Trudeau's Message to World: Let Government Spending Do the Work

[Banjo]

Canadian Prime Minister Justin Trudeau is urging global leaders to rely more on government spending and less on monetary policy to spur growth as he prepares a budget that will push his country into deficit.

http://www.bloomberg.com/news/artic...-to-world-let-government-spending-do-the-work

 

[Ricter]

Smart man. Loosening the money supply at the zero lower bound will do nothing, and tightening is off the table. And with the cost of government borrowing at historical lows, it is in fact the best time to get spending on infrastructure. And in the specific case of Canada, spending on economic diversification, too.

 

[Max E.]

Smart man. Loosening the money supply at the zero lower bound will do nothing, and tightening is off the table. And with the cost of government borrowing at historical lows, it is in fact the best time to get spending on infrastructure. And in the specific case of Canada, spending on economic diversification, too.

LOL, libturds across canada are promising the same thing, if we just blow massive holes in the budget deficit economic prosperity is coming, its the most ridiculous nonsense ive ever seen, so far under Trudeau and NDP government in Alberta we have chalked up debt at a quicker pace than any time in history ive seen in history, and these people are promising economic prosperity as a result. Tell me how a rinky dink country like Canada is going to drive up the cost of commodities all by ourselves by running massive budget deficits.

So far all we have seen is inflation on all of the goods we purchase on a day to day basis, as a result of the government and the bank of canada destroying the value of our dollar.

This was a fantastic letter by Oleary to the commies running ontario, Ontario is currrently running deficits even bigger than California, and the liberal solution is to just keep on spending.

I know Americans arent interested in Canadian Politics but i strongly encourage our conservative/libertarian brothers to read the letter below from K:evin O'Leary to the government of Ontario, ive never seen a bigger smackdown of Cap and trade in my life.


A Letter to Kathleen Wynne from Kevin O'Leary

To: Kathleen Wynne

From: Kevin O'Leary

Re: New Cap and Trade Slush Fund


Hi Premier, just saw you are setting up a new $1.9 billion cap and trade fund that you and Finance Minister Charles Sousa will be overseeing. Congratulations, you two are now managing the largest hedge fund in Ontario's history!

I'm just as optimistic as you are. But I recently made a promise to every taxpayer in Canada that I would call out mediocrity, incompetence and risk in government economic and fiscal policy, so I feel the need to verify a few things:

1. This new slush fund will have its own independent and transparent account, right?

2. I will need a quarterly statement of fund flows in and out of the account documenting the source and use of proceeds. After all, someone in your government might forget that this money was earmarked to reduce carbon emissions and spend it on something else.

3. I expect to be informed on administrative head count. Rumour has it you're planning on hiring hundreds of new government employees to administer the fund. You know how snippety some people can get when you swell government payroll when no one else can find a job in this economy!

4. I heard Mr. Sousa say on the radio that you're going to be making new and exciting investments in "green tech". I will need to know the terms of each deal, what I paid for my equity or debt positions, my voting rights and what governance is in place in each investment.

5. I expect you'll be hiring an independent auditing firm to value each investment on a mark to market basis and provide a going concern letter in cases where investments might not have worked out as planned. Also "green tech" companies have a nasty habit of going bankrupt as soon as their government subsidies end, but with your and Mr. Sousa's long track record of picking winners in this industry, I'm not worried about that.

6. I'd like you to offer some consolation to parents in Ontario who are concerned they're leaving their children a $308 billion debt. Such worry warts! Yes, our $308 billion debt makes Ontario the most leveraged jurisdiction in North America. We now have twice the debt of the state of California with half the population!

7. Oh yes, just one more thing. You promised that this initiative was going to reduce carbon emissions, so I will need the reduction data on a quarterly basis as well.

I know your critics say you could have left all this money in the hands of companies that employ thousands of Ontario workers and in the pockets of entrepreneurs who create new jobs in Ontario, but you told us you could do a better job with it and you didn't give us a choice anyway. We're already one of the most uncompetitive and highest taxed jurisdictions in North America, so who cares about a few more billion in taxes?

Well, maybe some taxpayers did care. They were some of the 29,000 Ontario residents that were affected by your last 2% super tax on Ontario's high earners. I know they were very concerned about air quality too. Many moved to Nassau where carbon emissions are low. They don't pay tax in Ontario any more so let's forget about them. They're not going to give us any more trouble or tax revenue.

On behalf of myself and all the Ontario taxpayers who still live here, I want to know that you're our leader on this fund.

Before you know it, there's going to be another election in Ontario and I'm going to make damn sure both of you get all the credit you deserve on this.

Oh, and good luck with the funds performance. No one else on earth has ever reduced emissions or made money doing this, so I'll be watching and keeping everybody informed with all the good news that is sure to be coming. And, of course, we will all be breathing easier watching those carbon emissions plunge as soon as you start spending this money!

Yours respectfully,

Kevin O'Leary

http://www.huffingtonpost.ca/kevin-oleary/a-letter-to-kathleen-wynn_b_9347414.html

 

[Ricter]

LOL, libturds across canada are promising the same thing, if we just blow massive holes in the budget deficit economic prosperity is coming, its the most ridiculous nonsense ive ever seen, so far under Trudeau and NDP government in Alberta we have chalked up debt at a quicker pace than any time in history ive seen in history, and these people are promising economic prosperity as a result.

So? Going into debt is often productive. It's called leverage.

 

[Max E.]

So? Going into debt is often productive. It's called leverage.

Going into debt when you have the intention of paying it off is called leverage, borrowing more and more and more, with no intention of ever repaying is called a ponzi scheme.

 

[Ricter]

Going into debt when you have the intention of paying it off is called leverage, borrowing more and more and more, with no intention of ever repaying is called a ponzi scheme.

Many many people are willing to lend their money to government right now, because they really don't have any better place to put it. On long term notes government is, taking even low inflation into account, getting money to recirculate at less than zero percent interest. Now is the time to start spending on infrastructure. Outdated infrastructure, especially that needing repair, is a drag on all business, and thus a drag on government revenue, and thus a drag on vital spending like defense.

 

[der_kommissar]

Good grief...Ricter is still peddling this fantasy nonsense about "insatiable" demand for government debt...He has perfected his role as the "useful idiot".

(btw Krugger still hasn't fixed Japan's malaise...)

 

[fhl]

We have so much debt right now that it couldn't be serviced at normal int rates.
And they want to add more debt. That's their solution.

 

[der_kommissar]

We have so much debt right now that it couldn't be serviced at normal int rates.
And they want to add more debt. That's their solution.

They are staring down the black hole of debt saturated deflation...I expect to hear every single one of them go "full retard" and for our resident intoxicated village idiot to give his Peter Griffin seal of approval.

 

[Max E.]

Many many people are willing to lend their money to government right now, because they really don't have any better place to put it. On long term notes government is, taking even low inflation into account, getting money to recirculate at less than zero percent interest. Now is the time to start spending on infrastructure. Outdated infrastructure, especially that needing repair, is a drag on all business, and thus a drag on government revenue, and thus a drag on vital spending like defense.

LOL, willing to lend the government money, because there is no viable option, yeah thats a healthy economy.