00:00:00.000Hey guys, Wyatt Claypool here, and welcome back to the National Telegraph YouTube channel.
00:00:06.160This is really delicious. A day before the recession numbers came in for Prime Minister
00:00:12.440Mark Carney's liberal government, Carney was speaking in front of the Economics Club of New
00:00:17.920York, basically begging U.S. President Donald Trump and the Americans to save him from the
00:00:23.800terrible Canadian economy. This guy, who said that we needed to diversify our trade away from
00:00:29.400the United States and he wasn't going to let Trump get away with 50 first state jokes really
00:00:34.600needs Trump's help right now and the Liberal Party is in deep denial that this is what Carney is
00:00:40.360doing. In just a second here I want to show you this clip of Carney saying that he wants to help
00:00:46.440Trump make America great again and then we need to go into some of the clips of this speech that
00:00:51.720the Liberal Party is actually posting and then a segment from CTV News where a Liberal MP is again
00:00:59.000denying that he's trying to warm up with the americans with his mega comment anyways before
00:01:05.480we get into it i just want to remind you guys if you like the show make sure to leave a like on
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00:01:26.280sustainable of course thank you to everyone who is currently a channel member it really helps me
00:01:31.960out make this thing work each month anyways let's get into this video now i've shown this video
00:01:38.280before but i don't think enough people have connected the recession story to this economics
00:01:44.840club speech they are absolutely inextricably tied together carney would have known what the
00:01:51.560statistics can does numbers we're going to be ahead of time how could he not he's the prime minister
00:01:57.240he's probably been hearing about how they've been compiled and that they was not going to look pretty
00:02:02.200and so he headed down to new york to make sure you know to try and repair the relationship a little
00:02:08.200more because he really needs the us to trade with us more again because that's the only thing that's
00:02:13.560actually going to bring jobs back to canada so check this out electricity imports 60 60 of crude
00:02:20.760oil imports that is mutual strength let's be absolutely clear canada strong will help make
00:02:30.120america great again whose founding values of liberty democracy justice and openness
00:02:35.960should continue to serve as guides to its future and the future of the world
00:02:40.520that future should include a new partnership with canada a true partnership that reimagines
00:02:47.800cooperation in specific sectors that are deeply challenged by global competition above all as you
00:02:54.040would expect we're focused on things that are good for canada this is good for all canadians
00:02:59.960but it's also good for the united states because a stronger canada is a better ally and we know
00:03:08.840we know that while canada and the united states have had our differences over the centuries
00:03:15.960we have always worked and eventually worked through them because we share values and our
00:03:23.240common interests run deep they run through our economies canada is america's largest customer
00:03:31.800this is very different talk than what prime minister mark carney was engaging in back in
00:03:38.120april's uh federal election although he was promising back in the day that he was a trump
00:03:42.760whisperer and he's going to get a trade deal with the americans he found it more useful to slag the
00:03:47.720u.s and get into little fights with trump because it helped his polling numbers out but now that
00:03:52.600slagging trump and not trading with the americans and not seriously negotiating for a trade deal
00:03:57.800is now putting canada into recession suddenly he pops down to new york and starts
00:04:03.800groveling begging this is what's happening he's surrendering because again this is absolutely
00:04:10.200different than his little Isaac Brock talk, where he's holding that little British soldier,
00:04:15.480little figurine, talking about how this little figure of Isaac Brock reminds us about how Canada
00:04:24.000must maintain its independence, and all this talk about how Canada's better off diversifying trade
00:04:30.060and not being so reliant on the U.S. and reliance on the U.S.'s weakness for Canada, and now he's
00:04:35.980saying it's our greatest strength. Come on, man. Again, I thought that why isn't China? Why isn't
00:04:42.440China coming in for the rescue? It's almost like this isn't a good idea. And we should have always
00:04:47.060been trying to get a trade deal with the US. That doesn't mean we need to be weak. That doesn't
00:04:50.880mean we need to bend over backwards and give the Americans everything they want. It's a negotiation.
00:04:55.240They ask for things. We ask for things. They want us to make a concession. We want them to make a
00:04:59.620concession. But as we've been going along, Carney has just been poisoning the relationship.
00:05:04.540whenever we're negotiating, he brings up the digital services tax or brings up this new
00:05:09.600Netflix tax, and then he has to end up walking them back. Or he starts tariffing the U.S. on
00:05:13.960things they weren't even tariffing us on. Now, we can say the American tariffs are not fair.
00:05:19.600Yes, we can say that. It's the reality that they're in place. Let's figure out how to get
00:05:22.960an off-ramp rather than fighting more, rather than having Doug Ford run anti-Trump ads in the
00:05:28.320United States. Let's figure out a way of actually coming to a productive conclusion, not just
00:05:33.600throwing eggs and tomatoes at one another, but that's the tact that Carney was taking for a long
00:05:38.680time, probably until he found out his subsidy economy was not actually working out. We're in
00:05:46.040a recession. It's not a technical recession. It's a real recession. And he probably knows that our
00:05:51.640April job numbers, our April GDP growth is probably negative still. He wouldn't be running down to
00:05:58.140the United States if he didn't think that we were about to pop out of the recession and we're going
00:06:01.480to look golden in the summer. He knows it's not going to look good. Even if we have positive
00:06:05.460growth, it's not going to be very good looking positive growth. And now suddenly he needs the
00:06:09.820United States again. But let's look at the clip that the liberals posted on their own social media
00:06:15.300of Carney talking, because you'll notice that they never highlight the mega comment he made
00:06:20.840because his audience isn't ready for it. His audience isn't ready to hear him say that Kanda
00:06:26.840strong makes america great again because you know they were trained to say that mega is evil and he
00:06:33.160is the anti-mega person uh right here four hours ago they posted this clip from the economic speech
00:06:39.240and it says fortune favors the bold check out what uh check out what he highlights in this clip
00:06:44.840people consistently myself included do three things over rationalize the past over dramatize
00:06:52.360the present and underestimate the future and so when i look back at the right path out of the
00:06:59.480global financial crisis and the right response to brexit both of those now look very clear in
00:07:05.880hindsight but i think as bob myself tim geithner and others can tell you that is being at the table
00:07:13.000during the time there were relatively few who identified those paths and there were fewer
00:07:19.160still who had the courage of their convictions to walk them. Because in a crisis, the fog and fear
00:07:25.540are real. They always are. The right response to these tectonic forces, the global rupture that I
00:07:33.340described at the start, the right response today is clearer than it may feel. You know what he's
00:07:40.000effectively saying here? This is an apology. He's effectively saying, you know, after Trump was
00:07:46.580elected and we had the tariff scare and all that stuff you know maybe we maybe we overreacted maybe
00:07:52.880we turn this a little bit too much into good versus evil you know canada versus america maybe
00:07:58.060now the fog of war has kind of cleared up a little bit we're a little more clear-eyed and knowing the
00:08:02.360path forward because again that speech later on leads into canada strong makes america great
00:08:08.440again which they don't post that clip because again it would look bad in front of the liberal
00:08:12.340base. But the narrative at that meeting full of, you know, New York financial big shots and
00:08:18.720probably people from the American government is maybe we need to go guns down right now. Maybe we
00:08:23.640need to be friendly with each other. Now, again, I'm not pro tariff. I'm not I'm not like cheering
00:08:29.340on Trump tariff in Canada. Obviously, I don't want Canada to have to pay tariffs. But our approach
00:08:34.400on this has been so stupid. It's been so about Carney's polling numbers and nothing else. And1.00
00:08:40.420And it turns out when we make our entire trade strategy about trying to pump up Carney's polling numbers by getting into little fights with Donald Trump, we're not making our economic numbers look better.
00:08:51.400And now I want to take you guys into the CTV News clip of Vashti Capellos questioning the liberal, a liberal MP, on this whole Make America Great Again part of the speech that the liberals have noticeably not been playing up very much.
00:09:07.600Right here, it says CTV News question period. The prime minister has insisted Canada needs to diversify away from the U.S. market. But this week, Mark Carney said Canada strong will help make America great again. Now, let's see this. And that's Stephanie, Stephen Furr, who Vashi is questioning here.
00:09:24.720Part of the reason is what I described, the imperative that your government had described previously too, which is to move away from reliance on the United States. At the same time this week, we hear the prime minister saying, you know, a strong Canada can help make America great again, which signals, you know, higher levels of interdependence in some areas. How do we reconcile those two things, which isn't?
00:09:44.780well it's i think it's both and it's all i mean um this will this aircraft
00:09:50.460the man the man is a deer in the headlights here not knowing what to say look at this man choked
00:09:56.940beside himself looking like he really wants somebody to come in and pinch it for him at the
00:10:01.980last moment here you know maybe they can bring katie telford in to answer this one out of
00:10:06.380retirement america great again which signals you know higher levels of interdependence in some
00:10:13.500areas how do we reconcile those two things which is it well it's i think it's both and it's all i
00:10:18.300mean um this well this aircraft has 20 american components on it so right away you know if their
00:10:24.940supply chain's integrated in this plane already it's built in toronto the plane it's militarized
00:10:29.180in sweden we're trying to bring that militarization piece back to canada so it's built and militarized
00:10:34.220here but the american component piece will still exist so the americans benefit from it
00:10:38.780So this is specifically about the new model of jets that Canada is investing in. We went with a Swedish model that, as you've heard there, only has 20% components from the United States, rather than a US model, which would have been like more of like a 50-50 thing between Canada and the US, or have been maybe a little more US based.
00:10:57.540But Vash, he's basically pointing out that the new pivot that Carney's making is very out of step with the previous moves he was making, like a couple months ago, having decided to pursue the Swedish model.
00:11:09.740It's almost like now he's doing a massive pivot now that he's seeing the recession numbers come in.
00:11:20.340We still haven't taken delivery of those.
00:11:22.160We bought those a Boeing product coming out of the United States.
00:11:24.640So we're still buying from the United States.
00:11:27.540We're still, but we are going to make sure that we focus a bit more on supporting our industries here in Canada and looking at other places we can buy.
00:11:37.100With all due respect to the vernacular employed by the Prime Minister has not, in announcements like, you know, the lead up to this one, has not been, well, we might move a little bit away from the United States.
00:11:46.780It was very distinctly a focus of this strategy is to move away from our reliance.
00:11:52.300In this case, it was Boeing was one of the competitors.
00:11:55.040I take your point on the component parts. It was Boeing versus a Swedish company. You went with the Swedish company. And I'm asking how Canadians are to reconcile the rhetoric employed by your by your government. Now, the prime minister specifically, you know, we're moving away. We're moving away. We were elbows up. And then in New York, apparently it's, you know, more independence will help MAGA.
00:12:15.360you know the bottom the bottom line is the man is shook the man does does not logic right now
00:12:22.760it it's almost like he probably didn't even tell his own caucus that they were going to hit a
00:12:28.080recession and he's going to have to start making friendly with the americans again because carney's
00:12:32.960game here was waiting out trump hoping that the closer he got to the midterm elections the more
00:12:39.220desperate Trump would get. But he didn't actually factor in that Canada's economy could collapse
00:12:46.340before he was able to put it on enough pressure to Trump to get him to sign a better deal for
00:12:50.760Canada. It's almost like we're also on our own timelines, even though Carney has more time
00:12:55.700before an election. We have a lot of different metrics putting pressure on us than the Americans
00:13:00.140do. The core strategy of the defense industrial strategy is build, partner, buy. And in this
00:13:06.220particular case for this particular capability a large part of the weapon
00:13:10.960system is the aircraft the air vehicle is already built in Canada we have an
00:13:14.800opportunity to militarize this thing from end to end in Canada it happens to
00:13:19.420have a you know 20% American supply chain come in there so the Americans
00:13:23.860will benefit from this but this is a big opportunity for Canada like I said to
00:13:28.840build for ourselves in this particular case we're not going to be able to do
00:13:31.900this in every case but in this particular case we can do it and what
00:13:35.320The global drive, which lane we take, build, partner, buy, will largely be time because
00:13:40.560one of the biggest criticisms of defence procurement has been time, right?
00:13:45.040If we have lots of time, we could do it all here.
00:13:48.280We have unbelievable capacity and capability in Canada and I would argue if we just took
00:13:52.400time off the table and said, hey, you guys got unlimited time, we'll do it all ourselves.
00:13:56.340The reality is we just don't have that.
00:13:58.800In this case, we can go to the build partner model right away because of the air vehicle
00:14:03.820and in the other opportunities and that's the route we're going part of you'll notice that he
00:14:08.780didn't actually say anything there i know he is the parliamentary secretary uh on that's in charge
00:14:14.280of a military procurement but no no that's not an answer to what she was asking she's asking
00:14:22.100why are you guys doing all this diversification stuff elbows up we don't need the americans and
00:14:27.240then suddenly as of two days ago when this clip came out suddenly it's it's oh a canada strong
00:14:33.260helps mega we loves mega but can't to make a strong canada we need mega because what he said
00:14:40.160in reverse is mega helps make canada strong because if canada strong helps make america
00:14:45.760great again then making america great again shouldn't make canada strong that's a very
00:14:51.020very different message than the relationship between canada and america has been irreparably
00:14:57.300changed and it's you know it's it's now gone and we're going to remake it and it's you know we're
00:15:03.120in a multipolar world where canada is a middle power that's going to have to band together with
00:15:07.460the other middle powers like you said of the world economic forum this is now hey uh trump can we
00:15:13.280hide underneath you and can you protect us from the economic forces of the world you know sorry
00:15:20.320parents i want to move back into your basement right now that's effectively the message for
00:15:24.660mark carney and you will not see any liberal talking about this unless they are forced to
00:15:30.140Vashi Kapelos is a very, very rare person in the more liberal-leaning media who will actually point this stuff out.
00:15:37.260And the liberals, since the recession started, have posted this.
00:15:44.560That's hundreds of dollars in the pockets of millions of Canadian families.
00:15:48.640I love the community notes right here.
00:15:50.760These are AI-generated, so it's AI's even detecting that this is a false claim and generating community note.
00:15:56.540It says right here, the tax cuts reduce the lowest federal tax rate from 15% to 14%.
00:16:02.680The government state's couples can save up to $840 annually.
00:16:08.140However, the independent parliamentary budget officer estimated the tax filers will save an average of $110 in 2025-2026 and $200 by 2029-2030.
00:16:18.580Like, yeah, you almost have to be in really rough economic shape in order to see the full benefit of the $840 they claim that you can save.
00:16:27.680That's like you're in a family where everyone's like earning exactly $50,000 and you are all as a household getting that full benefit of the 1% reduction of taxes, which in fact is only going to be a half a percent reduction for a couple of years.
00:16:42.460Then it's going to go to a full percent reduction off of the rate of taxes up to $50,000.0.93