@johnefrancis@mastodon.social avatar



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johnefrancis, to random
@johnefrancis@mastodon.social avatar

Transmountain pipeline...about 700k barrels per day...Lifespan...50 years?

That's... 1.2775e10 barrels of oil...or... $2.74/bbl over the life of the pipeline...

That seems very reasonable, adding less that 3% to the cost of a barrel of oil.

CBC article mentions fees around $11/bbl, since the pipeline owners have to cover more expenses than just the construction.

The current owner, the federal govt, doesn't need to pay anyone interest on the construction costs......

@johnefrancis@mastodon.social avatar

...since the federal govt. doesn't actually borrow money. But even if they did, they'd get the best interest rate possible in Canada...anyway...

Why would the govt. not recapture the full costs? There's no need to sell it at half price to the oil industry, so the oil industry can receive subsidized shipping...yet another oil subsidy.

We don't want to produce uneconomical oil. We already struggle with a proper accounting for oil's pollution.

jleiper, to random
@jleiper@urbanists.social avatar

Rain. 20 km/h easterly. I’m loaded down. Make up for it with a ride home via Commanda unless the wind shifts.

@johnefrancis@mastodon.social avatar

@jleiper I hope your compost is staying warm and dry (but not too dry) under your homemade wrap.

@johnefrancis@mastodon.social avatar

@jleiper damn, it just occurred to me that I put some kitchen scraps in the green bin and not the composter. I usually only put cat litter, large volumes of grease, bones, oyster shells, pizza boxes in the green bin.

I wonder if I can get it out of there...where are my septic system gloves....hmmm

@johnefrancis@mastodon.social avatar

@Auxonic @jleiper that's why I reject composting humanure.

Auxonic, to random French
@Auxonic@mastodon.social avatar

This idiot was running a sketchy investment bank slash insurance thing literally while being finance minister. He, and those in the Liberal Party who elevated him should all be in jail. I’m no Freeland fan.. but deity on a skidoo she’s better than Morneau

@johnefrancis@mastodon.social avatar

@Auxonic less investment? Great! That probably means fewer scammers trying to monopolize housing and driving AI brainwashing ads in Canada. It leaves investment opportunities for Canadians. And maybe it crowds out a bunch of marginal investment that rely on govt subsidy to be viable, like tar steaming. Those bad investors can fuck off, and stop lobbying our govt to do long term harm to people to pad some investor's quarter.

Sounds great!

@johnefrancis@mastodon.social avatar

@Auxonic Morneau's types like to focus only on how the investor spends money.

They don't want you to realize that their money all originates in govt deficit spending and that the financial industry would collapse every few years without the social state spending a trillion dollars a year on stabilization.

@johnefrancis@mastodon.social avatar

@Auxonic some heterodox economists point out that the financial sector uses a phenomenal amount of resources to distribute the credit that is socially backed by the state. It's extremely inefficient. It can be eliminated.

Take mortages and student loans for example. The banks that issue this credit are backstopped in the large by the BoC stabilizers...bonds, overnight lending etc. And they are also insured by the govt. Why do we backstop them twice?

mcc, to random
@mcc@mastodon.social avatar

Strange science facts: In nuclear power, functional nuclear fission reactors were constructed as early as 1942, yet nuclear fusion remains elusive and can only be achieved for short periods. In jazz, on the other hand, jazz fusion was invented in the early 70s, and jazz fission remains purely theoretical even today

@johnefrancis@mastodon.social avatar

@mcc we must split....the jazz.

@johnefrancis@mastodon.social avatar

@rebelrebel62 @mcc start with a large complicated progressive jazz, and smash into it with some tiny high speed minimalist jazz particles

dpaldrich, to random

Dubai's airport experiencing flooding


@johnefrancis@mastodon.social avatar

@dpaldrich uh, what's the required draft for a 737 looks at back of checklist

johnefrancis, to random
@johnefrancis@mastodon.social avatar

Taxes are as deflationary as govt spending is inflationary.

If the govt wants to control housing inflation, which is driven by both low and high interest rates, they can slap a tax on the profits of financialized housing speculation.

Like REITS that are buying private homes for speculation. They have a very favourable tax treatment for producing the opposite of the desired social outcome.

Flux, to Canada
@Flux@wandering.shop avatar

Raising capital gains taxes on the portion over 250k: A very nice move in the new budget. It's unreasonable that large incomes from capital gains have been taxed at half of the income from the sweat of the brow.

@johnefrancis@mastodon.social avatar

@Flux I think this is going to inadvertently impact a lot of working class Canadians moving their pension investments around. The threshold is too low. I suspect the very wealthy it's supposed to target will dodge it by borrowing against investments instead of selling them and incurring a capital gain. And they can wait a long time for a conservative govt to undo it, while working class investors don't have that flexibility.

@johnefrancis@mastodon.social avatar

@ksoltys @Flux there is also the lifetime capital gains exemption, I think it's $1.25M? You'd have to exhaust that first too.

Free_Press, to space
@Free_Press@mstdn.social avatar

Astronomers spot a massive ‘sleeping giant’ black hole less than 2,000 light-years from Earth


@johnefrancis@mastodon.social avatar

@Free_Press @chris if it was about half the distance, with some luck, light from the earth just shy of the event horizon could be bent back in the direction of earth, and we could watch the events of 2000 years ago in a nice telescope. Like the birth of Christ! snickers 😂

TheJen, to random
@TheJen@beige.party avatar

Ok kids! Story time!

The tale of how I was almost eaten by a bear while wearing a nightgown.

My buddy Chef called me one day and told me that a woman he had worked with in the hotel industry had purchased an old plantation hotel near Waynesville North Carolina and she was needing good people to come run it. She tapped Chef, and he tapped me as I had experience general managing historic hotels.

Long story short, I took the job, packed my trailer and hit the road.

So that's the scene. Western North Carolina very close to the Tennessee border near Asheville.

I rented a house midway between Asheville and Waynesville. It was in the big middle of a bunch of farms, so it was fairly isolated, and DARK.

I also still smoked cigarettes at the time, and that plays an important part in the story.

@johnefrancis@mastodon.social avatar

@TheJen ABAB too

johnefrancis, to random
@johnefrancis@mastodon.social avatar

Increasing the amount of a capital gain subject to income tax from half to 2/3rds will bring in some tax revenue.

But it's no threat to the wealth of the ultra rich. It won't dissolve these concentrations of wealth. It won't be a solution to the main problems that come from the passive income wealthy - using their wealth to brainwash much of the population through private, concentrated media.

johnefrancis, to random
@johnefrancis@mastodon.social avatar

CBC's budget article is sprinkled with wealth-serving economic myths.

Stuff like the scary number the federal govt "pays to service it's growing debt" and the "AAA credit rating"

The federal govt. does not borrow Canadian dollars. It is the creator of Canadian dollars. It creates the money to pay bonds out of thin air. It creates the money of deficit spending out of thin air.

The govt accepts CAD from anyone who's accumulated it and pays them a bribe so they don't spend it elsewhere. #mmt

@johnefrancis@mastodon.social avatar

the govt, and the wealth that controls it, doesn't want loose $CAD washing around "causing inflation"...like ending up in the hands of normal people via wage increases, or starting businesses that could viably compete with Loblaws/Suncor/Rogers/Irving Oil.

"cost to service the national debt surpasses federal health care spending".

Why are we spending more on wealth bribes than on healthcare?!?


@johnefrancis@mastodon.social avatar


The federal govt doesn't borrow that which it creates. When it does pay interest in bonds, it creates the money to pay it.

Govt issued bonds are not debt.

If the govt wants to, it can create the money to pay off the bond principal at any time, just as it creates the money to pay the interest or anything else the federal govt pays.

Nor is there any squeeze on other spending. There is always enough money. There are only limits on real things.

@johnefrancis@mastodon.social avatar

@WTL if people can't understand the basic accounting of tax credit fiat currency, they'll never understand how most of the circulating money is created by lending in the private sector.

@johnefrancis@mastodon.social avatar

@Snowshadow so you're a socialist but against using the govt and it's total control over monetary policy to achieve socialist goals like ending the dominance of capitalist wealth over 99% of society?

As long as the economic dominance continues, none of the human rights gains of the social justice movements are secure. They're endlessly used to divide us.

Bitcoin is a sideshow. Don't invest in it.

@johnefrancis@mastodon.social avatar

@stephanie @WTL there is a concept called the sector balance that can be effective at disrupting that kind of hallucination.

You should be able to find diagrams.

It shows how the federal govt and the private sector are on opposite sides of money.

A dollar is an asset to the private sector.

A dollar is a liability to the federal govt.

What do you have when you hold an IOU to yourself? Nothing.

Conservatives would have the govt accumulate a pile of IOUs (a surplus of CAD).

@johnefrancis@mastodon.social avatar

@stephanie @WTL when you have the govt accumulating a surplus of its own iou's... they are coming from the private sector. That automatically means there will be a recession.

manlycoffee, to random
@manlycoffee@techhub.social avatar

I will never vote for a politician who attacks the BoC for raising interest rates in the face of higher than 2% inflation rate.

The Bank of Canada has one job: keep inflation at 2%.

They only have one tool for the job: monetary policy, which includes the overnight lending rate.

Yelling at the Bank of Canada for interest rates is like yelling at a tree for having its leaves fall during autumn. They can't help it.

It's also the government's job to manage inflation rate, by keeping a close eye on the economy.

Several things that lead to inflation that we're seeing today:

  • high housing costs
  • supply-chain issues
  • uncontrolled immigration, even in the face of inflation

Inflation doesn't only mean more money in circulation; it also means market can't meet demand.

So combined with supply-chain issues, red tapes behind housing starts, and high immigration all lead to the inflation that we are seeing today.

Governments should have been on top of this.

@johnefrancis@mastodon.social avatar

@manlycoffee there are all kinds of options. But people are kinda brainwashed into thinking the current system is good for them. It's the system put in place by and to benefit wealth.

The current balance of inflation, govt. spending, unemployment, taxation, media, politics....it's hard to argue the choices here are anything else but to benefit wealth. Just enough for everyone else to avoid them getting their heads chopped off...

Changing it is quite a project.

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