00:12:09.400But there was other news in the spring economic update as well, and it was also bad news.
00:12:15.200The other main highlight is that the Carney government plans to create a so-called Canada Strong Fund, which Prime Minister Mark Carney says is a sovereign wealth fund.
00:12:24.480The only problem is to create a sovereign wealth fund, you actually need wealth.
00:12:29.000Canada currently has a $65 billion deficit.
00:12:32.100And so to create this fund, the government is going to borrow $25 billion.
00:12:36.740Now, any sane financial advisor would tell you that borrowing $25 billion to invest it is a risky scheme.
00:12:46.520Now, normally, a sovereign wealth fund is created through excess wealth.
00:12:50.700So if a government is running a surplus, it will dedicate certain monies to this fund and the fund can invest for the sake of future generations.
00:12:59.620It's sound economic policy, but it should be done when the government is running a surplus, not a deficit.
00:13:05.400The other major problem with Carney's announcement is that he says it will be operated as an arm's length organization, but he also says he wants the Canada Strong Fund to invest primarily in Canada.
00:13:16.860Now, that is right for politicization, and it means that government priorities will possibly become the fund's priorities instead of getting the most bang for the taxpayer buck, which should be the priority of a sovereign wealth fund.
00:13:30.640So Prime Minister Mark Carney really needs to rethink this.
00:13:33.880first of all we should not be creating a so-called sovereign wealth fund without having the wealth
00:13:39.680we need to wait until we balance the budget to do this and second of all we should not be investing
00:13:45.260in canada norway's sovereign wealth fund does not invest in norway to avoid politicization
00:13:51.000that's exactly what we should be doing in canada so when we create a sovereign wealth fund it
00:13:56.200should be investing abroad to avoid politicization at home and get the best returns for investors
00:14:02.940That should be the plan. But none of that should be even a conversation right now, because we shouldn't be borrowing money to invest money. That's why Pierre Pauly of the conservative leader called it a sovereign debt fund. And that's exactly what it is. You're borrowing money to invest money. It's a risky scheme. It doesn't make any sense. And when we're running a $65 billion deficit, that should not be what the government is focused on.
00:14:27.980So Mark Carney needs to buckle down, focus on balancing the budget, not on creating these
00:14:34.780risky new schemes. And then once the budget is balanced, if the Liberals can finally actually
00:14:40.100manage to do it, then we can talk about creating a Canada Strong Fund. But until then, the
00:14:46.740government should not be borrowing money to create this kind of risky new scheme. Instead,
00:14:51.760it needs to be focused, laser focused on balancing the books.
00:14:57.980and that was goldberg from the toronto sun young lad great story right if you don't have the money
00:15:09.520to put away because you're paying off debt then how could you borrow it again oh that's right
00:15:14.620because you and me taxpayers alike doesn't matter if we're working or not we'll be paying it off
00:15:19.320somehow okay have you seen the price of gasoline now have you have you seen the price of gasoline
00:15:25.220that so-called 10 cents break they have given to people with for regular gasoline and four cents
00:15:30.940for diesel has it really gone miles for us has it done us favors right has it made our lives easier
00:15:38.480right rosemary barton was quoted and saying oh my god it's so expensive to fill up my vehicle
00:15:43.840oh my goodness she likes to slap and tickle the old government dollar because the cbc gets its0.99
00:15:49.300slap and tickle from our pickles right yeah yeah it's a shit show see what's going to happen is0.99
00:15:55.060that it's going to have to implode and people like you and me are going to have to pick up the pieces0.97
00:15:59.580that's just a sad reality folks because you know life's unfair stay updated and follow
00:16:07.140crusty canuck on facebook twitter gap telegram youtube and podbean subscribe today and donate
00:16:19.300and you're back ladies and gentlemen episode 402 more spending new governor general and the
00:16:26.380same old bs that's right not much of an investment ladies and gentlemen just a reminder too if you
00:16:31.240like and hear what you see please click like subscribe share this podcast all of your social
00:16:34.700platforms send me a comment give me a thumbs up you know the usual routine every time you see my
00:16:38.680episode someplace and there's rooms for you to comment please comment tell me what's on your0.92
00:16:43.680mind right i don't care if you swear i don't care if you give me shit i don't care if you bring a0.67
00:16:48.420point at the table or a counterpoint, whatever. You want to engage in a conversation, then we0.99
00:16:53.280engage. Get dialogue going here, too. Stop worrying about your feelings. Stop worrying about how this
00:16:59.120trusty cadet guy is just so mean sometimes. How does he do it? Very carefully. That's how I do it.
00:17:05.920And you should do it, too. Get out there. Get your words out there. Dialogue. Talk. Talk. Talk.
00:17:12.080It's that simple. But people don't do it because they're afraid. They don't want to hurt people's
00:17:17.220feelings. How dare you insult my generation? How dare you insult my age? How dare you insult my
00:17:22.420favorite rock band? They try really, really hard. Yes, we all try hard, but sometimes you just got
00:17:27.460to sit back and listen to the constructive criticism, regardless of how hard the truth is
00:17:32.900or how light the truth is. It'll always be the truth, right? Once again, I'm not going to justify
00:17:39.580my behavior in my last shorts, okay? I didn't mean to offend a lot of people, but it seemed a lot of
00:17:46.040people got offended which tells me there's a lot of people out there that had their spine doing
00:17:50.980this going back and forth moving left to right but never standing up straight okay no pun but0.99
00:17:58.320standing up straight forcing the fucking problems head on okay so i'm not going to apologize ladies0.98
00:18:04.400and gentlemen you don't like what i have to say no one's forcing you to watch no one's forcing0.99
00:18:09.280you to listen no one's grabbing you by the back of the head telling you to understand your nine
00:18:14.000times tables, which happened to me. Interesting. I'll save that story for another time. Let's just
00:18:21.680say my grade three teacher was a dick. I remember these things. Anyhow, carrying on. So, Brian0.99
00:18:31.360Lilley had a good video out there, but the new governor general, now her name is Louise Ambrose,
00:18:35.920French-Canadian, of course, so that makes a lot of the French liberal elite very happy.
00:18:40.840she can speak the francais that's good for her great not that to me it matters because personally0.97
00:18:48.700i don't give a shit about the governor general position i think it's time we get rid of it0.96
00:18:52.740or if we do have it we elect the person to do it we elect a governor general that's going to0.98
00:18:59.000represent the king right but then when you look at our parliamentary system and how it's based
00:19:04.060is based on the Westminster system out of Britain, okay?
00:19:08.380So maybe we have enough representation