Canada is a failed state

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Totallyunknown said:
Citibank, Bank of America, Wells Fargo

This is honestly something you can easily Google to not look like an idiot before posting.
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Citibank is a Schedule II bank, and BoA and Wells Fargo are Schedule III. When you were rage Googling and throwing a fit did you bother to look those up? Don't answer I know you didn't.

So you're going to learn something today.

A Schedule II bank under The Bank Act. Are Subsidiaries of foreign banks that are allowed to accept deposits. Notice how the word SUBSIDIARY is in that sentence. Now you might be wondering, what is a subsidiary. Well a subsidiary is a separate legal entity from its parent company. It must comply with local laws and regulations, including tax laws, and is responsible for its own debts and liabilities. So it is an actual separate company. Which maybe owned in partial, or wholly by its parent company. The amount typically hovers somewhere above 50%. Less than 50% it is an affiliate. Subsidiaries are used, because you cannot enter the market unless you have a corporate entity in the nation. Subsidiary companies can also be sold off or spun into independent companies, sometimes keeping the name.

For example Citibank Canada, which has been steadily moving out of personal banking in Canada for the last decade or so. Citibank Canada issues credit cards and does commercial and investment banking in Canada. It's personal banking was bought out and became Fairstone financial, which as of 2021 became Fairstone Bank of Canada which is now a Schedule I bank. A schedule 1 bank is wholly domestic bank operating in Canada. But I am sure you knew that.

Now Schedule III banking in Canada are actual branches of foreign banks. Such as your examples of Bank of America and Wells Fargo. However, Schedule III banks, cannot accept deposits of less then 150k. So entirely and wholly used for commercial banking and investment.

So when the orange man says American Banks cannot operate in Canada. He is in broadstrokes correct. A subsidiary being a separate corporate entity means that it does not have the full weight and resources of its parent company, it just has the name. It is a result of a company like Citigroup throwing tons and tons of money into a foreign market, and hoping to establish a foothold. Now Canadian banking regulations are protectionist in nature. I will let you decide whether or not that is a good thing.
 
Totallyunknown said:
However PP has now brought interprovincial trade forward as an election issue. I saw a very cringe promo video earlier where he was saying we should be looking to trade with Canada before all else.
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PP is one of the few Canuck Politicians I and other normal Americans respect. Better hope he gets in for your sakes.
 
Trudeau has been spouting this post nationality/post identity bullshit for the last ten years. Now he's suddenly pro-Canada?

Fuck off.

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Appeasing Washington D.C. works, because that's literally how Canada operates since like forever.

Now we need to address mass immigration because I don't want to live in India. I don't think people understand just how gross and disgusting the Toronto area has become with all the Indians. Toronto looks like straight up Mumbai or New Delhi nowadays. No sane civilized person wants to live in that.

I witnessed the Toronto suburbs go from White to Indian in less than 20 years. Their English is gross, their culture is flashy and cheap, and they worship cows and monkeys. It's like an ugly zoo. The body odour is horrific, and if not, they heavily perfume themselves, usually with cheap Indian perfumes too.

And they have the worse sanitation and hygiene by far, and hiring practices where they'll try turn any workplace into India. They can't even keep pristine neighbourhoods, every neigbourhood they've taken over has become ghetto and ugly. They're not good looking either, each time I see an average Indian my eyes need bleach. And their food, I have no idea how anyone can eat their slop, it just tastes like you ate the entire spice rack.

These people can't even keep to themselves, they've just about invaded every other cultural event. Whether it's East Asian, or European, these Indians will dress in their glorified blankets and pyjamas and perform Bollywood. Canada Day? It's Pajeet Day. Chinese New Year? Pajeet New Year. They got to insert themselves everywhere.

The Indian community is a horrific attack on all the senses. I've become aggressively repulsed by them everywhere and anywhere.
 
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IDontLikeLiberals said:
Trudeau has been spouting this post nationality/post identity bullshit for the last ten years. Now he's suddenly pro-Canada?

Fuck off.

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For nearly a decade, Captain Blackface™ was busy virtue-signaling Canada into a woke fever dream where national borders were “problematic,” patriotism was racism-adjacent, and cultural cohesion meant forcing diversity quotas until even poutine started identifying as quinoa salad. But now? Oh NOW, Little Potato Jr. remembers that having a country might actually matter after all. This isn’t leadership; it’s geopolitical panic cosplay. Even IF Trudeau’s newfound love affair with Canada wasn'’t performative, his track record ensures failure. Post-national states don’t magically rebuild manufacturing sectors gutted by decades of “progressive” policy. You can’t flip from open-border utopianism to economic protectionism overnight without exposing systemic rot. Every tariff threat from the south is a bill coming due for years spent moralizing instead of strategizing.
 
Can’t help but wonder how Trudeau has harmed the Canadian economy, by letting it escalate to this, instead of just giving Big Don whatever he wanted on day one.

Yeah, the tariffs are off for now, but you know they’ll be back the next time Canada doesn’t toe the line.

Anyone who’s in manufacturing, any Canadian business has to look at this and go: “Hmm… If it’s going to be like this for at least the next four years, I better move at least part of the business to the US!”
 
OutInTheRain said:
Citibank is a Schedule II bank, and BoA and Wells Fargo are Schedule III. When you were rage Googling and throwing a fit did you bother to look those up? Don't answer I know you didn't.
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You're so stupid that you ignored the original reply where I said they exist under our banking regulations. You asked me to name an American bank operating in Canada.

We survived the 2008 crash with less damage because we don't allow American banks to operate the same way here. When you tried to respond to me as a gotcha, did you bother to read the original post you replied to or just get excited I paid attention to you at all? Why did you ask me to name one? Did you just learn about our regulations via Google because you basically c&p the Wikipedia entry?
 
Fapcop said:
Can’t help but wonder how Trudeau has harmed the Canadian economy, by letting it escalate to this, instead of just giving Big Don whatever he wanted on day one.

Yeah, the tariffs are off for now, but you know they’ll be back the next time Canada doesn’t toe the line.

Anyone who’s in manufacturing, any Canadian business has to look at this and go: “Hmm… If it’s going to be like this for at least the next four years, I better move at least part of the business to the US!”
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Yep. Canada needs a permanent solution which Trudeau can't offer because HE SUPPOSEDLY RESIGNED AND THERE IS A DEFINITE ELECTION ON MARCH 2025 WHICH HIS PARTY SHOULD LOSE.

better outcome would have been an election LAST MONTH but Trudeau and liberals said fuck you Canada.
 
SandM_ said:
But would trans-atlantic trade really compensate against trading with your landlocked neighbor right next door?
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No. China would end up being our biggest trading partner. They already own all of our ports and everything in the store that isn't food comes from China. Not to mention the influence they have over our government into even letting organized crime run free.
Have you tried to ship anything from the eu to canada? That will get old very fast.
 
BeetleBug242 said:
I had a feeling we would fold, but this fast and lame… Fack.
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Trudeau really bruised his knees and forehead with how hard he kow towed to the Emperor. Honestly it would be less a ritual humiliation if he'd just offered to help secure the border from the start instead of doing it this way. This comes across as him trying to outdo the Mexicans with their offerings.

Mexico is sending 10,000 troops? Well Canada is sending 10,000 personnel (cuz we don't have an Army) AND choppers AND A BILLION DOLLARS!
 
Sexy Senior Citizen said:
So when Trump annexes Canada, how should he handle Quebec?
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Quebec will file articles of separation before that happens. You can already see that PQ's separatists now stand to win every single seat in Quebec (again) as the conservatives come into power this year. People complain in the US that it's a two party system - but the big problem when you have three or four big parties - is that two of them only have the purpose of wasting the time of the parties who have actual mandates. A supremely divided country, such that it needs that many tents for its political positions, is not in a position to make effective decisions for itself.

You must understand, Quebec has been preparing for separation for more than 100 years. Its education system is separate (and incompatible) with anglo-Canadian diploma/degree standards. It has divorced itself from every single compulsory federal compensation program, and made provincial versions of all of them. Every provincial program ever devised by the Quebec provincial government has been designed to be separate from Ottawa's mandates such that it can simply press a button and become the sovereign nation of Quebec.

Quebec has laws on the books designed to heavily reduce the influence of English Canada. Down to the size of the font used in the English portion of bilingual packaging, or what language business signs are permitted to be written in. Outside of Montréal, you would be lucky to find someone who even understands English, let alone is able to speak it.

It's gotten so bad that a citizen of Quebec is effectively treated like a foreigner in the rest of Canada with respect to licensing/certification because Quebec *refuses* to modify its standards to accommodate that of Anglo-Canada. Simply moving from PQ to another province with a degree will force you to get an entirely new degree. Even your high school education doesn't transfer.

The only thing they don't have to enforce their own sovereignty is an army (but that's not exactly legal for them to make currently).
OutInTheRain said:
Name one.
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Trump is correct. American banks cannot operate in Canada due to the Bank of Canada Act. I could go into autistic detail explaining exactly why this is, but the short version is that unlike every other country in the world (except one), Canada's government has 100% control over its central banking system, and all banks that operate in Canada that wish to be a part of the overnight banking system must effectively make themselves vassals to the Bank of Canada Act. (Ironically, updated to do this by Trudeau the First in 1980).

There are other "Banks" that operate in Canada that aren't attached to the Bank of Canada - but these banks are generously named so. They are referred to as Credit Unions, and often reflect chunks of credit held by depositors, also called "owners". Since they don't have access to the overnight rate, however, they don't have to do what banks do and often offer better interest rates. Servus, Vancity and Meridian for example are some of the largest credit unions in Canada and while they perform bank-like services, they are divorced from the Bank of Canada's regulated control over overnight lending.
 
Totallyunknown said:
You're so stupid that you ignored the original reply where I said they exist under our banking regulations. You asked me to name an American bank operating in Canada.

We survived the 2008 crash with less damage because we don't allow American banks to operate the same way here. When you tried to respond to me as a gotcha, did you bother to read the original post you replied to or just get excited I paid attention to you at all? Why did you ask me to name one? Did you just learn about our regulations via Google because you basically c&p the Wikipedia entry?
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We don't have subprime mortgages in Canada, the cause of the 2008 crash. However, so much capital was wiped out of the market in 2008 that Canadian banks were on the verge of not being able to loan money, or issue mortgages. Which because modern economies run on debt would have caused a credit crash. Which if it had been allowed to go through would have meant credit cards could would not have worked, mortgages could not be issued etc. This in turn could have led to a bank run as it is a sign of a bank being insolvent, real or not it is the perception that matters in the market. This was of course caused by the regulations that govern Canadian banks. Specifically the ones that state how much cash a bank has to have on hand for them to be able to lend money.

So in 2008, the Canadian Government purchased mortgage backed mutual funds from its banks, freeing up capital so banks could continue lending. It wasn't superior regulations, that is a Reddit take, it was in all honesty a clever move by the Harper Government. It would not have worked in the US as the problem was several orders of magnitude larger, on top of that with every hedge fund pulling money at once(the equivalent of a high finance bank run). The US threw money at the problem to cover banking operating costs and to cover the losses in housing.

Now since you're talking about 2008, look at our housing costs and how massively overinflated they are. Look at how people are having problems paying their mortgages, why are houses in the middle of nowhere going for 400k - 500k. Starting to look kind of familiar?

Now if a company is staffed by Canadians, operates totally in Canada, keeps all of its assets in Canada, does business exclusively in Canada, but has the name of an American company. Is it a Canadian company, or an American one? Is TD of America, a Canadian company, or an American one? We can argue semantics, but at the end of the day, legally, and definitionally those companies, those banks, are corporations of the country they operate in. That's how subsidiaries work. The parent company is a shareholder, so the subsidiary still has it fiduciary duty to its shareholders. However, how the subsidiary goes about that is up to the subsidiary.

Finally no one wants attention from you. As you angrily mash your keyboard with your obese sausage fingers. Having a multiday woman moment from...based on your lack of grammar I'm going to say somewhere in the Maritimes, probably Cape Breton. So I'm going to assume this is fueled by your brother leaving you for the family pig, and who could blame him, the pig probably smells better.
 
karaokeman said:
Appeasing Washington D.C. works, because that's literally how Canada operates since like forever.

Now we need to address mass immigration because I don't want to live in India. I don't think people understand just how gross and disgusting the Toronto area has become with all the Indians. Toronto looks like straight up Mumbai or New Delhi nowadays. No sane civilized person wants to live in that.

I witnessed the Toronto suburbs go from White to Indian in less than 20 years. Their English is gross, their culture is flashy and cheap, and they worship cows and monkeys. It's like an ugly zoo. The body odour is horrific, and if not, they heavily perfume themselves, usually with cheap Indian perfumes too.

And they have the worse sanitation and hygiene by far, and hiring practices where they'll try turn any workplace into India. They can't even keep pristine neighbourhoods, every neigbourhood they've taken over has become ghetto and ugly. They're not good looking either, each time I see an average Indian my eyes need bleach. And their food, I have no idea how anyone can eat their slop, it just tastes like you ate the entire spice rack.

These people can't even keep to themselves, they've just about invaded every other cultural event. Whether it's East Asian, or European, these Indians will dress in their glorified blankets and pyjamas and perform Bollywood. Canada Day? It's Pajeet Day. Chinese New Year? Pajeet New Year. They got to insert themselves everywhere.

The Indian community is a horrific attack on all the senses. I've become aggressively repulsed by them everywhere and anywhere.
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I can probably only get away with this in Alberta, but every time I see FOB families chattering in not-English clogging the aisles at Costco I just directly tell them “You aren’t welcome here. You need to go back” which embarrasses my husband but they all just freeze in disbelief.

Is this my white lady privilege? Sure, maybe, I might as well do some thing useful with it. I don’t want them thinking we are happy to see them.
 
OutInTheRain said:
So in 2008, the Canadian Government purchased mortgage backed mutual funds from its banks, freeing up capital so banks could continue lending. It wasn't superior regulations, that is a Reddit take, it was in all honesty a clever move by the Harper Government.
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Harper doesn't get enough credit for this - in addition he made the CMHC establish a buyer-funded insurance program for new buyers that insured the banks against default. This turned mortgage securities in Canada into a zero-risk market, so to mitigate this, he regulated the number of mortgages that could be taken on by the banks.

You have to have a pretty good grasp of the Canadian banking system and Harper did have a background and understanding of this. Lay this next to his successor, and the successor simply left all the regulations in which led to Canada becoming a haven for real estate investors due to this zero-risk market. The problem was that the measure was temporary. You have to reintroduce risk to the market at some point, but if you were to ask Trudeau what Harper did to navigate us through the 2008 crisis, he would likely say something like "Do you get your talking points from Russia?" or "Excuse me if I don't talk about monetary policy".

We don't have serious leaders anymore, Canadians have definitively shown its leaders that they will vote for a dynastic, outwardly corrupt group of individuals just so long as they promise you "other people's money".
 
Deleterious Swine said:
Harper doesn't get enough credit for this - in addition he made the CMHC establish a buyer-funded insurance program for new buyers that insured the banks against default. This turned mortgage securities in Canada into a zero-risk market, so to mitigate this, he regulated the number of mortgages that could be taken on by the banks.

You have to have a pretty good grasp of the Canadian banking system and Harper did have a background and understanding of this. Lay this next to his successor, and the successor simply left all the regulations in which led to Canada becoming a haven for real estate investors due to this zero-risk market. The problem was that the measure was temporary. You have to reintroduce risk to the market at some point, but if you were to ask Trudeau what Harper did to navigate us through the 2008 crisis, he would likely say something like "Do you get your talking points from Russia?" or "Excuse me if I don't talk about monetary policy".

We don't have serious leaders anymore, Canadians have definitively shown its leaders that they will vote for a dynastic, outwardly corrupt group of individuals just so long as they promise you "other people's money".
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Trudeau extended the risk free loan to 30 years instead of 25 for first time buyers.
 
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