Rebel News - Carney unveils 'sovereign wealth fund' — except Canada has no wealth
Aired: 2026-04-28
Duration: 28:53


=== Mark Carney's Sovereign Wealth Fund (01:06) ===

[00:00:00]  Hello, my friends.
[00:00:01]  You know, I laughed when I saw the news.
[00:00:03]  Mark Carney is announcing a sovereign wealth fund, but that's something you do when you have a huge surplus.
[00:00:08]  He's got a huge deficit.
[00:00:10]  I got to start calling my credit card debt a sovereign wealth fund or something like that, too.
[00:00:15]  I'll have the whole story for you today, and then we'll talk to Franco Terrazano and the Taxpayers Federation about it.
[00:00:20]  But first, let me invite you to become a subscriber to Rebel News Plus.
[00:00:23]  It's the video version of this podcast.
[00:00:25]  Just go to rebelnewsplus.com and click subscribe.
[00:00:29]  Oh, yeah, one more thing.
[00:00:30]  Being a rebel today is simply being normal.
[00:00:32]  So why not?
[00:00:33]  Support normal news and look cool while doing it by buying yourself some Rebel merch and more at rebelnewsstore.com.
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[00:01:02]  Tonight, Mark Carney announces a sovereign wealth fund for Canada.

=== Borrowing to Spend More (16:11) ===

[00:01:06]  Except, unlike countries that have those, we don't have wealth.
[00:01:10]  We have a trillion dollar debt.
[00:01:12]  It's April 27th, and this is the Ezra LeVance Show.
[00:01:18]  Shame on you, you censorious thug.
[00:01:29]  Well, today, Mark Carney announced a sovereign wealth fund.
[00:01:33]  And of course, since he used to be a senior government banker, he knows exactly what he's talking about, right?
[00:01:39]  Here, let me play you.
[00:01:40]  He had a few conversations about it.
[00:01:42]  This is a one minute version, but almost every single sentence is a bit iffy.
[00:01:47]  Do you mind if I play a sentence and then stop it and play it and stop it?
[00:01:51]  Here, take a look.
[00:01:52]  This is our country.
[00:01:53]  It's your future.
[00:01:54]  And we're building it together.
[00:01:56]  Yeah, he says that, but he has two European passports.
[00:02:00]  That, as far as we know, he hasn't canceled.
[00:02:03]  He's still a citizen of the United Kingdom and Ireland.
[00:02:06]  And what's more, he refuses to sell his massive US stock holdings.
[00:02:11]  And finally, his whole family lives in the States.
[00:02:14]  So, yeah, I don't really think he's as Canadian as, say, even Michael Ignatieff.
[00:02:19]  Here, let's keep going.
[00:02:20]  He uses his favorite word here.
[00:02:22]  Can you tell which one?
[00:02:23]  We're catalyzing a series of nation building projects in energy and trade, critical minerals, transport, data, and beyond.
[00:02:32]  Yeah, he just keeps on saying catalyzing.
[00:02:35]  That's a tell.
[00:02:36]  That's when he doesn't have anything of a substance.
[00:02:39]  He throws in some buzzwords like catalyzing to make you think he's really smart.
[00:02:45]  Except for, government is the barrier, government isn't a solution.
[00:02:49]  Let me play a little bit more.
[00:02:51]  These projects will make Canada stronger, more resilient, and more independent.
[00:02:56]  I just don't think that's right.
[00:02:57]  When government is involved, it's usually a sign that none of these things are true, that things are not going well.
[00:03:05]  Here's some more.
[00:03:05]  They'll create good jobs and grow our economy, providing the resources that we need to take care of ourselves and take care of each other.
[00:03:13]  You know, he's using NDP rhetoric, and I think that that's because he wants to outflank the new NDP leader, Avi Lewis, on the left.
[00:03:22]  I forgot how far the NDP had fallen.
[00:03:24]  I think the other day on the show, I said they only got 9% in the last election.
[00:03:27]  Actually, I think it was 6%.
[00:03:29]  So Avi Lewis is a stronger, better, more persuasive leader than Jagmeet Singh.
[00:03:34]  I think he's going to grow his party at the expense of the Liberals.
[00:03:38]  And Mark Carney is not about to allow himself to be outflanked on the communist side.
[00:03:43]  Here's a bit more.
[00:03:43]  And to make sure that all Canadians can share in these benefits, we're creating the Canada Strong Fund, Canada's first sovereign wealth fund.
[00:03:53]  It just isn't, though.
[00:03:55]  A sovereign wealth fund is what foreign countries who have huge surpluses have, and that's typically from oil revenues.
[00:04:02]  Think Saudi Arabia, the United Arab Emirates, Qatar, even Norway.
[00:04:06]  Those are countries or jurisdictions that have huge surpluses that they have to put somewhere.
[00:04:11]  Because they simply couldn't spend it all every year.
[00:04:14]  We are the opposite in Canada.
[00:04:16]  Can you take a look?
[00:04:17]  The Canada Strong Fund will invest alongside the private sector in nation building projects to create wealth for Canadians today and our kids tomorrow.
[00:04:26]  So, is it an investment or is it a slush fund that the favored liberal projects will get?
[00:04:32]  I think you already know the answer.
[00:04:35]  This is the part that's weird.
[00:04:37]  Take a look at this.
[00:04:38]  And if you have a bit of extra money, we'll make it easy for you to invest in the fund to help build Canada strong.
[00:04:45]  For all, would you invest alongside Mark Carney in a government run scheme?
[00:04:52]  You'd be crazy to invest with the government on.
[00:04:54]  I mean, imagine their electric vehicle battery factories.
[00:04:59]  I mean, absolute disasters.
[00:05:01]  But if you had an inside track like the owners of that spaceport in Nova Scotia, actually, you'd love to invest alongside the government, wouldn't you?
[00:05:10]  Because you'll be taken care of anyway.
[00:05:12]  Canadians are choosing to buy Canadian, to explore Canadian, and build Canadian.
[00:05:18]  Because it's our country and we're building our future together.
[00:05:23]  But we're not.
[00:05:24]  I mean, $1 trillion of investment has left the country.
[00:05:29]  And we're not investing in Alberta or oil.
[00:05:32]  We're importing oil from conflict oil countries like Saudi Arabia.
[00:05:36]  The east coast of Canada imports oil because the government won't allow oil to be produced and shipped from Alberta.
[00:05:45]  So that was his one minute speech, almost every sentence of which was untrue or misleading.
[00:05:52]  Today, at a press conference, I want to show you just a few little clips.
[00:05:55]  I mean, the most obvious question, and even some regime journalists got it, was where are you getting the $25 billion from?
[00:06:06]  We don't have a surplus.
[00:06:07]  The government's running deficits and cutting spending across the board.
[00:06:10]  So, where is this $25 billion going to come from?
[00:06:14]  Well, the first thing, I won't front run the Minister of Finance too much tomorrow.
[00:06:20]  But there will be good news tomorrow with the spring update on the fiscal situation, the government's performance against our deficit targets.
[00:06:31]  the government performance on getting spending under control, and the government's performance at the main time, and this has been core to our strategy, which is to spend less, get spending under control, so that Canada can invest more.
[00:06:44]  And what today is about is ensuring that as Canada invests more, Canada is a country, the Canadian private sector, foreign investors in Canada, that all Canadians share in the benefits of that.
[00:06:56]  We have ample resources in order to do so alongside.
[00:06:59]  And remember, last point, and I'll hand back, is that There's a series, and this is what governments have done over the years a series of measures that governments are taking to create the possibility of these projects.
[00:07:11]  We're doing that on a different scale now.
[00:07:14]  And now we're making sure at the same time that all Canadians benefit.
[00:07:17]  Follow up?
[00:07:19]  You keep referencing the Canadian Pacific Railway as a benchmark here, and that was funded by private investment.
[00:07:26]  But a lack of transparency around that financing led to one of the earliest political scandals in Confederation.
[00:07:32]  So I'd like to know about the transparency on this fund.
[00:07:35]  Who is going to manage it?
[00:07:36]  Yeah, absolutely.
[00:07:38]  Look, and I'm glad you raised it because there are lessons in all respects on how, from our past and from the specific example.
[00:07:48]  I drew out some of the most important ones about partnership with Indigenous peoples, full partnership with workers, and full participation of Canadians alongside.
[00:07:59]  This will be an independent Crown corporation, reports to Parliament, arm's length, as I say, independent, full disclosure, professionally managed.
[00:08:09]  And the investments that are made will be clear.
[00:08:13]  The objective is to grow wealth for Canadians over the long term.
[00:08:20]  What does it mean to spend less to invest more?
[00:08:23]  He's using the word invest as if he's in the private sector.
[00:08:26]  The government is talking about spending less to spend more.
[00:08:29]  It just doesn't make sense.
[00:08:31]  It's a circle.
[00:08:32]  And then he says he has ample resources.
[00:08:35]  Does he mean the government has ample resources or that he's planning on taking our ample resources?
[00:08:42]  There was a comment at the end there about the Canadian Pacific Railway and how it was a source of corruption because it was all government in cahoots with corporations.
[00:08:51]  He said he was glad the reporter raised it.
[00:08:55]  Yeah, I don't think so.
[00:08:57]  I think that that's exactly what this is all about more insiders, more friends getting their patronage positions.
[00:09:03]  It's sort of crazy.
[00:09:07]  I just don't think that the government is in a position to grow wealth.
[00:09:12]  And I mean, they invest in things like wind turbines or spaceports.
[00:09:16]  It's all about patting their own, feathering their own nest.
[00:09:20]  Here's an interesting clip.
[00:09:23]  It starts off bland enough and awkward enough, but then it sort of ends with a slight menace that maybe he's going to take some resource wealth in Canada, which in Canada under our constitution belongs to the provinces.
[00:09:38]  You take a look.
[00:09:39]  You said the goal of it is to grow wealth.
[00:09:42]  And so I'm wondering to what extent, though, you have already coordinated or consulted with the provinces that really have control over there is a lot of the oil and gas, for example.
[00:09:52]  Generating sectors, Alberta, Saskatchewan, and Newfoundland.
[00:09:57]  How can you persuade them it's not ultimately a resource wealth grab?
[00:10:02]  Well, it's not.
[00:10:05]  There's a series, sometimes, if I may, the discussion of how we're building the country, how Canadians are building the country, gets reduced to one sector or one type of infrastructure in one sector.
[00:10:21]  There is a very broad range of things that we're Canadians are doing to grow Canada strong.
[00:10:28]  That involves entirely new ports in the Arctic.
[00:10:31]  It involves a host of critical minerals.
[00:10:34]  It involves data infrastructure and other infrastructure that will be necessary.
[00:10:39]  It involves a series of investments above and beyond the high-speed rail and others.
[00:10:48]  Where there is at the heart of all of these projects, including in resources, provincial jurisdiction, including resources, where the federal government is catalyzing, helping to make the project happen through a tax incentive, through some other support, regulatory or other support, and at the core there is a commercial business, a commercial project that is making a profit,
[00:11:17]  it is fair, right, just, smart for Canadians to have a share directly of those profits.
[00:11:26]  And that's what the fund is going to make possible.
[00:11:28]  And this is a great thing for Canadians today and very much tomorrow because it's going to spread the benefit over time.
[00:11:35]  Oh, he used the word catalyzing again, didn't he?
[00:11:37]  He just, some people say, um, Justin Trudeau said, uh, and um, a lot.
[00:11:42]  Mark Carney says catalyzing a lot.
[00:11:44]  But he says something interesting.
[00:11:46]  He says, if the government helps you with regulatory support, that is, if the government does you a favor, Get ready to do them a favor back, quote, to share directly in your profits.
[00:12:02]  Is there a new tax here?
[00:12:04]  I mean, companies already pay the taxes that they owe.
[00:12:07]  Is he saying that if he does you a favor and invests in you or lets you do a project, that you'll have to tip him?
[00:12:16]  You'll have to give him some, what do they call it in Tony Soprano's Mafia?
[00:12:22]  Some vigorous.
[00:12:22]  You have to give him the vig.
[00:12:24]  Again, I think this is a counterpoint to Avi Lewis.
[00:12:27]  The communist Marxist in the NDP.
[00:12:31]  He's trying to outflank him.
[00:12:32]  But it was sort of a dog whistle to all the Alberta haters out there.
[00:12:35]  Here's the Globe and Mail's Doug Saunders, who, in response to Mark Carney, said, Canada's debt is not particularly high, the lowest in the G7.
[00:12:44]  There are other reasons to question the wealth fund, including ones you name.
[00:12:47]  He's talking to someone else.
[00:12:49]  But he says, provinces should be required to put up all its assets from their petroleum rents.
[00:12:56]  Oh, okay.
[00:12:57]  So just from oil, not from mining in Ontario, not from Hydroelectric, but only oil rich provinces should be forced to give their oil royalties to the feds.
[00:13:12]  They're licking their chops, aren't they?
[00:13:15]  You know, the big joke is that he's using the phrase sovereign wealth fund, which only countries in a massive surplus have.
[00:13:22]  This is just more spending with a fancy name.
[00:13:26]  He's sort of a fibber that way.
[00:13:27]  I don't know if you remember about a decade ago, Justin Trudeau set up something identical.
[00:13:32]  He called it the Canada Infrastructure Bank, which was at least a little bit more honest.
[00:13:37]  But it was a slush fund too.
[00:13:38]  It had approvals to spend $35 billion.
[00:13:41]  I don't think it.
[00:13:42]  Managed to give it all away, but it was slush funds and it was corporate favors.
[00:13:47]  There's so many of these little government slush funds.
[00:13:50]  There's the Export Development Bank, there's regional diversification projects.
[00:13:55]  I mean, this is just another way of doing business the liberal way.
[00:13:59]  But how is any of this possible?
[00:14:01]  I mean, how is it possible that the prime minister can say that this is just like what Saudi Arabia has, just like what Qatar has hundreds of billions of dollars just jangling around in their pockets that they have to spend on something?
[00:14:15]  Well, the answer, I think, comes back to a theme that we're going to see a lot this year government journalists.
[00:14:22]  I grant you that there were a few journalists who this was just too much to swallow, but I bet you that in every newspaper tomorrow, they'll have that word sovereign wealth fund.
[00:14:31]  Low information journalists catering to low information voters.
[00:14:35]  Mark Connie's laughing all the way to the bank.
[00:14:38]  Stay with us.
[00:14:39]  More on this with our friend Franco Terrazano from the Taxpayers Federation.
[00:14:51]  Well, Mark Carney has given me a new idea.
[00:14:53]  In addition to using words like catalyzing, which I never really used before, but I like to copy our prime minister, I am going to use the phrase wealth fund when I'm actually in debt.
[00:15:08]  So, my credit card debt, which has been chasing me around forever, I'm going to call that a wealth fund, not a debt fund.
[00:15:16]  And I'll see if anyone, including the credit card company itself, buys it.
[00:15:19]  I'm making fun, of course.
[00:15:20]  Canada does not have a sovereign wealth fund because we are not.
[00:15:24]  In a position of having extra cash.
[00:15:26]  Now, Alberta had set up the Heritage Trust Savings Funds, which actually was a wealth fund.
[00:15:32]  It was government money that they sort of overtaxed from the energy sector and they put it aside for a rainy day.
[00:15:38]  That was the closest Canada ever came to a sovereign wealth fund.
[00:15:42]  This is trickery for low information voters who just can't get enough of that.
[00:15:47]  Mark Carney joining us now to talk about this is our friend Franco Terrazano, the big boss of the Canadian Taxpayers Federation.
[00:15:53]  Franco, I didn't make my credit card joke very well, but We don't have extra cash.
[00:15:57]  We've got about a trillion dollars in debt.
[00:16:00]  It ain't no sovereign wealth fund, is it?
[00:16:03]  No, it is a debt fueled corporate slush fund.
[00:16:07]  I mean, come on, folks.
[00:16:08]  The federal government is more than a trillion dollars in debt.
[00:16:11]  And what Carney announced today is he's going to borrow another 25 billion dollars, put it into a fund, and then the government is essentially going to gamble taxpayers' money on risky corporate handouts, right?
[00:16:23]  This is the opposite of what a sovereign wealth fund is supposed to be, right?
[00:16:28]  A sovereign wealth fund.
[00:16:29]  Is supposed to be the government saving money, right?
[00:16:32]  Or using non renewable resource revenue, Norway saving its oil and gas money.
[00:16:39]  Okay, this is not a sovereign wealth fund.
[00:16:42]  This is the Kearney government dreaming up new ways to borrow billions more and waste taxpayers' money on corporate handouts.
[00:16:49]  Now, some reporters, Franco, to their credit, ask questions like, where are you going to get the money from?
[00:16:54]  And isn't this just another way of saying debt?
[00:16:57]  I think that most of the media and most of the political class are going to use that phrase sovereign wealth fund.
[00:17:04]  And if I think they're just going to perpetuate this myth and they're playing to Mark Carney's credentials as a banker, I think that this is going to be just one of those things you have to trust the expert.

=== Corporate Subsidies and Debt (08:35) ===

[00:17:18]  I mean, are you an expert?
[00:17:19]  No, he is.
[00:17:20]  He was the head.
[00:17:21]  Like, I think he has some obviously some underlying credentials, and then he's just running with that.
[00:17:26]  Like, the other day, he said he invented the concept of forward guidance where you sort of predict things, forward guidance is a ubiquitous concept.
[00:17:35]  Concept in investments where you literally do that.
[00:17:39]  You give people your best guess about where things are going.
[00:17:42]  He claimed he invented that.
[00:17:44]  Like, I think he's a bit of a fibber.
[00:17:47]  And the crazy thing is, he doesn't have to be.
[00:17:49]  He's well educated, he has a lot of interesting experience, but he just can't help himself.
[00:17:54]  He invented forward guidance and he is setting up, he says, a sovereign wealth fund when it's not that.
[00:18:02]  I think he just is that certain he's going to get away with it.
[00:18:06]  Well, Ezra, let me just build on that first point because I noticed the exact same thing you did, right?
[00:18:12]  I woke up this morning and I do a news scan and I saw a whole bunch of news outlets just regurgitating what they heard from an unnamed government source, right?
[00:18:21]  That it was going to be a sovereign wealth fund.
[00:18:23]  But I mean, you look at the announcement, if you actually see what the government has put out there, it is not anywhere close to what is, quote unquote, a sovereign wealth fund.
[00:18:32]  Let's look at the gold standard policy, okay?
[00:18:34]  Norway.
[00:18:35]  What does Norway do?
[00:18:37]  It saves its oil money and then it uses that money, it puts it into a fund and then it invests the interest.
[00:18:44]  Not only that, but it must invest the interest abroad, right?
[00:18:48]  Because it's a safeguard to make sure that politicians aren't just dumping taxpayers' money into their own pet projects.
[00:18:55]  But what Kearney is doing is the exact opposite, right?
[00:18:59]  He's not saving money, he's borrowing $25 billion more.
[00:19:03]  And there's no safeguards, right?
[00:19:05]  They're not having limits on only investing overseas projects.
[00:19:09]  No, no, no.
[00:19:11]  What it seems like is the government is going to use this money, the $25 billion that is borrowed, and then risk it on corporate subsidies in Canada.
[00:19:19]  Yeah.
[00:19:21]  You know, there are some.
[00:19:23]  I'm just trying to think of other big pools of money in the country.
[00:19:27]  There is the Canada Pension Plan, which is invested.
[00:19:29]  There's teachers' investment funds.
[00:19:31]  There's a case to depot in Quebec.
[00:19:34]  These are large pools of money that have more or less government involvement, but there are rules to make sure it's neutral in certain cases.
[00:19:42]  There are rules to make sure that it's not spent as a political favor.
[00:19:46]  It seems to me like this is just a way of Mark Carney handing out $25 billion to.
[00:19:52]  Political projects.
[00:19:54]  I mean, I was just out in Nova Scotia the other day at this rocket launch pad that got a $200 million lease, and it's a barren gravel lot with a little slab of concrete on it.
[00:20:05]  And to me, that's a perfect sovereign wealth fund investment.
[00:20:09]  Like it's things that wouldn't pass the smell test.
[00:20:12]  The government already has tried this.
[00:20:13]  They had the Infrastructure Investment Bank, they were in a scam called the Asian Investment Bank, which is sort of crazy.
[00:20:21]  We were lending money to China.
[00:20:24]  I think, though, that Mark Carney has a sway over the media that Trudeau didn't actually.
[00:20:31]  I mean, maybe it's just Carney's honeymoon, but I don't know.
[00:20:34]  I just, I'm, do you think people will buy it?
[00:20:37]  Do you think people will think this is anything more than just rephrased debt?
[00:20:42]  Well, all it is is just debt financed corporate welfare.
[00:20:45]  That's all it is, right?
[00:20:47]  And Carney wanted to make it sound better than it is.
[00:20:50]  So he said sovereign wealth fund, right?
[00:20:52]  But really, it's just debt financed corporate welfare.
[00:20:55]  Right, 25 billion.
[00:20:56]  And folks, it's not like the government has this, you know, treasure chest full of money.
[00:21:00]  The government is so in debt, we have un money, right?
[00:21:03]  More than a trillion dollars in debt.
[00:21:05]  Debt interest charges costing us more than $1 billion every single week.
[00:21:09]  That is a brand new hospital poof gone because that money is going to pay interest on the government credit card.
[00:21:14]  So, you know, we are so far away from having this sovereign wealth fund that now Kearney is going to be borrowing another $25 billion.
[00:21:22]  And of course, Canadians are going to be paying interest on it.
[00:21:25]  Yeah.
[00:21:25]  I have a theory, and it hit me this morning when I was reading about this.
[00:21:28]  Avi Lewis is the new leader of the NDP, and the NDP are very low in the polls.
[00:21:33]  In fact, I got my math wrong.
[00:21:34]  I said they got 9% in the last election, they only got 6%.
[00:21:37]  Like they're in mid single digits, they're so low.
[00:21:41]  And that's how I think the Liberals won because there wasn't a split on the left.
[00:21:46]  But Avi Lewis, although he's an extremist in my view, and he is articulate, he's hardworking, he's the third generation of politician in his family.
[00:21:55]  His dad and granddad before him were NDP leaders.
[00:21:59]  And one of the things he's going on, he's big into Gaza and all that, but put that aside, he's big into the workers controlling the means of production, which is really the definition of communism.
[00:22:10]  And he talked a lot about public ownership and public financing.
[00:22:14]  Here's a clip of Avi Lewis doing the leadership campaign where he basically talks about nationalizing and publicizing the means of production, including grocery stores.
[00:22:25]  Here, take a quick listen.
[00:22:26]  Our campaign has put forward the essential role of public ownership to make to double down on the things that make Canada, Canada, not just our healthcare system, investing in the care economy where more than three million people, mostly women, work in long term care, in childcare and healthcare and education, a public option for groceries, cell phones, internet connection, a public bank through Canada Post and postal banking.
[00:22:50]  These are measures emphasizing the responsibility of the government to step up and govern and use our public resources in the public interest.
[00:22:59]  Not everybody on this stage is willing to go there, but that's the only way that Canada can build a Trump-proof economy.
[00:23:05]  So, Franco, I think that what's going on here is part of it is Mark Carney saying, All right, I've got the banker look down, Pat.
[00:23:13]  I've got sort of middle Ontario down, Pat.
[00:23:15]  But let me throw a bone to those on the far left who were thinking of defecting to the NDP that I am going to get into government ownership of the means of production.
[00:23:28]  I think that he's.
[00:23:29]  Stepping into government central planning of the economy because he wants to head off Avi Lewis at the pass.
[00:23:34]  What do you think?
[00:23:36]  Well, you know, the problem for us ordinary people is like they can play these political games, but at the end of the day, it's us left holding the bag, right?
[00:23:42]  Like, I don't think the government could successfully run a lemonade stand, let alone an investment fund or, you know, even a government grocery store.
[00:23:51]  I mean, time and time again, the government completely fails.
[00:23:54]  And, you know, here's the problem, right?
[00:23:56]  Because we do face an existential threat for so many people the affordability crisis, right?
[00:24:02]  And prices.
[00:24:03]  You know, you might hear inflation rate coming down, but everyone knows everything is so expensive, right?
[00:24:08]  And the problem is, right, you have the government that creates the problem, right?
[00:24:11]  So they break your leg, they give you a crutch that's two sizes too small, they make the problem worse, and then they expect to thank you, right?
[00:24:18]  So, you know, when we talk about even government grocery stores versus the cost of living, you talk about a new sovereign wealth fund versus the investment and productivity crisis in Canada, the problem stems with the government overreach in the first place, whether it's a carbon tax driving up the cost of food.
[00:24:34]  Or energy regulations that deter investment from actually coming into Canada.
[00:24:38]  So, the problem that we're seeing right now economically is too much government.
[00:24:43]  Yeah.
[00:24:44]  You know what?
[00:24:45]  No one uses the word communist to describe another political operator because it sounds so extreme.
[00:24:50]  It almost sounds like a caricature to use that.
[00:24:53]  It almost sounds like an insult more than an observation.
[00:24:55]  But I think Avi Lewis meets the definition of a communist in terms of public ownership of so many assets.
[00:25:01]  And I actually think Mark Carney is trying to.
[00:25:04]  Edge that way.
[00:25:05]  He wants to be the button down corporate communist.
[00:25:09]  I don't think I'm going to call him a corporate communist a lot because it sounds so wacky.
[00:25:14]  But I really think that's what this sovereign wealth fund is, except for its debt.
[00:25:18]  It's really sad.
[00:25:20]  And I wonder how long the markets will allow Canada to be so goofy and irrational and against the fundamentals.
[00:25:30]  I think that Mark Carney's brand is tied up in expertise and professionalism.
[00:25:35]  But if he keeps borrowing like this, The world's banks are going to say, no, no, you've gone too far.
[00:25:40]  What do you think?
[00:25:41]  Do you think that's a possibility?
[00:25:43]  Oh, and Ezra, you don't even have to take my word for it.
[00:25:45]  Ask the Saskatchewan NDP of the 1990s what happens, right?
[00:25:49]  You always got to pay the piper.
[00:25:51]  They kept kicking the can, the deficit can down the road.

=== Police Corruption and Anti-Semitism (02:35) ===

[00:25:54]  What happened in the 90s?
[00:25:55]  Things got so bad that even the NDP in Saskatchewan were forced to close down dozens of hospitals in that prairie province.
[00:26:03]  So look, they're going to keep racking up the debt.
[00:26:06]  And if they don't take this problem serious, it's going to be Canadian taxpayers that are going to be in a world of pain.
[00:26:13]  Our guest today is Franco Terrazano, the big boss of the Canadian Taxpayers Federation.
[00:26:18]  Keep on them.
[00:26:19]  Keep on them.
[00:26:19]  We need you, Franco.
[00:26:21]  Keep at it.
[00:26:22]  Thanks, Ezra.
[00:26:23]  All right, there he is.
[00:26:24]  Stay with us.
[00:26:25]  more ahead.
[00:26:35]  Hey, welcome back.
[00:26:35]  Your letters to me.
[00:26:36]  The first is on Joe Warmington talking to me about police corruption and anti Semitism in police.
[00:26:42]  The Mitten Method said Vancouver is exactly the same situation.
[00:26:46]  It has gone downhill greatly over the past 10 or so years, up the universe.
[00:26:51]  One of the interesting things in Toronto is how somebody the DEI quota hires are getting into deep ethics trouble.
[00:26:58]  They're lowering the standards, and what do you expect to happen?
[00:27:02]  Russian Old Spice says the Toronto Police Department are not to be trusted.
[00:27:06]  They are no different than the Hells Angels or the Bloods in the Crips.
[00:27:09]  They are an organized crime syndicate, nothing more than criminals investing in criminals.
[00:27:13]  I think you're painting with too broad a brush.
[00:27:15]  I know that not all the thousands of police are corrupt.
[00:27:18]  I mean, it's just not true.
[00:27:19]  But unfortunately, too many are.
[00:27:21]  And as Joe Warmington has pointed out before, for the police chief to basically investigate himself, I think that's a bit much.
[00:27:28]  Messier45 says I grew up in Liverpool, England.
[00:27:31]  Near where I live, there were many Jewish businesses who had served the community and lived a quiet life.
[00:27:36]  Years later, Muslims moved in and they spread so quickly that the Jews moved out and went to Manchester.
[00:27:41]  It was a peaceful neighborhood when I was a kid.
[00:27:43]  Now it has gone massively downhill.
[00:27:45]  Well, I think that the era of Jewish life in the UK is coming to a close.
[00:27:51]  Jews were expelled from the UK about 850 years ago.
[00:27:56]  And when they returned, they made a life and they're woven into the tapestry of British history.
[00:28:02]  I mean, Benjamin Disraeli, the first Jewish prime minister.
[00:28:06]  Jews have been a part of Britain for centuries, but I don't know if that's tenable anymore.
[00:28:11]  Not because of the state.
[00:28:12]  I think the state is still fairly friendly, not because of indigenous British people.
[00:28:17]  But when you invite or not invite, when you accept millions of migrants from places that are full out anti Semitic, Pakistan, Algeria, Afghanistan, Somalia, they just hate Jews.

=== The End of Jewish Life in UK (00:23) ===

[00:28:29]  They also hate Christians and they hate the West.
[00:28:32]  When you bring in millions of people and change your demographics, It's going to happen, and I fear it's going to happen in Canada too.
[00:28:39]  So, what you're describing makes me very sad, but it's certainly not going to end by moving to Manchester, I'll tell you that.
[00:28:45]  Well, that's our show for the day.
[00:28:47]  Until tomorrow, on behalf of all of us here at Rebel World Headquarters, to you at home, good night and keep fighting for freedom.