IceCap

🧵 It's funny and painful to watch so-called Canadian elites argue about something they know little about. Not to mention #1 goal being to GASLIGHT all the time, 24-7. Here's what really happened with Canadian inflation and government. PLEASE share with anyone who's GASLIGHTING anyone.

@michaellebowitz @SantiagoAuFund @RorkeDrifter @ThomBrady5 Michael is no dummy.

@SantiagoAuFund @RorkeDrifter @ThomBrady5 Thanks Brent. I made a lot of new friends with that tweet.

BREAKING: GOLD COLLAPSES AS ARAB GULF STATES SELL THEIR ASSETS TO RAISE MONEY Put differently, in this time of crisis, they are selling their gold in favor of US dollars.

@TheSkynMan @MyLordBebo

@MyLordBebo @IceCapGlobal ?

🇨🇳🇺🇸 Xi Jinping calls for the Chinese yuan to achieve global reserve currency status. That’s a big deal

@dlacalle_IA has all the patience in the world. Encourage you to watch this video, and especially note talking head at the 3:46 mark. This person will defend the EU project 100% of the time.

The result of the most regressive and reckless immigration policy imaginable. A generation of Young Canadians was sold out by their government.

@UpstreamFCF @sungleeiq lots of air pockets in the system right now.

@sungleeiq @IceCapGlobal this bad?

Nobody is telling you how FUCKED the financial system actually is right now. And it started cracking TODAY. Step 1 → JPMorgan just marked down its private credit loans and RESTRICTED lending to private credit funds. Step 2 → Morgan Stanley is now BLOCKING redemptions at its private credit fund after withdrawals surged. Step 3 → Cliffwater's private credit fund redemptions just hit 14%. Step 4 → Partners Group says defaults could DOUBLE from here. Step 5 → Fitch says US private credit default rates hit 9.2% — the HIGHEST ever recorded. That's 3 of the biggest banks in the world pulling back from the same market in the SAME WEEK. Now connect the dots: Step 6 → Private credit funds borrowed from banks to lend to companies. Banks are now cutting them off. Step 7 → Those funds can't refinance. Redemptions accelerate. They're forced to sell assets at a loss. Step 8 → The companies that borrowed from private credit? Tech startups, software firms, mid-market companies. They can't refinance either. Step 9 → Defaults cascade. Not just 9.2%. We're talking 15-20% by Q3. Step 10 → This is a $1.7 TRILLION market. Bigger than subprime was in 2008. And here's the part that should TERRIFY you: This is happening WHILE oil tankers are burning in the Strait of Hormuz. WHILE Iran is laying mines. WHILE 21% of global oil supply hangs by a thread. 2008 had ONE crisis. A housing collapse. 2026 has THREE running simultaneously: → A private credit implosion → A war shutting down global energy → A bond market that can't absorb the shock Nobody is pricing this in. Nobody.

I took a taxi in Oman. Driver didn't accept credit cards. I said I did not have any rials. Offered him dirhams from neighboring UAE. "Dollars," he said. Folks, at the same time that everybody on X is saying "dedollarization", every cabbie in the world is saying "dollars".

@YYC_RobS @Citrini7 Hi Rob, thanks for sharing. Have to admit, war occurring at the same time as private credit is kinda convenient for the lenders.

@Citrini7 @IceCapGlobal thought you might appreciate this.

What part of the credit cycle is this

This is still not getting the attention it deserves. Absolute insanity. Any business considering investing in BC is out of their mind until this gets resolved.

@John70930858164 @DanielaCambone @rcwhalen Nice Trade!

@IceCapGlobal @DanielaCambone @rcwhalen Starting

IceCap's 2025 theme: No Risk, investors are super smart IceCap's 2026 theme: Plenty of Risk, investors are discovering they're not that smart Such a great interview by @DanielaCambone with @rcwhalen. Chris lays out perfectly why the escalating risk within private credit may harm the most conservative investors the most.

@John70930858164 @DanielaCambone @rcwhalen Hi John. Could be, maybe you're right. Send me the trade ticket to time stamp your conviction.

@IceCapGlobal @DanielaCambone @rcwhalen This is the type of fringe fear-mongering rhetoric that makes me start a position. Long $OWL

First Nations legal expert says the Musqueam agreement is deliberately putting the province of BC into a headlock. Aboriginal title is senior to all other titles.

@ronmortgageguy @SteveSaretsky @RichardDias_CFA Thanks, Ron.

@IceCapGlobal @SteveSaretsky @RichardDias_CFA You guys were early on this story

Cannot stress enough how serious this is becoming. @SteveSaretsky @RichardDias_CFA

@waupoos @BenRabidoux @RichardDias_CFA @SteveSaretsky hahaha

@BenRabidoux @IceCapGlobal @RichardDias_CFA @SteveSaretsky And in Nova Scotia.

@dev4stating lol...

@IceCapGlobal $80

Investment industry is still living off the old Balanced Fund mandate. It absolutely refuses to change. 45 year rate cycle is over. And so is the Balanced Fund. Investors need to understand what is happening and how to protect themselves.

@decainvestor @FirstSquawk They follow Loonie Hour. We've been ahead of this. @SteveSaretsky @RichardDias_CFA

@FirstSquawk @IceCapGlobal

BANK OF CANADA GOVERNOR TIFF MACKLEM SAYS RISKS POSED BY NON-BANK PLAYERS IN GLOBAL DEBT MARKETS MAY BE GROWING FASTER THAN OUR ABILITY TO UNDERSTAND AND MITIGATE THEM

@DesertViewsCA For sure. Seems like government's response to everything is more government. This will eventually end with a sov debt crisis.

@IceCapGlobal Likely because “big government” has been normalized in Canada as being the solution to all of our problems when in fact it has created all of our problems. We need a leader to explain what the role of government should be in a capitalist society. #FreeMarketCapitalism #MCGA🇨🇦

Which way is your country headed?