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May 2022
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July 2022

GDP goes negative

Using prices gathered by Statistics Canada, the cost of hosting a Canada Day barbecue with eight adults and eight children today would cost $302.04 — more than 17 per cent higher than in 2021, when the bill came to $257.27. [...]

"Prices are going up much faster than we've been accustomed to for the past four decades," said Sal Guatieri, a senior economist at BMO Financial Group.

That's a big reason why a recession is practically guaranteed. When the average family is spending close to a combined 50% more for rent, mortgage, food, and oil compared to 30 months ago, then they simply don't have any cash left for cars, restaurants, hotels, and vacations.

Was it the vax?

I got an email today titled, "A Message from Air Canada's President". He apologized about the upcoming cancelation of flights in the summer months. It was initially confusing because I don't have any domestic or US flight but then I realized that he's telling all possible customers to not bother booking any North American flight in the next couple of months.

Air Canada's stock fell as much as nearly 9 per cent in early trading on Thursday, after the company said it would cut more than 15 per cent of its scheduled flights in July and August.

The Montreal-based airline said on Wednesday that it will reduce its schedule – already operating at a capacity below pre-pandemic levels – by an average of 154 flights per day in July and August. Most of the affected flights are to and from Toronto and Montreal, the airline said, on domestic and Canada-U.S. routes.

Air Canada fired thousands of workers two years ago and then implemented vaccine mandates last year. My best guess would be that 20% of their original labor force has zero interest in returning to work for them which closely aligns with the volume of cancellations. Plus, it's likely that a few of the vaxxed pilots have had totally unexpected and unrelated health issues that make them unfit to fly. Sad!

Epstein didn't kill himself

They protect the swamp creatures like the Clintons and the Bidens.


The price of butter tracks almost exactly with my experience: $3 to $4.29; a 43% increase. The most insane price increase I've noticed is for corn. It used to be $0.2 each, now it's going for $0.5.

The wicked lose

The US Supreme Court makes the right decision after nearly 50 years:

The U.S. Supreme Court has ended constitutional protections for abortion that had been in place nearly 50 years in a decision by its conservative majority to overturn Roe v. Wade. Friday's outcome is expected to lead to abortion bans in roughly half the states.

The decision, unthinkable just a few years ago, was the culmination of decades of efforts by abortion opponents, made possible by an emboldened right side of the court that has been fortified by three appointees of former U.S. President Donald Trump.

Trump definitely deserves credit.

No shortage of suckers

Yeah. The highest savings account interest rate in Ontario, Canada is 2.4%. The best rate for a 5-year GIC is 4.6%. The long-term yearly average US stock market return is 8%. Anything that "guarantees" a percentage return that's more than a single digit is a guaranteed scam.

Talent, confidence, and aggression

Buttler didn't make a huge impact on the previous World Cup. He should make up for that next year:

Eoin Morgan labelled Jos Buttler "the best white-ball cricketer in the world" after his innings of 162 not out off 70 balls led England to a record ODI and List A total against the Netherlands in Amstelveen, while Buttler suggested he was playing the best cricket of his career.

Buttler hit seven fours and 14 sixes, a boundary every 3.33 balls, after England's bright start saw him promoted to No. 4 and his partnerships of 184 off 90 balls with Dawid Malan and 91 not out off 32 with Liam Livingstone saw them fall two runs short of the first 500-plus score in 50-over history.

250 runs was a competitive score in ODI cricket in the previous century. England couldn't chase it in the 1992 World Cup final. Today, they smashed 248 runs ... in 30 overs! It would be quite a sight to see them successfully chase 400+ runs against big teams.

Money printer went brrrr

Some are stunned. A few idiots accuse him of lying. How can that add up to $155! There's no meat! Where are the lobsters!

Of course, most completely miss the point. All this food was $60-70 only a few years ago.

The really shocking part was the price of bananas: $2.5 per pound! Just today, I saw them at the supermarket for under US$0.5 per pound. (CAD$0.6.)

The Wicked Star

Toronto Star:

Employers are lifting COVID-19 vaccination requirements and employees sent home for refusing to get vaccinated are flooding back. We asked experts how we should deal with what already looks like a messy situation.

The full article is behind a paywall but these tweets were quite precious:

It's amusing that this newspaper talks about a "tenuous workplace" and "frayed relationships" when they printed a cover headline on August last about the unvaccinated which stated "Let them die."

Poor Netherlands

They met the World Champions of cricket today and it was a massacre:

An ODI world-record total of 498 for 4, built on Buttler's brutal 162 not out and further centuries from Dawid Malan and Phil Salt before Liam Livingstone smashed 66 from just 22 balls, left Netherlands facing an implausible target after winning the toss on an exceptional surface.

It beat England's own record for the highest ODI total of 481 for 6, made against Australia in 2018, and, despite spirited knocks from Max O'Dowd and Scott Edwards, who helped them come within two balls of seeing out their 50 overs, Netherlands lost by 232 runs.

The scary thing is that England wasn't at full strength! Bairstow and the legend were not in the team today. The Champions still have the most powerful batting order in the ODI world: Roy, Bairstow, Root, Stokes, Buttler, Malan, and Livingstone. A few of them can bowl as well.

England went into the 2019 World Cup as the favorites. They look even more fearsome for their title defense next year.

A debt-powered economy

Airlines, hotels, restaurants, and car companies are going to suffer in the following quarters. When people are squeezed to the point where a giant proportion of their incomes is going to rent, mortgage, and food, then they don't have any money left for weekend trips, vacations or new cars.

Money printer dead

The two-year easy money bull market is officially over:

The S&P 500 slipped into bear market territory on Monday as rampant inflation and the increasing likelihood of a recession spooked wary investors. [...]

“With the Fed out of policy tools to stimulate economic activity and runaway inflation, all signs currently point to an extended period of stagflation – high unemployment coupled with high inflation – which we haven’t seen in earnest since the 1970s,” said Liam Hunt, Writer and Analyst at

Western propaganda falling apart

Logistics always favored the Russians:

The US weapons manufacturers got their extra billions. More importantly, China has learned about the possible non-military retaliation if they choose to attack Taiwan. Now, the Chinese will be better prepared.

A magical universe

Even with all the fake math, we still got the highest official inflation rate of the last 40 years. That dubious 8% is just for one year. Zoom out a bit and most people have easily seen a 50% increase in food prices since the beginning of 2020. With super-high oil prices, retailers will have to bump up prices even more later this year. November should be fun for the Democrats.

The mythical White Supremacy

The average Chinese, Japanese, Korean, Indian, and Jew makes more money than the average White guy in America. The logic of "equity" sooner or later results in the battle of retarded coloreds versus the intelligent coloreds.

"It will break people"

The result of decades of credit inflation and wage suppression:

Skyrocketing prices are forcing more Canadians to make tough decisions, leaving even middle-class families to choose between buying the food they need and paying their bills.

Yeah, an overall inflation rate of 50% in three years will do that.

Christine Taylor, who lives in southern Ontario, said she's finding it hard to pay all of her family's bills, and she worries about those less fortunate. "This direction is not economically sustainable. It will break people — not only financially, but emotionally and mentally," she said.

Taylor, who has a job in the fuel and energy industry, said she and her husband, who works in home and mobile electronics, bring in a combined annual income of about $85,000. Yet it's not enough to keep up with all of the expenses that come with owning a home and raising two teens.

Annual combined income: $85,000
Income tax: $17,000
Mortgage: $24,000
House upkeep: $6,000
Utilities, phone, internet: $4,000
Food: $16,000
Car related bills: $12,000
Income left after all the above expenses: $6,000

That's $6,000 for a family of four. They have to plan for phones, computers, clothes, sports equipment, entertainment, vacation, emergency repairs, etc. on just $6,000 for the entire year. Imagine the stress of losing work hours or getting fired.

Before the 1990s, it was possible for the average family to live a comfortable life on one median salary. But thanks to the insidious central banks that keep printing money, a sharp increase in the number of women in the labor force, and the importation of millions of cheap foreign workers, we've finally reached the point where it is difficult for the average family to live a decent life on two median salaries.

Did someone say unaffordable?

The median household income in my city in Canada is roughly $75,000 (US$60,000). The median price for a detached house in the last quarter was $1.1 million (US$873,000). So, that's 14.6x!

A median apartment goes for $650,000. That "affordable" option gives us 8.6x!

No comment from Bank of Canada

I remember a time when a decent used car sold for the same price as a nice gaming laptop: $3,000. Those days are long gone:

Autotrader said the average price of a new vehicle in Canada reached $54,048 in May, a 17.3 per cent increase from last year and up slightly more than 1 per cent from April, when prices last hit a record high. The cost of a used vehicle also increased in May, reaching an average price of $37,984, up 36.4 per cent from 2021 and nearly 1 per cent from the previous month.

A stunning stat:

The price increases have been especially prominent for larger vehicle categories, including light-duty trucks, SUVs and minivans. For example, the average price of a new minivan in Canada hit $59,592 in April, a 44.2 per cent increase from the previous year.