the SEC is a single point of failure - silver & gold manipulation for example. It takes 1 bribe or 1 well positioned person to control it all. By having a central regulator this invites fraud. Having no central regulator in Canada is a good thing. I could never trust American-style "regulation". If we get that here, the market's won't just be rigged (I can play that) but so full of fraud I'll never invest a dime in the Canadian market again. Ever.
@boumar19721972 proper socialism is a resource-based economy.
It's nothing more than ensuring people who are lacking in resources get them, mind you it's only half the idea to move the resources to the people, and only a proxy to move money. Another idea that works is moving people do resources (moving / creating jobs). Real socialism never failed to work. A lot of idiots did something else and then pretended that was socialism for the Capitalist Theatre.
@boumar19721972 I'm not a savage capitalism defender, but a resource based economy is quite risky since their price are instable. This would mean that the economy in its ensemble would be instable just like russia and almost all african countries one.
@sentenced988 No. What I meant was getting rid of money! Check out "zeitgeist addendum" no youtube! Having a monetary system is the problem of society today!
Thats the most retarded idea ever. There is indeed a problem with the monetary system, but its not its existance, its the fact that we have allowed it to fall into private hands. We must return it to the public where it belongs.
@WilhelmDrake Why do you love money that much? Why couldn't we live without money? Animals do, and if you look at the lion structure they don't kill their kind because of money!
Who said I love money? Money is just a tool, used properly can result in gains, improperly can lead to losses. How one defines money affects how it will be used. See The Lost Science of Money by Stephen Zarlenga. He is president of the American Monetary Institute @ monetary.org
@WilhelmDrake The negative of a money system outweigh the good side of it. And economists are propagandists of money. So the site you are referring me to is full of those.
@boumar19721972 "Money" is an invention like farming. It would exist even if you tried to take it all out. Money is simply the most commonly accepted type of barter. And people ultimately barter as so they can balance their efforts.
Even if you waved a wand to make everyone altrustic (which is as evil an idea as wanting to mind control everyone) people would give their time and effort to people who asked for it. The people who ask first/the most would get resources. Everyone else wouldn't.
@WilhelmDrake If he was talking about currency he is correct, but if he was talking simply of money that statement was wrong. Like I said, it's an invention from how we've evolved.
If you are against the current monetary system, good. It's screwed up and insidious.
But saying you are against "money" in general or that it's evil, is like saying the same thing about farming. It's an absolutely ridiculous statement.
Your argument is completely fallacious. You're just listing a bunch of bad things and stating they are the result of the monetary system (which completely ignores the wide variety of monetary systems which exist or have existed in the past). That's not an argument. Maybe you should read some of the great monetary historians of the past such as Alexander del Mar.
Banks are corrupt. Governments are corrupt. When banks take a gamble and fail they go out of business. When government takes a gamble and fails, they simply print more money.
Banks have something to lose. They are corrupt and want to make a profit, but as long as there is no government interference, banks will never take a chance at losing customers.
The government in the US backed mortgages, accounts, and essentially told the banks that if they gambled and lost, they would pay them back.
@audiohi No. The government gave the banks free reign to lend out 100x times the money they had in reserve. When they coulnd't pay what the owed when the debtors came to collect, that's when they lost.
Which is because the banks paid off politicians to support loosening regulations.
Government debt is not free, what electorate in recent history has re-elected a party after bankrupting a country? Let me answer that for you. NONE.
I smell OFF BALANCE SHEET ACCOUNTING to look good. That's nothing new both crook businesses and gov't are again working with canadian banks to rob investors.
People need to realise that in whatever country, Government is a business in and of itself and it looks out for its own interest. You, the taxpayer, are a revenue source. Or THE source. The service you receive in exchange is getting smaller and smaller, and less effective at that.
I always thought the etymology behind the word investor had something to do with the words 'wealthy' and 'stupid'. So I've never really held much for people who give hteir money to other people expecting these other poeple to make more for them. Just greedy.
@audiohi Last I checked it was the avg worker who produced/sold goods in this country... the economy would live on without investors. AKA Money lenders.
But that's beside the point. All tax payers ARE NOT investors, and it's not the government's job to protect investment.
If you want a crazy tale of made-in-Canada environmental destruction, corporate corruption, financial shenanigans and shady dealings with the Burmese Junta, check out the history of Robert Friedland's mining efforts in Colorado, Guyana, Burma and Mongolia. As far as I know, his efforts have all been funded through the wild west venture capitalist Vancouver Stock Exchange.
Sick of asshole cops and corporate fascists? Follow my blog "SAY NO TO COPS" and together let's raise a collective middle finger to these bastards. The link is in my profile. Fuck the police!
This is the same way every bank in the US works. Fractional Reserve banking. Read about the Reserve Requirement. Its the Madoff scheme ... after all Madoff founded the NASDAQ
Auditor's Reports are overrated. "Reasonable assurance" only means that from what the auditor has analyzed in their audit, they believe everything is fairly reported in accordance with GAAP. It's never a guarantee like some people think it is.
Ohh yes, more regulation would definitely be the answer.
Nice pseudo intellectual here, doesn't mention the fact fact Canadian banks were prudent in investing don't need bail outs and are out buying foreign banks.
At least part of the reason Canadian banks don't need bailouts is because the state (taxpayer) directly underwrites consumer credit in the form fantasy housing equity. If free market theory is right then it should end in either outright default or a soft default through high inflation. Neither very good for Canada but an interesting experiment for everyone else to watch.
@airbreather123 That's because Canadian banks are one of the most strictly regulated in the world, as opposed to American banks which were hardly regulated at all.
Thats not true. I work in a bank in Toronto, and i can tell you Canadian banks arent regulated by any stretch of the imagination. The shit people around me get away with every freakin day...
@audiohi I'm not sure you understand what I mean when I say regulated. Regulated means the government imposes strong rules and regulations on how the bank should operate, such as; don't give big mortgages to those who can' afford them. What do people get away with everyday?
Sorry to say, but u misunderstand how banks / mortgages work. Banks dont 'want' to give people bad loans lol, they want to be repaid (obviously).
In the United States, its a common misunderstanding that banks were 'allowed' (through lack of regulation) to give people loans they couldn't repay.Thats half true, the government actually 'over regulated' the mortgage industry and pushed the banks to give those mortgages to people. Also, the government and the Fed kept rates far too low.
@audiohi Oh god there was so much nonsense in your comment. For a while there I actually thought you knew what you were talking about, but you obviously don't.
@Erverino Where our governments have been wrong is on allowing real salaries to erode significantly in the last decades and as you said pushed credit as an alternative to lack of income. 1) we either accept we are going to have less income and we promote a less consumerist life style so we can cope (as we will be competing for resources with developing nations) or 2) We use customs taxes and trade and financial barriers to protect our wealth and jobs from being drained.
@audiohi Obviously banks want to get repaid...but those in the banks that were providing the mortgages were payed a bonus for short term performance. The more accounts they would open and the more money they got into the bank for that first year would reflect in what they would make. The same goes for the bigger guys that to get higher bonuses closed their eyes to unsafe investments and even fired more cautious colleagues.
@audiohi When I bought my house I was constantly asked why was I buying a 200.000 pound house when I could afford a 350000 one. Everybody, from the estate agent to my mortgage provider passing by an independent finacial advisor were keen on me getting into a bigger mortgage (their bonus depedend on it). Corporations and people are moved by profit and greed, our legislators should (and it is up to us to make sure they do) look ahead and look after our interests independetly of human weekness.
If you want to know the real problem in banking, its the relationship between the government and the banks.
Banks cant possibly get away with being as corrupt as they are without help from government.
You really have to ask yourself too, who's regulating the regulators?
The relationship between the SEC and Goldman Sachs in the US for example is a joke lol you have members of the SEC who used to work at GS, have friends there.
@optionsupdate Well, I'm Canadian and i don't recognize myself in your definition of a Canadian. And i especially don't like to get f*** in the ***. lol...
@Marchije before the time of noah the laws were changed to allow sodomites to marry, also a large PR campaign to say to people sodomy is natural as relations between a man and women, the bible refers to this permissiveness as Gomorrah, God destroyed the places where these practices occurred,
Another problem are the libel laws in Canada, that, for example, were used by Conrad Black to stifle any of the alegations made against him by various whistle-blowers over the years.
Ya , lets model ourselves after the USA ... I dont think so , the SEC is corrupt and useless ... I 'd rather not have it... goldman sachs can stay the fuck on wall street.
Most of the fraud seems to be coming out of Quebec.
That's what we need in Canada.. more regulation, more laws. Heck, why not adopt the U.S. policy to protect investors.. then we can be just like them, we are well on our way to full economic union anyway.. Sad.
when we see this,we see two jews and a book...yes we dont prosecute..cause jews own the judiciary,,,and the money.Tell the Rosen's to go home to israhell.I like trn..but this is bordering on bullshit."investors getting money to business owners so they can create jobs" bullshit!! I call bullshit
You're such an anti-semite it's not even funny. Wanna know why jews make a lot of money? It's because THEY BUST THEIR ass through college and work. You're just like those lazy rednecks that bitch about immigrants making more money than you because you're too busy getting drunk.
the SEC is a single point of failure - silver & gold manipulation for example. It takes 1 bribe or 1 well positioned person to control it all. By having a central regulator this invites fraud. Having no central regulator in Canada is a good thing. I could never trust American-style "regulation". If we get that here, the market's won't just be rigged (I can play that) but so full of fraud I'll never invest a dime in the Canadian market again. Ever.
ytgv3fc7 1 year ago
Capitalism is no better off than socialism or communism! A good alternative would be a resource based economy. Youtube "zeitgeist addendum."
boumar19721972 1 year ago
@boumar19721972 proper socialism is a resource-based economy.
It's nothing more than ensuring people who are lacking in resources get them, mind you it's only half the idea to move the resources to the people, and only a proxy to move money. Another idea that works is moving people do resources (moving / creating jobs). Real socialism never failed to work. A lot of idiots did something else and then pretended that was socialism for the Capitalist Theatre.
ytgv3fc7 1 year ago
@boumar19721972 I'm not a savage capitalism defender, but a resource based economy is quite risky since their price are instable. This would mean that the economy in its ensemble would be instable just like russia and almost all african countries one.
sentenced988 1 year ago
@sentenced988 No. What I meant was getting rid of money! Check out "zeitgeist addendum" no youtube! Having a monetary system is the problem of society today!
boumar19721972 1 year ago
@boumar19721972
Thats the most retarded idea ever. There is indeed a problem with the monetary system, but its not its existance, its the fact that we have allowed it to fall into private hands. We must return it to the public where it belongs.
WilhelmDrake 1 year ago
@WilhelmDrake Why do you love money that much? Why couldn't we live without money? Animals do, and if you look at the lion structure they don't kill their kind because of money!
boumar19721972 1 year ago
@boumar19721972
Who said I love money? Money is just a tool, used properly can result in gains, improperly can lead to losses. How one defines money affects how it will be used. See The Lost Science of Money by Stephen Zarlenga. He is president of the American Monetary Institute @ monetary.org
WilhelmDrake 1 year ago
@WilhelmDrake The negative of a money system outweigh the good side of it. And economists are propagandists of money. So the site you are referring me to is full of those.
boumar19721972 1 year ago
@boumar19721972 "Money" is an invention like farming. It would exist even if you tried to take it all out. Money is simply the most commonly accepted type of barter. And people ultimately barter as so they can balance their efforts.
Even if you waved a wand to make everyone altrustic (which is as evil an idea as wanting to mind control everyone) people would give their time and effort to people who asked for it. The people who ask first/the most would get resources. Everyone else wouldn't.
sirellyn 1 year ago
@sirellyn
Money is not a type of barter. As Aristotle said, "money exists not by nature but by law".
WilhelmDrake 1 year ago
@WilhelmDrake If he was talking about currency he is correct, but if he was talking simply of money that statement was wrong. Like I said, it's an invention from how we've evolved.
If you are against the current monetary system, good. It's screwed up and insidious.
But saying you are against "money" in general or that it's evil, is like saying the same thing about farming. It's an absolutely ridiculous statement.
sirellyn 1 year ago
@boumar19721972
Your argument is completely fallacious. You're just listing a bunch of bad things and stating they are the result of the monetary system (which completely ignores the wide variety of monetary systems which exist or have existed in the past). That's not an argument. Maybe you should read some of the great monetary historians of the past such as Alexander del Mar.
WilhelmDrake 1 year ago
For a BIGGER story, please google: Geithner Funding Georgian Mafia
usagoodbyeisayhello 1 year ago
Banks are corrupt. Governments are corrupt. When banks take a gamble and fail they go out of business. When government takes a gamble and fails, they simply print more money.
Banks have something to lose. They are corrupt and want to make a profit, but as long as there is no government interference, banks will never take a chance at losing customers.
The government in the US backed mortgages, accounts, and essentially told the banks that if they gambled and lost, they would pay them back.
audiohi 1 year ago
@audiohi No. The government gave the banks free reign to lend out 100x times the money they had in reserve. When they coulnd't pay what the owed when the debtors came to collect, that's when they lost.
Which is because the banks paid off politicians to support loosening regulations.
Government debt is not free, what electorate in recent history has re-elected a party after bankrupting a country? Let me answer that for you. NONE.
BenjaminFranklin2u 1 year ago
I smell OFF BALANCE SHEET ACCOUNTING to look good. That's nothing new both crook businesses and gov't are again working with canadian banks to rob investors.
jibbi4one 1 year ago
What do u expect, just look at canadas parlament, its a freemason shrine!
Hillsillverr 1 year ago
People need to realise that in whatever country, Government is a business in and of itself and it looks out for its own interest. You, the taxpayer, are a revenue source. Or THE source. The service you receive in exchange is getting smaller and smaller, and less effective at that.
Thinks differently. Trust yourself first.
walkwalkslow 1 year ago
Canada's Banksters are thieving pieces of shit.
Sir9real 1 year ago
I always thought the etymology behind the word investor had something to do with the words 'wealthy' and 'stupid'. So I've never really held much for people who give hteir money to other people expecting these other poeple to make more for them. Just greedy.
akrulla 1 year ago
Protecting investors?... Who gives a flying fuck about investors...it's the tax-payer that the gov. of Canada needs to protect.
This author is brain dead if he thinks this bullshit will fly under the radar in today's information age.
BenjaminFranklin2u 1 year ago
@BenjaminFranklin2u
Actually without investors the entire country would be poor. Economic growth comes directly from investment.
And remember, all investors ARE tax payers.
audiohi 1 year ago
@audiohi Last I checked it was the avg worker who produced/sold goods in this country... the economy would live on without investors. AKA Money lenders.
But that's beside the point. All tax payers ARE NOT investors, and it's not the government's job to protect investment.
BenjaminFranklin2u 1 year ago
@BenjaminFranklin2u
Of course. Economic growth comes directly from investment. Without it, the entire country would be poor.
And remember, all Canadian investors ARE tax payers.
audiohi 1 year ago
Swindlers List :-)
Mosley2 1 year ago
canada is pushing really, really hard to breed some home grown terrorist so they can join america guilt free
hurmpfff 1 year ago
If you want a crazy tale of made-in-Canada environmental destruction, corporate corruption, financial shenanigans and shady dealings with the Burmese Junta, check out the history of Robert Friedland's mining efforts in Colorado, Guyana, Burma and Mongolia. As far as I know, his efforts have all been funded through the wild west venture capitalist Vancouver Stock Exchange.
dougjnesbitt 1 year ago
This has been flagged as spam show
Sick of asshole cops and corporate fascists? Follow my blog "SAY NO TO COPS" and together let's raise a collective middle finger to these bastards. The link is in my profile. Fuck the police!
poetswolf1985 1 year ago
Great interview, but need more canadian coverage all together, but i geuss that means more donations. I got 20 bucks to spare anyone else?
CWA12 1 year ago
Well, at least your neighbors to the south don't have to feel so alone in the gigantic corruption
TheUndercoverAthiest 1 year ago
This is the same way every bank in the US works. Fractional Reserve banking. Read about the Reserve Requirement. Its the Madoff scheme ... after all Madoff founded the NASDAQ
Diipole 1 year ago
Boy, talk about Canadian Bacon. You guys are getting fried!
yo1dude1man 1 year ago
Auditor's Reports are overrated. "Reasonable assurance" only means that from what the auditor has analyzed in their audit, they believe everything is fairly reported in accordance with GAAP. It's never a guarantee like some people think it is.
somefellow12345 1 year ago
only fools invest in the market anyhoo....they are all fooled and ripped off!
EasternGateGuardian 1 year ago
Very good interview, would like to see more on the Canadian situation, as i am a canadian and a proud supporter of TRNN!
Unh0lymystic 1 year ago
I'm Canadian and I'm not surprise at all.
MustacheVerra 1 year ago
Ohh yes, more regulation would definitely be the answer.
Nice pseudo intellectual here, doesn't mention the fact fact Canadian banks were prudent in investing don't need bail outs and are out buying foreign banks.
airbreather123 1 year ago 2
@airbreather123
At least part of the reason Canadian banks don't need bailouts is because the state (taxpayer) directly underwrites consumer credit in the form fantasy housing equity. If free market theory is right then it should end in either outright default or a soft default through high inflation. Neither very good for Canada but an interesting experiment for everyone else to watch.
mightybaboonking 1 year ago
@airbreather123 That's because Canadian banks are one of the most strictly regulated in the world, as opposed to American banks which were hardly regulated at all.
Erverino 1 year ago
@Erverino
They are actually regulated, by themselves.
BlankBoy00 1 year ago
@Erverino
Thats not true. I work in a bank in Toronto, and i can tell you Canadian banks arent regulated by any stretch of the imagination. The shit people around me get away with every freakin day...
audiohi 1 year ago
@audiohi I'm not sure you understand what I mean when I say regulated. Regulated means the government imposes strong rules and regulations on how the bank should operate, such as; don't give big mortgages to those who can' afford them. What do people get away with everyday?
Erverino 1 year ago
@Erverino
Sorry to say, but u misunderstand how banks / mortgages work. Banks dont 'want' to give people bad loans lol, they want to be repaid (obviously).
In the United States, its a common misunderstanding that banks were 'allowed' (through lack of regulation) to give people loans they couldn't repay.Thats half true, the government actually 'over regulated' the mortgage industry and pushed the banks to give those mortgages to people. Also, the government and the Fed kept rates far too low.
audiohi 1 year ago
@audiohi Oh god there was so much nonsense in your comment. For a while there I actually thought you knew what you were talking about, but you obviously don't.
Erverino 1 year ago
@Erverino Where our governments have been wrong is on allowing real salaries to erode significantly in the last decades and as you said pushed credit as an alternative to lack of income. 1) we either accept we are going to have less income and we promote a less consumerist life style so we can cope (as we will be competing for resources with developing nations) or 2) We use customs taxes and trade and financial barriers to protect our wealth and jobs from being drained.
greenday1978 1 year ago
@audiohi Obviously banks want to get repaid...but those in the banks that were providing the mortgages were payed a bonus for short term performance. The more accounts they would open and the more money they got into the bank for that first year would reflect in what they would make. The same goes for the bigger guys that to get higher bonuses closed their eyes to unsafe investments and even fired more cautious colleagues.
greenday1978 1 year ago
@audiohi When I bought my house I was constantly asked why was I buying a 200.000 pound house when I could afford a 350000 one. Everybody, from the estate agent to my mortgage provider passing by an independent finacial advisor were keen on me getting into a bigger mortgage (their bonus depedend on it). Corporations and people are moved by profit and greed, our legislators should (and it is up to us to make sure they do) look ahead and look after our interests independetly of human weekness.
greenday1978 1 year ago
@Erverino
If you want to know the real problem in banking, its the relationship between the government and the banks.
Banks cant possibly get away with being as corrupt as they are without help from government.
You really have to ask yourself too, who's regulating the regulators?
The relationship between the SEC and Goldman Sachs in the US for example is a joke lol you have members of the SEC who used to work at GS, have friends there.
audiohi 1 year ago
No doubt Harper and his cronies are benefitting from this.
blackiron60 1 year ago 2
Canadians are the whore of babylon and the new sodom and gomoroh
optionsupdate 1 year ago
@optionsupdate Well, I'm Canadian and i don't recognize myself in your definition of a Canadian. And i especially don't like to get f*** in the ***. lol...
MustacheVerra 1 year ago
@optionsupdate Could you please elaborate? I'm intrigued.
Marchije 1 year ago
@Marchije before the time of noah the laws were changed to allow sodomites to marry, also a large PR campaign to say to people sodomy is natural as relations between a man and women, the bible refers to this permissiveness as Gomorrah, God destroyed the places where these practices occurred,
optionsupdate 1 year ago
Another problem are the libel laws in Canada, that, for example, were used by Conrad Black to stifle any of the alegations made against him by various whistle-blowers over the years.
Ape65 1 year ago
This has been flagged as spam show
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WavesOfTrolls 1 year ago
Interesting interview and info. Thanks RealNews.
GetMeThere1 1 year ago 11
Ya , lets model ourselves after the USA ... I dont think so , the SEC is corrupt and useless ... I 'd rather not have it... goldman sachs can stay the fuck on wall street.
jesterua67 1 year ago 16
@jesterua67 At least they lock up white collar crooks in the states.... from time to time.
BoredomCorner 1 year ago
Most of the fraud seems to be coming out of Quebec.
That's what we need in Canada.. more regulation, more laws. Heck, why not adopt the U.S. policy to protect investors.. then we can be just like them, we are well on our way to full economic union anyway.. Sad.
NAUresistance 1 year ago
they won't cut the hand that feeds them
mike6459 1 year ago
when we see this,we see two jews and a book...yes we dont prosecute..cause jews own the judiciary,,,and the money.Tell the Rosen's to go home to israhell.I like trn..but this is bordering on bullshit."investors getting money to business owners so they can create jobs" bullshit!! I call bullshit
dryflyguyok 1 year ago
@dryflyguyok shut. the. fuck. up.
You're such an anti-semite it's not even funny. Wanna know why jews make a lot of money? It's because THEY BUST THEIR ass through college and work. You're just like those lazy rednecks that bitch about immigrants making more money than you because you're too busy getting drunk.
CyborgNinja117 1 year ago
These scammers may use public hysteria and most likely work through the mob.
yuri35435 1 year ago