Is Monette Farms like Bernie Madoff?

[ajl]

Sadly there is sooo much corruption in northern shitholistan today that is impossible to make an honest living. Where there is wealth, there is ill gotten gain. In the case of my own family, some of our wealth comes from the great canadian dairy scam as my dad was a dairy farmer for 35 years. Witness Peavy Mart: their eastern based competition had bailouts after the covid scam. Being western based they could not survive. Shopped at local Peavey alot. Now closed. So any time we observe any successful business, one wonders about gubmint contracts and/or off shore financing.

[TSIPP]

Statement out today from Daryl Monette says he is still the Sole owner of the Monette Group.

I doubt anyone believes that statement….

[Happytrails]

Current public debt levels do not look sustainable, the only way they know how to get out of that is to inflate their way out.

My Dad bought a fair amount of (marginal) farmland and grassland with borrowed money in the 60's and 70's. I remember thinking that in those days of the first Trudeau that the only way the government could possibly get out of debt was through inflation.

Then Ronald Reagan came along in 1981 and interest just about broke us. Still have a strong aversion to debt. I feel for the young farmers trying to make sense of the price of land now.

[ry0972]

They sold 75% of their farm business for over $600M a few years ago. Who even knows who owns what anymore. Very likely foreign money laundering involved.

Statement out today from Daryl Monette says he is still the Sole owner of the Monette Group/Farms .
Other than the $12 million judgement for the sale commission the rest of that article seemed to be a bunch of unrelated, outdated and mixed up #'s.

[Taiga]

They sold 75% of their farm business for over $600M a few years ago. Who even knows who owns what anymore. Very likely foreign money laundering involved.

[BighatPete]

finally the media gave us some explanation

"A Scotiabank letter later confirmed to Dutcyvich and the CEO of 3L that Monette Farms had access to $395 million in credit."

[url]https://www.biv.com/news/economy-law-politics/vancouver-island-man-awarded-12m-in-massive-ranch-deal-gone-sour-10440645[/url]

[BighatPete]

Hutts here all outside investors for years.

I don't get it, so are the hutts being financed by investors? My impression was they own and work their own land and are very profitable because no overhead.

[GDR]

But haven't we been saying that every year for the last three decades?

Yes....but maybe one day we (as a group) will wise up! Or maybe the trend will go on forever!

Also, for sure we can farm more acres than we did 30 yrs ago but your profit per acre is likely not much different yet the cost of that same acre has increased 10 fold or more.

I'm not saying its a bad idea to buy land, I'm just saying it lacks economic sense.

[AlbertaFarmer5]

I don't think anyone doubts a farm with an existing, potentially paid for land base can purchase more with profits from the entire farm. The argument is that the new land likely wouldn't cash flow itself until its paid for in 20 plus years and that is pretty specific to farming. No other industry operates that way. The other part of that equation is likely quite a hit to the personal lifestyle (take home income) of the expanding farmer to make it happen, while non farming peers spend disposable income on other things in life, not land payments.

But haven't we been saying that every year for the last three decades?

[sumdumguy]

Its a pissing match using crazy bank and FCC dollars.