Video Transcript:

In 2015, that honeymoon never ended. Like it went on and on and on. He was on the cover with Sophie of, you know, like Vanity Fair. Carney is not going to have that kind of a window. Something’s a little fishy. The Liberal Party. Welcome back to Moose and Loose. My name’s David. Today I’m going to be going over Tim Hodgson. This is Mark Carney’s handpicked minister of energy and natural resources. This guy isn’t just some random guy. This is Mark Carney’s buddy for the past 20 plus years. And there’s a lot of very suspicious interesting connections both to Brookfield and China with this guy. We also have some clips from CBC and a panel on CTV talking about how Mark Carney’s going to manage the situation here in the House of Commons in Canada. Let’s jump into this. Starting this one off, we got Mark Carney meeting with JD Vance here in Rome. They spoke about building a new economic and security relationship between Canada and US. Get to it, Mark. Your religious holiday in Rome isn’t going to get it done. Doing what Pier couldn’t. That’s RPM. Some of these liberals are so stupid. They have no idea what’s going on. Mark Carney has no interest in ending this trade war. Otherwise, he’d be working on a deal right now. He would have some angst in his bones. But I thought the relationship was over. What happened? Yeah, no kidding. And we got this one. The prime minister of Australia and Mark Carney them meeting at Rome as well. Oh, we have a lookie here too. Globalist traders criminals. Weakness attracts weakness. Got Clyde posting this. Nothing to see here, folks. Canada’s immigration intake. So posted by the Toronto Star here. The blue area down here is natural growth rate dropping to near zero in Canada here where we’re seeing net migration going up. And this burgundy one here is net temporary residence exploding after Trudeau became prime minister. It’s all part of their plan, isn’t it? Moving on to the meat and potatoes of this episode. We need to talk about this guy here, Tim Hodgson, Mark Carney’s new minister of energy and natural resources. Who is this guy? This is Mark Carney’s good buddy. That’s who he is. These guys worked together at Goldman Sachs for a long time. Mark Carney brought on Tim Hodgson to be his special adviser when he was the governor of the Bank of Canada. So, this is his right-hand man, and this is in one of the most important, the most important position here to execute Mark Carney’s position, what I believe his special agenda to help Brookfield. He needs this guy on board. Taking a look at this guy, he has quite the resume. He worked at Goldman Sachs for many years. We’ll look at that in a second. First, you can see here right on the Liberals own website, it says a seasoned corporate leader, extensive experience, board director. So, he’s a whole bunch of boards here that he sits on. a bunch of companies he’s worked for. As it says here, special adviser to Mark Carney of Bank of Canada from 1990 to 2010. Tim held various positions in New York, London, Silicon Valley, Toronto, Goldman Sachs. Served as chief executive officer of Goldman Sachs Canada from 2005 to 2010. So, moving back over to my board here, if we go to the bottom now, what I’ve added is well, all the Liberals, they’re all going to get a section down here. And we have Tim Hodgen here. So, Minister of Energy and Natural Resources, former managing director at Goldman Sachs. Now, he’s also a former director at Alignvest Capital. He’s also board chair of all of these different companies just like Mark Carney. Now, I know I haven’t gone over this yet, but we’ve got Mark Carney. Here’s all the boards he sits on. There’s actually more of them up here. All these red ones, and these purple ones are his wives. So, these guys both sit on a ton of boards. Is this a coincidence? If we look at the connections between the two of them, they worked together at Goldman Sachs from 1990 to 2003. Tim Hodgson from 1990 to 2004. So these guys overlapped for 11 years at Goldman Sachs and then he went on to be the CEO of Goldman Sachs Canada from 2005 to 2010. Also special adviser to Mark Carney here. Here’s the dates 2008 2013. Tim Hodgkins 2009 to 2010. So two years there that he was special adviser to Mark Carney. Now they both overlap with the CD How Institute. We’ll get to this one a little bit later though. If we take a closer look at Tim Hodgson, the Bulldog exoldman banker answers Carney’s call to fix Canada’s resource sector. Mark Carney pulled this guy in when he needed him at the Bank of Canada and he also pulled him in to be part of his cabinet. We have that right here. Carney recruits exoldman banker Hodgson for political run. Mark Carney handpicked this guy. Now, why would he handpicked this guy? Well, if we look at all these connections here, it makes so much sense. So, let’s take a look at his boards here. Let’s go right to the important ones here. Tim Hartson sits on or sat on the board as chair for Ontario Teachers Pension Plan as well as this one here, public sector pension investment board, PSP Investments. Where do we also see these entities mentioned? If we go up the board here over to the sections with the Bermuda and Cayman Islands tax dodging, you know, these funds that Mark Carney set up for Brookfield, this $5 billion catalytic transition fund. We’ve also got Bermuda. We’ve got a $15 billion Brookfield Global Transition Fund 1 and a $10 billion transition fund 2. So we take a look at these funds under the $15 billion fund, the Ontario Teachers Pension Plan. Furthermore, what do we see here? The public sector pension investment board, PSP Investments, both of them that guy sits as chair of. Now, just to clarify the timelines of the PSP Investments and the Ontario Teachers Pension Plan, and when Tim sat on these boards, Tim sat on the board of PSP up until 2023. So for sure he did this deal with Brookfield this for this $15 billion fund from then he went and joined the Ontario teachers pension plan from 2023 to 2025. The fact that there isn’t full disclosure on this second fund. There’s some companies named here. We don’t know a full list of everyone who invested. There might be some of this money in there. It’s not listed though. It’s quite plausible though because they’ve already invested in this fund and that would have been through Tim. But that’s speculation. What isn’t speculation though is Tim was chair of the PSP public sector pension investment board when Mark Carney did this deal. So most definitely he was involved in this one, this $15 billion pension fund, this tax dodging in Bermuda. If you’re new around here, these funds allowed Brookfield to dodge $5.3 billion in taxes because Mark Carney set this up, making Mark Carney Canada’s biggest tax dodger. Now, if we look through these, like go back up to this one, this $5 billion catalytic transition fund. We’ve got the Cass de Depo at placement due Quebec. This is Canada’s second largest public pension manager. There’s a lot of pension fund money that Mark Carney put in the Cayman Islands or in Bermuda, but we’ve got investment management corporation Ontario. We’ve got Pennsylvania public school employees retirement system, Ohio School employees retirement system. Down here we’ve got school employees retirement system for Ohio, Border to Coast Pensions Partnership. We got Japan government pension investment fund. There’s a lot of pension money in all this money, all these investments that have been moved over to the Cayman Islands or Bermuda. Brookfield manages these. They say they’ll put it in say in renewable energy infrastructure, real estate, private equity, get returns on it. So Mark Carney brings on this guy who has direct access, direct experience with pension funds, obviously with these two pension funds that are in that $15 billion Brookfield fund. This guy’s well connected as we see here all these other connections. Other ones somewhat related to pension funds. We’ve got this casualty insurance compensation corporation not a pension fund but may manage reserves akin to institutional investment strategies. We’ve got this one Canadian investment regulatory organization regulates firms that deal in investments. Remember the CD How Institute as I mentioned earlier. Mark Carney is subject of policy analysis of the CDHow Institute a lot and Tim Hodgen is a patron member. And we take a look at the CD How Institute. this one here. It’s a public policy think tank in Toronto. It aims to be distinguished by research that is nonpartisan evidence-based subject to definitive expert review straight from their own website here. If we scroll down, there’s Tim Hodgson’s name there. And just to show you here, Mark Carney is listed on here, May 13th, 2025. This one’s May 8th, also talking about Mark Carney. This one’s May 1st. There’s a video article here talking about Mark Carney. And also May 9th, this one also talking about Mark Carney. Mark Carney’s headline news on the for the CDHow Institute. They often advise on pension policy. Now, if we look at the other boards he sits on, he’s got Ivy School of Business, Next Canada, Bridgeport Hospital, the Global Risk Institute. This is more of a climate green uh investment group directly aligning with Mark Carney, Saga Financial Corporation, Quash Inc., Me Energy, this is an oil sands company, KGS Alpha Capital Markets, Dialogue Health Technologies, and he most recently was the former chair of Hydro1. This is Ontario’s largest electricity transmission and distribution utility. Uh, this one’s here’s a duplicate. This guy is wellconed in the financial industry as well as pension funds. Just think of this guy had a whole bunch of stocks in Brookfield as well as Mark Carney and they were able to use their experience, both his and Mark Carney, to draw in more pension funds to Brookfield. It would dramatically increase their own investments in the company. Now, I don’t know if this guy has stocks in Brookfield, but we know Mark Carney has around $7 million worth of stock options in Brookfield. So, it’s interesting that he once again handpicked this guy for this position as energy and natural resources minister. This is starting to make a lot more sense now. Here he is, his first day on the job. We look forward to uh building and I look forward to digging in. Uh we have a a lot to do. I look forward to working with my provincial and territorial counterparts, our ind indigenous partners, our industrial partners, and other stakeholders to build a more prosperous, secure uh and safe Canada. Um, and I will be going out west very soon. Questionable choice of minister after you see all that, this gets even more interesting once you see this. We’ve got interesting ties between Tim Hodgson and China. So, we’ve got Tim Hodchin here, Diana Fox Carney, Mark Carney’s wife, Mark Carney, and this lady here who’s Wendy Schum. So she’s the assistant to Liberal MP Mary Ing, longtime director of Chinese Canadian Liberal Association, recipient of Queen’s Diamond Jubilee Medal in 2013, name and address flagged in the Panama Papers. Tim Hodgen took over Mary Ing’s writing of Markham Thorn Hill. Tim Hodgejin also endorsed by Mary Ing endorsed Majid Jawari, former Liberal MP who said China’s like-minded ally of Canada against the US, friend of Beijing friendly monk Dashi, who created a Chinese name for Hajin. So, we take a look at these other photos. There’s the two of them together. This is ridiculous. His elbows up stuff. This is all the same information once again, but there’s Mary Yang. Now, this one though, here’s that Buddhist monk giving him this special Chinese name. And once you see these connections, we know Mary was on Sam Cooper’s naughty list. This guy stepping into her writing with these instant connections to China. Oh boy, we’re in for a ride, aren’t we? Next up, we got a clip here from CBC. It says the weekend business panel members talking about the EV future in Canada and how it’s not so green, doesn’t look so prosperous. Year after a $15 billion electric vehicle project was announced for Ontario, Honda then revealing it is scaling back on plans by about 2 years. Mosha, the federal government has been aiming for 100% zero emission vehicle sales by 2035. How realistic is that? It’s not. It was never realistic. Uh it’s certainly not realistic now. Uh 2035 is just some arbitrary date, right? There’s nothing significant that happens then. It’s Yeah, this guy just laughed her out of the room. He laughed CBC out of the room with stupid liberal policies. They just pull this number out of a hat. Just a number that ends in a five or a zero and I think they figured that 2030 was too soon to make it happen and 2040 was too distant for anybody to care. So 2035 is just a nice number. Uh but there’s no compelling reason to make that happen. The thing is with EV market is that you absolutely have to have access to the US market and you absolutely have to have the Americans on board with the idea of electrification because those huge fixed costs are not going to be recovered over 40 million Canadian consumers, not all of whom are going to want to buy cars uh or not all of whom need to buy cars. And so if you can’t spread those fixed costs over the American market or even the Mexican market, uh it’s not like you’re going to be able to stick these on a boat and sell them in Europe or sell them in Asia. Honda already produces in Asia and there’s a whole bunch of European manufacturers that are going to say we don’t have to contend with an ocean when it comes to our distribution network. So, in the absence of huge government subsidies to try and uh spread those fixed costs out over a few number of units, there’s just no way to see how that money is going to be made back. What Honda did today was basically announce that they’re going to cancel the project, but they used it in the language that allows a little bit of time before they say, “We’re going to pull the plug.” It’s no different than a relationship where you say maybe we should take a pause or maybe we need a break before you finally rip the band-aid and say it’s over. And you know, Honda told CBC News in a statement that the change is due to a slowdown in the EV market. Ken, I want to ask you about, you know, Canadians appetite for these electric vehicles. Why do you think Canadians aren’t buying as many electric vehicles? Uh, it’s really lack of infrastructure. uh you know, if you’re going to take your car on on the road, you obviously need fuel for it. And if you’re taking your car for a longer drive, of course, the problem becomes where do I get charges and how long does it take? I can’t see myself driving down say the 401 or highway number one and stopping for half an hour to recharge at at a station. Not only that, if it’s cold, you’re going to have to charge a lot more often. You’re not going to get as much range. You’re going to have to charge more times. EVs aren’t great for Canada’s climate, for the majority of Canada’s climate. It’s best suited for around the greater Vancouver area, the West Coast, because our climate where I live out here is more temperate. That’s why you say the highest percentage of EVs are around the Vancouver area. For the rest of Canada, though, they don’t make sense. And EV owners tell me that even when they do find these charging stations, they often aren’t functional. Um, so that pretty much kills any incentive you have, no matter what kind of uh price incentives or rebates the government may add. I should also say that this is really a continuation of what you saw with the Northbolt situation in Quebec about a year ago. Uh Northbolt went bankrupt. Uh despite the the backing of some pretty large players like Morgan Stanley yet at the US and it was all because in the US the infrastructure hadn’t developed and under Trump it won’t develop. uh certainly not until the midterms in another two years when he’ll probably lose either the Senate or the House or both. Uh and and therefore the electrification of the US auto market may may start up again. I’m not so sure about that. I mean, we looked at that graph in a previous video. The EV sales, EV profit is negative of every single EV company except Tesla, which I believe was about $6.3 billion. So Tesla is massively profitable now, but every other EV company not profitable. All of a sudden, CBC understands economics weird. Moving over to the CTV panel, they’re talking about how Mark Carney can maneuver his way through Parliament here. He didn’t get a majority. He keeps talking like he has a majority. He doesn’t have it though. Even if they do piece it apart, kind of as they will, let’s say, through Ways and Means as they say they will, Graham, with the middle class tax cut, because of the numbers, they need an at least two people uh from other parties to to jump on board. The prime minister in our interview said not talking to anyone about crossing the floor even though you only need two people to do so. Previous press conferences he was asked are you going to make a formal deal with the NDP for example? He said unequivocally no. What does that tell you about the way he and his party and in the government I should say is is looking at how this is going to work? Well early days minority acting like a majority almost a majority acting like a majority and they’ve got open water for a while. Uh nobody’s no one’s going to pull the plug after that election campaign. Nobody wants another campaign. Just run the thing. What I’m watching for, Vashi, two things. Uh when the House returns, what is the tone? Because overall, if there was a fault from the Conservative side against the Conservative side, that hyperartisanship might have been part of it. I’m wondering about the country whether there’s general fatigue with that. Um I’m wondering whether deal making and parliament working is actually something someone want people want to see. They’re tired of the fighting. I’m not overly optimistic that that’s going to happen, but I’d be interested in seeing that. The other thing I’m interested in seeing is in 2015 that honeymoon never ended. Like it went on and on and on. He was on the cover with Sophie of, you know, like Vanity Fair and then, you know, so Carney is not going to have that kind of a window. What kind of a window is he going to have and what’s it going to look like? I think to to your point, I think it’s going to be it needs to be substantial. You need to be the new boss. You need to do big things. And I’m wondering what that’s going to look like 6 months from now. What we’re talking about that hyperartisanship, people being tired of it. I don’t think so. I think a lot of Canadians, Conservatives are pissed off that the Liberals have ruined our country and now they get another crack at it. So there’s not going to be this, okay, well, let’s just work together now. The Liberals haven’t been doing what’s right for Canadians this entire time. So I don’t think that’s going away. I don’t think that necessarily the NDP because they don’t have a leader or the Conservatives, they want to get Pierre Polyv back in the House. They don’t want to go to election immediately. they necessarily would want the throne speech to fail, but in 8 months, a year, a year and a half, I could definitely see there being election. Just depends if Mark Carney’s able to weasle a deal with pulling someone from the block, pulling someone from the NDP, a couple people from the block. Pulling over Elizabeth May, although I think she likes being on that island figuratively and non-figuratively, I think she likes being her own party. Will Carney be able to sway some people over to get that majority? We don’t know. Great analysis, Nick, on that point, right? because you your new numbers show there really isn’t there hasn’t been a honeymoon for Yeah. Actually, actually, you know what? I don’t think there’s going to be I don’t think there’s going to be a domestic honeymoon, but I will say I believe there’ll be an international honeymoon, right? Stacked up against Donald Trump, Macron, you know, all all those different kind of G7 leaders. He’s he’s going to look strong. It’ll be like Canada’s back. But the thing is at home here in Canada, there’s still a significant proportion of Canadians want the Liberals up out are upset about the last federal election. They are not going to get cut any slack domestically, but I think I think Carney uh you know he won’t have a big honeymoon like Justin Trudeau, but internationally it’ll probably be better than anything back home. That that’s an interesting point on on Graham’s other point in Jude about kind of what how how partisan things are going to be. I mean they’re going to be partisan, but but I do think there is an appetite particularly on the things that Canadians demanded in this campaign from all parties to see action on that. I think we’re going to get our first tell not just of how the conservatives will be about that but the liberals too with the ways and means on this tax cut. Are they going to attach other things to be able to say, you know, force the conservatives into voting against it and the conservative to be able to say the conservatives are against this tax cut or is it just going to be straight up and down. We promise to do this and then the conservatives have to show whether or not they will be kind of the the old type or the new type. I think if it’s straight up and down, it’ll be difficult for any party to vote against uh a tax cut. Uh it’s interesting because right now there’s no NDP leader, there’s no Conservative leader in the House of Commons. And so if anything, the fact that the budget is delayed until the fall allows those parties to get things in order in their own houses. And I could imagine the hyperartisanship coming back in the fall. It gives a bit of a of a breather between the election. I think if we all got if they were all back and it was very partisan, it wouldn’t look good. You know, we just had a federal election. Canadians voted. They chose a minority Liberal government. But by the by fall’s time, if these problems continue to persist as economic challenges persist in the country, housing still expensive, Trump tariffs are an issue. Uh we need to boost growth. then that gives more license for the opposition parties to be more on the attack mode just as Carney tries to bring in uh a a substantial fall economic statement as they say. Yeah, I think yeah, it’s on point. Basically, yeah, if things don’t improve, people get to know who Mark Carney is because people voted for the guy and have no idea who he is. This will give both the Conservatives and the NDP not only time to get their leaders set up again, but to show Canadians who Mark Carney is. He’s not this boring banker who’s just going to be calm and stable. Well, that’s who people think he is. He’s the eco climate netzero nut guy whose actions directly point to profiting and enriching Brookfield and himself. His $7 million of stock options. I think N’s exactly right that the runway is for sure over the next few months. There’s not an appetite for everybody. They want stuff done like you said, Grant. Maybe not later. Yeah, not later. Not later. And the thing is the biggest news story this week was not cabinet was not even what Carney was doing. It’s Oh, by the way, Honda is cancelling a $15 billion investment in Ontario’s auto sector. Delaying. Delaying. Okay. Quote unquote. Yeah. Quote unquote. Which of course came up during Let’s get real. That is not coming back. They’re delaying it for 2 years and then most definitely they’re going to be canceling that after 2 years unless the market turns around miraculously. That’s what’s going on. They’re not going to just bring that back and boot it back up in two years unless there’s some massive shift during the campaign. They said, “No, no, no. Everything’s fine. Everything’s not fine. everything’s not fine. And so when you’re getting that kind of headwind early on, I think agree with everybody’s in agreement here, like substantial tangible uh real things that Canadians can hold on to in a time when they need that. And that’s why I say I’m interested in where partisanship fits. And I’m I’m I’m somewhat optimistic given the bi-election thing. He’s not going to play games. He’ll get it in there when he can. Yes, there’s going to be a natural delay because of law, but he could go longer if he wanted to play games and yeah, he can delay it out. It’s about 6 months. Then there’s a lead out time of actually organizing the bi-election. It could be about 7 and 1/2 months. If he wanted to, he could drag it out all the way until about mid November. He’s trying to set a different tone. It makes him look scared if he does that. So that’s why he’s just calling it right away and not playing any games with it. I think maybe he’s sending a signal there that there’s no time for this stuff anymore when so much is at stake. It’s not hyperbole. It’s not uh scaremongering to say that we’re under significant threats because of what’s happening in the United States. That is a harsh truth that will continue to hit us over and over again over the next probably the next few years. Yeah. I’m watching I’m watching Graham for the pace of change, right? you know, like he was prime minister for he still is prime minister, but there was that week where it was like before the election where it was high intensity. So the question is, is he going to continue that pace of change? I think I think he’s probably a person in a hurry and I think he should be. You know why? Because although the House of Commons is relatively stable because of the other the the opposition parties are all wounded animals, period, full stop. Every single one of them. Domestically, it’s much more fragile. Like, let’s face it, if he goes down to 38 and the conservatives are at 41, then people are going to be wondering what’s going on. And we all know from the polling, most of the time when you start governing, you start to become a little less popular than you were. Like, let’s face it, he hasn’t done a lot. He hasn’t needed to do a lot. There’s not a lot to really poke at right now. We have to see how his new cabinet performs. We have to see whether they start making mistakes. And, you know, the thing is is that uh I think the I think the Liberals have to be very careful. I think the Conservatives are very well positioned that that’s what it’ll take a couple things to happen and you know things could unravel for the uh you know for the for the Liberals and I think uh I think that’s why the pace is going to be interesting to watch. I think they’re going to go for a fast pace in order to keep the opposition on the defensive. Okay, I’ll leave it there. Something else to think about too is looking at that chart. Once the NDP get a new leader, if they get a leader that NDP supporters really like, you’re going to see a big chunk of this come off and go directly onto the NDP, push them back up to 20%. And suddenly the Liberals are going to be down to 35 or 33, depending how much they can pull off of there. Now, sure, some of the Conservative supporters could potentially go there, too. But I think it’s more likely that more people went to the Liberals versus the Conservatives when the NDP collapsed.