26251 replies to this topic

[TFord]

It is not a question of whether the Feds should have provided support, it was all about the oversight and how they responded when reports of extensive fraud started coming in.

 

I think that things started reasonably well but when people found out that NOBODY was checking or validating claims and their buddies were making off like bandits then they figured why not me? 

 

thank you for connecting the dots Spanky!

 

Many of the above bandits are now ordering Super yachts, hence my original post.

 

Much of the money went where it was needed, however, when you look at the breakdown of the expenditure and you see the words  "Other - 16 Billion" you have to ask who is this other? 

 

How can it cost 20 billion dollars to build an app? 

 

TFord 

[dasmo]

Look it up.  It is not easy for most of us to understand how it works.

 

Here is one explanation I found  .https://www.fraserin...monetary-theory

 

If you find a simple explanation let me know.

I have. It isn't that hard. Money is created by debt. it's that simple. In Canada we have a zero reserve policy. So the banks literally materialize money from nothing when they lend it out. Well... Almost nothing. There is the debt. This is why the steady income is such an important factor when borrowing....Also the Asset created from said debt. Now When the government borrows from the Bank of Canada and they materializes money in the same fashion. It's not like the BoC has a huge vault of gold or something. But this is where it get's complicated to me. Why do we struggle to build needed infrastructure and make a fuss about a few million for a bridge when now trillions are being materialized out of nowhere? The concept of how money is created is easy. The reality of it is more complicated. All this money is now outflowing and making a few VERY rich and pumping assets up insanely. So it is perhaps too abstract to even ask "where does the money come from" because it comes from nowhere. Maybe the question should be who do we owe it to? "The BoC" isn't really an answer. It is really like saying "ourselves", and if so my head starts to hurt at that point. I admit it.... 

[spanky123]

thank you for connecting the dots Spanky!

 

Many of the above bandits are now ordering Super yachts, hence my original post.

 

Much of the money went where it was needed, however, when you look at the breakdown of the expenditure and you see the words  "Other - 16 Billion" you have to ask who is this other? 

 

How can it cost 20 billion dollars to build an app? 

 

TFord 

 

Hey in for a dime why not in for a dollar. People I know of that defrauded the Government rolled their money into crypto and made even more. Head overseas and use the crypto to buy a yacht tax free and nobody is ever going to be the wiser. 

[Victoria Watcher]

https://coronavirus....ization-summary

 

[Moderation]

At some point the denial needs to stop. "what freedoms have we lost" is getting a little ridiculous. Guys, it's not conspiracy anymore. It IS. Government IS telling you who you can have in your home and how many, They ARE making an injection a condition of employment after contracts have been signed, They HAVE implemented segregation, It's not just one shot, two shots, three shots or even four. This HAS been a slippery slope. It could be conspiracy when it wasn't here and people were warning you it was coming. Now it is here.... Forget the why for just a moment and accept what is. 

 

At least the cracks are forming in the mainstream....

https://www.reuters....aly-2022-01-16/

Most people would agree that currently some freedoms have been lost. Government is telling you how many people you can have in your home, making vaccination mandates a condition of employment, thus separating the freedoms of the unvaccinated (segregation?)  Most people feel these actions are appropriate under the current  unprecedented situation.

However most people do not see it as a slippery slope but as a temporary necessity. Time will tell.

[vortoozo]

Gyms can reopen as of Thursday.

[Mike K.]

So much for (just literally) yesterday's predictions of the destruction of the gym industry forever because the mandate was extended by a day 

[Matt R.]

Dix made it clear yesterday that the “indefinite” order was just a bridge for one day until today’s announcement.

Feb 16 means no Valentine’s Day “events” for restaurants and falls on a Wednesday so they will announce on Tuesday the 15th another extension to Easter.

Edited by Matt R., 18 January 2022 - 02:14 PM.

[Moderation]

I have. It isn't that hard. Money is created by debt. it's that simple. In Canada we have a zero reserve policy. So the banks literally materialize money from nothing when they lend it out. Well... Almost nothing. There is the debt. This is why the steady income is such an important factor when borrowing....Also the Asset created from said debt. Now When the government borrows from the Bank of Canada and they materializes money in the same fashion. It's not like the BoC has a huge vault of gold or something. But this is where it get's complicated to me. Why do we struggle to build needed infrastructure and make a fuss about a few million for a bridge when now trillions are being materialized out of nowhere? The concept of how money is created is easy. The reality of it is more complicated. All this money is now outflowing and making a few VERY rich and pumping assets up insanely. So it is perhaps too abstract to even ask "where does the money come from" because it comes from nowhere. Maybe the question should be who do we owe it to? "The BoC" isn't really an answer. It is really like saying "ourselves", and if so my head starts to hurt at that point. I admit it.... 

 

Banks in a regulated process through the government are one way money is created .My reference gave some info on how Canadian money is created. 

Government debt is much different than personal debt.

 

What countries have reserve policies? (Once upon a time there were gold reserves helping to back up the value of a currency). 

 

The initial question I was trying to answer was where does the money come from? If you have a better and more accurate  understanding that is good.

 

How a government decides how to spend the money is a different issue. As my reference indicated there are consequence resulting in the creation of money. 

[dasmo]

Banks in a regulated process through the government are one way money is created .My reference gave some info on how Canadian money is created. 

Government debt is much different than personal debt.

 

What countries have reserve policies? (Once upon a time there were gold reserves helping to back up the value of a currency). 

 

The initial question I was trying to answer was where does the money come from? If you have a better and more accurate  understanding that is good.

 

How a government decides how to spend the money is a different issue. As my reference indicated there are consequence resulting in the creation of money. 

Money comes from debt. it's a digital entry on a ledger. That is it. Bank lends you $500,000, you buy house, $500,000 enters the system that wasn't there before. 

In the US, they have a 10% reserve requirement. As in the banks must have that. However, As far as I understand they can borrow that. I don't beleive that has changed. I don't know about other countries. 

[Victoria Watcher]

So much for (just literally) yesterday's predictions of the destruction of the gym industry forever because the mandate was extended by a day 

 

The gym owners in the TC today (Forge?) were actually pretty calm.

[dasmo]

So much for (just literally) yesterday's predictions of the destruction of the gym industry forever because the mandate was extended by a day 

Nothing is forever. Then again life is short. 

[Mike K.]

Money is a construct. It has no value.

What we associate as value are tangible assets and resources. The US has quintillions in realized and unrealized wealth. And you don’t need gold to prove it, you just need the entire world to view assets through the same lens (land has value, resources have value, manufactured good have value) and agree that potential for wealth makes investment a sincere pursuit.

We are stuck on this 19th century concept of a gold standard as some sort of necessary proof of the value of a currency, but nobody bats an eye when Tesla is valued more than every other car maker combined.

That’s why governments can borrow huge sums of money. They have the wealth to back it ($9 billion traded hands in 2021 in Victoria alone last year just in real estate). And we represent 1% of Canada's population.

[Victoria Watcher]

COVID-19: Boris Johnson set to announce easing of Plan B restrictions in England

 

 

https://news.sky.com...ngland-12519450

Edited by Victoria Watcher, 18 January 2022 - 03:05 PM.

[dasmo]

Money is a construct. It has no value.

What we associate as value are tangible assets and resources. The US has quintillions in realized and unrealized wealth. And you don’t need gold to prove it, you just need the entire world to view assets through the same lens (land has value, resources have value, manufactured good have value) and agree that potential for wealth makes investment a sincere pursuit.

We are stuck on this 19th century concept of a gold standard as some sort of necessary proof of the value of a currency, but nobody bats an eye when Tesla is valued more than every other car maker combined.

That’s why governments can borrow huge sums of money. They have the wealth to back it ($9 billion traded hands in 2021 in Victoria alone last year just in real estate). And we represent 1% of Canada's population.

I don't think anyone was talking about the gold standard. But, debt is value... So long as the debtor can and does keep paying. So money coming out of debt is tying it to a value not unlike the gold standard. But in itself yes, it is an abstraction of that value.  

[dasmo]

COVID-19: Boris Johnson set to announce easing of Plan B restrictions in England

 

 

https://news.sky.com...ngland-12519450

related?

"U.K. Prime Minister Boris Johnson’s position is looking increasingly vulnerable.

There have been numerous reports of parties taking place in government buildings, including Johnson’s official office in Downing Street, during periods of Covid lockdowns and restrictions."

https://www.cnbc.com...rumbles-on.html

[Victoria Watcher]

He will survive partygate. Nobody needs to get worked up.

[Victoria Watcher]

Alberta reported 1,089 people are in hospital with COVID-19 Tuesday, 104 of them in the intensive care unit.

https://www.cbc.ca/amp/1.6319055

Edited by Victoria Watcher, 18 January 2022 - 03:21 PM.

[Victoria Watcher]

Alberta:



There are 1,007 people in hospital with COVID-19, including 94 in intensive care. This is an increase of 185 hospitalizations since Friday’s count of 822.

This was yesterday, for comparison.

[Moderation]

Canadian banks also have reserve requirements. They also comply with the international Basel 111 bank  requirements.