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INTEREST RATE SHOCK

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Interest Rate Shock

Open Letter to The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance

January 4, 2021

FOR IMMEDIATE RELEASE

Red Deer – Mountain View, AB

The economic collapse as a result of COVID-19 lockdown measures has pushed the real interest rate to record lows. This rate however, is very misleading given our current economic environment.

  1. Baby boomers are retiring and are reducing the pool of available investable funds.
  2. Reduced number of people in the workforce will result in higher wage demands.
  3. Inevitable higher taxes required to repay significant debt brought on by lockdowns.
  4. High likelihood of reduced outsourcing in order to protect domestic supply chains.
  5. An economic plan that focuses on “green” incentives and destroys Canada’s oil and gas industry.
  6. Inflated housing prices across Canada despite a poor economic outlook.
  7. High consumer debt levels pre-COVID-19.
  8. Long running Bank of Canada policy which encourages consumption over investment.

Your government has indicated that it is considering adding an additional $100 billion in stimulus spending once the “virus is under control”. As the Canadian economy is already flooded with record government spending, the potential for inflation is very real.

Considering the above, the return of high interest rates, as seen in the 1980’s, is entirely possible. While we may not see record high mortgage rates of 21.46% as posted in August 1981, even small increases in rates could result in significant interest rate shock for many Canadians.

Increases in inflation and interest rates would impact low-income families most adversely. Most notably, these individuals may struggle to pay for food, shelter and healthcare, all of which are basic necessities.

COVID-19 has already resulted in the biggest transfer of wealth in human history. I am strongly urging you to end the pursuit of a “green economy” and commit to a drastic reduction in red tape to allow the private sector to begin generating wealth, something the government is only able to redistribute.

Sincerely,

Jared Pilon

Candidate for Red Deer – Mountain View, AB

[email protected]

https://www.jaredpilon.com/

I have recently made the decision to seek nomination as a candidate in the federal electoral district of Red Deer - Mountain View. As a Chartered Professional Accountant (CPA), I directly see the negative impacts of government policy on business owners and most notably, their families. This has never been more evident than in 2020. Through a common sense focus and a passion for bringing people together on common ground, I will work to help bring prosperity to the riding of Red Deer – Mountain View and Canada. I am hoping to be able to share my election campaign with your viewers/readers. Feel free to touch base with me at the email listed below or at jaredpilon.com. Thanks.

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Why Are Canadian Mayors So Far Left And Out Of Touch?

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‘The City of Edmonton pays for a 22-person climate team but doesn’t know who on that team is responsible for what, or what that team has accomplished. Meanwhile, Council takes a pay raise and bumps our property taxes by 8.6%”  @michaelistuart

We just returned from a long trip to discover that the City of Calgary wants to potentially re-zone our neighbourhood. Bridle Estates is a collection of 175 bungalow villas for people aged 55-plus. While some people still work most of the inhabitants are retirees. The city’s earnest idea is to create low-cost housing for the tens of thousands arriving here in the city from away.

You can see why a city hall obsessed with white privilege wants to democratize our neck of the south-west corner of the city. Enforced justice has a great tradition. 1970s American cities decided that bussing was the antidote to segregation. After a SCOTUS decision allowing the practice in 1971 (back when liberals owned the court) progressives pushed through an aggressive plan to bus kids from the inner city to the leafy suburbs. And vice versa.

It worked like a charm. For conservatives, that is. It radicalized a generation of voters who soon installed Ronald Reagan as president, and empty buses went back to the depot. The Democrats went from the party of the people to the party people in Hollywood. With time dulling memories, contemporary Woke folk are reviving the integration dream. This time the mostly white suburbs will bear the brunt of the government’s immigration fixation (400K-plus in the third quarter).

There are meetings planned where citizens will be able to address their elected officials— no doubt in a respectful voice. But anyone who’s dealt with Climate Crisis Barbie— Mayor Jyoti Gondek— has much optimism. This is a mayor who exploited a three-way split in centre-right voting here to declare a Climate Emergency on her first day in office.

Then she rolled out hate-speech laws to protect her from being razzed in public. For this and other fabulist blunders— her messing with the new arena project drove a worse deal and a two-year delay in a home for the Calgary Flames— she faced a recall project (which failed to collect over 400K voters’ signatures).

With a housing bubble expanding everyday, Her Tone Deafness has decided that owning a home is so passé. ”We are starting to see a segment of the population reject this idea of owning a home and they are moving towards rental, because it gives them more freedom.” She added that people have become “much more liberated around what housing looks like and what the tenure of housing looks like.”

As the Calgary’s schmozzles and Edmonton’s dabble in climate extravagance illustrate the municipal level of government in Canada is a few lobsters shy of a clambake. Across the country major cities are in the hands of radical NDP soldiers or virtue warriors who would rather have symbols than sewers to talk about.

In Toronto, Jack Layton’s widow Olivia Chow is leveraging her 37 percent mandate to make Toronto a kinder, Wok-er city. In Vancouver and Victoria, B.C., the open-air drug agendas of new mayors and city councils have sent capital fleeing elsewhere. Despite crime and construction chaos, Montreal mayor Valerie Plante won a second term, by emphasizing her gender.

In times when the coffers were full, this ESG theatre might have been a simple inconvenience. But since the federal and provincial governments began shoving responsibilities and costs downward to municipalities there is no wiggle room for grandstanding politicians at the city level. Or for hapless amateurs.

With the public incensed over residential property tax increases on one side and the blandishments of aggressive developers on the other, competent governance has never been more needed in the urban areas. While feds can (and have) printed money to escape their headaches and the provinces can offload costs onto the cities, the municipalities have no room for risk.

The time bomb in this equation is the debt load that the three levels can sustain. After this week’s budget, federal spending is up $238B, or 80 percent since 2015.  Coming off this free-spending budget the feds have pushed the federal debt to more than $1.2 trillion this year (in 2015, the debt was $616 billion.) None of the provinces has shown any appetite for the 1990s-style cuts to reduce their indebtedness. Leaving cities to crank the property-tax handle again.

So far, Canada’s cities have been able to use friendly municipal bonds to ease their fiscal problems. But if the Canadian economy continues its tepid performance with no reduction in debt, financial experts tell us that there could be a flight from Canadian municipal bonds— with a consequent spike in interest rates elsewhere.

The backlash on free-spending governments will be severe— and restricted municipalities will be hardest hit. None of this is resonating with Canadians still flush with cash from Covid. The stock markets are still buoyant and those living in cashbox houses are counting their dividends. Willful denial is the Trudeau legacy.

Which is why so many Canadian were shocked last week when American AntiTrump media star Bill Maher did an intervention on Canadian conceits. Using the True North as his warning to America, Maher ripped apart the gauzy leftist dream of Canada as the perfect society, the Sweden north of Estevan. By the time he was done, the single-payer myth was bleeding on the ground.

Maher knows that the bill is coming due for free-spending Canada and its climate charlatans. (The IMF is already warning of a global crisis over debt loads.) The question is: will Canadians come to the same conclusion before it’s too late to save the cities?

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.

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Telegram founder tells Tucker Carlson that US intel agents tried to spy on user messages

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Telegram’s Pavel Duroc

From LifeSiteNews

By Matt Lamb

Federal law enforcement tried to convince a Telegram engineer to change the software so law enforcement could read the messages of its users, Pavel Durov told Tucker Carlson during a recent interview.

Federal law enforcement tried to convince a Telegram engineer to change the software so law enforcement could read the messages of its users, the company’s founder told Tucker Carlson during a recent interview.

But he also warned the bigger threat to free expression comes from Google and Apple, which effectively control the use of apps on smartphones.

Telegram is a messaging app that founder Pavel Durov created with his brother after experiencing harassment by Russian officials. Durov remains the “sole owner” of the company. Users can set up “channels” to send mass messages. This function has been useful for political movements, including democracy activists in Hong Kong.

It now has 900 million monthly users worldwide. It uses encrypted messaging which protects users’ privacy.

Born in the Soviet Union in 1984, the entrepreneur had created another social media company; it predated Facebook but was similar in its networking functions. Russian officials demanded Durov hand over private data from groups on the platform, called VK, that were organizing against Vladimir Putin and the country’s leadership.

But in some ways, he faced similar problems from American officials when he was working in San Francisco.

“We get too much attention from the FBI, the security agencies, wherever we came to the US,” Durov said. “So, to give you an example, last time I was in the US, I brought an engineer [who] is working for Telegram, and there was an attempt to secretly hire my engineer behind my back by cyber security officers or agents, whatever they are called.”

Durov said the officials “were curious to learn which open-source library site integrated through Telegram’s app,” he said.

But furthermore, “they were trying to persuade him to use certain open-source tools that he would then integrate into the Telegram code that, in my understanding, would serve as backdoors.”

“The US government, or maybe any other government, because a backdoor is a backdoor regardless of who is using it. That’s right,” Durov said.

“You’re confident that happened,” Carlson asked, about the recruitment efforts.

Durov said yes, because the engineer wouldn’t have a reason to make up the story and Durov shared that he himself has been targeted by the intelligence agencies for recruitment.

He told Carlson:

There is no reason for my engineer to make up the stories. Also, because I personally experienced similar pressure in the U.S whenever I would go to the US, I would have, two FBI agents greeting me at the airport, asking questions. One time I was having my breakfast at 9 a.m. and the FBI showed up at my house that I was renting. And, that was quite surprising. And I thought, you know, we’re getting too much attention here. It’s probably not the best environment to run…

… They were interested to learn more about Telegram. They knew I left Russia. They knew what we were doing, but they wanted details. And my understanding is that they wanted to establish a relationship, to, in a way control Telegram better… I understand they were doing their job. It’s just that for us, running a privacy focused social media platform, that probably wasn’t the best environment to be in. We want to be focused on what we do, not on the government relations of that sort.

“Government relations,” Carlson said, laughing.

The company has now operated out of Dubai in the United Arab Emirates for seven years.

Durov said the company has had better experiences in the UAE. In addition to low taxes and few regulations, the “best part” is that country has not pressured the company to work with it to spy on users.

Carlson asked:

So, in the time that you’ve been here, there have been a number of wars and threats of war. Precursors to war. Have you had any pressure from the government here [in UAE)? Honestly, any pressure from the government here, to reveal a back door into Telegram or to ban anyone or to make any changes to your business?

“That’s the best part. For all the seven years we’ve been here, there’s been zero pressure coming from the UAE towards Telegram,” he said. “They’ve been very supportive, very helpful, and it’s a big contrast [to] whatever we’ve experienced before.”

He said the company has been “receiving a lot of requests” to work with governments. When there is clearly something like “terrorist activity,” the company does assist. In other cases where it was legitimate free speech, Telegram ignores them.

Asked to give an example of “censorship” and privacy violations, Durov related how his company received conflicting letters from American congressional leaders related to the investigation into the violence at the Capitol on January 6, 2021.

Democrats in Congress,”requested that we would share all the data we had in relation to what they called this uprising. And we checked it with our lawyers, and they said, you better ignore it,” Durov recalled. “But the letter seemed very serious. And, the letter said, ‘if you fail to comply with this request, you will be in violation [of], you know, the US Constitution or something.”

He said two weeks later Republican leaders sent the company a letter telling the company that complying with the request for data would also violate the US Constitution.

“So, we got two letters that said, whatever we do, we’d be violating the US Constitution,” he said.

Biggest censorship threat is from Google, Apple

Even after going through numerous requests to hand over data or install spying software on Telegram, Durov said the biggest threat to free speech is not even from governments, but from Big Tech platforms Google and Apple.

“I would say the largest pressure [on] Telegram is not coming from governments. It’s coming from Apple and Google,” Durov said. “So, when it comes to freedom of speech, those two platforms, they could basically censor whatever is you can access on your smartphone.”

The companies can remove Telegram from the app stores, which would hurt the company.

“Obviously a big chunk of the world’s population would lose access to a valuable tool,” he said.

The “application of the rules” seems political at times, Durov said. The “rules themselves” are “pretty general,” such as no “violence” or “publicly available child abuse materials,” he said. “It’s hard to disagree with that.”

But Telegram and the Big Tech platforms clash over the “interpretation” of the rules.

“And sometimes they do agree, to their credit,” he said.

However, Durov said he is “hopeful” that past censorship of political movements is truly in the past, saying he does not ” necessarily believe that things are going to get worse.”

He contrasted the platform’s neutral position when it comes to the politics of its users with companies such as Facebook.

“I think Facebook in particular has a lot of reasons apart from being based in the US for doing what they’re doing. I think every app and platform plays its own role,” he said. “You know, we believe that humanity does need a neutral platform like Telegram that will be respectful to people’s privacy and freedoms.”

Durov affirmed he does not want to get involved in any specific political side, when Carlson asked if he wanted to be a “player in world politics.”

He still avoids the United States due to his past experiences with law enforcement.

Company would not take down content skeptical of COVID restrictions

While other platforms, including YouTube, Facebook, and Twitter, would remove or throttle content critical of COVID measures (such as forced masking and COVID jabs), Durov said Telegram did not.

He told Carlson:

We’re a neutral platform. We were helping governments to spread their message about the lockdowns and masks and vaccines. We got dozens of governments who we really [helped with], you know, some of their information, but we also didn’t want to restrict the voices that were critical of all those measures. We thought it made sense for…opposing views to collide and hopefully, you know, see some truth come out of those debates. And of course, we got criticized for that. But, looking back, I think it was the right strategy.

“During the pandemic, we I think were one of the few or maybe the only major social media platform that didn’t, take down accounts or that were skeptical, in relation to some of these measures,” he said.

Durov also said he thinks Elon Musk is doing a good job running X (formerly known as Twitter).

“What X is trying to do is in line [with] what we are building: innovation, trying different things, trying to give power to the creators, trying to get the ecosystem economy going,” he said.

“Those are all exciting things. And I think we need more companies like that,” he said.

“I don’t know if it’s good for humanity that Elon is spending so much time on Twitter making it better, but it’s definitely good for the social media industry.”

Carlson ended by telling Durov he is “rooting” for the company. Carlson’s show has since opened its own Telegram channel.

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