The Bank of Canada Moves Closer to a Central Bank Digital Currency | The Loonie Hour Episode 83
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- เผยแพร่เมื่อ 16 ต.ค. 2024
- The city of Toronto approves mass rezoning for residential development. There's an inventory shortage not just in Canadian housing markets but around the world right now. CPI inflation comes in as expected. Are deposit runs an issue in Canada? The Bank of Canada asks Canadians to weigh in on a central bank digital currency.
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Top notch show guys👍 Find my self listening regularly. Rich, loving your input. I did my survey regarding the digital currency. Can’t believe how biased the questions were. I said absolutely not and that I don’t trust the government or central bank. I’m sure they will ignore our views and continue forward with distortions of our concerns. The average person is asleep. Appreciate you guys helping to make people aware. I guess you will be a C11 target now.
Thank you kindly Sam.
Rich is right on the mark about digital currency... listen to what he is saying!
Steve: "theres only been 400 total first time home buyers"
Rich: "400,000?"
Steve: "no 400 people" lol
cbdc scares me as well. It will make certain purchases wrong and we will be preventing from buying them
Buy precious metals while you’re still allowed to!!!
@@philshyu5248 So true
Great show guys. Learned a few (scary) new things again. Keep it up!
Thanks for explaining the difference between GIC's and Money Markets, greatly appreciated ... keep up the excellent work! I look forward to your show every week.
I hate or dislike CBDC as well. Glad most of the cons of CBDC were discussed here. 🎯
Thank you Rich!! Refreshing to hear more people speak out about the brutal potentials of CBDCs. I always say that even if you're perfectly happy with the current Government and have "nothing to hide", there will likely be someone in power one day that you don't like that could use this authoritarian power against you. It is always wise to limit Government power over the people and keep them in check. They're here to serve and guide, not rule!
CBDC is the line in the sand. I would rather live in the woods and barter.
I just wanted to say excellent show as always guys. This episode of The Loonie Hour might be the best one yet!
Opt out of the CBDC dystopian future with Bitcoin.
Bitcoin isn't about making money, it's about replacing money.
Fix the money, fix the world.
As always, thanks to you guys. Never a dull moment, and a little levity goes a long way. Cheers, Richard
I just realized Rich looks like that guy from the movie "Honey we shrunk ourselves".
Canadians Let's Not Let This Happen!!!
Gotta love Rich. The rest of the gang is lovable too 😂🎉
Yes ! I’m glad you went here .. Canadians need to wake up !
Great Job!!! Thank You... :-)
F*** digital currency
We can be friends
The FTHB incentive program works great in the prairies, we've used it as well as many of our friends. If they removed the cap it would be taken up in the more expensive markets too.
This is true
The breakdown that rich gave of cbdc is amazing and bang on
Is there a way to measure the political cost of growth, and ways to protect against the risks there in?
Central banks want to be able to create money to stimulate the economy without inflating stocks and housing. It would also allow them to slow the economy in the same way. Theoretically reducing boom and bust cycles. It only comes with the low low cost of your freedom.
Yep, the low low cost of freedom. Well said my guy. If there is any chance we can stop this aggress foul on our human rights, we must. I'll take time off work and picket the heck out of this nonsense. #BITCOIN
Bitcoin is the beta test to CBDC, get yours PM
What can we do to stand against digital currency in Canada?
Vote
@@JohnSmith-qj7hdhaha, thanks for the laugh
@@clotshotthot5750 yeah… it’s why I devote a small portion of my savings to precious metals. Just incase
If you look at what UK is proposing, CBDCs won't pay interest. Also they are suggesting "transaction fees", something I have not seen raised before.
How does one increase density on that level. I know Mississauga and pickering have been upgrading sewers and such. Which has taken close to a decade.
It’s not just cars, parking, roads, sewers, hydro, fresh water, sewage, schools, parks, Rec centers, public transport. Good idea but this is infinitely hard to pull off without drastically decreasing quality of life for people that live in those cities.
It’s much easier to build out where u don’t have to rip out and redesign existing infrastructure.
So wouldn't all government spending now be tracked through the cbdc? And to the Penney wow.
😊
It could be tracked better with Bitcoin
T-Bills are exempt from (USA) state and local taxes, but subject to Federal...correct me if I am wrong, I am not from the USA
Sounds like you’re right
The demand measures have all been very half-hearted and ineffective--by design. Mass rezoning is not the cure-all when speculators are allowed to buy up the land. Look how many new units have been built in Vancouver in the last decade. It has done nothing for affordability. Realtors, speculators and developers love the rezoning of course. Steve talked about the math. They won't build if they can't make a profit, so why should we expect a mass supply coming to us? Will that supply be affordable? We need mass NON-PROFIT housing badly. Also, NZ is still horribly unaffordable.
Damn I hope Halifax gets the Schooners. I'll fly out and buy Keith a drink.
for the guys and the algorithm
Empty nest can also become keeping the space so grand kids can come visit etc. need those rooms for the holidays.
Its the rates keeping people in place, I pondered buying a different place a couple months ago but the rates are double what my current rate is.
It just didn't make sense for me.
I've got my rate for 3 more years so I'll hang tight and see if rates go down like the bond market is predicting.
I bought my house with fthb program in Manitoba and all my friends did. It was good for places where the housing market is not crazy expensive.
The math does not work. Money velocity? Thanks for the great discussions. At least trying to fore-warn ordinary people
Approx Minute 39 - the question is whether the interest income earned on a T-Bill in the US would be deductible for US tax purposes - probably a senior moment for the people on the video but . . . this is income . . not expense . . income would be taxable . . this is not a deduction this is an income . straight income.
Houston has no zoning laws city wide. Only private ones in developments. One of the most affordable rapidly growing cities around.
Interested that you all are calling a bottom. The economic fundamentals of our economies are frankly horrific. Profits are crashing, banks are closing, unemployment is now rising, 45% of Cdns with variables say they can last 6-8 months before they are toast. Yet rah rah rasputins cheer Hooray! At some point, like all times before, Irrationality will meet economic fundamentals. It's just time that confuses people.
They will just change the rules, just like before.
@@donm2067 Damage is damage, You can't legislate the damage the FED is doing. You can't legislate a Negative M2 and Aggregates Money supply. These are the outcome of the legislative process. It's the outcome they didn't intend but have. That M1+ and M1++ negative chart is a deadly thing. It hasn't happened in modern times. It takes 6 months or so to show up. That is what people don't see. It's the fall of this year when it will show up in the news
@@mogulrider I hope you're right. It's like gravity doesn't exist these days
@@donm2067 never hope, play the game you have in front of you. There are only logical probabilities. people can be stupid for a long time. Its why I have always said 2025-2026. Crashes are a process. Bear markets eat people on both sides. Rate of change matters and the grind kills all if you don't go to other areas. check back in from time to time. I check in to see what range of thinking is. everybody is pumped again. classic rip your face off bounce with a cascading crashing economic system. its a recession people in this space forget what they are because mommy Fed hasn't let debt die. eventually they won't stop it. its the business cycle, nothing more
@@donm2067 Go look at any chart of any commodity. The gravity always starts there. commodities have crashed due demand destruction. China won't save the world this time. its at war with the West. It then shows up in business closures, cmbs @ mbs defaults, banks, etc
remember that housing peaked in late 2006, it didn't show up in chaos until 2008. its just time that is the variable.
The bank can recollateralize your GIC multiple times and often does on the London exchanges.
Where folks who have paid off the mortgage with the bank. They should no longer pay property tax. That's when the finance Minister could do some actual accounting.
A dissenting opinion.... two beans worth....
I believe a central Bank such as the BoC floating the prospect of a digital currency for Canadians will exacerbate a mass revolt..... not merely on the 'big brother' ramifications to personal financial privacy... but centrally highlighting the intrusive nature to personal freedoms as a whole entrenched now so front and center in Canadians minds.
If the connotations to active participation in quality of life/rights of the Jab mandates were offensive to some ?
I don't believe we've seen anything yet when it comes to the resistance a BoC digital currency would ignite .... up to and including western separation from confederation.
It's a complete NON-starter in Western Canada, Full Stop !
Thanks for your dissenting opinion, it is always welcome on the Loonie Hour!
Good one guys
What about the bbbyq that shows more shares in cede in co than has been issued. That is a short selling fraud tell.
29:58 you go to a peer to peer lending platform instead of a commercial bank for your loan.
pls elaborate on cbdcs
I am skeptical that ending SFD zoning will add much supply - even in the long run. Maybe if the units can be stratified and sold separately but otherwise highest and best isn’t a slam dunk for higher density due to marginal cost being around the same as marginal benefit (ie, profit incentive to increase density may not be enough).
(Adding a suite to one of my rental properties likely wouldn’t make sense due low rental return compared to cost of adding the suite)
Values will rise and some rental supply will come.
Certainly not an expert so you could be right
(Probably for certain locations higher density makes sense if it’s new construction)
Gov. Ron DeSantis (R-FL) signed legislation to ban a central bank digital currency in his state.
Imagine getting a mortgage from CMHC like the old days. Tax revenue problems would be over with mortgage interest becoming GoC revenue.
Ask a trucker if he wants a central bank digital currency😂
Great call by the Toronto City council. Zoning deregulation is needed across the country. Land value tax is the next thing that's needed to prevent municipal bankruptcies in the long run.
Not sure why three of you are so surprised about how CBDC will work. It was all obvious when the pandemic has started
WHY WON'T ANYONE CARE ABOUT WHERE I'M GOING TO PARK!? I DON'T EVEN LIVE IN THESE NEIGHBOURHOODS!
If central banks puts in CBDC, we know the banks work for WEF ,because Canadians said no to CBDC in the survey.
Rich always hating on the carbon tax
Yes, it is true. I am not too fond of regressive taxes.
Vancouver looking beautiful
Beautiful? It's filthy. Nice mountains Yes. Vancouver itself is china really. India to the south ( Surrey ,). Vancouver is not beautiful in any way. You must like concrete and hirise buildings . That's all vancover is. The beautiful areas are OUTSIDE of Vancouver, north van is ok. Vancouver is overrated. China owns 70% of it. Surrounding areas are beautiful. BC is beautiful , vancover Not so beautiful.
@@eddiespagetti8395 I love concrete buildings you're right! But Vancouver doesn't have enough. I was speaking about the weather more than anything. Toronto is way better for the concrete jungle!
@@billrussell1933 rain 9 months a year and 3 months of half ass sunshine. Vancouver weather sucks
@@eddiespagetti8395summertime Vancouver gets more sunshine than Toronto. But yeah rain sucks for 9 months
@@billrussell1933 it's great for rain lovers and dark rain days folks. July and August and September are the best months in lower mainland here. Less rainfall and lots sun. We all got used to the rain here. After 50 years or so you get used to it.
The CBDC is not going to be on a public distributed ledger, it won’t be a true blockchain bcz the governments will be able to choose who uses the cbdc. Some companies have private ledger tech they are offering such as Ripple but the cbdc will be permissioned and closed tech. If you don’t fit the governments idea of a model citizen, you can be cut off. It’s something we need to push back on. The positive thing is that lots of crypto projects are open and permissionless so the government will never win in the end.
The bank of canada needs new leadership
I would strip cars from inflation stats, because they're definitely luxury spending.
Ah yes, the thing that takes me to work is a luxury
@@donm2067 If you're financing a car, it's discretionary spending. There's no shame in buying what you can afford. You can also take the train if that's an option.
@@James-vj5hz oh believe I buy what I can afford, it's just used cars are freaking expensive
So no more single family homes.... so no thought about what this says about the decline in the Canadian standard of living this indicates. Let's make Vancouver the new Jakarta!
good job just take another percentage off the birthrates
Canadians are going to love CBDCs and will see nothing wrong with them. They will find them more secure because the gvt will say so.
All hail the entity that says it knows what’s best for me and my family wether I wanted it or not.
Better learn to barter and trade like the criminals do. Use CBDC to get approved goods and then unload them for what you want. Even better, create what others want and get a premium on the tyrannical banned items. Imagine trading gasoline as if its heroin...what a country.
Your about to see the real bottom in the fall Steve.
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I am waiting for UBI, it will help me so much!!! universal basic income is amazing thing!!!
🥇
Rich is very handsome
His personality is Handsomer :P
@@AR-pr6mt He is very good looking and has a very nice personality for sure
Etobicoke and Scarborough land just become more valuable.
The value of the land stays the same. Fiat currency value drops. Humans like Doug Ford can destroy the value with buildings and roads. We're taught everything backwards.
Guess alot of people never heard Corb Lund "coming down the mountain".
BTC >>> CBDC
Government control.
Cbdc will allow for communist rationing like we had in eastern europe post ww2. Good luck
I'm a geek?
Chinada
11:00 they think the prices will just keep going up. Even if they upgrade/upsize, they hold onto the old property as a rental or even keep it vacant. If you keep rates elevated or raise them more + continue to make real estate investment less appealing (with policy changes) people will sell.