It also does not matter whether Pierre Poilievre comes to power later this year or not. Carney only needs to be prime minister for a couple of months to get everything done. It's classic DAVOS to have a whole bunch of technocratic things done on the way out the door. They have to set something up. --Tom Luongo
The following is from Tom Luongo's Market Report, March 12, 2025.
Mark Carney, the Dark Lord rising over Canada?
I saw a report that the Canadians were now going to issue US dollar-denominated bonds. Now, everybody is an idiot. I'm going to say that because at this point, this is why you tune in. I think this might be the most important market report, and I've done a lot of reporting ones recently, that I've ever done. So forgive the pauses forgive the need to relight my cigar or any of those things because it's going to be really necessary to listen carefully Canada is the Trojan Horse when we review the last 3 months it should be blatantly obvious to everybody why he came out of nowhere the people of Canada don't even know who the f*** he is he wasn't even a Canadian citizen until a couple of months ago or came back to Canada only a couple of months ago I guess he is Edmontonian or whatever originally character has been set up for this moment for probably 40 years, and I haven't been able to trace it all yet, but it was never going to be Chrystia Freeland. And it wasn't a hastily idea put together to insert Carney into the swap out of Justin Trudeau for him. It also does not matter whether Pierre Poilievre comes to power later this year or not. Carney only needs to be prime minister for a couple of months to get everything done. It's classic DAVOS to have a whole bunch of technocratic things done on the way out the door. They have to set something up.
Now here's the gig it was the announcement yesterday the Canada would issue US dollar denominated debt they got me thinking I'm like I know this is important I think it's dumb well I don't think it's dumb for Canada but the one possibility is that oh well they are finally coming to their senses they need to recycle their trade surpluses with the United States which are significant and the key to all of this by the way a lot of people out there are like is this going to be the end of the Canadian dollar, the loon, well, if Trump plays his cards right, it is.
04:24. So what's been the fundamental part of the "the thesis"? What is it? What's it always been, going back to June or July 2021, when I first started hatching this idea? It was Jerome Powell at the Fed who started to drain the world of offshore dollars. In that moment, we had a massive move in the Euro from one state very bullish to bearish, and I started asking questions. And then things get happening, and things kept happening. Within a couple of years or 18 months, we had a Euro that broke parity with the dollar over this with Powell raising interest rates aggressively, all of that. So what was the thesis? The thesis was we need to break the offshore dollar markets. We need to start the process of reversing the capital flow out of the United States and start bringing it back home, and, of course, this was fought by the Biden junta. Go over market reports from the FOMC Wednesdays over the last two years if you want to do some research. The beginning of the thesis starts with episode 75 through 77 of the gold goats and guns podcast which is publicly available but then there are market reports pretty much every FOMC day, where I go over so much of this stuff as we approach each of them because it's during those moments when I was trying to one prove or falsify the thesis that I'm like well here we go we're coming up to another FOMC meeting am I right?
07:54. Now Mark Carney prime minister of Canada. Given the insane levels of media animosity, don't discount the idea that they're not going to rig the election to ensure that this guy is prime minister of Canada for the next 5 years, and that Poilievre is not going to win. This isn't just a bait and switch to get rid of Justin Trudeau that's enough to bleed off people's dissatisfaction with a liberal party blah, blah, blah. No this is far deeper than that and this is happening at the same time that they're trying to get Trump to agree to some kind of ceasefire at the very least they got finally got Ukraine to agree to some kind of bad ceasefire
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