ALWAYS CONSULT YOUR INVESTMENT PROFESSIONAL BEFORE MAKING ANY INVESTMENT DECISION
December 8, 2025 | Is the Bank of Canada done easing?
Some unexpectedly strong employment estimates from Statistics Canada last Friday caused markets to reprice abruptly, with the expectation that the Bank of Canada is done easing and will hold its policy rate steady at 2.25% through 2026. The unexpected employment gains for November were driven entirely by survey results reporting part-time jobs (below in yellow […]
December 8, 2025 | Italy Declares Central Bank Held Gold an Asset of the People
European Central Bank President Christine Lagarde steps in every time a government attempts to implement monetary policy. The centralized power now has the final say, sorry, but sovereignty is not an option for European Union members. Italy proposed declaring gold an asset of the people, but Lagarde has found a way to prevent that from […]
December 8, 2025 | Next Year’s Wild Card: The Yen Carry Trade
Most countries’ sovereign bond markets have been pretty tame lately. Here, for instance, is the yield on US Treasury notes: But it’s different in Japan, where money is getting dramatically tighter: Normally, when the world is moving in one direction and a single country breaks ranks, it can be dismissed as a temporary glitch that […]
December 8, 2025 | Self-Inflicted
Happy Monday Morning! The Canadian economy added 54K jobs in November, marking the third consecutive month of surprising job gains. The unemployment rate plunged to 6.5%, the lowest since July 2024 and down from 6.9% last month. The “suddenly hot” labour market is rather perplexing considering all the news headlines about layoffs (especially in the […]
December 8, 2025 | Mass Collective Societal Suicide
“Historians will look back at the wreckage of a once-great American civilization and not with wonder that tens of millions of people who were entirely dependent upon government welfare payments were nonetheless allowed to vote. Even to include millions of illiterate 3rd world illiterate aliens who snuck in, then were put on welfare, and were […]
December 7, 2025 | Interview: Helping Alberta Separate
December 7, 2025 | Zuckerberg’s Huge Branding Problem
Stocks looked leaden as the week ended, adding to the impression that the aging bull market is topping. The Dow tacked on a perfunctory 104 points, or 0.22%, and it wasn’t pretty. There was little life in the lunatic sector (aka ‘the Magnificent Seven’), which until recently could be relied on to celebrate its wildest […]
December 7, 2025 | Poverty Level Discourse
ith every paper I’d deliverBad news on the doorstepI couldn’t take one more step I can’t remember if I cried When I read about his widowed bride But something touched me deep inside The day the music died – Don McLean, American Pie, 1971 Preface: I don’t think it’s just me. We are […]
December 6, 2025 | Trading Desk Notes for December 6, 2025
Run it hot The rally in risk assets is supported, in part, by ideas that governments around the world will “Run It Hot” (with stimulative fiscal and monetary policies) to ramp up economic growth as they try to outrun the consequences of the global sovereign debt crisis. The “debasement trade” involves buying risk assets as a […]
December 6, 2025 | Making Sense of the “Silver Glitch”
Silver is in the news lately, as it smashes old records and (apparently) wreaks havoc in metals exchanges. But, as usual in global finance, many of the details range from technical to incomprehensible. So here’s an article from Katusa Research that explains some of silver’s recent action and why it’s every bit as bullish as it sounds. […]
December 6, 2025 | Carney’s Undermining the Canadian Civil Rights like UK?
COMMENT: This is what Carney is doing to Canada. He is following Stammer, and civil rights are all gone. This man is found in breach of a judge’s order for refusing to write a court-ordered apology letter to library manager Shannon Slater for “hurting her feelings.” Anonymous REPLY: Any government that is in […]
December 6, 2025 | Tech Talk for Saturday December 6th 2025
The Bottom Line Focuses this week are on interest rate decisions announced on Wednesday by Bank of Canada and the Federal Reserve. Consensus calls for no change in the Bank of Canada’s overnight lending rate to major Canadian banks at 2.25% and a 0.25% drop by the Fed Fund Rate to 3.75%. Consensus for Earnings […]
December 5, 2025 | The Yen Carry Trade Unwind Threatens Global Markets
The Shifting Dynamics of the Yen Carry Trade The central thesis is that the decades-long assumption of near-zero Japanese interest rates and a weak Japanese yen (JPY)—the two pillars of the yen carry trade—are now collapsing. 1. The Historical Carry Trade Setup Borrowing: Traders borrowed vast sums in Japanese yen at a near-zero interest rate. Investing: They converted the borrowed […]
December 5, 2025 | It is Not Racist to Ban Migrants from Third-World Nations
Import the third world, become the third world—no exceptions. Donald Trump has permanently halted migration from 19 third-world nations after a recent shooting of National Guard members. The left calls the ban racist, but logic deems it an economic necessity. The US Census tracked the foreign-born population at 53 million, but the actual number […]
December 5, 2025 | Well-Earned Mean-Reversion Continues in Real Estate
From 1975 through the early 2000s, Canadian median home prices rose broadly in line with median inflation–adjusted household income. Where home prices outpaced income gains in the late 1970s and 1980s, the disconnect was short-lived, before prices corrected more than 30%. From 2000 to 2022, Canadian home prices (shown in red below through Q2 2021) increased by 375%—46% of that from 2020-22—while the average Canadian […]
December 4, 2025 | Housing Bubble #2
High price, high risk. It’s the same old story since the world began.
December 4, 2025 | FDA Memo Goes Public: Children Died from COVID Vaccine
Vinay Prasad, director of the FDA’s Center for Biologics Evaluation and Research (CBER), sent out an internal email to the Food and Drug Administration featuring “a profound revelation”—the COVID-19 vaccine is responsible for the deaths of a minimum of 10 American children. “In many cases, such mandates were harmful,” Prasad wrote. “It is difficult to […]
December 3, 2025 | Putin Ignores Maduro’s Request for Help
Russian President Vladimir Putin is not interested in another proxy war. The Association of Tour Operators of Russia confirmed that the government is sending flights to Venezuela to remove nationals immediately. Tourism from Russia to Venezuela has grown in recent years, with over 6,000 Russians visiting Margarita Island between August and November this year. Moscow […]
December 3, 2025 | AI Metaverse Moment?
Peter Berezin, chief global investment strategist and director of research at BCA Research, joins BNN Bloomberg to provide an outlook for the markets. Here is a direct video link.
December 2, 2025 | Trump Bluster Losing Luster
At some point in every cycle, bullshit stops baffling brains, and blind faith is beaten into submission. Revelation is making some progress in a few areas; see “Investors See Big Losses From President’s Brand.” To wit: Shares of Trump Media & Technology Group, which operates the president’s Truth Social platform, have tumbled 75% since Trump’s inauguration. […]
December 2, 2025 | Got Gold For The Coming Reckoning?
“China has been understating its gold reserves by possibly a factor of 10. I believe this is the biggest story in world finance. The West is either asleep at the wheel or ignoring it.” – Dominic Frisby The Financial Times reported that China is under-reporting their gold reserves, subversively hiding the fact they have accumulated […]
December 2, 2025 | Swiss Say NO to Inheritance Taxes
Governments believe the people should pay for their shortfalls. Switzerland proposed a 50% inheritance tax on fortunes above $62 million USD (50 million Swiss francs). Voters overwhelmingly said NO with 78% voting against the cash grab. Leftist Social Democrats or JUSOs stated that the government needs to collect additional revenue to pay for climate […]
December 1, 2025 | The Best Silver Video I’ve Ever Seen
These days, it’s hard to know whether a given video is genuine or AI-created. So I can’t speak for the veracity of this one. But whatever its source, this is the best and most comprehensive presentation on silver I’ve ever seen. Listen to the whole thing, and you’ll understand this bull market — and why […]
December 1, 2025 | Canada Struggles with the Legacy of ‘Easy Money’
Canada’s economy (GDP) grew at an annualized rate of 2.6% in the third quarter of 2025 after a 1.8% contraction in the second quarter (shown below, courtesy of The Globe and Mail).Consensus expectations were for a much smaller.50% Q3 increase and the upside surprise helped Canada officially avoid two consecutive quarters of GDP decline (a […]
December 1, 2025 | The Federal Reserve Was Brilliant Until Politics Destroyed It
People love to blame the Federal Reserve for everything under the sun because it is easier than admitting the real problem: government. The tragic part of this entire monetary experiment is that the Fed, as originally designed in 1913, was brilliant. Each regional branch operated independently, responding to local capital flows instead of political […]