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Bruce Dowbiggin

The Debt Pipeline: Canada Is Drowning In Debt

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“How did you go bankrupt?” Bill asked.

“Two ways,” Mike said. “Gradually and then suddenly.”— The Sun Also Rises, Ernest Hemingway, 1926

For those outside Calgary, the rupture of the major water-carrying pipe is a local annoyance, divorced from their lives. The fact that it now appears it will take 3-5 weeks to restore normal water delivery in the city— original estimates from the mayor said 3-5 days— is tough luck for inhabitants of Canada’s energy city.

Even that estimate is being treated skeptically by a public who were manipulated and abused by the political structure during the recent Covid years. Testing shows that this same pipe— it’s large enough to drive a car through— has five more “hot spots” that could lead to further trouble. In short, repairing and maintaining the infrastructure in Calgary is going to be a huge investment. Married to the city’s debt crisis, a new transit line and the need for other infrastructure projects it’s daunting.

But it’s not a localized problem. Toronto’s new crosstown subway project is years over budget even as the city punts on repairing / replacing its vital Gardiner Expressway. Montreal’s bridges are a construction meltdown. Vancouver, Edmonton, Halifax— name the city. They’re all faced with crushing repairs while looking down the barrel of the debt gun.

How bad is the debt bomb? The voice on the other end of the line was grave. This retired financial executive says Canada is effectively bankrupt. He’s seen this coming after his almost 50 years in the Canadian industry. A decade of profligate government spending, Canada’s massive debts and electing activist politicians have brought Canada to a nasty place.

The weak spot in Canada’s wall is government debt, he says, and when the inflection point arrives it will happen in a hurry. As Mike Campbell said in The Sun Also Rises about what brought on his bankruptcy,  “Friends. I had a lot of friends. False friends. Then I had creditors, too. Probably had more creditors than anybody in England.”

Canada has friends. Allegedly. Successive Liberal governments have allowed “friendly” China to acquire Canadian debt during a period of accelerated buying in the past decade. Meanwhile, China still owes Canada $371 million in loans it incurred decades ago, and it is not expected to repay them in full until 2045.

But recently it’s been revealed that “friendly” China has also been actively interfering in Canada’s elections. It placed spies in Canada’s top-secret biolabs in Winnipeg. It is buying up farmland in PEI and other Canadian provinces.

That has left Canada’s PM, the one who said he admired China’s ability to get things done outside democracy, stammering and obfuscating. He knows that in his current predicament he can’t afford to rile the Chinese, who blithely let Canadians die of Covid-19, a virus they spread to the world.

Already, Canada pays C$46 B a year to service its debt, more than Ottawa expects to spend on childcare benefits ($31.2 billion) and almost as much as the cost of the Canada Health Transfer ($49.4 billion). Hard to believe Canada’s GDP per capita was actually higher than the US. Now, there is a $30.5k USD gap.

Should China decide to push the go button and pull back its bond paper in Canada, the result, says this executive, will be seismic. To rescue a credit-choked economy interest rates could jump back as high as the 18 percent rates of the 1980s. To say nothing of boosting personal tax rates. In case you’re part of the Denial Squad, here’s the take governments exact at the moment. Think they can take more?

NL – 54.8%

NS – 54%

ON – 53.53%

BC – 53.50%

QC – 53.31%

NB – 52.50%

PEI- 51.37%

MB – 50.4%

AB – 48%

YT – 48%

SK – 47.5%

NT – 47.05%

Not good. Canadians who think the warning signs will give them time to adjust are badly mistaken. Paraphrasing the words of Mike Campbell, the long debt descent will happen “suddenly”. Within 48 hours of China (or any other Canadian bondholder) employing the poison pill much of Canadians’ savings will be wiped out. The real estate market— which is the default savings account for millions— will implode.

You won’t hear any this from finance minister Chrystia Freeland who claims her debt-financed spending (based on international comparisons) shows Canada with the lowest level of debt in the G7. But the Fraser Institute points out, “By using net debt as a share of the economy (GDP), Canada ranks 11th lowest of 29 countries and lowest amongst the G7. By using gross debt as a share of the economy, Canada falls to 25th of 29 countries and 4th in the G7”.

If you don’t like statistics you can always just pop down to the grocery store to check out how $4.99 blueberries cost $7.99 now. The debt crisis should lead the newscasts each night. It will when reality strikes suddenly. But for now, Trudeau’s purchased media are more interested in Pierre Poilievre fear stories and TikTok videos of cats.

Bruce Dowbiggin @dowbboy is the editor of Not The Public Broadcaster  A two-time winner of the Gemini Award as Canada’s top television sports broadcaster, he’s a regular contributor to Sirius XM Canada Talks Ch. 167. His new book Deal With It: The Trades That Stunned The NHL And Changed hockey is now available on Amazon. Inexact Science: The Six Most Compelling Draft Years In NHL History, his previous book with his son Evan, was voted the seventh-best professional hockey book of all time by bookauthority.org . His 2004 book Money Players was voted sixth best on the same list, and is available via brucedowbigginbooks.ca.

BRUCE DOWBIGGIN Award-winning Author and Broadcaster Bruce Dowbiggin's career is unmatched in Canada for its diversity and breadth of experience . He is currently the editor and publisher of Not The Public Broadcaster website and is also a contributor to SiriusXM Canada Talks. His new book Cap In Hand was released in the fall of 2018. Bruce's career has included successful stints in television, radio and print. A two-time winner of the Gemini Award as Canada's top television sports broadcaster for his work with CBC-TV, Mr. Dowbiggin is also the best-selling author of "Money Players" (finalist for the 2004 National Business Book Award) and two new books-- Ice Storm: The Rise and Fall of the Greatest Vancouver Canucks Team Ever for Greystone Press and Grant Fuhr: Portrait of a Champion for Random House. His ground-breaking investigations into the life and times of Alan Eagleson led to his selection as the winner of the Gemini for Canada's top sportscaster in 1993 and again in 1996. This work earned him the reputation as one of Canada's top investigative journalists in any field. He was a featured columnist for the Calgary Herald (1998-2009) and the Globe & Mail (2009-2013) where his incisive style and wit on sports media and business won him many readers.

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Bruce Dowbiggin

WOKE NBA Stars Seems Natural For CDN Advertisers. Why Won’t They Bite?

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The wonderful people who brought you Elbows Up and Don’t Shop At Home Depot! are now on to Edmonton Oilers Bring Home The Cup. In response to no Canadian-based team winning the Stanley Cup since 1993 the corporate nostalgia folks are linking arms with Connor McDavid & Co in their struggle with the dastardly Florida Panthers. The Oil are now Canada’s team!

In one bit they were taking ice shavings from McDavid’s home rink in southern Ontario to mix with the frozen Zamboni water of Edmonton’s Rogers Place arena. Okay, they have eight players on the Oilers roster who aren’t Canadian (hello Leon Draisaitl), and the stars now killing it for the Panthers, Sam Bennett and Brad Marchand, are from Ontario. But never mind. Like playing Mr. Dressup trivia with Mike Meyers it’s just too good an idea to waste.

The outcome of all this patriotic wind therapy will be determined Tuesday— or Thursday at the latest. But it will have achieved the desired goal of warming the cockles of all those Canadians who turtled in the election, flipping back to Mark Carney’s Liberals when the going got a little rough with Donald Trump. Resulting in a maximum four more years of Carney’s faculty lounge of dunces and Kamala Harris clones.

While the marketers were playing the Maple Syrup March over the Stanley Cup Final they missed an even better opportunity to marry Canadian patriotism with sport. We speak, of course, of the inevitable crowning of Canadian stars as champions of the NBA. In fact the entire progress of the postseason in the sneaker league has witnessed great Canadian results.

Not least of which: Hamilton’s Shai Gilgeous Alexander winning the NBA MVP while leading his Oklahoma City Thunder to the brink of the NBA crown. For those distracted by Stu Skinner and Corey Perry, SGA is a revelation, If you missed him leading Canada back to the Olympics last year the wiry 26-year-old is a lithe, unstoppable chinook who routinely scores 30 points a game.

He has help from another Canadian, Montreal’s Lu Dort, a finalist for NBA defensive player of the year, who also led Canada to the Olympics. As unstoppable as SGA is, Dort is immovable. But that’s not all the Canadian content. In the Finals they are up against two more Canadian teammates from last year. Aurora Ont.’s Andrew Nembhard is the back-court catalyst for Tyrese Haliburton’s  Indian Pacers, taking them to the Eastern title and within two wins of the NBA title. He’s assisted by another Canadian, Montreal’s Benedict Mathurin, the hero of the Game 3 win for the Pacers. They’re now household names.

The Canadian content didn’t end there, either. In the semifinals, the Thunder beat the Minnesota Timberwolves featuring SGA’s cousin Nickeil Alexander-Walker , another alumnus of the CDN national team. At one point the two close friends were anything but friendly, shoving each other under the basket.

They had Canadian company in the postseason. In earlier rounds R.J. Barrett and the New York Knicks made it to the second round in the East, Jamal Murray’s Denver Nuggets fell to the Thunder in Round Two, while the Houston Rockets and Mississauga’s Dillon Brooks, a tenacious physical presence, lost to Steph Curry’s Golden State Warriors . Meanwhile, Corey Joseph’s Orlando Magic lost in the first round to Boston.

But the Canadian content didn’t end there. The Toronto Raptors, NBA champs of 2019, are now spread throughout the league, affording nostalgic Canadian fans a rooting playoff interest in players such as Pascal Siakim, who’s pairing with Nembhard and Mathurin to push the upset-minded Pacers, shooting guard OG Anunoby teamed with small forward R.J. Barrett on the Knicks and point guard Fred Van Vliet of the Rockets. All harkened back to the Raptors’ greatest days.

But in the heat of Elbows Up marketing these great performances don’t seem to get a sniff from marketers looking to promote Canadian unity in these fractious days. While the sports networks give airtime to the stories in the Association. the general public and advertisers have little time or inclination to draw patriotic strength from these young men.

Before we completely condemn Canadian marketers it should be noted that the interest in the NBA in general is waning. The NBA has lost 75 percent of its TV audience since the Michael Jordan peak while many other sports — NFL, men’s & women’s college basketball, college football — have set record TV ratings. Yes, TV ratings in many fields have dropped since the 1990s. Still, it seems significant.

The problem for the NBA in a Time of Trump is its embrace of hard-left politics. Whether it’s LeBron James defending Chinese shoe manufacturers, the slavish devotion to #BLM even as its corruption is revealed and a maniacal obsession with Donald Trump (and embrace of Kamala Harris) the NBA has made its bed with radical political and cultural elements. It’s as if the Trump election and cultural shift never happened.

In this wilful blindness they are supported by their media partners whose own credibility is at an all-time low after carrying water for the Biden farce and Kamala’s erasure. Ironically, this is the same political crash car running Canadian politics at the moment.  You’d think that would make the NBA— and its sister Women’s NBA—like catnip to the Canada Not For Sale crew.

So far the hockey quest is foremost in their minds. But perhaps when SGA holds the Larry O’Brien Trophy they might just achieve the symbiosis that the sport has always coveted.

Bruce Dowbiggin @dowbboy is the editor of Not The Public Broadcaster  A two-time winner of the Gemini Award as Canada’s top television sports broadcaster, his new book Deal With It: The Trades That Stunned The NHL And Changed hockey is now available on Amazon. Inexact Science: The Six Most Compelling Draft Years In NHL History, his previous book with his son Evan, was voted the seventh-best professional hockey book of all time by bookauthority.org . His 2004 book Money Players was voted sixth best on the same list, and is available via brucedowbigginbooks.ca.

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Bruce Dowbiggin

Canadians Thinks America Owes Them. Trump Has Other Ideas

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Breaking: It’s now being reported that in the 2024 U.S. election, zero Canadians voted for Donald Trump. In fact, zero Canadians voted for anyone on the ballot. They’re not allowed to. And yet rage monkeys in the Canadian media seem to have the idea that Canada is— and should be— an immediate priority of POTUS 47.

Here’s Globe & Mail/ CBC wind therapist Andrew Coyne about ten exits past normal on the idea of Donald Trump on Canadian soil. Okay, on Alberta soil. “We’re going to roll out the red carpet for the wannabe dictator of America at the very moment he is moving to suppress dissent with armed force?” (You mean like the Truckers Convoy?)

Cartoonist Michael DeAdder, who likely cries if you use improper pronouns, says “Hold my kombucha”. His latest etching has Trump asking a veteran what he did in the war. The witty retort is “Fought against people like you”. Get it? Trump murders six millions Jews. But The Hill keeps this guy working, and the laughs just keep on coming. Free speech!

The presumption is jaw-dropping. Even as Trump’s approval rating hits 53 percent, Canadians online were echoing Democrats’ fever dreams of forming a shadow government to take over from Trump via coup. This sense of impunity at a distance is why the Canadian government— along with other drive-by virtue signallers UK, Norway, New Zealand, and Australia— have imposed sanctions on two sitting members of the Israeli cabinet. They know it will rile Trump’s America.

For ordinary Canadians, Trump became a post-it note to justify giving Team Liberal another swing at ruining the nation. “We used to be such friends! He’s a tyrant.!” This just in: Love him or hate him Trump is employed by Americans to do their bidding. He’s not a sentimental buddy of Canada who’ll cut us some slack for old time’s sake. He has no remittance from Canada to please the Laurentian elites. If your defence is non-existent and your military gender-obsessed: you had it coming.

Are his policies jostling Canada? Absolutely. Read Art of the Deal. The 51st state jibe when Justin soiled himself was rude. But it worked on pliant Canadian liberals. Now the The Little Banker is disavowing the dissolute decade of Trudeau while employing Conservatives’ policies on defence spending, inter-provincial trade and border security. Hell, he’s naming longtime Tories to his personal staff.

In the end Carney knows this ain’t mock Parliament. That his dossier begins and ends with satisfying the beast to the south. None of this should be a surprise. Yet Canadians dozed when Trump made clear in his election campaign that the American economy is the greatest in the world. If you want to fish in that pond it’s not going to be for free. That means tariffs for a range of U.S. industries that couldn’t compete in a Biden world.

We can argue how well tariffs work, but Trump wants them to reduce taxes on the people who elected him. Not the Canadians who fly first class but pay economy. And who have pushed his approval ratings into the 50s, higher than ever before. (Likely to spike higher after the No Kings Riot season peters out.)

No wonder Canadians preferred the guy before Trump, the senile sock puppet whose government was run by anonymous figures using the auto-pen. Sleepy Joe let Canada slide into mediocrity and financial peril without any judgement. It was comfortable. Then The Donald had the nerve to expose the ditch Canada was in.

Canada, Trump pointed out,  was delinquent on its defence, harbouring Chinese drug lords, printing money like Canadian Tire and its banks were involved in money laundering. That was the nice stuff. Try Organized fentanyl networks operating with impunity in the largest cities of the nation So dumping on Trump in salty cartoons allows Canada’s Mod Squad to ignore the real issues that should have been litigated in the April election.

We have written extensively about the ruse that was played on gormless Canadians in  “U.S. Voters Smelled A Rat But Canadian Voters Bought The Cheese” We have catalogued Canada’s drug and money laundering disgrace in “Chinese Gangs Dominate Canada: Why Will Voters Give Liberals Another Term?” We’ve described the real-estate bubble economy created by Trudeau and sidekick Carney that threatens to crash the economy and ruin seniors’ pensions in

In the end, it is still la-la-la-la We Can’t Hear You. Trump-obsessed Boomers more concerned with the equity in their jumped-up bungalows gave the finger to the next generations and blamed it all on Orange Man Bad. In the monotone of Canadian political comment it all seemed so easy. Turn against Trump. Cash another dividend. Cheer on MSNBC and CNN bitch sessions.

The Family Compact don’t get it. Their Antifa heroes down south plan demos and “nonviolent” activity to crater the public resolve. In Canada that still works. But in the U.S. the Covid reverb is hitting the natural governing class of the nation. While they craft fine phrases about democracy the consumers remember them using a virus to stop society.

The appetite for Gavin Newsom blovaitors and Jen Psaki fart catchers is crashing in America. Riots may be coming in the U.S., but it won’t be like  George Floyd and Covid and the pussy hats. At some point Canada’s docile classes better wake up, too. America owes them nothing. They need to earn the respect.

Bruce Dowbiggin @dowbboy is the editor of Not The Public Broadcaster  A two-time winner of the Gemini Award as Canada’s top television sports broadcaster, his new book Deal With It: The Trades That Stunned The NHL And Changed hockey is now available on Amazon. Inexact Science: The Six Most Compelling Draft Years In NHL History, his previous book with his son Evan, was voted the seventh-best professional hockey book of all time by bookauthority.org . His 2004 book Money Players was voted sixth best on the same list, and is available via brucedowbigginbooks.ca.

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