Yeah, and the government's answer, I suppose,

00:09:28.980 at least one of them is a sovereign wealth fund,

00:09:31.340 which is kind of laughable considering the fact

00:09:33.940 that it's all borrowed money.

00:09:35.140 I mean, it's not gonna be built on the wealth

00:09:38.660 of the resource sector because we use that money

00:09:41.260 basically to pay the bills in this country.

00:09:44.320 And even that's not enough because we run deficits

00:09:47.560 every year, you know, the latest, you know,

00:09:49.740 60 billion is just lunacy.

00:09:52.040 But the Sovereign Wealth Fund, well, that is going to, I guess, provide certain startups,

00:09:58.680 companies seed money to get going in Canada.

00:10:01.780 The idea is to give a boost, an initial boost to companies looking for, you know, seed capital

00:10:09.760 and so forth, which you know all about.

00:10:12.380 But you see some issues, some problems here, some clouds, because of certain provisos in

00:10:18.440 this law that will basically give failed attempts to start these businesses and launch these

00:10:26.000 companies a safety net in the form of a bailout, correct? Yeah, I think if that fund did some of

00:10:38.560 the seed capital towards, I guess, funding some startups and some technologies, I'll be almost

00:10:46.000 okay with it just not to the same degree that it's operating in but it's it almost seems like a

00:10:53.200 pay-to-play kind of fund uh if you want to build something if you want permission something from

00:10:58.640 the government to do something well we're taking a piece of it first and some and some companies

00:11:04.480 just maybe would not do it or or want to do it so the issue here is this fund is there to try to

00:11:13.120 stimulate investment in canada uh you know in economics essentially we have a term called

00:11:18.480 multiplier and it's and we uh and the last budget was essentially all based of it when the government

00:11:25.920 says we're going to attract a trillion dollars it's based on a multiplier that they're going to

00:11:30.080 spend 250 billion dollars over the next five years and they're going to get four dollars for every

00:11:36.000 dollar from the private sector so this fund is designed to generate a multiplier effect

00:11:43.120 and it's it's really hard to see how they would do that and the reason i'm saying is

00:11:50.640 it makes no sense to launch a fund because the country is having a hard time attracting capital

00:11:57.600 because of the red tape that the government will not remove to begin with so you don't

00:12:02.400 launch a fund after uh before you get rid of red tape you have to get rid of the red tape

00:12:09.120 get rid of everything that's preventing the actual private capital from coming in

00:12:13.120 and then see what actually is happening to sovereign wealth fund in general is a good

00:12:18.160 idea it just can't be funded out of debt the reason is it creates also a lot more risk so

00:12:25.520 funds have performance estimates and expectations and when you borrow to invest it's called the

00:12:32.320 leverage in the private market, this fund will have a hurdle of 4%. In other words, it's going

00:12:39.520 to be losing about $800 million, $600 million to $800 million every year before it generates a

00:12:48.160 dollar of return to taxpayers. And because it's borrowed money, it doesn't really matter what

00:12:52.800 the government is going to call it or where it thinks it's going to get it from. It's all creative

00:12:58.400 accounting to read the end of today we're still running a deficit so that money is going to come

00:13:04.400 from pure debts and which will we have to pay and if i can just add this point to it the latest

00:13:11.680 projections it is that our interest on just on our federal debt is going to hit 80 billion dollars

00:13:18.880 by 2030 31 budget a year which is insane uh just to just to give you uh you know a percent a

00:13:28.480 percentile it's going to be grow by 50 percent from this year just in five years and when uh

00:13:36.960 the liberals took and power got in power it was around 20 billion dollars so it's going to grow

00:13:42.560 by essentially almost 4x in 15 years.

00:13:46.800 And that's all money that's not going to be paying

00:13:50.080 going to a single new service or any services

00:13:52.960 or it's just going to straight to bondholders.

00:13:56.560 Yeah, it's a recipe for disaster, obviously.

00:13:59.440 And we have a government in Ottawa.

00:14:01.540 I mean, this prime minister was touted as, you know,

00:14:04.640 an economic genius for his work at the Bank of England,

00:14:08.260 despite the fact people thought he was a disaster.

00:14:11.100 and, of course, you know, working at Brookfield.

00:14:14.920 But at the end of the day, their attitude is,

00:14:17.160 we'll decide who wins and who loses here.

00:14:19.280 You know, it's a very centralized, almost Soviet-style attitude

00:14:23.320 where we're going to pick winners.

00:14:25.600 We'll decide which parts of the economy are going to grow

00:14:28.940 and which ones are not.

00:14:30.280 We'll decide, you know, decide which companies are successful

00:14:33.700 and which ones are not through government money.

00:14:36.280 So it's very top-down, a government-directed economy.

00:14:41.100 And it's bound for failure, because to your point, they're not doing the things that need

00:14:45.440 to be done that other countries are doing, like the United States.

00:14:48.260 United States economy is doing very well.

00:14:50.960 What did they do?

00:14:51.620 They eliminated huge amounts of regulation and red tape.

00:14:56.120 You know, they provided tax cuts, all sorts of incentives for companies to get in.

00:15:01.160 So here we have a polar views of how to grow an economy one way, the free market way, and

00:15:07.620 the other one is government-directed, top-down, you know, suck as much money as you can from the

00:15:13.660 taxpayers, and we'll see which one wins. But I think that that debate was already won for the

00:15:20.680 free market side a long time ago, wasn't it? Yeah, absolutely. When the capital doesn't

00:15:26.920 choose us, it's, you know, what else do you have to say? You have to be fighting for it and competing

00:15:31.840 for it which is what the us does by getting rid of red tape and opening uh priorities and actually

00:15:39.200 taking action of things now the us has took some serious directives in the last i would say year

00:15:46.000 and making electricity and power generation uh national security uh different commodities and

00:15:52.640 everything else and that really gets rid of even more red tape and saying we're ready to rock uh

00:15:59.120 You know, there is no substitute for capitalism when it's got to do with attracting investment.

00:16:05.980 And I'll give you an example.

00:16:07.420 Yesterday, Google, Amazon, Facebook, and who else there?

00:16:16.560 Was it Amazon?

00:16:18.300 Google, Amazon, Facebook, and someone else there.

00:16:24.020 I don't remember.

00:16:25.320 One of the other times.

00:16:25.920 Yeah, the big four.

00:16:28.040 I'm brain fogging it now

00:16:30.080 but their reported earnings

00:16:32.080 and part of the earnings

00:16:34.740 have $600 billion

00:16:37.060 in CapEx

00:16:38.500 just for this year

00:16:40.060 and what it means is

00:16:41.820 they're going to invest

00:16:42.880 $600 billion

00:16:44.020 into the American economy

00:16:46.320 and when that starts trickling down

00:16:49.020 the huge boost

00:16:50.820 it's going to give to the country

00:16:52.180 and to the small businesses

00:16:53.780 and to the local industries

00:16:54.900 would be huge

00:16:55.620 And here in Canada, we're trying to create a government up role, which is, you know, let's borrow $25 billion to invest in ourselves, rather than create the same mechanism for the private sector to flourish.

00:17:13.180 So we have those booming big industries that can actually invest themselves, and we just sit and get out of the way.

00:17:19.840 yeah getting out of the way unfortunately from this governance perspective won't get them credit

00:17:26.000 won't allow them to get to wet their beaks you don't do you know what i mean like there are

00:17:30.840 people who are obsessed with growing government and people that want to empower the people you

00:17:36.200 know by growing the economy and encourage entrepreneurship that's the basic polar opposite

00:17:42.000 here of what we're dealing with and uh it hasn't worked this point over the last 10 you know 11

00:17:47.420 years of liberal uh government and i don't think it's going to work going forward how do people

00:17:52.540 follow you online kirk oh yeah uh kirk lubomov on x my facebook page is under the same name and uh

00:18:00.540 on my sap stack same name fantastic thank you so much for coming on the show we appreciate it as

00:18:05.580 always i appreciate you thank you kirk lubomov if you enjoyed this show consider supporting

00:18:11.580 independent journalism by becoming a premier member of Juno News, go to junonews.com backslash

00:18:17.800 straight up. You can find the link below. It helps us do what we do here at Juno News.

00:18:22.620 Thank you so much for tuning in. We'll see you next time.

Juno News - April 30, 2026

Who’s really winning from Carney’s wealth fund？

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