Willful ignorance is Kryptonite to truth.
Joined June 2013
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Dissonance retweeted
The Canadian government's mass immigration policies of the last 10 years were highly regressive. Having seemingly learned nothing, they are dead set on turning back on the taps rather than letting the country heal.
On cue, the media has begun parroting the government's narrative and gaslighting anyone who disagrees. This suggests that they remain blissfully unaware that the Bank of Canada has written extensively about how (mass) immigration has negatively affected housing, rents, inflation, labour supply, wages, and productivity. So I've compiled an inexhaustive list to help these folks.
🏘️- Monetary Policy Report, October 2023
🔗bankofcanada.ca/wp-content/u…
▶️"The strength in rent and other housing costs is partly due to strong housing demand, which is supported by rapid population growth, and a structural lack of housing supply"
🏘️- Staff Analytical Note, December 2023
🔗bankofcanada.ca/wp-content/u…
▶️"The rise in immigration is nonetheless contributing to pressures in inflation components linked to house prices, given that it is adding more to housing demand than to housing supply in the context of structural imbalances in the Canadian housing market."
🏘️ - Speech by Toni Gravelle, December 2023
🔗bankofcanada.ca/2023/12/econ…
▶️"When a country’s population is growing quickly, the supply of housing also needs to increase to avoid a worsening in affordability. Shortly after immigration began ramping up in 2015, Canada’s vacancy rate—a measure of how many apartments and houses there are available to rent or buy—started to fall."
🏘️ - Monetary Policy Report, January 2024
🔗bankofcanada.ca/wp-content/u…
▶️"A larger increase in newcomers than in the past is adding pressure to the structural supply constraint in housing. This has helped to push the overall housing vacancy rate to record lows, which has underpinned house prices and led to higher rents (Chart 3-A)."
🏘️ - Staff Analytical Note, April 2024
🔗 bankofcanada.ca/2024/04/staf…
▶️"Meanwhile, the composition of immigrants coming to Canada has changed considerably since 2015. Historically, growth of the immigrant population in Canada came mostly from permanent residents....While the wages of the earlier immigrants are closer to those of Canadian-born workers and have been increasing over time, those of non-permanent residents are much lower and have fallen over this period. Because real hourly wages are typically correlated with labour productivity, this piece of evidence is consistent with non-permanent residents working in less productive occupations."
🏘️ - Monetary Policy Report, July 2024
🔗bankofcanada.ca/wp-content/u…
▶️"The increase in housing demand from newcomers is being felt across all types of housing, but the largest initial impact tends to be in rental markets. This is because most newcomers start out as renters."
👨🌾 - Staff Analytical Note, May 2025
🔗bankofcanada.ca/wp-content/u…
▶️"if newcomers’ conditional wages reflect their labour productivity, the productive capacity of the Canadian economy grew less than it would have if recent newcomers had the same socio-economic characteristics as in the past."
▶️"However, this gain has been particularly acute for certain industries such as accommodation and food services, business, building and other support services, and retail trade. Labour productivity in these industries—which are comprised of a sizable share of lower-skilled occupations—is lower than the average in the business sector."
👨🌾 - Staff Analytical Note, May 2025
🔗bankofcanada.ca/2025/06/staf…
▶️"Youth—individuals 15–24 years of age—represent a significant portion of the overall increase in unemployment since the start of 2023. This is a larger share than during other periods of rising unemployment (Chart 5). This is partly due to the high number of immigrants, who are generally younger than the rest of the population."
👨🌾 - Speech by Nicolas Vincent, May 2026
🔗bankofcanada.ca/wp-content/u…
▶️“The labour market is particularly challenging for young people”: The 2022–24 influx of young newcomers “intensified competition in Canada for lower-skill and entry-level jobs”. Youth unemployment has risen above 14%, and he expects it may normalize now that immigration has been cut.
🏘️ - Staff Article, September 2026
🔗bankofcanada.ca/2026/09/spar…
▶️"Strong population growth drove asking rents higher in recent years"
Dissonance retweeted
2026, day 292
Good morning from Asia - where the rumour is North Korea’s Kim is dead, opening the risk of civil war in a hermit kingdom with nukes.
GEOPOLITICS: 🌍🔥
‘Iranian hardliners say the time for nuclear weapons has come’ (FT);
‘Iran's Hormuz authority adds 122 vessels to its 'non-conformity' list’ (AJ);
‘Egyptian parliament delays vote on military support for Saudi Arabia’ (AJ);
‘Qatar plans new defence partnership and warns of energy crisis 'peak'’ (Euronews);
‘Syria fears imminent Israeli-backed Druze offensive in Sweida, official tells 'Post'’ (JPost);
‘Hegseth meets Netanyahu on unannounced Israel visit’ (Axios);
‘Chinese premier slams 'blatant' US
aggression against Iran’ (AJ);
‘Russia offers to process Iranian uranium amid differences over talks’ (AJ);
‘Lavrov backs Iran, hours after Trump says Russia doing 'very little' to help Tehran’ (Euronews);
‘Trump says he would be open to meeting with Xi and Putin’ (WSJ);
‘Trump slams Zelenskyy amid Russia sanctions rift and says 'somebody else' should negotiate for Ukraine’ (Guardian);
‘5 fights that will shape NATO’s next Russia war plan’ (Politico);
‘Labour cuts £2bn from Army front line’ (Telegraph);
‘Finland seeking one million land mines as it eyes Russian threat’ (AJ);
‘The EU heads into a perfect political storm’ (Politico);
‘160 people reported killed in escalating drone attacks across Sudan’ (AJ);
‘Ethiopia PM warns Eritrea of 'severe consequences' if supports enemies’ (AFP);
‘US, Cuba trade barbs at UN ahead of sanctions vote’ (Reuters);
‘Trump signals uncertainty about meeting N. Korean leader in China
next month’ (Korea Times);
‘President reaffirms push to reclaim wartime OPCON by 2028’ (Korea Times);
‘Taiwan, Philippines kindle maritime cooperation in face of Chinese pressure’ (Nikkei Asia);
GEOECONOMICS: 🌍 ✈️ ⛴️ 🚛
‘Saudi Arabia to postpone
'Davos in the desert' after Houthi attacks’ (FT);
‘Former OpenAI Worker Accused of Bugging Discussed Job with Saudi Royal’ (WSJ);
‘Venezuela oilfield hiring picks up as first wave of investment builds’ (Reuters);
‘Oil tanker rate surge pushes Asia, Europe refiners into the red’ (Nikkei Asia);
‘North Sea strikes could severely disrupt UK fuel supplies, union warns’ (Guardian);
‘US-China negotiators race to nail down concrete deals as Shenzhen Apec looms’ (SCMP);
‘US sanctions 5 Chinese entities over ex-Google engineer’s AI trade secrets theft’ (SCMP);
‘US orders DeepSeek removed from federal systems, citing national security risks’ (SCMP);
‘Japan plans certifications for data centers, cloud services to curb China risk’ (Nikkei Asia);
‘Rubio pitches US business in Central Asia, says China ties need not suffer’ (SCMP);
‘New Zealand adds Brazil, Canada talks as India pact starts’ (Reuters);
‘Honduras targets Chinese shops, state builder as President Asfura sits on Taiwan pledge’ (SCMP);
‘Japan launches mission to make first return trip to Mars’ (FT);
POLITICS: 🗳️
‘French PM orders ‘localised’ curfews in response to looting and unrest’ (Politico);
‘EU liberal chief urges conservatives to shun far right ahead of big election year’ (Politico);
‘Albanian PM Rama accuses anti-government protesters of crossing 'red line' amid violent demonstrations’ (Euronews);
‘Carney warns Alberta not to stumble into ‘Brexit’’ (Politico);
‘Lasting impact expected from historic Alberta referendum, regardless of result’ (National Post);
‘Congress Is Broken. Here’s How Seven Candidates Would Fix It.’ (WSJ);
‘Secret pay-for-play text rocks Trump White House’ (Axios);
‘Brazil's Bolsonaro, Lula spar in first debate as personal attacks fly’ (Reuters);
‘Indian court extends detention of ‘Cockroach’ leaders’ (AJ);
MARKETS: 📈
‘French bond sell-off intensifies after riots and looting’ (FT);
‘US defence stocks tumble as investors bet on Democratic election sweep’ (FT);
‘CME plans tungsten futures as demand for weapons rises’ (FT);
‘Musk says will give Spacex share to every kid in America'’ (AFP)
Dissonance retweeted
The same people who told us we had to shrink our economies to save the planet are horrified by the suggestion that we shrink our populations to save our culture.
Dissonance retweeted
“I’m shocked, shocked to find realpolitik going on in here!”
“Your winnings, Sir.”
Realpolitik > rhetoric
Dissonance retweeted
2026, day 290
Good morning from Asia. Well, we got through this much of the weekend without a new front in the Middle East… but Paris and other cities aren’t looking so good.
GEOPOLITICS: 🌍🔥
‘Volodymyr Zelenskyy says Starlink speed limits are a ‘planned operation’’ (FT);
‘Trump waives new Russia sanctions in the "national interests"’ (Axios);
‘Russia hails Trump waiving sanctions as ‘historic’’ (AFP);
‘Trump Offers Putin Economic Relief in Hopes That Russia Will Return the Favor’ (NYT);
‘Rubio says Trump to take up to 60 days to weigh Russia sanctions’ (Reuters);
‘Ukraine faces grim question of whether it can take on Russia without US backing’ (The Hill);
‘Zelensky says Ukraine is ‘ready to negotiate’’ (The Hill);
‘Romanian F-16s shoot down two drones over Black Sea, authorities say’ (Euronews);
‘Iran says two tankers catch fire after hitting mines in Strait of Hormuz’ (AJ);
‘Iran Is Giving Houthis Targeting and Intelligence for Attacks on Saudi Arabia’ (WSJ);
‘Houthis encircle new target in conflict with Saudi-backed forces’ (FT);
‘Saudi Arabia executes five nationals for joining ‘foreign terrorist organization’’ (Al Arabiya);
‘Saudi-led coalition intercepts drones as Egypt weighs sending help’ (AJ);
‘Egypt’s Sisi seeks authorisation for defence assistance to Saudi Arabia’ (AJ);
‘Blast at Iraqi paramilitary alliance headquarters kills one, sources say’ (Reuters);
‘Israeli settlers attack European diplomats during West Bank olive harvest’ (AJ);
‘Amid outrage, Netanyahu claims no ‘compelling evidence’ settlers attacked European diplomats’ (ToI);
‘Arab states see hawks ruling Israel no matter who wins vote, but still sense room for change’ (ToI);
‘The Playboy Who Inherited the World’s Most Notorious Mercenary Force’ (WSJ) - “The son of Wagner Group’s late founder hangs on to an African stronghold, making a fortune from guns, drugs and gold”;
‘Cost of living protests hit Belgium, Italy, Portugal and France’ (AJ);
‘Protests across France spiral into riots and looting’ (FT);
‘“Urban violence of incredible gravity has taken place and is still taking place"’ (Le Monde);
‘Vance blames immigration, problems of ‘assimilation’ for violence in France’ (AFP);
‘Canada is strong, but it will be forever altered by Alberta’s separation referendum’ (Globe & Mail) - “Even though the separatists will likely lose in Monday’s vote, their movement has been legitimized”;
‘Deaths confirmed after 'serious incident,' fire at Canada military base in Alberta’ (Reuters);
‘Ex-Chihuahua attorney general accused of treason for allowing US participation in drug raid’ (Reuters);
‘‘4,000 people minding our own business’: four decades on, Falklands again face a hostile Argentina’ (Guardian);
‘Beyond EVs and perception, how China is gaining ground in Central Asia’ (SCMP);
‘How land power could help US forces counter China in the Indo-Pacific’ (SCMP);
GEOECONOMICS: 🌍 ✈️ ⛴️ 🚛
‘Big oil, bigger balance sheets...’ (Rapporteur) - “A dreaded EU windfall tax is now just a matter of time”;
‘Securing equipment emerges as new variable for Korea's chip expansion plans’ (Korea Times) - “ASML not accepting orders for 2029, 2030”;
‘New property purchase disclosure rule in Japan sparks fears it may curb foreign investment’ (SCMP);
‘Southeast Asia’s ethnic Chinese traders feel the China squeeze’ (SCMP);
‘Asia meth seizures soar as Myanmar becomes hotbed of production’ (Nikkei Asia);
POLITICS: 🗳️
‘The separatists who helped bring Danielle Smith to power are trying to unseat her’ (Globe & Mail);
‘Spain's hard left fails to unite before election, hurting chances of staying in power’ (Reuters);
‘White House Turmoil Erupts as Trump Axes Zacharia, Backs Wiles’ (BBG);
‘Two India ‘Cockroach’ Leaders Set to Be Freed as Protests Spread’ (BBG)
Dissonance retweeted
2026, day 289
Good morning from Asia - another quiet weekend looms, it seems…
GEOPOLITICS: 🌍🔥
‘Iran-backed militias sending money back to cash-starved IRGC, U.S. says’ (Axios);
‘CENTCOM chief: US has blocked Iran from exporting $25b worth of oil’ (AP);
‘Amid Houthi attacks, UK advises against all but essential travel to Saudi Arabia’ (Reuters);
‘Saudi-led coalition intercepts missiles, drones as IDF prepares for strikes on southern Lebanon’ (JPost);
‘Iran is backing and encouraging escalated Houthi attacks: Senior Saudi diplomat’ (Al Arabiya) - “Krimly also pointed to Russian and Chinese involvement”;
‘Trump says Israel has ‘been very helpful to Saudi Arabia’ amid fight against Houthis’ (ToI) - “US president also claims normalization between Jerusalem and Riyadh could be back on the table, ‘maybe more than ever’”;
‘Saudi Arabia needs Iron Dome and David's Sling against Houthis, but Israel is in no rush’ (Ynet);
‘EU eyes more financial support for Ukraine after US pivot’ (FT);
‘Ukraine Hurries to Build Defenses Against Russia’s Jet-Powered Drones’ (WSJ);
‘Ukraine advances in occupied Donetsk as Trump hands Putin diesel deal’ (AJ);
‘Trump: White House didn't impede satellite system in Ukraine’ (Axios);
‘Musk approached Trump to slow Starlink to Ukraine’ (Telegraph);
‘EU faces growing pressure to plug Ukraine’s Starlink gap’ (Politico);
‘Is This the Breaking Point for Trump and Zelensky?’ (NYT);
‘EU leaders clash over migration, Ukraine and budget in Brussels — but delay big decisions’ (Politico);
‘EU agrees to fund Ukraine – but not itself’ (Rapporteur);
‘How Russia plans to revive its ties with Slovakia’ (Politico);
‘Sanchez rejects criticism of Spain's migration policy: 'Words do not match reality'’ (Euronews);
‘Albanian PM blames ‘foreign hands’ for unrest as student protests intensify’ (AJ);
‘RAF finds mystery drones over U.K.’ (Telegraph);
‘Researchers find uptick in U.S. influence campaigns targeting Alberta referendum as vote looms’ (Globe & Mail);
‘Alberta will pay a price to leave Canada, and a bigger price to get back in’ (Globe & Mail);
‘Paraguay’s tech minister defies Beijing sanctions, says Taiwan ties ‘not up for negotiation’’ (SCMP);
GEOECONOMICS: 🌍 ✈️ ⛴️ 🚛
‘Republicans turn on Donald Trump’s tariffs in battle for ‘political survival’’ (FT);
‘China unveils draft export controls on AI technologies and chips’ (FT);
‘New details emerge in US investigations of Chinese-American scientists over China links’ (SCMP);
‘Von der Leyen eyes curbs on Chinese chemicals, machinery next’ (Politico);
‘EU seeks faster China de-risking with new diversification tool’ (Nikkei Asia) - “France, Germany aim to let UK off localization rules for alignment on Chinese-made cars”;
‘China warns EU not to ‘fantasise’ on trade approach as Brussels confirms new ‘kill switch’’ (SCMP);
‘Malaysia’s shoppers love Chinese e-commerce. Its factories pay the price’ (SCMP);
‘Vietnam weighs barring foreign purchases of houses’ (Nikkei Asia);
POLITICS: 🗳️
‘White House Press Secretary Is Out One Week After Her Appointment’ (WSJ);
‘Federal Judge Dismisses Trump Lawsuit to Block New York City Sanctuary Laws’ (WSJ);
‘Judge threatens Trump with sanctions over BBC case’ (Telegraph);
‘Burnham declares £500m 'class war' on councils’ (Telegraph);
MARKETS: 📈
‘US annual budget gap hits nearly $2 trillion, largest in 5 years’ (Reuters);
‘Big Tech stocks suffer biggest weekly drop since ‘liberation day’’ (FT);
‘Oil hits five-month high of $110 on new escalation in Middle East’ (FT);
‘Lagarde’s book plug raises questions about ECB ethics standards’ (Politico) - “The ECB president strongly encouraged reporters to buy her memoir, Lady First, during a press conference last month”;
‘MSCI Ignites Indonesia Market Reckoning After Months of Warnings’ (BBG);
‘Intel chief says White House will not meddle in its semiconductor business’ (Nikkei Asia)
Dissonance retweeted
The macro repricing of energy is now underway. Check out today's move in long dated oil - that's calendar 2027 WTI. When long dated oil moves this strongly in tandem with energy equities making new ATHs, financial markets need to listen. This is not a transient spike in prompt oil. It's far more structural. Get long, buckle your seat belt, and hang on for the ride.
Dissonance retweeted
The Prime Minister and I have found common ground on many things over the last 18 months. However, it appears that he has yet to fully understand just how damaging the open-border policies of his predecessor were. Those policies caused Canada’s cost of living to skyrocket, overwhelmed our social services, and made homes and jobs unattainable for thousands of young Canadians.
That’s why I’m encouraging Albertans to vote ‘yes to the rest’ to give our government a strong mandate to take more control over our immigration system, so that we can prioritize economic migrants, put Albertans first for jobs, and ensure Albertans’ social services are sustainable. We’re also asking for a strong mandate to work with willing provinces to reform the courts, abolish the senate, and protect provincial jurisdiction.
I look forward to hearing from Albertans on October 19th.
Dissonance retweeted
1,000+ doors in Abbotsford–Mission, one question keeps coming up: SOGI 123.
As a father of two and a math school owner, my stand is simple: every child safe at school, parents as partners with real consent, academics first.
#AbbotsfordMission #OneBC #ElectionsBC #BCEducation
Dissonance retweeted
I’m only 25 pages into a 100-page book, and it might be the highest wisdom-density thing I’ve ever read. 🤯
Dissonance retweeted
Same majority who have no idea what it actually means.
Majority of Canadians support closer formal ties with European Union: poll
theglobeandmail.com/canada/a…
Dissonance retweeted
Researcher @curryja was once a “rock star” in the climate change movement.
Then she discovered that some scientists conspire to hide data.
“A lot of really ugly things,” she tells me.
She reveals the “manufactured consensus” about climate change:
Signal to global industry:
🇨🇦 is losing access to the US market.
Chinese Auto Giant Geely Announces Canada Entry in 2027 as U.S. Seeks Ban—The automaker is expanding to Canada under a deal to bring tens of thousands of affordable EVs from China’s car companies to the country
@ryanfelton
wsj.com/business/autos/chine…
wsj.com/business/autos/chine…
Dissonance retweeted
I can't emphasize enough how important this @a16z chart seems and how few have internalized it.
Dissonance retweeted
So the Houthis are smashing Saudi airports, as Riyadh might soon get help from Pakistan, Egypt, and Turkey or, more likely, from the U.S. and Israel as they also smash Iran again; as Ethiopia demands sea access, which means war with Eritrea and/or Somalia over Somaliland; and Sudan and South Sudan are wobbly; as is Libya; and Pakistan and Afghanistan are already attacking each other; and, of course, Hormuz tankers are being hit even more frequently… and the Russia-Ukraine peace deal and even energy ceasefire seems to be going the same route as all the others so far.
… and “forward-looking” markets sell oil today.
There may still be solid reasons for said trading, but the below Bloomberg narrative headline looks wrong (shock horror!) If not, the market take on geopolitical risk is.
Dissonance retweeted
2026, day 283
Good morning from Asia - a normal 2026 Sunday with another major Middle East airport in flames, tankers being hit, Trump and Zelenskyy at loggerheads, Russia reportedly arming Iran, and political scandals.
GEOPOLITICS: 🌍🔥
‘At Least 12 Killed, Hundreds Injured at Saudi Airport in Houthi Strikes’ (WSJ) - “Direct hits on two Riyadh airport terminals by Iran-backed militants were deadliest attack in kingdom in more than a decade; military vows response”;
‘Yemeni government’s military says its forces advancing against Houthis’ (AJ);
‘Trump says aware of Riyadh airport attacks, will decide on joining strikes against Houthis’ (Al Arabiya);
‘Iran said still able to produce missiles and drones, is being armed by Russia’ (ToI);
‘Oil tanker explodes after striking naval mine in Hormuz, IRGC claims - report’ (Reuters);
‘UAE rescues 22 crew members after oil tanker catches fire in Gulf’ (Reuters);
‘US military says it disabled cargo vessel trying to bypass Iran blockade’ (Reuters);
‘Hamas facing internal unrest as Israel detects plans for renewed attacks, official says’ (JPost);
‘Eritrea urges UN to act against Ethiopia’s ‘declaration of war’’ (AFP);
‘Pentagon, Raytheon sign $6.3B deal to replenish US missile interceptor supply’ (Defense News);
‘Trump Calls On Ukraine to Stop Hitting Russian Refineries—and Replace Zelensky’ (WSJ) - “The clash marks a new low point in White House relations with Kyiv as Russia escalates its bombing of Ukrainian cities”;
‘US warns Kyiv that strikes on Russia jeopardise intelligence-sharing’ (FT);
‘Trump’s deal with Putin will not deter Zelensky from playing his strongest card’ (Telegraph) - “Ukraine responds to US buying Russian diesel by continuing its relentless attacks on oil facilities”;
‘Ukraine hits second major tech site, expanding range of targets inside Russia’ (Reuters);
‘As Russia escalates its war, the EU realises its support for Ukraine won't be enough’ (Euronews):
‘The Nordic Formula for Prospering in a Dangerous, Fragmented World’ (WSJ) - “Sweden and Denmark are pouring money into defense, tightening ties with each other and Europe—and moving beyond the U.S. It’s paying off”;
‘China hails ‘constructive’ trade talks with EU as both sides seek ties in AI, new energy’ (SCMP);
‘Are Chinese military aircraft already using a new joint air facility in Laos?’ (SCMP);
‘US Army activates new multi-domain task force to ‘deny, disrupt’ enemies in Indo-Pacific’ (Defense News);
‘Rubio cites ‘necessity’ of U.S. sanctions on ICC in call with Japanese counterpart’ (Japan Times);
‘Video Cameras Are Everywhere—and Now They Are Being Hacked for War’ (WSJ);
GEOECONOMICS: 🌍 ✈️ ⛴️ 🚛
‘House Republican, invoking Reagan, moves to block Trump's Russia oil deal’ (Axios);
‘Bipartisan bill barring U.S. purchase of Russian oil on the horizon: Fitzpatrick’ (The Hill);
‘Toyota offers low-cost financing in Thailand to ward off cheap Chinese EVs’ (Nikkei Asia);
‘The blue miracle’ (Globe & Mail) - “Fish farming in Xinjiang is being sold as proof that technology can overcome geography. The reality is more complicated”;
‘Tehran mayor announces nationwide measures to ‘freeze’ goods prices’ (AJ);
‘In Korea, towns compete to host prisons as population declines’ (Korea Times);
‘A Good Job Is Hard to Find for an Indian University Graduate’ (BBG);
POLITICS: 🗳️
‘India detains thousands, locks down Delhi to foil election chief protest’ (Reuters);
‘Transcript reportedly captures PM’s top aide asking stenographer to falsify Oct. 7 records’ (ToI) - “Braverman asked PM’s stenographer in January 2024 to change timestamp on secure call between PM and his military secretary, was told twice that doing so was illegal”;
‘Revealed: BBC reporter’s history of glorifying murder of Jews’ (Telegraph);
‘Germany warns EU that €159B budget cuts are not enough’ (Politico);
‘Guilfoyle furor rises as Trump stops short of expressing support’ (The Hill)
Dissonance retweeted
China races to build data centres in bid for AI supremacy
...push is creating vast new computing hubs such as Ulanqab in Inner Mongolia, where 89 data centres are built/planned. The AI infrastructure build-out is among fastest/biggest anywhere in world.
ft.com/content/e1dd8bff-b06d…
