Canada is full of crap

When it comes to sewage, many places aren’t as pretty as they seem

While Olympic ads are pitching Canada to the world as a land of vast beauty and pristine waters, a damning internal government report describes a country that’s full of crap. Literally

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Hard to imagine in the 21st century, but a federal environmental study has found almost 400 cities and towns across the country are flushing their raw sewage directly into lakes, rivers and the ocean.

Remember this Canadian Bullshit?

Canada’s banking system healthiest in the world

Worthwhile Canadian Initiative

Fareed Zakaria does an excellent job in his Newsweek article of outlining why Canada’s banking and immigration system is going to ensure its economic and demographic growth during this period of fear and turmoil.

Whoops……..Then reality hit

The Canadian Centre for Policy Alternatives made quite a stir a few weeks ago when they released a report detailing a “secret” Canadian bank bailout. The report focused on three programs the government used to support Canadian banks during the financial crisis–primarily the $69 billion Insured Mortgage Purchase Program.

Support for Canadian banks from various agencies reached $114 billion at its peak. That works out to $3,400 for every man, woman and child in Canada, and also to seven per cent of Canada’s gross domestic product in 2009.
“Without government supports to fall back on, Canadian banks would have been in serious trouble.”

During October 2008 and June 2010, the banks combined to report $27 billion in profits on their balance sheets.

The question is, is it fair to call these efforts a “bank bailout?”

The Coup D’etat

Cyprus style

EH!

Canadian government’s budget plan for 2013, particularly pages 144 and 145 of Economic Action Plan 2013. There the Canadian government promises to use Canadian deposits to save “systematicaly important” banks .

The Government proposes to implement a “bail-in” regime for systemically important banks.This regime will be designed to ensure that, in the unlikely event that a systemically important bank depletes its capital, the bank can be recapitalized and returned to viability through the very rapid conversion of certain bank liabilities into regulatory capital. This will reduce risks for taxpayers. The Government will consult stakeholders on how best to implement a bail-in regime in Canada. Implementation timelines will allow for a smooth transition for affected institutions, investors and other market participants.