r/worldnews • u/Malakas_Tsiblas • 16h ago
Donald Trump mistakes Bank of Canada for retail bank
https://www.cbc.ca/news/world/us-president-donald-trump-bank-of-canada-9.73298781.5k
u/Malakas_Tsiblas 16h ago
"They basically don't allow banks of America to be in Canada. That's sort of emblematic of the way they treat us," Trump told reporters in response to a question about the decline in Canadian tourism.
"They have their banks here, Bank of Canada, all of their big banks, big beautiful banks. I think they have six or seven major banks here. We don't have our banks there. You know why? They don't allow it."
The Bank of Canada is not a commercial bank for everyday citizens looking to open accounts or make transactions and does not operate in the U.S. It is a Crown corporation that oversees banking services on behalf of the federal government.
All lies spewing from the turd's mouth. Many US banks operate in Canada, they just follow Canadian banking rules and regulations. List of foreign-owned banks operating in Canada But once again, no one in the US media rebuts his lies, so it becomes fact to the mouth-breathing MAGA.
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u/Savebagels 16h ago
he has like 5 words in his vocabulary, and "big" and "beautiful" are two of them
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u/Badgerman97 16h ago
Strongly, powerfully, and perfect being the other three. Special mention for “Sir!” When he is telling fake stories.
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u/slowro 15h ago
Big burly men with tears in their eyes.
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u/entrepenurious 15h ago
his stench is supposedly eye-watering.
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u/ShadetheMystic 5h ago
Well, he does look like he just stepped off the set of a Scheisse film that ran out of WetNaps, so the smell makes some sense.
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u/linxi1 8h ago
Tremendous. I damn swear this word became a thing after he was elected. Everyone uses it now and before it was barely anywhere eww
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u/Badgerman97 7h ago
My least favorite word of these last 20 years or so is “unprecedented.” Every single goddamn year can’t be unprecedented unless we are circling the bowl
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u/vickipaperclips 14h ago
Someone once told him about 'tremendous' and he really latched onto that one for ages.
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u/BranVan3001 14h ago
I wonder why those two words stand out in his vocabulary? 🤔 he needs to look up and learn ‘feckless’ and ‘moron’. Far more relevant to him.
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u/profeshamat 14h ago
He used a few words to talk about Arnold Palmer's cock during a campaign stop.
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u/sharp11flat13 14h ago
Our banking regulations are much stricter than those in the US. This is why we were hit far less by the housing/bank meltdown in 08.
We’re a sovereign nation. If you want to do business here you’ll play by our rules. 🇨🇦
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u/unkyduck 12h ago
"but I don't wanna and I have a reaaaallly big army !"
Look out, bond market
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u/sharp11flat13 12h ago
Yes. Bullies never seem to realize when they’ve picked the wrong target until it’s too late.
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u/station13 10h ago
Never forget that Stephen Harper wanted to change those regulations and make it similar to the US. I think he had a minority government and didn't have the support to push it through.
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u/sharp11flat13 10h ago
I’m old now. I was there. I most certainly have not forgotten. Thanks for the memory refresh. Reminder that the CPC is essentially Harper + culture wars. Jamais, jamais.
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u/Mission_Shopping_847 6h ago
I'll correct it for you. He did liberalize mortgage rules and then undid it after the 2008 financial crisis. He also brought about a pathway for provincially regulated credit unions to become federally regulated credit unions that could operate country-wide, which I find to be objectively a good thing.
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u/malbadon 15h ago
And the ones that aren't up here aren't specifically because they in no way want to follow our banking regulations/restrictions. There's a reason why their banks routinely fail and wipe out their customers savings, and we have no idea what that is like at all..
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u/Wompatuckrule 10h ago
There's a reason why their banks routinely fail and wipe out their customers savings
Because Canadian banks hate the freedom we have?
/s
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u/BigBadVoodooUncle 15h ago
Honestly, there are so many lies that if the media took the time to refute them all, they'd never report on anything else. And his cult members are already primed to claim the media is picking on him, so it's not convincing anyone he's an idiot who doesn't already think he's an idiot.
He found a wide open loophole in the way American media works and has exploited it from day one. The media is too stupid to figure out that depriving him of oxygen is the only way to truly kill him.
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u/sharp11flat13 14h ago
He found a wide open loophole in the way American media works and has exploited it from day one.
He didn’t find a loophole. Right-wing media, and especially Fox News, were created to ensure that no Republican president ever again faced the possibility of resignation like Richard Nixon. As always, Trump is a follower, not a leader. 🇨🇦
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u/wintersdark 15h ago
They can't, because he (and those with him) own so much of the media he can ensure he gets all the coverage he wants.
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u/punkasstubabitch 12h ago
If the media had ignored him, he would have never been president. They are all collaborating by still giving Trump a voice. I'm sick of seeing articles with "Trump Says" every day. I could go a lifetime being content with never hearing his name again.
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u/jimicus 14h ago
It's the same the world over. Quite often you'll find a bank from a.n.other country will set up in order to serve their international business clients with local offices - they won't run a retail branch network or offer accounts to the general public, though, so you won't see them on the high street.
Hence CitiBank have a presence all over the world, but they don't have branches you can walk into all over the world. Ditto Deutsche Bank.
If Trump knew the first thing about running a decently-sized business, he'd know this full well.
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u/NonDeterministiK 11h ago
TD, RBC, and others have retail subsidiaries in the US which function as normal banks for US residents. None of the big US banks has Canadian retail outlets. They may have "services" for high wealth individuals
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u/TruculentTurtIe 14h ago
The most shocking part of this: i was genuinely surprised he knows and used the word "emblematic" correctly
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u/icantswim2 14h ago
Ok to be fair, one of our banks is called Royal Bank of Canada (RBC), and it does operate internationally.
The fact this old sex offender got the name wrong is not news worthy. There are plenty of valid reasons to criticize him about, we shouldn't be giving something silly like this any attention when his government is still withholding the Epstein files, enabling his insider trading, and laying the groundwork to actually interfere in the US's upcoming elections.
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u/haveanairforceday 15h ago
Theres an argument to be made that its not a lie, despite being false, because he genuinely just doesnt understand what hes saying. Its still intended to be bitter, negative and spiteful though
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u/sharp11flat13 14h ago
Its still intended to be bitter, negative and spiteful though
Trump supporters don’t really care what he says. It’s the emotional content that feeds their fire and soothes their bruised egos.
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u/DiggWuzBetter 13h ago edited 11h ago
I’m a Canadian who hates Trump very, very strongly, but what he’s saying about Canada’s banking regulations is not 100% wrong. It’s largely wrong/inaccurate, but does have a sliver of truth. This article gives a pretty good summary: https://apnews.com/article/fact-check-trump-canada-american-banks-96819ae447d3f5f6dcb5337b2bcfb8b0
We have 3 banking classifications: Schedule I, Schedule II and Schedule III. Schedule I is exclusively for Canadian banks, foreign banks can be either Schedule II or Schedule III.
Schedule III banks have a big restriction, they can’t accept deposits below $150K. So Schedule III banks are largely limited to all sorts of corporate financing activities, and some retail stuff like offering credit cards (where the deposits restriction doesn’t apply), but they can’t practically be a retail bank for normal people. Plenty of normal Canadians have US bank credit cards, but not US bank chequing/savings accounts.
Schedule II banks don’t have this restriction, they CAN be retail banks. But to be Schedule II, a key thing is you have to be a separate legal entity from the parent company, with your own local capital, etc. As the US banks are so huge, and the Canadian retail banking market relatively small and already very competitive, they’ve decided it’s not worth the hassle, and just go Schedule III, sticking to things like corporate banking, retail credit cards, etc.
I think an accurate statement is that Canadian banking regulations limit what services foreign banks can easily/efficiently offer within Canada. These aren’t US specific, they apply to all foreign banks, and certainly US foreign banks do plenty of business in Canada, but are limited in certain ways, and especially aren’t really operating as a main chequing/savings type bank for retail customers.
Also note, some foreign banks have decided it’s worth the effort to be Schedule II and get retail customers in Canada - ICICI (Indian), KEB Hana (South Korean), Shinhan (South Korean), Bank of China, and the Industrial and Comercial Bank of China. HSBC used to be the biggest one, a British bank that had tonnes of Canadian retail customers for decades, and had actually acquired the arms of other foreign banks operating in Canada (like Wells Fargo, American, and Barclays, British), but they sold their Canadian operations to a Canadian bank (RBC) 2 years ago. It’s a business decision to stay Schedule III, one that many foreign banks make, but some figure Schedule II is worth it.
I think an accurate statement would be something like “all foreign banks wish they could be less regulated within Canada.” “Canada doesn’t let US banks operate in their country” is definitely false, but there’s a sliver of truth, they definitely offer fewer services than they’d like, as many figure Schedule II isn’t quite worth it for the smaller Canadian market.
Edit: also see my comment/reply below, these types of foreign banking regulations are very common. America’s are very similar to Canada’s, but more foreign banks jump through the hoops for America, because the market is bigger, more worth the hassle.
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u/myfotos 12h ago
Are these types of rules typical around the world or is it only a few places like Canada that has these regulations? Are they restricted from those other schedules or it's just they are unable to compete? Cause that's very different.
I don't think I've seen many retail Canadian banks in the USA. Mostly just the big investment bank arms of Canadian banks... But that's only based on my experiences travelling, and obviously I'm not interested in banks when I'm on vacation
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u/DiggWuzBetter 12h ago edited 9h ago
Yes, very common, and good question, I should have included that in my original comment, that comment was just already getting long. A tonne of countries have foreign banking restrictions as strong or stronger than Canada’s.
The US in fact has very similar regulations - for a foreign bank to accept deposits under $250K, you need to create a US subsidiary and get FDIC insurance. It’s basically the same as the Canadian Schedule II/III distinction, except even a bit worse (higher minimum deposit without a foreign subsidiary). However, the US is a roughly 10x larger market than Canada, so there are more foreign banks that make the business decision that it’s worth the hassle to create a local subsidiary and go after retail customers. The main Canadian banks that have gone the “separate American subsidiary” route, and got a significant retail presence in America, are TD and BMO. Other Canadian banks have decided it’s not worth it, and choose to operate in America the same way American banks have chosen to operate in Canada, focusing on corporate customers and the like, not jumping through the retail hoops.
So yeah, overall quite similar foreign banking regulations in Canada and the US, it’s just that more foreign banks decide it’s worth the hassle for the larger US retail banking market.
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u/BuffaloFlavor 12h ago
Remember: Trump has a degree in Economics which he totally legitimately earned, so he knows this.
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u/thethings_i_type 11h ago
Operating a foreign financial institution in Canada is (rightly) capital intensive. Its a big reason why we dont have banking and insurance company failures at the same rate as the USA.
They can do business here, they just need to follow our rules and those rules are expensive!
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u/Villag3Idiot 16h ago
Americans.
Your President.
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u/Lopsided-Affect-9649 16h ago
Their president, the rest of the worlds problem. It would be funny if the US goverment wasnt directing the US military to murder fisherman, causing untold poverty through increasing fertilizer/fuel prices, stealing Venezuelan state oil or killing hundreds of Iranian schoolgirls etc.
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u/macromorgan 15h ago
Don't worry, the rest of the world is quickly ensuring that the next time this happens, it will remain an American problem. By divorcing themselves from America.
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u/LordofAngmarMB 14h ago
Ngl, as an American I’m glad the rest of the world is building themselves up outside of US influence. If we ever get our shit together and rebuild after this nightmare, the world stage will be a genuinely better place for everyone if the US has to play as an equal participant without the absurd privilege we’ve abused for a century
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u/Impossible_Eggies 15h ago
I mean, he's a pretty big problem for Americans, too. With all the deregulation leading to disease and poverty, investments in AI ruining the environment and economy, the tariffs Americans have to pay, and
the GestapoICE rounding up people to put inconcentration campsdetention centres... It's not a great time to be American either.20
u/Excellent_Safety8051 10h ago
But you guys got a choice in the matter. The rest of the world is just stuck putting up with your moral failings
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u/Impossible_Eggies 10h ago
Oh, no, not mine. Proud Quebecois over here. Just don't want people thinking America is doing great either.
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u/Lazy-Plankton5270 12h ago
Nah Americans like diseases and poverty. 1 million Americans died from covid under Trump, while he called it a democrat hoax, and told them to inject bleach, then they relected him.
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u/ProbablyBanksy 15h ago
Yesterday Trump was talking about Canadian Presidents. But Canada doesn’t have presidents.
I’m starting to think Trump might not be the best person for the job.
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u/drunkcowofdeath 15h ago
If this is the most embarrassing thing he says today, then I'd call it a good day
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u/Vtecman 16h ago
Yes. The Federal Reserve also does not operate in Canada…
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u/Xsiah 15h ago
Trump probably thinks the Federal Reserve is where they keep the presidential deer.
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u/christopher_mtrl 16h ago
"They basically don't allow banks of America to be in Canada. That's sort of emblematic of the way they treat us," Trump told reporters in response to a question about the decline in Canadian tourism.
"They have their banks here, Bank of Canada, all of their big banks, big beautiful banks. I think they have six or seven major banks here. We don't have our banks there. You know why? They don't allow it."
Number of bank failling in last 20 years :
US : 550
Canada : 0
Why we don't want US banks is a great question...
Source : https://www.fdic.gov/resources/resolutions/bank-failures/
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u/Overwatchingu 16h ago
It’s also a lie because we do allow US banks to operate here, they choose not to engage in the retail market. Chase Bank is one of the largest providers of point of sale systems here.
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u/wintersdark 15h ago
They also do things like vehicle financing and the like. My Corolla was bought with a Bank of America loan. My Husky 701 Enduro with Santander.
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u/British_Dane 14h ago
Santander is Spanish
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u/wintersdark 14h ago
Whoops. My bad. Whatever, I'm pretty sure the Bank of America is American, and there are many other American banks operating in Canada (JP Morgan, Chase and Citibank off the top of my head) for instance.
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u/PrivateVasili 13h ago
Bank of America is American, but oddly enough it was founded as Bank of Italy.
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u/Commentator-X 15h ago
It's not that we don't want or don't have them. They just have to follow our rules.
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u/Everestkid 13h ago
You're actually selling Canada short here.
Canada's last bank failure was in 1985, where two banks failed that September. Before that was in 1923. That means Canada went through:
- The Great Depression
- The Second World War
- The 1970s oil crises
- The dotcom bubble
- The Great Recession
- COVID
without a single bank failure. To my knowledge the major banks have never failed; they're some of the oldest corporations in the country dating to the 1800s.
We bitch and moan about our banks here, but they're damn near the most stable around.
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u/christopher_mtrl 13h ago
Canada's last bank failure was in 1985, where two banks failed that September.
I went with cases where the federal regulator (FDIC in the US and CDIC in Canada had to cover deposits)
Canada had a few more interventions than you mention, the last of which being in 2006.
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u/arabacuspulp 11h ago
Canadian banking and financial systems are generally very conservative. We also didn't have the sub-prime mortgage fiasco that nearly brought down the whole world's economy. Canada got through the entire '08 financial crisis relatively well, all things considered.
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u/nt2701 15h ago
Idk, I think Capital One and Chase haven been doing business in Canada for a while. Not sure if there are more, but those two are just two I can think of right now.
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u/ricktencity 15h ago
There are American banks but they follow Canadian Bank regulations when operating in Canada.
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u/sask357 16h ago
The worst thing is that the people who vote for him just believe all his lies. He has most Republicans joining him in his fantasy world of misinformation and outright falsehoods.
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u/Wompatuckrule 10h ago
Not just Trump's lies. I have an older MAGA relative who will leave his phone or iPad playing his "news" videos and it's obvious that the algorithm has locked him into the most idiotic hucksters pushing bullshit stories that are easily debunked. But he just swallows them whole.
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u/valboots 16h ago
He also mistakes rape for consent, and his daughter for his girlfriend.
Meanwhile, the Sun rises in the East and sets in the West.
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u/mtntrail 16h ago
His grasp on actual reality is extremely tenuous at best. Aaand we get a few more years of this embarrassment, thank you GOP, the brainwashed 30% and non-voters.
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u/BrianWantsTruth 15h ago
My fully Canadian employer uses US Bank for our company credit cards. I don’t know why, but it’s been that way since the two countries actually had a functional relationship.
So I don’t know what the fuck this baby is talking about, yet again.
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u/Duskuler 13h ago
Oddly enough, my American employer (im Canadian) uses BMO for their credit cards.
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u/RedLanternScythe 15h ago
He will be complaining they don't force the kids to say the Pledge of Allegiance in Canadian schools next.
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u/LacedVelcro 16h ago
Least consequential thing he fumbled today.
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u/roller_coaster325 16h ago
Now he is wondering if BOA is the U.S. treasury department (and if that smell is a full load in his diaper, that’s off topic though, sorry).
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u/jsakic99 15h ago
Prime Minister Mark Carney was also the Head of the Bank of Canada AND the Bank of England.
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u/Capitol62 15h ago
He meant RBC but was too dumb to remember the full name.
Also, basically every major US bank operates in Canada in some capacity.
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u/GreatGreenGobbo 14h ago
2008 shows why Canadia doesn't allow American banks. They don't have enough audit controls and rules.
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u/Dear-Fox-5194 7h ago
U.S. Banks can move here, but their key problem is they have to operate under Canadian Laws.
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u/ljlee256 14h ago
I do thank Trump for making Americans VERY easy to argue with on the internet, pretty much every pro-US argument made online these days is intensely and very easily proven wrong.
It's fish in a barrel to a disinfo hunter.
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u/calguy1955 15h ago
I really don’t know what’s more embarrassing; him as a dementia-addled bitter pedophiliac con man, or the supposedly sane elected politicians who grovel before him and are too scared to stand up and take an opposing stance to his ridiculous actions.
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u/OhFootballFriend 14h ago
“They even have this holiday, big holiday, called Hockey .Night. In. Canada. Nobody works. It’s amazing, they say Sir, we want to work but Canada has Hockey Night in Canada. Nobody knows about it. They don’t work. I heard their Prime Minister, Tim Horton, he’s very bad. He tells them, don’t work, and be trans. It’s bad.”
- not an actual quote…well, maybe.
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u/LizardWizards_ 11h ago
Lmao.
I can't believe people actually voted for such an unintelligent loser.
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u/Coubsauce 7h ago
Canadian banks exist in America because canadians have banking laws that prevented their banks from needing bailouts, and in fact being in a position to buy American banks after the financial crisis.
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u/CuriousGeorgeToday 5h ago
We usually put old people into care or don't let them on TV so they don't say things like this. Especially when they keep shitting themselves.
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u/Redditforgoit 4h ago edited 3h ago
Next in: The Sperm Bank of Canada sanctioned by President Trump Executive Order, accused of having too much liquidity.
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u/monkeylovesnanas 1h ago
Remember when everyone thought the George Bush Jr. was thick as shit?
He's a fucking Mensa candidate next to this moron.
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u/LunchBoxMercenary 15h ago
lol if Biden said this, the media would be up in arms for like a month.
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u/MandemModie 14h ago
I am always so curious how a meeting between Carney and Trump actually goes. Wherever you stand on politics I cant imagine what a conversation even sounds like between these two people
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u/crazycanucks77 14h ago
Id imagine it's like all us saying WTF everytime Trump speaks, but Carney has to say that in his head instead out loud
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u/NorthernSlyGuy 13h ago
Remember back when he said it was because fentanyl was "pouring in" through the border of Canada and that's why he initially put tariffs? It seems likes he's constantly shifting different ideas in an attempt to make Canada seem hostile or bad.
It's beyond pathetic.
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u/SnicklefritzXX 13h ago
Elizabeth and Tyra Banks hastily assembling their PR teams to prepare for the inevitable Trump tirade coming their way
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u/eenduro 13h ago
Trump is not completely wrong . Canada has very strong protections on some key industries. Namely airlines, telecommunications, banks and a few others. These have been heavily protected by Canadian governments for decades because there is no way the local industry players could survive without it.
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u/steve_ample 16h ago
If you have a minimum balance of $4500 in your chequing account, thy do not charge any monthly fees. And if you open a new account with them with a $10000 deposit, you get a free iPad.
Oh, and they set national monetary policy. What a crazy superbank, this Bank of Canada. /s
He probably thought Alan Greenspan and Jerome Powell were just branch managers who worked out of DC.
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u/Apprehensive_Sea9524 15h ago
Statement from the greatest idiot of the United States, your president.
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u/fluffyflugel 15h ago
Let’s scour the USA in search of a sorry old fraud who is as dumb as a box of rocks and give him an immense amount of power and total immunity for any crimes he might commit. What could go wrong?
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u/Concurrency_Bugs 15h ago
Pretty soon Trump will be accusing the Bank of Canada of laundering money for drug cartels, so that he can add more tariffs.
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u/WebguyCanada 13h ago
It's definitely a step up from him mistaking 14-year-olds for 20-year-olds... Oh he didn't mistake them? Yikes.
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u/Gloomy-Insurance-739 13h ago
Nothing surprises me this is from the guy who didn't know the word grocery or what a corner store is.
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u/AlienBurnerBigfoot 12h ago
It's ok. He mistakes his chair for a bed and his pants for a toilet. We understand.
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u/GuitarGeezer 12h ago
This is what happens when voters have no idea what any words mean at all anymore.
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u/Skeletor-P-Funk 12h ago
He thinks "asylum seekers" are people who come from "insane asylums" ... so yeah, of course he did.
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u/CreoxatLarge 10h ago
He couldn't find his ass with both hands...and he has a huge ass.
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u/Zealousideal_Gap432 8h ago
The best banks. Banks in a river like the straight of Canada. No body else has banks like this.
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u/yoursandforever 8h ago
Where's he get this stuff?
Seriously, who's providing his intel?
Which reminds me, time to make my Amex payment.
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u/Correct-Branch9000 8h ago
To mistake something you have to actually know what one or the other thing was in the first place
This idiot doesn't know anything and nothing he says is important to anyone, ever
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u/x-why-chromosome 16h ago
He must believe river banks are something completely different