Money laundering flows into Canadian real estate

Vancouver and Toronto have been first in line in Canada for international flows hiding from their home governments. But over-valuations, reckless leverage and financial risk have now spread well beyond these two centers, weakening Canadian households, the economy and our financial system.  As liquidity and cash flow evaporates in the many highly indebted countries that are facing falling exports worldwide, we should expect intensifying government crackdowns and capital flows to stem the flow into places like Canada.  Flows never go one way forever.  When they subside, Canadians will be left with the revelation that current realty market valuations make no sense relative to domestic incomes, and price mean reversion is necessary to restore affordability.

Christine Duhaime with Duhaime Law has made her career out of tracking money illegally entering the country, and says there’s no doubt the inflow to Canada is substantial.

She says China and its banks currently have a big problem with its citizens borrowing money, then fleeing the country and defaulting on the loans. Here is a direct audio link.

“So it’s not really just China, it’s just that the most amount of money – in terms of money moving into mansions – is from China. And then it appears to be Iran the second amount, so it’s not just one country, it’s just the largest. And I don’t think that’s racist, it’s just factual.”

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Danielle’s weekly market update

Danielle was a guest today with Jim Goddard on Talk Digital Radio, talking about recent developments in the world economy and markets.  You can listen to an audio clip of the segment here.

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How progressive is Elizabeth Warren?

“There are few politicians with any expertise other than fundraising.” Elizabeth Warren is not one of them. But is she just another insider helping to perpetrate a broken status quo system?

America’s second favorite Senator has been campaigning for Hillary Clinton for weeks now after having said almost nothing about Bernie Sanders, which has some voters asking where her allegiance really lies. Here is a direct video link.

Democracy? Candidates who seek to disrupt the establishment are thwarted by their own party before the electorate even get a chance to vote them in.  This is the stuff that has eventually led to revolutions and uprisings historically.

It seems the DNC establishment had already picked their candidate from day one… Wikileaks reveals how the Bernie Sanders campaign was mocked through emails by the Democratic establishment. Here is a direct video link.

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Clinton poised to appoint banking lobbyist as VP?

And back in the real world…Democratic hopeful Hillary Clinton is expected to “tweet” her VP pick some time today.  Apparently Sanders or Warren are out, Virginia Senator Tim Kaine is favored– and he is a bank lobbyist. So conflicts of interest are glaring. Should be illegal. This may well help the Republicans, who have this week wisely and strategically added breaking up big banks to their platform, win the Presidential election.  When it comes to the Clintons and the bank cartel, apparently greed and nepotism know no limits. See: Clinton’s top VP pick lets big banks know he’s in their corner:

Sounding another alarm for progressives wary of the Democratic establishment’s support for Wall Street, the man said to be leading the pack of potential Hillary Clinton running mates – Virginia Sen. Tim Kaine – has just this week sent a clear message to big banks: He’s in their corner.

Kaine, who is reportedly Bill Clinton’s favorite for the vice presidential slot, signed onto two letters on Monday pushing for financial deregulation – letters that show the Clinton camp “how Kaine could be an asset with banking interests on the fundraising trail,” according to David Dayen at The Intercept on Wednesday.

“Let’s be really clear: It should be disqualifying for any potential Democratic vice presidential candidate to be part of a lobbyist-driven effort to help banks dodge consumer protection standards and regulations designed to prevent banks from destroying our economy.”

—Charles Chamberlain, Democracy for America

The news should “disqualify” Kaine from the ticket, one prominent progressive group declared Thursday.

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Some much needed Friday levity with carpool karaoke

James Corden’s White House tour takes an unthinkable turn when First Lady Michelle Obama joins him for a drive around the grounds singing Stevie Wonder and Beyonce. Surprise guest Missy Elliott drops in to sing “This Is For My Girls.” Here is a direct video link.

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Danielle on The Financial Survival Network

Danielle was a guest today with Kerry Lutz on The Financial Survival Network talking about recent developments in the world economy and markets.  You can listen to an audio clip of the segment here.

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