Rebel News Podcast - Carney unveils 'sovereign wealth fund' — except Canada has no wealth

00:00:00.000 Hello, my friends. You know, I laughed when I saw the news. Mark Carney is announcing a

00:00:04.620 sovereign wealth fund, but that's something you do when you have a huge surplus. He's got a huge

00:00:09.680 deficit. I got to start calling my credit card debt a sovereign wealth fund or something like

00:00:14.320 that, too. I'll have the whole story for you today, and then we'll talk to Franco Teresano

00:00:18.420 of the Taxpayers Federation about it. But first, let me invite you to become a subscriber to

00:00:22.300 Rebel News Plus. It's the video version of this podcast. Just go to rebelnewsplus.com and click

00:00:28.240 subscribe oh yeah one more being a rebel today is simply being normal so why not support normal

00:00:35.060 news and look cool while doing it by buying yourself some rebel merch and more at rebelnewsstore.com

00:00:41.740 and you can save by using coupon code drea10 when you do

00:00:58.240 tonight mark carney announces a sovereign wealth fund for canada except unlike countries that

00:01:08.160 have those we don't have wealth we have a trillion dollar debt it's april 27th and this is the azure

00:01:14.040 LaVance show. Well, today, Mark Carney announced a sovereign wealth fund. And of course, since he

00:01:34.280 used to be a senior government banker, he knows exactly what he's talking about, right? Here,

00:01:39.520 let me play you. He had a few conversations about it. This is a one-minute version, but almost

00:01:44.920 every single sentence is a bit iffy. Do you mind if I play a sentence and then stop it and play it

00:01:50.560 and stop it? Here, take a look. This is our country. It's your future. And we're building it

00:01:55.840 together. He says that, but he has two European passports that, as far as we know, he hasn't

00:02:02.540 canceled. He's still a citizen of the United Kingdom and Ireland. And what's more, he refuses

00:02:07.980 to sell his massive U.S. stock holdings. And finally, his whole family lives in the States.

00:02:14.800 So yeah, I don't really think he's as Canadian as, say, even Michael Ignatieff. Here, let's keep 0.57

00:02:20.400 going. He uses his favorite word here. Can you tell which one? We're catalyzing a series of

00:02:25.120 nation-building projects in energy, in trade, critical minerals, transport, data, and beyond.

00:02:31.640 Yeah, he just keeps on saying catalyzing. That's a tell. That's when he doesn't have anything of a substance, he throws in some buzzwords like catalyzing to make you think he's really smart. Except for government is the barrier. Government isn't a solution. Let me play a little bit more.

00:02:51.100 These projects will make Canada stronger, more resilient, and more independent.

00:02:56.460 I just don't think that's right.

00:02:57.940 When government is involved, it's usually a sign that none of these things are true,

00:03:02.540 that things are not going well.

00:03:04.840 Here's some more.

00:03:05.900 They'll create good jobs and grow our economy, 0.80

00:03:08.640 providing the resources that we need to take care of ourselves and take care of each other.

00:03:13.600 You know, he's using NDP rhetoric,

00:03:15.740 And I think that that's because he wants to outflank

00:03:19.080 the new NDP leader, Avi Lewis, on the left.

00:03:22.180 I forgot how far the NDP had fallen.

00:03:24.360 I think the other day on the show,

00:03:25.320 I said they only got 9% in the last election.

00:03:27.680 Actually, I think it was 6%.

00:03:29.180 So Avi Lewis is a stronger, better, more persuasive leader

00:03:33.620 than Jagmeet Singh.

00:03:34.600 I think he's going to grow his party

00:03:36.840 at the expense of the liberals.

00:03:38.260 And Mark Carney is not about to allow himself

00:03:40.500 to be outflanked on the communist side.

00:03:43.080 Here's a bit more.

00:03:43.680 And to make sure that all Canadians can share in these benefits, we're creating the Canada Strong Fund, Canada's first sovereign wealth fund.

00:03:52.740 It just isn't, though. A sovereign wealth fund is what foreign countries who have huge surpluses have, and it's typically from oil revenues. Think Saudi Arabia, the United Arab Emirates, Qatar, even Norway. Those are countries or jurisdictions that have huge surpluses that they have to put somewhere because they simply couldn't spend it all every year. We are the opposite in Canada. Can you take a look?

00:04:17.520 The Canada Strong Fund will invest alongside the private sector and nation-building projects

00:04:22.140 to create wealth for Canadians today and our kids tomorrow.

00:04:26.240 So is it an investment or is it a slush fund that the favored liberal projects will get?

00:04:32.560 I think you already know the answer.

00:04:35.600 This is the part that's weird. Take a look at this.

00:04:38.740 And if you have a bit of extra money, we'll make it easy for you to invest in the fund

00:04:43.480 to help build Canada Strong for all.

00:04:46.340 Would you invest alongside Mark Carney in a government-run scheme?

00:04:52.000 You'd be crazy to invest with the government on, I mean, imagine their electric vehicle battery factories.

00:04:59.500 I mean, absolute disasters.

00:05:01.120 But if you had an inside track, like the owners of that spaceport in Nova Scotia, actually, you'd love to invest alongside the government, wouldn't you?

00:05:10.280 Because you'll be taken care of anyway.

00:05:12.260 Canadians are choosing to buy Canadian, to explore Canadian and build Canadian because it's our country and we're building our future together.

00:05:22.260 But we're not. I mean, $1 trillion of investment has left the country and we're not investing in Alberta or oil.

00:05:32.260 were importing oil from conflict oil countries like Saudi Arabia.

00:05:36.760 The east coast of Canada imports oil

00:05:39.240 because the government won't allow oil to be produced

00:05:42.120 and shipped from Alberta.

00:05:44.800 So that was his one-minute speech,

00:05:47.380 almost every sentence of which was untrue or misleading.

00:05:52.020 Today he had a press conference.

00:05:53.260 I want to show you just a few little clips.

00:05:57.720 I mean, the most obvious question,

00:06:00.380 and even some regime journalists got it was, where are you getting the $25 billion from?

00:06:06.140 We don't have a surplus.

00:06:07.680 The government's running deficits and cutting spending across the board.

00:06:10.800 So where is this $25 billion going to come from?

00:06:13.840 Well, the first thing, I won't front run the Minister of Finance too much tomorrow.

00:06:20.660 But there will be good news tomorrow with the spring update on the fiscal situation,

00:06:28.240 the government's performance against our deficit targets,

00:06:31.220 the government's performance on getting spending under control,

00:06:34.320 and the government's performance at the main time,

00:06:36.780 and this has been core to our strategy,

00:06:39.140 which is to spend less, get spending under control,

00:06:42.600 so that Canada can invest more.

00:06:44.260 And what today is about is ensuring that as Canada invests more,

00:06:48.700 Canada is a country, the Canadian private sector,

00:06:51.380 foreign investors in Canada,

00:06:53.340 that all Canadians share in the benefits of that.

00:06:56.140 We have ample resources in order to do so alongside.

00:06:59.500 And remember, last point, and I'll hand back, is that there's a series, and this is what governments have done over the years,

00:07:06.280 a series of measures that governments are taking to create the possibility of these projects.

00:07:11.520 We're doing that on a different scale now.

00:07:14.340 And now we're making sure at the same time that all Canadians benefit.

00:07:17.820 Follow-up?

00:07:19.020 You keep referencing the Canadian Pacific Railway as a benchmark here, and that was funded by private investment.

00:07:25.420 But a lack of transparency around that financing led to one of the earliest political scandals in Confederation.

00:07:32.400 So I'd like to know about the transparency on this fund.

00:07:35.220 Who is going to manage it?

00:07:36.780 Yeah, absolutely.

00:07:38.100 Look, and I'm glad you raised it because there are lessons in all respects on how, from our past and from the specific example.

00:07:47.540 And I drew out some of the most important ones about partnership with Indigenous peoples, full partnership with workers, and full participation of Canadians alongside.

00:07:59.060 This will be an independent Crown Corporation, reports to Parliament, arm's length, as I say, independent, full disclosure, professionally managed, and the investments that are made will be clear.

00:08:13.680 The objective is to grow wealth for Canadians over the long term.

00:08:20.280 What does it mean to spend less to invest more?

00:08:22.800 He's using the word invest as if he's in the private sector.

00:08:26.760 The government is talking about spending less to spend more.

00:08:29.880 It just doesn't make sense.

00:08:31.020 It's a circle.

00:08:32.240 And then he says he has ample resources.

00:08:34.880 Does he mean the government has ample resources or that he's planning on taking our ample resources?

00:08:41.060 there was a comment at the end there about the canadian pacific railway and how it was a source

00:08:46.500 of corruption because it was all government in cahoots with corporations um he said he was

00:08:52.420 glad the reporter raised it um yeah i don't think so i i i think that that's exactly what this is

00:08:59.440 all about is more insiders more friends getting their patronage positions it's sort of crazy

00:09:04.900 um i just don't think that the government is in a position to grow wealth uh and i mean they

00:09:13.100 invest in things like wind turbines or spaceports it's all about padding their own uh feathering

00:09:18.900 their own nest here's an interesting clip um it starts off bland enough and awkward enough

00:09:25.460 but then it sort of ends with a slight menace that maybe he's going to take some resource wealth in

00:09:33.460 Canada, which in Canada, under our constitution, belongs to the provinces.

00:09:38.380 You take a look.

00:09:39.040 You said the goal of it is to grow wealth.

00:09:42.660 And so I'm wondering to what extent, though, you have already coordinated or consulted

00:09:47.000 with the provinces that really have control over, there is a lot of the oil and gas, for

00:09:51.660 example, generating sectors at Alberta, Saskatchewan and Newfoundland.

00:09:56.860 Why, how can you persuade them it's not ultimately a resource wealth grab?

00:10:02.360 Well, it's not.

00:10:03.460 And there is a series, sometimes, if I may, the discussion of how we're building the country,

00:10:13.820 how Canadians are building the country, gets reduced to one sector or one type of infrastructure in one sector.

00:10:21.280 There is a very broad range of things that Canadians are doing to grow Canada strong.

00:10:27.580 That involves entirely new ports in the Arctic.

00:10:31.440 It involves a host of critical minerals.

00:10:34.960 It involves data infrastructure and other infrastructure that will be necessary.

00:10:39.840 It involves a series of investments above and beyond the high-speed rail and others.

00:10:48.480 Where there is at the heart of all of these projects, including in resources, provincial jurisdiction, including resources,

00:10:57.520 Where the federal government is catalyzing, helping to make the project happen, through a tax incentive, through some other support, regulatory or other support, and at the core, there is a commercial business, a commercial project that is making a profit.

00:11:17.840 It is fair, right, just, smart for Canadians to have a share directly of those profits.

00:11:25.980 And that's what the fund is going to make possible.

00:11:28.280 And this is a great thing for Canadians today and very much tomorrow because it's going to spread the benefit over time.

00:11:35.240 Well, we used the word catalyzing again, didn't we?

00:11:37.500 He just – some people say um, Justin Trudeau said uh, and um a lot.

00:11:42.160 Mark Carney says catalyzing a lot.

00:11:44.700 But he says something interesting.

00:11:46.240 He says, if the government helps you with regulatory support, that is, if the government does you a favor, get ready to do them a favor back, quote, to have to share directly in your profits.

00:12:02.480 Is there a new tax here?

00:12:04.740 I mean, companies already pay the taxes that they owe.

00:12:07.580 is he's saying that if he does you a favor and invests in you

00:12:12.240 or lets you do a project, that you'll have to tip him,

00:12:16.560 you'll have to give him some, what do they call it

00:12:19.300 in Tony Soprano's Mafia, some vigorous, you have to give him the vig.

00:12:24.560 Again, I think this is a counterpoint to Avi Lewis,

00:12:27.780 the communist Marxist in the NDP.

00:12:31.080 He's trying to outflank him, but it was sort of a dog whistle

00:12:34.120 to all the Alberta haters out there.

00:12:35.680 Here's the Globe and Mail's Doug Saunders.

00:12:37.580 who in response to Mark Carney said, quote, Canada's debt is not particularly high,

00:12:42.920 the lowest in the G7. There are other reasons to question the wealth fund, including ones you

00:12:47.080 name. He's talking to someone else. But he says provinces should be required to put up all its

00:12:54.120 assets from the petroleum rents. Oh, okay. So just from oil, not from mining in Ontario,

00:13:00.680 not from hydroelectric, but only oil-rich provinces should be forced to give their

00:13:07.920 oil royalties to the feds. They're licking their chops, aren't they?

00:13:14.760 You know, the big joke is that he's using the phrase sovereign wealth fund, which only countries

00:13:20.680 in a massive surplus have. This is just more spending with a fancy name. He's sort of a

00:13:26.900 fibber that way. I don't know if you remember about a decade ago, Justin Trudeau set up something

00:13:30.880 identical. He called it the Canada Infrastructure Bank, which was at least a little bit more honest.

00:13:37.220 But it was a slush fund too. It had approvals to spend $35 billion. I don't think it managed to

00:13:42.820 give it all away, but it was slush funds and it was corporate favors. There's so many of these

00:13:48.400 little government slush funds. There's the Export Development Bank. There's regional

00:13:53.580 diversification projects i mean this is just another way of doing business the liberal way

00:13:58.740 but how is any of this possible i mean how is it possible that the prime minister can say that this

00:14:05.980 is just like what saudi arabia has just like what qatar has hundreds of billions of dollars just

00:14:11.360 jangling around in their pockets that they have to spend on something um well the answer i think

00:14:16.800 comes back to a theme that we're going to see a lot this year government journalists i grant you

00:14:22.660 that there were a few journalists who this was just

00:14:24.640 too much to swallow. But I bet you

00:14:26.600 that in every newspaper tomorrow,

00:14:28.480 they'll have that word sovereign wealth

00:14:30.800 fund. Low information journalists

00:14:32.940 catering to low information voters.

00:14:35.620 Mark Carney's laughing all the way

00:14:36.620 to the bank.

00:14:38.620 Stay with us. More on this with our friend

00:14:40.720 Franco Teresano from the Taxpayers Federation.

00:14:42.700 well mark harney has given me a new idea in addition to using words like

00:14:55.580 catalyzing which i never really used before but i like to copy our prime minister

00:15:00.960 i am going to use the phrase wealth fund uh for i'm when i'm actually in debt so my credit card

00:15:09.740 debt, which has been chasing me around forever. I'm going to call that a wealth fund, not a debt

00:15:15.200 fund. And I'll see if anyone, including the credit card company itself, buys it. I'm making fun,

00:15:20.060 of course. Canada does not have a sovereign wealth fund because we are not in a position of having

00:15:24.960 extra cash. Now, Alberta had set up the Heritage Trust savings funds, which actually was a wealth

00:15:32.620 fund. It was government money that they sort of overtaxed from the energy sector, and they

00:15:36.400 put it aside for a rainy day that was the closest canada ever came to a sovereign wealth fund

00:15:41.740 this is trickery for low information voters who just can't get enough of that mark carney

00:15:47.900 joining us now to talk about this is our friend franco terrizano the big boss of the canadian

00:15:52.040 taxpayers federation franco i didn't make my credit card joke very well but we don't have

00:15:57.160 extra cash we've got about a trillion dollars in debt it ain't no sovereign wealth fund is it

00:16:02.880 no it is a debt-fueled corporate slush fund i mean come on folks the federal government is more than

00:16:09.580 a trillion dollars in debt and what carney announced today is he's going to borrow another

00:16:14.780 25 billion dollars put it into a fund and then the government is essentially going to gamble

00:16:19.880 taxpayers money on risky corporate handouts right this is the opposite of what a sovereign wealth

00:16:26.340 fund is supposed to be right a sovereign wealth fund is supposed to be the government saving money

00:16:32.100 right or using non-renewable resource revenue uh norway and saving its oil and gas money okay

00:16:39.380 this is not a sovereign wealth fund this is the carny government dreaming up new ways

00:16:44.580 to borrow billions more and waste taxpayers money on corporate handouts now some reporters franco to

00:16:51.340 their credit ask questions like where are you going to get the money from and isn't this just

00:16:54.980 another way of saying debt um i think that most of the media and most of the political class are

00:17:01.060 going to use that phrase sovereign wealth fund and if i think they're just going to perpetuate

00:17:06.440 this myth and they're playing to mark carney's credentials as a banker i i think that this is

00:17:15.540 going to be just one of those things you have to trust the expert i mean are you an expert no he

00:17:20.600 is he was the head like i i think he has some obviously some underlying credentials and then

00:17:25.740 he's just running with that like the other day he said he invented the concept of forward guidance

00:17:30.960 where you sort of predict things forward guy is a ubiquitous concept in investments where you

00:17:38.160 literally do that you give people uh your best guess about where things are going he claimed he

00:17:43.240 invented that like i think he's a bit of a fibber and and the crazy thing is he doesn't have to be

00:17:49.040 he's well educated he has a lot of interesting experience but he just can't help himself he

00:17:54.520 invented forward guidance, and he is setting up, he says, a sovereign wealth fund when it's not

00:18:02.040 that. I think he just is that certain he's going to get away with it. Well, Ezra, let me just build

00:18:07.960 on that first point, because I noticed the exact same thing you did, right? I woke up this morning

00:18:13.040 and I do a news scan, and I saw a whole bunch of news outlets just regurgitating what they heard

00:18:19.560 from an unnamed government source, right? That it was going to be a sovereign wealth fund. But I

00:18:23.860 you you look at the announcement if you actually see what the government has put out there it is

00:18:28.320 not anywhere close to what is quote unquote a sovereign wealth fund let's look at the gold

00:18:33.340 standard policy okay Norway what does Norway do uh it saves its oil money and then it used that

00:18:40.440 money it puts it into a fund and then it invests the interest not only that but it must invest the

00:18:46.680 interest abroad right because it's a safeguard to make sure that politicians aren't just dumping

00:18:52.260 you know, taxpayers money into their own pet projects. But what Carney is doing is the exact

00:18:58.320 opposite, right? He's not saving money. He's borrowing $25 billion more and there's no

00:19:04.460 safeguards, right? They're not having limits on only investing overseas projects. No, no, no.

00:19:10.740 What it seems like is the government is going to use this money, the $25 billion that is borrowed

00:19:15.660 and then risk it on corporate subsidies in Canada.

00:19:20.040 Yeah.

00:19:20.880 You know, there are some,

00:19:23.140 I'm just trying to think of other big pools of money

00:19:26.040 in the country.

00:19:27.140 There's the Canada Pension Plan, which is invested.

00:19:29.920 There's Teachers Investment Fund.

00:19:31.860 There's a case at the Depot in Quebec.

00:19:33.920 These are large pools of money

00:19:35.420 that have more or less government involvement,

00:19:39.100 but there are rules to make sure it's neutral

00:19:41.460 in certain cases.

00:19:42.700 There are rules to make sure

00:19:43.520 that it's not spent as a political favor um it seems to me like this is just a way of mark carney

00:19:49.320 handing out 25 billion to political projects i mean i was just out in nova scotia the other day

00:19:56.020 at this rocket launch pad they got a 200 million dollar lease and it's a barren gravel lot with a

00:20:03.700 little slab of concrete on it and to me that's a perfect sovereign wealth fund investment like it's

00:20:09.500 It's things that wouldn't pass the smell test.

00:20:12.140 The government already has tried this.

00:20:14.020 They had the Infrastructure Investment Bank.

00:20:16.600 They were in a scam called the Asian Investment Bank, which is sort of crazy.

00:20:21.120 We were lending money to China.

00:20:24.060 I think, though, that Mark Carney has a sway over the media that Trudeau didn't, actually.

00:20:31.300 I mean, maybe it's just Carney's honeymoon.

00:20:33.820 But I don't know.

00:20:34.980 Do you think people will buy it?

00:20:37.180 do you think people will think this is anything more than just rephrased debt well all it is is

00:20:43.580 just debt financed corporate welfare that's all it is right and carney wanted to make it sound

00:20:49.080 better than it is so he said sovereign wealth fund right but really it's just debt financed

00:20:54.180 corporate welfare right 25 billion and folks it's not like the government has this you know

00:20:59.100 treasure chest full of money the government is so in debt we have on money right more than a

00:21:04.100 trillion in debt. Debt interest charges costing us more than $1 billion every single week. That

00:21:09.520 is a brand new hospital poof gone because that money is going to pay interest on the government

00:21:13.800 credit card. So, you know, we are so far away from having this sovereign wealth fund that now

00:21:19.060 Carney is going to be borrowing another $25 billion. And of course, Canadians are going to

00:21:23.860 be paying interest on it. Yeah. I have a theory and it hit me this morning when I was reading

00:21:27.760 about this. Avi Lewis is the new leader of the NDP and the NDP are very low in the polls. In fact,

00:21:33.440 I got my math wrong. I said they got 9% in the last election. They only got 6%.

00:21:37.740 Like they're in mid single digits. They're so low. And that's how I think the liberals won,

00:21:43.280 because there wasn't a split on the left. But Avi Lewis, although he's an extremist in my view,

00:21:49.640 and he is articulate, he's hardworking, he's the third generation of politician in his family.

00:21:55.980 His dad and granddad before him were NDP leaders. And one of the things he's going, he's big into

00:22:02.080 gaza and all that but put that aside he's big into the workers controlling the means of production

00:22:08.300 which is really the definition of communism and he talked a lot about public ownership and public

00:22:14.020 financing here's a clip of avi lewis doing the leadership campaign where he basically talks

00:22:19.140 about nationalizing and publicizing the means of production including grocery stores here take a

00:22:25.920 quick listen our campaign has put forward the essential role of public ownership to make to

00:22:31.640 double down on the things that make Canada Canada not just our health care system investing in the

00:22:36.440 care economy where more than 3 million people mostly women work in long-term care in child

00:22:41.140 care and health care and education a public option for groceries cell phones internet connection a

00:22:47.320 public bank through Canada Post and postal banking these are measures emphasizing the

00:22:52.600 responsibility of the government to step up and govern and use our public resources in the public

00:22:58.400 interest. Not everybody on this stage is willing to go there, but that's the only way that Canada

00:23:03.740 can build a Trump-proof economy. So Franco, I think that what's going on here is part of it

00:23:09.400 is Mark Carney saying, all right, I've got the banker look down pat. I've got sort of middle

00:23:14.200 Ontario down pat, but let me throw a bone to those on the far left who were thinking of

00:23:20.380 defecting to the NDP that I am going to get into government ownership of the means of production.

00:23:28.400 I think that he's stepping into government central planning of the economy because he wants to head off Avi Lewis in the past.

00:23:35.000 What do you think?

00:23:36.240 Well, you know, the problem for us ordinary people is like they can play these political games, but at the end of the day, it's us left holding the bag, right?

00:23:42.720 Like, I don't think the government could successfully run a lemonade stand, let alone an investment fund or, you know, even a government grocery store.

00:23:52.020 I mean, time and time again, the government completely fails.

00:23:54.520 And, you know, here's the problem, right? Because we do face an existential threat for so many people, the affordability crisis, right? And prices, you know, you might hear inflation rate coming down, but everyone knows everything is so expensive, right? And the problem is, right, you have the government that creates the problem, right? So they break your leg, they give you a crutch that's two sizes too small, they make the problem worse, and then they expect a thank you, right?

00:24:18.220 So, you know, when we talk about even government grocery stores versus the cost of living, you talk about a new sovereign wealth fund versus the investment and productivity crisis in Canada.

00:24:28.160 The problem stems with the government overreach in the first place, whether it's a carbon tax driving up the cost of food or energy regulations that deter investment from actually coming into Canada.

00:24:38.260 So the problem that we're seeing right now economically is too much government.

00:24:42.860 Yeah.

00:24:43.600 You know what?

00:24:44.420 I no one uses the word communist to describe another political operator because it sounds

00:24:49.520 so extreme it almost sounds like a caricature to use that it almost sounds like an insult more

00:24:54.140 than an observation but I think Avi Lewis meets the definition of a communist in terms of public

00:24:58.620 ownership of of so many assets and I actually think Mark Carney is trying to edge that way he

00:25:05.840 wants to be the button-down corporate communist I don't think I'm going to call him a corporate

00:25:11.180 communists a lot because it sounds so wacky. But I really think that's what the sovereign wealth

00:25:16.600 fund is, except for its debt. It's really sad. And I wonder how long the markets will allow

00:25:22.560 Canada to be so goofy and irrational and anti against the fundamentals. I think that 0.94

00:25:30.800 Mark Carney's brand is tied up in expertise and professionalism. But if he keeps borrowing like

00:25:37.100 this. The world's banks are going to say, no, no, you've gone too far. What do you think? Do you

00:25:41.220 think that's a possibility? Oh, and Ezra, you don't even have to take my word for it. Ask the

00:25:45.560 Saskatchewan NDP of the 1990s what happens, right? You always got to pay the piper. They kept kicking

00:25:52.200 the can, the deficit can down the road. What happened in the 90s? Things got so bad that even

00:25:57.660 the NDP in Saskatchewan were forced to close down dozens of hospitals in that prairie province. So

00:26:04.080 look, they're going to keep racking up the debt. And if they don't take this problem serious,

00:26:08.720 it's going to be Canadian taxpayers that are going to be in a world of pain.

00:26:13.400 Our guest today is Franco Teresano, the big boss of the Canadian Taxpayers Federation.

00:26:18.240 Keep on them. Keep on them. We need you, Franco. Keep at it.

00:26:22.460 Thanks, Ezra.

00:26:23.400 All right. There he is. Stay with us. More ahead.

00:26:34.080 Hey, welcome back. Your letters to me. The first is on Joe Warmington talking to me about

00:26:39.100 police corruption and anti-Semitism in police. The Mitten Method said Vancouver is exactly the 0.78

00:26:44.960 same situation. It has gone downhill greatly over the past 10 or so years. Up the universe.

00:26:51.120 One of the interesting things in Toronto is how somebody, the DEI quota hires,

00:26:56.300 are getting into deep ethics trouble. They're lowering the standards. And what do you expect

00:27:01.300 to happen. Russian Old Spice says the Toronto Police Department are not to be trusted. They

00:27:06.340 are no different than the Hells Angels or the Bloods and the Crips. They are an organized crime

00:27:10.180 syndicate, nothing more than criminals invest in criminals. I think you're painting with too

00:27:14.040 broad a brush. I know that not all the thousands of police are corrupt. I mean, it's just not true.

00:27:19.620 But unfortunately, too many are. And as Joe Warmington has pointed out before, for the police

00:27:24.480 chief to basically investigate himself, I think that's a bit much. Messier 45 says, I grew up in

00:27:30.620 Liverpool, England. Near where I lived, there were many Jewish businesses who had served the

00:27:34.280 community and lived a quiet life. Years later, Muslims moved in and they spread so quickly that

00:27:38.680 the Jews moved out and went to Manchester. It was a peaceful neighborhood when I was a kid. Now it

00:27:43.400 has gone massively downhill. Well, I think that the era of Jewish life in the UK is coming to a 1.00

00:27:50.160 close. The Jews were expelled from the UK about 850 years ago. And when they returned, they made

00:27:58.140 life and you know they're woven into the tapestry of british history i mean benjamin disraeli

00:28:03.780 the first jewish prime minister jews have been a part of britain for centuries but i don't know

00:28:09.740 if that's tenable anymore not because of the state i think the state is still friendly fairly friendly

00:28:14.280 not because of indigenous british people but when you invite or not invite when you accept

00:28:21.220 millions of migrants from places that are full-out anti-semitic pakistan algeria afghanistan

00:28:27.880 and Somalia. They just hate Jews. They also hate Christians and they hate the West. When you bring 0.99

00:28:32.980 in millions of people and change your demographics, it's going to happen. And I fear it's going to

00:28:38.320 happen in Canada too. So what you're describing makes me very sad, but it's certainly not going

00:28:42.580 to end by moving to Manchester. I'll tell you that. Well, that's our show for the day. Until

00:28:48.000 tomorrow, on behalf of all of us here at Rebel World Headquarters, to you at home, good night

00:28:51.880 and keep fighting for freedom.

00:28:57.880 Thank you.

Rebel News Podcast - April 28, 2026

Carney unveils 'sovereign wealth fund' — except Canada has no wealth

Episode Stats

Summary

Transcript