Bruce Dowbiggin
The Debt Pipeline: Canada Is Drowning In Debt

“How did you go bankrupt?” Bill asked.
“Two ways,” Mike said. “Gradually and then suddenly.”— The Sun Also Rises, Ernest Hemingway, 1926
For those outside Calgary, the rupture of the major water-carrying pipe is a local annoyance, divorced from their lives. The fact that it now appears it will take 3-5 weeks to restore normal water delivery in the city— original estimates from the mayor said 3-5 days— is tough luck for inhabitants of Canada’s energy city.
Even that estimate is being treated skeptically by a public who were manipulated and abused by the political structure during the recent Covid years. Testing shows that this same pipe— it’s large enough to drive a car through— has five more “hot spots” that could lead to further trouble. In short, repairing and maintaining the infrastructure in Calgary is going to be a huge investment. Married to the city’s debt crisis, a new transit line and the need for other infrastructure projects it’s daunting.
But it’s not a localized problem. Toronto’s new crosstown subway project is years over budget even as the city punts on repairing / replacing its vital Gardiner Expressway. Montreal’s bridges are a construction meltdown. Vancouver, Edmonton, Halifax— name the city. They’re all faced with crushing repairs while looking down the barrel of the debt gun.
How bad is the debt bomb? The voice on the other end of the line was grave. This retired financial executive says Canada is effectively bankrupt. He’s seen this coming after his almost 50 years in the Canadian industry. A decade of profligate government spending, Canada’s massive debts and electing activist politicians have brought Canada to a nasty place.

The weak spot in Canada’s wall is government debt, he says, and when the inflection point arrives it will happen in a hurry. As Mike Campbell said in The Sun Also Rises about what brought on his bankruptcy, “Friends. I had a lot of friends. False friends. Then I had creditors, too. Probably had more creditors than anybody in England.”
Canada has friends. Allegedly. Successive Liberal governments have allowed “friendly” China to acquire Canadian debt during a period of accelerated buying in the past decade. Meanwhile, China still owes Canada $371 million in loans it incurred decades ago, and it is not expected to repay them in full until 2045.

But recently it’s been revealed that “friendly” China has also been actively interfering in Canada’s elections. It placed spies in Canada’s top-secret biolabs in Winnipeg. It is buying up farmland in PEI and other Canadian provinces.
That has left Canada’s PM, the one who said he admired China’s ability to get things done outside democracy, stammering and obfuscating. He knows that in his current predicament he can’t afford to rile the Chinese, who blithely let Canadians die of Covid-19, a virus they spread to the world.
Already, Canada pays C$46 B a year to service its debt, more than Ottawa expects to spend on childcare benefits ($31.2 billion) and almost as much as the cost of the Canada Health Transfer ($49.4 billion). Hard to believe Canada’s GDP per capita was actually higher than the US. Now, there is a $30.5k USD gap.
Should China decide to push the go button and pull back its bond paper in Canada, the result, says this executive, will be seismic. To rescue a credit-choked economy interest rates could jump back as high as the 18 percent rates of the 1980s. To say nothing of boosting personal tax rates. In case you’re part of the Denial Squad, here’s the take governments exact at the moment. Think they can take more?
NL – 54.8%
NS – 54%
ON – 53.53%
BC – 53.50%
QC – 53.31%
NB – 52.50%
PEI- 51.37%
MB – 50.4%
AB – 48%
YT – 48%
SK – 47.5%
NT – 47.05%
Not good. Canadians who think the warning signs will give them time to adjust are badly mistaken. Paraphrasing the words of Mike Campbell, the long debt descent will happen “suddenly”. Within 48 hours of China (or any other Canadian bondholder) employing the poison pill much of Canadians’ savings will be wiped out. The real estate market— which is the default savings account for millions— will implode.
You won’t hear any this from finance minister Chrystia Freeland who claims her debt-financed spending (based on international comparisons) shows Canada with the lowest level of debt in the G7. But the Fraser Institute points out, “By using net debt as a share of the economy (GDP), Canada ranks 11th lowest of 29 countries and lowest amongst the G7. By using gross debt as a share of the economy, Canada falls to 25th of 29 countries and 4th in the G7”.
If you don’t like statistics you can always just pop down to the grocery store to check out how $4.99 blueberries cost $7.99 now. The debt crisis should lead the newscasts each night. It will when reality strikes suddenly. But for now, Trudeau’s purchased media are more interested in Pierre Poilievre fear stories and TikTok videos of cats.
Bruce Dowbiggin @dowbboy is the editor of Not The Public Broadcaster A two-time winner of the Gemini Award as Canada’s top television sports broadcaster, he’s a regular contributor to Sirius XM Canada Talks Ch. 167. His new book Deal With It: The Trades That Stunned The NHL And Changed hockey is now available on Amazon. Inexact Science: The Six Most Compelling Draft Years In NHL History, his previous book with his son Evan, was voted the seventh-best professional hockey book of all time by bookauthority.org . His 2004 book Money Players was voted sixth best on the same list, and is available via brucedowbigginbooks.ca.
Bruce Dowbiggin
Is HNIC Ready For The Winnipeg Jets To Be Canada’s Heroes?

It’s fair to say everyone in hockey wanted the Winnipeg Jets back in the NHL. They became everyone’s darlings in 2011 when the Atlanta Thrashers, the league’s second stab at a franchise in Georgia, were sold to Canadian interests including businessman David Thomson. (Ed.: Gary Bettman’s try number three in Atlanta is upcoming.).
Yes, the market is tiny. Yes, the arena is too small. Yes, Thomson’s wealth is holding back a sea of inevitability. But sentimentalists remembering the Bobby Hull WHA Jets and the Dale Hawerchuk NHL Jets threw aside their skepticism to welcome back the Jets. The throwback uniforms with their hints at Canada’s air force past were an understated nod to their modest pretensions. It was a perfect story.

The question now, however, is will the same folks get dewey-eyed about the Jets if they become the first Canadian team to win the Stanley Cup since (checks his cards) Montreal and Patrick Roy did it in 1993. It would be helpful in this election year if something were to bind a nation torn apart by politics. The Gordie Howe Elbows Up analogy is more than shopworn, and Terry Fox can only be resurrected so often. So a Cup win might be a welcome salve.
But the approved script has long dictated that the Canadian team to break the schneid should be one of the glamour twins of the NHL’s Canadian content, the Edmonton Oilers or the (gulp) Toronto Maple Leafs. The Oilers and their superstar Connor McDavid barely lost out last spring to Florida while the Leafs, laden with superstars like Auston Matthews and William Nylander, are overdue for a long playoff run.
Hockey Night In Canada positively pants for the chance to gush over these two squads each week. When was the last time Toronto played an afternoon game so HNIC could showcase the Jets? Like, never. Same for the Oilers, who with their glittering stars like McDavid Leon Draisaitl and Ryan Nugent Hopkins are the primary tenants of the doubleheader slot, followed by Calgary. Winnipeg? We’ll get to them.

But there’s going to be no ignoring them in the spring of 2025. The Jets in the northern outpost in Manitoba were the top team in the entire league in 2024-25. They’ll comfortably win the Presidents Cup as the No. 1 squad and have home-ice advantage throughout the playoffs. They have the league’s best goalie in Connor Hellebuyck (an American) and a stable of top scorers led by Kyle Connor and Mark Schiefele. Because Winnipeg is on a lot of No Trade lists, they have built themselves through the draft and thrifty budgeting.
But will the same people who swooned over the Jets in 2011 now find them as adorable if they ruin the Stanley Cup plot lines of the Oilers, Leafs and Ottawa Senators? Will the fans of Canadian teams in Vancouver, Calgary and Montreal not making the postseason take the Jets to their hearts or will they be as phoney as the Mike Myers commercials for the Liberals?
In addition, the Jets will be swamped by national media should they proceed through the playoffs. It’s one thing to carry the expectations of Winnipeg and Manitoba. It’s another to foot the bill for a hockey crazy county. We remember Vancouver’s GM Mike Gillis during the Canucks 2011 Cup run bemoaning the late arrivers of the press trying to critique his team as they made their way through the playoffs.
It will be no picnic for the Jets, however strong they’ve been in the regular season. No one was gunning for them as they might for the Oilers or Leafs. They will now get their opponents’ best game night after night. Hellebuyck has been a top three goalie in the NHL for a while, winning the Vezina Trophy, but his playoff performance hasn’t matched that of his regular-season version.
Already the injury bug that sidelines so many Cup dreams is biting at the Jets. Nikolaj Ehlers collided with a linesman in Saturday’s OT win in Chicago. Defenceman Dylan Samberg is also questionable after stopping a McDavid slap shot with his leg. A rash of injuries has ended the run of many a worthy Cup aspirant in the past. Can Winnipeg’s depth sustain the churn of seven weeks of all-out hockey?
As always for the small-market Jets time is of the essence. Keeping this core together is difficult with large markets lusting after your players. With the NHL salary cap going up it remains a chore to keep their top players. Schiefele and Hellebuyck are tied up longterm, but 40-goal man Connor is a UFA after next season while Ehlers is not signed after this season. Young Cole Perfetti will be an RFA in 2026. Etc.
So how much do Canadians love the Jets if they sneak in and steal the hero role by winning a Canadian Cup? Lets see Ron MacLean pun his way through that one.
Bruce Dowbiggin @dowbboy is the editor of Not The Public Broadcaster A two-time winner of the Gemini Award as Canada’s top television sports broadcaster. His new book Deal With It: The Trades That Stunned The NHL And Changed Hockey is now available on Amazon. Inexact Science: The Six Most Compelling Draft Years In NHL History, his previous book with his son Evan, was voted the seventh-best professional hockey book of all time by bookauthority.org. You can see all his books at brucedowbigginbooks.ca.
2025 Federal Election
What Trump Says About Modern U.S. And What Carney Is Hiding About Canada

“Reporters once asked legendary boxer Rocky Graziano why he hugged his opponent after the guy had pounded him senseless for 15 rounds. “He stopped punching me, didn’t he?” That sums up the reaction of Boomer voters hugging Mark Carney after ten years of having Liberals pound them. They can rationalize any amount of suffering.”
The two looming figures in the current “hurry up before they find out who Mark Carney is” election are Carney, the transnational banker/ climate zealot/ not-Trudeau Liberal, and Donald Trump. Yes, Pierre Poilievre is running against Carney, but Carney and the Gerry Butts braintrust are running against the U.S. president.
And not just POTUS 45/47. They’re running against the SNL cartoon figure embraced by Canada’s mainstream media outlets. Depending on the day the Toronto Star/ CBC/ Ottawa Citizen iteration of Trump is “stupid”, “racist”, “sex fiend” and, for this campaign, the boogeyman who will swallow Canada whole. While these scribblers and talking heads themselves are going broke, they imagine Trump as an economic moron collapsing the western economy.
All the clever Conservative ads, all the Carney flubs, all the revelations of election rigging by Chinese operatives— none of it matters to Canada’s Boomers huddled against the blustering winds of Trump. They call it Team Canada but it might just as well be Team Surrender to people who are willing to keep the Liberals’ Gong Show going for another four years.
As they say, you’re welcome to your own opinion, you’re just not welcome to your own facts. And the facts are that Trump and Carney are representative of their separate nations in 2025. Before we address the parachute PM Carney let us suggest that CDNs weaned on Stephen Colbert and John Oliver have little idea why Trump is the most impactful American politician of the century so far.
But don’t take our word for it. Here’s Democratic comedian Dave Chappelle explaining why so many remain loyal to the former Democrat and reality TV star in the face of impeachments, criminal charges and yes, bullets. Chappelle, who lives outside the Hollywood bubble in Ohio, said, “I’m not joking right now, he’s an honest liar. That first (2016) debate, I’ve never seen anything like it. I’ve never seen a white male billionaire screaming at the top of his lungs, ‘This whole system is rigged.’

“And the moderator said, ‘Well Mr. Trump if, in fact, the system is rigged as you suggest, what would be your evidence?’ He said, ‘I know the system is rigged because I use it.’ I said ‘Goddamn’.
“No one ever heard someone say something so true. And then Hillary Clinton tried to punch him on the taxes. She said, ‘This man doesn’t pay his taxes,’ he said, ‘That makes me smart.’ And then he said, ‘If you want me to pay my taxes, then change the tax code. But I know you won’t, because your friends and your donors enjoy the same tax breaks that I do.’…
“No one had ever seen anything like that. No one had ever seen somebody come from inside of that house outside and tell all the commoners we are doing everything that you think we are doing inside of that house. And a legend was born.”
In short, Trump is what we want politicians to be. Aspirational, yes. But willing to act. We can take it. Yes, his truth is wrapped in multiple layers of balderdash and folderol. There is a preening ego. Self serving. Vainglorious. Opportunistic. Bombastic.
But he recognized that no one— GOP included— wanted anything to do with closing borders, ending foreign wars, levelling the trade barriers. So while Canadians whined, he took them on, and for that he’s been given two terms in the White House. You can understand why people wanted him dead last summer. He’s bad for the business he exposed in that debate with Hillary.
So Canadian liberals might sneer and condescend, but Trump’s answering to a legitimate voice in an America that was deceived and abused during Covid. And had a senile man as POTUS being manipulated by unseen characters behind the scenes.
Which begs the question: What in the Canadian character is Mark Carney answering to as he is dropped into the seat formally occupied by Justin Trudeau? The most obvious answer is Trump’s 51st state musings as he seeks to re-order the world’s tariff system. But what about repudiating everything he and his party stood for the past decade? How does that fit into the Carney identity?
While Trump has a resounding mandate to pursue the issues he campaigned on, Carney has a manipulated Liberal leadership contest, no seat and Mike Myers. Plus a media that owes its living to his party’s bribing them.

It would be hard to imagine more own goals than Carney’s record since the Liberals rigged his nomination. The China denials, the offshore tax evasions, the three passports, the renunciation of his entire work history, the re-hiring the worst of Trudeau’s cabinet, the bad body language… yet every gaffe increases his numbers in the purchased polls and the bought media. It will be an amazing story when it’s written.
But it’s not being written that way now. Because Donald Trump has activated Canada’s passion for authority and the expert class. While the rest of the world has awakened to the government’s deliberate manipulation of fear and white-coat reverence during Covid, Canada’s Boomers are still in awe of people like Carney. They still think the vaccines work. That The Science was behind it all.
So prepare for another 15 rounds of being slugged in the head by people who don’t have your goals in mind. Don’t say you we weren’t warned.
Bruce Dowbiggin @dowbboy is the editor of Not The Public Broadcaster A two-time winner of the Gemini Award as Canada’s top television sports broadcaster. His new book Deal With It: The Trades That Stunned The NHL And Changed Hockey is now available on Amazon. Inexact Science: The Six Most Compelling Draft Years In NHL History, his previous book with his son Evan, was voted the seventh-best professional hockey book of all time by bookauthority.org. You can see all his books at brucedowbigginbooks.ca.
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