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Stephen Punwasi 🌋 🚀

@StephenPunwasi

May 12

I ❤️ how 🇨🇦 skews data.

The RCMP said they would dig up Gerald Cotten if he was accused of a crime. The OSC concluded he ran a Ponzi scheme, but the RCMP didn't pursue it — concluding he's dead.

QuadrigaCX wasn't a crime & ~$250m in theft was just a bankruptcy. 😬😂

#bitcoin

2/ I'm aware you can't charge someone with a crime after they die, but the RCMP said they would need to confirm death if there was a crime. They didn't, nor look at the situation closer.

FWIW I think he's dead but we also interviewed the former staff & know 🇨🇦 missed a lot.

3/ Still here? Fine, I'll give you the best part.

April 2019: 🇨🇦 dropped the RCMP's fin crime priority & all resources allocated to: National Security, organized crime, and cybercrime.

Dec 2019: ON's financial crimes unit notified 137 staffers they were being reassigned...

Read 10 tweets

Stephen Punwasi 🌋 🚀

@StephenPunwasi

May 9

FYI central banks like the Bank of Canada only have one job — controlling inflation.

They aren't supposed to care about your home's value or your investments.

If they failed at controlling inflation, they failed at 100% of their job.

"we got some things right...," but not inflation?

That's like a firefighter letting a building burn down because they were polishing the truck.

Or a doctor letting a patient die because they had to iron their scrubs.

Only in 🇨🇦 would people criticizing bankers be the enemy.

Millennials and Gen Z: Occupy Wall Street.

🇨🇦: Attacking the men waging class warfare on the young and middle class should be considered a national security threat!

Read 4 tweets

Stephen Punwasi 🌋 🚀

@StephenPunwasi

May 6

I keep seeing Canadians using this chart to say inflation is a global thing, there are 21 countries ahead of 🇨🇦!

Holy f*ck, is this the wrong takeaway.

… and not just because so many people are fine with a broken system if other countries are more broken.

<thread> 🧵👇

2/ First, most intelligent people would notice something missing — countries with most of the world’s population aren’t there.

Most of Asia is absent, save countries that are heavily influenced by Western policies.

China @ 1.5%. Indonesia @ 2.64%, lower than 2019.

3/ India’s inflation is 6.95%! It’s lower than it was in 2019.

That brings up an important point — inflation is relative. Different economies will have different “normals” for inflation. Totally different currencies with different wages.

Absolute comparisons make no sense.

Read 9 tweets

Stephen Punwasi 🌋 🚀

@StephenPunwasi

May 5

FYI brutal takes on Loblaws profits being up "40%" so inflation is a hoax.

I hate monopolists like Weston but it's dangerous for the public to not understand inflation due to the politicization of the issue.

Quick thread. 🧵👇

2/ First of all, 40% is big but not for the reason most of the public thinks.

The average person most likely *feels* like 40% is like making 40% on the total revenue. If they thought about it for a second, though, they would know that's not the case.

3/ So what does this 40% look like? Profits went from $313m to $437m, on sales of $12.26 billion (~3.56%), which sounds a lot less crazy, right?

It costs about $8 billion per quarter to run all of Loblaws companies, so $437 million isn't the cushion it seems. Back to revenue.

Read 10 tweets

Stephen Punwasi 🌋 🚀

@StephenPunwasi

May 5

Quick thread on why home prices & inflation rising everywhere at the same time is usually an ominous sign.

People think they know a crash is coming, but most have no clue how bad the setup is right now.

<thread> 🧵👇

2/ It seems like inflation is high everywhere, and ditto with home prices, right?

I hear this multiple times a day, "so what? Home prices are expensive everywhere. It's a global issue!"

Or, "we can't control inflation, it's made overseas."

First of all, not true.

3/ Sovereign currency issuers influence inflation with interest rates. Failing an issue with the currency, if inflation is too high they should be raising interest rates to slow demand.

How do so many countries get this wrong at the same time? Synchronization risk.

Read 8 tweets

Stephen Punwasi 🌋 🚀

@StephenPunwasi

Apr 28

The rumors were true — the Bank of Canada would see public audit.

Great! The left, right, and centre should want this.

Quick (non-partisan) thread on the issue. 🧵👇

https://twitter.com/PierrePoilievre/status/1519677360802459651?s=20&t=4iXJ8p_KV2B6DPLurTVcIg

2/ First off, central banks are *really* important. They're in charge of controlling inflation & creating money.

Inflation is the rate at which money decays.

For those that work for a wage, money is how your labor is valued.

They control the decay of the value of your labor.

3/ The BoC is audited by a private firm. Other countries do it this way too.

What's different about 🇨🇦 is there are no public audits of what they do. Other countries have transparent public audits too.

i.e. the U.S. Government Accountability Office (GAO) does the Fed.

Read 7 tweets

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