Oh boy, if you’ve been following the Justin Trudeau scandal surrounding the SNC-Lavalin bribery and corruption case, well, things just got more interesting. Former Justice Minister, Canadian Attorney General Jody Wilson-Raybould, has stated, repeatedly, she felt pressured by Justin Trudeau to interfere in a criminal prosecution to help a business based on politics. [Backstory Here – and Here – and Here]
Obviously Ms. Wilson-Raybould knew Trudeau was putting her in a legally precarious position because she took the unprecedented step of recording a conversation with Trudeau’s aide, Michael Wernick, while he was applying the pressure. LISTEN:
CANADA – […] The recording shows Trudeau aide Michael Wernick telling the Justice Minister Jody Wilson-Raybould that Trudeau “is determined, quite firm,” in finding a way to avoid a prosecution that could put 9,000 jobs at risk.
It also shows Wilson-Raybould, who was also attorney general, saying she regards the pressure as “inappropriate.”
[…] Wilson-Raybould was demoted from her role as attorney general and justice minister in January as part of a Cabinet shuffle by Trudeau. She has testified that she believes she lost the justice job because she did not give in to “sustained” pressure to instruct the director of public prosecutions to negotiate a remediation agreement with SNC-Lavalin.
Wilson-Raybould said in a written submission that she took the “extraordinary and otherwise inappropriate step” of secretly recording a phone call with the country’s top public servant in December because she feared the conversation would cross ethical lines and she wanted an exact account.
“This is something that I have never done before this phone call and have not done since,” she wrote. (read more)
Have read the two blogs on the Emerging Markets. Hit like a cold bucket of ice water. Knew something was coming from all your writings and the EMC, but Wow. Right in front of us.
Here is an observation, a thought:
Emerging Markets could turn out to be the Sub-Prime of this new era.
On the periphery. A Liquidity crises. Unplanned for, because Unexpected.
J
REPLY: This is going to be really an interesting WEC. Whatever can go wrong in the world is going wrong. It is becoming the perfect financial storm as we head into the bottom of the Economic Confidence Model. We have politicians only looking at saving their own power blind to the implications of their actions on a global scale. There are even rumors now that Recep Tayyip Erdoğan will claim some manipulation of the election by another country in a vast conspiracy if he loses and he will refuse to leave office.
The British Parliament has rejected Prime Minister May’s BREXIT plan for a third time. This now leaves them to come up with a plan that Brussels must accept by April 12th or face a hard exit. On top of that, the phone here is melting down with questions about how “hard” is a “hard-landing” going to be from various political sources. Central banks are shifting already to once again stimulate. This is not looking very good, to say the least. Ten years of stimulation has been a complete failure in Europe. We have major political and banking turmoil and financial chaos looking ever more serious for May.
QUESTION: Re Solution to a new monetary system::
In the “Solution” presented it was suggested that the existing US bonds be required to invest in companies in the USA. Does the govt just print the money for the bond values to give to the companies? If the companies receive the bonds, how are they liquidated otherwise?
KB
ANSWER: It becomes a debt for equity swap. The debt must be retired. It is replaced with just the creation of money. Now people will yell that is hyperinflationary. Not true. Since 1971, government debt is acceptable for collateral when you trade your accounts at a broker. It is simply cash that pays interest. It is already part of the money supply. What you are implying is really old school economics that believe increasing the money supply will be inflationary. This is just not the case. Even after 10 years of Quantitative Easing, we still have deflationary trends in pockets like Europe and Japan.
Some wrongly believe that you are just increasing the money supply. Pre-1971, when bonds were not allowed to be collateral, then yes, it was less inflationary to borrow than to print. However, since the debt is already cash that now pays interest post-1971, it is just a swap. Huge distinction.
Interest expenditures will soon exceed that of the military. This solution will reduce the cost of government, and thereafter, you outlaw any possible right to borrow once again.
While many believe that the off-exchange trading platforms in Bitcoin bypass fiat central banks, there are developments in the legal world that warn of regulation is headed into the field with a vengeance. There were three important recent actions in federal courts that illustrate the interplay among the Securities and Exchange Commission (SEC) & Commodity Futures Trading Commission (CFTC) federal regulators seeking to expand their jurisdiction into the virtual currency world. This movement to expand their jurisdiction does not come from Congress. Instead, they charge people and create legal precedents and this is how most “law” is actually made. Clearly, these actions illustrate that they are moving into the virtual currency arena. The three cases are:
On September 26, 2018, Judge Rya W. Zobel of the U.S. District Court for the District of Massachusetts handed down an important decision in a case alleging the fraudulent sale of a virtual currency called My Big Coin (MBC).2 In denying the defendants’ motion to dismiss, Judge Zobel confirmed the CFTC’s sweeping assertion of authority to police virtual currency markets under the antifraud and manipulation provisions of the Commodity Exchange Act (CEA) and its implementing regulations.
On September 11, 2018, Judge Raymond J. Dearie of the U.S. District Court for the Eastern District of New York denied a motion to dismiss the United States’ indictment for fraud under the Securities Exchange Act of 1934 (Exchange Act) in connection with the sale of virtual currencies claimed to be backed by real estate and diamonds.3 In denying the defendants’ motion to dismiss, Judge Dearie found that the virtual currencies at issue could reasonably be considered investment contracts and thus securities
On September 27, 2018, the SEC and the CFTC filed parallel complaints in the U.S. District Court for the District of Columbia against an online trading platform and its CEO offering swaps based on underlying securities and commodities funded with bitcoin, alleging violations of the federal securities and commodities laws.
My biggest concern is that it will be a tiny step for mankind to declare off-exchanges to be illegally operating without registration and it would not be too far behind for they to be criminally prosecuted for also money laundering just like any bank for the failure to report every individual trading on these platforms. I would suspect we will see the further expansion into the virtual currency world by the SEC, CFTC, and DOJ long before we see any real legislation from Congress. They will ALWAYS pick the worse cases to make law and then apply it to everyone.
The left-wing media in Canada is doing everything possible to shape, defend and protect Canadian Prime Minister Justin Trudeau from a corruption scandal created by his pressure to stop a criminal case against SNC-Lavalin. {Background Here} and {Update Here}.
The depth of the corruption is evidenced by the level of manipulation deployed by the Canadian state-run media, and yet they are still unable to bury the issue for him.
In the latest development….
OTTAWA (Reuters) – A Canadian cabinet minister, who had quit in protest over the government’s handling of a corruption scandal, said she and others had more to say about the matter, indicating more pain to come for embattled Prime Minister Justin Trudeau.
Trudeau has been on the defensive since Feb. 7 over allegations that top officials working for him leaned on former Justice Minister Jody Wilson-Raybould last year to ensure that construction company SNC-Lavalin Group Inc avoided a corruption trial.
“There’s much more to the story that should be told,” former Treasury Board President Jane Philpott told Macleans’ magazine in an interview released on Thursday. (link)
The interview with liberal Jane Philpott outlines how the far-left within her party are furious that she dare expose criminal conduct by Justin Trudeau. The once lauded and praised Ms. Philpott is now the subject of targeted attacks against her simply because she refused to participate in the cover-up.
The interview is very telling [READ HERE] There’s a full transcript of the interview.
Here’s a broadcast interview with reporter Paul Wells of Maclean’s magazine (the journalist who conducted the recent interview of Ms. Philpott). CBC attempts to water-down the political damage and yet retain the appearance of journalism:
.
Trudeau will not allow Jane Philpott or Jody Wilson-Raybould to give any details on the issues, citing Parliamentary Privilege. As former cabinet members neither lady are permitted to discuss the internal deliberations that would outline the scandal unless they are allowed to do so by Trudeau. Obviously the prime minister’s political interests are best served by keeping them silent. Justin is not going to allow them to talk.
Along with Trudeau’s heavy-handed tactics to silence the former cabinet officials, the liberal party, in majority control of government, have done everything possible to provide cover for Trudeau; including the House of Commons justice committee shutting down its inquiry on Tuesday, saying no more action was needed.
The problem for Trudeau is the pesky truth doesn’t hide easily. The conservative party in Canada is rightly pointing out that if there is nothing to fear, then Trudeau should allow his former officials to testify as to what specifically happened.
The Canadian media are so far out of the mainstream defending their liberal lightbringer, the end political result might be the exact opposite of their desired intent. Quite simply, the Canadian electorate seem to be seeing right through the media and parliamentary manipulation.
With an election in October; and with Justin refusing to allow sunlight to the entirety of what took place; there’s a growing possibility the lack of fulsome inquiry might just backfire politically.
In an effort to keep hiding from the truth, unbelievably Justin Trudeau is now refusing to speak English. The French speaking Canadian’s are more left-leaning; he needs to keep that base of support in order to avoid even worsening political fallout. So Trudeau is now only speaking French to avoid being spotlighted, in social media video captures, as he attempts to cloud, obfuscate and manipulate his way out of the scandal.
I’ve never seen anything quite like it. The level of manipulative intent is jaw-dropping.
It really is quite stunning to watch. SEE:
Ezra Levant
✔@ezralevant
He panicked, and answered in French for some reason.
His first language is English, so is hers, so is the former attorney general.
The question was in English.
But he panicked and reached for some line he had memorized.
The left-wing media in Canada is doing everything possible to shape, defend and protect Canadian Prime Minister Justin Trudeau from a corruption scandal created by his pressure to stop a criminal case against SNC-Lavalin. {Background Here} and {Update Here}.
The depth of the corruption is evidenced by the level of manipulation deployed by the Canadian state-run media, and yet they are still unable to bury the issue for him.
In the latest development….
OTTAWA (Reuters) – A Canadian cabinet minister, who had quit in protest over the government’s handling of a corruption scandal, said she and others had more to say about the matter, indicating more pain to come for embattled Prime Minister Justin Trudeau.
Trudeau has been on the defensive since Feb. 7 over allegations that top officials working for him leaned on former Justice Minister Jody Wilson-Raybould last year to ensure that construction company SNC-Lavalin Group Inc avoided a corruption trial.
“There’s much more to the story that should be told,” former Treasury Board President Jane Philpott told Macleans’ magazine in an interview released on Thursday. (link)
The interview with liberal Jane Philpott outlines how the far-left within her party are furious that she dare expose criminal conduct by Justin Trudeau. The once lauded and praised Ms. Philpott is now the subject of targeted attacks against her simply because she refused to participate in the cover-up.
The interview is very telling [READ HERE] There’s a full transcript of the interview.
Here’s a broadcast interview with reporter Paul Wells of Maclean’s magazine (the journalist who conducted the recent interview of Ms. Philpott). CBC attempts to water-down the political damage and yet retain the appearance of journalism:
.
Trudeau will not allow Jane Philpott or Jody Wilson-Raybould to give any details on the issues, citing Parliamentary Privilege. As former cabinet members neither lady are permitted to discuss the internal deliberations that would outline the scandal unless they are allowed to do so by Trudeau. Obviously the prime minister’s political interests are best served by keeping them silent. Justin is not going to allow them to talk.
Along with Trudeau’s heavy-handed tactics to silence the former cabinet officials, the liberal party, in majority control of government, have done everything possible to provide cover for Trudeau; including the House of Commons justice committee shutting down its inquiry on Tuesday, saying no more action was needed.
The problem for Trudeau is the pesky truth doesn’t hide easily. The conservative party in Canada is rightly pointing out that if there is nothing to fear, then Trudeau should allow his former officials to testify as to what specifically happened.
The Canadian media are so far out of the mainstream defending their liberal lightbringer, the end political result might be the exact opposite of their desired intent. Quite simply, the Canadian electorate seem to be seeing right through the media and parliamentary manipulation.
With an election in October; and with Justin refusing to allow sunlight to the entirety of what took place; there’s a growing possibility the lack of fulsome inquiry might just backfire politically.
In an effort to keep hiding from the truth, unbelievably Justin Trudeau is now refusing to speak English. The French speaking Canadian’s are more left-leaning; he needs to keep that base of support in order to avoid even worsening political fallout. So Trudeau is now only speaking French to avoid being spotlighted, in social media video captures, as he attempts to cloud, obfuscate and manipulate his way out of the scandal.
I’ve never seen anything quite like it. The level of manipulative intent is jaw-dropping.
It really is quite stunning to watch. SEE:
Ezra Levant
✔@ezralevant
He panicked, and answered in French for some reason.
His first language is English, so is hers, so is the former attorney general.
The question was in English.
But he panicked and reached for some line he had memorized.
QUESTION: Hi Mr Armstrong,
Thank you for continuous education. I hope to get your view on cashless societies.
There are worries that nations will move to cashless transactions in the near future. Do you think this will actually happen? My guess is it will be a failure and there will be “black” markets where transactions in physical notes will flourish. I see this similar to situations where hyperinflation occurs and the respective governments trying to control their exchange rates by declaring them. However, as this happens, black markets having more accurate rates sprout up.
As usual, they can’t dictate anything that has to do with the real world. What do you think?
MC
ANSWER: That is one of the reasons the Deep State is fighting so hard to remove Trump. They simply believe it will take a seasoned Bureaucrat to sign such a bill. That said, a cashless society will be arriving in Europe before it will appear anywhere else. You must understand that all governments are in their death throes. Instead of stepping back and looking at this from a practical perspective, they remain fixated on their debt crisis that is propelling them to raising taxes. They firmly believe if everyone paid their taxes, they would have no problem. Of course, that is a fantasy. Whatever they collect will NEVER be enough to sustain their power.
In Europe, there is already the tradition of canceling their currency. This is done to prevent people from hoarding cash and not paying taxes. This was a step in the direction of a cashless society for it was intended to add risk to accumulating cash and not paying taxes. Hyperinflation only takes place when confidence in government collapses. When governments are on the hunt for taxes, you actually get the opposite — DEFLATION. This is when people curb their investments and hoard their wealth. The elimination of physical money presents a new twist to the historical record. Hyperinflation in the classic sense becomes impossible for there is no printing of money to pay bills in that sense. Assets will rise in value reflecting the fear of government. That is the emotional equivalent to hyperinflation. Nobody will buy government bonds and capital will hoard and hide in assets whenever possible. There will no doubt arise a black market based upon a barter system. That is why I tend to recommend old silver coins that the average person can identify by a simple date.
They continually try to force socialism upon society so a few can live off of other people’s money. The problem is that capital can flee, as we have just witnessed with Amazon bailing out of New York City and AOC calling it a victory for the little people because they will not have to give them a $3 billion tax incentive to come to NYC.
The entire crisis for New York City is indicative of the way big cities are all on the verge of economic collapse. In the case of New York City, their long-term debt is now more than $81,100 per household and the interest will keep exploding because, like all governments, they borrow with no intention of paying the debt off. Mayor de Blasio has increased spending by as much as $3 billion in the new budget over last year which was $89.2 billion.
With the Economic Confidence Model (ECM) turning down into 2020 very hard, NYC will run a deficit as tax revenues decline thanks to a recession. The more they raise taxes on businesses and the rich, the more they have begun to leave NYC. De Blasio has detailed $750 million in spending reductions but Gov. Cuomo’s preliminary budget has also reduced $600 million in aid to NYC.
With the ECM turning down, de Blasio’s socialistic policies have led to an increase in spending of 32% since he took office. Socialists just simply think they can constantly live off of other people’s money. The city’s long-term pension obligations have exploded and he has increased the city’s workforce by more than 33,000 people, with even more unfunded pensions in the last five years.
We are adding New York City to the list of expected economic disasters
you commented very intensively on the ECB destroying bond markets and the failure of monetary policy in Europe. By yesterday the US Fed also declared the end of the shrinking of the balance sheet. Possibly they will start QE4. So I would warmly welcome your comment on the US Fed – throwing in the towel, finally – and the situation getting worse also in the US!
Many thanks.
regards,
AS
ANSWER: The Fed also sees the handwriting on the wall. We are headed into a hard-landing in the global economy. They have come under a lot of pressure externally to stop raising rates. This notion that they will not stop shrinking its balance sheet is really pointless when the dollar is the only game in town.
The FED is not in the same position as either the ECB or the bank of Japan. There is a viable bond market that is actually used as the reserve assets among central banks. When we talk of the dollar being the reserve currency that does not mean simply holding cash. They hold US government treasuries – not cash.
Nevertheless, the Fed knows that QE does not work. China as rejected adopting that tool. Nevertheless, the Fed feels compelled to do something even if it fails. They will be vulnerable if they actually do nothing. This is the first step. At risk here is the final straw that breaks the back. Once it becomes more obvious that central banks cannot manage the economy, then we arrive at the game changer.
Clearly, the Fed stopping the reduction of its balance sheet is a reflection that we are headed into an economic recession globally following the ECM.
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