Ontario

The government in Canada have announced a new scheme that will offer citizens unconditional free cash, regardless of their work status.  The trial will initially be conducted in Ontario, and is intended to mirror similar schemes in Finland and the Netherlands in which the government give citizens a regular monthly allowance. The “basic income” scheme is intended to help people cover living expenses such as food, transportation, clothing, and utilities regardless of their background or job status. Techinsider.io reports: It’s a radical idea, and one that has been around since the 1960s.

Earlier today, we explained why so-called “helicopter money” can’t save the world when ZIRP, NIRP, and QE have all failed to revive global demand and boost inflation.

The reason: QE is helicopter money. That is, we’ve been doing this for 8 years and it hasn’t worked yet.

In Waterloo, Ontario, the property market is red hot.

Dubbed “Canada’s Silicon Valley,” the city of just 140,000 people is drawing interest from real estate investors far and wide. Waterloo is around 70 miles west of Toronto and is home to a Google office as well as two universities and “dozens” of startups.

One-bedroom apartments in a new development being pitched to investors are going for CAD$270,000 while a two-bedroom will run you CAD$340,000. Rents in the building are as high as $2,000/month.

Christmas is a time for giving and that is what Ontario Premier Kathleen Wynne is asking of her citizenry. With almost $300 billion in debt, and almost 1 in 10 dollars of revenue going to pay interest, and already facing the highest tax rates in North America, The Star reports that Ontario officials are asking that 'patriots' voluntarily donate their tax refund or write a cheque to defray the province's massive debtload.