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Dear Journalists of Canada: Start Reporting Climate Change as an Emergency

Dear Journalists of Canada: Start Reporting Climate Change as an Emergency

A five-point plan for mainstream media to cover fewer Royal babies and a lot more of our unfolding global catastrophe.

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Few media stories mentioned the demonstrable connection between the climate crisis and increasing wildfire activity in BC last summer, even though it was one of the major reasons why that season was the worst on record. Photo via the BC Wildfire Service.

To:
Karyn Pugliese, president, Canadian Association of Journalists
Martin O’Hanlon, president, CWA Canada
Fiona Conway, president, Radio Television Digital News Association
John Hinds, president and chief executive officer, News Media Canada
Jerry Dias, national president, Unifor

Cc:
Canada’s editors, news directors, publishers and station managers

On May 6, the United Nations released a scientific report warning that around a million species are threatened with extinction due to human activity, including climate change. But, according to an analysis by Media Matters for America, on the day of that release, the nightly newscasts of ABC and NBC felt it was more important that their audiences learned about the birth of the newest Royal baby — someone who will likely never have any say over their day-to-day lives. And I’ve found most of Canada’s 15 most-read English language daily broadsheets felt the same way.

Between May 6 and 7, 13 of those newspapers failed to front stories about the United Nations’ devastating finding. Instead, the National Post ran a story about the Duke and Duchess of Sussex’s son, with 10 others teasing that birth on their front pages. Eight of the teasers were placed above-the-fold, next to a photograph, or both — drawing reader attention to pictures of Harry, Meghan and their beaming well-wishers.

 …click on the above link to read the rest of the article…

Canada’s Meddling in Venezuela

Canada’s Meddling in Venezuela

Why does the dominant media pay so much attention to Russian “meddling” in other countries, but little to Canada’s longstanding interference in the political affairs of nations thousands of kilometres from our borders?

The case of Ben Rowswell illustrates the double standard well.

The current Canadian International Council President has been the leading non-governmental advocate of Ottawa’s quest to overthrow Venezuela’s government. In dozens of interviews, op-eds, tweets and ongoing speaking tour the former ambassador has put a liberal gloss on four months of naked imperialism. But, Rowswell has been involved in efforts to oust Nicolas Maduro since 2014 despite repeatedly claiming the president’s violation of the constitution two years ago provoked Ottawa’s recent campaign.

A March 2014 Venezuela Analysis story suggested the early adopter of digital communications was dispatched to Caracas in the hopes of boosting opposition to a government weakened by an economic downturn, the death of its leader and violent protests. Titled “New Ambassador Modernizes Canada’s Hidden Agenda in Venezuela”, the story pointed out that Rowswell immediately set up a new embassy Twitter account, soon followed by another titled SeHablaDDHH (Let’s Talk Human Rights), to rally “the angry middle classes on Twitter.” The article noted that “Rowswell is the best man to encourage such a ‘democratic’ counterrevolution, given his pedigree” in digital and hotspot diplomacy. According to a March 2014 Embassy story titled “Canada dispatches digital diplomacy devotee to Caracas”, just before the Venezuela assignment “Ottawa’s top digital diplomat … helped to establish a communications platform for Iranians and Iranian emigrants to communicate with each other, and occasionally the Canadian government, beyond the reach of that country’s censors.” Previously, Rowswell was chargé d’affaires in Iraq after the 2003 US invasion and headed the NATO Provincial Reconstruction Team in Kandahar during the war there.

 …click on the above link to read the rest of the article…

On Climate, Does Trudeau’s Canada Play Hero or Villain?

On Climate, Does Trudeau’s Canada Play Hero or Villain?

The Tyee asked global experts, and got some surprising answers.

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Canada’s symbolic role globally outweighs its actual emissions impact, say experts, who call Trudeau’s carbon tax ‘courageous.’ Still, it’s not enough to meet emissions pledges, upping the ante for the federal election.

How does Canada rate in fighting climate change? 

Better than most countries, especially ones where fossil fuels drive politics. 

Terribly for the world, because if every country copied Canada, that would ensure climate catastrophe. 

That’s the complicated picture climate policy experts in Canada and abroad shared with The Tyee.

They said Canada, while still far from where it needs to be in lowering its greenhouse gas emissions, is enacting “courageous” and “interesting” policies that are pushing global progress forward at a time when the opportunity for action is rapidly fading

On the surface this doesn’t seem to make much sense, given that under Trudeau’s Liberal government Canada is set to miss the 2030 climate targets it agreed to at Paris, spends billions of dollars propping up the oil and gas industry (despite promising to end fossil fuel subsidies), and last year nationalized Kinder Morgan’s Trans Mountain pipeline for $4.5 billion. 

But Mark Jaccard, a professor in the School of Resource and Environmental Management at Vancouver’s Simon Fraser University who has contributed to assessments from the Intergovernmental Panel on Climate Change (IPCC), says that Canada’s record on climate change is more complex and productive than most people realize.

“It seems to me people get so focussed on the Trans Mountain pipeline as a symbol that the federal government has failed on climate policy, without paying attention to the actual policies and comparing them to the rest of the world,” he told The Tyee. “When you do that, we’re among the leaders.”

 …click on the above link to read the rest of the article…

Canada’s Minister of Defence is an Arms Pusher

Canada’s Minister of Defence is an Arms Pusher

Would it surprise you to learn that Canada’s minister of defence is an arms pusher?

Last Friday members of Mouvement Québécois pour la Paix interrupted a $135-a-plate luncheon to confront defence minister Harjit Sajjan. At an event sponsored by SNC Lavalin, Bombardier, Rio Tinto, etc., we called for cutting military spending, for Canada to withdraw from NATO and an end to weapons sales to Saudi Arabia.

While Sajjan’s responsibility for NATO and military spending are straightforward, his role in fueling the Saudi led war in Yemen is less obvious. But, the Department of National Defence (DND) plays a substantial role in Canadian arms exports to Saudi Arabia and elsewhere.

As he did the last three years, Sajjan is set to speak at the CANSEC arms bazar in Ottawa later this month. For more than two decades the annual Canadian Association of Defence and Security Industries (CADSI) conference has brought together representatives of arms companies, DND, Canadian Forces (CF), various other arms of the federal governmentand dozens of foreign governments. In 2018 more than 11,000 people attended the two-day conference, including 16 MPs and senators and many generals and admirals.

The corporation supplying Saudi Arabia with more than $10 billion in Light Armoured Vehiclesproduces the same LAVs for the CF. In a 2012 Canadian Military History article Frank Maas writes, “the CF has continued to purchase LAVs because they have been successful in the field, and they support a domestic producer, General Dynamics Land Systems Canada (GDLS-C), that cooperates closely with the military.” GDLS’ London, Ontario, operations exist largely because of interventionist military industrial policy. A 2013 Federal government report on “Leveraging Defence Procurement Through Key Industrial Capabilities” lists GDLS as one of three “Canadian Defence Industry Success Stories.”

 …click on the above link to read the rest of the article…

A “Cancer On Our Economy”: Report Finds Over $7 Billion Laundered Through British Columbia In 2018

A “Cancer On Our Economy”: Report Finds Over $7 Billion Laundered Through British Columbia In 2018

It may have taken a while, but now that housing prices are starting to crash in Vancouver, BC legislators are finally starting to get wise to the fact that the province has been a hot bed for money laundering. It was an easy problem to ignore with prices on the way up, but on the way down – not so much.

And so an independent report released on Thursday concluded that an astounding $7.4 billion was laundered in British Columbia in 2018, out of a total of $46.7 billion laundered across Canada throughout the same period. The report was published by an expert panel led by former B.C. deputy attorney general Maureen Maloney.

Attorney General David Eby told a news conference Thursday:

Wealthy criminals and those attempting to evade taxes have had the run of our province for too long,to the point that they are now distorting our economy, hurting families looking for housing, and impacting those who have lost loved ones due to the opioid overdose (crisis).” 

The reports come after the government commissioned them to try and shed light on laundering by organized crime in BC’s real estate market. This follows last June’s report on dirty money in casinos, which we also wrote about just days ago. 

RCMP commissioner Peter German was commissioned to write the report on real estate, and he concluded that illicit money is what led to “a frenzy of buying” that caused housing prices to spike around Metro Vancouver. The report concludes that there are thousands of properties worth billions at high risk for money laundering. 

 …click on the above link to read the rest of the article…

The Origins of the Deep State in North America

The Origins of the Deep State in North America

  • Part one: The Rise of the Round Table Movement and the Sad Case of Canada (1864-1945).

“Two systems are before the world; the one looks to increasing the proportion of persons and of capital engaged in trade and transportation, and therefore to diminishing the proportion engaged in producing commodities with which to trade, with necessarily diminished return to the labor of all; while the other looks to increasing the proportion engaged in the work of production, and diminishing that engaged in trade and transportation, with increased return to all, giving to the laborer good wages, and to the owner of capital good profits… One looks towards universal war; the other towards universal peace. One is the English system; the other we may be proud to call the American system, for it is the only one ever devised the tendency of which was that of elevating while equalizing the condition of man throughout the world.”
-Henry C. Carey (Lincoln’s advisor), Harmony of Interests, 1856

The British Hand Behind the Deep State Today

With the election of Donald Trump in November 2016, it has become apparent for that America isn’t what many thought it was.

Suddenly, for the first time since the assassination of John F. Kennedy in 1963, there was no longer one America but rather two opposing forces within America itself, and the question was raised “which is the real America and what is it that Trump was re-activating?”

Here was a political leader who wasn’t from the technocratic establishment, and who campaigned to work with Russia and China, end regime change wars, reverse the nation-killing effects of NAFTA, reviving the JFK-era space mission and even discussed restoring Glass Steagall.

 …click on the above link to read the rest of the article…

Wildly Underestimated Oilsands Emissions Latest Blow to Alberta’s Dubious Climate Claims

Wildly Underestimated Oilsands Emissions Latest Blow to Alberta’s Dubious Climate Claims

As disaster looms, petro province lets industry call the shots.

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‘Whether or not the rest of the oil patch has as wretched a record of accuracy remains to be seen, but the missing 17 megatonnes thus far unearthed are enormous — equivalent to the entire carbon output of Toronto or Seattle.’ Photo by jasonwoodhead23, Creative Commons licensed.

Trust us. That has long been the message from the oil sector to the Alberta public, which seems to have little choice in the matter. 

In a bizarre arrangement, the Alberta oil patch pays for its own oversight through the Alberta Energy Regulator — a regulatory body 100-per-cent funded by the fossil fuel sector. What could go wrong? 

The latest boondoggle was revealed by an Environment Canada studypublished in the prestigious journal Nature Communications. It showed the methodology that energy companies have used for years to calculate carbon dioxide and methane emissions from oilsands surface mining operations underestimated contributions to global warming by a whopping 64 per cent. 

This eye-popping number was the result of airborne sampling over four of the largest bitumen mines in 2013 to test the accuracy of the industry’s self-reporting methods. The company figures are based on “bottom-up” calculations using the measured amount of fuels consumed in their operations. The “top-down” sampling by Environment Canada was based on actual measurements of carbon dioxide levels collected over these projects.

Emission measurements are complicated, and there are bound to be some differences in results.

However, the results from Environment Canada’s airborne testing were not even close. Suncor’s Millennium and North Steepbank mines had emissions 13 per cent higher than the company had reported. Two bitumen mines operated by Canadian Natural Resources were both about 36 per cent higher. And emissions from Syncrude’s Mildred Lake mine were 125 per cent higher — more than double — the level the industry reported. 

 …click on the above link to read the rest of the article…

Legal Weed In Canada Struggles To Compete With Black Market

Legal Weed In Canada Struggles To Compete With Black Market 

Six months after Canada became the first country in the developed world to legalize marijuana, legal sales of dried cannabis flower went up in smoke as consumers shifted to illicit markets.

A marijuana shortage left the industry in shock earlier this year and caused concerns that Canadian cannabis producers were not properly structured to handle the massive demand from the Canadian marketplace.

As a result, a majority of marijuana sales in the country — approximately $5 billion — were transacted on the black market, compared to $2 billion in legal sales, according to new government data from January 2019.

Pot smoking Canadians purchased 6,671 kilograms of legal cannabis in February, down 9% from January, and the lowest amount since October when 6,415 kilograms were sold, according to Health Canada.

While the legal cannabis market has been hit with supply chain bottlenecks and overpricing, the black market continued to flourish into 2Q.

Canadians paid 57% on average more for legal cannabis than they did from their drug dealer, according to the data.

Since October [the month when pot became legal], consumers purchasing legal cannabis paid $7.47 per gram on average, compared with buyers on the black market who paid an average $4.70 per gram.

Industry experts believe the illicit cannabis market will continue to expand by offering affordable weed to all.

“As long as that price differential exists, there will likely be a black market – because people will go to where they can get a deal,” Rosalie Wynoch, a policy analyst at the CD Howe Institute, a conservative think tank, told the Guardian. “The government was aware that it wouldn’t fully displace the black market on day one.”

A recent survey of 500 pot smokers conducted by BMO Capital Markets found that 35% of all respondents indicated they have purchased legal cannabis. BMO’s survey responses also suggest that muted legal sales were due to supply shortages and overpricing.

Ahead of legalization last October, Prime Minister of Canada Justin Trudeau, emphasized that legal pot would eliminate the black market. Unfortunately, Trudeau has been terribly mistaken as the illicit market continues to expand.

“Psychologically, They’re Ill-Prepared” – Canadian Chaos Looms

“Psychologically, They’re Ill-Prepared” – Canadian Chaos Looms

Via Grant’s Almost Daily,

I’m your huckleberry

“U.S. hedge funds from time to time have appeared in this country over the last 10 years, with the same hypothesis of shorting Canadian banks, and it hasn’t worked out very well for them,” Brian Porter, CEO of the Bank of Nova Scotia, said yesterday. “There are always going to be those that take an opposing view, and we’ll prove them wrong over the long term.”  

Gabriel Dechaine, banking analyst at the National Bank of Canada, likewise came to his industry’s defense in a note today:

“A trend that is making us believe that sector sentiment is becoming too bearish is the re-emergence of a vocal ‘short Canada’ investment crowd.”

Dechaine writes that a Stanley Cup victory for the woebegone Toronto Maple Leafs (last title, 1967) is more likely than a jump in loan losses. 

One well-known investor is publicly taking the challenge: Steve Eisman, portfolio manager at Neuberger Berman and a protagonist in Michael Lewis’ The Big Short.

“Canada has not had a credit cycle in a few decades and I don’t think there’s a Canadian bank CEO that knows what a credit cycle really looks like,” Eisman, who is short various Canadian banks and mortgage lenders, fired back in an interview yesterday with BNN Bloomberg television.

“I just think psychologically they’re extremely ill prepared.”  

While Canadian bank advocates and their skeptics exchange words, the formerly-white hot housing market is now in deep freeze. March sales in Vancouver collapsed by 31.4% year-over-year according to the local real estate board, the worst showing since 1986 and down 46% from the 10-year average for March. Prices also lurched lower, with the benchmark detached home price falling 10.5% year-over-year to C$1.44 million ($1.08 million). Things are more stable in Toronto, where March sales and benchmark prices were little changed from a year earlier, but those figures remain 40% and 14% below their respective levels from March 2017.

 …click on the above link to read the rest of the article…

Five Reasons to Care about RCMP Monitoring Your Social Media

Five Reasons to Care about RCMP Monitoring Your Social Media

Surveillance is going ahead without oversight or accountability, for one.

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Governments have taken no effective steps to protect citizens from round-the-clock, random surveillance in the internet age. Photo: Shutterstock.

You should care, even be scared, by The Tyee’s reports on the RCMP’s “Operation Wide Awake,” a secretive and unsupervised social media monitoring operation.

We’re already deep into a new era. Police — and businesses and other organizations — have the ability to track citizens in ways unimagined even a decade ago. Social media, the internet, cellphones, algorithms and analytics have given the state extraordinary power to monitor what you think and predict what you might think or do.

And governments have taken no effective steps to protect citizens from round-the-clock, random surveillance in the internet age. They have quietly surrendered our rights.

The Tyee’s Bryan Carney revealed the RCMP’s Operation Wide Awake, its expansion, and the lack of oversight to protect Canadians’ rights.

The RCMP, Carney reported, had launched a sweeping project to monitor Canadians’ internet use, especially social media. At first, the goal was to help investigators solve crimes. Then the police decided to expand the monitoring to try and assess whether people might commit crimes. 

Basic privacy considerations around the expanded program have not been completed.

Why should that scare you?

First, this is a whole new kind of surveillance. Even a decade ago, police had few options for tracking citizens. They could intercept mail or tap a phone line, if the court approved a warrant. Officers could interview neighbours or infiltrate groups they thought might be a threat. 

But between legal safeguards and the practical challenges, mass monitoring was impossible.

Operation Wide Awake shows how much that has changed. The RCMP bought social media monitoring technology from Salesforce via Carahsoft, a big U.S. corporation supplying governments with technology.

 …click on the above link to read the rest of the article…

Both Notley and Kenney Hiding from a $260-Billion Cleanup Problem

Both Notley and Kenney Hiding from a $260-Billion Cleanup Problem

The Alberta government may well leave taxpayers to clean up the oil and gas industry’s mess.

Oil well
‘I think this issue is too big and too scary for both government and industry to face.’

The main thing Jason Kenney and Rachel Notley have in common, other than their affinity for pipelines, is their joint fear of the possible $260-billion cleanup bill for the province’s aging oil and gas fields. 

Neither Kenney, the United Conservative Party leader, nor NDP Premier Notley have said much on the hustings about this astounding liability, which includes tens of thousands of inactive wells, abandoned gas plants, oil sands tailing ponds and 400,000 kilometres of pipelines. 

The mountainous size of the cleanup costs dwarfs the puny pile of security deposits the province has collected from industry to pay for the cleanup — $1.5 billion.

Regan Boychuk, a 41-year-old Calgary roofer, independent researcher and a driving member of the Alberta Liabilities Disclosure Project, understands why Kenney and Notley don’t want to talk about such embarrassing math.  

“I think this issue is too big and too scary for both government and industry to face. It is a can of worms,” said Boychuk in a Tyee interview. 

But if not corrected, the scale of the problem could affect the province’s credit rating, bankrupt hundreds of smaller oil and gas firms and leave Canadian taxpayers with the mother of all cleanup bills.

This has happened before.

Decades ago, Canada’s mining industry grossly underestimated what it needed for cleaning up acidic tailings and set aside paltry deposits for the job, just like the oil patch is doing today. 

As soon as the mines stopped producing money, corporate Canada walked away from an estimated 10,000 abandoned or orphaned mines throughout the country, arguing they had run out of cash.  

Taxpayers still need to spend billions on rehabilitating these mining sites.

 …click on the above link to read the rest of the article…

New Canadian Bonds Are Backed By Junk Rated Retailers And Consumer Loans Charging 40% Interest

New Canadian Bonds Are Backed By Junk Rated Retailers And Consumer Loans Charging 40% Interest

In a unique twist on the excesses of the last credit bubble, Canada’s bond market is now issuing bonds backed by increasingly riskier assets, but that hasn’t stopped investors from jumping at the chance to buy them – because why would history ever repeat itself when central bankers are here to make sure there is no more risk, ever? 

According to Bloomberg, some popular recent deals have included debt backed by assets like mortgages on junk-rated Hudson’s Bay stores and consumer loans that charge interest rates of up to 40%. There is also new debt being backed by home-equity lines of credit, credit cards, and auto loans/leases. Non-banking mortgage lenders may also soon issue similar debt, according to the report. In fact, the only thing that differentiates the current Canadian bond issuance frenzy from what took place in the US in 2005-2006 is… well… we’ll get back to you on that.

These bonds in Canada are starting to hit the market as Canada’s own bond market inverts with the yield on the 10 year government bond trading below the Bank of Canada’s overnight rate. Consumer spending has been poor and inflation has been weak in the country, however its economy recorded its best monthly advance in growth in eight months in January, and has an unemployment rate of 5.8%, a four decade low, so all must be well…

Randall Malcolm, senior managing director of fixed income at Sun Life Investment Management said: “The flattening of the curve, in which you see the ten year bonds inside the overnight rate is prompting investors to hunt for yield.”

 …click on the above link to read the rest of the article…

Morneau is Flying Blind

Morneau is Flying Blind

Morneau is Flying Blind - Peter Diekmeyer (01/04/2019)

The Trudeau Government continues to resist calls for an overhaul of its complex tax regime. 

Yet Bill Morneau, Canada’s Minister of Finance, who was in town this week to address the Montreal Chamber of Commerce, wouldn’t name a single non-accountant that he knew who understands tax code.

Pressed by local media, the Minister admitted that he had no idea whether even his own university-educated daughters—who he has said are powerful influences on his political thinking—were able to complete their own returns. 

“The subject never comes up at the supper table,” he joked. 

Long-time tax reform activists greeted the news with a yawn. 

“The Minister’s answer speaks for itself,” says Aaron Wudrick, a director at the Canadian Taxpayers Federation. “Nobody understands the tax code because it’s absurdly complex.” 

Cracks in Canada’s centrally-planned economy

Less well-understood is the fact that even the brightest public officials can’t measure the far-reaching implications of the Income Tax Act and other complex legislation. 

That’s because much of the government’s spending comes in the form of increases in unfunded liabilities and hidden transfers caused by interest rate suppression. These expenses are kept off of the government’s books, making them almost impossible for activists like Wudrick to challenge. 

This in turn raises growing questions about the overall effectiveness of Canada’s centrally-planned economy, where public spending accounts for nearly half of GDP. 

Some examples:

1. Subsidizing electric vehicles, but giving bigger breaks for gas-guzzlers

Morneau’s proudest achievements include the government’s environmental record, notably the measures announced in his budget to support the electric car industry.

Unfortunately, the Canadian government also provides billions of dollars of much-larger subsidies to buyers of gas-guzzling cars, trucks and SUVs.

 …click on the above link to read the rest of the article…

RCMP’s Social Media Surveillance Symptom of Broad Threat to Privacy, Says BCCLA

RCMP’s Social Media Surveillance Symptom of Broad Threat to Privacy, Says BCCLA

Micheal Vonn isn’t surprised by RCMP’s ‘Project Wide Awake’ — but she’s worried.

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‘For most people, to hear that the police may be collecting their social media offerings for analysis — for future crime — is pretty shocking.’ Photo from Pixabay.

It’s not surprising the RCMP is using sophisticated software to monitor the social media activities of Canadians, said Micheal Vonn, policy director of the BC Civil Liberties Association.

But it is worrying, she said.

On Monday The Tyee revealed the existence of the RCMP’s “Project Wide Awake,” which monitors the social media activities of Canadians on Facebook, Twitter, Instagram and other platforms. 

The program’s expansion last year with sophisticated monitoring software appears to undermine the RCMP’s 2017 claim to the federal Privacy Commissioner that the project’s surveillance was “reactive” — done to gather information after a crime was committed.

The operation is now monitoring people’s online activities to see if they might commit a crime.

“I’m not surprised, but only because I spend a lot of time in this world,” said Vonn. “For most people, to hear that the police may be collecting their social media offerings for analysis, for future crime, is pretty shocking.”

But we’ve been heading in this direction for decades, Vonn said. Intelligence-based policing — the notion that if we have more information on citizens, we’ll have more effective policing — is in many ways uncontroversial, she noted.

A segment of the population wants police to gather more information about others. “Oh good, watch those guys, we don’t like them,” said Vonn. 

But when people realize how much it could impact their own lives, they quickly become concerned, she said.

 …click on the above link to read the rest of the article…

The ‘Big Short’ In Canada: Eisman Ups Bets Against “Big Six” Canadian Banks

The ‘Big Short’ In Canada: Eisman Ups Bets Against “Big Six” Canadian Banks 

Over the last year, Neuberger Berman portfolio manager Steve Eisman – who gained notoriety beyond Wall Street thanks to ‘The Big Short’ and his portrayal by Steve Carrell in the movie adaptation – has taken seemingly every opportunity to talk his book, which apparently consists of concentrated bets against the financial systems of two developed nations: The UK and Canada.

Though UK banks largely bottomed out in October and have managed only a tepid rebound since, their Canadian peers have clawed back much of their losses from late last year. But this hasn’t shaken Eisman’s faith in his bet against Canadian banks, which is effectively a bet against the Canadian housing market (though Eisman doubts the fallout will be anywhere near as intense as the US housing market collapse that minted his reputation).

Eisman

During an interview with the FT that was published on Thursday, Eisman explained that he’s simply betting on a “normalization of credit” in the Canadian economy, where lax lending terms fueled a housing bubble that has been tentatively acknowledged as a systemic risk by the Bank of Canada. For the first time ever, the central bank late last year even started buying mortgage bonds late last year to prop up the sliding Canadian housing market help increase the tradeable float of its benchmark securities

“I’m calling for a simple normalisation of credit that hasn’t happened in 20 years,” Mr Eisman told the FT, while declining to name the banks he is shorting, or the full extent of his positions.

 …click on the above link to read the rest of the article…

Olduvai IV: Courage
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