Trudeau Prorogation or Resignation, Trump Transition, Short Bitcoin
I am going to start covering Canada's upcoming election because it is even more important to the economy and markets than the U.S. election, I mean to the Canadian economy and election. I do have a lot of Canadian subscribers. I believe this because Canada's economy and markets have practically been destroyed by Trudeau's liberal government policies. Canada has truly dropped to a 3rd world status country.
The U.S. is Canada's major trading partner and competitor. By all measures our economy has plunged compared to the U.S. and rest of the world under Trudeau's liberals. I will get into more details and numbers over the coming weeks and months but to sum it up with an easy comparison. Ontario is the strongest economic area and Canada's largest industrial base but it's GDP output is worse than the weakest U.S. sate, Mississippi.
These far left governments don't care about the people, it is all about them and implementing their vision of their country and world which boils down to a socialist government. Throughout centuries of governments various attempts at socialism were made and they all failed.
Will Trudeau try to Prorogue Parliament
I best describe Trudeau as a narcissus and communist and he will stop at nothing to survive and continue as PM. He is going to have to be removed kicking and screaming and in handcuffs would be ideal.
Most people probably have never heard of this or know what it is, however, Trudeau's cohort, former Liberal Prime Minister Chretien pulled it off in 2002. Prorogation ends a parliamentary session unlike a recess or adjournment that is just a break. It also does not dissolve parliament like a non confidence vote will do.
How this works is Trudeau would go to the Governor General and claim parliament is not working and ask for prorogation so the session ends that would normally run until summer break, and apparently parliament issues are sorted out and parliament resumes after the summer break. Parliament would not come back to the fall ahead of an October election that must be called in that later part of the month anyway. During this time Trudeau finds a way to remain leader and go for reelection.
Wikipedia describes the 2002 prorogation as follows-
In 2002, Governor General Adrienne Clarkson accepted Prime Minister Jean Chrétien's advice to prorogue parliament, allowing Chrétien to avoid tabling a report to the House of Commons public accounts committee regarding the sponsorship scandal that surrounded Chrétien's party at the time. After parliament was again summoned, investigations into the scandal continued, Chrétien stepped down as Prime Minister in December of the following year, and the Liberal party was reduced to a minority government in the subsequent election.
Mmmm, sound familiar, Chretien using it to try and escape a scandal. The Trudeau government faces a continuation of the Green Innovation Fund scandal that he side tracked with his GST holiday and proposal of $200 handouts. Deputy PM Chystia Freeland resigned, referring to Trudeau's political gimmicks like this one.
Late last week, news of the Privy Council report came out on the scandalous federal green fund , SDTC. It said the foundation was “an organization where lack of governance and a continuous cycle of executive mismanagement led to serious conflict of interest breaches“ as well as the ”gross mismanagement” of over $150 million in public funds.
SDTC’s executive performance and bonuses were tied to how much funding was approved as well as how fast that funding was disbursed, the report said. It described this issue as a “key problem” of the foundation that resulted in millions of dollars being spent on initiatives that were “likely non-compliant and also appeared to show major conflicts of interest.”
The report detailed several instances of cronyism, such as the hiring of a childhood friend of the CEO’s husband for an executive position.
This all said, rumours and reports are circulating today that Trudeau will resign before Wednesday's planned liberal caucus meeting.
If so, the liberals will seek a new leader and NDP leader Jagmeet Singh will not vote non confidence, so there will be no election until late October so in that case, I probably won't do much coverage until the summer.
Singh has his own problem because historically his party has been the socialist party. Trudeau's liberals have moved so far left, they have actually become a socialist party. At this point there really is no difference between the two parties. How will Singh differentiate himself and the party in the next election?
I have been commenting that it is probably too late to fix Canada, but I have changed my mind when I learned more about the liberals scandalous spending. Trudeau has expanded the government, meaning people working for the government by 40% and from what I see they are doing less. They are all still working from home.
The last budget statement showed just over a $60 billion deficit and $21 billion of that was outsourcing to do government work that supposedly a bloated government can't do. This in itself is probably another scandal of money given to friends and family.
Foreign aid has been excessive to Ukraine and many others. The amount spent on the liberal immigration policy is massive.
Just cutting government, out sourcing, the scandalous spending, foreign aid and immigration would allow for tax cuts because the high taxes are the major drain and problem of this country. And this is just the tip of the iceberg, as there are numerous other things this liberal government has done to destroy the country. More for another day, but this government is incompetent and corrupt beyond believe.
Trump Transition
In January 2021, Trump was accused of insurrection for basically saying the election was rigged and causing a riot.
The Biden Administration is no better and maybe worse. They are causing more damage in this transition than Trump did 4 years ago. The Biden Administration is spending money like crazy so they can use up all they can of this year's budget before Trump takes over. For example another $5.9 billion to Ukraine. Trump will be forced to make budget cuts.
Previously, the Department of Defense announced on Dec. 7 that it will send another $988 million funding package to bolster Ukrainian forces in the ongoing war with Russia.
The LA Times highlighted dozens of Biden ramped up spending examples.
There were many pieces of the U.S./Mexican border wall that were sitting dormant since Trump left. Biden has been auctioning off all those pieces of the wall for pennies on the dollar. I did hear Republican sources were buying them back, but what silliness. What is more, a border agent estimates about a half a mile of the wall was being dissembled every day and sent to the government auction site. On December 12th, the daily wire showed a video of the auction site.
Fortunately on December 27, a judge ruled that the Biden Administration cannot sell off anymore of the border wall. Just crazy this went on and had to be stopped.
Shocking and yet true, Trump appointed - Wright who will be the first Energy Secretary in the nation’s history who has actually worked within the energy industry. But how much damage will Biden do before he gets to work?
Chevron CEO Mike Wirth does not expect another oil refinery to be built in the United States ever again, due to federal government policies.
The Biden administration approved a request from the US Forest Service to withdraw 264,442 acres in the Ruby Mountains of northeast Nevada from oil, gas and geothermal development for 20 years, less than three weeks before Trump’s inauguration.
News today is President Biden announced a ban on new oil and gas drilling along most U.S. coasts.
Biden's Department of Health and Human Services (HHS) extended liability protection to COVID-19 vaccine makers and those administering the shots through Dec. 31, 2029. The extension takes effect Jan. 1, 2025.
Biden pardoned 39 criminals, commutes 1,500 sentences in largest single-day act of clemency in US history. He pardoned his son Hunter for 10 years and there is talk of preemptive pardons. Crazy, trying to protect people who have not been proven as criminals yet, but afraid Trump will do so.
Congress has been working night and day to fill every federal judicial vacancy for district and appeals courts. Senate Democrats have confirmed a slew of Biden-nominated judges, and they are confirming more. These judicial appointments are particularly important to ensure the legal system can be used after Trump’s inauguration on Jan. 20 to impede maneuvers by Trump to change or bypass laws and conventions.
Short Bitcoin again. SBIT $10.10
This morning, Bitcoin tested and retreated twice from the $100K resistance level. In the last 5 days it has rallied from the $94k area. As I have said before, I think the next big move is down. I am suggesting to buy the short leveraged ETF, SBIT currently around $10.10. As of this writing, Bitcoin could be breaking the resistance level.
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